Executive Summary
The 21 filings from S&P BSE SENSEX 30 constituents for July 23, 2026, reveal a sharply divergent earnings season. The most critical development is a severe earnings shock in the aviation sector, where InterGlobe Aviation (IndiGo) swung from a ₹21,763 million profit to a ₹2,380 million loss, driven by an 85.7% surge in fuel costs.
This contrasts with robust performance in cement and banking, where UltraTech Cement reported record Q1 results (PAT up 17.2% YoY) and ICICI Bank delivered strong profit growth (15.9% YoY). ITC's AGM highlighted a strategic shift towards non-cigarette businesses, which now constitute nearly two-thirds of revenue, while Infosys reported modest 2.4% YoY constant currency growth with a major leadership transition. Period-over-period trends show a clear bifurcation: companies with pricing power and input cost pass-through (cement, banking) are outperforming, while those exposed to volatile commodity costs (aviation, paperboards) face margin compression. Capital allocation remains shareholder-friendly, with ITC distributing nearly ₹85,000 crore in dividends over five years and UltraTech planning ₹30,000 crore in capex. The overall portfolio-level pattern is one of resilience in financials and industrials, but significant headwinds in consumer-discretionary and travel-related sectors.
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Filing types in this digest: Debt securities · Company update · Board meeting
Tracking the trend? Catch up on the prior BSE Sensex 30 Stocks Regulatory Filings digest from July 22, 2026.
Investment Signals (10)
- UltraTech Cement ↓ (BULLISH)▲
Record Q1 PAT up 17.2% YoY to ₹2,604 crore, domestic grey cement volumes grew 13.1% YoY, and EBITDA per ton remained above ₹1,200. Net debt-to-EBITDA improved to 0.87x from 0.94x. Crisil AAA/Stable rating reaffirmed.
- ICICI Bank ↓ (BULLISH)▲
Net profit up 15.9% YoY to ₹14,805 crore, NII up 12.7% YoY, and NIM expanded to 4.36% from 4.32% QoQ. Rural portfolio grew 35.4% YoY, indicating strong penetration.
- ITC ↓ (BULLISH)▲
ESG score improved to 69 from 61 (FY25), now in 'Strong' category. Non-cigarette businesses now constitute nearly two-thirds of net segment revenue, reducing regulatory risk. Dividend yield remains attractive at ₹14.50 per share for FY26.
- InterGlobe Aviation ↓ (MIXED)▲
Revenue grew 18.9% YoY to ₹256,141 million, yield expanded 21.3% to ₹6.04, indicating strong pricing power. Q2 FY27 capacity expected to remain flat YoY, suggesting cost control focus.
- Infosys ↓ (BULLISH)▲
Operating margin improved to 21.1%, EPS grew 14.9% YoY in INR terms, and free cash flow grew 14.9% YoY. Large deal TCV of $0.96 Bn with 61% net new business signals strong deal pipeline.
- Bajaj Finance ↓ (BULLISH)▲
Successfully raised ₹1,152.64 crore via NCDs at 7.93% p.a., indicating strong investor appetite for high-quality NBFC debt. The 1,055-day tenure aligns with medium-term liability management.
- UltraTech Cement ↓ (BULLISH)▲
Crisil AAA/Stable rating reaffirmed with EBITDA per ton improving to ₹1,103 in FY26 from ₹915 in FY25, a 20.5% YoY improvement. Capacity expansion target of 242.5 mtpa by FY28 provides long-term growth visibility.
- InterGlobe Aviation ↓ (MIXED)▲
Despite net loss, revenue from operations grew 20% YoY to ₹245,841 million, and CASK ex fuel ex forex rose only 10.7% YoY, suggesting non-fuel cost discipline.
- ITC ↓ (BULLISH)▲
AGM saw 82.27% voting participation on dividend resolution, with near-unanimous support (99.99% from institutions), reflecting strong shareholder confidence in management.
- Power Grid Corporation ↓ (NEUTRAL)▲
Routine administrative extension of CMD's additional charge as Director (Projects) for three months indicates stable leadership continuity, no financial impact.
Risk Flags (10)
- InterGlobe Aviation / Fuel Cost Shock↓ [HIGH RISK]▼
Aircraft fuel expenses surged 85.7% YoY to ₹108,329 million, driving a net loss of ₹2,380 million vs. profit of ₹21,763 million YoY. EBITDAR margin collapsed to 15.6% from 28.0%. Government price cap on ATF expired June 8, 2026, exposing the company to full market prices.
- InterGlobe Aviation / Regulatory & Tax Disputes↓ [HIGH RISK]▼
Cumulative IGST paid under protest of ₹22,932 million as of June 30, 2026, with pending appeals. DGCA and CCI scrutiny from December 2025 operational disruptions, including a ₹500 million bank guarantee furnished.
