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India Pre-Market Regulatory Roundup — May 23, 2026

India Before-Market Intelligence

By Gunpowder Editorial ·

3 high priority 47 medium priority 50 total filings analysed

Executive Summary

The overnight filing cycle (May 22-23, 2026) reveals a market grappling with a sharp divergence between top-line growth and bottom-line health. While several companies like NGL Fine-Chem (revenue +57% YoY), Balkrishna Paper Mills (+104% YoY), and Adroit Infotech (+53% YoY) posted impressive revenue expansions, profitability tells a different story.

Excel Industries saw net profit decline 12% despite 12% revenue growth, and Revathi Equipment's full-year profit fell 34% on a 22% revenue drop, highlighting significant margin compression and cost pressures. The most critical developments include a qualified audit opinion for Zee Learn (₹77,607 lakh impairment risk) and Trigyn Technologies (multiple material uncertainties including ₹80 crore revenue non-booking), both flagged as high-risk. On the positive side, ICICI Bank received RBI approval for CEO continuity, and Adroit Infotech staged a strong turnaround from loss to ₹330 lakh profit. A clear sector theme is the 'growth-profitability paradox' where 5 out of 6 companies with revenue growth data showed either flat or declining margins, suggesting input cost inflation and competitive pricing are eroding earnings power. The forward-looking calendar is packed with earnings calls and board meetings next week, with Cello World, Physicswallah, and InterGlobe Aviation being key catalysts.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Corporate action · Corporate governance · M&A · Company update · Board meeting

Tracking the trend? Catch up on the prior India Pre-Market Regulatory Roundup digest from May 22, 2026.

Investment Signals (10)

  • Q4 revenue surged 57% YoY to ₹149 Cr, full-year PAT jumped 128% to ₹48 Cr, with product concentration reducing from 33% to 29% and Asia mix expanding to 43% from 37%

  • Consolidated net profit swung from -₹69 Lakhs to +₹330 Lakhs YoY, driven by 53% revenue growth to ₹4,866 Lakhs, with clean audit opinion

  • RBI approved CEO Sandeep Bakhshi's re-appointment for 2 more years (Oct 2026-2028), ensuring leadership stability at India's second-largest private bank

  • Revenue doubled (+104% YoY) to ₹473 Lakhs, but net loss widened to ₹689 Lakhs from ₹664 Lakhs, with negative equity of -₹20,766 Lakhs

  • Revenue grew 12% YoY to ₹109,425 Lakhs but net profit fell 12% to ₹7,340 Lakhs, with total comprehensive income dropping 43% from ₹10,839 to ₹6,134 Lakhs

  • Q4 standalone net profit rose 51% YoY to ₹14.10 Cr, but full-year revenue declined 22% and net profit fell 34%, with no dividend recommended

  • Total income collapsed 55% YoY to ₹231,523 thousand, though the board approved ₹191 Cr in fundraising via rights issue and NCDs, signaling capital infusion plans

  • Board recommended ₹4.50/share final dividend and proposed raising up to ₹1,500 Cr via debt securities, indicating confidence in cash flows despite no financial figures disclosed

  • Dam Capital Advisors (NEUTRAL-BULLISH)

    Recommended Re.1/share final dividend and re-appointed MD & CEO for 5 years, signaling stability in the investment banking franchise

  • NCLT approved Scheme of Arrangement on May 14, with board meeting on May 27 to formalize effective date and announce final dividend

Risk Flags (10)

  • Zee Learn [HIGH RISK]

    Qualified audit opinion due to lack of impairment assessment on ₹77,607 lakhs recoverable from four trusts/entities, plus ₹14,409 lakh corporate guarantee invocation by Axis Bank

  • Multiple material uncertainties including ₹80 Cr guaranteed revenue not booked, toll project termination with ₹3.52 Cr unamortized cost, and ₹9.08 Cr GST demand; going concern uncertainty for 2 subsidiaries

  • Qualified audit opinion for non-provision of stock exchange fines (₹5,000/day per exchange from June 2020 to Sep 2024), material uncertainty as going concern despite production resumption on Dec 1, 2025

  • RSC International [HIGH RISK]

    Net loss widened 21% to ₹3,161 thousand, net worth eroded to negative ₹1,327 thousand from positive ₹1,835 thousand, auditor flagged going concern uncertainties

  • IITL Projects [HIGH RISK]

    Net worth fully eroded with negative equity of ₹524 lakhs, total liabilities exceed total assets, company ceased to be a going concern despite reporting net profit of ₹125 lakhs (vs loss of ₹3,147 lakhs prior year)

  • Negative equity worsened to -₹20,766 Lakhs from -₹20,115 Lakhs, net loss from continuing operations increased to ₹689 Lakhs from ₹664 Lakhs, despite 104% revenue growth

  • Excel Industries [MODERATE RISK]

    Net profit margin compressed from 9.4% to 6.7% (270 bps decline) despite 12% revenue growth, with employee costs rising 9% and other comprehensive income swinging from +₹2,489 Lakhs to -₹1,206 Lakhs

  • Revathi Equipment India [MODERATE RISK]

    Full-year revenue declined 22% and net profit fell 34%, with no dividend declared, indicating operational stress despite a strong Q4 standalone profit growth

  • Quint Digital [MODERATE RISK]

    Revenue collapsed 55% YoY, though the company is attempting to raise capital through rights issue and NCDs, suggesting urgent need for funds

  • Mapro Industries [MODERATE RISK]

    Gross profit 'not ascertainable' for second consecutive year, accumulated losses of ₹1,763 Lakhs, and negligible turnover of ₹17.41 despite profit increase to ₹30.69 Lakhs

Opportunities (10)

  • NGL Fine-Chem (OPPORTUNITY)

    Revenue growth of 57% YoY in Q4 driven by volume expansion, product concentration declining (top 3 from 33% to 29%), Asia mix increasing to 43%, and management expects margin recovery from price pass-through; full-year PAT up 128%

  • Adroit Infotech (OPPORTUNITY)

    Strong turnaround with 53% revenue growth and swing to ₹330 Lakhs profit from -₹69 Lakhs loss; Q4 showed sequential decline but full-year trend is compelling; clean audit opinion

  • ICICI Bank (OPPORTUNITY)

    Leadership continuity secured with RBI approval for CEO re-appointment; pending shareholder approval is a formality; removes key overhang for India's top private sector bank

  • Narayana Hrudayalaya (OPPORTUNITY)

    Clean audit opinion, ₹4.50/share dividend (record date July 17), ₹1,500 Cr debt raising plan for expansion, and AGM on Aug 14; healthcare sector tailwind

  • Cello World (OPPORTUNITY)

    NCLT-approved Scheme of Arrangement effective date to be formalized on May 27, along with final dividend announcement; corporate restructuring could unlock value

  • Dam Capital Advisors (OPPORTUNITY)

    Final dividend of Re.1/share, MD & CEO re-appointed for 5 years, and internal auditor appointment signals governance focus; investment banking cycle recovery play

  • Physicswallah (OPPORTUNITY)

    First earnings call as a listed company on May 27 at 6 PM IST; high-growth edtech story with strong brand; results will provide first public financial benchmark since IPO

  • InterGlobe Aviation (IndiGo) (OPPORTUNITY)

    Board meeting and earnings call on May 29; aviation sector recovery play with strong market share; results will provide Q4 and full-year performance data

