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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.
45 announcements match the current filters (relevance ≥ 5).
PIGL Allots 3 Lakh Equity Shares on Warrant Conversion; Paid-up Capital Rises to Rs 21.17 Cr
Power & Instrumentation (Gujarat) Limited has approved the allotment of 3,00,000 equity shares following the conversion of warrants issued in September 2024. The shares were issued at a price of Rs 83.75 each, which includes a premium of Rs 73.75 per share. This move has increased the company's total paid-up equity capital from Rs 20.87 crore to Rs 21.17 crore. The allotment was made to both promoter and non-promoter groups, signaling continued stakeholder commitment to the company's capital structure.
Key Highlights
Allotment of 3,00,000 equity shares of Rs 10 face value each upon warrant conversion
Shares issued at a total price of Rs 83.75 per share, including a premium of Rs 73.75
Total paid-up equity capital increased to Rs 21,16,89,000 consisting of 2,11,68,900 shares
Warrants converted were part of an original batch of 50,96,000 warrants issued in September 2024
👀 What to Watch
Investors should note the capital infusion as a positive sign of confidence from warrant holders, while remaining aware of the minor equity dilution resulting from the increase in share count.
PIGL to Acquire Additional 8.94% Stake in Peaton Electrical for ₹3.13 Crore, Raising Stake to 60%
Power & Instrumentation (Gujarat) Limited (PIGL) is increasing its stake in its subsidiary, Peaton Electrical Company Limited (PECL), by 8.94% for a cash consideration of ₹3.13 crore. This move raises PIGL's total shareholding in the entity to 60%. PECL is a manufacturer of electrical substations and panels, showing strong growth with turnover rising from ₹23.63 crore in FY24 to ₹36.04 crore in FY25. The acquisition is intended to strengthen product development and secure supply chains for LT panels and bus trunking systems.
Key Highlights
Acquisition of additional 8.94% stake in Peaton Electrical Company Limited for ₹3.13 crore cash.
Total shareholding in the subsidiary increases from 51.06% to 60%.
Target company PECL reported a turnover of ₹36.04 crore in FY 2024-25, a 52% increase over the previous year.
Strategic collaboration aimed at capacity expansion for LT panels and Bus Trunking Systems.
👀 What to Watch
Investors should look favorably on this consolidation of a growing subsidiary that aligns with PIGL's core business. Monitor the impact of this increased ownership on consolidated earnings in upcoming quarters.
PIGL Allots 5.43 Lakh Equity Shares on Warrant Conversion at ₹83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 5,43,531 equity shares following the conversion of warrants. The shares were issued at a price of ₹83.75 each, which includes a premium of ₹73.75 per share. This conversion involves both promoter and non-promoter entities, signaling continued investor confidence. Consequently, the company's paid-up equity capital has increased from ₹20.33 crore to approximately ₹20.87 crore.
Key Highlights
Allotment of 5,43,531 equity shares upon conversion of warrants to 6 investors.
Conversion price fixed at ₹83.75 per share, including a premium of ₹73.75.
Promoter Padmaraj P Pillai HUF converted 2,15,000 warrants, increasing their holding to 3.83%.
Total paid-up equity capital increased to ₹20,86,89,000 consisting of 2,08,68,900 shares.
This allotment clears the remaining pending warrants for the specified six allottees.
👀 What to Watch
The conversion of warrants by promoters and key investors at a premium is a positive indicator of long-term commitment. Investors should monitor the company's utilization of these funds for its expansion or debt reduction plans.
PIGL Approves Allotment of 5.43 Lakh Equity Shares via Warrant Conversion
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 5,43,531 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at a total price of Rs. 83.75 per share, which includes a premium of Rs. 73.75. This conversion is part of a larger pool of 50.96 lakh warrants previously issued to both promoter and non-promoter groups. Consequently, the company's paid-up equity capital has increased from Rs. 20.32 crore to Rs. 20.87 crore.
Key Highlights
Allotment of 5,43,531 equity shares of Rs. 10 face value each.
Shares issued at a premium of Rs. 73.75 per share, totaling Rs. 83.75 per share.
Conversion pertains to warrants originally issued on September 21, 2024.
