Daily filing brief

10 Important BSE and NSE Announcements for 18 September 2026

By Daily BrieferPublished Updated

CESC outlined a 10 GW renewables target, while Cochin Shipyard discussed strategic projects and capex plans. Our 18 September 2026 edition also covers Vedanta’s proposed ₹3,500 crore NCD issue, acquisitions, financing and quarterly updates.

  1. CESC Ltd

    CESC FY26 revenue ₹18,927cr, PAT ₹1,618cr; accelerating 10 GW renewables via Purvah Green

    Investor Presentation

    Business Overview

    • Integrated utility with distribution-led growth, generation, renewables, and solar cell/module manufacturing.
    • Vision 2030 prioritizes higher regulated investment and multi-segment earnings.
    • Pursuing 10 GW renewables with 4.8 GWp contracted capacity.
    • Purvah Green converts development pipeline into contracted cash flows.
    • CPDL acquisition completed February 2025 expanding distribution footprint.

    Key Operational Highlights

    • Purvah Green acquired six SPVs from ReNew Solar Power.
    • Purvah Green: 1,411 MWp operational capacity; >90% SECI-tied.
    • Contracted renewable capacity stands at 4.8 GWp.
    • Committed capex ~₹26,000 Cr for renewables pipeline.
    • Capex plan: ₹6,000 Cr for distribution expansion.
    • 5-year capex program of ~₹350 bn ongoing.
    • FY26 revenue up 9% YoY; PAT up 13% YoY.
    • 9 million customers across 7 geographies.

    Financial Performance

    • FY26 consolidated revenue ₹18,927 Cr; EBITDA ₹4,707 Cr; PAT ₹1,618 Cr.
    • Standalone revenue ₹9,939 Cr; PAT ₹852 Cr.
    • OCF FY26 ₹40 bn, up 57% YoY.
    • Noida Power revenue ₹3,001 Cr; PAT ₹227 Cr.
    • Haldia Energy: revenue ₹2,166 Cr; EBITDA ₹825 Cr; PAT ₹286 Cr.
    • Dhariwal Infrastructure: revenue ₹2,250 Cr; EBITDA ₹797 Cr; PAT ₹359 Cr.
    • Malegaon DF: revenue ₹799 Cr; EBITDA -₹112 Cr; PAT -₹125 Cr.
    • Purvah Green annualized revenue ~₹600 Cr; annualized EBITDA ~₹3,000 Cr.

    Capital Structure & Liquidity

    • Self-funded growth driven by operating cash flow.
    • Capex funded via cash flows; no explicit debt data disclosed.
    • CPDL acquisition expands regulated asset base.

    Strategic Priorities & Outlook

    • Vision 2030 targets double-digit PAT growth and RoE expansion.
    • Capex focus on distribution, grid efficiency, and renewable deployment.
    • Target 10 GW renewables by 2030 with 3 GW cell/module manufacturing.
    • Purvah Green 2.0 to convert pipeline into recurring cash flow.

    Governance & Leadership

    • Acquired 100% stake in Chandigarh Power Distribution Limited w.e.f. 01 Feb 2025.
    • One woman director; 80% non-executive directors.
    • Zero whistle-blowing complaints reported.
    • Dividend track record with consistent payouts.
    View source

  2. Cochin Shipyard Ltd

    Cochin Shipyard Q1 FY27: turnover INR 1,094.21 cr; order book ~INR 22k cr; Drydocks World JV for ISRF; multiple capex plans

    Earnings Call Transcript

    Financial Performance

    • Q1 FY27 turnover INR 1,094.21 cr vs INR 1,068.59 cr in Q1 FY26
    • PBT INR 202.49 cr vs INR 249.54 cr in Q1 FY26
    • PAT INR 151.45 cr vs INR 187.82 cr in Q1 FY26
    • EBITDA margin for quarter ~24%
    • PAT margin ~14%

    Orders and Pipeline

    • Current unexecuted order book ~INR 22,000 cr
    • L1 for five next‑gen survey vessels for Indian Navy ~INR 5,000 cr
    • Post‑contract order book ~INR 27,000 cr

    Strategic Projects and Capex

    • ISRF 50:50 JV with Drydocks World Dubai; slump sale basis INR 1,800 cr; JV to be signed
    • Block Fabrication Facility at Kochi: CSL to develop independently at smaller scale; potential future partnership
    • Vadinar ship repair facility with Deendayal Port Authority; two floating drydocks; ~250 m vessels; environmental clearance; 36 months after clearance
    • Potential DDW collaboration for Vadinar operations
    • V.O. Chidambaranar Port Tuticorin: 30‑year lease; one‑time INR 305.76 cr; 110 acres land + 17.29 acres waterfront
    • Greenfield/Brownfield expansions to be funded via debt and equity; Shipbuilding Development Scheme support sought; Maritime Development Fund subvention up to 3%

    Cash Flow and Guidance

    • FY26 negative operating cash flow due to inventory/receivables; positive cash flow expected from FY27 with vessel deliveries
    • Return on capital (ROC) targeted around 14%–15% for new investments

