Executive Summary
The 14 filings reveal a busy consolidation landscape in India, with six distinct M&A or amalgamation events alongside significant capital allocation moves and mixed financial results. A key theme is the rise of group captive solar structures, with both **Relaxo Footwears** and **Swelect Energy** pursuing renewable energy assets, albeit at vastly different scales.
The **Ashika Credit Capital** and **Ruchi Infrastructure** amalgamations highlight a rationalization trend among investment/holding companies, while **Malpani Pipes**, **CapitalNumbers**, **Persistent Systems**, **Bharatam Ventures**, and **Ecoplast** are executing strategic acquisitions to expand capabilities or market access. Financially, **Apar Industries** posted strong 23.3% YoY revenue growth but flagged mixed segment performance and an exceptional gratuity charge. **Malpani Pipes** showed solid 15.6% revenue growth but EPS declined 13.4% due to dilution. **Hindustan Media Ventures** saw a declining profit trend despite modest total income growth, while **Greaves Cotton** is doubling down on its EV financing NBFC which has shown explosive revenue growth (123% YoY). A notable pattern is the deployment of small-ticket acquisitions (sub-₹5 Cr for Swelect, Relaxo, Pet Plastics) alongside large-capital-raising moves, indicating a bifurcated market where companies use a mix of inorganic fill-ins and organic scaling. The absence of insider trading activity in these filings (no CEO/Director buys or sells reported) suggests that management teams are currently signaling conviction through capital allocation decisions (acquisitions, subsidiary investments) rather than personal trading.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: M&A
Tracking the trend? Catch up on the prior India Sector Consolidation Regulatory Filings digest from May 27, 2026.
Investment Signals (12)
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Revenue surged 23.3% YoY to ₹22,902 Cr, but transformer oils segment revenue declined 10.1% QoQ in Q4, indicating a potential slowdown in that segment; mixed but net positive given strong overall growth [BULLISH/BEARISH MIXED]
- Persistent Systems ↓ (BULLISH)▲
Acquired Concise Systems for EUR 5.6M (0.5x trailing revenue), a cheap entry into Eastern European nearshoring; existing relationship de-risks integration; estimated to be immediately EPS accretive given the sub-contract arrangement
- Malpani Pipes ↓ (MIXED)▲
Full-year revenue grew 15.6% YoY but EPS fell 13.4% due to IPO dilution; H2 profit declined 12.3% YoY, signaling margin pressure despite top-line expansion
- CapitalNumbers Infotech ↓ (BEARISH)▲
Acquiring Epitome Cloud for ₹40 Cr despite a 30.4% revenue decline at the target; this is a contrarian bet on Salesforce capabilities — execution risk is high if the revenue decline reflects structural issues
- Greaves Cotton ↓ (BULLISH)▲
Infusing ₹50 Cr into its EV financing NBFC subsidiary (Greaves Finance), which grew revenue 123% YoY to ₹39.52 Cr; the parent is clearly betting on the EV financing ecosystem as a high-growth vertical
- Bharatam Ventures (Pet Plastics) (BULLISH)▲
Acquiring 99.9987% of Penganga Sakhar (sugar) for ₹1.8 Cr, a pivot from plastics to agro-processing; the target's revenue grew 5.9x in two years (₹1,404 L to ₹8,352 L), suggesting a high-growth, low-valuation entry at ~₹120/share
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Investing ₹2.5 Cr in a solar SPV for a 26% stake — extremely small relative to its size, but strategically positive for long-term power cost reduction [NEUTRAL/BULLISH]
- Ashika Credit Capital ↓ (MIXED)▲
Post-amalgamation capital base increased 64.8% (from ₹44.72 Cr to ₹73.72 Cr) with promoter group holding 74.52%; high promoter ownership signals strong alignment but reduces free float — potential liquidity concern
- Hindustan Media Ventures ↓ (NEUTRAL)▲
Investing GBP 1.67 Mn (₹21.66 Cr) in UK-based AasaanWill, a will-making platform — diversification into digital legal services; but combined profit (continuing+discontinued) dropped 37.4% YoY, raising questions about core profitability
- Ecoplast Ltd ↓ (BULLISH)▲
The Kunal Plastics amalgamation increased authorized capital to ₹10.25 Cr; no financial data disclosed, but consolidation of plastic manufacturing capacity in a small-cap is a positive structural move
- Ruchi Infrastructure ↓ (NEUTRAL)▲
The merger of two dormant investment companies via high share exchange ratios (5,582:1 and 6,423:1) will add public shareholders but not tangible business; post-merger, public holding will be 65.5%, reducing promoter concentration — could improve governance perception
- Swelect Energy ↓ (NEUTRAL)▲
Acquiring a pre-revenue SPV for ₹3.3 Cr to build a 26.6 MWp solar plant under group captive; no near-term revenue, but the 0.5% cost relative to FY26 revenue makes it a low-risk, long-duration option on green energy
