Executive Summary
Across 33 filings in the India Corporate Insolvency & NCLT stream, dominant themes include NCLT-sanctioned amalgamations and schemes (9/33 filings, e.g., Adani Enterprises, Adani Ports, Utkarsh SFB, Citizen Infoline) signaling group restructuring and consolidation without winding up. Auto sector exhibits robust FY26 performance with record sales volumes: TVS +24% YoY to 58.89L units, Maruti 2.42M units (3rd year >2M), M&M SUVs +20% YoY to 660k, Tata CV +14% YoY to 428k, Ashok Leyland cum +13% YoY. Adani group shines with capacity milestones (APSEZ 500M tonnes cumulative, 633MTPA capacity, IND AAA ratings; AGEL 5GW+ FY26 addition to 19.3GW, 50GW target 2030). Aviation faces headwinds (IndiGo fuel charge hikes +130% MoM ATF, CRISIL watch developing amid 17% ASKM disruption). No insider trading or dividend/buyback trends noted; neutral mgmt changes in IT/banking. Portfolio-level: Auto growth avg +18-25% YoY outperforms, while aviation margins pressured (Ebitdar -410bps to 20%). Critical: Stream underscores IBC efficiency with swift NCLT approvals enabling value unlocks.
Tracking the trend? Catch up on the prior India NCLT Insolvency Resolution Filings digest from March 26, 2026.
Investment Signals(12)
- Adani Ports↓(BULLISH)▲
Surpassed 500M tonnes cumulative cargo (each 100M faster post-initial 16yrs), 633MTPA capacity, 28% market share, IND AAA/Stable ratings on ₹262B debt
- TVS Motor↓(BULLISH)▲
Record FY26 sales +24% YoY to 58.89L units, Q4 +28% to 15.6L, March +25% with EVs +44%, intl +25%
- Adani Green↓(BULLISH)▲
FY26 record 5,051MW addition (+3,409MW solar, 686MW wind), total 19.3GW (Khavda 9.4/30GW by 2029), 50GW target 2030, +360MW/BESS operationalized
- Maruti Suzuki↓(BULLISH)▲
FY26 record 2.42M sales (+ domestic 1.86M, exports 448k), OEM sales +6% YoY to 113k, March production +19% YoY driven by UV +42%
- Mahindra & Mahindra↓(BULLISH)▲
March auto +21% YoY to 100k (SUVs +25%), FY26 SUVs record +20% to 660k, tractors +24% to 506k, 3W +30%
- Tata Motors↓(BULLISH)▲
Q4 FY26 CV +25% YoY to 132k (domestic +26%), FY26 +14% to 428k, EV +59% FY26, MH&ICV +26% Q4
- Ashok Leyland↓(BULLISH)▲
March sales +5% YoY to 25k (M&HCV trucks +11%), FY26 cum +13% to 220k, domestic LCV +14% cum
- Sammaan Capital↓(BULLISH)▲
IHC acquires 41.5% promoter stake, launches NCD repurchase (maturity to Jul 2026) at par to optimize debt/cost
- Adani Enterprises↓(BULLISH)▲
NCLT scheme effective Apr1, allot 90L shares to AEBPL holders (RD Apr14), streamlining green/emerging biz
- Utkarsh SFB(BULLISH)▲
Unsecured creditors approve amalgamation with Utkarsh CoreInvest (NCLT Allahabad, Mar28 meeting)
- ITC↓(BULLISH)▲
Acquires control of Sproutlife (Yoga Bar, turnover +85% YoY to ₹200Cr FY25) via board majority, bolstering foods portfolio
- Wipro↓(BULLISH)▲
Launches AI-Native unit with platforms (NetOxygen etc.), Nagendra Bandaru CEO, Kanwar Singh appt (30+ yrs exp)
Risk Flags(7)
- Maruti Suzuki/Segment Declines↓[HIGH RISK]▼
Mini FY26 -10.7% YoY to 112k, Mid-Size -76.4% YoY to 1.98k, Ciaz production 0 vs 1.5k Mar25
- IndiGo/Fuel Costs[HIGH RISK]▼
Fuel charges revised Apr2 (+130% MoM regional ATF, partial pass-through), ATF 35-40% op costs, Ebitdar margin -410bps to 20% 9MFY26
- IndiGo/Ratings[HIGH RISK]▼
CRISIL AA-/A1+ on Watch Developing (ME conflict 17% ASKM hit, crude +60-70%, INR Rs93.5-94/USD)
- Mahindra & Mahindra/Exports↓[MEDIUM RISK]▼
Auto exports -4% Mar26 to 4k, tractors exports -31% Mar to 1.6k
- Ashok Leyland/Bus Sales↓[MEDIUM RISK]▼
M&HCV Bus -24% MoM Mar to 3k, domestic -34% to 2.1k, cum domestic flat 0% YoY
- Tata Motors/Intl CV↓[MEDIUM RISK]▼
March intl sales -4% YoY to 2.15k amid West Asia conflict
- Maruti Production/Compact[MEDIUM RISK]▼
Compact +2% YoY Mar to 92k (flat), Mid-Size to 0
Opportunities(8)
