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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.
80 announcements match the current filters (relevance ≥ 5).
Pidilite Q3 FY26: Domestic Volume Grows 11% Despite Export Headwinds; PAT Up 12.5%
Pidilite Industries reported a resilient Q3 FY26 with consolidated revenue growing 10.2% to approximately ‑3,700 crores. While domestic underlying volume growth remained strong at 11%, overall volume growth was tempered to 9.3% due to a 13.5% decline in exports linked to geopolitical tensions. Gross margins improved by 200 bps aided by lower VAM prices at $830/tonne, though a one-time wage code provision of ‑52 crores impacted the bottom line. The company is aggressively scaling its 'Roff' brand to drive future growth in the tiling segment.
Key Highlights
Domestic underlying volume growth (UVG) reached 11%, significantly outperforming the overall UVG of 9.3%.
Standalone EBITDA margins improved to 24.5% despite a one-time ‑47 crore provision for the new Wage Code.
Gross margins expanded by 200 bps as VAM consumption costs fell to $830/tonne from $884/tonne YoY.
Exports declined by 13.5% due to geopolitical challenges and US tariff impacts on the pigments business.
Management reported mid-teens growth in the domestic B2B segment and continued momentum in Consumer & Bazaar.
👀 What to Watch
Investors should remain positive as the core domestic franchise remains robust with 11% volume growth. The export decline and wage code provisions are likely one-time or transient issues that do not impact the long-term structural growth story.
Vadilal Industries Reports Q3 Standalone Net Loss of ₹14.28 Cr; Revenue Dips 3.3% YoY
Vadilal Industries Limited reported a weak performance for the quarter ended December 31, 2025, swinging to a standalone net loss of ₹14.28 crore from a profit of ₹7.47 crore in the previous year. Revenue from operations declined slightly to ₹140.38 crore compared to ₹145.18 crore in Q3 FY25. Profitability was significantly pressured by rising employee costs and other expenses, including a ₹4.18 crore impact from new Labour Code provisions. For the nine-month period, net profit dropped sharply by 44.8% to ₹52.33 crore.
Key Highlights
Standalone revenue from operations decreased by 3.3% YoY to ₹140.38 crore in Q3 FY26.
Company reported a standalone net loss of ₹14.28 crore versus a profit of ₹7.47 crore in the year-ago quarter.
Employee benefit expenses surged to ₹27.41 crore from ₹16.15 crore, including a ₹4.18 crore one-time impact for gratuity and compensated absences.
9M FY26 standalone net profit fell to ₹52.33 crore from ₹94.82 crore in 9M FY25.
Ongoing amalgamation process of three promoter group companies (VFCPL, VCPL, and VIPL) remains under regulatory review.
👀 What to Watch
Investors should exercise caution as the company has turned loss-making this quarter due to higher operational overheads and regulatory wage impacts. The upcoming summer season will be critical for recovery, and the progress of the promoter group merger should be closely monitored for potential dilution or synergy effects.
Pidilite Q3 Standalone Net Profit Rises 12.5% YoY to ₹601 Cr; Revenue Up 11%
Pidilite Industries reported a steady performance for Q3 FY26, with standalone revenue from operations growing 10.8% YoY to ₹3,436.18 crore. Net profit for the quarter increased by 12.5% YoY to ₹601.21 crore, showing resilience despite a one-time estimated impact of ₹47.59 crore related to the New Labour Codes. The core Consumer & Bazaar segment continues to lead growth, contributing ₹2,802.31 crore to the total revenue. The company also recorded a minor exceptional impairment loss of ₹7.55 crore during the period.
Key Highlights
Standalone Revenue from Operations increased 10.8% YoY to ₹3,436.18 crore from ₹3,099.08 crore.
Net Profit (PAT) grew 12.5% YoY to ₹601.21 crore compared to ₹534.50 crore in the previous year.
Consumer & Bazaar segment revenue rose 12.4% YoY to ₹2,802.31 crore, maintaining strong market dominance.
Recognized an estimated ₹47.59 crore impact in employee benefits due to the notification of New Labour Codes.
Earnings Per Share (EPS) for the quarter stood at ₹5.91, adjusted for the 1:1 bonus issue completed in September 2025.
