Bharat Forge Reports Strong Sequential Recovery In Q4 FY26; FY27 Outlook Remains Positive

Bharat Forge Limited (“BFL”), a global leader in metal forming and engineering, today announced its financial results for the quarter and financial year ended March 31, 2026.

The company reported a strong sequential recovery in Q4 FY26 driven by improved export demand, resilient domestic automotive performance, and continued momentum across industrial and defence businesses.

On a standalone basis, Q4 FY26 revenue increased 8.5% QoQ to Rs 2,260 crore, while EBITDA rose 7.2% QoQ to Rs 610 crore, translating into an EBITDA margin of 27.0%. Profit before tax (before exceptional items) stood at Rs 486 crore, up 9.7% sequentially.

For FY26, standalone revenue stood at Rs 8,396 crore with EBITDA of Rs 2,312 crore. Consolidated revenue for FY26 increased 11.2% YoY to Rs 16,812 crore, while consolidated EBITDA rose 5.9% YoY to Rs 2,921 crore.

The company maintained a strong balance sheet with standalone net debt-to-equity at 0.18x.

During FY26, Bharat Forge secured new orders worth Rs 4,814 crore, including defence orders worth Rs 2,816 crore. The company’s defence order book stood at Rs 10,961 crore at the end of FY26, reinforcing its strategic positioning in the sector.

Export performance improved significantly during Q4, aided by inventory restocking and recovery in North American truck production. Passenger vehicle exports also witnessed strong momentum across North and Central America. Aerospace execution improved during the quarter with onboarding of new customers across engine, structural and landing gear components.

Domestic commercial vehicle demand remained robust, supported by GST-led industry tailwinds, while passenger vehicle production maintained healthy momentum. The industrial business continued to benefit from strong demand across power, construction & mining, agriculture, and machine tools.

Commenting on the performance, Baba Kalyani, Chairman & Managing Director, Bharat Forge Limited, said:

“Despite demand challenges and regulatory volatility, Bharat Forge delivered a resilient performance in FY26 supported by strong execution across businesses and improving export demand in the second half of the year. The company secured new orders worth Rs 4,814 Crores in FY26 including Rs 2,816 crores in Defence. The order book for Defence stood at Rs 10,961 crores as of FY26. The order wins across businesses reflect a resurgence in business momentum including in aerospace with onboarding of new customers across Engine, Structural and Landing Gear components.

On the Indian subsidiaries front, JS Autocast registered topline of Rs 757 Crore and EBITDA of Rs 106 Crore (14.3% EBITDA margin) in FY26. K-Drive mobility is making significant progress in its effort to reorient its product portfolio with new order wins beyond M&HCVs including 4 EV platforms for LCV’s. The Rs 450 Crores impairment during the quarter of our investments in KPTL (E-mobility division) is an acceptance of the need to take a fresh look at how we address the EV opportunity as the EV adoption globally has changed significantly.The US & European operations reported modest operating profits despite weak demand. We have initiated the restructuring of the steel business of CDP Bharat Forge and we expect this process to conclude by end of CY27. The management is pursuing various alternative business opportunities in Europe to leverage its scaled down manufacturing footprint.

Looking ahead into FY27, barring any geopolitical crisis and its impact of demand, we are optimistic of achieving 25% revenue growth with a commensurate increase in EBITDA & profitability for the Indian manufacturing operations driven by execution of orders across business and recovery in the export market.” 

Axis Bank Launches AI-Powered Compliance Solutions To Transform ReKYC And Business Profile Updates For Current Account Customers

Axis Bank, one of the largest private sector banks in India, today announced the launch of a unified suite of AI-powered compliance transformation solutions for its Current Account customers, marking a significant step forward in simplifying traditionally complex and time-consuming regulatory processes for businesses. The new offerings include an AI-powered ReKYC solution and an AI-driven Digital Business Profile Update Service, both designed to deliver faster, more accurate, and fully digitally compliant journeys.

The Digital Business Profile Update Service enables Current Account customers to seamlessly update their business details, such as Nature of Business through an end-to-end digital and paperless process. Leveraging Generative AI and real-time GST filing data, the service automatically predicts and assigns the most appropriate occupation code from over 3,000 options, eliminating the need for manual data entry, paperwork, or branch visits. A process that once required extensive manual effort and considerable time can now be completed instantly, with markedly improved accuracy, enabled by GST-verified intelligence.

For customers, the service offers zero paperwork, instant submission, and a frictionless digital experience. For frontline and operations teams, it translates into reduced manual effort, lower operational workload, and fewer errors. For the bank, it represents one of the first large-scale applications of large language models (LLMs) integrated with GST intelligence to drive efficiency while strengthening compliance controls.