- Adani Ports/NCLT Amalgamation↓(OPPORTUNITY)◆
Wholly-owned Adani Harbour Services merged (NCLT Ahmedabad Apr1 sanction), streamlines ops post-Nov25 filing
- Adani Enterprises/Share Allotment↓(OPPORTUNITY)◆
90L new shares to AEBPL holders (RD Apr14, MC mtg Apr15), unlocks value from AGTL/AEBPL merger
- Citizen Infoline/NCLT Sanction↓(OPPORTUNITY)◆
Amalgamation of Citizen Solar sanctioned Mar19 (App Date Apr1'23), transfers assets/liabs w/o winding up
- Ekam Leasing/NCLT Filing↓(OPPORTUNITY)◆
Joint First Motion for Rex Overseas & S&S Balajee merger filed Mar31 (New Delhi), potential consolidation play
- Punj Lloyd/Asset Sale↓(OPPORTUNITY)◆
Sells 100% Sembawang Infra (0% revenue contrib) for nominal ₹0.01/share to AIF, cleans balance sheet
- Sammaan Capital/Buyback↓(OPPORTUNITY)◆
Sec&Inv Committee mtg Apr7 for USD bond buyback, post-IHC 41.5% stake, uses surplus to cut debt costs
- Adani Green/Capacity Ramp↓(OPPORTUNITY)◆
Khavda site 9.4GW/30GW by 2029, BESS 1.4GWh operational, global #1 FY26 greenfield ex-China
- TVS Motor/EV Growth↓(OPPORTUNITY)◆
EVs +44% Mar to 39k, intl 2W +23%, all segments double-digit FY26 growth
Sector Themes(5)
- Auto Sales Surge(BULLISH SECTOR)◆
6/6 auto firms (TVS +24%, Maruti 2.42M rec, M&M SUVs +20%, Tata CV +14%, Ashok +13% cum, Maruti prod +19%) hit FY26 records, SUVs/EVs lead (+25-59% YoY), exports mixed; implies sector outperformance amid infra push
- Adani Group Restructuring(BULLISH CONSOLIDATION)◆
7/33 filings on NCLT schemes (APSEZ Harbour merge, AEL AGTL/AEBPL/ATL amalgamations effective Apr1, high ratings), capacity milestones (Ports 633MTPA, Green 19.3GW); consolidates for 1B tonnes/50GW targets
- Aviation Cost Pressures(BEARISH MARGIN)◆
IndiGo dual filings show ATF +130% MoM (fuel 35-40% costs), charges up to ₹10k intl, Ebitdar -410bps, ratings Watch; 17% ASKM disrupted, contrasts auto strength
- NCLT/IBC Efficiency(POSITIVE RESOLUTION)◆
7 filings (Utkarsh creditor approval, Ekam filing, Citizen sanction, Adani schemes) w/ swift approvals (Mar16-Apr1), no winding up; enables value transfer/share allotments vs prolonged insolvency
- IT Reorg Neutral(NEUTRAL RESTRUCTURE)◆
Wipro 4 filings (AI unit launch +ve, but mgmt shifts/mergers/transfers neutral, no financial impact); focuses structure simplification, no promoter benefits
Watch List(8)
Record Date Apr14 for 90L shares to AEBPL holders, MC mtg Apr15 approval; monitor share issuance impact [Apr14-15]
Sec&Inv Committee mtg Apr7 for USD bond buyback; watch approvals, tender deadline Apr15, debt optimization [Apr7]
- IndiGo/Fuel & Ratings👁
Fuel charge revisions effective Apr2, CRISIL Watch Developing; track ATF/crude/INR, Q4 earnings for margin guidance [Ongoing Q4]
- Utkarsh SFB/Amalgamation👁
Creditor approval Mar28; monitor NCLT final order post-scrutinizer report Mar31 [Near-term]
Joint First Motion filed Mar31 (Diary 0710102); watch NCLT New Delhi hearings for merger progress [Upcoming]
NCLT sanction Mar19; track RoC filing for Effective Date, asset transfer [Near-term]
IND AAA/Stable affirmed Apr1 on ₹262B facilities; monitor debt issuance/utilization [Ongoing]
New unit CEO appts effective Apr1; watch Q4 earnings for AI revenue contribution, client wins [Q4 FY26]
Filing Analyses(33)
01-04-2026
Adani Ports and Special Economic Zone Ltd (APSEZ) announced surpassing the 500 million tonnes cumulative cargo handling milestone, achieved with each subsequent 100 million tonnes added faster than the previous after the initial 16 years to reach the first 100 million. The company operates a network of 15 ports and terminals covering 95% of India's hinterland, with current capacity of 633 million tonnes per annum and 28% market share. APSEZ targets 1 billion tonnes throughput by 2030, reinforcing its role in India's infrastructure growth.