- ITC / Cigarette Tax Headwind↓ [MEDIUM RISK]▼
Unprecedented tax increase post-February 2026 expected to fuel growth of smuggled and tax-evaded cigarettes, potentially eroding market share in the high-margin cigarettes business.
- ITC / Paperboards Business Pressure↓ [MEDIUM RISK]▼
Paperboards business continues to operate in a challenging environment due to cheap imports and input cost inflation, dragging on overall margins.
- Infosys / Modest Revenue Growth↓ [MEDIUM RISK]▼
Revenue grew only 2.8% YoY reported and 2.4% in constant currency, with Retail segment declining 1.8% YoY and Others declining 12.6% YoY. Large deal TCV of $0.96 Bn was below some expectations.
- UltraTech Cement / Q2 Seasonality & Cost Pressure↓ [MEDIUM RISK]▼
Management cautioned Q2 FY27 may be 'optically softer' due to monsoon slowdown and West Asia crisis cost impact. Aggregate state capex grew only 2% YoY in April-May, signaling potential demand moderation.
- UltraTech Cement / Capex & Leverage Risk↓ [MEDIUM RISK]▼
Sizeable capex of ~₹30,000 crore over FY27-29 and dividend outflow of ~₹7,000 crore in FY27 are key monitorables that could pressure leverage if cash flows weaken.
- ICICI Bank / Asset Quality Seasonality↓ [MEDIUM RISK]▼
Gross NPA additions rose to ₹5,552 crore from ~₹4,200 crore in Q4-2026, though management attributed this to Kisan Credit Card seasonality. Credit card portfolio declined 1.9% YoY, indicating potential consumer stress.
- InterGlobe Aviation / Fleet Reduction↓ [MEDIUM RISK]▼
Fleet decreased to 432 aircraft from 441 at March 31, 2026, with 9 passenger aircraft net reduction during the quarter. Damp leases reduced to 7 from 20, indicating operational constraints.
- ITC / Director Re-appointment Dissent↓ [LOW RISK]▼
Special resolution for re-appointment of Independent Director Hemant Bhargava received 5.85% institutional votes against, signaling governance concerns among some investors.
Opportunities (10)
- UltraTech Cement / Capacity Expansion↓ (OPPORTUNITY)◆
Plans to add ~37 mtpa organically over FY27-29 with ₹30,000 crore capex, targeting 242.5 mtpa by FY28. India Cements acquisition integration progressing well with conversion ratio at 1.5x. Net debt-to-EBITDA expected to improve below 1x post-FY27.
- ICICI Bank / Rural Portfolio Growth↓ (OPPORTUNITY)◆
Rural portfolio grew 35.4% YoY, indicating successful penetration in underbanked segments. With 97 new branches opened in Q1, the bank is well-positioned to capture rural credit demand.
- ITC / ESG Improvement & Valuation Re-rating↓ (OPPORTUNITY)◆
ESG score improved from 61 to 69 (Strong category), potentially attracting ESG-focused institutional flows. Non-cigarette businesses now two-thirds of revenue, reducing regulatory overhang.
- Bajaj Finserv / Non-Deal Road Show↓ (OPPORTUNITY)◆
NDRS in Singapore (Aug 3-4) and Hong Kong (Aug 5-6) organized by Motilal Oswal could attract foreign institutional investment. The road show provides a catalyst for increased FII interest.
- Infosys / Leadership Transition Catalyst↓ (OPPORTUNITY)◆
Appointment of Ashiss Kumar Dash as CEO Designate (effective July 23, 2026, to become CEO on April 1, 2027) provides clarity on succession. New leadership could drive strategic refresh and operational improvements.
- InterGlobe Aviation / Yield Expansion↓ (OPPORTUNITY)◆
Yield grew 21.3% YoY to ₹6.04, indicating strong pricing power despite capacity constraints. If fuel costs stabilize, the airline could see significant earnings recovery given operating leverage.
- UltraTech Cement / Debt Issuance↓ (OPPORTUNITY)◆
Finance Committee approved up to ₹5,000 crore NCD issuance, providing flexibility for capex funding. With Crisil AAA/Stable rating, the company can access debt at competitive rates.
- Asian Paints / Earnings Call Catalyst↓ (OPPORTUNITY)◆
Investor conference call scheduled for July 29, 2026, at 5:00 PM IST. Given the company's strong market position in decorative paints, any positive commentary on demand recovery could be a catalyst.
- ICICI Bank / Strong Capital Position↓ (OPPORTUNITY)◆
With 71.9% of corporate loan portfolio rated 'A- and above' and total resolution exposure of only ₹1,363 crore, the bank's asset quality remains robust, providing headroom for growth.