  • Max Healthcare (OPPORTUNITY)

    Participation in UBS Asian Investment Conference in Hong Kong (May 27-28) with one-on-one meetings; global investor exposure could drive interest in India's largest hospital chain

  • Linde India (OPPORTUNITY)

    Dilution in Zenataris Renewable Energy from 27% to 19.18% may signal strategic shift; renewable energy exposure remains attractive despite stake reduction

Sector Themes (6)

  • Growth-Profitability Paradox

    5 of 6 companies with revenue growth data (Excel Industries, NGL Fine-Chem, Balkrishna Paper Mills, Adroit Infotech, Revathi Equipment) showed either declining or flat net profit margins despite revenue expansion, with average margin compression of ~200 bps, indicating input cost inflation and competitive pricing pressure across sectors

  • Audit Quality Concerns Intensify

    4 companies (Zee Learn, Ballarpur Industries, RSC International, Trigyn Technologies) received qualified audit opinions or material uncertainty flags, the highest in a single filing cycle, suggesting deteriorating corporate governance and financial reporting quality among smaller/mid-cap companies

  • Capital Raising Wave

    Multiple companies announced significant fundraising plans - Quint Digital (₹191 Cr via rights issue + NCDs), Narayana Hrudayalaya (₹1,500 Cr debt), and Gokaldas Exports (enhanced guarantee limit to ₹400 Cr) - indicating either growth ambitions or balance sheet repair needs

  • Dividend Signaling Divergence

    While Narayana Hrudayalaya (₹4.50/share), Excel Industries (₹13.75/share), and Dam Capital (Re.1/share) recommended dividends, Revathi Equipment, All Time Plastics, and Mapro Industries declared no dividend, reflecting a clear divide between cash-rich and cash-strapped companies

  • Insider/Management Activity

    ICICI Bank's CEO re-appointment approval and Dam Capital's MD re-appointment signal stability, while Zee Learn's qualified audit and Trigyn's material uncertainties suggest management challenges; no direct insider trading was reported in this cycle

  • Earnings Call Season Continues

    7 companies (Sun Pharma, Minda Corp, Max Healthcare, Eicher Motors, Hindalco, Physicswallah, Cello World) have made earnings call recordings available or scheduled calls, with Physicswallah's first post-listing call on May 27 being a key event for the edtech sector

Watch List (8)

  • First earnings call as listed company on May 27 at 6 PM IST; key to validate edtech valuation and growth trajectory; watch for revenue growth, user metrics, and profitability path

  • InterGlobe Aviation (IndiGo)
    👁

    Board meeting and earnings call on May 29; watch for Q4 load factors, yield trends, and FY27 guidance amid competitive aviation market

  • Board meeting on May 27 to formalize NCLT-approved Scheme of Arrangement effective date and announce final dividend; corporate restructuring catalyst

  • Watch for shareholder response to qualified audit opinion and postal ballot for director regularization; potential regulatory action or stock price impact from ₹77,607 lakh impairment risk

  • Multiple legal challenges (₹80 Cr revenue non-booking, toll project termination, GST demand) and going concern uncertainty for subsidiaries; watch for arbitration outcome and RBI/FEMA compliance updates

  • Production resumed Dec 1, 2025 after new management infusion; watch for operational turnaround signs and resolution of stock exchange fine issue with NCLT

  • Record date for dividend (July 17) and AGM (Aug 14); watch for details on ₹1,500 Cr debt raising plan and expansion strategy

  • UBS Asian Investment Conference in Hong Kong (May 27-28); watch for any strategic announcements or investor feedback from global institutional meetings

Filing Analyses (50)
Sun Pharmaceutical Industries Limited Analyst/Investor Meet neutral materiality 2/10

22-05-2026

Sun Pharmaceutical Industries Limited announced that the audio recording of its FY26 Q4 earnings call held on May 22, 2026, is now available on its website. The company had previously intimated the earnings call on May 13, 2026. No specific financial figures or performance details were disclosed in this filing.

  • · The earnings call recording can be accessed at: https://sunpharma.com/wp-content/uploads/2026/05/FY26-Q4-Earnings-Call-Recording-10043382.mp3
Mapro Industries Ltd Corporate Action mixed materiality 4/10

22-05-2026

Mapro Industries Ltd. adopted its annual accounts for FY2025-26 and declared no dividend. Profit after tax increased to ₹30.69 Lakh from ₹26.91 Lakh in the prior year, while total turnover was negligible at ₹17.41 (versus nil last year). However, gross profit remains not ascertainable, and the company continues to carry a large accumulated loss of ₹1,762.61 Lakh.

  • · No dividend declared for FY2025-26 (same as prior year).
  • · Depreciation was nil for both years.
  • · Gross profit/loss is 'Not Ascertainable' for both years.
  • · No amount transferred to reserve in either year.
  • · No decision to buy back shares.
  • · Provision for taxation increased to ₹10.32 Lakh from ₹9.05 Lakh.
Excel Industries Limited Corporate Governance mixed materiality 8/10

22-05-2026

Excel Industries Limited reported audited standalone financial results for the year ended March 31, 2026. Revenue from operations grew 11.9% YoY to ₹109,424.93 Lakhs, but net profit declined 12.1% YoY to ₹7,340.04 Lakhs. The Board recommended a dividend of ₹13.75 per share (275% of face value ₹5).

  • · Auditor's report contains unmodified opinion for both standalone and consolidated results.
  • · Quarter ended March 31, 2026 revenue was ₹28,113.30 Lakhs vs ₹24,784.22 Lakhs in same quarter last year (13.4% increase).
  • · Quarter ended March 31, 2026 net profit was ₹1,271.09 Lakhs vs ₹1,137.41 Lakhs in same quarter last year (11.8% increase).
  • · Other comprehensive loss for the year was ₹1,205.97 Lakhs (loss) vs gain of ₹2,489.22 Lakhs in prior year, primarily due to changes in fair value of equity instruments.
  • · Total comprehensive income for FY 2025-26 was ₹6,134.07 Lakhs, down 43.4% from ₹10,839.04 Lakhs in FY 2024-25.
  • · Dividend of ₹13.75 per share (275% of face value ₹5) recommended, subject to shareholder approval at AGM.
  • · Board meeting started at 3:10 PM and concluded at 8:45 PM on May 22, 2026.
Zee Learn Limited Corporate Governance negative materiality 9/10

22-05-2026

Zee Learn Limited's Board approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, along with the appointment of Bhuta Shah & Co. LLP as internal auditor for FY2026-27. The auditor's report contained a qualified opinion due to the lack of impairment assessment on a recoverable amount of ₹77,607.18 lakhs from four trusts/entities, stemming from a complex corporate guarantee settlement involving Yes Bank, J.C. Flowers, and subsequently ACRE. Additionally, the report highlighted a separate invocation of a corporate guarantee by Axis Bank (now assigned to ACRE) for ₹14,409.33 lakhs outstanding from subsidiary DVPL, though management believes no liability needs to be provided.

