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📊 Last 7 days — analysed filings by sentiment
Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
274 announcements match the current filters (relevance ≥ 5).
PC Jeweller Subsidiary Secures Gold Mining License in Republic of Chad
PC Jeweller's step-down subsidiary, PCJ Mining SARL, has been granted a license for semi-mechanized artisanal mining of gold in the Republic of Chad. The license, issued by the Ministry of Petroleum, Mining and Oil Geology, is valid for one year and is renewable under applicable laws. This move marks a strategic attempt at vertical integration, allowing the company to explore mining, refining, and marketing of precious metal ores directly. The subsidiary was recently incorporated in February 2026 to facilitate these international mining operations.
Key Highlights
Step-down subsidiary PCJ Mining SARL granted a gold mining license in the Republic of Chad.
The license allows for semi-mechanized artisanal mining for an initial period of 1 year.
Strategic move towards vertical integration including extraction, refining, and marketing of mineral products.
Follows the initial incorporation of the Chad-based subsidiary on February 23, 2026.
👀 What to Watch
Investors should monitor the execution and scalability of these mining operations as they could provide a captive source of raw materials. However, be mindful of the geopolitical and operational risks associated with mining in the Republic of Chad.
PC Jeweller Repays Over 90% of Bank Debt; Nears Debt-Free Status
PC Jeweller Limited has announced a significant milestone in its financial recovery, having now repaid more than 90% of its outstanding bank debt under a Joint Settlement Agreement. The company recently completed an additional 10% reduction in its debt obligations to consortium lenders. This progress aligns with the management's stated goal of achieving a completely debt-free status in the near future. The swift execution of the settlement agreement suggests improved liquidity and a focused effort to clean up the balance sheet.
Key Highlights
Successfully reduced outstanding bank debt by an additional 10% as of April 17, 2026.
Total debt discharged and repaid now exceeds 90% since the execution of the settlement agreement.
Repayments are being made in accordance with the Joint Settlement Agreement with Consortium Lenders.
Company reaffirms its commitment to becoming 100% debt-free very soon.
👀 What to Watch
Investors should view this as a strong sign of financial turnaround and management's commitment to deleveraging. Monitor the final transition to debt-free status and its positive impact on interest expense and net profitability.
Swelect Energy Commissions 110/33 KV Substation for 50 MW Solar Project Evacuation
Swelect Energy Systems has successfully commissioned a new 110/33 KV Pooling Substation (PSS) at Sirungattur, Tamil Nadu. The facility includes a 50 MVA Power Transformer specifically designed for the evacuation of power from a 50 MW solar project in the Villupuram Operation Circle. This infrastructure completion is a critical step in operationalizing the company's solar assets and ensuring grid connectivity. The commissioning was officially completed on April 16, 2026, marking a significant milestone in the company's renewable energy infrastructure development.
Key Highlights
Successfully commissioned a 110/33 KV Pooling Substation at Sirungattur, Tamil Nadu
Installed a 1 X 50 MVA Power Transformer for 110 KV grid connectivity
Enables power evacuation for a 50 MW Solar Power project in Villupuram Operation Circle
Project milestone achieved and recorded as of April 16, 2026
👀 What to Watch
Investors should monitor the subsequent revenue contribution from the 50 MW solar project now that the evacuation infrastructure is operational. This development strengthens the company's execution track record in the renewable energy space.
PC Jeweller raises ₹2,512.77 Crore through conversion of 43.58 Crore warrants
PC Jeweller Limited has successfully completed the conversion of 43.58 crore warrants into equity shares, raising a total of ₹2,512.77 crore. This represents a 93% conversion rate of the warrants originally allotted in late 2024. The company received the balance 75% payment at ₹42.15 per warrant from 111 allottees, including promoter group entities. While 4.49 crore warrants lapsed, the company has forfeited the upfront amounts paid for them, further boosting its capital base.
Key Highlights
Total capital raised through the warrant issuance and conversion amounts to ₹2,512.77 crore.
43,58,82,572 warrants were converted into equity shares, while 4,49,19,928 warrants lapsed.
Promoter group converted 12 crore warrants but allowed 3 crore to lapse to avoid triggering a mandatory open offer.
The company forfeited the 25% upfront amount received for all lapsed warrants in accordance with ICDR Regulations.