- ITC / Consistent Dividend Payout↓ (OPPORTUNITY)◆
Distributed nearly ₹85,000 crore to shareholders in dividends over the last five years. With interim dividend of ₹6.50 and final dividend of ₹8.00 per share for FY26, the stock offers a strong yield.
Sector Themes (6)
- Aviation Fuel Cost Crisis◆
The 85.7% YoY surge in aircraft fuel expenses at InterGlobe Aviation highlights a sector-wide crisis, with ATF prices spiking due to geopolitical tensions. The government's temporary price cap (April-June 8, 2026) provided only partial relief, and the expiration exposes airlines to full market prices. This is a systemic risk for the entire aviation sector.
- Cement Sector Capacity Expansion◆
UltraTech Cement's aggressive capacity expansion (targeting 242.5 mtpa by FY28, adding ~37 mtpa organically) reflects a sector-wide trend of consolidation and capacity addition to meet infrastructure demand. The successful integration of India Cements (conversion ratio at 1.5x) demonstrates M&A synergies.
- Banking Sector Resilience with Rural Focus◆
ICICI Bank's strong Q1 results (PAT up 15.9% YoY, NIM expansion to 4.36%) and 35.4% YoY rural portfolio growth indicate a sector trend of banks deepening rural penetration. The 97 new branches opened in Q1 suggest physical expansion remains a key strategy.
- IT Sector Moderation & Leadership Transitions◆
Infosys's modest 2.4% YoY constant currency growth and 1.0% QoQ growth reflect a sector-wide slowdown in IT services. The leadership transition to Ashiss Kumar Dash (effective April 2027) is part of a broader trend of CEO succession in Indian IT, with implications for strategy and client relationships.
- Consumer Staples: Regulatory Headwinds vs. Diversification◆
ITC's AGM highlighted the dual challenge of cigarette tax increases (post-Feb 2026) and paperboards import pressure, while non-cigarette businesses now contribute two-thirds of revenue. This reflects a sector-wide trend of FMCG companies diversifying away from regulated or commoditized segments.
- ESG as a Differentiator◆
ITC's ESG score improvement from 61 to 69 (Strong category) and voluntary rating by Crisil ESG Ratings & Analytics Limited signals growing corporate focus on ESG metrics. This could become a key differentiator for attracting institutional capital, especially for companies with strong sustainability credentials.
Watch List (8)
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Q2 capacity expected to remain flat YoY due to seasonal demand and operational uncertainty affecting India-West Asia travel. Watch for fuel cost trends and any further government intervention on ATF pricing. Next earnings likely in October 2026.
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Management cautioned Q2 may be 'optically softer' due to monsoon. Watch for volume growth trends and cost impact from West Asia crisis. The ₹5,000 crore NCD issuance timeline is also a key monitorable.
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Ashiss Kumar Dash appointed CEO Designate effective July 23, 2026, to succeed Salil Parekh on April 1, 2027. Watch for any strategic shifts, client feedback, and Q2 guidance in the next earnings call.
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Investor conference call scheduled for July 29, 2026, at 5:00 PM IST. Watch for demand commentary, raw material cost trends, and margin outlook in the decorative paints segment.
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Non-Deal Road Show scheduled for August 3-6, 2026. Watch for any FII buying patterns post-road show and any management commentary on growth outlook for the NBFC and insurance businesses.
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Gross NPA additions rose to ₹5,552 crore in Q1. Watch for any further deterioration in Q2, especially in the Kisan Credit Card portfolio, and management commentary on credit costs.
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Post-tax increase impact on cigarette volumes will be a key monitorable. Watch for any commentary on illicit trade growth and market share trends in the next quarterly update.
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The additional charge extension for CMD Burra Vamsi Rama Mohan ends in three months (by October 2026). Watch for appointment of a regular incumbent for the Director (Projects) post.
Filing Analyses
(21)
23-07-2026
Bajaj Finance Limited has allotted 1,14,076 secured redeemable non-convertible debentures (NCDs) at a face value of Rs. 1 Lakh each, aggregating to Rs. 1,152.64 Crore on a private placement basis. The NCDs carry a coupon rate of 7.93% p.a., are listed on BSE's Wholesale Debt Market, and mature on 12 June 2029. The allotment was approved by the Debenture Allotment Committee on 23 July 2026.
- · ISIN for the re-issue: INE296A07TZ0
- · Tenure: 1055 residual days (allotment 23 July 2026, maturity 12 June 2029)
- · First coupon payment due on 12 June 2027, with annual payments thereafter
- · Security: first pari-passu charge on book debts/loan receivables, with security cover not less than 1.00 times the aggregate outstanding value
- · Debentures are redeemable on maturity
- · Meeting of the Debenture Allotment Committee commenced at 1:30 p.m. and concluded at 2:00 p.m.