Total paid-up equity capital increased to Rs. 20,86,89,000 consisting of 2,08,68,900 shares.
Allotment made on a preferential basis to both Promoter and Non-promoter categories.
👀 What to Watch
Investors should note the capital infusion as a sign of long-term commitment from the promoters, though they should remain aware of the gradual equity dilution as the remaining warrants are converted.
PIGL Allots 3.54 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has allotted 3,54,339 equity shares following the conversion of warrants issued on a preferential basis. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75, to both promoter and non-promoter entities. This conversion has increased the company's paid-up equity capital from Rs. 19.97 crore to approximately Rs. 20.33 crore. The promoter group's participation through Padmaraj P Pillai HUF signifies continued commitment to the company's capital structure.
Key Highlights
Allotment of 3,54,339 fully paid-up equity shares upon warrant conversion
Conversion price fixed at Rs. 83.75 per share, including a premium of Rs. 73.75
Total paid-up equity capital increased to 2,03,25,369 shares of Rs. 10 each
Promoter entity Padmaraj P Pillai HUF allotted 3,00,000 shares upon conversion
Remaining warrants pending for conversion for these allottees stand at 2,81,061
👀 What to Watch
Investors should note the promoter's exercise of warrants as a positive sign of internal confidence. Monitor how the infused capital is utilized for the company's expansion or operational improvements.
PIGL Allots 3.54 Lakh Equity Shares via Warrant Conversion at Rs 83.75
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 3,54,339 equity shares following the conversion of warrants issued in September 2024. The shares were issued at a total price of Rs 83.75 per share, which includes a premium of Rs 73.75. This allotment has increased the company's total paid-up equity capital from Rs 19.97 crore to Rs 20.33 crore. The conversion involves both promoter and non-promoter entities, signaling continued stakeholder commitment and capital infusion.
Key Highlights
Allotment of 3,54,339 equity shares upon conversion of an equal number of warrants
Issue price set at Rs 83.75 per share, including a premium of Rs 73.75
Total paid-up equity capital increased to Rs 20,32,53,690 from Rs 19,97,10,300
Warrants were part of a larger issuance of 50.96 lakh warrants from September 2024
Allotment made on a preferential basis to both Promoter and Non-promoter groups
👀 What to Watch
The conversion indicates investor confidence and strengthens the company's capital base; however, shareholders should monitor the impact of equity dilution on future earnings per share.
PIGL Allots 4.84 Lakh Equity Shares via Warrant Conversion at Rs 83.75/Share
Power & Instrumentation (Gujarat) Limited has allotted 4,84,600 equity shares following the conversion of warrants by promoter and non-promoter groups. The shares were issued at a price of Rs. 83.75 each, including a premium of Rs. 73.75. This conversion has increased the company's paid-up equity capital from Rs. 19.48 crore to Rs. 19.97 crore. The allotment includes 2.85 lakh shares to the promoter group, indicating sustained commitment from the leadership.
Key Highlights
Allotment of 4,84,600 equity shares at an issue price of Rs. 83.75 per share.
Promoter group (Padmaraj P Pillai HUF) acquired 2,85,000 shares through this conversion.
Total paid-up equity capital increased to 1,99,71,030 shares of Rs. 10 each.
6,35,400 warrants remain pending for conversion from the current allotment batch.
👀 What to Watch
Investors should view the promoter's warrant conversion as a sign of confidence in the company's future growth. However, be mindful of the slight equity dilution resulting from the increased share count.
PIGL Allots 4.84 Lakh Equity Shares on Warrant Conversion at Rs 83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 4,84,600 equity shares following the conversion of warrants issued in September 2024. The shares were allotted at a price of Rs 83.75 each, which includes a premium of Rs 73.75 per share. This conversion has increased the company's paid-up equity capital from Rs 19.48 crore to Rs 19.97 crore. The allotment was made on a preferential basis to both Promoter and Non-promoter groups, signaling continued stakeholder commitment.
Key Highlights
Allotment of 4,84,600 equity shares upon conversion of an equal number of warrants.
Issue price fixed at Rs 83.75 per share, including a premium of Rs 73.75.
