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Note: These are AI-generated, educational summaries of public NSE
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Modison Q2 FY27 PAT Jumps 100% YoY to Rs 23.29 Cr; Declares Rs 4 Interim Dividend
Modison Limited reported a strong Q2 FY27 consolidated revenue of Rs 279.03 Cr, marking a 92.2% YoY growth compared to Rs 145.16 Cr in Q2 FY26. Consolidated PAT for the quarter doubled (+99.7% YoY) to Rs 23.29 Cr against Rs 11.66 Cr in the year-ago period, though sequential PAT softened 31.2% from Rs 33.84 Cr in Q1 FY27. For H1 FY27, net profit stood at Rs 57.13 Cr compared to Rs 16.47 Cr in H1 FY26. The Board also declared an interim dividend of Rs 4 per share (400% on face value Rs 1) with a record date of October 23, 2026.
Confidence: HIGH
What changedModison reported its Q2 and H1 FY27 results and declared an interim dividend of Rs 4 per share.
Why it mattersDemonstrates sustained top-line scale (>Rs 270 Cr quarterly run rate) compared to FY26 levels, reflecting market share gains in switchgear electrical contacts.
Q2 Consolidated Revenue: Rs 27,902.59 LakhsQ2 Consolidated PAT: Rs 2,328.89 LakhsInterim Dividend per share: Rs 4/-Record Date: October 23, 2026H1 FY27 Revenue vs TTM Revenue: ~65.0%
📅 Short termMarket sentiment should react positively to the 100% YoY profit expansion and healthy interim dividend payout ahead of the October 23 record date.
📈 Long termScale indicates strong industry demand across HV/LV switchgear segments; sustainability hinges on managing raw material inflation and customer concentration.
⚠ Risk flags
- High raw material dependence with raw materials consumed surging to Rs 266.64 Cr
- Sequential contraction in PAT from Rs 33.84 Cr in Q1 FY27 to Rs 23.29 Cr in Q2 FY27
Key Highlights
Q2 FY27 consolidated revenue up 92.2% YoY to Rs 279.03 Cr (vs Rs 145.16 Cr)
Consolidated PAT rose 99.7% YoY to Rs 23.29 Cr from Rs 11.66 Cr in Q2 FY26
H1 FY27 revenue reached Rs 549.49 Cr, up 96.7% YoY from Rs 279.30 Cr
Declared an interim dividend of Rs 4/- per share (400%) with record date October 23, 2026
Basic EPS for Q2 FY27 stood at Rs 7.18 per share vs Rs 3.59 YoY
👀 What to Watch
Track the upcoming Q3 FY27 operational performance and margin trajectory to observe if the elevated raw material costs (Rs 266.64 Cr consumed) compress operating margins.
Shoppers Stop Q2 Turnaround: Cons. PAT At ₹3 Cr, Non-GAAP PAT ₹6 Cr, Sales Up 9% YoY
Shoppers Stop reported a turnaround to profitability for Q2 FY27, with Consolidated GAAP PAT turning positive to ₹3 Cr (compared to a loss of ₹20 Cr in Q2 FY26) and Non-GAAP PAT at ₹6 Cr. Consolidated GAAP sales increased 9% YoY to ₹1,366 Cr, supported by department store format sales of ₹1,302 Cr (+4% YoY, 7% festive-adjusted LFL). The high-margin Beauty segment expanded 18% YoY to ₹367 Cr, driven by a 35% jump in fragrances, while Beauty distribution (GSSBB) jumped 59% to ₹168 Cr. The company reduced net debt by ₹82 Cr YoY and reaffirmed its target to become debt-free by Q3 FY27.
Confidence: HIGH
What changedShoppers Stop transitioned from net losses to net profitability at both standalone and consolidated levels for Q2 FY27.
Why it mattersDemonstrates operating leverage and margin recovery under the premiumization strategy, helping stabilize a balance sheet that previously carried high debt.
Consolidated GAAP Revenue (Q2): Rs 1,366 CrConsolidated GAAP PAT (Q2): Rs 3 CrConsolidated Non-GAAP PAT (Q2): Rs 6 CrNet Debt Reduction YoY: Rs 82 CrQ2 Capex: Rs 39 CrsQ2 Capex vs Net Worth: ~13.0%
📅 Short termPositive sentiment likely driven by the return to bottom-line profitability and continued strength in the high-growth beauty and fragrance segments.
📈 Long termSustainable turnaround depends on expanding the INTUNE value format productively, scaling private brands, and clearing debt to structurally de-risk the balance sheet.
⚠ Risk flags
- Vulnerability of discretionary spend to inflation and economic slowdowns
- High dependence on the First Citizen loyalty program which accounts for 84% of sales
Key Highlights
Consolidated GAAP PAT turned positive to ₹3 Cr vs a net loss of ₹20 Cr in Q2 FY26 (Non-GAAP PAT at ₹6 Cr)
Consolidated GAAP sales grew 9% YoY to ₹1,366 Cr; Non-GAAP sales up 7% to ₹1,618 Cr
Beauty segment sales grew 18% YoY to ₹367 Cr, with fragrance expanding 35% and distribution reaching ₹168 Cr (+59%)
Opened 7 new stores in Q2 with ₹39 Cr capex; outright inventory reduced by ₹78 Cr YoY
Net debt reduced by ₹82 Cr YoY, keeping company on track to become debt-free by Q3 FY27
👀 What to Watch
Track Q3 FY27 performance to verify if festive and wedding demand sustains bottom-line profitability, and monitor whether the company achieves its target of becoming debt-free by Q3 end.
Shoppers Stop Q2 Turnaround: Cons. PAT At ₹3 Cr, Non-GAAP PAT ₹6 Cr, Sales Up 9% YoY
Shoppers Stop reported a turnaround to profitability for Q2 FY27, with Consolidated GAAP PAT turning positive to ₹3 Cr (compared to a loss of ₹20 Cr in Q2 FY26) and Non-GAAP PAT at ₹6 Cr. Consolidated GAAP sales increased 9% YoY to ₹1,366 Cr, supported by department store format sales of ₹1,302 Cr (+4% YoY, 7% festive-adjusted LFL). The high-margin Beauty segment expanded 18% YoY to ₹367 Cr, driven by a 35% jump in fragrances, while Beauty distribution (GSSBB) jumped 59% to ₹168 Cr. The company reduced net debt by ₹82 Cr YoY and reaffirmed its target to become debt-free by Q3 FY27.