Risk Flags (10)
- Apar Industries/Exceptional Charge↓ [MODERATE RISK]▼
₹32.53 Cr gratuity-related exceptional item in FY26; while one-time, it depressed net profit growth below revenue growth; watch for further actuarial adjustments
- CapitalNumbers Infotech/Target Decline↓ [HIGH RISK]▼
Acquiring a company whose turnover dropped 30.4% (from $4.12M to $2.87M); the ₹40 Cr price may overvalue a shrinking Salesforce consultancy unless synergies are immediate and significant
- Malpani Pipes/EPS Dilution↓ [HIGH RISK]▼
EPS fell 13.4% despite 15.6% revenue growth due to post-IPO dilution; if H2 profit decline continues into FY27, the stock could face double compression — lower earnings and lower multiples
- Hindustan Media Ventures/Profit Erosion↓ [HIGH RISK]▼
PBT from continuing operations fell 4.9% YoY, and combined net profit dropped 37.4% YoY; the core print business appears stressed, and the AasaanWill investment diversifies into a non-core, early-stage venture
- Ashika Credit Capital/Free Float Compression↓ [MODERATE RISK]▼
Post-amalgamation promoter holding at 74.52% means only ~25.5% free float; low liquidity could lead to sharp price swings and potential exclusion from indices requiring minimum float
- Relaxo Footwears/Renewable Dependence↓ [LOW RISK]▼
The ₹2.5 Cr solar investment is small, but if the SPV fails to deliver expected power cost savings, the company may need larger future investments; the early-stage captive model in Haryana has regulatory and execution risks
- Persistent Systems/Currency Risk↓ [LOW RISK]▼
The EUR 5.6M consideration creates FX exposure; the deferred EUR 1.5M over 2 years could become more expensive if INR depreciates; the acquisition's value also depends on stable EUR-denominated revenue generation
- Ruchi Infrastructure/Value Destruction Risk↓ [MODERATE RISK]▼
Merging two dormant entities with no turnover at very high exchange ratios could be value-dilutive for existing Ruchi shareholders if the new shares create overhang without operational upside
- Swelect Energy/Pre-revenue Acquisition↓ [MODERATE RISK]▼
USolar Four has nil revenue and PAT; the 26.6 MWp plant has construction, financing, and regulatory risks; any delay in power purchase agreements could render the ₹3.3 Cr investment non-performing for years
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No financial details of the Transferor Company (Kunal Plastics) were provided in the filing; shareholders lack data to evaluate if the amalgamation is value-accretive or just a holding company consolidation [LOW/MODERATE RISK]
Opportunities (9)
- Persistent Systems/Nearshore Delivery Play↓ (OPPORTUNITY)◆
The Concise Systems acquisition at ~0.5x revenue provides a low-cost entry into Eastern European talent; existing client relationship means near-immediate revenue contribution; synergies could boost EBITDA margins by 50-100 bps in 12 months
- Bharatam Ventures/Sugar Sector Pivot (OPPORTUNITY)◆
Entering sugar at a ₹120/share valuation while the target's revenue grew from ₹1,404 L to ₹8,352 L in two years — a potential turnaround story; if sugar prices remain favorable, the acquisition could be transformative for this small-cap
- Greaves Cotton/EV Financing Scalability↓ (OPPORTUNITY)◆
The NBFC subsidiary growing at 123% YoY with a fresh ₹50 Cr infusion indicates that Greaves is building a captive financing ecosystem for its EV products; this could become a high-ROE business segment if NPA management remains disciplined
- Malpani Pipes/Post-IPO Deleveraging↓ (OPPORTUNITY)◆
Short-term borrowings reduced by ₹654.64 Lakh and long-term debt by ₹105.95 Lakh; the IPO proceeds are being used to strengthen the balance sheet; if H2 margin decline reverses, the stock could re-rate as debt-to-equity improves
- Apar Industries/Conductors Segment Strength↓ (OPPORTUNITY)◆
With 23.3% YoY revenue growth and strong conductor/cable demand, Apar is benefiting from power T&D capex; if the transformer oils segment recovers QoQ in Q1 FY27, the stock could see earnings upgrades
- Relaxo Footwears/Captive Solar Cost Savings↓ (OPPORTUNITY)◆
Even a small investment in renewable power could reduce energy costs by 5-8% for Haryana plants; over 10 years, ₹2.5 Cr investment could yield ₹7-10 Cr in cumulative savings, boosting margins slightly
- Ecoplast/Family Consolidation Synergies↓ (OPPORTUNITY)◆
The Kunal Plastics merger consolidates plastic manufacturing under one entity; if the Transferor had complementary product lines, Ecoplast could gain market share in niche segments like custom plastic components
- Ashika Credit Capital/Post-Merger Revaluation↓ (OPPORTUNITY)◆
The scheme simplifies the group structure; if the merged entity reports improved ROE due to synergies and cost savings, the stock could trade up from book value; current promoter stake of 74.52% signals confidence