Total paid-up equity shares increased from 1,94,86,430 to 1,99,71,030.
Warrants were part of a larger tranche of 50,96,000 warrants issued in September 2024.
Allotment includes participation from both Promoter and Non-promoter categories.
👀 What to Watch
Investors should view this as a positive sign of capital infusion and promoter confidence. Monitor the company's upcoming quarterly results to see how this additional capital is being deployed for business expansion.
PIGL Allots 1.73 Lakh Equity Shares via Warrant Conversion at Rs 83.75
Power & Instrumentation (Gujarat) Limited (PIGL) has allotted 1,73,530 equity shares to a non-promoter investor, Manisha Vipulkumar Pathak, following the conversion of warrants. The shares were issued at a price of Rs. 83.75 per share, which includes a premium of Rs. 73.75. This conversion has increased the company's total paid-up equity capital from Rs. 19.31 crore to Rs. 19.49 crore. This action is part of a larger preferential issue where 50.96 lakh warrants were originally issued to promoters and non-promoters.
Key Highlights
Allotment of 1,73,530 equity shares to a non-promoter at Rs. 83.75 per share.
Paid-up equity capital increased to 1,94,86,430 shares of Rs. 10 each.
The conversion price includes a significant premium of Rs. 73.75 per share.
Total warrants converted to date reach 34,13,530 out of the 50,96,000 initially issued.
Remaining 26,470 warrants for this specific allottee are still pending conversion.
👀 What to Watch
Investors should note the gradual equity dilution as warrants are converted, but the capital infusion strengthens the balance sheet. Monitor the company's deployment of these funds into its core power and instrumentation projects.
PIGL Allots 1.73 Lakh Equity Shares via Warrant Conversion at Rs 83.75 Per Share
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 1,73,530 equity shares following the conversion of warrants by non-promoter investors. These warrants were part of a larger batch of 50,96,000 warrants originally issued in September 2024. The conversion occurred at a price of Rs 83.75 per share, including a premium of Rs 73.75. Consequently, the company's total paid-up equity capital has increased from Rs 19.31 crore to Rs 19.49 crore.
Key Highlights
Allotment of 1,73,530 equity shares of Rs 10 face value each.
Shares issued at a premium of Rs 73.75, totaling Rs 83.75 per share.
Conversion is part of 50,96,000 warrants previously issued on September 21, 2024.
Paid-up equity capital increased to 1,94,86,430 shares from 1,93,12,900 shares.
Allotment made to non-promoter category investors on a preferential basis.
👀 What to Watch
Investors should note the minor equity dilution resulting from this conversion and monitor the remaining 49.22 lakh warrants that may be converted in the future. The conversion price of Rs 83.75 serves as a key reference point for the company's valuation by non-promoter participants.
PIGL Q3 FY26 Net Profit Rises 12% to ₹3.57 Cr; Order Book Reaches ₹450 Cr
Power & Instrumentation (Gujarat) Limited reported a strong Q3 FY26 with total income growing 43.18% YoY to ₹48.89 crores and a net profit of ₹3.57 crores. The company's order book remains robust at approximately ₹450 crores, with significant new wins totaling ₹124.17 crores during the quarter. Management has guided for a 30-35% annual growth rate over the next five years, supported by a bid pipeline exceeding ₹400 crores. The company also received CPRI approval for its 'Phibar' busduct system, targeting high-growth segments like data centers and airports.
Key Highlights
Q3 FY26 consolidated total income grew 43.18% YoY to ₹48.89 crores with an EBITDA margin of 12.6%.
Current executable order book stands at ₹450 crores, with 60-65% coming from the RDSS and distribution segment.
Secured new contracts worth ₹124.17 crores in Q3, including a major ₹102.78 crore turnkey project in Rajasthan.
Management targets a 30-35% CAGR over the next five years, backed by a ₹400 crore+ bidding pipeline.
Subsidiary Peaton Electrical received CPRI approval for its 'Phibar' busduct system for high-load environments.
👀 What to Watch
Investors should monitor the execution efficiency of the ₹450 crore order book and the market adoption of the new 'Phibar' product line. The company's alignment with the RDSS framework and infrastructure expansion provides strong long-term visibility.