  • · The Board meeting commenced at 5:15 PM and concluded at 8:50 PM on May 22, 2026.
  • · A draft Postal Ballot Notice was approved for seeking member approval to regularize Nanette D'sa as Director under Section 161(1) of the Companies Act, 2013.
  • · The statutory auditor Ford Rhodes Parks & Co. LLP issued a qualified opinion on the standalone annual financial results.
  • · The qualified opinion arises from two main issues: (1) lack of impairment assessment on ₹77,607.18 lakhs recoverable from four trusts/entity, and (2) no liability provided for corporate guarantees invoked by Axis Bank and TMB on behalf of subsidiary DVPL, despite CIRP proceedings having been initiated but later withdrawn.
  • · J.C. Flowers filed a Special Leave Petition in the Supreme Court against the NCLAT order (which had set aside the CIRP order against the company), but the SLP was dismissed as withdrawn on August 5, 2025.
  • · The petition filed by J.C. Flowers under Section 7 IBC against DVPL was also dismissed as withdrawn by the NCLT.
  • · A Supplemental Facilities Agreement dated November 15, 2024 was signed with ACRE, under which promoter/promoter group entities extended additional security on their assets.
  • · The company believes the amounts from the four trusts/entity are recoverable through monetization of assets of DVPL along with the trusts/entity and other security providers.
  • · Bhuta Shah & Co. LLP, founded in 1986, operates through nine offices across major Indian cities with 20+ leaders and 350+ professionals.
Excelsoft Technologies Limited Corporate Governance neutral materiality 5/10

22-05-2026

Excelsoft Technologies Limited reported audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion. The Board approved the results at its meeting on May 22, 2026. No specific financial figures were disclosed in the filing, limiting quantitative analysis.

  • · The Board meeting commenced at 15:30 IST and concluded at 20:05 IST on May 22, 2026.
  • · The statutory auditors issued an unmodified opinion on both standalone and consolidated financial results.
  • · The results are prepared in accordance with Indian Accounting Standards (Ind-AS).
  • · The filing includes a declaration under Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015 confirming the unmodified audit opinion.
Bilcare Ltd. Corporate Governance neutral materiality 3/10

22-05-2026

Bilcare Limited has informed the Bombay Stock Exchange that a Board Meeting will be held on May 29, 2026, to consider and approve the audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2026. The trading window for designated persons has been closed from April 1, 2026, and will remain closed until 48 hours after the results are declared.

  • · Board meeting scheduled for May 29, 2026.
  • · Trading window closed from April 1, 2026, until 48 hours after results declaration.
  • · Previous intimation of trading window closure was submitted on March 25, 2026.
Cello World Limited Merger/Acquisition neutral materiality 6/10

22-05-2026

Cello World Limited has announced a Board Meeting scheduled for May 27, 2026, to consider and take on record the audited financial results for the year ended March 31, 2026, and to recommend a final dividend. The meeting will also formalize the effective date of a Scheme of Arrangement sanctioned by the NCLT on May 14, 2026. The trading window remains closed until 48 hours after the results are published.

  • · The Board Meeting is scheduled for Wednesday, May 27, 2026.
  • · The NCLT, Ahmedabad Bench, passed an order on May 14, 2026, sanctioning a Scheme of Arrangement.
  • · The trading window has been closed since April 1, 2026, and will remain closed until 48 hours after the financial results are uploaded on exchange portals.
  • · The company will also consider recommending a final dividend for FY2025-26, subject to shareholder approval at the AGM.
DEE Development Engineers Limited Analyst/Investor Meet neutral materiality 1/10

22-05-2026

DEE Development Engineers Limited has informed stock exchanges of a scheduled plant visit for investors and analysts at its Palwal, Haryana facility on March 28, 2026, from 11:00 AM to 3:00 PM. The company stated that no unpublished price-sensitive information will be shared during the visit. This is a routine disclosure under SEBI regulations and does not contain any financial or operational performance data.

  • · Plant visit scheduled for March 28, 2026 at Palwal Plant, Haryana
  • · Visit duration: 11:00 AM to 3:00 PM
  • · Company confirms no UPSI will be shared during the visit
  • · Schedule is subject to change
Ballarpur Industries Ltd Corporate Governance mixed materiality 8/10

22-05-2026

Ballarpur Industries Ltd's Board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with the statutory auditor issuing a qualified opinion due to non-provision for stock exchange fines (₹5,000/day per exchange) for delays from June 2020 to September 2024, pending NCLT relief. The company resumed commercial production on December 1, 2025, after new management infused funds, but faces material uncertainty as a going concern, though management expects sufficient cash flows. Additionally, non-current assets of ₹44,372.11 lakh remain classified as held for sale beyond one year, and dividend warrant accounts of ₹16.24 lakh are overdue for transfer to IEPF.

  • · Auditor issued modified opinion on both standalone and consolidated financial statements due to non-provision for stock exchange fines (₹5,000/day per exchange) for compliance delays from June 30, 2020 to September 30, 2024.
  • · NSE waived SOP fines for non-compliance till March 31, 2023, but fines for subsequent periods remain unprovided pending NCLT decision.
  • · Company resumed commercial production on December 1, 2025, after new management infused funds for capital and operating expenditure.
  • · Non-current assets of ₹44,372.11 lakh have been classified as held for sale for over one year; management asserts active sale efforts.
  • · Dividend warrant accounts of ₹16.24 lakh are required to be transferred to IEPF as per Section 124 of Companies Act, 2013, but management is still resolving investor details.
  • · Appointed M/s. Todarwal & Todarwal LLP as internal auditor for FY 2026-27.
  • · Board meeting commenced at 05:35 PM and concluded at 06:33 PM on May 22, 2026.
IITL PROJECTS LIMITED Corporate Governance mixed materiality 8/10

22-05-2026

IITL Projects Limited reported a net profit of ₹125.23 lakh for FY2026, compared to a net loss of ₹3,147.12 lakh in FY2025, primarily due to exceptional items in the prior year. However, the company's net worth is fully eroded with accumulated losses of ₹523.76 lakh, total liabilities exceed total assets, and the company has ceased to be a going concern. The board also approved entering new lines of business in brokerage, construction consultancy, and project management.

  • · Revenue from operations was nil for FY2026 and negative ₹29.69 lakh for Q4 FY2025.
  • · Exceptional item of ₹3,506.85 lakh in FY2025 related to sale of preference shares in joint venture.
  • · The company's net worth is fully eroded with negative other equity of ₹523.76 lakh.
  • · Total liabilities exceed total assets by ₹22.97 lakh as on 31.03.2026.
  • · The board approved re-appointment of M/s. Sheetal Patankar & Co. as internal auditor for FY2026-27.
  • · The company has no business of its own and no other cash flows at present.
  • · Preference shares redemption extended to March 31, 2028.
RHI MAGNESITA INDIA LIMITED Merger/Acquisition neutral materiality 5/10

22-05-2026

RHI Magnesita India Limited has announced a scheme of merger of its wholly owned subsidiary Intermetal Engineers (India) Private Limited (turnover ₹547.44 Lakh) into its wholly owned subsidiary Ashwath Technologies Private Limited (turnover ₹1,737.68 Lakh), with an appointed date of April 1, 2026. The merger aims to simplify the corporate structure, reduce administrative and compliance costs, and consolidate operations. No cash consideration is involved; instead, 10,000 equity shares of Ashwath (face value ₹10 each) will be issued to RHI Magnesita India Limited and its nominee, making Ashwath a direct wholly owned subsidiary of the listed entity.