Confidence: HIGH
What changedShoppers Stop transitioned from net losses to net profitability at both standalone and consolidated levels for Q2 FY27.
Why it mattersDemonstrates operating leverage and margin recovery under the premiumization strategy, helping stabilize a balance sheet that previously carried high debt.
Consolidated GAAP Revenue (Q2): Rs 1,366 CrConsolidated GAAP PAT (Q2): Rs 3 CrConsolidated Non-GAAP PAT (Q2): Rs 6 CrNet Debt Reduction YoY: Rs 82 CrQ2 Capex: Rs 39 CrsQ2 Capex vs Net Worth: ~13.0%
📅 Short termPositive sentiment likely driven by the return to bottom-line profitability and continued strength in the high-growth beauty and fragrance segments.
📈 Long termSustainable turnaround depends on expanding the INTUNE value format productively, scaling private brands, and clearing debt to structurally de-risk the balance sheet.
⚠ Risk flags
- Vulnerability of discretionary spend to inflation and economic slowdowns
- High dependence on the First Citizen loyalty program which accounts for 84% of sales
Key Highlights
Consolidated GAAP PAT turned positive to ₹3 Cr vs a net loss of ₹20 Cr in Q2 FY26 (Non-GAAP PAT at ₹6 Cr)
Consolidated GAAP sales grew 9% YoY to ₹1,366 Cr; Non-GAAP sales up 7% to ₹1,618 Cr
Beauty segment sales grew 18% YoY to ₹367 Cr, with fragrance expanding 35% and distribution reaching ₹168 Cr (+59%)
Opened 7 new stores in Q2 with ₹39 Cr capex; outright inventory reduced by ₹78 Cr YoY
Net debt reduced by ₹82 Cr YoY, keeping company on track to become debt-free by Q3 FY27
👀 What to Watch
Track Q3 FY27 performance to verify if festive and wedding demand sustains bottom-line profitability, and monitor whether the company achieves its target of becoming debt-free by Q3 end.
Shoppers Stop Q2 Turnaround: Cons. PAT At ₹3 Cr, Non-GAAP PAT ₹6 Cr, Sales Up 9% YoY
Shoppers Stop reported a turnaround to profitability for Q2 FY27, with Consolidated GAAP PAT turning positive to ₹3 Cr (compared to a loss of ₹20 Cr in Q2 FY26) and Non-GAAP PAT at ₹6 Cr. Consolidated GAAP sales increased 9% YoY to ₹1,366 Cr, supported by department store format sales of ₹1,302 Cr (+4% YoY, 7% festive-adjusted LFL). The high-margin Beauty segment expanded 18% YoY to ₹367 Cr, driven by a 35% jump in fragrances, while Beauty distribution (GSSBB) jumped 59% to ₹168 Cr. The company reduced net debt by ₹82 Cr YoY and reaffirmed its target to become debt-free by Q3 FY27.
Confidence: HIGH
What changedShoppers Stop transitioned from net losses to net profitability at both standalone and consolidated levels for Q2 FY27.
Why it mattersDemonstrates operating leverage and margin recovery under the premiumization strategy, helping stabilize a balance sheet that previously carried high debt.
Consolidated GAAP Revenue (Q2): Rs 1,366 CrConsolidated GAAP PAT (Q2): Rs 3 CrConsolidated Non-GAAP PAT (Q2): Rs 6 CrNet Debt Reduction YoY: Rs 82 CrQ2 Capex: Rs 39 CrsQ2 Capex vs Net Worth: ~13.0%
📅 Short termPositive sentiment likely driven by the return to bottom-line profitability and continued strength in the high-growth beauty and fragrance segments.
📈 Long termSustainable turnaround depends on expanding the INTUNE value format productively, scaling private brands, and clearing debt to structurally de-risk the balance sheet.
⚠ Risk flags
- Vulnerability of discretionary spend to inflation and economic slowdowns
- High dependence on the First Citizen loyalty program which accounts for 84% of sales
Key Highlights
Consolidated GAAP PAT turned positive to ₹3 Cr vs a net loss of ₹20 Cr in Q2 FY26 (Non-GAAP PAT at ₹6 Cr)
Consolidated GAAP sales grew 9% YoY to ₹1,366 Cr; Non-GAAP sales up 7% to ₹1,618 Cr
Beauty segment sales grew 18% YoY to ₹367 Cr, with fragrance expanding 35% and distribution reaching ₹168 Cr (+59%)
Opened 7 new stores in Q2 with ₹39 Cr capex; outright inventory reduced by ₹78 Cr YoY
Net debt reduced by ₹82 Cr YoY, keeping company on track to become debt-free by Q3 FY27
👀 What to Watch
Track Q3 FY27 performance to verify if festive and wedding demand sustains bottom-line profitability, and monitor whether the company achieves its target of becoming debt-free by Q3 end.
Q2 FY27 PAT Rises 106% YoY to ₹58.53 Cr; Loan Book Surges 98% to ₹5,694 Cr
SG Finserve reported an all-time high quarterly consolidated PAT of ₹58.53 crore for Q2 FY27, up 106% YoY and 9% QoQ, driven by strong growth in its lending business. Total operating income for the quarter reached ₹160.93 crore, surging 115% YoY compared to ₹74.67 crore in Q2 FY26. The loan book expanded 98% YoY to ₹5,694 crore, nearing its FY27 target of ₹6,000 crore well ahead of schedule, with over 80% of growth driven by new customers. Asset quality remained pristine with zero non-performing assets (NIL NPAs), while RoA and RoE stood at 4.9% and 14.7% for H1 FY27, respectively.
Confidence: HIGH
What changedSG Finserve published its H1/Q2 FY27 investor presentation and press release following unaudited financial results, highlighting a doubling of loan book size and net profit.
Why it mattersThe company's loan book of ₹5,694 crore nearly meets its FY27 target of ₹6,000 crore early, demonstrating rapid execution in supply chain financing with high return metrics (RoA of 4.9%).
Q2 FY27 Net Profit: ₹58.53 CrLoan Book: ₹5,694 CrQ2 FY27 Operating Income: ₹160.93 CrGross Disbursements (H1 FY27): ₹16,000 Cr+Net Worth: ₹1,598 Cr
📅 Short termStrong operational momentum and 106% YoY PAT growth are likely to support market sentiment, with management guiding for sustained 25-30% AUM growth.
