Daily filing brief

10 Important BSE and NSE Announcements for 19 September 2026

By Daily BrieferPublished Updated

Emami approved an open-market buyback of up to ₹2,820 crore, while SAIL presented FY25-26 results and a Q1 FY27 update. Our 19 September 2026 edition also includes credit-rating actions, a demerger, investment and order announcements.

  1. Emami Ltd-$

    Emami approves open market buyback of up to ₹2,820 crore at ₹475 per share; board meeting Sep 17, 2026

    Public Announcement-Buyback of Shares

    Buyback details

    • Board approved buyback of fully paid-up equity shares of ₹1 each on Sep 17, 2026.
    • Maximum buyback size ₹2,820 crore (₹28,200 Lakhs).
    • Maximum buyback price ₹475 per equity share.
    • Buyback via open market on stock exchanges; not more than 10% of aggregate paid-up capital and free reserves.
    • Cap based on latest audited statements as on 31 Mar 2026, lower of standalone or consolidated.
    • Manager to the buyback: IIFL Capital Services Limited.
    • Public Announcement published on Sep 19, 2026 in Business Standard English & Hindi and Ek Din (Bengali Kolkata edition).
    • Public Announcement includes disclosures per Schedule IV and Schedule I.
    • Public Announcement available on Emami's website and stock exchanges.
    View source

  2. Steel Authority of India Limited

    SAIL presents FY25-26 results and Q1 FY27 update in investor presentation

    Investor Presentation

    Financial Performance

    • FY25-26 sales turnover Rs 109,966 crore; total income Rs 111,961 crore.
    • EBITDA Rs 13,146 crore; PAT Rs 3,233 crore.
    • PBT before exceptional items Rs 5,002 crore; after items Rs 4,334 crore.
    • Exceptional items Rs -668 crore; tax Rs 1,100 crore; PAT Rs 3,233 crore.
    • Q1 FY26 EBITDA Rs 2,925 crore; PAT Rs 685 crore.
    • Q4 FY26 EBITDA Rs 4,762 crore; PAT Rs 1,680 crore.
    • Q1 FY27 EBITDA Rs 4,356 crore; PAT Rs 1,636 crore.

    Macro & Market Context

    • World growth projections improved for 2027; EMs outpace developed economies.
    • China remains >50% of global crude steel; Jan-May CY'26 down 3.8% y/y.
    • Indian steel: crude production up 3%; consumption up ~8% in Q1 FY27.
    View source

  3. Vishnu Prakash R Punglia Ltd

    Infomerics Downgrades Vishnu Prakash R Punglia Limited Bank Facilities to IVR C+/Stable and IVR A4

    Credit Rating

    Rating Action

    • Total bank loan facilities rated: Rs 960 crore.
    • Long-term rating: IVR C+/Stable (downgraded).
    • Short-term rating: IVR A4 (downgraded).
    • Outlook: Stable.

    Rationale

    • Downgrade driven by delays in servicing unsecured short-term working capital debt.
    • Healthy order pipeline and experienced management cited as strengths.
    • Liquidity stretched; FY26 and Q1 FY27 losses.
    • Moderate financial risk with negative DSCR/ISCR in FY26.
    • Execution risk due to elongated working capital cycle and project delays.

    Financials & Liquidity

    • TNW: Rs 583.62 crore in FY26, down from Rs 773.33 crore.
    • Total debt: Rs 654.83 crore; Gearing: 1.12x.
    • DSCR: -0.37x; ISCR: -1.11x; EBITDA margin negative FY26.
    • Operating cycle ~237 days in FY26; inventory 309 days, receivables 150 days.
    • Q1 FY27 losses; continued high working capital intensity; liquidity stressed.

    Outlook & Sensitivities

    • Outlook: Stable.
    • Upward factors: satisfactory account conduct with lenders.
    • Downward factors: delays in debt servicing or invocation of guarantees.