👀 What to Watch
The massive capital infusion significantly strengthens the company's balance sheet and liquidity. Investors should monitor how the management utilizes these funds, particularly for debt reduction or retail expansion.
PC Jeweller Reduces Outstanding Bank Debt by 14% via Warrant Conversion
PC Jeweller Limited has successfully reduced its outstanding debt payable to banks by approximately 14% under its Joint Settlement Agreement. This reduction was achieved using funds received from the conversion of Fully Convertible Warrants into equity shares by both the Promoter Group and public entities. The company has now discharged the majority of its bank debt, marking a significant milestone in its turnaround strategy. Management has reiterated its commitment to achieving a completely debt-free status in the near future.
Key Highlights
Reduced outstanding bank debt by approximately 14% as of April 10, 2026.
Debt reduction funded through the conversion of Fully Convertible Warrants into equity shares.
Majority of the total outstanding debt due to consortium lenders has now been repaid.
Warrant conversion involved participation from both Promoter Group and Non-Promoter Public entities.
Company is actively progressing towards its goal of becoming entirely debt-free.
👀 What to Watch
This is a significant positive development indicating improved liquidity and promoter commitment; investors should monitor the impact on interest costs in future earnings. The transition toward a debt-free balance sheet could lead to a potential re-rating of the stock if operational performance also stabilizes.
PC Jeweller Allots 106.19 Crore Shares on Warrant Conversion; Raises ₹447.60 Crore
PC Jeweller Limited has allotted 106.19 crore equity shares of ₹1 each following the conversion of 10.62 crore fully convertible warrants. The company received ₹447.60 crore, representing the 75% balance payment required for the conversion from 32 allottees across promoter and public categories. This exercise has increased the company's paid-up equity share capital from ₹864.86 crore to ₹971.05 crore. The capital infusion is part of a preferential allotment previously initiated in late 2024.
Key Highlights
Allotment of 106,19,31,680 equity shares following the conversion of 10,61,93,168 warrants.
Total balance consideration received amounts to ₹447,60,42,031.20 at ₹42.15 per warrant.
Paid-up equity capital expanded by approximately 12.3% to reach ₹971.05 crore.
Promoter group shareholding adjusted to 38.49% post-allotment from 40.72%.
Major allottees include Ebisu Global Opportunities Fund (38.30 crore shares) and Pooja Garg from the Promoter Group (21.60 crore shares).
👀 What to Watch
The significant capital infusion strengthens the company's liquidity position, which is a positive signal for debt management and operations. Investors should monitor how this dilution impacts the Earnings Per Share (EPS) in upcoming quarterly results.
Welspun Living Commences Partial Production at $13M Nevada Pillow Unit
Welspun Living Limited has announced the partial commencement of commercial production at its new pillow manufacturing facility in Nevada, USA, effective March 31, 2026. This project, executed through its subsidiary Welspun USA Inc., involved a capital expenditure of US $13 million. The facility is designed to expand the company's product footprint in the Home Textiles segment within the US market. This move marks a transition from the investment phase to the operational phase for this strategic asset.
Key Highlights
Partial commencement of commercial production at the Nevada, USA unit as of March 31, 2026.
Total capital expenditure of US $13 million for the setting up of the pillow manufacturing unit.
Strategic expansion into the pillow category to diversify the Home Textiles business in the USA.
Project completion follows the initial Board approval granted on July 30, 2025.
👀 What to Watch
Investors should view this as a positive step in the company's global expansion strategy, potentially leading to increased revenue from the US market. Monitor future quarterly results for the margin impact of this new product category.
PC Jeweller Allots 7.90 Crore Equity Shares on Warrant Conversion; Raises ₹33.32 Crore
PC Jeweller Limited has allotted 7,90,45,290 equity shares of ₹1 each following the conversion of 79,04,529 warrants by public category investors. The company received the remaining 75% balance payment totaling approximately ₹33.32 crore from allottees, including Unico Global Opportunities Fund. This conversion follows a previous stock split from ₹10 to ₹1 face value, with the adjusted issue price per share standing at ₹5.62. As a result, the company's paid-up equity capital has increased to ₹864.86 crore, while promoter holding has seen a minor dilution to 40.72%.
Key Highlights
Allotment of 7,90,45,290 equity shares of face value ₹1 each upon conversion of warrants.