📈 Long termDiversification of the anchor base (75% beyond promoter ecosystem) reduces single-group dependence, but rapid balance sheet expansion requires close monitoring of credit underwriting quality over full economic cycles.
⚠ Risk flags
- High loan book growth velocity (98% YoY) increases seasoning risk
- Concentration in supply chain and dealer financing
Key Highlights
Q2 FY27 consolidated PAT grew 106% YoY to ₹58.53 crore vs ₹28.40 crore in Q2 FY26
Loan book surged 98% YoY and 25% QoQ to ₹5,694 crore as of September 30, 2026
Net Interest Income (NII) climbed 109% YoY to ₹92.72 crore in Q2 FY27
Zero NPAs reported alongside RoA of 4.9% and cost-to-income ratio below 15%
Loan book diversification increased, with ~75% now outside the core Group ecosystem
👀 What to Watch
Track whether credit quality and zero NPAs are sustained as the loan book scales rapidly and diversifies further beyond the APL Apollo anchor ecosystem.
Q2 FY27 PAT Rises 106% YoY to ₹58.53 Cr; Loan Book Surges 98% to ₹5,694 Cr
SG Finserve reported an all-time high quarterly consolidated PAT of ₹58.53 crore for Q2 FY27, up 106% YoY and 9% QoQ, driven by strong growth in its lending business. Total operating income for the quarter reached ₹160.93 crore, surging 115% YoY compared to ₹74.67 crore in Q2 FY26. The loan book expanded 98% YoY to ₹5,694 crore, nearing its FY27 target of ₹6,000 crore well ahead of schedule, with over 80% of growth driven by new customers. Asset quality remained pristine with zero non-performing assets (NIL NPAs), while RoA and RoE stood at 4.9% and 14.7% for H1 FY27, respectively.
Confidence: HIGH
What changedSG Finserve published its H1/Q2 FY27 investor presentation and press release following unaudited financial results, highlighting a doubling of loan book size and net profit.
Why it mattersThe company's loan book of ₹5,694 crore nearly meets its FY27 target of ₹6,000 crore early, demonstrating rapid execution in supply chain financing with high return metrics (RoA of 4.9%).
Q2 FY27 Net Profit: ₹58.53 CrLoan Book: ₹5,694 CrQ2 FY27 Operating Income: ₹160.93 CrGross Disbursements (H1 FY27): ₹16,000 Cr+Net Worth: ₹1,598 Cr
📅 Short termStrong operational momentum and 106% YoY PAT growth are likely to support market sentiment, with management guiding for sustained 25-30% AUM growth.
📈 Long termDiversification of the anchor base (75% beyond promoter ecosystem) reduces single-group dependence, but rapid balance sheet expansion requires close monitoring of credit underwriting quality over full economic cycles.
⚠ Risk flags
- High loan book growth velocity (98% YoY) increases seasoning risk
- Concentration in supply chain and dealer financing
Key Highlights
Q2 FY27 consolidated PAT grew 106% YoY to ₹58.53 crore vs ₹28.40 crore in Q2 FY26
Loan book surged 98% YoY and 25% QoQ to ₹5,694 crore as of September 30, 2026
Net Interest Income (NII) climbed 109% YoY to ₹92.72 crore in Q2 FY27
Zero NPAs reported alongside RoA of 4.9% and cost-to-income ratio below 15%
Loan book diversification increased, with ~75% now outside the core Group ecosystem
👀 What to Watch
Track whether credit quality and zero NPAs are sustained as the loan book scales rapidly and diversifies further beyond the APL Apollo anchor ecosystem.
Shoppers Stop Approves Q2 FY27 Results; Notes ₹20.11 Cr Disputed Service Tax in Audit Report
Shoppers Stop announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Statutory auditors issued an unmodified review report with an Emphasis of Matter highlighting ₹20.11 crore in consolidated retrospective service tax levies under dispute before the Supreme Court (fully paid under protest). During the quarter, the company granted 49,950 ESOPs and 24,975 RSUs, while 80,916 ESOPs were exercised. Key P&L line items for Q2 were truncated in the exchange release excerpt, but financing cash flows show ₹160.08 crore in consolidated principal lease liability repayments for H1.
Confidence: HIGH
What changedShoppers Stop concluded its board meeting on October 16, 2026, approving Q2 FY27 interim financial statements with unmodified auditor review.
Why it mattersProvides an update on operational cash flows and ongoing legal exposures, reflecting continued significant lease liabilities characteristic of retail department store operations.
Disputed Service Tax (Consolidated): Rs 20.11 CroresDisputed Tax vs Net Worth: ~6.7%H1 Consolidated Lease Principal Repaid: Rs 160.08 croreH1 Consolidated Short-Term Borrowing Proceeds: Rs 151.00 crore
📅 Short termMarket attention will focus on underlying revenue momentum and net profitability metrics for Q2 FY27 once full detailed P&L releases are analyzed.
📈 Long termThe company's performance hinges on INTUNE store unit economics, premium beauty expansion, and managing high debt/lease obligations.
⚠ Risk flags
- Pending Supreme Court litigation on retrospective service tax of ₹20.11 crore
- High leverage with substantial ongoing lease interest and principal commitments
Key Highlights
Auditors highlighted ₹20.11 crore (consolidated) and ₹16.60 crore (standalone) in retrospective service tax disputed before the Supreme Court, paid under protest
Consolidated lease repayments for H1 FY27 totaled ₹160.08 crore (principal) and ₹138.51 crore (interest)
Short-term borrowings proceeds stood at ₹151.00 crore consolidated for the half-year period
Granted 49,950 ESOPs and 24,975 RSUs, alongside 80,916 options exercised during Q2
👀 What to Watch
Track the full quarterly P&L tables once updated on the exchange to assess revenue growth and margin recovery, alongside management commentary on festive season demand.
SG Finserve Plans ₹48 Cr GIFT City Venture, Makes Minority Acquisitions, and Replaces Internal Auditor
SG Finserve's Board has approved an investment plan of up to USD 5 million (approximately ₹48 crore) to establish a wholly owned finance subsidiary in GIFT City, subject to regulatory approvals. The Board also approved the acquisition of a 24.5% stake in group shared-services company SG Enterprise Solutions for ₹1.22 lakh from related party SG Green Buildings, alongside a 15.5% stake purchase in Succesship Technologies. Additionally, Q2 FY27 standalone and consolidated un-audited financial results were approved, and Mr. Alok Bhushan was appointed Internal Auditor following the transition of Mr. Saurabh Mishra.
