Daily filing brief

Prime Focus-backed Brahma AI Funding, Skyways Q1 Update and 8 More Announcements — 23 September 2026

By Daily BrieferPublished Updated

Prime Focus-backed Brahma AI raised $150 million in equity at a $2 billion post-money valuation. Our 23 September 2026 edition also brings together important BSE and NSE announcements on Skyways Air Services’ Q1 performance, Bharat Dynamics’ contract, mergers, acquisitions and fundraising.

  1. Prime Focus Ltd

    Prime Focus-backed Brahma AI raises $150 million at $2 billion post-money valuation; upsizing possible

    Press Release / Media Release

    Financing and ownership

    • Brahma AI raises $150 million equity at a $2 billion post-money valuation.
    • An additional $100 million of investor demand may be upsized.
    • Prime Focus to hold ~66% post-dilution ownership.
    • Brahma AI will operate independently with its own governance framework.
    • Transaction subject to customary approvals.
    View source

  2. Skyways Air Services Ltd

    Skyways Air Services Q1 FY27: Revenue up 90% to INR 1,216.53 crores; EBITDA up 83.5% to INR 50.12 crores; board approves five Asian geographies expansion

    Earnings Call Transcript

    Financial Performance

    • Q1 FY27 operating revenue: INR 1,216.53 crores (vs INR 639 crores).
    • EBITDA: INR 50.12 crores, up 83.5% YoY.
    • PAT margin: 2.2% in Q1 FY27 vs 1.72% in Q1 FY26.
    • Air cargo volume growth: 23% YoY in Q1 FY27.
    • Ocean freight volume growth: 18% YoY.
    • Express revenue: INR 63 crores; up 64%.
    • Shipments: 59,700 across 31 locations.
    • FY26 operating revenue: INR 2,812 crores; FY24: INR 1,289 crores; 2-year CAGR 48%.
    • ASAP platform: final stages; go-live in 30–60 days; pilots across 3 products.
    • International footprint: subsidiaries in Asia, Europe, Middle East; cross-border solutions.
    • Board-approved expansion into five new geographies in Asia.

    Operating Update

    • Air cargo yield rose from about 259 to 416 per kilo.
    • Fuel index rose from USD 61 to USD 110 per barrel.
    • Fuel is pass-through; increases in freight costs pass to customers.
    • Ocean revenue growth: 63% YoY; volumes up 18% YoY.
    • Air export market size in India: 3.06 lakh metric tons in Q1 FY27 vs 2.94 in Q1 FY26 (+3.8%).
    • Air cargo mix ~81% of FY27 revenue (up from 77% in FY26).
    • Margins are broadly similar across air, ocean, trucking, and express.

    Capex and Investments

    • Generic annual capex: INR 35–40 crores; cold-chain warehouse to be operational next quarter.
    • Board-approved INR 30 crores for international offices; INR 20 crores for overseas subsidiaries.
    • Markets targeted: UAE, Saudi Arabia, Vietnam; expansion in progress.
    • Overseas capex cadence: EBITDA break-even 15–18 months; PAT break-even 2–3 years.

    Guidance and Outlook

    • No revenue guidance; volume guidance to be provided each quarter.

    Q&A Highlights

    • Steady-state revenue run-rate not quantified; management: volumes drive revenue; fuel pass-through; yield dynamic.
    • War tailwinds; Skyways capacity contracts; expects sustained volume growth.
    • Ocean freight revenue grew 63% YoY; volumes up 18% YoY.
    • Capex plan: INR 30 crores for new offices; INR 20 crores overseas; annual 35–40 crores.
    • Odyssey standalone revenue INR 182 crores vs ~INR 130 crores prior.
    • ROE target around 15%; debt repayment may cause temporary dip; profitability to drive ROE.
    • Brace Port: growth expected; stock-price commentary not provided.
    • 3–5 year aspirational revenue not disclosed.

    Risks and Watchpoints

    • West Asia conflict: company pivoted to alternate capacities; asset-light model mitigates risk.
    • Kolkata second airport: market evolution and government stance pending.
    View source

  3. Bharat Dynamics Ltd

    BDL signs Rs 810.79 crore SAT-SAAW contract with Indian Air Force for 2027-29 delivery

    Award of Order / Receipt of Order

    Order details

    • Name of awarding entity: Indian Air Force (IAF).
    • Nature and scope: supply SAT-SAAW and associated equipment.
    • Total value: Rs 810.79 crore.
    • Awarding entity is domestic.
    • Delivery window: between 2027-28 and 2028-29.
    • Indigenous content: about 60%, with indigenisation of key subsystems.
    • No promoter group interest or related-party concerns.
    View source

  4. Max Estates Ltd

    Max Estates signs binding MOU to pursue JDA for 9.76-acre Ghaziabad land with INR 2,500-3,000 crore GDV

    Press Release / Media Release

    JDA details

    • Binding Memorandum of Understanding to pursue a Joint Development Agreement for a ~9.76-acre Ghaziabad land parcel.
    • Envisages ~1.5 million sq ft super built-up development and GDV of INR 2,500-3,000 crore.

    Conditions and scope

    • Deal subject to due diligence, receipt of approvals, and execution of the JDA.
    • Capital-light structure with landowner compensated through revenue-sharing.
    View source

  5. Ravindra Energy Ltd

    Ravindra Energy approves merger with Energy In Motion to form integrated clean energy and electric mobility platform.