    Additional notes

    • Care Ratings noted Issuer Not Cooperating.
    View source

  4. Likhitha Infrastructure Ltd

    Likhitha Infrastructure FY2025-26: Revenue decline, PAT drop; robust order book; international expansion underway

    Reg. 34 (1) Annual Report

    Financial performance

    • Standalone revenue from operations ₹45,673.44 lakh; down from ₹51,221.54 lakh in 2024-25.
    • Standalone EBITDA ₹6,245.91 lakh; declined from ₹10,034.84 lakh.
    • Standalone PAT ₹4,002.10 lakh; vs ₹6,936.99 lakh prior year.
    • Standalone EPS ₹10.14; prior year ₹17.58.
    • Dividend policy: Board did not declare any dividend for FY2025-26.
    • Year-end order book: ₹850 crore; international ASAB award ₹510 crore (CPEC Abu Dhabi).
    • Consolidated total income ₹46,109.33 lakh; Consolidated PAT ₹3,854.91 lakh.
    • Consolidated EPS ₹9.94; total equity ₹41,155.10 lakh; 3.945 crore shares outstanding.
    • Standalone net worth ₹41,354.95 lakh; Consolidated net worth ₹41,155.10 lakh.

    Operations and international footprint

    • Core EPC business spans cross-country pipelines and CGD networks.
    • Projects include KHPL, NCJPL, MNJPL, NEGG, KCPL and IOAGPL Kerala CGD.
    • Over 6,500 km pipelines completed; operations across 20 states and 2 UTs.
    • International expansion through UAE and Saudi Arabia via Likhitha Hak Arabia JV and CPM-Likhitha Consortium.
    • ASAB project award strengthens international execution capabilities (₹510 crore).

    Dividends, capital structure and shareholding

    • Dividend Distribution Policy adopted; no dividend declared for FY2025-26.
    • Authorized share capital ₹21.60 crore; paid-up ₹19.725 crore; 3.945 crore equity shares.
    • Promoter holding 70.25%; Foreign 0.10%; NRIs 2.39%; others 26.??.
    • Unclaimed dividend balance ₹3.81 lakh recorded as on 31.03.2026.
    • Post-year: executive directors Chandra Dheerajram and Lohitha Gaddipati appointed July 22, 2026.

    Governance and risk

    • Board of seven directors; four independent including one woman.
    • Audit, Nomination & Remuneration, Stakeholders Relationship, CSR and Risk Management committees formed.
    • Statutory auditors NSVR & Associates LLP; Internal auditors Mukul Tyagi & Associates; Secretarial VCAN & Associates.
    • D&O insurance in place; independent director familiarisation programs conducted.

    Risk management

    • Enterprise Risk Management (ERM) framework in place; major risks include OHS, HR, competition, regulation, liquidity, cyber security.
    • Mitigations include HSE practices, prudent procurement, and disciplined project monitoring.
    • International expansion increases regulatory and currency risk; risk governance via Audit and Risk Committees.

    ESG and CSR

    • CSR spend ₹175.00 lakh; Schedule VII-aligned; CSR Committee monitors activities.
    • ESG framework aligned with ISO 14001, ISO 45001; energy and environmental stewardship focus.
    • No material environmental incident; safety and waste management practices in place.

    Outlook and strategy

    • India’s energy infrastructure expansion supports sustained EPC demand.
    • CGD networks and natural gas transmission remain growth drivers.
    • Strengthened international footprint to gradually scale opportunities in UAE and KSA.
    View source

  5. CMR Green Technologies Limited

    CRISIL Upgrades Long-Term AA-/Stable and Short-Term A1+ Ratings on Bank Facilities; Facility Limit Raised to Rs 953 Crore

    Credit Rating

    Rating Action and Details

    • Rating Agency: CRISIL Ratings.
    • Instruments: Bank facilities; Rs 953 crore total.
    • Long-term rating upgraded to AA-/Stable from A+/Stable.
    • Short-term rating upgraded to A1+ from A1.
    • Outlook: Stable on long-term rating.
    • Facility size increased to Rs 953 crore from Rs 760.74 crore.
    • Rationale: CRISIL rationale is enclosed with the letter.
    View source

  6. K.M.Sugar Mills Limited

    Scheme of Arrangement: Demerger of Distillery Division into Resulting Company; listing planned on NSE and BSE

    Scheme of Arrangement

    Scheme overview

    • Demerger of the Distillery Division to the Resulting Company under the Scheme.

    Rationale

    • Separates the Distillery Division into a standalone entity for focused operations.