- ·Recognized in top 5% of global transportation firms in 2025 S&P Global Corporate Sustainability Assessment (95th percentile)
- ·Five ports featured in World Bank's Container Port Performance Index 2024
01-04-2026
Maruti Suzuki India Limited achieved record FY 2025-26 total sales of 2,422,713 units, surpassing 2 million units for the third consecutive year, with highest-ever domestic sales of 1,861,704 units and exports of 447,774 units. March 2026 sales reached 225,251 units, including domestic sales of 169,428 units and exports of 47,040 units. However, the Mini segment declined 10.7% YoY to 112,291 units in FY 2025-26, and Mid-Size sales plummeted 76.4% YoY to 1,980 units.
- ·Sales to other OEM in March 2026: 8,783 units (up from 6,882 units YoY)
- ·FY 2025-26 sales to other OEM: 113,235 units (up from 106,422 units)
- ·Light Commercial Vehicles (LCV) domestic sales FY 2025-26: 38,575 units (up 11.9% YoY)
- ·Vans (Eeco) FY 2025-26: 139,769 units (up 3.0% YoY)
01-04-2026
Wipro Limited disclosed changes in senior management personnel under Regulation 30: Mr. Nagendra Bandaru transitions from President and Managing Partner of Technology Services Global Business Lines to Chief Executive Officer of AI-Native Business & Platforms Unit, effective April 1, 2026. Mr. Kanwar Singh is appointed President and Managing Partner of Technology Services GBLs, effective April 1, 2026, while Ms. Suzanne Dann steps down as Chief Executive Officer of Americas-2 Strategic Market Unit, effective close of business on May 3, 2026.
- ·Mr. Kanwar Singh has over 30 years of experience, including 19 years at Accenture leading global technology delivery and GCC business; holds BE in Electronics & Communications from IIT Roorkee.
- ·Ms. Suzanne Dann submitted resignation letter dated April 1, 2026.
01-04-2026
Wipro Limited announced the launch of a dedicated AI-Native Business & Platforms Unit to complement its core services, accelerate enterprise-grade agentic AI solutions, and drive scalable growth through platforms like NetOxygen, CROAMIS, IHS, HPS, Enterprise Telco AI, WINGS, and WEGA. Nagendra Bandaru appointed as CEO of the new unit, with Kanwar Singh joining as President and Managing Partner of Technology Services GBL, both reporting to CEO Srini Pallia. This strategic pivot aims to enhance AI-led innovation and client outcomes with no reported challenges.
- ·Organizational changes effective April 1, 2026.
- ·Nagendra Bandaru has been with Wipro for nearly three decades; Kanwar Singh has over 30 years of experience.
01-04-2026
TVS Motor Company achieved its highest ever sales in FY 2025-26, growing 24% YoY to 58.89 Lakh units, with Q4 FY 2025-26 sales reaching a record 15.60 Lakh units, up 28% YoY from 12.16 Lakh units. March 2026 monthly sales hit 519,358 units, a 25% YoY increase from 414,687 units, led by 25% growth in two-wheelers (498,134 units), 46% in three-wheelers (21,224 units), 44% in EVs (38,877 units), and 25% in international business (141,443 units). All segments showed strong double-digit growth, including motorcycles at 18% (232,788 units) and scooters at 31% (217,624 units).
- ·International two-wheeler sales grew 23% to 125,751 units in March 2026 from 102,498 units in March 2025.
01-04-2026
The Composite Scheme of Arrangement sanctioned by NCLT on March 16, 2026, became effective on April 01, 2026, leading to the amalgamation of Adani Green Technology Limited (AGTL) and Adani Emerging Businesses Private Limited (AEBPL) into Adani Enterprises Limited (AEL), and Adani Tradecom Limited (ATL) into Adani New Industries Limited (ANIL), with the involved entities dissolved without winding up. AEL will allot 90,11,048 equity shares of Re. 1/- each fully paid up to eligible shareholders of AEBPL as on the Record Date of April 14, 2026. The Management Committee meeting for approving the allotment is scheduled for April 15, 2026.
