Daily filing brief

10 Important BSE and NSE Announcements for 26 September 2026

By Daily BrieferPublished Updated

Dabur India received NCLT sanction for an amalgamation scheme, while Som Distilleries secured a High Court direction to renew its manufacturing licences. Our 26 September 2026 edition also reports Ashoka Buildcon's FY2026 results and company announcements on credit ratings and acquisitions.

  1. Dabur India Ltd

    NCLT sanctions amalgamation scheme between transferor and transferee with defined share exchange ratios

    Scheme of Arrangement

    Overview

    • NCLT sanctions Scheme of Amalgamation between transferor and transferee.
    • Appointed Date: 01.04.2026.
    • Scheme binding on transferor, transferee, shareholders, and creditors.
    • Effective Date to be determined after conditions are satisfied.

    Rationale

    • Strategic fit: premium ayurvedic hair care brand strengthens Dabur portfolio.
    • Expands growth in hair oil via Dabur's distribution and R&D capabilities.
    • Aims for synergies across finance, operations, and marketing.
    • Improves cash/debt management and capital efficiency.
    • Expected value creation for stakeholders through cost optimizations.

    Key Terms & Structure

    • Nature of transaction: Amalgamation of transferor into transferee.
    • Share exchange: 10 Dabur per 146,779 Class A Sesa.
    • Share exchange: 10 Dabur per 244,860 Class B Sesa.
    • Share exchange: 10 Dabur per 433 CRPS.
    • Approvals: NCLT sanction; equity shareholders and unsecured creditors approved.
    • Tax: IT no objection; transferee to discharge future tax liabilities.
    • Assets/Liabilities: transferor's undertakings vest in transferee.

    Financial Impact

    • Share-based consideration; no cash component indicated.
    • Valuation-based exchange terms anchored by Finvox Analytics.

    Stakeholder Impact

    • Shareholders and creditors are bound by the sanctioned scheme.
    • Employees of transferor become employees of transferee from Effective Date.
    • Contracts, assets, and liabilities transfer to the transferee.
    • Tax liabilities to devolve to transferee; compliance obligations remain.

    Status & Next Steps

    • NCLT order sanction dated 24.09.2026.
    • Effective Date upon satisfaction of conditions.
    • Scheme binding on both companies and stakeholders.
    • SEBI and OL no-objection confirmations received; IT undertakings filed.
    • Post-sanction filings with ROC and compliance of conditions.
    View source

  2. Som Distilleries & Breweries Ltd

    MP High Court orders renewal of Som Distilleries licences; restart of MP operations within 15 days

    Press Release / Media Release

    Judgement and licence renewal

    • High Court quashed the June 18, 2026 order rejecting renewal of the licences.
    • Court directs renewal of all manufacturing licences under MP Excise Act within 15 days.
    • Rs 1 lakh costs awarded to the company payable by Government of Madhya Pradesh.
    • Court preserves the Company's right to pursue damages for the period of operational closure.

    Operational impact

    • Renewal is expected to restore normal operations and strengthen Madhya Pradesh sales.

    Management focus

    • Company will restore operations, optimise capacity, and strengthen product portfolio and distribution.
    • Focus on improving working-capital efficiency and serving markets across the region.
    View source

  3. Ashoka Buildcon Ltd

    Ashoka Buildcon FY2026 consolidated results: revenue declined, PAT rose; strong cash flow and improved gearing.

    Reg. 34 (1) Annual Report

    Financial snapshot

    • Standalone revenue Rs 5,811.66 Cr; standalone PAT Rs 322.32 Cr.
    • Consolidated revenue Rs 7,519.88 Cr; consolidated PAT Rs 2,582.18 Cr.
    • Standalone EBITDA margin 10.69%; standalone net margin 5.38%.
    • Order book Rs 15,312 Cr; ~2.6x FY2026 revenue.
    • Consolidated operating cash flow Rs 65,458.28 Lakhs.
    • Gearing 26.97%; debt reduced to Rs 2,722 Cr.

    Monetization & balance sheet strength

    • HAM monetized via 5 SPVs for Rs 1,146 Cr.
    • BOT monetized via 5 SPVs for Rs 1,814 Cr.
    • Ashoka Concessions Limited acquired entirely; ACL wholly owned.
    • Balance-sheet strengthened through monetization; reduced leverage.

    Order book & business mix

    • Order book by segment: Roads EPC/HAM ~57%; Power T&D ~30%; Railways/Buildings/Urban ~13%.
    • Power T&D growth remains a major vertical.
    • Diversified portfolio supports multi-year revenue visibility.

    Major projects & portfolio

    • Aroor–Thuravoor 6-Lane Elevated Corridor, Kerala.
    • Sion-Panvel Highway Flyover Arm-1 & Arm-2, Mumbai.
    • Diriyah II One Hotel, Riyadh, Saudi Arabia.
    • Railway electrification, tunneling and urban infra initiatives.