IGL Seeks Approval for ₹21,700 Cr Related Party Transactions with GAIL and BPCL
Indraprastha Gas Limited (IGL) has initiated a postal ballot to obtain shareholder approval for material related party transactions (RPT) for the 2026-27 financial year. The company intends to enter into transactions valued up to ₹17,732 crores with GAIL (India) Limited and ₹3,968 crores with Bharat Petroleum Corporation Limited (BPCL). These approvals are mandatory under SEBI regulations for transactions exceeding materiality thresholds. The voting process will be conducted electronically between March 02 and March 31, 2026.
Key Highlights
Seeking approval for RPT with GAIL (India) Limited up to ₹17,732 crores for FY 2026-27.
Seeking approval for RPT with BPCL up to ₹3,968 crores for the same period.
Combined transaction value under consideration totals ₹21,700 crores for the upcoming fiscal year.
Remote e-voting period is scheduled from March 02, 2026, to March 31, 2026.
Results of the postal ballot will be announced on or before April 02, 2026.
👀 What to Watch
These are standard operational approvals for a city gas distribution company to ensure supply continuity; investors should monitor the voting results to confirm no disruption in gas procurement.
PIGL Q3 FY26 Revenue Jumps 43% YoY to ₹48.89 Cr; Order Book Exceeds ₹450 Cr
Power & Instrumentation (Gujarat) Ltd (PIGL) reported a strong Q3 FY26 with consolidated revenue growing 43% YoY to ₹48.89 Cr and EBITDA rising 38% to ₹6.16 Cr. The company secured significant new contracts worth ₹124.17 Cr during the quarter, including a major ₹102.78 Cr order from Ajmer Vidyut Vitran Nigam. With an ongoing order book of over ₹450 Cr and additional bids worth ₹200 Cr, the company has high revenue visibility for the next 12-15 months. While net profit grew 12% to ₹3.57 Cr, net profit margins saw a slight compression to 7.31% from 9.35% YoY.
Key Highlights
Consolidated Total Income for Q3 FY26 rose to ₹48.89 Cr from ₹34.14 Cr in Q3 FY25, a 43% increase.
Order book stands at a robust ₹450+ Cr as of February 2026, representing nearly 3x the 9M FY26 revenue.
Secured two major contracts in Q3 totaling ₹124.17 Cr, including a ₹102.78 Cr electrification project in Rajasthan.
9M FY26 Net Profit reached ₹10.91 Cr, surpassing the ₹8.95 Cr recorded in the same period last year.
Subsidiary PECL launched 'Phibar' Busduct System, expanding technical offerings in power distribution.
👀 What to Watch
Investors should focus on the company's ability to execute its ₹450 Cr order book within the stated 12-15 month timeline to sustain growth. The stock remains a strong play in the power infrastructure and airport electrification niche, though margin stabilization is a key metric to watch.
PIGL Reports Robust Q3 FY26: Income Jumps 43% YoY to ₹48.89 Cr
Power & Instrumentation (Gujarat) Limited reported a strong 43.18% YoY increase in consolidated total income to ₹48.89 crore for Q3 FY26. EBITDA grew significantly by 37.83% to ₹6.16 crore, while net profit rose 11.96% to ₹3.57 crore. The company bolstered its growth outlook by securing major orders worth over ₹124 crore, including a ₹102.78 crore electrification project in Rajasthan. Additionally, its subsidiary received a key technical approval from CPRI, enhancing its product portfolio in the electrical equipment space.
Key Highlights
Consolidated Total Income for Q3 FY26 increased by 43.18% YoY to ₹48.89 crore.
EBITDA grew by 37.83% YoY to ₹6.16 crore, reflecting improved operational efficiency.
Secured a major turnkey contract worth ₹102.78 crore from Ajmer Vidyut Vitran Nigam Limited.
9M FY26 consolidated net profit reached ₹10.91 crore, up 21.85% compared to the previous year.
Subsidiary Peaton Electricals received CPRI approval for 11 kV, 3000 Amp segregated phase busduct systems.