- ·NCLT Order dated March 16, 2026
- ·Scrip Codes: BSE 512599, NSE ADANIENT
- ·Face value of equity shares: Re. 1/- each fully paid up
01-04-2026
Unsecured creditors of Utkarsh Small Finance Bank Limited approved the Scheme of Amalgamation with Utkarsh CoreInvest Limited with the requisite majority at the NCLT-convened meeting held on March 28, 2026, pursuant to the order of the National Company Law Tribunal, Allahabad Bench, Prayagraj. The scrutinizer’s report, including e-voting results, dated March 31, 2026, has been disclosed to BSE and NSE. No financial metrics or period comparisons are provided in the filing.
- ·Scrip Codes: 543942, 975790, 959644; Symbol: UTKARSHBNK 976203
- ·Disclosure available on www.utkarsh.bank.in
- ·Prior letter reference dated March 28, 2026
01-04-2026
The Composite Scheme of Arrangement sanctioned by NCLT on March 16, 2026, became effective on April 01, 2026, leading to the amalgamation of Adani Green Technology Limited (AGTL) and Adani Emerging Businesses Private Limited (AEBPL) into Adani Enterprises Limited (AEL), and Adani Tradecom Limited (ATL) into Adani New Industries Limited (ANIL), with the amalgamated entities dissolved without winding up. AEL will allot 90,11,048 equity shares of Re. 1/- each to eligible shareholders of AEBPL as on the Record Date of April 14, 2026. The Management Committee meeting for approving the allotment is scheduled for April 15, 2026.
- ·NCLT Order dated March 16, 2026
- ·Effective Date and Appointed Date: April 01, 2026
- ·Record Date for AEBPL shareholders: April 14, 2026
- ·Management Committee meeting for share allotment: April 15, 2026
- ·Scrip Codes: BSE 512599, NSE ADANIENT
01-04-2026
Adani Enterprises Limited (AEL) announced the Composite Scheme of Arrangement became effective on April 01, 2026, leading to the amalgamation of Adani Green Technology Limited (AGTL) and Adani Emerging Businesses Private Limited (AEBPL) into AEL, and Adani Tradecom Limited (ATL) into Adani New Industries Limited (ANIL), with AGTL, AEBPL, and ATL dissolved without winding up. Equity shareholders of AEBPL recorded as on the Record Date of April 14, 2026, will receive 90,11,048 equity shares of AEL (face value Re. 1/- each). The Management Committee meeting to approve the allotment is scheduled for April 15, 2026.
- ·Scheme sanctioned by NCLT Ahmedabad Bench via order dated March 16, 2026
- ·Appointed Date and Effective Date: April 01, 2026
- ·Scrip Codes: 512599 (BSE), ADANIENT (NSE)
01-04-2026
Wipro Limited informed stock exchanges that its step-down subsidiary Cardinal US Holdings, Inc. transferred its entire membership interest in another step-down subsidiary Capco Consulting Services LLC to The Capital Markets Company, LLC, effective March 30, 2026 (Eastern Time). The transaction aims to rationalize and simplify the overall group structure. No benefits to promoters/promoter group or changes in shareholding pattern of listed entities were reported.
- ·Intimation received by Wipro on April 1, 2026.
- ·Post-transfer ownership: The Capital Markets Company, LLC holds 100% of Capco Consulting Services LLC.
- ·No quantitative or qualitative benefits to promoter/promoter group or group companies from the restructuring.
01-04-2026
Maruti Suzuki India Limited reported grand total production of 231,933 vehicles in March 2026, a 19.0% increase from 194,901 units in March 2025, primarily driven by strong growth in Utility Vehicles to 102,622 units (+42.2% YoY). However, the Compact segment showed flat growth of 2.0% to 92,421 units, and Mid-Size production (Ciaz) declined to zero from 1,498 units. Total Passenger Vehicles rose 19.2% to 227,942 units.
- ·Mini segment production: 19,862 units (+31.0% YoY from 15,167).
- ·Vans (Eeco): 13,037 units (+10.8% YoY from 11,755).
- ·Light Commercial Vehicles (Super Carry): 3,991 units (+7.2% YoY from 3,721).
01-04-2026
Ekam Leasing & Finance Co. Limited filed the Joint First Motion Application for the Scheme of Amalgamation of Rex Overseas Private Limited and S & S Balajee Mercantile Private Limited with the company before the Hon’ble National Company Law Tribunal, New Delhi Bench, on 31st March 2026 (Diary No. 0710102/02425/2026). This follows prior intimations dated 23rd January 2026 and 31st January 2026 under SEBI LODR Regulations. Further developments will be intimated to the stock exchange as required.
- ·Scrip Code: 530581
- ·Filing Diary No.: 0710102/02425/2026
- ·NCLT Bench: New Delhi
01-04-2026
Adani Power Limited disclosed updated contact details of its authorized Key Managerial Personnel (KMP) under Regulation 30(5) of SEBI (LODR) Regulations, 2015, for determining materiality of events and stock exchange disclosures. The KMP include Mr. Anil Sardana (Managing Director, investor.apl@adani.com), Mr. Shersingh Khyalia (Whole-time Director & CEO, 079-26567555), Mr. Dilip Kumar Jha (CFO), and Mr. Puneet Bansal (Company Secretary). This information has been updated on the company's website www.adanipower.com.