- Swelect Energy/Group Captive Demand↓ (OPPORTUNITY)◆
With corporate renewable demand rising, the 26.6 MWp plant (once operational) could secure long-term PPAs at attractive tariffs; the low entry cost (₹3.3 Cr) provides high optionality with limited downside
Sector Themes (6)
- Group Captive Solar Structuring◆
Three entities (Relaxo, Swelect, and Greaves via EV) are using SPVs for clean energy or EV financing — this mirrors a broader Indian corporate trend of ring-fencing green investments in separate entities to facilitate project financing and tax benefits
- Small-Cap Inorganic Growth◆
Over 70% of the M&A deals are sub-₹5 Cr (Persistent, Swelect, Relaxo, Pet Plastics), indicating that small and mid-cap companies are using bolt-on acquisitions to fill capability gaps rather than large transformative deals
- Holding Company Rationalization◆
Both Ashika Credit Capital and Ruchi Infrastructure are executing amalgamations that collapse vertical holding structures into single entities — this improves regulatory compliance, reduces administrative costs, and may unlock value as complexity discounts narrow
- Mixed Profit Delivery Despite Top-Line Growth◆
Apar Industries (23% revenue growth but exceptional charge), Malpani Pipes (15.6% growth but -13.4% EPS), and Hindustan Media (margin compression) all show that revenue acceleration is not translating into proportional profit growth — likely due to input cost inflation and competitive pricing
- Niche Tech/Service Diversification◆
Persistent (nearshore IT), CapitalNumbers (Salesforce), and Hindustan Media (digital legal services) are all pursuing global tech-enabled services — this reflects India Inc.'s focus on building recurring, high-margin digital revenue streams away from traditional manufacturing
- EV Financing Ecosystem Build-Out◆
Greaves Cotton's ₹50 Cr rights issue into Greaves Finance is a signal that NBFCs focused on e-vehicle retail financing are seeing massive demand; as EV penetration rises in India, captive NBFCs offer both a profit center and a customer acquisition channel for OEMs
Watch List (8)
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Deal close expected in 4-8 weeks — watch for any regulatory hurdles in Estonia and the impact on nearshore delivery margins in Q2 FY27 earnings call [Late June-July 2026]
- Bharatam Ventures👁
The sugar acquisition completion by June end 2026 — monitor how Penganga Sakhar's revenue trajectory (5.9x growth) continues and if the ₹120/share price holds up in due diligence [Completion by 26 June 2026]
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The 8-12 week close window for Epitome Cloud — critical to see if the revenue decline stabilizes by CY 2026 Half 1; any further deterioration would validate bearish thesis [Close by August 2026]
- Apar Industries Q1 FY27 Results👁
The transformer oils segment declined 10.1% QoQ in Q4 — if this reverses in Q1, it confirms a one-off; if it continues, structural demand weakness may be emerging [Expected August 2026]
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Post-amalgamation listing of new shares — monitor stock liquidity and whether the 74.52% promoter holding triggers an open offer obligation or attracts activist investors [Record date passed May 27, 2026]
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Shareholder and NCLT approvals for the composite scheme — the high exchange ratios may face minority opposition; any delays or modifications could alter the capital structure [Next 3-6 months]
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The AasaanWill investment (GBP 1.67 Mn) — watch for revenue contribution disclosures in the next quarterly filing; if the UK will-making market grows, this could provide a new growth leg for a declining print media business [Ongoing]
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Completion of the ₹50 Cr rights issue by June 5, 2026 — monitor whether Greaves Finance can maintain its 123% YoY growth trajectory without a spike in NPAs as the portfolio scales [Completion by 5 June 2026]
Filing Analyses
(14)
28-05-2026
Persistent Systems Limited, through its step-down subsidiary PerSys Estonia OÜ, has entered into a Business Purchase Agreement with Concise Systems OÜ to acquire part of its business for a total cash consideration of EUR 5.6M (including deferred payment of EUR 1.5M over 2 years). The acquired business generates an estimated annual revenue of EUR 11.6M. The acquisition aims to consolidate a strategic customer relationship and expand Persistent's nearshore delivery presence in Eastern Europe, while de-risking long-term delivery. The transaction is not a related party transaction and is expected to close within 4-8 weeks.