23-07-2026
InterGlobe Aviation (IndiGo) reported Q1 FY27 results with total revenue up 18.9% YoY to ₹256,141 million, driven by a 21.3% increase in yield to ₹6.04. However, the company posted a net loss of ₹2,380 million versus a profit of ₹21,763 million in Q1 FY26, as total expenses surged 34.4% YoY, primarily due to an 85.7% jump in aircraft fuel expenses to ₹108,329 million. EBITDAR margin fell sharply to 15.6% from 28.0% a year ago, and PAT margin turned negative at -1.0%.
- · Fleet decreased to 432 aircraft from 441 at March 31, 2026, but increased from 416 a year ago.
- · Damp leases reduced to 7 from 20 in the prior quarter.
- · CASK ex fuel ex forex rose 10.7% YoY to ₹3.20.
- · Average exchange rate weakened 11.4% YoY to ₹95.02/USD.
- · Restricted cash declined 5.2% QoQ to ₹138,459 million.
- · Capitalized operating lease liability increased 28.0% YoY to ₹277,757 million.
23-07-2026
IndiGo (InterGlobe Aviation Ltd.) reported Q1 FY27 results for the quarter ended June 30, 2026, with total income reaching ₹256,141 million (up 18.9% YoY) and revenue from operations of ₹245,841 million (+19.9% YoY). However, a sharp 85.7% surge in fuel costs, adverse forex movements, and the Middle East conflict drove the company to a net loss of ₹2,380 million (from a net profit of ₹21,763 million in Q1 FY26). The airline saw passenger growth of only 0.7% and a load factor decline of 1.3 points to 83.3%, highlighting a challenging operating environment despite strong yield expansion.
- · Q2 FY27 capacity (ASK) is expected to remain broadly flat compared to Q2 FY26, due to lower seasonal demand and operational uncertainty affecting India-West Asia travel.
- · IndiGo operated 2,298 peak daily flights during the quarter (including non-scheduled flights).
- · Fleet net decreased by 9 passenger aircraft during the quarter, ending with 432 aircraft.
- · The airline had 3 A321XLR, 3 A321 freighters, and 6 B787 (damp lease) in fleet as of Jun'26.
- · Technical Dispatch Reliability was 99.9% for the period Apr'26-Jun'26.
- · On-time performance at 10 major airports was 86.9% and flight cancellation rate was 0.3%.
- · IndiGo won the CII Award for Excellence in Disability Inclusion 2026 in the 'Emerging Category'.
23-07-2026
Infosys reported Q1 FY27 consolidated revenue of $3.6 Bn, with 1.0% QoQ and 2.4% YoY constant currency growth. Operating margin was 21.1%, EPS increased 14.9% YoY in INR terms, and large deal TCV stood at $0.96 Bn (61% net new). However, revenue growth remained modest (2.8% reported YoY), and the Retail segment declined 1.8% YoY in constant currency. The Board appointed Ashiss Kumar Dash as CEO Designate, effective July 23, 2026, to succeed Salil Parekh as MD & CEO on April 1, 2027.
- · The Board approved incorporation of a step-down wholly owned subsidiary in Singapore; further details to be disclosed later.
- · The Board approved amendments to the Enterprise Risk Management policy.
- · 9,836 RSUs were granted to eligible new hires under the 2015 Incentive Compensation Plan, vesting equally over three years, with exercise price equal to par value.
- · 4,77,767 equity shares were allotted upon exercise of RSUs by employees.
- · Ashiss Kumar Dash's appointment as CEO Designate is effective July 23, 2026; proposed appointment as MD & CEO from April 1, 2027 for a 5-year term (until March 31, 2032).
- · Dash is an alumnus of IIT Kharagpur, Stanford University (Global Leadership Program), and London Business School (Senior Executive Program).
- · Financial services segment contributed 27.9% of Q1 FY27 revenue, growing 2.4% YoY CC.
- · Manufacturing segment grew only 1.0% YoY CC, essentially flat.
- · Energy, Utilities, Resources & Services segment grew 1.3% YoY CC, also flat.
- · Communication segment grew 1.3% YoY CC.
- · Hi-Tech segment grew 2.4% YoY CC.
- · Life Sciences was the standout segment with 24.0% YoY CC growth.
- · Free cash flow (FCF) was generated in the quarter.
23-07-2026
The filing is a placeholder for Infosys Limited's financial results for the quarter ended June 30, 2026, submitted to BSE. No actual financial data, leadership changes, or specific metrics are disclosed in the provided text. The filing contains no positive or negative performance indicators, making it purely informational with no actionable content.