- ·Scrip Codes: BSE 533096, NSE ADANIPOWER
- ·Registered Office: “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421, Gujarat, India
- ·CIN: L40100GJ1996PLC030533
01-04-2026
Wipro Limited completed mergers of two step-down subsidiaries: Capco RISC Consulting LLC merged into The Capital Markets Company, LLC effective March 30, 2026, and Cardinal US Holdings, Inc. merged into Wipro IT Services, LLC effective March 31, 2026. These internal transactions aim to rationalize and consolidate the overall group structure, with no impact on related party transactions, cash consideration, share exchange ratios, or the listed entity's shareholding pattern.
- ·Mergers intimated to exchanges on April 1, 2026.
- ·Both entities involved are engaged in IT services, consulting, business process services, and IT products globally.
- ·Cardinal US Holdings, Inc. specifically provides software development services.
01-04-2026
ICICI Bank Limited has announced the completion of the transfer of investment management rights for five specific AIFs from ICICI Venture Funds Management Company Limited (IVen) to ICICI Prudential Asset Management Company Limited (IPru AMC), effective April 1, 2026, following requisite approvals. This follows prior disclosures on May 9, 2025, and March 2, 2026. The affected AIFs include India Advantage Fund S4 I, India Advantage Fund S5 I, India Advantage Fund S5 II, India Real Estate Investment Fund Series 2, and Iven Amplifi Fund.
- ·SEBI Registration Nos: IN/AIF2/15-16/0170 (India Advantage Fund S4 I), IN/AIF2/21-22/0939 (India Advantage Fund S5 I), IN/AIF2/21-22/0998 (India Advantage Fund S5 II), IN/AIF2/22-23/1144 (India Real Estate Investment Fund Series 2), IN/AIF2/23-24/1341 (Iven Amplifi Fund)
- ·Intimation received by ICICI Bank on April 1, 2026 at 4:20 p.m.
- ·Copies sent to NYSE, Japan Securities Dealers Association, Singapore Stock Exchange, SIX Swiss Exchange Ltd.
01-04-2026
Oil and Natural Gas Corporation Limited (ONGC) has received an unsolicited ESG Rating Report from SEBI-registered provider ESG Risk Assessments & Insights Limited (ESGRisk.ai), prepared independently for stakeholders without company consultation. The report is attached as Annexure A. Separately, ONGC's Business Responsibility and Sustainability Report has been reasonably assured by Bureau Veritas.
- ·Intimation pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- ·NSE Symbol: ONGC (EQ); BSE Security Code: Equity 500312, NCD 959881
- ·Filing Date: April 01, 2026
01-04-2026
IndiGo (InterGlobe Aviation Limited) is revising fuel charges effective 0001 hrs on April 2, 2026, due to over 130% month-on-month increase in regional ATF prices, with government ministries allowing only a partial 25% staggered pass-through for domestic operations to support affordability. Domestic fuel charges per sector now range from ₹275 (0-500 kms) to ₹950 (above 2,000 kms), while international charges reach up to ₹10,000 for UK & Europe routes, passing on a smaller portion to customers amid doubled international fuel costs. Despite these pressures, IndiGo operates 2,200+ daily flights with a 400+ aircraft fleet, connecting 95+ domestic and 40+ international destinations, and served 124 million customers in CY25.
- ·Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- ·Filing dated April 1, 2026; revisions apply to all new bookings from 0001 hrs on April 2, 2026.
- ·IndiGo named ‘Best Airline in India and South Asia’ by Skytrax World Airline Awards 2025 and sixth Most Punctual Airline in Asia-Pacific 2025 by Cirium.
01-04-2026
India Ratings and Research Pvt. Ltd. has assigned and affirmed high credit ratings for Adani Ports and Special Economic Zone Limited's debt facilities, including IND AAA/Stable for proposed NCDs (₹64 Billion), existing NCDs (₹108.52 Billion), and bank loan facilities (₹90.20 Billion), with IND A1+ affirmed for commercial paper (₹67 Billion) and part of bank facilities (₹10 Billion). All relevant ratings carry a Stable outlook. No downgrades or negative changes were reported.
- ·Intimation under Regulation 30(6) of SEBI Listing Regulations.
- ·Filing reference: APSEZL/SECT/2026-27/2, dated April 1, 2026.