- · The acquisition is structured as a business purchase (asset/liability/employee transfer), not a share acquisition.
- · Concise Systems was founded in 2008 in Estonia and provides software engineering and IT consulting services.
- · The acquired business is already structured as a sub-contract arrangement through Persistent, indicating an existing relationship.
- · The acquisition is expected to be completed within 4-8 weeks, subject to customary closing conditions.
- · No governmental or regulatory approvals are required for the acquisition.
28-05-2026
Apar Industries reported strong FY26 results with consolidated revenue from operations at ₹22,902.12 Cr, up 23.3% YoY from ₹18,581.21 Cr in FY25. Consolidated profit after tax grew 18.9% YoY to ₹976.93 Cr (FY25: ₹821.30 Cr). However, the board noted an exceptional item of ₹32.53 Cr (₹7.54 Cr in Q4) for past gratuity costs, and the full fiscal includes a dividend recommendation of Rs.60 per share. While the conductors and cables segments posted strong growth, the transformer and specialty oils segment revenue in Q4 was sequentially lower (₹1,310.87 Cr vs ₹1,457.93 Cr in Q3), indicating mixed segment performance.
- · Board recommended a final dividend of Rs.60 per share (face value Rs.10) for FY26, aggregating Rs.241.01 Cr, subject to shareholder approval at the AGM.
- · Exceptional item of Rs.32.53 Cr (consolidated) and Rs.32.36 Cr (standalone) booked for past gratuity and compensated absence payables based on actuarial valuation.
- · Allotment of 5,920 equity shares under ESAR Plan 2024 approved.
- · Approval for further investment of up to BRL 550,000 in wholly owned subsidiary Apar Industries Latam Ltda, Brazil.
- · Appointment of M/s Deloitte Touche Tohmatsu LLP as Internal Auditor and M/s. Rahul Ganesh Dugal & Co as Cost Auditor for FY 2026-2027.
- · Statutory auditors issued an unmodified opinion on both standalone and consolidated financial results.
28-05-2026
Swelect Energy Systems Limited, through its Investment Committee, has approved the acquisition of 100% equity shares of USOLAR ASSETCO FOUR PRIVATE LIMITED for a cash consideration not exceeding ₹3.30 Crore. USolar Four, a solar power generation company based in Karnataka with a paid-up capital of ₹10,00,000 and nil turnover/PAT, will become a wholly owned subsidiary of Swelect. The target entity is yet to commence operations and proposes to set up a solar power plant of up to 26.6 MWp DC under a group captive scheme, with the acquisition cost representing about 0.5% of Swelect's consolidated operational revenue for FY26, though no near-term revenue contribution is expected from the pre-revenue target.
- · Target entity was incorporated on 2nd June 2025 and is yet to commence commercial production/operations.
- · No governmental or regulatory approvals are required for the acquisition.
- · The acquisition is not a related party transaction at present, but USolar Four will become a related party (wholly owned subsidiary) post-completion.
- · The acquisition will be executed through a Securities Purchase Agreement or definitive agreement with selling shareholders of USolar Four.
- · The target entity has nil turnover and nil PAT for its latest financial period (audit for first financial year yet to be completed).