23-07-2026
Power Grid Corporation of India Limited has extended the additional charge of the post of Director (Projects) to Shri Burra Vamsi Rama Mohan, Chairman & Managing Director (CMD), for a further period of three months from July 1, 2026, or until a regular incumbent assumes charge, whichever is earliest. This is a routine administrative update with no financial impact.
- · The additional charge extension is effective from July 1, 2026, for three months.
- · The extension is pursuant to Ministry of Power Order No. 25-11/3/2026-PG(MoP)-Part(1) dated July 23, 2026.
- · This follows a previous letter dated April 6, 2026, regarding the same additional charge.
23-07-2026
Infosys reported Q1 FY27 consolidated revenue of $3.6 Bn, with 1.0% QoQ and 2.4% YoY constant currency growth. Operating margin was 21.1%, and large deal TCV stood at $0.96 Bn (61% net new). However, revenue growth remained modest at 2.8% YoY reported, with the Retail segment declining 1.5% YoY and Others declining 12.6% YoY. The Board appointed Ashiss Kumar Dash as CEO Designate, effective July 23, 2026, to succeed Salil Parekh on April 1, 2027, and approved the incorporation of a step-down subsidiary in Singapore.
- · Large deal TCV was $0.96 Bn, with 61% net new business.
- · Free cash flow grew 14.9% YoY.
- · EPS increased 8.2% in ₹ terms.
- · AI as a % of revenue was not disclosed in the fact sheet.
- · The Board approved amendments to the Enterprise Risk Management policy.
- · A step-down wholly owned subsidiary will be incorporated in Singapore.
- · 9,836 RSUs were granted to new hires under the 2015 Plan, vesting equally over three years.
- · 4,77,767 equity shares were allotted upon exercise of RSUs by employees.
- · Ashiss Kumar Dash is an alumnus of IIT Kharagpur, Stanford University (Global Leadership Program), and London Business School (Senior Executive Program).
23-07-2026
Power Grid Corporation of India Limited has extended the additional charge of the post of Director (Projects) to Shri Burra Vamsi Rama Mohan, Chairman & Managing Director, for a further period of three months from July 1, 2026, or until a regular incumbent assumes charge, whichever is earliest. This extension follows a prior letter dated April 6, 2026, and is pursuant to a Ministry of Power order dated July 23, 2026.
- · The additional charge extension is effective from July 1, 2026, for three months.
- · The extension is based on Ministry of Power Order No. 25-11/3/2026-PG(MoP)-Part(1) dated July 23, 2026.
- · The extension ends on the earliest of: three months, assumption of charge by regular incumbent, or further orders.
23-07-2026
ICICI Bank Limited has filed transcripts of its media conference call and earnings call with analysts and investors for the quarter ended June 30, 2026. The filing is a routine disclosure to stock exchanges and does not contain any financial results or performance data.
- · Transcripts are available on the bank's website for the media call and the earnings call with analysts and investors.
- · The filing is dated July 23, 2026, and covers the quarter ended June 30, 2026.
23-07-2026
ITC Limited held its 115th Annual General Meeting (AGM) on July 23, 2026, where all resolutions were passed by requisite majority. Key approvals included adoption of financial statements, confirmation of interim dividend of ₹6.50 per share and declaration of final dividend of ₹8.00 per share, re-appointment of directors, and appointment of auditors. The meeting saw 673 members attending via video conferencing, with high overall voting participation (82.27% on the dividend resolution). However, the special resolution for re-appointment of Independent Director Mr. Hemant Bhargava received notable dissent, with 5.85% of institutional votes cast against.
- · All 8 resolutions were passed by requisite majority; no resolution was defeated.
- · Item 6 (re-appointment of Hemant Bhargava as Independent Director) required a special resolution and received 94.18% votes in favour, but 5.85% of institutional votes were against.
- · Item 2 (dividend confirmation and declaration) received near-unanimous support: 99.99% in favour from institutions and 98.93% from non-institutions.
- · Item 1 (adoption of financial statements) had 99.99% institutional support but 1.25% non-institutional votes against.
- · Item 3 and 4 (re-election of Sunil Panray and Siddhartha Mohanty) each saw about 1.03% votes against overall, with non-institutional dissent at 2.12% and 2.10% respectively.
- · Item 5 (auditor remuneration) passed with 99.98% in favour; non-institutional dissent was 1.35%.
- · Item 7 and 8 (cost auditor appointments) passed with 99.99% and 99.98% in favour respectively, with negligible dissent.