👀 What to Watch
Investors should take confidence in the double-digit growth of the Consumer & Bazaar segment which indicates strong pricing power and demand. The stock remains a high-quality long-term holding in the specialty chemicals and adhesives space.
Pidilite Q3 Standalone PAT Rises 12.5% YoY to ₹601 Cr; Revenue Up 10.8%
Pidilite Industries reported a steady Q3 FY26 with standalone revenue from operations growing 10.8% YoY to ₹3,436.18 crore. Net profit for the quarter increased by 12.5% YoY to ₹601.21 crore, even after accounting for a ₹47.59 crore impact from the New Labour Codes. The core Consumer & Bazaar segment continues to lead growth, while the company maintained healthy margins despite a small exceptional impairment of ₹7.55 crore. EPS has been adjusted to ₹5.91 following the 1:1 bonus issue earlier in the year.
Key Highlights
Standalone Revenue from Operations increased 10.8% YoY to ₹3,436.18 crore.
Standalone Net Profit (PAT) grew 12.5% YoY to ₹601.21 crore from ₹534.50 crore.
Consumer & Bazaar segment revenue rose 12.4% YoY to ₹2,802.31 crore.
Recognized a one-time estimated impact of ₹47.59 crore due to New Labour Codes under employee expenses.
Exceptional item of ₹7.55 crore recorded for impairment loss on loans and investments.
👀 What to Watch
Pidilite continues to demonstrate strong pricing power and volume growth in its core segments. Long-term investors should remain positive as the company successfully navigates regulatory changes while maintaining double-digit profit growth.
Pidilite Q3 FY26: Consolidated PAT up 12% to ₹624 Cr with 9.3% Volume Growth
Pidilite Industries reported a steady Q3 FY26 performance with consolidated revenue growing 10.2% YoY to ₹3,699 Cr. Growth was primarily driven by a robust 9.3% underlying volume growth (UVG), with the core Consumer & Bazaar segment growing at 9.7%. Despite a one-time ₹53 Cr impact from new labor code provisions which spiked staff costs by 21%, EBITDA margins improved to 24.2%. Standalone PAT grew by 12.5% to ₹601 Cr, supported by gross margin expansion to 55.7% due to lower input costs.
Key Highlights
Consolidated Revenue grew 10.2% YoY to ₹3,699 Cr with an underlying volume growth of 9.3%
Gross Margins expanded to 55.7% from 53.7% YoY, benefiting from benign input prices
Consolidated PAT increased by 12.0% to ₹624 Cr, while Standalone PAT rose 12.5% to ₹601 Cr
Staff costs increased by 21.6% due to a one-time ₹53 Cr provision for the new labor code
Domestic B2B segment recorded strong growth with 15.6% UVG, though exports declined by 28.8%
👀 What to Watch
Investors should focus on the strong volume growth and margin expansion which indicate high pricing power and operational efficiency. The one-time labor cost provision is non-recurring, suggesting even stronger underlying profitability for future quarters.
Pidilite Q3 FY26: Net Profit Up 12% to ₹624 Cr; Strong 9.3% Volume Growth
Pidilite Industries reported a strong performance for Q3 FY26, with consolidated net profit rising 12% YoY to ₹624 crore. Revenue grew by 10.2% to ₹3,699 crore, supported by a healthy 9.3% underlying volume growth (UVG) in the standalone business. The Consumer & Bazaar segment was the primary driver with 12.4% revenue growth, while gross margins expanded by over 200 bps due to lower input costs. Management remains optimistic about future demand, citing infrastructure push and favorable monsoons as key tailwinds.
Key Highlights
Consolidated Net Sales grew 10.2% YoY to ₹3,699 crore for the quarter ended December 2025.
Standalone Underlying Volume Growth (UVG) remained robust at 9.3% for the quarter.
Consumer & Bazaar (C&B) segment revenue increased by 12.4% with EBIT margins expanding to 31.2%.
Consolidated Gross Margins improved by 222 bps YoY, driven by softening raw material prices.
Consolidated EBITDA grew by 12.0% to ₹894 crore, maintaining a healthy margin of 24.2%.
👀 What to Watch
Investors should take note of the consistent double-digit growth and margin expansion despite export headwinds in the B2B segment. The company's strong volume growth and market leadership in adhesives make it a resilient pick for long-term portfolios.