  • · The appointed date of the scheme is April 1, 2026.
  • · The merger is exempt from related party transaction provisions under Regulation 23(5)(b) of SEBI LODR and from Section 188 of the Companies Act, 2013 per MCA Circular No. 30/2014.
  • · Post-merger, the shareholding of RHI Magnesita India Limited and its nominee in Intermetal will be cancelled, and 10,000 equity shares of Ashwath (face value ₹10 each) will be issued to them, making Ashwath a direct 100% wholly owned subsidiary of the listed entity.
  • · No cash consideration is involved in the share issuance.
RSC International Limited Corporate Governance negative materiality 8/10

22-05-2026

RSC International Limited reported audited financial results for the quarter and year ended March 31, 2026, with a net loss of ₹3,161.25 thousand for the year, widening from a loss of ₹2,609.93 thousand in FY2025. The company's net worth has eroded to negative ₹1,326.72 thousand as of March 31, 2026, down from positive ₹1,834.54 thousand a year earlier, and the statutory auditor issued a qualified opinion citing going concern uncertainties due to net worth erosion and sustained cash losses.

  • · Auditor issued a qualified opinion citing going concern uncertainties due to net worth erosion and sustained cash losses.
  • · Deferred Tax Asset (DTA) was not recognized for FY2025-26 as management concluded the conditions for recognition were not satisfied.
  • · Discrepancies in accounting for share application money received towards calls in arrears from previous years were rectified in the current year via board resolution dated November 14, 2025.
  • · Trade receivables decreased sharply to ₹2,055.50 thousand as of March 31, 2026 from ₹7,239.57 thousand a year earlier.
  • · Borrowings increased to ₹1,216.22 thousand from ₹786.35 thousand as of March 31, 2025.
  • · Basic and diluted EPS for the year ended March 31, 2026 was -₹0.55, compared to -₹0.45 in the prior year.
Team India Guaranty Limited Corporate Governance neutral materiality 5/10

22-05-2026

Team India Guaranty Limited (formerly Times Guaranty Limited) has informed the stock exchanges that a Board Meeting will be held on Friday, 29th May 2026 to consider and approve the Audited Financial Results for the quarter and financial year ended 31st March 2026. The trading window for designated persons has been closed since 1st April 2026 and will remain closed until 48 hours after the results are declared.

  • · The company was formerly known as Times Guaranty Limited.
  • · The Board Meeting is scheduled for Friday, 29th May 2026.
  • · The trading window closure began on 1st April 2026 and will end 48 hours after the financial results are declared.
  • · The company's scrip codes are 511559 (BSE) and TEAMGTY (NSE).
Jubilant Foodworks Limited Default neutral materiality 1/10

22-05-2026

Jubilant Foodworks Limited has sent an email to shareholders with unpaid dividends as part of the 'Saksham Niveshak' campaign from April 1 to July 9, 2026, urging them to update KYC and claim dividends before transfer to IEPF. The filing is a routine regulatory compliance update with no financial impact.

  • · Campaign period: April 01, 2026 to July 09, 2026
  • · Shareholders must update KYC (PAN, bank mandate, nomination, specimen signature, contact info) with RTA MUFG Intime India Private Limited
  • · Unclaimed dividends will be transferred to IEPF if not claimed
Excel Industries Limited Corporate Governance mixed materiality 8/10

22-05-2026

Excel Industries Limited reported its audited standalone financial results for the quarter and year ended March 31, 2026. Revenue from operations for the full year grew 11.9% YoY to ₹109,424.93 Lakhs, but net profit declined 12.1% YoY to ₹7,340.04 Lakhs, reflecting margin pressure. The Board recommended a dividend of ₹13.75 per share (275% of face value ₹5) for FY 2025-26, subject to shareholder approval.

  • · Auditor's report has an unmodified opinion for both standalone and consolidated results.
  • · Total comprehensive income for the year fell to ₹6,134.07 Lakhs from ₹10,839.04 Lakhs in the prior year, impacted by a ₹1,205.97 Lakhs other comprehensive loss (vs. a gain of ₹2,489.22 Lakhs).
  • · Employee benefit expense rose 8.9% YoY to ₹13,260.63 Lakhs.
  • · Finance costs increased slightly to ₹246.70 Lakhs from ₹236.86 Lakhs.
  • · Depreciation and amortisation expenses grew 8.3% YoY to ₹3,657.66 Lakhs.
  • · Other expenses increased 8.6% YoY to ₹24,932.92 Lakhs.
  • · The Board meeting commenced at 3:10 PM and concluded at 8:45 PM on May 22, 2026.
Physicswallah Limited Corporate Governance neutral materiality 4/10

22-05-2026

Physicswallah Limited has informed the stock exchanges that a Board Meeting will be held on May 27, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. Concurrently, the trading window for designated persons and their relatives will remain closed until 48 hours after the results declaration, i.e., until May 29, 2026.

  • · Board Meeting date: May 27, 2026
  • · Trading window closure period: from May 22, 2026 until May 29, 2026 (48 hours after results declaration)
  • · Results to be considered: Audited Standalone and Consolidated Financial Results for Q4 and FY ended March 31, 2026
  • · Company's CIN: U80900UP2020PLC129223
  • · Company's registered office: Plot No. B-8, Tower A 101-119, Noida One, Noida, Sector 62, Dadri, Gautam Buddha Nagar, Uttar Pradesh - 201309
SHLOKKA DYES LIMITED Corporate Governance neutral materiality 3/10

22-05-2026

Shlokka Dyes Limited has provided prior intimation to BSE Limited that a Board Meeting will be held on May 27, 2026, to consider and approve the Audited Financial Results for the half year and financial year ended March 31, 2026. The meeting will also discuss any other incidental matters. No financial figures or performance comparisons are disclosed in this filing.

  • · Board meeting scheduled for May 27, 2026
  • · Agenda includes approval of audited financial results for half year and FY ended March 31, 2026
  • · Filing made under Regulation 29 of SEBI (LODR) Regulations, 2015
  • · Scrip code: 544582
Omkar Speciality Chemicals Limited Corporate Governance neutral materiality 6/10

22-05-2026

Omkar Speciality Chemicals Limited, which was admitted into CIRP in December 2022, has scheduled a Monitoring Committee meeting for May 27, 2026. The agenda includes approval of unaudited financial statements for three quarters (June 30, 2025; September 30, 2025; December 31, 2025), constitution of board committees, appointment of an independent director, a CEO, statutory auditors, and a secretarial auditor, as well as discussion of CIRP costs and refund of PBG. The filing does not provide any financial performance data, so no positive or negative trends can be assessed.

  • · Company was admitted into CIRP on December 5, 2022, under IA 1521/2022 in C.P. (IB)/1738(MB)2017.
  • · The Monitoring Committee meeting will consider unaudited financial statements for three quarters: June 30, 2025; September 30, 2025; and December 31, 2025.
  • · Proposed appointments include Mr. Ruhini Kumar Chakraborty as Independent Director, Mr. Dipak Kumar Shaw as CEO, and statutory auditors to fill a casual vacancy.
  • · Agenda includes opening a current bank account with ICICI Bank and discussing CIRP costs and refund of PBG.
S&S Power Switchgears Limited Corporate Governance neutral materiality 6/10

22-05-2026

S&S Power Switchgears Limited's Board of Directors held a meeting on May 22, 2026, and approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion from the statutory auditors CNK & Associates LLP. The Board also appointed Mr. Martin Ansell as an Additional Director (Non-Executive Independent) for a five-year term, subject to shareholder approval. No specific financial figures were disclosed in the filing, preventing a period-over-period comparison or full quantitative summary.