23-07-2026
ITC Limited held its 115th Annual General Meeting on July 23, 2026, where Chairman Sanjiv Puri outlined the company's strategy to partner with India during its 'Defining Decade'. The company reported robust medium-term performance with Net Segment Revenue reaching over ₹83,300 crore (10.7% CAGR over 5 years) and distributed nearly ₹85,000 crore to shareholders in dividends over the last five years. However, the Cigarettes Business faces headwinds from an unprecedented tax increase post-February 2026, which is expected to fuel the growth of smuggled and tax-evaded cigarettes, while the Paperboards Business continues to operate in a challenging environment due to cheap imports and input cost inflation.
- · Non-cigarette businesses now constitute nearly two-thirds of net segment revenue.
- · ITC has ranked consistently amongst the Top 3 Indian corporates in the private sector in terms of Contribution to the Exchequer.
- · ITC is the only company in the world to be carbon-positive, water-positive and solid-waste recycling positive for around 2 decades.
- · ITC debuted on CDP Forest 'A list', retained 'A' for CDP Water, and sustained 'Leadership' score in CDP Climate.
- · The 'AA' rating by MSCI-ESG has been achieved for 8 consecutive years.
- · ITC Infotech is among the fastest growing mid-tier IT service companies in India.
- · ITC plans to develop 4 additional hybrid Open-to-Sky and Controlled Environment Agriculture clusters for fresh produce supply chain.
- · The Cigarettes Business faces headwinds from an unprecedented tax increase post-February 2026, expected to fuel growth of smuggled and tax-evaded cigarettes.
- · The Paperboards Business faces challenges from cheap imports and huge inflation in input costs.
23-07-2026
ITC Limited announced that shareholders at the 115th Annual General Meeting held on July 23, 2026, approved the re-appointment of Mr. Hemant Bhargava as an Independent Director for a further five-year term commencing December 20, 2026. Mr. Bhargava, aged 67, has served as an Independent Director since December 2021 and brings extensive experience from his 38-year career at LIC, including as Chairman-in-charge and Managing Director. The filing contains no financial metrics or performance data.
- · Re-appointment effective from 20th December, 2026 for a period of five years.
- · Mr. Bhargava holds a Post Graduate Degree in Economics from Lucknow University and a Masters in Financial Management from Jamnalal Bajaj Institute of Management Studies.
- · He began his career in 1981 with LIC as its youngest Direct Recruit Officer and became Chairman-in-charge and Managing Director in January 2019.
- · He also served as Non-Executive Chairman of IDBI Bank Limited and LIC Housing Finance Limited in 2019.
- · Mr. Bhargava has not been debarred from holding the office of Director by SEBI or any other authority.
23-07-2026
Bajaj Finserv Limited has informed the stock exchanges that it will be conducting a Non-Deal Road Show (NDRS) in Singapore (3-4 August 2026) and Hong Kong (5-6 August 2026) to interact with institutional investors, organized by Motilal Oswal Financial Services Ltd. The discussions will be based on publicly available information only. This is a routine disclosure under Regulation 30 and contains no financial results, material developments, or performance data.
- · Road show dates: 3-4 August 2026 (Singapore), 5-6 August 2026 (Hong Kong)
- · Mode of interaction: In-person
- · Organizer: Motilal Oswal Financial Services Ltd.
- · Discussions limited to publicly available information only
23-07-2026
UltraTech Cement reported its highest-ever Q1 performance for FY27, with domestic grey cement volumes growing 13.1% YoY, revenue up 16%, EBITDA rising 12% to INR5,146 crore, and PAT up 17.2% to INR2,604 crore. The company highlighted strong demand across infrastructure, housing, and urban real estate, and noted successful integration of the India Cements acquisition with a 21% revenue growth on a like-for-like basis. However, management cautioned that Q2 FY27 may be 'optically softer' due to seasonal monsoon slowdown and the cost impact from the West Asia crisis, while also noting modest 2% YoY growth in aggregate state capex for April-May as a near-term data point.
- · Net debt to EBITDA improved from 0.94x at start of year to 0.87x at end of Q1.
- · Operating EBITDA per ton remained steady above INR1,200.
- · India Cements conversion ratio already at 1.5x.
- · India Cements EBITDA per ton target of INR1,000 remains in sight with full benefit of capex program from Q4 FY28.
- · Capex of about INR2,000 crore is being deployed into India Cements for WHRS, preheater and cooler upgradation.
- · India Cements green power to reach ~86% of power requirements by end of fiscal '28 (from ~3%).
- · UltraTech's green power of 1,897 MW met 47% of total power requirements at end of Q1.
- · 71 MW of renewables and 19 MW of WHRS commissioned in Q1.
- · Company targets 2.5 to 3 GW of renewable green power capacity very shortly.
- · Cement lead distance reduced to 360 km for the quarter.