In parallel, Axis Bank has rolled out its AI-powered ReKYC solution for non-individual Current Account customers, transforming a traditionally manual, document-heavy, and error-prone process into a guided, AI-assisted workflow. Introduced as part of the Bank’s ongoing compliance enhancement initiatives, the solution has now been rolled out pan‑India and covers key customer constitutions that account for nearly 90% of ReKYC volumes.

The solution uses advanced document intelligence to automatically identify, extract, and validate multiple KYC documents submitted within a single PDF. Branch users are guided in real time, with the system proactively flagging missing documents, data gaps, or quality issues at the point of data entry—shifting compliance from a reactive, post-submission check to a proactive, prevention-led approach.

Early outcomes indicate a significant reduction in rework and follow-ups, faster turnaround times, and improved productivity for branch and operations teams. The guided workflows are expected to reduce Not First Time Right (NFTR) rates, improve First Time Right performance, and establish stronger, scalable compliance controls across the network.

Commenting on the launch, Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs, Axis Bank, “At Axis Bank, our focus has been on reimagining high‑impact regulatory journeys through intelligent automation. With the introduction of AI‑powered compliance solutions, critical manual and error-prone processes are being replaced with seamless, insight-driven operations. The combination of Generative AI, document intelligence, and real‑time GST data allows us to simplify complex workflows at scale—benefiting customers with faster, paperless experiences while strengthening compliance and operational resilience. These launches represent an important step in our broader ambition to build future‑ready, AI‑led systems that enhance trust, transparency, and convenience across every business banking touchpoint.”

About Axis Bank

Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. It has 6,275 domestic branches (including extension counters) and 12,796 ATMs and cash recyclers spread across the country as on 31st March 2026. The Bank’s Axis Virtual Centre is present across eight centres with 1,591 Virtual Relationship Managers as on 31st March 2026. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.

For more information, visit the website: https://www.axis.bank.in/   

InCred Holdings Files DRHP For IPO; Fastest Profit Growth In India Amongst Diversified NBFCs From FY23-25

Link: https://www.incredholdings.com/doc/Investor%20Relation/Others/InCred%20Holdings%20Limited%20-%20UDRHP-I%20(signed)%20(1).pdf

InCred Holdings Limited, primarily operating through its material subsidiary InCred Financial Services Limited (‘InCred Finance’), which is recognized as India’s fastest-growing diversified NBFC in terms of PAT CAGR and the second fastest in AUM CAGR between FY23 and FY25 (Source: CRISIL), has filed its Updated Draft Red Herring Prospectus - I (UDRHP - I) with market regulator Securities and Exchange Board of India (SEBI).

InCred Holdings Limited generates almost its entire revenue and conducts its business activities primarily through the material subsidiary, InCred Finance, which is a retail-focused, diversified, middle-layer non-banking financial company registered with the Reserve Bank of India.

Promoted by Bhupinder Singh in 2017, InCred Finance offers a broad suite of loan products tailored to the diverse needs of the customers, supported by a risk-first approach, a technology-driven platform, a robust multi-channel distribution network, and an experienced management team. The Company offers a diversified lending portfolio across five key verticals including Personal Loans contributing 55.56% of AUM (₹8,027.12 Crores), followed by Student Loans at 22.15% (₹3,200.51 Crores), Secured Business Loans including loan against property and school financing at 8.74% (₹1,262.64 Crores), Specialised MSME Loans including embedded and asset-backed financing at 7.83% (₹1,131.14 Crores), and Loans to Financial Institutions at 5.55% (₹801.40 Crores) as at December 31, 2025.

As at March 31, 2025, the Company’s AUM stood at ₹12,585.07 Crores, with a PAT of ₹373.15 Crores and ROA of 3.45%. Between FY23 and FY25, AUM and PAT grew at a CAGR of 44.04% and 84.97%, respectively, positioning it as the fastest growing diversified player in terms of PAT CAGR and the second fastest in terms of AUM CAGR among the diversified peers. As at December 31, 2025, AUM stood at ₹14,447.86 Crores, with PAT of ₹290.14 Crores for the nine-month period. Disbursements were ₹6,683.28 Crores for the nine months ended December 31, 2025. Operational metrics remained stable, with portfolio yields trending at 18.39% and average cost of total borrowings at 10.05%, indicating stable spreads for the nine months ended December 31, 2025.