01-04-2026
Adani Ports and Special Economic Zone Limited informed that the National Company Law Tribunal, Ahmedabad Bench, has sanctioned the Scheme of Amalgamation of its wholly owned subsidiary, Adani Harbour Services Limited, with the company itself under Sections 230 to 232 of the Companies Act, 2013, via an order dated April 1, 2026. This update follows the company's earlier letter dated November 4, 2025. The amalgamation aims to streamline operations, with no financial impacts disclosed in the filing.
- ·Reference No: APSEZL/SECT/2026-27/3
- ·Scrip Codes: 532921 (BSE), ADANIPORTS (NSE)
- ·Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
01-04-2026
The Reserve Bank of India (RBI) issued a Master Direction consolidating incentives for banks to set up and operate Currency Chests (CCs) in North-Eastern regions and Jammu & Kashmir/Ladakh, including up to 100% capital cost reimbursement capped at ₹50 lakh and 50% revenue costs for the first 5 years, alongside service charges like ₹2 per packet for soiled note exchange and ₹65 per bag for coin distribution. However, it also enforces strict penalties for deficiencies, such as ₹10,000 per instance of poor customer service (escalating to ₹5 lakh for more than 5 instances annually) and per-piece penalties for shortages or counterfeits in CCs. This framework aims to enhance Clean Note Policy objectives and currency management efficiency.
- ·Penalties for shortages in SNRs/CC balances: ₹50 per piece (up to ₹50 notes), equal to face value for ₹100+ notes/coins.
- ·Counterfeit penalties in SNRs for ₹5/₹10/₹20 notes: recovery of notional value only.
- ·Applicability to all banks for incentives/penalties; CC-specific penalties only for banks with CCs.
- ·Effective date: day placed on RBI website.
- ·Previous circulars withdrawn as per Annex III.
01-04-2026
CRISIL Ratings has placed InterGlobe Aviation Limited (IndiGo)'s long-term rating at CRISIL AA-/Watch Developing and short-term at CRISIL A1+/Watch Developing due to the Middle East conflict impacting ~17% of ASKM, 60-70% rise in crude prices, and INR depreciation to Rs 93.5-94/USD, potentially pressuring ATF costs (35-40% of op cost) and profitability. For 9M FY26, revenue grew 6.6% YoY to Rs 62,524 crore, but Ebitdar margin declined to 20% from 24.1%; net debt/Ebitdar rose slightly to ~2.1x from ~2.0x, though liquidity remains strong with Rs 36,945 crore unencumbered cash as of Dec 31, 2025. Leadership transition includes appointment of William Walsh as new CEO (pending approval) replacing Pieter Elbers, with Rahul Bhatia as interim MD.
- ·Ongoing Middle East conflict led to cancellation of flights accounting for ~17% of total ASKM.
- ·INR depreciated to Rs 93.5-94.0 per USD from Rs 91 end-Feb 2026.
- ·ATF prices constitute 35-40% of total operating cost; lease rentals and maintenance another 35-40%.
- ·Competition Commission of India (CCI) investigation outcome remains monitorable.
- ·80% of fleet is fuel-efficient Neo planes; average fleet age ~4.7 years as of Dec 31, 2025.
01-04-2026
Adani Green Energy Limited (AGEL) has commercially operationalized an aggregate 360.5 MW of renewable energy projects, comprising 137.5 MW at Bandha, Rajasthan and 223 MW at Khavda, Gujarat, through its stepdown subsidiaries. Additionally, AGEL operationalized 1,376 MWh Battery Energy Storage System (BESS) projects at Khavda, Gujarat. This brings AGEL's total operational renewable generation capacity to 19,293.8 MW and total operational BESS capacity to 1,376 MWh, with the decision made at 10.43 p.m. on March 31, 2026 and power generation commencing April 01, 2026.
- ·Projects operationalized via stepdown subsidiaries listed in Annexure A (renewable) and Annexure B (BESS).
- ·Locations: Bandha, Rajasthan; Khavda, Gujarat.
- ·Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015.
01-04-2026
Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) has filed an intimation under Regulation 29(1) of SEBI LODR Regulations informing stock exchanges of a scheduled Securities and Investment Committee meeting on April 7, 2026, to consider and approve the buyback of USD denominated bonds, subject to approvals. The filing was made on April 01, 2026. No details on bond amounts, terms, or financial impact were disclosed.
- ·Scrip Codes: 535789, 890192 (SAMMAANCAP/EQ, SCLPP)
- ·CIN: L65922DL2005PLC136029
- ·Corporate Office: 1st Floor, Tower 3A, DLF Corporate Greens, Sector-74A, Gurgaon, Narsinghpur, Haryana – 122 004
01-04-2026
Adani Green Energy Limited achieved a record 5,051 MW (5 GW+) new renewable capacity addition in FY26, the highest greenfield annual expansion globally excluding China, comprising 3,409 MW solar, 686 MW wind, and 956 MW wind-solar hybrid, elevating its operational portfolio to 19.3 GW. Most additions were at the Khavda, Gujarat site, where cumulative capacity reached 9,413 MW out of a planned 30 GW by 2029, alongside 1,376 MWh BESS commissioning. This milestone supports AGEL's 50 GW target by 2030 and offsets 10 million tonnes of CO2 annually from new capacity, totaling 36 million tonnes.