    Key terms

    • Nature: demerger of the Distillery Division to the Resulting Company.
    • Share exchange: 1 new Rs 10 share for every 5 old Rs 2 shares.
    • Effective Date: 01 Oct 2026; Record Date: 02 Oct 2026.
    • Listing: new shares to be listed on NSE and BSE, subject to approvals.
    • Approvals: NCLT sanction already received; regulatory approvals required for listing.

    Financial impact

    • Shareholding changes via 1:5 entitlement; post-scheme equity issued to Demerged Company's shareholders.

    Stakeholder impact

    • Shareholders receive new equity in the Resulting Company; listing planned on two exchanges.
    • Distillery Division's operations become part of the Resulting Company.

    Status and next steps

    • NCLT sanction obtained; Effective Date 01 Oct 2026; Record Date 02 Oct 2026.
    • Shares to be listed on NSE and BSE subject to approvals.
    View source

  7. P N Gadgil Jewellers Ltd

    PNG Gadgil Jewellers to invest up to USD 6.5 million in PNG Jewelers INC for US expansion

    Acquisition

    Deal overview

    • Target: PNG Jewelers INC, a wholly owned PNGJL subsidiary engaged in US retail jewellery.
    • US presence: Sunnyvale showroom; incorporated June 6, 2007.
    • Industry: Retail jewellery; country: United States.
    • Turnover: Rs 1,046.06 million (FY2026); net worth Rs 77.54 million.
    • Gross profit Rs 290.02 million; EBITDA Rs 131.15 million.
    • PAT Rs 84.82 million; PAT margin 8.11%.
    • Related party: PNG Jewelers INC is related party; promoter-director Saurabh Gadgil sits on its board.
    • Proposed consideration: Up to USD 6.5 million for fresh equity shares.
    • Form of consideration: Cash and cash equivalents.
    • Price per share: USD 3.4757; total up to USD 6.5 million.
    • Timeline: Infusion to be completed on or before Sept 15, 2027.
    • Ownership: PNGJL holds 100% equity in PNG Jewelers INC.
    • Rationale: Funding US expansion; supports growth and general corporate purposes.
    • Regulatory approvals: Not applicable.
    • Background: PNG Jewelers INC is a US retail jeweller with Sunnyvale showroom; incorporated 2007.
    View source

  8. Tirupati Forge Limited

    Tirupati Forge Receives Industrial License Under Indian Arms Act for Artillery Shell Manufacturing

    Press Release / Media Release

    License grant and production plan

    • Received strategic industrial license under the Indian Arms Act for artillery shell manufacturing.
    • License covers major empty shell sizes from 105mm to 155mm, including HE M107, ERFB variants.
    • Initial production capacity of 150,000 units annually; pilot runs planned December 2026.
    • Plans to scale output to meet domestic and international demand, aligning with Atmanirbhar Bharat.
    • Management commentary links milestone to India's defense sovereignty and future growth.
    View source

  9. East India Drums and Barrels Manufacturing Ltd

    HPCL awards GeM contract to East India Drums and Barrels Manufacturing Limited for Bitumen Drums worth ₹590,246,487.92

    Award of Order / Receipt of Order

    Order details

    • Awarding entity: Hindustan Petroleum Corporation Ltd (HPCL).
    • Nature: Supply of Bitumen Drums under IS3575 (Q3) via GeM.
    • Contract value: ₹590,246,487.92.
    • Awarding entity is domestic (HPCL).
    • Execution period: 2 years.
    • Promoter/related party: No; ordinary course of business.
    • Significant terms: As per contract received; no further details disclosed.
    View source

  10. Zodiac Energy Ltd

    Zodiac Energy secures four domestic solar PO totaling 24,760 kWp in Gujarat.

    Award of Order / Receipt of Order

    Order details

    • Awarding entities: four domestic entities registered in Gujarat; names redacted.
    • Capacities: two plants totaling 9,640 kWp DC (4,235 kWp and 5,405 kWp).
    • Aggregate size: 24,760 kWp DC across all four orders.
    • Execution period: six months from receipt of advance, documents, and PO.
    • Terms: grid-interactive solar plants under open access arrangements.
    • Promoter group interest: yes; related-party transactions on arm's-length basis.
    • Material impact: expected revenue contribution during the project execution period.
    View source