- · All India exit cement prices improved through June, led by East and South; Central and West steady; North consistent.
- · Industry expects prices to hold broadly steady through monsoon quarter due to cost increases.
- · Q2 FY27 expected to be 'optically softer' due to monsoon and West Asia crisis cost effects.
- · Coal sector growth slowed in May; lower coal and refinery output noted as near-term data points.
23-07-2026
Crisil Ratings assigned its 'Crisil AAA/Stable' rating to UltraTech Cement's Rs 2,000 crore Non-Convertible Debentures and reaffirmed 'Crisil AAA/Stable/Crisil A1+' ratings on existing debt instruments and bank loan facilities. The rating reflects UltraTech's strong business risk profile as India's largest cement manufacturer, with sales volume up 14% YoY in fiscal 2026 and EBITDA per ton improving to Rs 1,103 from Rs 915 in fiscal 2025. However, the industry faces cost-side pressure from the West Asia conflict, and the company's sizeable capex plans (~Rs 30,000 crore over fiscals 2027-2029) and dividend outflow (~Rs 7,000 crore in fiscal 2027) are key monitorables that could pressure leverage.
- · UltraTech's installed grey cement capacity reached 205.5 mtpa as on June 30, 2026 (including 5.4 mtpa overseas), with a target of 242.5 mtpa by end of fiscal 2028.
- · The company commissioned 8.7 mtpa capacity in Q1 FY2027 and plans to add ~37 mtpa organically over fiscals 2027-2029 with capex of ~Rs 30,000 crore.
- · Net debt to EBITDA improved to 1.1x in FY2026 from 1.5x in FY2025; expected to remain steady in FY2027 and improve below 1x thereafter.
- · Interest coverage ratio stood at 9.39x in FY2026 vs 7.95x in FY2025, expected to remain above 9.5x over the medium term.
- · Cash balance was healthy at Rs 6,829 crore as on June 30, 2026.
- · The company is entering the wires and cables business with a planned investment of Rs 1,800 crore (Rs 888 crore committed till June 2026), expected to commence operations from Q3 FY2027.
- · Green energy capacity stood at 1,806 MW (414 MW WHRS + 1,392 MW renewables) as on March 31, 2026.
- · Lost time injury frequency rate worsened: employees 0.21x in FY2025 vs 0.12x in FY2024; workers 0.19x vs 0.07x.
- · Thermal substitution rate improved to 5.7% in FY2025 from 5.12% in FY2024.
- · ~27.8% of electricity requirement was met from renewable sources in FY2025.
- · The company targets to reduce scope 1 emissions by 27% and scope 2 emissions by 69% per tonne of cementitious material by 2032 (base year 2017).
- · RMC and construction chemicals accounted for more than 10% of revenue in FY2026.
- · Grasim Industries held 56.11% equity stake in UltraTech as on June 30, 2026.
24-07-2026
ICICI Bank reported strong Q1-2027 results with net profit up 15.9% YoY to ₹14,805 crore and net interest income up 12.7% YoY to ₹24,384 crore. Net interest margin expanded to 4.36% from 4.32% in Q4-2026, aided by income tax refunds. However, gross NPA additions rose to ₹5,552 crore from about ₹4,200 crore in the prior quarter, though management attributed this to seasonality (Kisan Credit Cards). The credit card portfolio declined 1.9% YoY, while the rural portfolio grew 35.4% YoY.
- · The bank opened 97 branches during Q1-2027, bringing total branches to 7,608 and ATMs/CRMs to 12,190.
- · About 71.9% of the corporate loan portfolio was rated ‘A- and above’ at June 30, 2026.
- · Total fund-based outstanding to borrowers under resolution was ₹1,363 crore.
- · Loans and non-fund based outstanding to performing corporate borrowers rated BB and below were ₹3,485 crore.
- · The bank has invested in an enterprise AI platform for secure development and deployment of AI/GenAI use cases.
- · Management expects NIM to be range-bound in FY27 assuming no rate movements, with some dilution from FCNR(B) programme.
23-07-2026
Asian Paints Limited has informed the exchanges that an investor conference call will be held on Wednesday, 29th July 2026 at 5:00 p.m. IST to discuss the business and financial performance for the quarter ended 30th June 2026. The call details will be available on the company's website. This is a routine procedural update with no financial data or performance results disclosed.
- · The conference call is scheduled for 29th July 2026 at 5:00 p.m. IST.
- · The call will cover the quarter ended 30th June 2026.
- · Details will be posted on https://www.asianpaints.com under the Investors section.
- · The schedule is subject to change due to exigencies.