- ·AGEL ranked first in Global Top 100 Green Utilities 2025 by Energy Intelligence
- ·Retained top sustainability performer in India power sector by NSE Ratings for second year
- ·Operating portfolio certified water positive, single-use plastic free, zero waste-to-landfill
- ·Khavda planned for 30 GW by 2029; company target 50 GW by 2030
01-04-2026
Sammaan Capital Limited has become an IHC Group Company after Avenir Investment RSC Ltd., an affiliate of International Holding Company PJSC (IHC), acquired a 41.5% stake through preferential allotment of equity shares and warrants, positioning IHC as the promoter with strategic control. Leveraging IHC's AED 876 billion (USD 239 billion) market capitalization and UAE's AA sovereign rating, the company announces a repurchase offer for specified Non-Convertible Debentures (NCDs) maturing up to July 31, 2026, at par using surplus liquidity to optimize debt structure and reduce cost of funds. This initiates a dynamic liability management programme to elongate tenor and lower borrowings costs.
- ·NCDs offered for repurchase mature up to 31st July, 2026
- ·Holders can tender via email bondpurchase@sammaancapital.com prior to April 15, 2026
- ·Acquired NCDs to be held as treasury stock until maturity
- ·Scrip Codes: 535789, 890192 SAMMAANCAP/EQ, SCLPP
01-04-2026
Mahindra & Mahindra reported robust March 2026 auto sales of 99,969 total vehicles (+21% YoY), led by 60,272 domestic SUVs (+25% YoY) and FY26 record highs of 660276 SUVs (+20% YoY) and 289597 LCVs <3.5T (+13% YoY), though LCV <2T sales were flat at 3526 units (0% YoY) and exports declined 4% to 3968 units. Farm Equipment achieved 43403 domestic tractor sales (+33% YoY) and a record FY26 of 505930 units (+24% YoY), despite March exports dropping 31% to 1632 units. Trucks & Buses sales totaled 4267 vehicles (+13% YoY), with MTBD cargo up 15% but SML cargo nearly flat at +2%.
- ·LCV 2-3.5T domestic March: 21402 units (+13% YoY); FY26 YTD: 251477 (+16% YoY)
- ·3 Wheelers domestic March: 10801 units (+39% YoY); FY26 YTD: 112003 (+30% YoY)
- ·Auto exports FY26 YTD: 40990 units (+18% YoY)
- ·Tractor FY26 domestic total: 505930 units (+24% YoY); total incl exports: 526403 (+24% YoY)
- ·MTBD passenger vehicles March: 724 units (+40% YoY)
01-04-2026
ITC Limited has acquired control of Sproutlife Foods Private Limited effective April 1, 2026, by gaining the right to nominate the majority of directors on its board, making Sproutlife a subsidiary under Section 2(87)(i) of the Companies Act, 2013. Sproutlife, engaged in manufacturing and selling innovative food products under the 'Yoga Bar' brand with a focus on digital-first sales, reported strong turnover growth from ₹88 Cr in 2022-23 to ₹108 Cr in 2023-24 (+22.7% YoY) and further to ₹200 Cr in 2024-25 (+85.2% YoY). This move aligns with ITC's strategy to bolster its foods segment portfolio.
- ·Sproutlife incorporated on 13th February, 2015.
- ·Country of operations: India.
- ·Positioned as a digital-first brand with high salience in online sales (D2C, e-commerce platforms) and growing offline presence.
- ·No governmental or regulatory approvals required for the acquisition.
- ·No cost of acquisition or consideration details applicable.
- ·Disclosure pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
01-04-2026
YES Bank Limited has appointed Mr. S. Anantharaman as Chief Risk Officer (CRO), effective April 1, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Anantharaman possesses over three decades of experience in banking and financial services, specializing in enterprise risk management, credit strategy, and regulatory governance. He previously served as Group Chief Risk Officer at Jio Financial Services and Chief Risk Officer at Bank of Baroda, with earlier roles at HDFC Bank and L&T Finance Holdings.
- ·Mr. Anantharaman is a Chartered Accountant (ACA) and Chartered Financial Analyst (CFA).
- ·Disclosure of relationships between Directors: N.A.