Confidence: HIGH
What changedThe Board sanctioned strategic expansions including a GIFT City subsidiary, two minority acquisitions, and appointed a new Head of Internal Audit.
Why it mattersThe GIFT City expansion enables offshore financing activities, while the ₹48 crore commitment represents ~11.9% of TTM revenue (₹402 crore) and ~3.3% of net worth (₹1,460 crore).
GIFT City planned investment: USD 5 million (approximately ₹48 crore)GIFT City investment vs TTM revenue: ~11.9%SG Enterprise Solutions acquisition stake: 24.5%SG Enterprise Solutions consideration: ₹ 1,22,500Succesship Technologies stake: 15.5%Projects under implementation outstanding: ₹43,487.75 Lakhs
📅 Short termMarket reaction is expected to be muted given the modest immediate capital outlay and pending regulatory nods for the GIFT City operation.
📈 Long termA presence in GIFT City could open cross-border and foreign currency financing avenues, aligning with the company's long-term AUM scale targets.
⚠ Risk flags
- Related-party transaction involved in acquiring 24.5% of SG Enterprise Solutions
- Regulatory approval uncertainty for setting up the GIFT City entity
Key Highlights
Approved up to USD 5 million (~₹48 crore) investment to set up a wholly owned NBFC subsidiary in GIFT City
Acquired 24.5% stake in related-party entity SG Enterprise Solutions for ₹1,22,500 to create an associate for group shared services
Approved acquisition of 15.5% equity shares in Succesship Technologies Private Limited
Appointed Mr. Alok Bhushan (ex-SBI DGM with 32+ years of experience) as Internal Auditor effective October 17, 2026
Reported 12 project finance accounts under implementation totaling ₹434.88 crore as of September 30, 2026
👀 What to Watch
Track the regulatory approval process and timeline for setting up the GIFT City subsidiary, as well as the detailed Q2 FY27 P&L metrics once fully released.
SG Finserve Plans ₹48 Cr GIFT City Venture, Makes Minority Acquisitions, and Replaces Internal Auditor
SG Finserve's Board has approved an investment plan of up to USD 5 million (approximately ₹48 crore) to establish a wholly owned finance subsidiary in GIFT City, subject to regulatory approvals. The Board also approved the acquisition of a 24.5% stake in group shared-services company SG Enterprise Solutions for ₹1.22 lakh from related party SG Green Buildings, alongside a 15.5% stake purchase in Succesship Technologies. Additionally, Q2 FY27 standalone and consolidated un-audited financial results were approved, and Mr. Alok Bhushan was appointed Internal Auditor following the transition of Mr. Saurabh Mishra.
Confidence: HIGH
What changedThe Board sanctioned strategic expansions including a GIFT City subsidiary, two minority acquisitions, and appointed a new Head of Internal Audit.
Why it mattersThe GIFT City expansion enables offshore financing activities, while the ₹48 crore commitment represents ~11.9% of TTM revenue (₹402 crore) and ~3.3% of net worth (₹1,460 crore).
GIFT City planned investment: USD 5 million (approximately ₹48 crore)GIFT City investment vs TTM revenue: ~11.9%SG Enterprise Solutions acquisition stake: 24.5%SG Enterprise Solutions consideration: ₹ 1,22,500Succesship Technologies stake: 15.5%Projects under implementation outstanding: ₹43,487.75 Lakhs
📅 Short termMarket reaction is expected to be muted given the modest immediate capital outlay and pending regulatory nods for the GIFT City operation.
📈 Long termA presence in GIFT City could open cross-border and foreign currency financing avenues, aligning with the company's long-term AUM scale targets.
⚠ Risk flags
- Related-party transaction involved in acquiring 24.5% of SG Enterprise Solutions
- Regulatory approval uncertainty for setting up the GIFT City entity
Key Highlights
Approved up to USD 5 million (~₹48 crore) investment to set up a wholly owned NBFC subsidiary in GIFT City
Acquired 24.5% stake in related-party entity SG Enterprise Solutions for ₹1,22,500 to create an associate for group shared services
Approved acquisition of 15.5% equity shares in Succesship Technologies Private Limited
Appointed Mr. Alok Bhushan (ex-SBI DGM with 32+ years of experience) as Internal Auditor effective October 17, 2026
Reported 12 project finance accounts under implementation totaling ₹434.88 crore as of September 30, 2026
👀 What to Watch
Track the regulatory approval process and timeline for setting up the GIFT City subsidiary, as well as the detailed Q2 FY27 P&L metrics once fully released.
Q2 PAT Surges 200% YoY to ₹365 Cr; Board Approves ₹409 Cr Preferential Allotment
Ujjivan Small Finance Bank reported its highest-ever quarterly net profit of ₹365 crore for Q2, up 199.9% YoY and 15.3% QoQ, driven by a 35% YoY expansion in NII to ₹1,244 crore. Total deposits rose 29.2% YoY to ₹50,643 crore, while gross advances reached ₹45,699 crore, with the secured portfolio mix reaching 52.1%. Asset quality improved, with GNPA and NNPA declining to 2.10% and 0.31%, respectively. Additionally, the Board approved a ₹409 crore preferential equity infusion from institutional investors including IFC, Bajaj Life, HDFC Life, and Aditya Birla Sun Life Insurance.
Confidence: HIGH
What changedReported strong Q2 results with record PAT and approved a ₹409 crore preferential capital infusion following the early retirement of CEO Sanjeev Nautiyal.
Why it mattersThe secured book surpassed 50% (reaching 52.1%), mitigating microfinance volatility, while the ₹409 crore fundraise (~3.3% of market cap) bolsters Tier-1 capital and accretes book value.
Q2 Net Profit: ₹365 CrPreferential Fundraise: ₹409 CrFundraise vs Market Cap: ~3.3%Total Deposits: ₹50,643 CrGNPA / NNPA: 2.10% / 0.31%Secured Book Share: 52.1%
📅 Short termStrong operational beat on RoA (2.4%), RoE (19.7%), and asset quality improvement should support market sentiment, although interim leadership remains an area to monitor.