Pidilite Industries Approves Q3 FY26 Unaudited Financial Results
Pidilite Industries has officially released its standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved the unaudited figures in a meeting concluded on February 3, 2026. The filing includes the mandatory Limited Review Report from the auditors, ensuring regulatory compliance. Investors should now focus on the detailed financial tables to evaluate segment-wise performance and margin trends.
Key Highlights
Board approved unaudited financial results for the quarter and nine months ended December 31, 2025.
The Board meeting was conducted on February 3, 2026, between 2:30 p.m. and 6:00 p.m.
Submission includes both Standalone and Consolidated financial statements as per SEBI regulations.
A Limited Review Report from the statutory auditors was provided alongside the results.
👀 What to Watch
Investors should examine the detailed financial disclosure for volume growth in the Consumer & Bazaar segment. Pay close attention to EBITDA margins and the impact of raw material price fluctuations.
Piccadily Agro Q3 FY26 PAT Surges 92.3% to ₹48.1 Cr; Alco-Bev Volumes Up 70%
Piccadily Agro reported a stellar Q3 FY26 with total income rising 51.3% YoY to ₹315.2 crore, primarily driven by a 54.9% growth in the distillery vertical. Net profit nearly doubled, jumping 92.3% to ₹48.1 crore, while EBITDA margins expanded by 90 bps to 25.3%. The company successfully commissioned expansions at its Indri and Chhattisgarh facilities, which are expected to drive revenue growth starting April 2026. With IMFL volumes growing 70% and over 80,000 barrels under maturation, the company is successfully pivoting towards a high-margin premium branded portfolio.
Key Highlights
Q3 FY26 PAT grew 92.3% YoY to ₹48.1 crore, while Total Income rose 51.3% to ₹315.2 crore.
Alco-bev/IMFL volumes saw a robust 70% YoY growth in Q3, reflecting strong demand for premium brands like Indri.
EBITDA margins improved to 25.3% in Q3 FY26, up from 24.4% in the previous year's quarter.
Completed capacity expansions at Indri and Chhattisgarh facilities within estimated costs and timelines.
Maturation inventory increased to 80,800 barrels to support long-term growth of the Indri single malt brand.
👀 What to Watch
Investors should monitor the ramp-up in capacity utilization at the new facilities and the pending excise approval for full capacity at Indri. The aggressive shift towards high-margin premium IMFL products and full promoter warrant subscription of ₹50 crore signal strong growth visibility and management confidence.
Piccadily Agro Q3 FY26 PAT Jumps 92% YoY to ₹48.14 Cr on Strong Distillery Growth
Piccadily Agro Industries Limited (PAIL) reported a stellar Q3 FY26 with Profit After Tax (PAT) nearly doubling to ₹48.14 crore, driven by a 52.5% surge in revenue to ₹313.80 crore. The distillery segment remains the primary growth engine, contributing 91% of total revenue and growing at 54.9% YoY. Operating margins improved significantly, with EBITDA rising 56.7% to ₹79.70 crore and net profit margins expanding to 15.3%. The company is actively expanding capacities in Haryana and Chhattisgarh to support its premium brand-led strategy for Indri and other spirits.
Key Highlights
Revenue from operations grew 52.5% YoY to ₹313.80 crore, with the distillery segment contributing ₹284.97 crore.
Profit After Tax (PAT) surged 92.2% YoY to ₹48.14 crore, while EPS rose 83.8% to ₹4.89.
EBITDA increased by 56.7% YoY to ₹79.70 crore, reflecting a richer product mix and operating leverage.
Net Profit Margin expanded to 15.3% from 12.18% in the previous year, a 26% improvement.
9M FY26 PAT stands at ₹93.65 crore, representing a 45.7% growth over the same period last year.
👀 What to Watch
Investors should view this as a strong growth signal, particularly the successful premiumization of the distillery business and margin expansion. Monitor the progress of the Chhattisgarh greenfield facility and the maturation of aged inventory as key drivers for the projected 3-4X growth over the next 3-5 years.