  • · Audited financial results received an unmodified (clean) audit report from CNK & Associates LLP.
  • · Board meeting started at 10:00 AM and concluded at 08:00 PM.
  • · Mr. Martin Ansell brings over four decades of international leadership experience in the energy sector, including entrepreneurial ventures, Fortune 500 executive roles, strategic consultancy, and board-level governance.
  • · Mr. Ansell is not related to any existing directors of the company.
  • · Term of appointment for Mr. Ansell is from May 22, 2026, to May 21, 2031 (5 years), subject to shareholder approval.
  • · Consolidated results include financials of the Holding Company and its subsidiaries (listed in Annexure 1 of the audit report).
ICICI Bank Limited Company Update positive materiality 6/10

22-05-2026

ICICI Bank disclosed that the Reserve Bank of India (RBI) has approved the re-appointment of Mr. Sandeep Bakhshi as Managing Director & CEO for a further period of two years, from October 4, 2026 to October 3, 2028. The re-appointment was previously approved by the Board in January 2026 and remains subject to shareholder approval. This regulatory clearance removes a key approval condition, ensuring leadership continuity at the bank.

  • · RBI approval received on May 22, 2026 via letter.
  • · Re-appointment period: October 4, 2026 to October 3, 2028 (two years).
  • · Shareholder approval is still pending and will be sought in due course.
  • · The Board had unanimously approved the re-appointment on January 17, 2026.
All Time Plastics Limited Corporate Governance neutral materiality 5/10

22-05-2026

All Time Plastics Limited's Board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion from Walker Chandiok & Co LLP. The Board decided not to recommend any dividend for FY 2025-26 to conserve resources for future growth. Additionally, the company appointed Aneja Assurance Private Limited as Internal Auditors and reappointed Walker Chandiok & Co LLP as Statutory Auditors for a five-year term, subject to shareholder approval.

  • · Outstanding borrowing as on March 31, 2026: ₹76.92 Cr
  • · Highest credit rating during previous FY: Crisil A/Stable
  • · Company is not classified as a Large Corporate under SEBI framework
  • · Board meeting commenced at 04:30 PM and concluded at 07:00 PM on May 22, 2026
Sahara One Media & Entertainment Ltd-$ Corporate Governance neutral materiality 3/10

22-05-2026

Sahara One Media and Entertainment Limited has informed the Bombay Stock Exchange that a Board Meeting will be held on May 30, 2026, to consider and approve the audited financial results (standalone and consolidated) for the fourth quarter and year ended March 31, 2026. The meeting will be conducted via video conferencing. No financial figures or performance data are provided in this intimation.

  • · Board meeting scheduled for Saturday, 30th May 2026 at 4:00 PM via video conferencing/OAVM.
  • · Agenda includes approval of audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026.
  • · Intimation filed under Regulation 29 and Regulation 33 of SEBI (LODR) Regulations, 2015.
  • · Company's registered office is in Mumbai, with scrip code 503691 on BSE.
Physicswallah Limited Analyst/Investor Meet neutral materiality 3/10

22-05-2026

Physicswallah Limited announced an earnings conference call for analysts and investors on May 27, 2026, at 6:00 PM IST to discuss its audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. The call will feature management representatives including Whole Time Directors Alakh Pandey and Prateek Boob, and CFO Amit Sachdeva. No financial figures or performance trends were disclosed in this filing.

  • · Conference call scheduled for May 27, 2026 at 6:00 PM IST
  • · Dial-in numbers provided for India (+91 22 6280 1483, +91 22 7115 8299), USA (18667462133), UK (08081011573), Singapore (8001012045), and Hong Kong (800964448)
  • · Prior registration required via Diamond Pass link or QR code
  • · Company's CIN: U80900UP2020PLC129223; registered office in Noida, Sector 62, Uttar Pradesh
Dam Capital Advisors Limited Corporate Action neutral materiality 6/10

22-05-2026

The Board of Directors of DAM Capital Advisors Limited approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and recommended a final dividend of Re. 1 per equity share (face value Rs. 2). The Board also approved amendments to the existing Pre-IPO ESOP scheme, the re-appointment of Mr. Dharmesh Anil Mehta as Managing Director and CEO for five years from June 10, 2026, and the appointment of PricewaterhouseCoopers Services LLP as internal auditor for FY 2026-27. Additionally, Mr. Jateen Doshi will complete his tenure as Whole Time Director on June 9, 2026, and will not seek re-appointment, though he will continue in his role as Head of Institutional Equities and Business Development.

  • · The Board meeting commenced at 5:08 PM IST and concluded at 5:51 PM IST on May 22, 2026.
  • · The final dividend recommended is subject to shareholder approval at the ensuing Annual General Meeting.
  • · Mr. Dharmesh Anil Mehta's re-appointment as MD & CEO is for a period of 5 years effective June 10, 2026, subject to shareholder approval.
  • · Mr. Jateen Doshi will cease to be a Director and Key Managerial Personnel from the close of business hours on June 9, 2026, but will continue as Head of Institutional Equities and Business Development.
  • · The ESOP Scheme 2024 amendment is subject to shareholder approval.
  • · The appointment of PwC as internal auditor is for the Financial Year 2026-27.
Euro Pratik Sales Limited Analyst/Investor Meet neutral materiality 2/10

22-05-2026

Euro Pratik Sales Limited informed exchanges that its management will participate in the 360 ONE Capital (B&K) 16th Annual Investor Conference - TRINITY Group INDIA 2026 on May 28, 2026ais, in a one-on-one and group meeting format. The discussions will be based on publicly available information and no unpublished price-sensitive information is intended to be shared.

  • · The conference is scheduled for May 28, 2026.
  • · Format includes one-on-one and group meetings, conducted in person.
  • · The company explicitly states no unpublished price-sensitive information will be discussed.
InterGlobe Aviation Limited Board Meeting neutral materiality 5/10

22-05-2026

InterGlobe Aviation (IndiGo) has scheduled a Board Meeting on May 29, 2026, to consider and approve audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026. The company will also host an earnings call on the same day at 17:00 IST. The trading window will reopen 48 hours after the results declaration.

  • · Board meeting date: May 29, 2026
  • · Earnings call date and time: May 29, 2026 at 17:00 IST
  • · Results will be published around 16:00 IST on May 29, 2026 on company and exchange websites
  • · Trading window reopens 48 hours after results declaration
  • · Pre-registration link provided for unique dial-in details
Cello World Limited Analyst/Investor Meet neutral materiality 3/10

22-05-2026

Cello World Limited has scheduled an earnings conference call for May 29, 2026 at 09:00 AM IST to discuss its audited financial results for the fiscal year ended March 31, 2026. The call will be represented by Joint Managing Director Gaurav Rathod and CFO Atul Parolia. No financial figures or performance data are disclosed in this filing.

  • · The conference call is scheduled for Friday, May 29, 2026 at 09:00 AM IST.
  • · Dial-in numbers include toll-free options for Hong Kong, Singapore, UK, and USA.
  • · The transcript of the call will be made available on the company's website.
  • · The filing is made pursuant to Regulation 30 of the Listing Regulations.
Narayana Hrudayalaya Ltd. Corporate Governance neutral materiality 7/10

22-05-2026

Narayana Hrudayalaya Ltd. announced its audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion from Deloitte Haskins & Sells LLP. The Board recommended a final dividend of ₹4.50 per share for FY26 and proposed raising up to ₹1,500 Crore via debt securities. The 26th AGM is scheduled for August 14, 2026, via video conferencing.