Receipt of ₹33.31 crore representing the 75% balance amount for the warrant exercise.
Unico Global Opportunities Fund Limited was the lead allottee, receiving 7.89 crore shares.
Total paid-up equity share capital increased from ₹856.95 crore to ₹864.86 crore.
Promoter group shareholding diluted slightly from 41.10% to 40.72% post-allotment.
👀 What to Watch
Investors should note the successful capital infusion and institutional participation, which strengthens the balance sheet, though they should account for the minor equity dilution.
Welspun Corp Bags Rs 1,000 Cr US Order; Global Order Book Reaches Rs 24,700 Cr
Welspun Corp Limited has secured a significant order worth approximately Rs 1,000 Crore for the supply of pipes from its US-based facility. This latest win has propelled the company's consolidated global order book to a robust Rs 24,700 Crore (approximately US$ 2.6 billion). The current order book provides strong revenue visibility and business continuity for the company's assets in both India and the USA. These orders are scheduled for execution over the next three financial years, spanning FY26, FY27, and FY28.
Key Highlights
Secured a large pipe supply order from the US facility valued at approximately Rs 1,000 Crore.
Consolidated global order book stands at a massive Rs 24,700 Crore (US$ 2.6 billion).
Execution timeline for the current order book extends through FY26, FY27, and FY28.
Strengthens business visibility and asset utilization across both Indian and American operations.
👀 What to Watch
Investors should take a positive view of this development as it ensures long-term revenue predictability and validates the company's strong competitive position in the US market. Monitor the company's ability to maintain margins during the execution phase over the next three years.
PC Jeweller Allots 20.10 Crore Equity Shares on Warrant Conversion; Promoters Raise Stake to 41.1%
PC Jeweller has allotted 20.09 crore equity shares following the conversion of 2.01 crore warrants by promoter and public entities. The company received approximately ₹84.71 crore as the final 75% payment for these conversions, strengthening its capital base. Notably, the promoter group's shareholding has increased from 39.83% to 41.10% as a result of this transaction. This capital infusion and increased promoter commitment are significant developments for the company's financial structure.
Key Highlights
Allotted 20,09,70,560 equity shares of ₹1 each upon conversion of 2,00,97,056 warrants
Received ₹84.71 crore in balance payments at an adjusted issue price of ₹5.62 per share
Promoter group stake increased from 39.83% to 41.10% post-allotment
Total paid-up equity share capital increased to ₹856.96 crore from ₹836.86 crore
New Track Garments Private Limited (Promoter Group) was the largest allottee with 18.89 crore shares
👀 What to Watch
Investors should view the increased promoter stake as a sign of confidence in the company's long-term prospects. Monitor the company's upcoming quarterly results to see if this capital infusion helps in reducing debt or improving operational liquidity.
PC Jeweller signs MoU with NSDC to onboard 2,00,000 micro-entrepreneurs over 5 years
PC Jeweller has entered into a Memorandum of Understanding with the National Skill Development Corporation (NSDC) to act as the lead Industry/Franchise Partner for the Gems & Jewellery sector. Under the National Entrepreneurship Drive, the company aims to onboard up to 2,00,000 micro-entrepreneurs over the next five years. This strategic partnership is expected to significantly expand PC Jeweller's retail footprint across India using a franchise-led model. The initiative aligns with government goals for employment generation and local economic development.
Key Highlights
Selected as the sole lead Industry/Franchise Partner for the Gems & Jewellery sector under the National Entrepreneurship Drive.
Targeting the development and onboarding of 2,00,000 micro-entrepreneurs over a 5-year period.
Partnership with NSDC under the Ministry of Skill Development & Entrepreneurship, Government of India.
Strategic move to scale the PC Jeweller brand and retail presence through a micro-entrepreneurship model.
The initiative is part of a larger nation-building project spanning 15 different sectors.
👀 What to Watch
Investors should monitor the execution of this large-scale franchise expansion as it could lead to significant brand penetration with lower capital intensity. Watch for quarterly updates on the number of entrepreneurs onboarded and the resulting impact on retail sales volumes.