Piccadily Agro Q3 Net Profit Surges 92% YoY to ₹48.14 Cr; Revenue Up 52%
Piccadily Agro Industries reported a robust performance for the quarter ended December 31, 2025, with total income reaching ₹315.23 crore, a significant jump from ₹208.32 crore in the same quarter last year. Net profit nearly doubled year-on-year to ₹48.14 crore, driven primarily by the high-margin distillery segment which contributed ₹284.97 crore to the revenue. The company also approved the allotment of 71,705 equity shares under its ESOP 2024 plan. Profit margins showed healthy improvement, with EPS rising to ₹4.89 from ₹2.77 YoY.
Key Highlights
Net Profit for Q3 FY26 stood at ₹48.14 crore, up 92.2% compared to ₹25.05 crore in Q3 FY25
Total Revenue from Operations grew by 52.5% YoY to ₹313.80 crore
Distillery segment revenue increased to ₹284.97 crore, representing over 90% of total revenue
Earnings Per Share (EPS) improved significantly to ₹4.89 from ₹2.77 in the corresponding previous quarter
Board approved the allotment of 71,705 equity shares under the ESOP 2024 scheme at an exercise price of ₹10
👀 What to Watch
Investors should view this as a strong growth signal, particularly the dominance and profitability of the distillery segment. The stock remains a growth play in the spirits sector, though one should monitor the impact of raw material costs on future margins.
Piccadily Agro Q3 FY26 Net Profit Surges 92% YoY to ₹48.14 Cr; Revenue Up 52%
Piccadily Agro Industries reported a stellar performance for Q3 FY26, with standalone net profit jumping 92.2% YoY to ₹48.14 crore. Total revenue from operations grew by 52.5% YoY to ₹313.80 crore, primarily fueled by the high-growth distillery segment. The distillery business remains the dominant contributor, generating ₹284.97 crore in revenue during the quarter. Additionally, the company strengthened its equity base by allotting 71,705 shares under its ESOP 2024 plan.
Key Highlights
Standalone Net Profit increased to ₹48.14 crore in Q3 FY26 from ₹25.05 crore in Q3 FY25.
Total Revenue from Operations rose 52.5% YoY to ₹313.80 crore compared to ₹205.72 crore in the previous year.
Distillery segment revenue grew significantly by 55% YoY to ₹284.97 crore.
Basic Earnings Per Share (EPS) improved to ₹4.89 from ₹2.77 in the year-ago period.
Board approved the allotment of 71,705 equity shares of ₹10 each under the ESOP 2024 scheme.
👀 What to Watch
The robust growth in the distillery segment, likely driven by premium brands like Indri, continues to enhance the company's financial profile. Investors should maintain a positive outlook while monitoring the scalability of the premium spirits portfolio and raw material costs.
Piccadily Agro Q3 Net Profit Surges 92% YoY to ₹48.14 Cr; Distillery Revenue Up 55%
Piccadily Agro Industries reported a strong performance for Q3 FY26, with total income rising to ₹315.23 crore from ₹208.32 crore in the same quarter last year. Net profit for the quarter surged by approximately 92% YoY to ₹48.14 crore, driven primarily by the distillery segment which saw revenue grow to ₹284.97 crore. The company also approved the allotment of 71,705 equity shares under its ESOP 2024 plan, slightly increasing the paid-up capital. While the distillery business remains highly profitable, the sugar segment reported a loss of ₹5.74 crore for the quarter.
Key Highlights
Net Profit for Q3 FY26 increased by 92.2% YoY to ₹48.14 crore compared to ₹25.05 crore in Q3 FY25.
Revenue from operations grew by 52.5% YoY to ₹313.80 crore, led by the distillery division.
Distillery segment revenue rose to ₹284.97 crore with a segment profit of ₹81.76 crore.
Basic EPS improved significantly to ₹4.89 from ₹2.77 in the corresponding previous year quarter.
The Board approved the allotment of 71,705 equity shares of ₹10 each under the ESOP 2024 scheme.
👀 What to Watch
Investors should view these results positively as the high-margin distillery business continues to scale and offset seasonal losses in the sugar segment. The stock remains a strong growth play on the premium spirits and ethanol theme in India.