Company’s lending philosophy is anchored in a risk-first approach backed by its AI-enabled, in-house developed proprietary tech platform. This is reflected in gross and net carrying amounts (stage 3 loans) remaining stable across periods with company achieving second lowest credit cost of 1.74% amongst its diversified peers for the year ended March 31, 2025. Gross stage 3 loans stood at 2.28% as at December 31, 2025, compared to 2.05% as at December 31, 2024 while Net stage 3 loans were 0.87% and 0.79% as at December 31, 2025 and December 31, 2024 respectively. Asset quality remains strong with collection efficiency of 98.30%, backed by a 327-member collections team across 38 locations.

Company’s operations are led by Bhupinder Singh who has over two decades of experience in the financial services sector while Gaurav Maheshwari, the Chief Financial Officer, has over 27 years of experience. Both Prithviraj Chandrasekhar who heads Consumer Finance and Saurabh Jhalaria who heads Education and MSME lending business have been associated with the company since 2017.

The Company leverages a multi-channel distribution network, combining digital platforms and a physical presence of 158 branches across 152 cities in 19 states and union territories, with reach across 17,000+ pin codes nationwide. Technology remains central to its strategy, with the tech team expanding from 114 to 152 professionals between March 31, 2023 and December 31, 2025. Its “InCred” app enables a seamless, paperless loan journey and had over 4.5 lakh users as at December 31, 2025. The lender base is diversified across 51 institutions, including public and private sector banks, mutual funds, financial and development financial institutions, and small finance banks.

The company’s capital adequacy ratio (CRAR) stood at 24.97%, well above the regulatory requirement of 15%. The Company is rated AA-/Stable by CRISIL Ratings Limited and ICRA Limited for the nine-month period ended December 31, 2025.

The offer comprises a fresh issue of equity shares aggregating up to ₹1,250 Crores and an offer for sale of up to 99,020,833 equity shares. The offer for sale includes participation from multiple shareholders such as KKR India Financial Investments Pte. Ltd., MNI Ventures, MEMG Family Office LLP, V’Ocean Investments Ltd., amongst others.

The Company proposes to utilise the net proceeds primarily for investment in its wholly owned subsidiary, InCred Finance, to augment its capital base. The funds will be used to strengthen Tier-I capital, support onward lending, and improve the subsidiary’s CRAR.

IIFL Capital Services Limited, InCred Capital Wealth Portfolio Managers Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited and UBS Securities India Private Limited are the bankers to the issue.

Vedanta Chairman Anil Agarwal Congratulates Prime Minister Narendra Modi On Historic Victory In West Bengal And Assam

Heartiest congratulations to PM @narendramodi ji for the phenomenal victories in West Bengal and Assam.

The East - Bihar, Odisha, West Bengal and Assam - has collectively put its faith in PM Modi's aspirational agenda of a Viksit Bharat.

These states are India's richest in natural resources and human resources. Now, they will march forward on GDP, per capita income, job creation and poverty eradication and catch up with the rest of India. The women of this region are very talented and empowered. They will be the biggest contributors.

Like the sun rises in the East, India's rise as a superpower will also happen from the East.

In his 12 years in office, PM Modi has achieved what nobody thought was possible in India. For the first time, India's most vulnerable people are getting their deserved share of benefits straight to their bank accounts via direct cash transfers. India's infrastructure is becoming world class. Just look at the expressways, roads and airports. They are better than in the developed countries. And, now, the deregulation agenda is unleashing the entrepreneurial energy of our youth.

This is India's time. We have a young population and huge resources. We are blessed to have a visionary leader with the power of execution.

Sitting in London, I am witness to a world which is sitting up and taking note.

Once again, I congratulate the PM and Home Minister @AmitShah for their historic electoral success. May the tremendous resources of our Greater Purvanchal become the engine of growth for Bharat.

Ambuja Cements Builds And Inaugurates Community Hall In Upparwahi village, Chandrapur

EDITOR’S SYNOPSIS:

· Ambuja Cements, through its CSR, builds and inaugurates a community hall in Upparwahi village, Chandrapur.

· Strengthens rural infrastructure through creation of a dedicated multi-purpose community space.

· Enables community engagement, skill development, and local governance activities for holistic village development.

Ambuja Cements, the 9th largest building materials solutions provider globally and part of the diversified Adani Portfolio, through its CSR initiative, inaugurated a community hall in Upparwahi village, Chandrapur district, as part of its ongoing initiatives to strengthening rural infrastructure and improving quality of life. The hall will address a long-standing need for a dedicated common space to support social, educational, and cultural activities, benefiting the local community.