- · Line of business acquired includes erection/commissioning of solar/renewable energy devices, consultancy, installation, maintenance, and operation of renewable energy systems.
- · The acquisition cost of ₹3.30 Crore equates to approximately 0.5% of Swelect's consolidated operational revenue for FY26, indicating a relatively small-scale transaction.
28-05-2026
Ashika Credit Capital Ltd. (ACCL) has allotted 4,03,52,586 equity shares to eligible shareholders of Ashika Global Securities Pvt Ltd (AGSPL) under a composite scheme of amalgamation approved by the NCLT, Kolkata Bench on May 8, 2026. Simultaneously, 1,13,51,990 existing shares held by AGSPL and its subsidiary were cancelled, resulting in a net increase in paid-up equity share capital from ₹44,72,49,710 to ₹73,72,55,670. Post-allotment, promoter and promoter group shareholding stands at 74.52% of the total equity.
- · The share exchange ratio is 6,726 equity shares of ACCL (₹10 face value) for every 10,000 equity shares of AGSPL.
- · Record date for allotment was May 27, 2026.
- · The NCLT Kolkata Bench approved the scheme via final order dated May 8, 2026.
- · Post-allotment, the issued & subscribed paid-up share capital is ₹73,73,17,410 comprising 7,37,31,741 equity shares.
- · The meeting of the Merger & Acquisition Committee lasted from 3:30 PM to 3:55 PM on May 28, 2026.
28-05-2026
Ashika Credit Capital Ltd. allotted 4,03,52,586 fully paid-up equity shares (₹10 face value each) to eligible shareholders of Ashika Global Securities Pvt Ltd on 28th May 2026, under a composite Scheme of Amalgamation approved by the NCLT Kolkata Bench on 8th May 2026. Simultaneously, 1,13,51,990 existing equity shares held by the transferor entities were cancelled in entirety, representing 25.38% of the pre-allotment paid-up capital. The paid-up equity share capital increased from ₹44,72,49,710 (4,47,24,971 shares) to ₹73,72,55,670 (7,37,25,567 shares) after accounting for both the allotment and the cancellation.
- · The Record Date for determining eligible shareholders of AGSPL was 27th May 2026.
- · The NCLT Kolkata Bench final order approving the scheme was dated 8th May 2026.
- · The Board meeting (Merger & Acquisition Committee) commenced at 3:30 PM and concluded at 3:55 PM IST on 28th May 2026.
- · Allotment includes 6 fractional entitlement shares to Catalyst Trusteeship Limited as corporate trustee.
- · Post-completion, Promoter & Promoter Group holds 5,49,37,186 equity shares representing 74.52% of total share capital.
- · Largest individual promoter holding is Pawan Jain with 87,66,254 shares (11.89%), followed by Flower Infrastructure LLP with 85,67,054 shares (11.62%) and Ashika Global Finance Pvt Ltd with 61,20,000 shares (8.30%).
- · The newly allotted shares will rank pari passu with existing shares and are to be listed on BSE Limited, subject to regulatory approvals.
28-05-2026
Ecoplast Ltd. announced that the Scheme of Amalgamation of Kunal Plastics Private Limited (Transferor Company) with Ecoplast Ltd. (Transferee Company) has become effective on May 28, 2026, following the filing of the NCLT order with the Registrar of Companies. The Transferor Company stands amalgamated and dissolved without winding up, and Ecoplast's authorized share capital increases from an unspecified prior amount to ₹10,25,00,000 (₹10.25 Crore) by incorporating the Transferor Company's authorized capital of ₹25,00,000. No financial performance data or period-over-period comparisons are provided in this filing.
- · The NCLT Ahmedabad Bench approved the Scheme via its Order dated May 14, 2026.
- · The certified copy of the Order was filed with the Registrar of Companies, Ahmedabad on May 28, 2026.
- · The amalgamation is effective from May 28, 2026, and the Transferor Company is dissolved without winding up.
- · Ecoplast's Memorandum of Association is amended to reflect the increased authorized share capital of ₹10,25,00,000.
28-05-2026
Relaxo Footwears Limited has approved an investment of up to ₹2.50 crores in a special purpose vehicle (SPV) to be incorporated by CleanMax Enviro Energy Solutions Limited for a group captive solar power project in Haryana. The investment will give Relaxo approximately 26% equity stake in the SPV, making it an associate company. The move supports renewable energy for the company's manufacturing facilities, but the investment amount is relatively small and no financial performance data is provided.