    Q&A Highlights

    • Green Maritime Propulsion JV with HBL: target revenue INR 640 cr by year 5; EBITDA ~20%; capex INR 50 cr; CSL 40% stake
    • JV will marinize batteries; turnover from battery systems; revenue of tug remains with JV; HBL 60% stake
    • NGSV pipeline: expected contract ink around November this year; LPD, MCMV, P-17 Bravo bids discussed
    • Drydocks World ISRF JV: 60:40 split; ISRF turnover ~INR 600 cr in 2 years; 1,000–1,200 cr in 5 years
    • Dredger for DCI ~INR 1,300 cr; commercial tenders and export orders discussed; timelines vary
    • Block Fabrication capacity: current ~12,000 tpa; planned facility ~60,000 tpa; total ~72,000 tpa with existing
    • Tuticorin/Udupi/Vadinar timelines: environmental clearances and approvals required; ISRF/JV framework outlined
    View source

  3. Vedanta Ltd

    Vedanta approves private placement of up to ₹3,500 crore unsecured NCDs listed on BSE

    Issue of Securities

    NCD issuance details

    • Unsecured, rated, listed, redeemable NCDs of ₹1,00,000 face value each.
    • Issuance type: Private Placement.
    • Total up to 3,50,000 NCDs aggregating ₹3,500 crores.
    • Aggregate size: ₹3,500 crores.
    • Listing: Yes, on BSE Limited.
    • Tenure: As per the Disclosure Document.
    • Coupon/interest: As per the Disclosure Document.
    • Charge/security: As per the Disclosure Document.
    • Special rights/privileges: As per the Disclosure Document.
    • Default conditions: Not applicable as on date.
    • Redemption: As per the Disclosure Document.
    View source

  4. Gujarat Themis Biosyn Ltd

    Gujarat Themis Biosyn completes 100% acquisition of MicroBiopharm Japan to expand fermentation CDMO

    Acquisition

    Target overview

    • MBJ is a Japan-based pharma company in APIs, intermediates, and CDMO services.
    • Operates three GMP plants with FDA and PMDA inspection track records.
    • FY26 revenue: JPY 9.5 billion; over 60 years fermentation experience.
    • Top six customers; ~40% of revenue derived from outside Japan.

    Transaction details

    • Acquisition completed: 100% equity of MBJ acquired via TBJ.
    • Total consideration: JPY 21.5 billion; funded by debt and equity.
    • GTBL funded TBJ with INR 475 crore equity and INR 745 crore loan.
    • Loan facility to TBJ up to INR 800 crore.
    • Closing completed after customary regulatory approvals.
    • Annexure confirms no related party involvement; intra-group arrangement.
    • First announced May 22, 2026; closed September 18, 2026.

    Strategic rationale

    • Accelerates GTBL's shift to fermentation-based, globally integrated CDMO.
    • Gains MBJ's P450 enzyme platform for hydroxylation.
    • Expands API/Intermediates, oncology, immunosuppressants, peptides, antibiotics portfolios.
    • Adds plasmid DNA, ADC conjugation, and recombinant protein capabilities.
    • Three GMP sites enable regulated global manufacturing footprint.
    • ~40% MBJ revenue from outside Japan; strengthens blue-chip pharma relationships.
    • India manufacturing scale supports margin expansion.

    Target background

    • MBJ specializes in fermentation-based APIs/intermediates and CDMO services.
    • Three GMP plants with FDA/PMDA inspection track record.
    • Revenue driver includes oncology APIs/intermediates, plasmid DNA, and enzymes.
    • Long-standing relationships with top pharma customers; cross-border revenue spread.
    View source

  5. Piramal Finance Ltd

    Piramal Finance Q1 FY27: AUM up 25% YoY; PPOP +89%; robust liquidity and diversified book

    Investor Presentation

    Business overview

    • Lending platform with retail and wholesale segments across secured, unsecured, MSME loans.
    • AI-driven underwriting and CX via Piramal.ai; Pia investor assistant launched.
    • Q1 FY27: AUM growth 25% YoY.

    Operational highlights

    • Retail AUM up 32% YoY to ₹91,249 Cr.
    • Wholesale disbursements ₹2,604 Cr; up 27% YoY.
    • LCR on period average 553%; capital adequacy 18.85%.
    • Legacy AUM now ~2% of total AUM.
    • Pia AI investor relations agent launched for IR.

    Financial performance

    • Total income ₹1,693 Cr; YoY +37%.
    • Net interest income ₹1,442 Cr; YoY +43%.
    • PPOP ₹804 Cr; YoY +89%.
    • Net profit ₹461 Cr; YoY +67%.
    • Consolidated assets ₹111,251 Cr; total AUM ₹95,369 Cr.

    Capital structure & liquidity

    • Gross debt ₹82,345 Cr; cash and liquid investments ₹6,925 Cr.
    • Provision coverage 2.3% of total AUM; GNPA 2.4%; NNPA 1.6%.
    • Total assets ₹111,251 Cr; capital adequacy 18.85%.

    Strategic priorities & outlook

    • AI-native growth strategy to scale Growth AUM and cross-sell.
    • Rural expansion via micro-lending as part of multi-product platform.
    • 535 branches across formats; 82% customers outside tier-1.