PC Jeweller Allots 35.18 Cr Shares on Warrant Conversion; Raises ₹148.30 Cr
PC Jeweller Limited has allotted 35,18,36,870 equity shares of ₹1 each following the conversion of warrants by promoter and public category investors. The company successfully raised ₹148.30 crore, representing the final 75% payment of the warrant issue price. Key participants include New Track Garments (Promoter) and institutional investors like Ebisu Global and Unico Global Opportunities Funds. This move increases the total paid-up capital to ₹836.86 crore while slightly diluting the promoter stake to 39.83%.
Key Highlights
Conversion of 3.51 crore warrants into 35.18 crore equity shares post-stock split adjustment
Inflow of ₹148.30 crore in capital from 7 allottees across promoter and public categories
Promoter group shareholding adjusted to 39.83% from 40.39% post-conversion
Institutional participation from Ebisu Global and Unico Global, together accounting for 24.3 crore shares
Total paid-up equity capital expanded to ₹836.86 crore from ₹801.68 crore
👀 What to Watch
The capital infusion strengthens the balance sheet, which is a positive signal for the company's liquidity. Investors should monitor how these funds are utilized for debt reduction or business expansion while keeping an eye on equity dilution.
RBZ Jewellers 9M-FY26 Revenue Hits ₹4,470 Mn with Improved 15.8% EBITDA Margins
RBZ Jewellers reported a strong financial performance for 9M-FY26, with revenue reaching ₹4,470 million and EBITDA margins expanding to 15.82%. The company maintains a robust 3-year revenue CAGR of 28% and a PAT CAGR of 39%, driven by its dual focus on high-margin retail and a vast wholesale network. With a production capacity of over 2 tons and a presence in 20 states, RBZ is scaling its 'Harit Zaveri' retail brand while serving major national players like Titan and Malabar. The company's ROCE stands at a healthy 26%, reflecting efficient capital utilization in the organized jewellery sector.
Key Highlights
Revenue grew from ₹2,879 Mn in FY23 to ₹5,301 Mn in FY25, reaching ₹4,470 Mn in 9M-FY26.
EBITDA margins expanded to 15.82% in 9M-FY26, up from 12.11% in FY25.
Wholesale network covers 190+ clients across 20 states, including major brands like Titan and Malabar Gold.
Retail revenue reached ₹3,239 Mn in FY25, supported by a flagship 11,667 sq. ft. showroom in Ahmedabad.
Strong financial metrics with a 3-year PAT CAGR of 39% and ROCE of 26%.
👀 What to Watch
Investors should consider the company's strong margin trajectory and its successful transition towards a high-growth organized player. Monitor the expansion of the retail footprint and potential impact of fluctuating gold prices on volumes.
Welspun Corp to Acquire 45% Stake in WCSL and Increases RE Transmission Payment to Rs 75 Cr
Welspun Corp has approved the acquisition of a 45% stake in Welspun Corporate Services Limited (WCSL) for a nominal cash consideration of Rs 45,000, making it an associate company. WCSL is designed to be a centralized corporate services platform for the Welspun Group, handling functions like HR, legal, and taxation. Separately, the board approved a significant increase in payment to Welspun Living Limited, from Rs 35 Crores to Rs 75 Crores, to secure transmission rights for 42 MW of renewable energy for its Anjar facility. These decisions reflect a push toward group-level operational synergy and long-term energy security.
Key Highlights
Acquisition of 4,500 equity shares representing a 45% stake in Welspun Corporate Services Limited.
WCSL will serve as a centralized umbrella entity for HR, legal, taxation, and strategic advisory across the Welspun Group.
Increased capital outlay from Rs 35 Crores to Rs 75 Crores for renewable energy transmission rights at the Anjar facility.
The 42 MW renewable energy arrangement is being executed with group entity Welspun Living Limited.
The acquisition of the WCSL stake is expected to be completed by March 31, 2026.
👀 What to Watch
The acquisition is a nominal administrative move to streamline group services, while the increased RE transmission cost is a strategic investment in sustainability. Investors should view these as routine corporate restructuring and ESG-focused capital allocation.
Welspun Corp to Acquire 45% Stake in WCSL; Increases RE Transmission Spend to ₹75 Cr
Welspun Corp has approved the acquisition of a 45% stake in Welspun Corporate Services Limited (WCSL) for a nominal ₹45,000 to centralize group-level corporate functions. WCSL will provide integrated services including HR, legal, and taxation to improve operational efficiency across the Welspun Group. Furthermore, the board approved an increased payment of ₹75 Crores, up from the previously approved ₹35 Crores, to Welspun Living Limited for 42 MW renewable energy transmission rights at the Anjar facility. These decisions reflect a strategic focus on group synergy and securing long-term green energy infrastructure.