Pidilite Appoints Dr. Naushad Forbes as Independent Director for 5-Year Term
Pidilite Industries has appointed Dr. Naushad Darius Forbes as an Additional Independent Director for a five-year term effective January 21, 2026. Dr. Forbes is a highly distinguished industry leader, serving as the Co-Chairman of Forbes Marshall and having previously served as the President of the Confederation of Indian Industry (CII) in 2016-17. With a PhD from Stanford University and extensive experience in technology and innovation, his addition is expected to strengthen the board's strategic oversight. The appointment is subject to shareholder approval and follows the recommendation of the Nomination and Remuneration Committee.
Key Highlights
Appointment of Dr. Naushad Darius Forbes as Independent Director for a first term of 5 consecutive years.
Dr. Forbes holds Bachelor’s, Master’s, and PhD degrees from Stanford University.
He currently serves as Co-Chairman of Forbes Marshall and Chairman of Ananta Aspen Centre.
Former President of the Confederation of Indian Industry (CII) for the 2016-17 period.
The Board meeting for this appointment concluded within 45 minutes on January 21, 2026.
👀 What to Watch
Investors should view this as a positive corporate governance development given Dr. Forbes's significant industrial and academic credentials. No immediate portfolio changes are required, but the appointment reinforces the company's commitment to high-quality leadership.
Pidilite Subsidiary Swaps Pepperfry Stake for 2.20% Shareholding in TCC Concept Ltd
Pidilite Industries' wholly-owned subsidiary, Pidilite Ventures Pvt. Ltd. (PVPL), has exited its investment in Pepperfry Limited. The exit was executed through a 100% share swap deal with TCC Concept Ltd. (TCC), which has acquired Pepperfry. As a result of this transaction, PVPL now holds a 2.20% equity stake in TCC Concept Ltd. This move represents a strategic realignment of Pidilite's venture portfolio and is not a related party transaction.
Key Highlights
Pidilite Ventures Pvt. Ltd. (PVPL) transferred its entire shareholding in Pepperfry Limited to TCC Concept Ltd.
The transaction was structured as a 100% share swap deal following TCC's acquisition of Pepperfry.
PVPL now holds a 2.20% equity stake in TCC Concept Ltd. post-transaction.
The deal is a non-related party transaction with no promoter group interest in the acquiring entity.
👀 What to Watch
This is a routine portfolio management activity by Pidilite's venture arm and does not impact core business operations. Investors should maintain their current outlook on the stock as the fundamental adhesive business remains unchanged.
Piccadily Agro Commences Commercial Production at 200 KLPD Chhattisgarh Distillery Unit
Piccadily Agro Industries Limited has officially commenced commercial operations at its new distillery unit in Chhattisgarh as of December 31, 2025. The facility has a significant production capacity of 200 Kilo Liters per day (KLPD). This move is part of the company's planned expansion strategy to strengthen its manufacturing capabilities and market presence. The operationalization of this unit is expected to contribute positively to the company's revenue and volume growth in the upcoming quarters.
Key Highlights
Commercial production started at the Chhattisgarh Distillery unit on December 31, 2025
The new unit adds a production capacity of 200 Kilo Liters per day (KLPD)
Expansion aligns with the company's long-term strategy to enhance manufacturing scale
The facility is now fully operational and integrated into the company's production network
👀 What to Watch
Investors should view this as a positive growth milestone and monitor the facility's contribution to volume growth in the next two quarterly earnings reports. The successful execution of this capacity expansion validates management's growth guidance.
Piccadily Agro Receives Trading Approval for 28.49 Lakh Shares Converted from CCDs
Piccadily Agro Industries has received final trading approval from NSE and BSE for 28,49,448 equity shares. These shares were issued to non-promoters following the conversion of Compulsory Convertible Debentures (CCDs) on a preferential basis. The shares, issued at a total price of Rs. 744 (including a premium of Rs. 734), will be admitted for trading effective December 26, 2025. This conversion marks the completion of a capital infusion process initiated earlier.
Key Highlights
Trading approval granted for 28,49,448 equity shares of Rs. 10 face value each.
Shares issued at a significant premium of Rs. 734 per share to non-promoters.
Conversion of Compulsory Convertible Debentures (CCDs) into equity strengthens the net worth.
New shares are admitted to dealings on both BSE and NSE effective December 26, 2025.
Distinctive numbers for the newly listed shares are 95655122 to 98504569.