    Governance & board changes

    • Board: eight members, four independents; one woman director.
    • Sanjay Londhe & Ashish Kataria redesignated as Joint Managing Directors.
    • Ms. Shilpa Hiran reappointed as Independent Director for second term.
    • Audit, Nomination & Remuneration, Stakeholders' Relationship, CSR, Risk committees.

    ESG & sustainability

    • Solar capacity 3,011 kW; GHG reduction 3,004.68 tCO2e.
    • EV mobility: 345,658 km; GHG reduction 25.41 tCO2e.
    • C&D waste recycled 99.92%; fly ash 36,659 MT; GGBS 53,236 MT.
    • Trees planted: 1.91 lakh; ISO 9001/14001/45001; AI adoption underway.

    Outlook & risks

    • India's infra opportunity remains robust; private capex revival expected.
    • NHAI pipeline and HAM/InvITs offer long-term growth.
    • Liquidity managed via lines; debt-monetization supports resilience.
    • Regulatory/market/credit risks noted; going concern flags present.
    View source

  4. Juniper Green Energy Ltd

    ICRA Upgrades Ratings of Juniper Green Energy Subsidiaries post-IPO

    Credit Rating

    JGGOPL upgrade

    • Instrument: Long-term fund-based term loan; Amount Rs 315.75 crore; Rating: [ICRA]AA- (Stable); Upgraded from [ICRA]A+ (Stable).

    JGKPL upgrade

    • Instrument: Long-term fund-based term loan; Amount Rs 484.00 crore; Rating: [ICRA]A (Stable); Upgraded from [ICRA]A- (Stable).

    JGEFPL upgrade

    • Instrument: Long-term fund-based term loan; Amount Rs 515.78 crore; Rating: [ICRA]A (Stable); Upgraded from [ICRA]A- (Stable).

    JGPFPL upgrade

    • Instrument: Long-term fund-based term loan; Amount Rs 516.00 crore; Rating: [ICRA]A (Stable); Upgraded from [ICRA]A- (Stable).

    JGBEPL upgrade

    • Instrument: Long-term fund-based term loan; Amount Rs 400 crore; Rating: [ICRA]A (Stable); Upgraded from [ICRA]A- (Stable).
    • Instrument: Long-term non-fund-based bank guarantee; Amount Rs 8 crore; Rating: [ICRA]A (Stable); Upgraded from [ICRA]A- (Stable).
    View source

  5. Neogen Chemicals Ltd

    CRISIL Revises Outlook to Stable for Neogen Chemicals and Neogen Ionics; ratings maintained for bank facilities and NCDs

    Credit Rating

    Action & Ratings

    • Rating Agency: CRISIL Ratings Limited revises outlook to Stable for Neogen Chemicals Limited long-term rating A-/Stable.
    • Rating Agency: CRISIL Ratings Limited revises outlook for Neogen Ionics Limited long-term rating BBB+/Stable (from Negative).
    • Short-term rating for Neogen Chemicals: A2+ reaffirmed; NCDs: A-/Stable (outlook revised).
    • Bank facilities: NCL ₹680 crore rated A-/Stable; NCL NCDs rated A-/Stable.
    • Neogen Ionics: Long-term bank facilities rated BBB+/Stable; outlook revised from Negative.

    Rationale

    • QIP of ₹600 crore strengthened net worth and capital structure.
    • Proceeds to debt reduction and working capital enhancement.
    • Operations stabilising after fire incident; capex supports medium-term growth.
    View source

  6. OM Infra Ltd

    OM Infra reports FY26 revenue Rs 500 Cr, order book Rs 2015 Cr, with FY27 guidance and LOIs.

    Investor Presentation

    Business Overview

    • Diversified EPC group with hydro-mechanical, irrigation, water, and real estate segments.
    • FY26 revenue Rs 500 Cr; EBITDA Rs 28 Cr; PAT Rs 21 Cr.

    Operational Highlights

    • Order book Rs 2014.91 Cr as of 30 June 2026.
    • LOIs for two contracts totaling Rs 1051 Cr; L1 status.
    • FY27 revenue guidance Rs 700-750 Cr; EBITDA guidance 12-14%.
    • Expected order inflow Rs 1500+ Cr in 2-3 years.

    Financial Performance

    • Net sales FY26 Rs 500 Cr; EBITDA Rs 28 Cr; PAT Rs 21 Cr.
    • EBITDA margin 6%; PAT margin 4% in FY26.
    • Cash & cash equivalents Rs 80 Cr; total equity Rs 808 Cr.
    • Debt/equity 0.03; FY26 borrowings 84 Cr current, 2 Cr non-current.
    • Total assets and liabilities Rs 1,464 Cr.