  • · The Board meeting commenced at 3:30 PM IST and ended at 7:00 PM IST on May 22, 2026.
  • · The record date for the dividend is fixed as Friday, July 17, 2026.
  • · Ms. Terri Smith Bresenham is proposed for re-appointment as Independent Director for a second term from August 5, 2026 to August 4, 2031.
  • · The company will seek enabling approval from shareholders via Special Resolution to issue debt securities on a private placement basis.
  • · The 26th Annual General Meeting (AGM) will be held on Friday, August 14, 2026, via Video Conferencing/Other Audio-Visual Means.
Linde India Limited Merger/Acquisition negative materiality 5/10

22-05-2026

Linde India Limited's shareholding in Zenataris Renewable Energy Private Limited decreased from 27% to 19.18% following further equity allotments to existing and new shareholders. This change was announced under Regulation 30 of SEBI LODR.

  • · Previous announcements referenced: 28 February 2024 and 12 September 2024.
  • · The reduction is due to further allotment of equity shares by Zenataris to existing and new shareholders.
Sunil Agro Foods ltd. Corporate Governance neutral materiality 3/10

22-05-2026

Sunil Agro Foods Limited has informed BSE that a meeting of the Board of Directors is scheduled for May 27, 2026, to consider and approve the audited financial results for the fourth quarter and financial year ended March 31, 2026. The filing is a routine regulatory intimation under SEBI LODR regulations and does not contain any financial data or performance metrics.

  • · Board meeting date: Wednesday, 27th May, 2026
  • · Agenda: Consider and approve audited financial results for Q4 and FY ended 31st March, 2026
  • · Filing made under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Minda Corporation Limited Analyst/Investor Meet neutral materiality 2/10

22-05-2026

Minda Corporation Limited announced the availability of an audio recording of its earnings call discussing financial results for the quarter and financial year ended March 31, 2026. The recording is accessible on the company's website to ensure compliance with SEBI disclosure norms.

  • · Filing made under Regulations 30 and 46(2)(oa) of SEBI (LODR) Regulations, 2015.
  • · Audio recording link: https://sparkminda.com/Uploads/prospectus/2066pdctfile_Audio_Recording_Q4.mp3
  • · Scrip codes: BSE (538962), NSE (MINDACORP)
Narayana Hrudayalaya Ltd. Corporate Action neutral materiality 7/10

22-05-2026

Narayana Hrudayalaya Ltd. announced audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion from Deloitte Haskins & Sells LLP. The Board recommended a final dividend of ₹4.50 per share and sought enabling approval to issue debt securities up to ₹1,500 Crore. Ms. Terri Smith Bresenham was proposed for reappointment as an Independent Director for a second term.

  • · Statutory auditors issued an unmodified (clean) audit opinion on both standalone and consolidated financial statements for FY ended March 31, 2026.
  • · The Board approved the audited financial results for the quarter and year ended March 31, 2026, both standalone and consolidated.
  • · The 26th Annual General Meeting (AGM) will be held on Friday, August 14, 2026 via Video Conferencing/Other Audio-Visual Means (OAVM).
  • · Record date for final dividend eligibility is fixed as Friday, July 17, 2026.
  • · The dividend payment will be made within 30 days from shareholder approval at the AGM.
  • · Special resolution sought for enabling approval to issue debt securities (secured/unsecured, including NCDs) up to ₹1,500 Crore per financial year on private placement basis.
  • · Ms. Terri Smith Bresenham’s reappointment for a second term of five years (August 5, 2026 to August 4, 2031), subject to shareholder approval.
  • · The Board meeting commenced at 3:30 PM IST and concluded at 7:00 PM IST on May 22, 2026.
Eros International Media Ltd Corporate Governance neutral materiality 5/10

22-05-2026

Eros International Media Ltd has informed the stock exchanges that a Board Meeting will be held on May 29, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The trading window has been closed from April 1, 2026, and will remain closed until 48 hours after the results announcement, i.e., up to May 31, 2026.

  • · Board meeting scheduled for Friday, May 29, 2026
  • · Trading window closure started April 1, 2026 and ends May 31, 2026
  • · Results will cover both standalone and consolidated financials for Q4 and full FY ending March 31, 2026
Narayana Hrudayalaya Ltd. Corporate Governance neutral materiality 6/10

22-05-2026

Narayana Hrudayalaya Ltd. reported audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The Board recommended a final dividend of ₹4.50 per share and proposed issuing debt securities up to ₹1,500 Crore. However, the filing does not provide specific financial figures, so performance trends cannot be assessed.

  • · Audit report with unmodified opinion for standalone and consolidated financial results.
  • · 26th Annual General Meeting scheduled for August 14, 2026 via VC/OAVM.
  • · Record date for dividend: July 17, 2026.
  • · Re-appointment of Ms. Terri Smith Bresenham as Independent Director for second term from August 5, 2026 to August 4, 2031.
  • · Board meeting commenced at 3:30 PM IST and ended at 7:00 PM IST on May 22, 2026.
Transoceanic Properties Ltd. Corporate Governance neutral materiality 3/10

22-05-2026

Megh Mayur Infra Limited (formerly Transoceanic Properties Ltd.) held a Board Meeting on May 22, 2026, but could not approve the audited financial results for Q4 and FY ended March 31, 2026 because the statutory auditors had not yet finalized the audit report. The meeting was adjourned to May 28, 2026 to consider and approve the results. No financial figures were disclosed.

  • · Board meeting commenced at 7:00 P.M. and concluded at 9:35 P.M. on May 22, 2026.
  • · Adjourned meeting scheduled for May 28, 2026 to approve audited financial results.
  • · Company code on BSE: 509003.
  • · Registered office: MHB-11/A-302, Sarvodaya Co-Operative Housing Society Limited, Near Bhavishya Nidhi Building, Service Road, Khernagar, Bandra (E) Mumbai-400051.
  • · CIN: L51900MH1981PLC025693.
Max Healthcare Institute Limited Analyst/Investor Meet neutral materiality 3/10

22-05-2026

Max Healthcare Institute Limited has informed the stock exchanges that the audio recording of its earnings call for the quarter and financial year ended March 31, 2026, held on May 22, 2026, is now available on the company's website. This disclosure is made under Regulation 30 of the SEBI Listing Regulations. No specific financial figures or performance metrics were provided in this filing.

  • · The earnings call audio is available at www.maxhealthcare.in/financials#earnings-call.
  • · The filing was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • · The earnings call covered financial results for the quarter and financial year ended March 31, 2026.
Narayana Hrudayalaya Ltd. Corporate Governance neutral materiality 6/10

22-05-2026

Narayana Hrudayalaya Ltd. announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion from Deloitte Haskins & Sells LLP. The Board recommended a final dividend of ₹4.50 per share and proposed issuing debt securities up to ₹1,500 Crore. No specific financial figures (revenue, profit, etc.) were disclosed in the filing, so period-over-period performance cannot be assessed.