📈 Long termCrossing the 50% threshold for secured lending and expanding into housing/gold loans supports lower portfolio cyclicality and sustained return metrics.
⚠ Risk flags
- Leadership transition risk following the early retirement of MD Sanjeev Nautiyal
- Cost of funds (6.9%) guided to increase gradually in upcoming quarters
Key Highlights
Highest-ever quarterly PAT of ₹365 crore, up 199.9% YoY and 15.3% QoQ
Board approved ₹409 crore preferential allotment to institutional investors, adding ~₹0.8/share to BVPS
Gross loan book expanded 32.1% YoY to ₹45,699 crore; secured loan mix rose to 52.1%
Total deposits surpassed ₹50,000 crore to ₹50,643 crore, up 29.2% YoY with CASA at 26.0%
Asset quality strengthened with GNPA down 35 bps YoY to 2.10% and PCR at 85%
👀 What to Watch
Track shareholder and regulatory approvals for the ₹409 crore preferential issue alongside the Nomination & Remuneration Committee's submission to the RBI regarding the appointment of the permanent MD & CEO.
Ujjivan SFB Q2FY27 PAT Jumps 200% YoY to ₹365 Cr; Deposits Cross ₹50,000 Cr
Ujjivan Small Finance Bank reported its highest-ever quarterly PAT of ₹365 Cr for Q2FY27, up 200% YoY and 15% QoQ. Total deposits crossed the ₹50,000 Cr milestone to reach ₹50,643 Cr (+29.2% YoY), while gross loan book expanded 32% YoY to ₹45,699 Cr with secured book reaching 52%. Asset quality improved as GNPA declined to 2.1% (from 2.5% YoY) and NNPA dropped to 0.3%. Additionally, the Board approved a ₹409 Cr preferential allotment (~3.3% of current market cap of ₹12,490 Cr), and MD Mr. Nautiyal announced an early retirement on health grounds.
Confidence: HIGH
What changedUjjivan SFB presented Q2FY27 results showing record quarterly profitability, alongside announcing a ₹409 Cr preferential capital raise and an early retirement by its MD.
Why it mattersThe bank demonstrated strong operating leverage with RoA expanding to 2.4% and RoE to 19.7%, while shifting loan mix further toward secured lending (52%) to insulate against microfinance cyclicality.
Q2FY27 PAT: ₹365 CrQ2FY27 NII: ₹1,244 CrTotal Deposits: ₹50,643 CrGross Loan Book: ₹45,699 CrGNPA / NNPA: 2.1% / 0.3%Preferential Allotment vs Market Cap: ~3.3%
📅 Short termPositive sentiment driven by a sharp earnings recovery and deposit milestone, though news of early retirement of the MD requires leadership transition monitoring.
📈 Long termProgress towards 52% secured lending, stable cost of funds at 6.9%, and expanding branch reach (880 branches) support sustainable RoE above 18-19%.
⚠ Risk flags
- Leadership transition risk following the early retirement of the MD
- MFI asset quality sensitivity to regional economic or regulatory events
Key Highlights
Net profit surged 200% YoY to a record ₹365 Cr in Q2FY27 from ₹122 Cr in Q2FY26
Net Interest Income rose 35% YoY to ₹1,244 Cr, with NIM at 8.4% and PPoP rising 50% to ₹594 Cr
Total deposits surpassed ₹50,000 Cr milestone, up 29.2% YoY to ₹50,643 Cr
Asset quality strengthened with GNPA down 35 bps YoY to 2.1% and NNPA at 0.3%
Board approved ₹409 Cr preferential allotment, boosting proforma CRAR by ~1.2% above 20.69%
👀 What to Watch
Track shareholder approval for the ₹409 Cr capital raise and regulatory approval for the new MD & CEO candidate following Mr. Nautiyal's early retirement.
SG Finserve Plans ₹48 Cr GIFT City Venture, Makes Minority Acquisitions, and Replaces Internal Auditor
SG Finserve's Board has approved an investment plan of up to USD 5 million (approximately ₹48 crore) to establish a wholly owned finance subsidiary in GIFT City, subject to regulatory approvals. The Board also approved the acquisition of a 24.5% stake in group shared-services company SG Enterprise Solutions for ₹1.22 lakh from related party SG Green Buildings, alongside a 15.5% stake purchase in Succesship Technologies. Additionally, Q2 FY27 standalone and consolidated un-audited financial results were approved, and Mr. Alok Bhushan was appointed Internal Auditor following the transition of Mr. Saurabh Mishra.
Confidence: HIGH
What changedThe Board sanctioned strategic expansions including a GIFT City subsidiary, two minority acquisitions, and appointed a new Head of Internal Audit.
Why it mattersThe GIFT City expansion enables offshore financing activities, while the ₹48 crore commitment represents ~11.9% of TTM revenue (₹402 crore) and ~3.3% of net worth (₹1,460 crore).
GIFT City planned investment: USD 5 million (approximately ₹48 crore)GIFT City investment vs TTM revenue: ~11.9%SG Enterprise Solutions acquisition stake: 24.5%SG Enterprise Solutions consideration: ₹ 1,22,500Succesship Technologies stake: 15.5%Projects under implementation outstanding: ₹43,487.75 Lakhs
📅 Short termMarket reaction is expected to be muted given the modest immediate capital outlay and pending regulatory nods for the GIFT City operation.
📈 Long termA presence in GIFT City could open cross-border and foreign currency financing avenues, aligning with the company's long-term AUM scale targets.
⚠ Risk flags
- Related-party transaction involved in acquiring 24.5% of SG Enterprise Solutions
- Regulatory approval uncertainty for setting up the GIFT City entity
Key Highlights
Approved up to USD 5 million (~₹48 crore) investment to set up a wholly owned NBFC subsidiary in GIFT City
Acquired 24.5% stake in related-party entity SG Enterprise Solutions for ₹1,22,500 to create an associate for group shared services
Approved acquisition of 15.5% equity shares in Succesship Technologies Private Limited
Appointed Mr. Alok Bhushan (ex-SBI DGM with 32+ years of experience) as Internal Auditor effective October 17, 2026
Reported 12 project finance accounts under implementation totaling ₹434.88 crore as of September 30, 2026
👀 What to Watch
Track the regulatory approval process and timeline for setting up the GIFT City subsidiary, as well as the detailed Q2 FY27 P&L metrics once fully released.