Key Highlights
Acquisition of 4,500 equity shares (45% stake) in Welspun Corporate Services Limited for ₹45,000.
WCSL to act as a centralized platform for HR, legal, taxation, and strategic advisory across the Welspun Group.
Board approved an increase in payment to Welspun Living Limited to ₹75 Crores for 42 MW RE power transmission rights.
The RE power transmission arrangement is specifically for the company's Anjar facility to secure green energy.
The acquisition of WCSL is a related party transaction and is expected to be completed by March 31, 2026.
👀 What to Watch
Investors should view the increased RE investment as a commitment to long-term cost management despite the higher upfront cost. The WCSL acquisition is a routine group-level consolidation and is unlikely to have a material impact on the stock price.
Welspun Living Acquires 35% Stake in WCSL; Increases RE Capex to ₹159.38 Crore
Welspun Living has approved the acquisition of a 35% stake in Welspun Corporate Services Limited (WCSL) for a nominal consideration of ₹35,000 to centralize group-level corporate functions. Simultaneously, the company announced a significant increase in capital expenditure for renewable energy (RE) power transmission at its Anjar facility, raising the budget from ₹75 crore to ₹159.38 crore. The board also managed a leadership transition, appointing Ms. Sonia Sharma as VP-HR following the resignation of CHRO Mr. Rajesh Jain. These developments reflect a strategic push toward operational efficiency and infrastructure strengthening.
Key Highlights
Acquisition of 35% stake in Welspun Corporate Services Limited for ₹35,000 to streamline group-level management services.
Upward revision of Capex for RE power transmission at Anjar facility from ₹75 crore to ₹159.38 crore.
Appointment of Ms. Sonia Sharma as Vice President – Human Resource effective April 1, 2026.
WCSL will become an associate company providing integrated legal, HR, and strategic advisory services.
The RE Capex increase covers land acquisition, transmission lines, and sub-station bays for the Anjar facility.
👀 What to Watch
Investors should note the substantial increase in RE-related Capex, which may impact short-term cash flows but aims for long-term energy cost efficiency. The nominal stake in WCSL is a structural group move and is unlikely to have an immediate impact on the company's standalone financials.
Welspun Living Hikes Anjar RE Capex to ₹159.38 Cr and Announces Management Changes
Welspun Living has announced a significant 112.5% increase in capital expenditure for its renewable energy (RE) power transmission project at the Anjar facility, raising the budget from ₹75 Crore to ₹159.38 Crore. The company is also acquiring a 35% stake in Welspun Corporate Services Limited for ₹35,000 to centralize group-level management and support services. Additionally, a leadership transition is underway as Mr. Rajesh Jain resigns as CHRO, to be replaced by Ms. Sonia Sharma as VP - HR effective April 1, 2026. These moves reflect a focus on operational efficiency and infrastructure strengthening.
Key Highlights
Approved increase in RE power transmission capex for Anjar facility from ₹75 Crore to ₹159.38 Crore.
Acquisition of 35% stake in Welspun Corporate Services Limited (WCSL) for a cash consideration of ₹35,000.
Resignation of Mr. Rajesh Jain as Chief Human Resources Officer effective March 31, 2026.
Appointment of Ms. Sonia Sharma as Vice President – Human Resource effective April 1, 2026.
WCSL to act as a centralized corporate services platform for HR, legal, and strategic advisory across the group.
👀 What to Watch
Investors should monitor the impact of the doubled capex on the company's debt and long-term energy cost savings at the Anjar facility. The management change is a routine transition, but the significant investment in RE infrastructure warrants a watch on execution timelines.
Welspun Living Approves 35% Stake in WCSL and Increases RE Capex to ₹159.38 Crore
Welspun Living has approved the acquisition of a 35% stake in Welspun Corporate Services Limited (WCSL) for a nominal ₹35,000 to centralize group-level corporate functions. More significantly, the board approved a 112% increase in capital expenditure for renewable energy transmission at its Anjar facility, raising the budget from ₹75 Crore to ₹159.38 Crore. The company also announced a leadership transition in its HR department, with Ms. Sonia Sharma succeeding Mr. Rajesh Jain as the head of HR. These decisions reflect a strategic push towards operational efficiency and infrastructure strengthening.