    Press Release / Media Release

    Merger details

    • REL and Energy In Motion approve Scheme of Merger; EIM merges into REL.
    • J M Baxi Group to become co-promoter of REL.
    • Merged entity to be renamed Energy In Motion Limited, subject to approvals.
    • Scheme subject to statutory, regulatory, shareholder, creditor approvals and NCLT sanction.
    • Consideration: 209 REL shares per 100 EIM shares; REL shares in EIM cancelled.
    • Merged entity will hold 100% stake in EIM Megaplex Limited, SPV for battery assets.
    • REL currently holds 49.54% stake in EIM.
    • EIM focuses on electric heavy mobility; targets 40 operational assets by Mar 2027.
    • Regulatory approvals needed from BSE/NSE under SEBI framework.
    • REL portfolio has approximately 261 MWp across Maharashtra and Karnataka.
    • Strategic rationale: integrated clean energy and electric mobility platform.
    View source

  6. Saksoft Limited

    NCLT sanctions Scheme of Amalgamation: Augmento Labs into Saksoft; Appointed Date 01.04.2026; ROC filing.

    Amalgamation/ Merger

    Sanction & structure

    • NCLT Chennai sanctioned the Scheme on 16.09.2026; order received 22.09.2026.
    • Appointed Date fixed at 01.04.2026; effective upon filing certified copy with ROC.
    • Transferor Augmento Labs Pvt Ltd merges into Saksoft Ltd; Transferor is wholly owned subsidiary.
    • Companion press: Appointed Date 01.04.2026; not to be altered without tribunal approval.
    • Accounting treatment per Ind AS 103 Appendix C; pooling of interests under ITFG clarifications.
    • Upfront payment Rs 35 crore; total consideration Rs 97.50 crore; deferred earnouts payable on schedule.
    • RBL Bank facility Rs 14 crore existed but not utilized; no secured liability.
    • ROCs show transferor and Saksoft filed 31.03.2025 statements; 31.03.2026 data discussed with OL.
    • Appointed Date details: Clause 1.3 allows 01.04.2026; Tribunal accepted as prospective date.
    • Share cancellation: upon scheme effectiveness, transferor shares held by transferee cancel; no cash issued.
    • Employees protection: undertaking not to retrench employees in service as on Appointed Date.
    • Stock exchanges: disclosure done; exemption under Reg 37; no separate NOC needed.
    View source

  7. Oswal Pumps Ltd

    Oswal Pumps wins Rs 297.50 crore TGREDCO rooftop solar order for 46.7 MW across Telangana schools

    Award of Order / Receipt of Order

    Order details

    • Awarding entity: Telangana Renewable Energy Development Corporation Limited (TGREDCO).
    • Scope: Design, supply, installation and commissioning of on-grid rooftop PV plants.
    • Capacity: 46,705 kW across 9,937 government schools in Telangana.
    • Modules: MONOPERC/TOPCON with RMS; 5-year comprehensive maintenance.
    • Value: Rs. 297.50 Crore approx. including GST.
    • Delivery: Installation within 180 days from date of Work Order.
    • Domestic awarding entity; no promoter interest; related party transactions not involved.
    • Impact: first major Telangana order, potential order-book expansion.
    View source

  8. Euro Pratik Sales Ltd

    Euro Pratik to acquire 56% stake in Fab Wood for ₹42.70 crore, completion by Oct 2026

    Press Release / Media Release

    Transaction overview

    • Euro Pratik to acquire 56% controlling stake in Fab Wood for ₹42.70 crore.
    • Capital infusion of ₹8.40 crore in Fabwood Solutions LLP included.
    • Completion expected by 8 October 2026, subject to closing conditions.
    • Funding through internal accruals; net debt-free balance sheet cited.

    Strategic rationale

    • Entry into premium timber and value-added wood products.
    • Cross-selling opportunities with Euro Pratik's pan-India distribution.
    • Strengthens market access and supports long-term growth.

    Strategic context

    • Third strategic acquisition for Euro Pratik in a short period.
    • Earlier acquisitions include URO Veneer World and Chawla Brothers.
    • Comment by CMD Pratik Singhvi accompanies the release.

    Outlook

    • Integration aims to broaden product portfolio and distribution reach.
    • Management expects cross-selling to enhance long-term market leadership.
    View source

  9. PNC Infratech Ltd

    CARE places Rating Watch with Negative Implications on PNC Infratech bank facilities

    Credit Rating

    Action

    • Long-term facilities rated CARE Ad+ (RWN); Rating Watch with Negative Implications.
    • Short-term facilities rated CARE A1+ (RWN); Rating Watch with Negative Implications.

    Facility details

    • Long-term bank facilities: Rs 1700 crore.
    • Short-term bank facilities: Rs 5000 crore.

    Review basis

    • Rating review based on CARE report received on 22.09.2026.

    Action date / source

    • Filing date: 23 Sep 2026.
    View source

  10. Manba Finance Ltd

    Manba Finance Board approves ₹99.99 crore preferential issue; equity to non-promoters, warrants to promoter group

    Press Release / Media Release

    Fundraise approval

    • Board approves ₹99.99 crore preferential issue, subject to shareholder and regulatory approvals.

    Issuance structure

    • Equity shares worth ₹67.50 crore to non-promoter investors; warrants ₹32.49 crore to promoter group.

    Use of proceeds

    • Proceeds to strengthen capital base and fund loan-book growth, geographic expansion, and corporate purposes.

    Management commentary

    • MD notes fundraise strengthens balance sheet and enables faster growth.
    View source