Q2 FY27 Net Profit Jumps 200% YoY to ₹365 Cr; Gross NPA Improves to 2.10%
Ujjivan Small Finance Bank reported strong financial results for Q2 FY27 (ended September 30, 2026), with net profit reaching ₹365.05 crore compared to ₹121.72 crore in Q2 FY26, a surge of roughly 200% YoY. Total income grew 26.3% YoY to ₹2,448.94 crore, driven by a 28% increase in interest earned to ₹2,153.36 crore. Asset quality showed clear improvement, with Gross NPA falling to 2.10% (from 2.45% YoY) and Net NPA declining to 0.31% (from 0.67% YoY). Provisions reduced significantly to ₹102.97 crore versus ₹234.96 crore in the year-ago quarter, supporting bottom-line expansion.
Confidence: HIGH
What changedBoard approved Q2 FY27 financial results showing robust profit expansion and improved asset quality metrics.
Why it mattersDemonstrates strong operational recovery, driven by lower credit costs (provisions down >50%) and steady interest income expansion.
Net Profit Q2 FY27: ₹365.05 crTotal Income Q2 FY27: ₹2,448.94 crGross NPA %: 2.10%Net NPA %: 0.31%Capital Adequacy Ratio: 20.69%
📅 Short termPositive sentiment expected due to substantial YoY profit growth and reduction in provisions and NPAs.
📈 Long termImproving asset quality and capital adequacy above 20% provide strong runway for ongoing secured book expansion and franchise scaling.
⚠ Risk flags
- Residual exposure to unsecured microfinance segment risks
- Pressure on cost of funds reflected in interest expended rising 19% YoY
Key Highlights
Net profit surged ~200% YoY to ₹365.05 crore for Q2 FY27 (₹36,505 lakh vs ₹12,172 lakh in Q2 FY26)
Total income rose 26.3% YoY to ₹2,448.94 crore (₹2,44,894 lakh)
Operating profit before provisions rose 50.2% YoY to ₹593.69 crore (₹59,369 lakh)
Provisions dropped 56.2% YoY to ₹102.97 crore (₹10,297 lakh vs ₹23,496 lakh)
Gross NPA declined to 2.10% (vs 2.45% YoY) and Net NPA contracted to 0.31% (vs 0.67% YoY)
👀 What to Watch
Track the upcoming investor presentation and management commentary on NIM trends, MFI collection efficiency, and the growth trajectory of the secured loan portfolio.
Q2 FY27 PAT Swings to ₹28.5 Cr; EBITDA Doubles to ₹76.9 Cr, Best Quarter in 5 Years
Solara Active Pharma Sciences reported a strong turnaround in Q2 FY27 with revenue growing 33% YoY to ₹417.8 Cr (₹4,178 Mn) and EBITDA surging 118% YoY to ₹76.9 Cr (₹769 Mn). The company returned to profitability, reporting PAT of ₹28.5 Cr compared to a net loss of ₹10.1 Cr in Q2 FY26. Growth was propelled by the core Base API business (revenue up 37% YoY to ₹327.3 Cr) and narrowing EBITDA losses in the commodity Ibuprofen segment to ₹0.2 Cr. Net debt declined by 19% over H1 FY27 to ₹500 Cr, bringing Net Debt/EBITDA down to 1.8x from 3.2x in FY26.
Confidence: HIGH
What changedSolara achieved its strongest quarterly operating profit in five years, driven by base API expansion, Ibuprofen business turning near-breakeven, and debt reduction.
Why it mattersRepresents a significant operational turnaround from FY24-FY26 losses, strengthening balance sheet leverage and expanding base business margins above 23%.
Q2 FY27 Revenue: INR 4,178 MnQ2 FY27 EBITDA: INR 769 MnQ2 FY27 PAT: INR 285 MnNet Debt (Sep 2026): INR 5,000 MnNet Debt to EBITDA: 1.8x
📅 Short termEarnings surprise and sharp expansion in operating margins to 18.4% should improve sentiment ahead of the Q2 earnings conference call.
📈 Long termDe-leveraging to 1.8x EBITDA and strategic pivoting toward high-margin complex APIs support structural margin improvement, contingent on the final decision regarding the Ibuprofen segment.
⚠ Risk flags
- Inflationary pressure on raw materials and solvents linked to Middle East tensions
- Commodity pricing volatility in the Ibuprofen business
Key Highlights
Q2 FY27 revenue rose 33% YoY and 9% QoQ to INR 4,178 Mn (₹417.8 Cr)
EBITDA more than doubled YoY (+118%) to INR 769 Mn with margin expanding 720 bps to 18.4%
PAT turned positive at INR 285 Mn (₹28.5 Cr) vs a loss of INR 101 Mn in Q2 FY26
Net debt dropped 19% in H1 FY27 to INR 5,000 Mn, lowering Net Debt to EBITDA to 1.8x from 3.2x in FY26
Ibuprofen business EBITDA loss narrowed to INR 2 Mn from INR 87 Mn in Q1 FY27, reaching near-breakeven
👀 What to Watch
Track the outcome of the strategic review regarding the Ibuprofen business expected within the next 12 weeks, and observe margin sustainability amid raw material inflationary pressures.
Solara Active Pharma Reports Q2 FY27 Consolidated PAT of ₹28.46 Cr, Revenue Up 33% YoY to ₹417.34 Cr
Solara Active Pharma Sciences reported a strong turnaround for Q2 ended September 30, 2026, with consolidated revenue from operations rising 33.1% YoY to ₹417.34 Cr compared to ₹313.54 Cr in Q2 FY26. Consolidated net profit reached ₹28.46 Cr versus a net loss of ₹10.10 Cr in the year-ago period, even after absorbing an exceptional loss of ₹4.50 Cr related to the sale of CWIP at its mothballed Vizag plant. For H1 FY27, revenue reached ₹798.94 Cr with a consolidated PAT of ₹44.77 Cr, reflecting continued operational recovery and reduced finance costs (down to ₹17.78 Cr in Q2 from ₹20.83 Cr YoY). Additionally, the company has collected ₹446.62 Cr out of its ₹449.95 Cr rights issue as of September 30, 2026.
Confidence: HIGH
What changedApproved unaudited Q2 and H1 FY27 results, showing strong revenue and margin turnaround to net profitability.
Why it mattersDemonstrates operational turnaround above the management's target quarterly run-rate of ₹350 Cr+, while balance sheet de-leveraging from rights issue proceeds aids lower interest costs.