    Capital Structure & Liquidity

    • Promoter holding ~67% with unpledged exposure.
    • Total borrowings FY26: Rs 84 Cr current and Rs 2 Cr non-current.
    • Cash balance Rs 80 Cr; liquidity supported by strong promoter backing.

    Strategic Priorities & Outlook

    • Prioritize hydro-mechanical EPC, pumped-storage, and water infra.
    • Scale O&M, smart water, and urban infra with tech partners.
    • Bid for NHPC/SECI and Tier-2/3 water projects; PPP potential.
    • Target Rs 1500+ Cr order inflow in 2–3 years; FY27 revenue Rs 700–750 Cr.
    • Monetize non-core assets and pursue JV opportunities in turbines.

    Risks & Mitigation

    • Arbitration awards could bring about Rs 640 Cr cash inflows.
    • Execution delays and EPC/O&M project risk remain challenges.

    Governance & Leadership

    • Promoter holding ~67% with unpledged stake; no succession issue indicated.
    View source

  7. Dr. Lal PathLabs Ltd

    Dr Lal PathLabs' Dubai subsidiary completes 80% stake acquisition in Sunshine Healthcare Limited, Ghana

    Acquisition

    Acquisition details

    • Target: Sunshine Healthcare Limited, Ghana; line of business not disclosed; sector not disclosed.
    • Acquisition: 80% stake completed; SHL becomes a step-down subsidiary.
    • Related party: not disclosed.
    • Industry: Healthcare; sector not disclosed.
    • Purpose/strategic rationale: not disclosed.
    • Regulatory approvals: Regulation 30 LODR and SEBI circular.
    • Timeline: Completed as of September 26, 2026.
    • Consideration: not disclosed.
    • Shareholding: 80% acquired.
    • Background: SHL; products/services not disclosed; incorporation/turnover not disclosed.
    View source

  8. Cupid Ltd-$

    Cupid approves conversion of up to 3 million Baazar Style warrants into equity for ₹73.86 Crores

    Acquisition

    Target background

    • Baazar Style Retail Limited, fashion retail company operating in India.
    • Incorporated on 3 June 2013.
    • Turnover (2025-26): ₹184,086.90 Lacs.
    • Net worth (31 Mar 2026): ₹45,017.39 Lacs.

    Deal mechanics

    • Up to 30,00,000 warrants to be converted into equity.
    • Equity shares issued on conversion: up to 3,000,000.
    • Total outstanding warrants: 86,00,000.
    • Cash consideration: approx ₹73.86 Crores.
    • Not a related party transaction; promoter group has no interest.
    • Price per equity share: ₹328.25.

    Regulatory & timing

    • Regulatory approvals: Not Applicable.
    • Timing: per SEBI ICDR Regulations, 2018.

    Strategic rationale

    • Strategic investment to strengthen Cupid's retail presence and consumer reach.
    • Baazar Style's network of over 283 stores to scale Cupid's FMCG portfolio.
    • Store network expected to exceed 500 locations within 3 years.
    View source

  9. KPI Green Energy Limited

    Sun Drops Energia completes 62.91% DMGEL acquisition, making DMGEL a subsidiary

    Acquisition

    Target and ownership

    • Target: DMGEL (DEK and Mavericks Green Energy Limited); business and country not disclosed.
    • Acquired 62.91% via 1,07,47,760 shares on 26 Sep 2026.
    • DMGEL becomes subsidiary of SDEL; KPI Green Energy becomes step-down parent.
    View source

  10. Shaily Engineering Plastics Limited

    CARE Ratings reaffirms long-term A+ (Stable) and upgrades short-term A1+ for Shaily Engineering Plastics

    Credit Rating

    Ratings & Action

    • Long-term bank facilities Rs239.24 crore; CARE A+; Stable; rating reaffirmed.
    • Short-term bank facilities Rs35.00 crore; CARE A1+; upgraded from CARE A1.

    Term Loans

    • HDFC Bank Rs38.42 crore; 18 quarterly installments starting Feb 2025.
    • SBI Rs1.20 crore; sanctioned Rs8 crore; 20 quarterly installments through Dec 2026.
    • SBI Rs0.62 crore; moratorium 12 months; 48 monthly installments Oct 2022–Sept 2026.

    Fund-based Limits

    • Total fund-based limits Rs199.00 crore; banks: SBI, HDFC, Standard Chartered; proposed Rs19 crore.

    Non-fund Based Limits

    • Total non-fund-based limits Rs35.00 crore; SBI LC/BG; HDFC LC/BG.

    Total Facilities

    • Total facilities: Rs274.24 crore.

    Material Change

    • Long-term rating reaffirmed; short-term upgraded; facility amount reduced from Rs239.62cr to Rs239.24cr.

    Outlook & Agency

    • Long-term outlook: Stable.
    • Agency: CARE Ratings Ltd.
    View source