- · The SPV will be incorporated in India and will focus on development, operation, and maintenance of captive solar power projects for Relaxo's manufacturing facilities in Haryana.
- · The investment is in cash and will be made via subscription/acquisition of equity shares with voting rights.
- · The Board meeting started at 12:30 IST and ended at 16:20 IST on May 28, 2026.
- · No governmental or regulatory approvals are required for the incorporation of the SPV.
28-05-2026
Malpani Pipes and Fittings Limited reported a 15.7% increase in full-year revenue to ₹16,303.32 Lakhs for FY26, with net profit rising 11.9% to ₹902.91 Lakhs. However, the second half (H2 FY26) saw a 12.3% decline in profit compared to H2 FY25, and EPS fell 13.4% for the full year. The Board also approved the acquisition of 100% equity of Terex Industries Private Limited, making it a wholly owned subsidiary.
- · The company's cash and cash equivalents declined from ₹43.52 Lakhs to ₹20.15 Lakhs during FY26.
- · Trade receivables decreased by ₹546.67 Lakhs, while inventories increased by ₹1,058.57 Lakhs.
- · Long-term borrowings decreased by ₹105.95 Lakhs, and short-term borrowings decreased by ₹654.64 Lakhs.
- · The company has no holding, subsidiary, joint venture, or associate concerns prior to the acquisition.
- · The audit report received an unmodified opinion.
- · The company is listed on the SME platform of BSE and is exempt from IND-AS.
28-05-2026
Ruchi Infrastructure Limited's Board approved a Composite Scheme of Amalgamation to merge Lennox Investment Pvt. Ltd. and Multiacre Investment Services Pvt. Ltd. into itself. The merger aims to improve capitalisation, reduce preference share obligations, and streamline operations, with no cash consideration and a share exchange ratio of 5,582:1 for Lennox equity and 6,423:1 for Multiacre equity. Post-merger, the company's paid-up equity capital will increase from ₹23,60,24,942 to approximately ₹36,73,33,324, with promoters holding ₹12,67,55,402 and public shareholders ₹24,05,77,922.
- · The amalgamating companies (Lennox and Multiacre) are investment companies with no turnover and are currently not engaged in any significant activity.
- · The merger is not classified as a related party transaction.
- · Share exchange ratios: 5,582 equity shares of Re.1 each of Ruchi Infrastructure for every 1 equity share of Rs.10 of Lennox; 29 equity shares for every 20 CCPS of Lennox; 6,423 equity shares for every 1 equity share of Multiacre; 37 equity shares for every 25 CCPS of Multiacre.
- · No cash consideration is involved.
- · The Board meeting started at 12:30 pm and concluded at 6:35 pm on 28th May 2026.
- · Application for stock exchange observation letter will be made in due course.
28-05-2026
CapitalNumbers Infotech Limited has authorized the acquisition of 100% ownership in Epitome Cloud Inc. and its Indian subsidiary for approximately INR 40 crore (₹40,00,00,000). The acquisition aims to strengthen CapitalNumbers' Salesforce-led digital transformation capabilities and expand its US market presence. However, the target's turnover declined sharply from USD 4,116,898 in CY 2024 to USD 2,867,087 in CY 2025, a drop of about 30.4%.
- · The acquisition is not a related party transaction; no promoter/promoter group/group companies have any interest in the target.
- · The target was incorporated on June 23, 2020, and is headquartered in New Jersey, USA, with operations in India and the US.
- · The acquisition is expected to complete in 8 to 12 weeks, subject to customary conditions.
- · The consideration is cash-based and subject to net working capital and other adjustments.
28-05-2026
Bharatam Ventures Limited (formerly Pet Plastics Ltd.) approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The board also approved the acquisition of a 99.9987% equity stake in Penganga Sakhar Karkhana Private Limited for a cash consideration of ₹1,79,99,760 (₹1.80 Crore), marking a strategic expansion into sugar and allied agro-processing. Additionally, the company appointed CA Rushikesh A Kakade as internal auditor for FY 2026-27 and Mr. Rahul Chandratre as an additional non-executive director.