Consolidated Q2 Revenue: ₹417.34 CrConsolidated Q2 PAT: ₹28.46 CrExceptional loss on CWIP sale: ₹4.50 CrQ2 Revenue vs TTM Revenue: ~29.2%Cumulative Rights Issue collected: ₹446.62 Cr
📅 Short termPositive sentiment is expected due to sequential and YoY earnings turnaround, exceeding the company's ₹350 Cr quarterly revenue run-rate target.
📈 Long termSignals stabilization of API operations and potential value unlock from the planned separation of the CRAMS/Polymers business.
⚠ Risk flags
- Accumulated standalone losses stand at ₹272.53 Cr as of September 30, 2026
- Vizag plant remains mothballed with ongoing asset write-downs/CWIP sales
- Commodity/pricing pressure from Chinese API competitors
Key Highlights
Q2 revenue from operations increased 33.1% YoY to ₹417.34 Cr from ₹313.54 Cr
Net profit swung to ₹28.46 Cr in Q2 compared to a loss of ₹10.10 Cr in Q2 of the previous year
H1 revenue reached ₹798.94 Cr with a net profit of ₹44.77 Cr (versus ₹0.42 Cr in H1 FY26)
Booked an exceptional loss of ₹4.50 Cr regarding sale of CWIP at the mothballed Vizag plant
Raised ₹446.62 Cr against the total ₹449.95 Cr rights issue as of September 30, 2026
👀 What to Watch
Track the sustainability of operating margins in subsequent quarters and observe progress regarding the proposed demerger of the CRAMS and Polymers business via Synthix Global Pharma Solutions.
NCLT Admits Balkrishna Paper Mills Capital Reduction; Face Value Cut from Rs 10 to Re 1
NCLT Mumbai has admitted Balkrishna Paper Mills' petition for capital reduction under Section 66 of the Companies Act. The scheme proposes adjusting accumulated losses of Rs 52.28 Cr against Rs 23.29 Cr in securities premium and by reducing paid-up equity share capital from Rs 32.22 Cr to Rs 3.22 Cr (cutting face value from Rs 10 to Re 1 per share). Additionally, Rs 110 Cr of 6.5% preference shares will be cancelled and reclassified as an unsecured non-interest bearing loan payable when funds permit. The petition has been admitted with the next hearing scheduled for January 21, 2027.
Confidence: HIGH
What changedNCLT Mumbai admitted the company's capital reduction petition and directed statutory and creditor notices to be served within 7 days.
Why it mattersThe company has suspended core manufacturing operations and carries negative net worth; the restructuring cleans up accumulated losses on the balance sheet but does not inject new cash.
Securities Premium Utilised: Rs. 23,28,61,241Equity Capital Reduction: Rs. 28,99,75,788Preference Capital Reclassified to Debt: Rs. 1,10,00,00,000Accumulated Losses as of Sep 30 2025: Rs. 2,78,39,19,643Next NCLT Hearing Date: 21.01.2027
📅 Short termTrading will reflect standard procedural progress for capital reduction; no immediate operational or cash flow impact over the coming weeks.
📈 Long termPaves the way for restructuring the balance sheet and exploring new business opportunities such as real estate, but core operational turnaround remains unproven.
⚠ Risk flags
- Severely impaired balance sheet with negative net worth (accumulated losses of Rs 278.39 Cr)
- Discontinued manufacturing operations with lack of major operating cash flows
- Creditor approvals/objections pending from secured and unsecured lenders
Key Highlights
Equity face value to be reduced from Rs 10 to Re 1 per share, lowering equity capital from Rs 32.22 Cr to Rs 3.22 Cr
Accumulated losses of Rs 52.28 Cr to be adjusted against Rs 23.29 Cr securities premium and Rs 28.99 Cr equity reduction
Rs 110 Cr preference share capital to be converted into unsecured non-interest-bearing debt
Company reported accumulated losses of Rs 278.39 Cr as of September 30, 2025
NCLT issued notices to 1 secured creditor (Rs 24.50 Cr) and 16 unsecured creditors (Rs 42.28 Cr) with return date set for January 21, 2027
👀 What to Watch
Track creditor and regulatory objections during the 3-month notice window leading up to the final NCLT hearing on January 21, 2027. Monitor subsequent steps regarding proposed diversification into real estate activities.
A-One Steels Settles NCLT Insolvency Dispute with Shri Khatu Shyam Ispat for Rs 3.80 Cr
A-One Steels India Limited has reached an amicable settlement regarding an insolvency petition filed by Shri Khatu Shyam Ispat Udyog LLP before the NCLT Bengaluru Bench. The total settlement value is Rs 3.80 crore, payable in two equal instalments. The company has already paid the first instalment of Rs 1.90 crore on October 15, 2026, with the remaining Rs 1.90 crore due by the end of October 2026. NCLT has scheduled the matter for November 6, 2026, to record final implementation and disposal of the case.
Confidence: HIGH
What changedA-One Steels resolved an operational creditor insolvency petition under Section 9 of the IBC by agreeing to a Rs 3.80 crore settlement.
Why it mattersThe settlement removes an existential threat of corporate insolvency resolution proceedings (CIRP) under NCLT for a modest financial outlay.
Settlement amount: Rs 3,80,00,000First instalment paid: Rs 1,90,00,000Second instalment due: Rs 1,90,00,000Next hearing date: November 06, 2026
📅 Short termRemoves near-term overhang of admission into insolvency proceedings, with final case closure anticipated in November 2026.
📈 Long termLimited; resolves a specific operational creditor dispute with negligible long-term structural impact on operations.
⚠ Risk flags
- Failure to pay the second instalment of Rs 1.90 crore by end of October 2026 could trigger hearing on admission under IBC
Key Highlights
Insolvency matter settled for a total consideration of Rs 3,80,00,000
First instalment of Rs 1,90,00,000 already remitted on October 15, 2026
Second instalment of Rs 1,90,00,000 to be paid by end of October 2026
Next NCLT hearing scheduled on November 06, 2026 for formal disposal of the case
👀 What to Watch
Track the payment of the remaining Rs 1.90 crore instalment by end of October 2026 and subsequent formal disposal of the case at the NCLT hearing on November 6, 2026.