👀 What to Watch
Investors should view the strong revenue growth and substantial order book as positive indicators for future performance. Monitor the company's execution timelines and margin management as it scales up these large-scale infrastructure projects.
PIGL Q3 Standalone Net Profit Rises 14% YoY to ₹3.28 Cr; Revenue Up 34%
Power & Instrumentation (Gujarat) Ltd reported a healthy year-on-year performance for Q3 FY26, with standalone revenue increasing 33.6% to ₹44.60 crore. Standalone Net Profit grew 13.9% YoY to ₹3.28 crore, although it saw a sequential decline from the previous quarter. A key strategic highlight is the successful consolidation of Peaton Electrical Company Limited, in which the company increased its stake to 51.06%, making it a subsidiary. The nine-month performance remains strong with standalone PAT reaching ₹10.38 crore compared to ₹8.64 crore in the previous year.
Key Highlights
Standalone Revenue from Operations grew 33.6% YoY to ₹4,459.73 lakhs from ₹3,336.60 lakhs.
Standalone Net Profit for the quarter increased to ₹327.92 lakhs versus ₹287.85 lakhs in Q3 FY25.
Consolidated Revenue for the quarter stood at ₹4,865.54 lakhs, incorporating the new subsidiary PECL.
The company completed the acquisition of an additional 35.82% stake in Peaton Electrical Company Limited for ₹12.54 crore.
Finance costs increased significantly to ₹117.31 lakhs in Q3 FY26 from ₹56.34 lakhs in Q3 FY25.
👀 What to Watch
Investors should view the YoY growth and the strategic acquisition of Peaton Electrical as positive indicators of expansion. However, keep a watch on the rising finance costs and the sequential dip in margins to ensure long-term profitability remains intact.
IGL Declares ₹3.25 Interim Dividend; Q3 Net Profit Rises 25% YoY to ₹358.57 Crore
Indraprastha Gas Limited (IGL) has declared an interim dividend of ₹3.25 per share (162.5% of face value) for FY 2025-26, with the record date set for February 19, 2026. The company reported a standalone net profit of ₹358.57 crore for Q3 FY26, marking a 25.4% increase from ₹285.82 crore in the corresponding quarter last year. Revenue from operations grew to ₹4,488.71 crore, reflecting steady demand. However, the company recognized a one-time financial impact of ₹28.29 crore due to the implementation of new Labour Codes.
Key Highlights
Declared an interim dividend of ₹3.25 per equity share (162.5%) with a total payout of ₹455 crores.
Standalone Net Profit for Q3 FY26 grew 25.4% YoY to ₹358.57 crore from ₹285.82 crore.
Revenue from operations for the quarter increased to ₹4,488.71 crore compared to ₹4,142.53 crore in Q3 FY25.
Recognized a ₹28.29 crore provision in Q3 due to the new Labour Codes effective from November 21, 2025.
Record date for dividend entitlement is February 19, 2026, with payment to follow thereafter.
👀 What to Watch
Investors should ensure they hold shares before the February 19 record date to qualify for the ₹3.25 dividend. The strong earnings growth despite regulatory costs indicates healthy operational performance.
IGL Q3 Standalone Net Profit Rises 25.4% YoY to ₹358.6 Cr; Declares ₹3.25 Interim Dividend
Indraprastha Gas Limited (IGL) reported a strong performance for Q3 FY2025-26, with standalone net profit growing 25.4% year-on-year to ₹358.57 crore. Revenue from operations increased by 8.3% YoY to ₹4,488.71 crore, reflecting steady operational demand. The company declared an interim dividend of ₹3.25 per share, representing a 162.5% payout on face value. Notably, the results include a one-time impact of ₹28.29 crore related to the implementation of new Labour Codes effective November 2021, 2025.
Key Highlights
Standalone Net Profit increased to ₹358.57 crore in Q3 FY26 from ₹285.82 crore in Q3 FY25.
Revenue from operations grew to ₹4,488.71 crore, up from ₹4,142.53 crore in the corresponding previous quarter.
Declared an interim dividend of ₹3.25 per equity share (162.5%) with a record date of February 19, 2026.
Recognized a financial implication of ₹28.29 crore during the quarter due to the new unified Labour Codes.