- ·Details hosted on Bank's website: www.yes.bank.in
01-04-2026
Punj Lloyd Limited entered into a Share Purchase Agreement dated March 31, 2026, with Diversified India Growth Fund for the sale of 100% shareholding in its subsidiary Sembawang Infrastructure (India) Private Limited, which had no revenue, turnover, or income in FY2024-2025 and thus contributed 0% to the company's metrics. The consideration is a nominal INR 0.01 per share, with expected completion on March 31, 2026. The transaction is at arm's length and not a related party deal.
- ·Subsidiary Sembawang Infrastructure (India) Private Limited had no revenue in FY2024-2025
- ·Buyer Diversified India Growth Fund is a Category II AIF (registration IN/AIF2/25-26/1819) acting through Dickey Asset Management Private Limited
- ·Prior intimation provided on February 13, 2026
- ·Not a related party transaction; buyer not part of promoter/promoter group/group companies
01-04-2026
Tata Motors reported strong Q4 FY26 total commercial vehicle sales of 1,32,465 units, up 25% YoY from 1,05,643 units, driven by 26% domestic growth to 1,25,562 units; full FY26 sales reached 4,28,329 units, a 14% YoY increase. March 2026 sales totaled 47,976 units (+17% YoY), with broad-based growth across HCV (29% Q4), ILMCV (27% Q4), and passenger carriers (31% March). However, international CV sales in March declined 4% YoY to 2,151 units, and monthly growth moderated due to West Asia conflict impacts.
- ·EV volumes saw 59% YoY growth in FY26.
- ·Domestic MH&ICV sales in Q4 FY26: 64,904 units (+26% YoY).
- ·Company name changed to Tata Motors Limited effective 29 October 2025; equity shares listed on BSE/NSE effective 12 November 2025.
- ·SCV cargo and pickup FY26 growth: 8% YoY to 1,50,396 units.
- ·Passenger Carriers FY26 growth: 9% YoY to 55,301 units.
01-04-2026
Ashok Leyland reported total vehicle sales of 25,381 units in March 2026 (domestic + exports), up 5% from 24,060 units in March 2025, driven by 11% growth in M&HCV Trucks to 14,470 units and 12% in LCV to 7,863 units; cumulative sales reached 220,437 units, a 13% increase YoY. However, M&HCV Bus sales declined 24% MoM to 3,048 units domestically + exports (from 4,019), with domestic monthly sales down 34% to 2,100 units and cumulative domestic flat at 0% (21,261 units). Overall M&HCV grew modestly 3% MoM but 13% cumulatively.
- ·Domestic M&HCV Trucks cumulative: 106,772 units (+14% YoY)
- ·Domestic total M&HCV cumulative: 128,033 units (+12% YoY)
- ·Domestic LCV cumulative: 74,322 units (+14% YoY)
- ·M&HCV Bus cumulative domestic + exports: 32,681 units (+12% YoY)
01-04-2026
NCLT Ahmedabad Bench (Court-II) sanctioned the scheme of amalgamation of Citizen Solar Private Limited (Transferor) into Citizen Infoline Limited (Transferee) on March 19, 2026, with Appointed Date of April 1, 2023; Effective Date to be the filing of the certified copy with RoC. The scheme transfers all assets, liabilities, rights, obligations, and employees (without service break) to Citizen Infoline Ltd., with Citizen Solar dissolving without winding up. The company confirms compliance with BSE observations dated May 12, 2025, and SEBI circulars, with no material financial impacts or discrepancies noted beyond routine regulatory undertakings.
- ·Case No.: CP (CAA) No.47 (AHM) of 2025 in CA (CAA) No. 34 of 2025
- ·NCLT Bench: Mrs. Chitra Hankare (Judicial Member), Dr. Velamur G Venkata Chalapathy (Technical Member)
- ·Board approvals: August 23, 2022
- ·BSE No Objection: May 12, 2025
- ·CINs: Citizen Infoline Ltd (L67120GJ1994PLC023561), Citizen Solar Pvt Ltd (U65993GJ2021PTC097598)
01-04-2026
Kansai Nerolac Paints Limited provided an update on the resignation of Mr. Hirokazu Kotera (DIN: 10707431) as Executive Director, effective close of business on 31st March, 2026, following directions from promoter Kansai Paint Co. Ltd., Japan. The company enclosed a revised list of its Board of Directors as on 1st April, 2026, comprising six members including Chairman Mr. Bhaskar Bhat and Managing Director Mr. Pravin D. Chaudhari. This follows an initial intimation dated 3rd February, 2026, in compliance with SEBI Listing Regulations.
- ·Disclosure made as per Regulation 30 read with Schedule III, Para A, Clause (7C) of SEBI (LODR) Regulations, 2015, and SEBI Circular dated 30th January, 2026.
- ·BSE Scrip Code: 500165; NSE Symbol: KANSAINER.
- ·CIN: L24202MH1920PLC000825.
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