Dynacons Wins ₹137.15 Cr Supreme Court Project for District Courts
Dynacons Systems & Solutions Limited has secured an order worth ₹137.15 crore (inclusive of GST) from the Supreme Court of India. The contract involves the supply, installation, testing, and commissioning (SITC) of 728 servers across 728 District Courts across India. The project has an execution and support tenure of 3 years. The total order value represents approximately 9.7% of the company's TTM revenue of ₹1,409 crore, reinforcing its order pipeline in the public/judiciary sector.
Confidence: HIGH
What changedDSSL secured a multi-year ₹137.15 crore contract from the Supreme Court of India.
Why it mattersEnhances revenue visibility over the next 3 years (~9.7% of TTM revenue) and solidifies Dynacons' track record in large-scale government IT infrastructure projects.
Order value: Rs. 137.15 croresOrder vs TTM revenue: ~9.7%Execution period: 3 yearsServers to be deployed: 728Locations covered: 728 District Courts
📅 Short termProvides positive sentiment for the stock following an order win of nearly 10% of annual revenue.
📈 Long termSupports the company's multi-year growth trajectory by expanding its footprint in public judicial systems and generating recurring support revenue over 3 years.
⚠ Risk flags
- Execution and delivery risks across 728 PAN-India court locations
- Working capital intensity typically associated with government contracts
Key Highlights
Project awarded by the Supreme Court of India valued at ₹137.15 crore (inclusive of GST)
Scope covers SITC of 728 servers across 728 District Courts for Case Information System software
Contract duration is structured over a period of 3 years
Scope includes 24x7x365 technical support, server virtualization, and high availability clustering
Order size constitutes approximately 9.7% of Dynacons' TTM revenue of ₹1,409 crore
👀 What to Watch
Track execution milestones, revenue recognition across the 3-year term, and operational margins reported in subsequent quarterly results.
Everest Industries Infuses ₹112.93 Cr in WOS Everest Buildpro
Everest Industries Limited has paid the first and final call amount of ₹1,12,93,02,900 (~₹112.93 Cr) to its wholly owned subsidiary, Everest Buildpro Private Limited (EBPL). Following this payment on October 15, 2026, 1,54,150 partly paid-up equity shares of face value ₹10 each stand converted into fully paid-up equity shares. Everest Industries continues to retain 100% shareholding in EBPL. The capital infusion is significant relative to Everest Industries' balance sheet, representing ~21.6% of its net worth (₹523 Cr) and ~17.1% of its market cap (₹660 Cr).
Confidence: HIGH
What changedEverest Industries paid ₹112.93 Cr to convert 1,54,150 partly paid-up shares into fully paid-up shares of its wholly owned subsidiary EBPL.
Why it mattersThe infusion provides EBPL with fresh capital to fund projects or debt obligations, amounting to roughly 21.6% of Everest Industries' net worth.
Call amount paid: Rs. 1,12,93,02,900/-Shares converted: 1,54,150Face value per share: Rs. 10/-Call amount vs Net worth: ~21.6%Call amount vs Market cap: ~17.1%
📅 Short termNeutral immediate impact as this is an internal capital reallocation to a 100% owned subsidiary, though it represents a sizeable cash outflow.
📈 Long termDepends on EBPL's operational focus and return on capital, particularly in scaling manufacturing or supporting business lines.
⚠ Risk flags
- Large capital commitment relative to net worth (21.6%) and current debt levels (₹117 Cr)
Key Highlights
Paid first and final call amount of Rs. 1,12,93,02,900 to wholly owned subsidiary EBPL
Converted 1,54,150 partly paid-up equity shares (face value Rs. 10 each) into fully paid-up shares
Call payment executed on October 15, 2026, pursuant to call notice from EBPL
Everest Industries continues to maintain 100% equity ownership in EBPL
👀 What to Watch
Track the deployment of this ₹112.93 Cr capital in upcoming quarterly updates to see if funds are directed toward new capacity ramp-up or operational expansion.
Ujjivan SFB to Raise ₹409.04 Cr via Preferential Issue to IFC and Life Insurers at ₹64.73/Share
The Board of Ujjivan Small Finance Bank has approved a preferential allotment of up to 6,31,91,619 equity shares at ₹64.73 per share to raise approximately ₹409.04 crore. The proposed allottees include existing shareholder International Finance Corporation (IFC) contributing ₹249.04 crore, alongside Bajaj Life, Aditya Birla Sun Life, and HDFC Life Insurance. The capital raise represents ~3.3% of the bank's current market cap of ₹12,490 crore and ~6.1% of its net worth. The transaction is subject to shareholder approval at an EGM scheduled for November 13, 2026.
Confidence: HIGH
What changedThe bank approved entering into subscription and policy agreements to execute a ₹409.04 crore preferential equity issue to IFC and three domestic life insurance institutions.
Why it mattersThe fundraise augments the bank's Tier-1 capital base, supporting balance sheet expansion towards secured lending (micro-mortgages, affordable housing) while validating institutional confidence at ₹64.73 per share (near current market price of ₹64.30).
Total fundraise value: ₹409.04 croreIssue price per share: Rs. 64.73Fundraise as % of Market Cap: ~3.3%Fundraise as % of Net Worth: ~6.1%IFC post-issue holding: 4.99%
📅 Short termStock sentiment should be supported as the issue price of ₹64.73 aligns closely with the prevailing market price of ₹64.30, with reputable marquee institutional participation.
📈 Long termStrengthens capital adequacy to accelerate the shift into secured assets, helping mitigate asset quality cyclicality in the uncollateralized microfinance book.
⚠ Risk flags
- Pending approval by shareholders at the EGM on November 13, 2026, and in-principle stock exchange approvals
- Minor equity dilution of ~3.1% on existing equity base
Key Highlights
Preferential issuance of up to 6,31,91,619 equity shares at ₹64.73 each (face value ₹10 + premium of ₹54.73)
Total consideration of up to approximately ₹409.04 crore on a private placement basis
IFC to subscribe to 3,84,73,561 shares (₹249.04 crore), raising its post-issue holding from 3.18% to 4.99%
Institutional insurance investors Bajaj Life (0.70%), Aditya Birla Sun Life (0.38%), and HDFC Life (0.38%) to hold stakes post-issue
Shareholder approval will be sought at an Extraordinary General Meeting (EGM) on November 13, 2026
👀 What to Watch
Track the outcome of the shareholder vote at the EGM on November 13, 2026, followed by stock exchange in-principle and listing approvals.