The community hall was inaugurated by former Member of Parliament Shri Naresh Puglia, in the presence of representatives from Ambuja Cement, local leaders, and village stakeholders. The facility has been designed as a multi-purpose space to host Gram Sabha meetings, awareness programmes on health and education, skill development sessions, and self-help group engagements. It also provides a platform for cultural events and social gatherings, enabling stronger community interaction and participation.

Through this initiative, Ambuja Cements aims to enhance access to community-led development programmes while fostering social cohesion and inclusive growth. The hall is expected to serve as a critical enabler for capacity-building activities, youth engagement, and collaborative decision-making at the village level, contributing to long-term socio-economic development.

The inauguration witnessed strong participation from village residents and stakeholders, reflecting community ownership and support. The initiative reinforces Ambuja Cements’ commitment to driving sustainable rural development through focused infrastructure interventions that enhance community engagement, enable access to opportunities, and improve overall quality of life.  

Berger Paints Combines Innovation And Impact For School Cooling Initiative Berger Paints | Cooler classrooms. Brighter minds

As India prepares for one of its harshest summers in recent years, with temperatures in several regions projected to touch nearly 50°C, the impact of extreme heat is becoming impossible to ignore. Responding to this growing crisis, Berger Paints India Ltd., the country’s second-largest paint company and a leader in protective coatings, is sharpening its focus on its Kool range — an innovative portfolio of heat-reflective coatings designed to reduce heat absorption and improve indoor comfort, Meanwhile, the company is rolling out a multi-pronged initiative that combines community intervention and storytelling to drive awareness around preventive cooling.

Taking this effort beyond individual households, Berger Paints has rolled out a school transformation and cooling initiative across 30 government schools in Uttar Pradesh and Rajasthan, with implementation support from Smile Foundation. Through the application of heat-reflective coatings from the Kool range, the initiative aims to create significantly cooler and more conducive learning environments for students in regions most affected by extreme heat. The intervention is expected to support student well-being, improve attendance, and enhance the overall classroom experience during peak summer months.

To further amplify the message, Berger Paints has launched a powerful brand film showcasing the transformative impact of its Kooling Solution range, including Berger Anti Dustt Kool and Berger Roof Kool & Seal, designed to reduce heat absorption across exterior walls and rooftops, along with Berger Tank Kool that helps keep water tanks cooler during peak summers. The film highlights the importance of proactive cooling in everyday life, featuring heartfelt testimonials from teachers and principals who have witnessed students thrive in the improved environment. Juxtaposing the harsh outdoor heat with cooler, more hopeful classroom interiors, it captures children learning and playing in comfort, reinforcing Berger Paints' promise of protection and well-being. The film concludes with the brand’s signature line, “Paint your imagination,” and will be amplified across Berger’s digital and social platforms.

This integrated approach of combining product innovation, on-ground intervention, and storytelling, underscores Berger Paints’ commitment to driving a shift towards preventive cooling solutions. As climate patterns continue to evolve, the Kool range is positioned to support both households and communities in adapting to rising temperatures in a more practical and sustainable manner.

Mr. Abhijit Roy, MD & CEO of Berger Paints India Limited, said, “At Berger Paints, we believe innovation must translate into real-world impact. The Kool range is designed not just for homes, but for communities that are increasingly vulnerable to extreme heat. Through our school initiative, we are working towards creating more comfortable learning environments, and with our upcoming campaign, we hope to encourage wider adoption of practical and sustainable cooling solutions.”

About Berger Paints India Ltd.

Berger Paints is among India's leading paint and coatings company and ranked among the top 15 coatings companies globally operating across India, Bangladesh, Nepal and Europe either directly or through its subsidiary companies. Berger is well recognized in India for its innovations in products and services which has helped reshape the industry over the course of the past few decades. These include the popularization of the tinting systems which redefined the Indian Paint market, launch of products like Easy Clean and WeatherCoat range, the introduction of the iTrain centers for training on paints, coatings and painting processes and Berger's innovations extends even to scaling up the concept of semi-automated painting tools under the Express Painting range which saw a significant change in the way painting contractors operated in the Indian market.  

IBM And Yotta Announce Plans To Deliver Agentic AI Platform For Indian Enterprises

* The collaboration intends to host IBM watsonx Orchestrate on Yotta's Shakti Cloud and bring IBM Sovereign Core to India, enabling enterprises to scale trusted, compliant AI

IBM (NYSE: IBM) and Yotta Data Services Private Limited ("Yotta") today announced plans to enter into a strategic partnership to deliver an Agentic AI platform for enterprises and government organisations in India. The platform is proposed to be built using IBM watsonx Orchestrate and deployed on Yotta's Shakti Cloud, to help organisations scale AI adoption while meeting evolving requirements around data residency, security, and regulatory compliance.