    Risks & governance

    • Asset quality metrics indicate steady risk (GNPA 2.4%; NNPA 1.6%).
    • Provisioning levels and ECL coverage monitored to align with growth.
    View source

  6. OnEMI Technology Solutions Ltd

    OnEMI Board approves up to ₹832 crore preferential issue to fund Kissht growth

    Press Release / Media Release

    Fundraising overview

    • Board approves fundraising of up to ₹832 crore via preferential equity issue.
    • Subject to shareholder and regulatory approvals.
    • 75% of raised funds to Si Creva Capital Services Private Limited.
    • 25% of funds for general corporate purposes.
    • Marquee investors include Axis Mutual Fund and MIT.
    • Aims to strengthen capital position and support growth.
    • Company targets multiple credit rating upgrades over the next two years.

    Investor commitments

    • Schedule I lists investor commitments totaling ₹856.6 crore.
    • Investors include Axis funds, MIT, HDFC funds, White Oak, Groww.
    • Large allocations include Axis Small Cap Fund (₹109.6 cr) and MIT (₹80 cr).

    Governance and timing

    • Board approval dated 17 September 2026.
    • Press release dated 18 September 2026.
    • Issuance to be completed subject to regulatory approvals.
    View source

  7. Gujarat Narmada Valley Fertilizers & Chemicals Ltd

    GNFC FY2025-26 revenue ₹27,773 crore; PBT ₹1,065 crore; PAT ₹2,797 crore; outlines capacity expansions

    Press Release / Media Release

    GNFC AGM highlights

    • FY2025-26 revenue ₹27,773 crore; PBT ₹1,065 crore; PAT ₹2,797 crore; EPS ₹254.27.
    • GNFC achieved highest-ever Formic Acid sales during FY2025-26.
    • Ammonia plant revamp adds 50,000 MT/year capacity by Q2 FY2027-28.
    • Dahe captive plant: 18 MW power generation and 150 MT/hr steam, in advanced testing.
    • Ammonium Nitrate-II plant capacity target: 480 MTPD by August 2027.
    • Weak Nitric Acid-II: 600 MTPD capacity by June 2027.
    View source

  8. Godrej Industries Limited

    Allotment of ₹750 crore Debentures on private placement with 8.50% coupon, maturity 18 March 2032

    Allotment of Securities

    Allotment of Debentures

    • 75,000 debentures of ₹1,00,000 each aggregating ₹750 crore issued on private placement.
    • Coupon 8.50% p.a., payable annually; tenor 5 years 6 months; maturity 18 March 2032.
    • Issuance type: private placement; listing on NSE.
    • Deemed allotment date: 18 September 2026; maturity date: 18 March 2032.
    • Security: Unsecured.
    • Use of proceeds: for business purposes, investments in body corporates, loan repayment, and general corporate purposes.
    • Redemption date and price: 18 March 2032 at ₹1,00,000 per NCD.
    • Approval by Management Committee on 18 September 2026.
    View source

  9. Highway Infrastructure Ltd

    Highway Infrastructure wins Rs 220.66 crore toll operations contract for Gorakhpur Link Expressway

    Press Release / Media Release

    Contract win details

    • LOA from UPEIDA for Gorakhpur Link Expressway toll collection.
    • Two-year contract with extension up to six months at UPEIDA's discretion.
    • Total contract value Rs 220.66 crore.
    • First-year payments of Rs 105.08 crore.
    • Second-year payments escalate by 10%.
    View source

  10. Skyways Air Services Ltd

    Skyways Q1FY27: Revenue up 90% YoY to ₹1,216 Cr with ₹50 Cr EBITDA

    Investor Presentation

    Financial snapshot

    • Q1FY27 revenue from operations ₹121,653.5 Lakhs; YoY +90.4%.
    • EBITDA ₹5,012.4 Lakhs; margin 4.12%.
    • PAT ₹2,679.0 Lakhs; margin 2.20%.

    Segment performance

    • Air Cargo ₹97,636.76 Lakhs; 80.3% of service revenue.
    • Ocean Cargo ₹15,262.47 Lakhs.
    • Express Cargo ₹6,258.52 Lakhs.
    • Trucking ₹1,930.69 Lakhs.
    • Value Added Services ₹452.44 Lakhs.
    • Warehousing ₹89.70 Lakhs.
    • Total Service Revenue ₹121,630.58 Lakhs.
    • Express shipments: 59,746.
    • Domestic reach: 1,204 PIN codes.

    Platform & scale

    • Cargo Dash enables real-time container utilization and live sailing schedules.
    • sKart Edge provides pricing transparency and shipment visibility.
    • Pickup & delivery: 31 locations.
    • Domestic & International Express network for ecommerce and D2C.

    Outlook & growth drivers

    • Integrated service model drives higher yields and market share.
    • Annualized Q1FY27 run-rate exceeds FY26 full-year ₹281,290 Lakhs.
    • Top-10 customers contributed 18.29% in Q1FY27.
    • Top-10 customers contributed 20.69% in FY26.
    View source