Key Highlights
Acquisition of 3,500 equity shares (35% stake) in Welspun Corporate Services Limited for ₹35,000.
Capital expenditure for RE power transmission to Anjar facility increased from ₹75 Crore to ₹159.38 Crore.
Ms. Sonia Sharma appointed as Vice President – Human Resource effective April 01, 2026.
Resignation of Mr. Rajesh Jain as Chief Human Resources Officer (CHRO) effective March 31, 2026.
WCSL to serve as a centralized platform for HR, legal, and strategic advisory across Welspun Group entities.
👀 What to Watch
Investors should monitor the impact of the doubled RE capex on the company's long-term energy cost savings and debt profile. The management change appears to be a smooth internal transition within the group.
Zydus Wellness Q3 Net Sales Surge 113.7% to ₹9,633 Mn Driven by Comfort Click Acquisition
Zydus Wellness reported a massive 113.7% YoY increase in Q3 FY26 Net Sales to ₹9,633 million, primarily driven by the strategic acquisition of Comfort Click. While Gross Margins expanded significantly by 1561 bps to 63.3%, the company reported a PAT loss of ₹399 million for the quarter due to high finance costs of ₹371 million and brand amortization of ₹472 million related to the acquisition. Core brands like Sugar Free and Glucon-D continue to maintain dominant market leadership with 96.3% and 59% shares respectively, while the RiteBite business has doubled its legacy performance.
Key Highlights
Q3 FY26 Net Sales grew 113.7% YoY to ₹9,633 million; YTD FY26 sales reached ₹24,639 million.
Gross Margin for Q3 FY26 improved by 1561 bps YoY to 63.3%, supported by newly acquired high-margin brands.
Reported a Q3 PAT loss of ₹399 million, impacted by acquisition-related interest and non-cash amortization expenses.
Sugar Free maintains a dominant 96.3% market share, while Everyuth Peel-off leads its category with 76% share.
Distribution network expanded to 2.8 million total stores with a direct reach of 0.7 million outlets.
👀 What to Watch
Investors should look past the headline PAT loss which is skewed by one-time acquisition costs and non-cash amortization; focus instead on the robust EBITDA growth and massive gross margin expansion. Monitor the company's ability to deleverage the bridge loan used for the acquisition to improve bottom-line profitability in coming quarters.
Zydus Wellness Q3 FY26 Sales Grow 113.7% to ₹9,633 Mn; Gross Margins Expand 1561 Bps
Zydus Wellness reported a massive 113.7% YoY increase in Q3 FY26 net sales to ₹9,633 million, primarily driven by the integration of the newly acquired Comfort Click and RiteBite businesses. Gross margins saw a significant expansion of 1561 bps to 63.3%, although the company reported a net loss of ₹399 million for the quarter due to high finance costs and amortization related to acquisitions. The company maintains dominant market leadership in core categories, with Sugar Free holding a 96.3% share and Glucon-D at 59.0%. Strategic capital restructuring was completed with a ₹10,000 million fundraise and ₹15,000 million NCD repurchase to optimize the balance sheet.
Key Highlights
Net Sales for Q3 FY26 surged 113.7% YoY to ₹9,633 million, while YTD FY26 sales grew 38.4% to ₹24,639 million.
Gross Margin expanded to 63.3% in Q3 FY26, up from 47.7% in the previous year, supported by new high-margin brands.
Sugar Free remains the market leader with a 96.3% share, while Everyuth Peel-off and Scrub hold 76.0% and 48.5% shares respectively.
EBITDA for Q3 FY26 grew by 312.2% YoY to ₹610 million, despite bottom-line pressure from ₹371 million in finance costs.
Completed acquisition of Comfort Click Limited, adding international brands like WeightWorld and maxmedix to the portfolio.
👀 What to Watch
Investors should focus on the company's ability to transition the high revenue growth into net profitability as acquisition-related interest and amortization costs stabilize. The strong market share in core brands provides a solid foundation, but the performance of the international VMS segment will be the primary driver for future re-rating.