India SEBI Regulatory Enforcement Actions — May 13, 2026

13-05-2026

Tata Motors Limited reported robust standalone financials for Q4 FY26 with revenue at ₹24,452 Cr (+22% YoY), EBITDA at ₹3.4K Cr (+35%), and PBT (bei) at ₹2,972 Cr (+58%), alongside FY26 revenue of ₹77,399 Cr (+11% YoY) and EBITDA margin expansion to 13.2% (+120 bps). However, FY26 standalone PAT declined 23% to ₹3.4K Cr due to ₹3.7K Cr exceptional items including Mark-to-Market losses, New Labor Code, and demerger costs, while consolidated FY26 PAT fell 24% to ₹3.0K Cr impacted by ₹1.4K Cr exceptional items. The Board recommended a ₹4 final dividend per ₹2 equity share and fixed June 29, 2026, as the AGM date.

• · Domestic CV VAHAN market share FY26: 35.7% (HCV 55.0%, ILMCV 39.5%, SCV 26.8%, Passenger 36.4%)
• · Iveco acquisition regulatory approvals mostly received; expected closure by Q2 FY27
• · Finance costs Q4 FY26: ₹166 Cr (down from ₹319 Cr Q4 FY25)
• · Auto ROCE FY26: 72% (vs 61% FY25)
• · Auditors issued unmodified opinion on financial results

13-05-2026

Tata Motors Limited reported robust Q4 FY26 standalone financial results with revenue up 22% YoY to ₹24,452 Cr, EBITDA up 35% to ₹3,400 Cr (approx., 13.9% margin +130 bps), and PBT (bei) up 58% to ₹2,972 Cr; full year standalone revenue grew 11% YoY to ₹77,399 Cr with EBITDA +22% to ₹10,200 Cr (13.2% margin) but PAT declined 23% to ₹3,400 Cr due to ₹3,700 Cr exceptional items. Consolidated Q4 revenue rose 19% to ₹26,100 Cr with PAT +35% to ₹1,800 Cr, while FY26 revenue was ₹83,900 Cr but PAT fell 24% due to exceptional items; Board recommended final dividend of ₹4.00 per equity share and fixed AGM on June 29, 2026.

• · CV segment wholesales FY26: 428K units (+14% YoY), domestic volumes +12% YoY, exports +54% YoY
• · Domestic CV VAHAN market share FY26: 35.7% overall (HCV 55.0%, ILMCV 39.5%, SCV 26.8%, Passenger 36.4%)
• · Iveco acquisition: most approvals received, expected closure by Q2 FY27
• · Net cash domestic business: ₹7,500 Cr as of Mar 31, 2026; consolidated net cash ₹13,700 Cr
• · Auto ROCE FY26: 72% (vs 61% FY25)
• · Consolidated FCF FY26: ₹12,400 Cr (vs ₹5,900 Cr FY25)

13-05-2026

Tata Motors Limited reported strong FY26 standalone financials with revenue at ₹77.4K Cr (up 11% YoY), EBITDA margin at 13.2% (up 120 bps), wholesales at 428K units (up 14% YoY), and FCF at ₹9.2K Cr, leading to year-end net cash of ₹7.5K Cr. Consolidated FY26 revenue grew 10% YoY to ₹83.9K Cr with EBITDA margin expansion to 12.3%, but PAT declined to ₹3.0K Cr from ₹4.0K Cr YoY amid mixed quarterly performance including a Q2 loss. The company launched 17 next-gen trucks, secured major orders including 70,000 vehicles for Indonesia and over 5,000 buses, while market share in HCV slipped slightly to 35.7% and H1 volumes were muted due to external factors.

• · Board recommended final dividend of ₹4 per share (200% of face value), subject to shareholder approval.
• · Proposed Iveco acquisition approvals mostly received, expected closure by Q2 FY27.
• · Cash conversion cycle improved slightly to (31) days in FY26.
• · FY26 investment spending ~₹3K Cr (within 2-4% of revenue guidance).
• · VAHAN HCV market share 35.7% in FY26 (down from 37.1% FY25); ILMCV 39.5% (flat).
• · Golden Peacock Award for Pantnagar Plant for Quality; multiple Apollo CV Awards.

13-05-2026

Bharti Airtel's consolidated revenue from operations for FY26 grew 22% YoY to ₹2,109,728 million, driven by Mobile Services India (+13% to ₹1,129,954 million) and Africa (+36% to ₹568,064 million), with additional boost from full consolidation of Indus Towers as a subsidiary. However, profit for the year declined 10% YoY to ₹338,228 million, with basic EPS down 21% to ₹45.96, due to higher depreciation, amortization, and tax expenses; Airtel Business revenue fell 4% YoY to ₹211,766 million while Digital TV Services revenue was nearly flat at ₹30,179 million (down 1%). The Board recommended a final dividend of ₹24 per fully paid-up equity share of face value ₹5.