👀 What to Watch
Investors should account for the minor equity dilution resulting from this conversion, which is now fully reflected in the tradable float. The conversion of CCDs is generally positive as it eliminates future debt-like obligations and improves the debt-to-equity ratio.
Piccadily Agro Launches Indri Mumbai City Series Exclusive at $120 for Duty-Free
Piccadily Agro Industries has launched a limited-edition 'Indri City Series - Mumbai Duty Free Exclusive' single malt whisky, priced at 120 USD. This expression is a hand-selected Red Wine Cask bottled at 48% ABV, available exclusively through Ospree Duty Free at Mumbai's Chhatrapati Shivaji Maharaj International Airport. The launch aligns with the company's premiumization strategy and aims to capture the high-margin travel retail segment. This move follows the success of Indri, which was recognized as the fastest-growing single malt whisky brand in 2024.
Key Highlights
Launched 'Indri City Series - Mumbai Duty Free Exclusive' priced at 120 USD per bottle.
The new expression is a Red Wine Cask single malt with 48% ABV, exclusive to Ospree Duty Free.
Strategic focus on the travel retail market to enhance global brand visibility and premium positioning.
Indri brand continues its momentum after being named the fastest-growing single malt whisky brand in 2024.
👀 What to Watch
Investors should monitor the brand's traction in the premium travel retail segment as it contributes to higher margins. The continued expansion of the 'City Series' indicates a strong marketing push to solidify Indri's position in the luxury spirits market.
Pidilite subsidiary receives penalty order of ₹1,97,11,453
Pidilite Industries Limited announced that its subsidiary, Nina Percept Pvt Ltd, received an order from the Office of Assistant Commissioner, CGST & Central Excise, Division-III, Noida. The order imposes a penalty of ₹1,97,11,453 for the FY 2018-19 to 2020-21 under the Central Goods and Services Tax Act. Pidilite is reviewing the order and evaluating options, including appealing to the highest authority. The company states that there is no material impact on the financials, operations, or other activities of the company.
Key Highlights
Penalty of ₹1,97,11,453 imposed on Nina Percept Pvt Ltd.
Order dated 28th November, 2025 received on 04th December, 2025.
Penalty imposed under Central Goods and Services Tax Act for FY 2018-19 to 2020-21.
Order issued by Office of Assistant Commissioner, CGST & Central Excise, Division-III, Noida.
👀 What to Watch
Investors should monitor Pidilite's actions regarding the appeal process. While the company claims no material impact, further developments could influence investor sentiment.
BHARATIDIL Board Meeting Outcome: Unaudited Financial Results Approved
Bharati Defence and Infrastructure Limited's board approved the unaudited financial results for the quarter ended September 30, 2025. The company's total income for the quarter stood at ₹525.75 lakhs compared to ₹1,072.62 lakhs in the corresponding quarter of the previous year. Net profit for the period was ₹495.25 lakhs. The company's capital restructuring is still in progress. Investors should note the negative reserves of ₹8,03,100.13 lakhs.
Key Highlights
Total Income for Q2 2025: ₹525.75 lakhs
Net Profit for Q2 2025: ₹495.25 lakhs
Paid-up equity share capital: ₹5,029.89 lakhs
Reserves excluding revaluation reserve: ₹(8,03,100.13) lakhs
Basic earnings per share: ₹0.10
👀 What to Watch
Investors should closely monitor the company's performance, particularly its ability to improve its reserves and manage its capital restructuring. Further analysis of the complete financial statements is recommended.
PICCADIL gets NSE nod for listing 28,49,448 equity shares
Piccadily Agro Industries has received in-principle approval from the National Stock Exchange (NSE) for the listing of 28,49,448 equity shares. These shares arise from the conversion of 28,49,448 Compulsory Convertible Debentures (CCDs). The company has complied with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The listing will occur upon confirmation from NSDL/CDSL regarding credit to beneficiaries' accounts.
Key Highlights
NSE granted in-principle approval on 04.12.2025 for listing.
28,49,448 equity shares will be listed.
Shares are converted from 28,49,448 Compulsory Convertible Debentures.
Equity shares have a face value of ₹10 each.
👀 What to Watch
Investors should monitor announcements regarding the official listing date. This conversion may slightly dilute existing equity.