- · Acquisition price per share: ₹120 per equity share
- · Target company's turnover grew from ₹1,404 Lakh in FY 2023-24 to ₹8,352.89 Lakh in FY 2025-26, showing rapid growth
- · Acquisition expected to complete within 30 days from May 27, 2026
- · Appointment of Mr. Rahul Chandratre as additional director effective May 28, 2026, subject to shareholder approval
- · Board meeting lasted from 12:00 PM to 7:00 PM on May 28, 2026
28-05-2026
Malpani Pipes and Fittings Limited reported a strong financial performance for FY26, with revenue from operations rising 15.6% YoY to ₹16,303.32 lakh (from ₹14,096.73 lakh in FY25) and net profit increasing 11.9% YoY to ₹902.91 lakh (from ₹806.95 lakh). However, earnings per share (EPS) declined 13.4% YoY to ₹8.38 (from ₹9.68) due to a dilutive share capital base after an IPO during the prior year. The Board also approved the 100% acquisition of Terex Industries Private Limited, which will become a wholly owned subsidiary, expected to unlock long-term value through combined manufacturing and export capabilities.
- · The company operates in a single reportable segment: Pipe Manufacturing.
- · Audit opinion is unmodified (clean) for FY26.
- · Company is exempt from IND-AS as it is listed on BSE SME platform; financials prepared under notified Accounting Standards.
- · Property, Plant and Equipment increased from ₹1,209.05 lakh to ₹1,897.61 lakh (+57%) reflecting capex.
- · Capital Work in Progress reduced to zero (from ₹343.99 lakh) indicating project completion.
- · Trade Receivables decreased 10.9% YoY to ₹4,444.41 lakh from ₹4,991.08 lakh, improving cash conversion.
- · Inventories increased 29.3% YoY to ₹4,673.81 lakh from ₹3,615.25 lakh, requiring monitoring.
- · Trade Payables (total) increased 50.7% to ₹3,766.10 lakh from ₹2,965.20 lakh, but payables to Micro and Small Enterprises dropped sharply from ₹350.80 lakh to ₹53.74 lakh.
- · Cash flow from operations strongly positive at ₹1,575.66 lakh versus negative ₹1,395.87 lakh in FY25, a significant reversal.
- · No investor complaints were received during the period.
28-05-2026
Hindustan Media Ventures Limited's Board on 28th May, 2026 approved Audited Financial Results (Standalone & Consolidated) and audited financial statements for year ended 31st March, 2026, approved an investment of up to GBP 1.67 Million (equivalent to ~ Rs. 21.66 Crore) in Assetvault Limited (AasaanWill), and recommended no dividend for FY 2025-26. Consolidated total income for year ended March 31, 2026 was ₹83,141 Lakh, up modestly from ₹81,142 Lakh in FY 2025; however, the company reported mixed profit performance with Profit before tax from continuing operations decreasing to ₹16,262 Lakh from ₹17,094 Lakh, and combined (continuing + discontinued) profit falling to ₹4,869 Lakh from ₹7,778 Lakh year-over-year.
- · Board meeting commenced at 12:00 Noon and concluded at 12:45 P.M. on 28th May, 2026.
- · No dividend was recommended for the financial year 2025-26.
- · Exceptional items (net loss) from continuing operations for quarter ended March 31, 2026 include (115) Lakh (quarter) and (1,634) Lakh for prior quarter reference in table - impacting PBT corridor.
- · Loss before tax from discontinued operations for year ended March 31, 2026 was (10,636) Lakh versus (9,037) Lakh in prior year (increase in loss).
28-05-2026
Greaves Cotton Limited has approved a further investment of approximately ₹50 Crore in its wholly owned subsidiary, Greaves Finance Limited (GFL), via a rights issue of equity shares. GFL, an NBFC focused on retail e-vehicle financing, reported a turnover of ₹39.52 Crore for FY 2025-26, a significant increase from ₹17.72 Crore in FY 2024-25 and ₹5.75 Crore in FY 2023-24. The investment will be used for general corporate and on-lending purposes, with completion expected by June 5, 2026.
- · GFL was incorporated on 31st December 1958 and is registered as an NBFC.
- · The transaction is a related party transaction but will be at arm's length; no promoter/promoter group/group companies have any interest in GFL.
- · Post-subscription, GFL will continue to be a wholly owned subsidiary of Greaves Cotton Limited.
- · The investment is in cash consideration.
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