EPS for the quarter stood at ₹2.56, adjusted for the 1:1 bonus issue completed in January 2025.
👀 What to Watch
Investors should remain positive on the stock given the robust double-digit profit growth and consistent dividend payout. However, keep a watch on the pending ₹330.73 crore DDA license fee legal dispute which remains a contingent liability.
PIGL Allots 6.12 Lakh Equity Shares to Promoter Group via Warrant Conversion at Rs 83.75
Power & Instrumentation (Gujarat) Limited (PIGL) has successfully converted 6,12,000 warrants into equity shares for its promoter group entity, M/S Padmavir Hospitality LLP. The conversion was executed at a price of Rs. 83.75 per share, which includes a premium of Rs. 73.75. This transaction has increased the company's paid-up equity capital from Rs. 18.70 crore to Rs. 19.31 crore. The specific promoter entity's stake has notably increased from 4.21% to 7.25% following this allotment.
Key Highlights
Allotment of 6,12,000 equity shares to Promoter Group at Rs. 83.75 per share
Paid-up equity capital increased to Rs. 19,31,29,000 consisting of 1,93,12,900 shares
Promoter entity Padmavir Hospitality LLP increased its holding from 4.21% to 7.25%
Total of 32,40,000 warrants converted to date out of 50,96,000 initially issued
The conversion price represents a significant premium of Rs. 73.75 over the face value of Rs. 10
👀 What to Watch
The increase in promoter stake through warrant conversion at a premium is a positive signal of management's confidence in the company's future. Investors should monitor how the company utilizes the capital raised for its expansion or operational needs.
PIGL Allots 6.12 Lakh Equity Shares to Promoters via Warrant Conversion
Power & Instrumentation (Gujarat) Limited (PIGL) has approved the allotment of 6,12,000 equity shares to its promoter group following the conversion of warrants. These warrants were part of a larger issuance of 50.96 lakh warrants originally allotted in September 2024. The conversion was executed at a price of Rs. 83.75 per share, including a premium of Rs. 73.75. This transaction increases the company's total paid-up equity capital to Rs. 19.31 crore, representing 1,93,12,900 shares.
Key Highlights
Allotment of 6,12,000 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share
Conversion of 6,12,000 warrants out of the 50,96,000 warrants issued on September 21, 2024
Paid-up equity capital increased from Rs. 18.70 crore to Rs. 19.31 crore
Shares allotted on a preferential basis specifically to the Promoter group
Total number of equity shares increased from 1,87,00,900 to 1,93,12,900
👀 What to Watch
Investors should note the promoter group's decision to increase their stake as a sign of confidence in the company's future. Monitor the conversion of the remaining warrants for further equity dilution and capital infusion.
PIGL Clarifies Clerical Error in Results; H1 FY26 Net Profit Rises 23% to ₹7.10 Crore
Power & Instrumentation (Gujarat) Limited (PIGL) clarified to the NSE that a date error in its consolidated balance sheet was a clerical mistake and not a material discrepancy. For the half-year ended September 30, 2025, the company reported standalone revenue of ₹109.17 crore, a significant jump from ₹80.39 crore in the previous year. Standalone net profit for H1 FY26 grew to ₹7.10 crore from ₹5.76 crore YoY. Additionally, the company successfully completed the acquisition of Peaton Electrical Company Limited, increasing its stake to 51.06%.
Key Highlights
H1 FY26 standalone revenue increased by 35.8% YoY to ₹10,917.09 lakhs.
Standalone Net Profit for the half-year rose to ₹710.38 lakhs from ₹576.21 lakhs in the previous year.
Acquired a controlling 51.06% stake in Peaton Electrical Company Limited as of September 11, 2025.
Clarified that the incorrect date in the balance sheet was an inadvertent clerical error and will not recur.
Auditors issued an 'Emphasis of Matter' regarding inventory valuation, which is management-certified due to its technical nature.
👀 What to Watch
The clarification resolves a minor regulatory query, and the underlying financial growth remains healthy. Investors should monitor the integration of the new subsidiary, Peaton Electrical, and its impact on consolidated margins in upcoming quarters.