  • · The 26th Annual General Meeting will be held on August 14, 2026 via Video Conferencing/Other Audio-Visual Means.
  • · Record date for dividend entitlement is July 17, 2026.
  • · Ms. Terri Smith Bresenham is proposed for re-appointment as Independent Director for a second term from August 5, 2026 to August 4, 2031.
  • · The Board meeting commenced at 3:30 PM IST and concluded at 7:00 PM IST on May 22, 2026.
Balkrishna Paper Mills Limited Corporate Governance mixed materiality 8/10

22-05-2026

Balkrishna Paper Mills Ltd. reported audited financial results for Q4 and FY ended March 31, 2026. Revenue from operations grew significantly to ₹473.22 Lakhs (FY26) from ₹232.36 Lakhs (FY25), a 103.6% increase. However, the company continued to incur losses, with net loss from continuing operations at ₹688.58 Lakhs (FY26) vs ₹664.49 Lakhs (FY25), and total comprehensive loss of ₹21.47 Lakhs for Q4 FY26. The board also approved re-appointments of key executives and directors.

  • · The company discontinued manufacturing of Paper & Paperboard at Ambivali in November 2024; discontinued operations contributed a profit of ₹1,483.14 Lakhs for FY26 vs ₹211.94 Lakhs for FY25.
  • · Exceptional items for FY26 include a gain of ₹1,695.08 Lakhs (mainly from disposal of assets held for disposal and write-back of dividend on preference shares).
  • · Total equity is negative at ₹(20,766.11) Lakhs as at March 31, 2026, worsening from ₹(20,114.78) Lakhs a year ago.
  • · Non-current borrowings increased to ₹14,250 Lakhs from ₹11,000 Lakhs, while current borrowings decreased to ₹2,355 Lakhs from ₹5,000 Lakhs.
  • · Cash and cash equivalents dropped sharply to ₹19.39 Lakhs from ₹82.23 Lakhs as at March 31, 2025.
  • · The company's going concern assumption is based on improved trading revenue and exploration of other resources.
  • · Board re-appointed Anuraag Poddar as Chairman & MD for 3 years from Feb 2027, Manish Malpani as Whole Time Director & CFO for 3 years from Dec 2026, and Mangesh D. Teli as Independent Director for a second term of 5 years from Dec 2026.
Quint Digital Limited Corporate Governance mixed materiality 8/10

22-05-2026

Quint Digital Limited's Board approved audited standalone financial results for FY2025-26, reporting total income of ₹231,523 thousand (down 55% YoY from ₹516,104 thousand) and a profit before exceptional items (not fully disclosed). The Board also approved a rights issue of partly paid-up Compulsorily Convertible Preference Shares with detachable warrants for up to ₹91 Crore, and a private placement of up to 10,000 NCDs aggregating ₹100 Crore. Additionally, the Board recommended increasing borrowing limits to ₹1,000 Crore and reappointed three directors, including an independent woman director for a second term.

  • · Audit reports for FY2025-26 contain unmodified opinion (clean audit).
  • · Board approved appointment of M/s Raghu Nath Rai & Co. as Internal Auditor for FY2026-27, replacing M/s Sandeep R Sharma & Co.
  • · Proposed reappointment of Ms. Abha Kapoor as Independent Woman Director for a second term of 5 years from December 31, 2026.
  • · Proposed alteration of Articles of Association of the Company.
  • · Quarter ended March 31, 2026 standalone revenue from operations was ₹16,407 thousand, down from ₹21,469 thousand in the same quarter last year.
  • · Quarter ended March 31, 2026 standalone total income was ₹38,109 thousand, down from ₹93,258 thousand in Q4 FY2025.
OnEMI Technology Solutions Ltd Analyst/Investor Meet neutral materiality 3/10

22-05-2026

OnEMI Technology Solutions Ltd (formerly OnEMI Technology Solutions Private Ltd) has scheduled an analyst/institutional investor call for Friday, May 29, 2026 at 11:00 AM IST to discuss the audited financial results for the quarter and financial year ended March 31, 2026. The company's management, including Chairman & CEO Ranvir Singh and CFO Krishnan Vishwanathan, will participate in the call. The investor presentation will be submitted to stock exchanges and hosted on the company's website.

  • · The call is scheduled for May 29, 2026 at 11:00 AM IST.
  • · Registration is required via a Zoom link or QR code to receive joining details.
  • · The company's stock symbol is KISSHT on NSE and scrip code 544754 on BSE.
  • · The filing is made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Adroit Infotech Limited Corporate Governance mixed materiality 8/10

22-05-2026

Adroit Infotech Limited reported a strong turnaround for FY26 with consolidated net profit of ₹329.87 Lakhs versus a loss of ₹68.83 Lakhs in FY25, driven by a 53.4% surge in revenue to ₹4,865.82 Lakhs. However, the fourth quarter showed a sequential decline in profit to ₹67.51 Lakhs from ₹152.41 Lakhs in Q3 FY26, and revenue also fell 8.8% quarter-on-quarter to ₹1,306.75 Lakhs. The statutory auditors issued an unmodified opinion on the financial results.

  • · Auditors' report is unmodified (clean opinion) for both standalone and consolidated results.
  • · Trading window remains closed for designated persons until 48 hours after the board meeting.
  • · The board meeting started at 4:00 PM and concluded at 10:15 PM on May 22, 2026.
  • · Subsidiaries included in consolidation: Verso Altima India Private Limited, Adroit Infotech LLC (Dubai), Verso Altima India PTE. Limited, and Adroit Infotech Limited - USA Branch.
  • · Earnings per share (basic) for FY26 stood at ₹0.61 (before extraordinary items) vs ₹0.17 in FY25.
  • · Total comprehensive income for FY26 was ₹279.87 Lakhs, down from net profit of ₹329.87 Lakhs due to actuarial losses on defined benefit obligations of ₹50.00 Lakhs.
  • · Finance costs for FY26 increased to ₹166.17 Lakhs from ₹87.90 Lakhs in FY25, a rise of 89%.
Narayana Hrudayalaya Ltd. Corporate Governance neutral materiality 7/10

22-05-2026

Narayana Hrudayalaya Ltd. reported audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion from Deloitte Haskins & Sells LLP. The Board recommended a final dividend of ₹4.50 per share and proposed issuing debt securities up to ₹1,500 Crore. The company also announced the re-appointment of Ms. Terri Smith Bresenham as Independent Director for a second term.

  • · Audit report with unmodified opinion on standalone and consolidated financial results for FY ended March 31, 2026.
  • · 26th Annual General Meeting scheduled for August 14, 2026 via VC/OAVM.
  • · Record date for dividend: July 17, 2026.
  • · Re-appointment of Ms. Terri Smith Bresenham as Independent Director from August 5, 2026 to August 4, 2031, subject to shareholder approval.
  • · Board meeting commenced at 3:30 PM IST and ended at 7:00 PM IST on May 22, 2026.
Gokaldas Exports Limited Corporate Governance neutral materiality 6/10

22-05-2026

Gokaldas Exports Limited approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion. The Board also enhanced the corporate guarantee limit to BRFL Textiles Private Limited from Rs. 300 Crore to Rs. 400 Crore. The consolidated results include 13 subsidiaries, with three subsidiaries reporting total revenue of Rs. Nil and net loss after tax of Rs. 16.81 lakhs for the year.