24-07-2026
ITC Limited announced that Crisil ESG Ratings & Analytics Limited has assigned a Core ESG rating of 76 (up from 70 in FY25) and an overall ESG Score of 69 (up from 61) for FY26, under the 'Strong' category. The improvement reflects enhanced environmental, social, and governance performance, though no negative or flat metrics were disclosed.
- · The ESG rating was assigned voluntarily by Crisil ESG Ratings & Analytics Limited, a SEBI registered ESG Rating Provider.
- · The rating is based on data for the financial year 2025-26.
- · The overall ESG Score of 69 falls under the 'Strong' category.
23-07-2026
UltraTech Cement Limited's Finance Committee approved the issuance of up to 5,00,000 unsecured, listed, rated, redeemable, rupee-denominated non-convertible debentures of Rs. 1,00,000 each, aggregating up to Rs. 5,000 crore, on a private placement basis in one or more tranches. The meeting was held on July 23, 2026, and lasted 20 minutes. No comparative period data is provided, so no period-over-period analysis is possible.
- · The debentures are unsecured, listed, rated, redeemable, rupee-denominated, non-convertible, and non-cumulative.
- · Issuance will be on a private placement basis in one or more tranches.
- · The Finance Committee meeting started at 10:30 a.m. and ended at 10:50 a.m. on July 23, 2026.
- · The filing was made under Regulation 30 and 51 of SEBI Listing Regulations.
23-07-2026
InterGlobe Aviation (IndiGo) reported a consolidated net loss of ₹2,380 million for Q1 FY27 (June 2026 quarter), swinging from a profit of ₹21,763 million in the same quarter last year, as aircraft fuel expenses nearly doubled to ₹108,329 million due to geopolitical-driven ATF price spikes. Revenue from operations grew 20% YoY to ₹245,841 million, but the sharp rise in fuel costs—partially mitigated by a government price cap from April to June 8, 2026—and higher other expenses led to a pre-tax loss of ₹2,384 million. The company also faces ongoing regulatory scrutiny from DGCA and CCI related to December 2025 operational disruptions, and continues to contest IGST demands on re-imported aircraft parts.
- · Consolidated aircraft fuel expenses surged to ₹108,329 million in Q1 FY27 from ₹58,326 million in Q1 FY26, an 85.8% increase.
- · Government price capping on ATF (25% over March 2026 prices) was in effect from 1 April to 8 June 2026; from 9 June onwards, fuel is at market prices pending evaluation of a Price Stabilisation Fund.
- · The company has cumulative IGST paid under protest of ₹22,932 million as of 30 June 2026, with favourable court rulings but pending appeals.
- · DGCA ordered bank guarantees of ₹500 million in January 2026 related to December 2025 operational disruptions; CCI investigation is ongoing.
- · Two senior executives resigned post-quarter: Head – Global Sales (Vinay Malhotra) and CHRO (Sukhjit S. Pasricha); a new CHRO (Kanwal Jeet Singh Bakshi) was appointed.
- · Tax exposure from disallowed incentives up to AY 2022-23 is ₹24,185 million (net of ₹5,332 million MAT credit), plus impact on carryforward losses of ₹18,227 million.
- · 44,500 equity shares were issued under employee stock option schemes during the quarter.
- · Post-quarter, 113,500 performance stock options were granted and 9,099 shares allotted under ESOP 2023.
23-07-2026
InterGlobe Aviation (IndiGo) reported a net loss of ₹2,380 million for Q1 FY27 (quarter ended June 30, 2026), compared to a profit of ₹21,763 million in the same quarter last year. Revenue from operations grew 20% YoY to ₹245,841 million, driven by strong demand, but was offset by a sharp 86% surge in aircraft fuel expenses to ₹108,329 million and a foreign exchange loss of ₹825 million (vs. gain in prior periods). The company also faces ongoing regulatory and tax disputes, including a ₹500 million bank guarantee furnished to DGCA and cumulative IGST payments of ₹22,932 million under protest.
- · EPS (basic) for Q1 FY27 was ₹(6.15) vs ₹56.31 in Q1 FY26.
- · Total expenses increased to ₹258,525 million from ₹192,319 million YoY.
- · Finance costs rose to ₹15,653 million from ₹13,961 million YoY.
- · Depreciation and amortisation increased to ₹29,702 million from ₹25,660 million YoY.
- · Other income declined to ₹10,300 million from ₹10,463 million YoY.
- · The company has a tax exposure of ₹24,185 million (net of ₹5,332 million) for disallowed incentives up to AY 2022-23.
- · Cumulative IGST paid under protest stands at ₹22,932 million as of June 30, 2026.
- · DGCA ordered bank guarantee of ₹500 million furnished in previous quarter.
- · Competition Commission of India investigation ongoing regarding December 2025 flight cancellations.
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