• · Total assets increased to ₹5,521,516 million as of Mar 31, 2026 from ₹5,143,604 million
• · Net cash from operating activities rose 24% YoY to ₹1,222,295 million for FY26
• · Indus Towers became a subsidiary w.e.f. November 18, 2024 (previously joint venture)
• · Exceptional items (net) of ₹34,175 million for FY26
• · Final dividend record date to be intimated; payable within 30 days of AGM if approved

13-05-2026

Bharti Airtel reported consolidated revenue from operations of ₹553,832 Mn for Q4 FY26, up 16% YoY from ₹478,762 Mn, and ₹2,109,728 Mn for FY26, up 22% YoY from ₹1,729,852 Mn, driven by strong growth in Mobile Services Africa (+41% Q4) and Homes Services (+37% Q4). EBITDA rose 18% YoY to ₹323,701 Mn in Q4 and 29% to ₹1,224,918 Mn for FY26. However, PAT declined sharply 26% YoY to ₹92,474 Mn in Q4 and 10% to ₹338,228 Mn for FY26 due to exceptional items of ₹31,607 Mn (Q4) / ₹34,175 Mn (FY) and higher taxes, while Digital TV Services revenue fell 2% YoY to ₹7,467 Mn in Q4.

• · Board approved audited consolidated and standalone financial results for Q4 and FY26 with unmodified auditor opinion.
• · Final dividend of ₹6 per partly paid-up equity share (paid-up ₹1.25).
• · Net cash from operating activities FY26: ₹1,222,295 Mn (up from ₹983,322 Mn).
• · Exceptional items (net) FY26: ₹34,175 Mn (adversely impacted PBT).

13-05-2026

Bharti Airtel Limited's Board approved the issuance of up to 146,761,335 fully paid-up equity shares to Indian Continent Investment Limited (ICIL) at INR 1,923 per share, aggregating to ~INR 282.2 Bn, in exchange for up to 16.31% stake (595,204,251 shares) in subsidiary Airtel Africa plc via share swap. The transaction is cash-less, leverage neutral, accretive to EPS, issued at a ~9.5% premium to Airtel's last closing price, and acquires Airtel Africa shares at a ~11.6% discount to its last closing price, aiming to consolidate shareholding. It is subject to shareholder approval in an EGM and regulatory clearances.

• · Relevant Date for floor price: May 13, 2026
• · Face value of equity shares: INR 5 each
• · Transaction based on independent valuation report certifying swap ratio
• · Board authorized Special Committee for transaction matters
• · Airtel Africa listed on London Stock Exchange

13-05-2026

Bharti Airtel Limited's Board, at its meeting on May 13, 2026, approved the re-appointment of Mr. Sunil Bharti Mittal as Chairman for a further five-year term from October 01, 2026 to September 30, 2031, and Ms. Nisaba Godrej as Independent Director for a second five-year term from August 04, 2026 to August 03, 2031, both subject to shareholder approval. These decisions follow recommendations from the HR & Nomination Committee. No other significant changes or concerns were noted regarding the appointees.

• · Sunil Bharti Mittal DIN: 00042491; current term expires September 30, 2026
• · Nisaba Godrej DIN: 00591503; current term expires August 03, 2026
• · Board meeting timings: 14:00 IST to 17:40 IST on May 13, 2026
• · Neither appointee is debarred from holding directorship by SEBI or other authorities
• · Sunil Bharti Mittal related to Rajan Bharti Mittal (brother); Nisaba Godrej unrelated to other directors

13-05-2026

TVS Motor Company Limited's Board approved the audited standalone and consolidated financial results for FY26 ended March 31, 2026, showing robust YoY growth with revenue from operations up 30.5% to ₹47,270.32 Cr and PAT up 37.3% to ₹3,615.22 Cr from continuing operations. Sales volumes increased 24.1% YoY to 58,88,828 units, though an exceptional loss of ₹41.37 Cr was recorded and other income remained negative at ₹(29.97) Cr. Additionally, the Board appointed Mr. Ravindran Shanmugam as Additional Non-Executive Independent Director for 5 years effective May 13, 2026, subject to shareholder approval.

• · Statutory Auditors issued unmodified opinion on standalone and consolidated financials.
• · EPS basic & diluted from continuing operations FY26: ₹76.09 (FY25: ₹54.81).
• · Q4 FY26 QoQ revenue growth 2.7% from ₹12,476.26 Cr in Q3 FY25.
• · Board meeting held on May 13, 2026, from 10:45 AM to 1:05 PM IST.

13-05-2026

TVS Motor Company Limited's Board approved the appointment of Mr. Ravindran Shanmugam (DIN: 11700880) as an Additional Director and Non-Executive Independent Director for five consecutive years, effective May 13, 2026, subject to shareholder approval via postal ballot. Mr. Shanmugam, aged 36 with a degree from Oxford, is Co-founder and Executive Chairman of Mablle (AI-enabled interior design platform) and has prior leadership at Livspace Southeast Asia, Grab, and McKinsey & Company, bringing expertise in AI, digital transformation, and strategy. He is not related to any existing directors and not debarred by SEBI.

• · DIN: 11700880
• · Board meeting held on May 13, 2026, from 10:45 AM to 1:05 PM IST
• · CIN: L35921TN1992PLC022845
• · Scrip codes: 532343 (TVSMOTOR), 717506 (NCRPS), TVSMNCRPS