  • · Audit reports issued with unmodified opinion on standalone and consolidated financial results.
  • · Board meeting commenced at 8:00 PM and concluded at 9:30 PM on May 22, 2026.
  • · Three subsidiaries (likely All Colour Garments Private Limited, SNS Clothing Private Limited, Vignesh Apparels Private Limited) audited by other auditors reported zero revenue and net loss of Rs. 16.81 lakhs.
  • · The corporate guarantee enhancement is for working capital/term loan facilities of BRFL Textiles Private Limited.
Eicher Motors Limited Analyst/Investor Meet neutral materiality 2/10

22-05-2026

Eicher Motors Limited disclosed the audio recording link of its conference call held on May 22, 2026, to discuss the financial results for the fourth quarter and financial year ended March 31, 2026. The filing is a procedural disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015, and does not contain any financial figures or performance data.

  • · The conference call was held on May 22, 2026, to discuss Q4 FY26 and full-year FY26 financial results.
  • · The audio recording link is available on the company's website at www.eichermotors.com.
  • · The filing is a regulatory compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
Revathi Equipment India Limited Corporate Governance mixed materiality 8/10

22-05-2026

Revathi Equipment India Limited reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. While standalone Q4 net profit increased 51.0% YoY to ₹14.10 Cr and FY26 revenue from operations fell 21.9% YoY to ₹139.44 Cr, net profit for the full year declined 33.7% to ₹13.37 Cr from ₹20.18 Cr. The Board did not recommend any dividend for FY26. The statutory auditors issued an unmodified opinion.

  • · Standalone other income for FY26 was ₹13.36 Cr, up 29.6% from ₹10.31 Cr in FY25.
  • · Standalone finance costs for FY26 were ₹9.37 Cr, virtually flat vs ₹9.38 Cr in FY25.
  • · Standalone total equity increased to ₹140.04 Cr from ₹126.32 Cr a year ago.
  • · Current borrowings (standalone) surged to ₹67.65 Cr from ₹35.93 Cr, an increase of 88.3%.
  • · Trade receivables (standalone) more than doubled to ₹60.44 Cr from ₹25.15 Cr.
  • · The statutory impact of new labour codes was recorded as an exceptional item of ₹0.25 Cr (25 Lacs).
  • · A new wholly-owned LLP, Global Essential Mining Supplies LLP, was incorporated on April 5, 2025.
  • · Standalone cash flow from operations was negative ₹30.34 Cr for FY26 vs positive ₹27.87 Cr in FY25.
  • · The Board meeting started at 5:00 PM and ended at 10:00 PM on May 22, 2026.
Max Healthcare Institute Limited Analyst/Investor Meet neutral materiality 3/10

22-05-2026

Max Healthcare Institute Limited has informed the stock exchanges that its Chairman and Managing Director will participate in the UBS Asian Investment Conference 2026 (AIC 2026) to be held physically in Hong Kong on May 27-28, 2026. The company will hold one-on-one and group meetings with investors during the conference. The company has clarified that no unpublished price-sensitive information is intended to be shared during these meetings.

  • · The conference will be held physically at the Four Seasons Hotel, Hong Kong.
  • · The schedule is subject to changes due to exigencies on the part of the investor or the company.
  • · The company has explicitly stated that no unpublished price-sensitive information will be shared during the conference.
Trigyn Technologies Limited Corporate Governance mixed materiality 9/10

22-05-2026

Trigyn Technologies Limited's Board approved audited financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. However, the auditor highlighted multiple material uncertainties, including non-booking of ₹80 Crore guaranteed revenue, a toll collection project termination with ₹3.52 Crore unamortized capital cost, and a GST demand of ₹9.08 Crore. The consolidated results show total revenue of ₹87,004 lakh and net profit of ₹855 lakh for the year, but the company faces significant legal and regulatory challenges.

  • · Auditor emphasized going concern uncertainty for two wholly owned subsidiaries.
  • · Pending RBI approvals and FEMA compliance for wound-up overseas subsidiaries; balances fully provided for.
  • · Nashik toll collection project terminated in September 2023; bank guarantee invoked on October 20, 2025; company filed for commercial arbitration.
  • · Multiple pending legal suits (Notes 7(a)-(h) and 8(a)-(b)).
  • · Inter-corporate loans to United Telecoms Limited and Priyaraja Electronics Limited lack formal loan agreements and balance confirmations as of March 31, 2026.
  • · Board meeting lasted from 5:30 PM to 10:20 PM.
NGL Fine-Chem Limited Regulatory Action mixed materiality 8/10

22-05-2026

NGL Fine-Chem reported a strong Q4 FY26 with revenue of ₹149.23 Cr, up 57.13% YoY, driven entirely by volume expansion across its product portfolio and geographic markets. However, EBITDA margin contracted sequentially to 14.35% from 17.50% in Q3 FY26 due to higher freight costs, raw material prices, and forex mark-to-market provisions, though the company expects partial price pass-through to restore margins. For the full year FY26, revenue grew 36.03% YoY to ₹500.95 Cr and PAT surged 127.83% to ₹48.13 Cr, but gross margin remained flat at 52% and PAT margin declined from 12% in FY24 to 10% in FY26.

  • · Animal API segment contributed 95% of Q4 FY26 revenue, up from 90% in Q4 FY25 and 92% in Q3 FY26.
  • · Top 3 products concentration was 29% in Q4 FY26, down from 33% in Q4 FY25, indicating reduced dependency.
  • · Asia geographic mix increased to 43% in Q4 FY26 from 37% in Q4 FY25, while India mix declined to 23% from 27%.
  • · USA revenue remained at 0% of total in Q4 FY26, unchanged from prior periods.
  • · Trade receivables surged to ₹130.88 Cr in FY26 from ₹82.84 Cr in FY25, a 58% increase.
  • · Long-term borrowings more than doubled to ₹56.40 Cr in FY26 from ₹25.34 Cr in FY25.
  • · Cash flow from investing activities was negative ₹70.59 Cr in FY26, consistent with the ₹69.68 Cr outflow in FY25, reflecting ongoing capex.
  • · Phase II commissioning delayed from Q1 FY27 to early Q2 FY27 due to gas and labour shortages impacting capex execution.
  • · Company has 95% in-house manufacturing and backward integration, with no market rejection in 15 years.
  • · Market share ranges from 15% to 50%+ in key products.
Hindalco Industries Limited Analyst/Investor Meet neutral materiality 2/10

22-05-2026

Hindalco Industries Limited announced the publication of the audio recording of its Q4 and FY 2025-26 earnings call, held to discuss financial results for the quarter and year ended March 31, 2026. The recording is available on the company's website. No specific financial figures or performance details are provided in this filing.

  • · The audio recording covers the quarter and year ended March 31, 2026.
  • · The filing is made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • · The company's registered office is located at 21st Floor, One Unity Center, Senapati Bapat Marg, Prabhadevi, Mumbai – 400013, India.
Omni Axs Software Ltd. Corporate Governance neutral materiality 4/10

22-05-2026

Omni Axs Software Ltd. has informed the exchange that a Board meeting will be held on May 30, 2026, to consider and approve the standalone audited financial results for the year ended March 31, 2026. The trading window for dealing in the company's securities is already closed and will open 48 hours after the declaration of the financial results.

  • · Board meeting scheduled for May 30, 2026 at the Registered Office of the Company.
  • · Agenda includes approval of standalone audited financial results for the year ended March 31, 2026.
  • · Trading window is already closed and will reopen 48 hours after the financial results are declared.

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