As enterprises move from AI experimentation to operational deployment, there is increasing demand for platforms that can orchestrate AI-driven workflows across business functions while maintaining governance and control. The proposed platform will enable organisations to deploy and manage AI agents across IT service management, HR, finance, procurement, and customer support.

As part of the collaboration, IBM and Yotta also intend to bring IBM Sovereign Core onto Yotta's Shakti Cloud. IBM Sovereign Core, now generally available, is a software platform designed to help organisations build and operate AI-ready sovereign environments — delivering continuous compliance monitoring, verifiable control, and governed AI execution across data, operations, technology, and AI. Together, the two offerings are intended to give Indian organisations a complete foundation for deploying agentic AI at scale, without compromising on compliance or control.

"AI innovation in India must be anchored in sovereignty, security, and performance. Together with IBM, we propose to enable enterprises to harness the power of agentic AI on a secure, India-hosted cloud, so they can innovate with confidence while maintaining control over their data and operations," said Sunil Gupta, Co-Founder, Managing Director & CEO, Yotta Data Services.

Yotta's Shakti Cloud provides scalable GPU infrastructure and AI services designed for Indian enterprises. Combined with IBM watsonx Orchestrate — an enterprise agentic AI platform — the proposed solution is intended to help Indian organisations adopt AI with speed and security, enabling AI-driven orchestration that accelerates time-to-value and streamlines operations across functions.

IBM Sovereign Core: Making Digital Sovereignty Operational

IBM Sovereign Core introduces a new model for operational sovereignty, where governance, compliance, and control are built into the system from the start. IBM defines digital sovereignty across four pillars:

Operational Sovereignty — control over how environments are operated

Data Sovereignty — control over data at rest, in use, and in motion

Technology Sovereignty — open, modular architecture that avoids vendor lock-in

AI Sovereignty — control over where models run and how inference is governed

IBM Sovereign Core delivers an integrated software platform combining control plane, identity, security, compliance, and AI execution functions within a single deployment model. Key capabilities include a customer-operated control plane, in-boundary identity and encryption, continuous compliance monitoring and evidence generation, preloaded regulatory frameworks, governed AI execution, and an open, modular architecture built on Red Hat OpenShift and Red Hat AI.

By intending to host IBM Sovereign Core on Yotta's Shakti Cloud — an India-based, MeitY-empanelled infrastructure — the partnership aims to deliver a sovereign environment purpose-built for India's regulatory requirements, supporting enterprises and government organisations in meeting data residency mandates, maintaining audit-ready compliance evidence, and deploying AI workloads within defined sovereign boundaries.

"Indian enterprises are increasingly focused on operationalising AI in a way that is secure, governed, and aligned with regulatory expectations. This collaboration will combine IBM's AI capabilities with Yotta's sovereign cloud infrastructure to help organisations scale AI responsibly — embedding sovereignty, governance, transparency, and trust from the outset," said Sandip Patel, Managing Director, IBM India & South Asia.

IBM and Yotta intend to jointly pursue go-to-market initiatives including solution co-creation, proof of concepts, and technical enablement, targeting organisations across BFSI, public sector, manufacturing, and digital-native industries.

About Yotta Data Services Private Limited

Yotta Data Services is a sovereign cloud infrastructure and platform services provider, offering cloud, AI cloud, data centre hosting, connectivity, media tech and cybersecurity services; managed applications; and a wide range of managed IT services. Yotta operates its cloud regions at its hyperscale data centre parks in Panvel (Navi Mumbai) and Greater Noida (Delhi NCR). Yotta's homegrown, open-source-based Sovereign hyperscale cloud, Yntraa, is MeitY empanelled (VCC and GCC). Yotta has also launched Shakti Cloud, a platform providing enterprises with a comprehensive suite of AI services including AI labs, AI workspaces, Shakti Studio AI Inference platform, access to NVIDIA NIM services, and Kubernetes clusters with GPU resources. Yotta is the only NVIDIA Cloud Partner (NCP) across the APAC region to be part of the NVIDIA Exemplar cloud initiative and is one of only six Reference Architecture Platform NCPs globally. For more information, visit www.yotta.com.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

Photo Caption- Left to Right: Sandip Patel, Managing Director, IBM India & South Asia; Sunil Gupta, Co-Founder, Managing Director & CEO, Yotta Data Services; Sriram Raghavan, General Manager, IBM Software, India and Software Innovation Lab.