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Federal Bank’s board has approved setting up a medium-term note programme of up to $500 million, giving the Kerala-based private lender a ready framework to raise foreign currency debt. The approval came at a board meeting on 17 September 2026.

What the Board Approved

The bank told the exchanges that the programme allows it to raise up to $500 million, or the equivalent in any other currency, through the offer and issue of secured or unsecured bonds, including foreign currency notes.

The money can be raised in one or more tranches, through one or more of the bank’s branches. That includes its head office and its IFSC Banking Unit at GIFT City in Gujarat.

The decision modifies an approval the board had granted on 21 August 2026 for issuing foreign currency denominated bonds through the GIFT City unit. Any actual issue remains subject to regulatory and statutory approvals.

What a Medium-Term Note Programme Is

A medium-term note programme, usually written as MTN, is not a loan. It is standing paperwork.

The bank prepares one master set of disclosure documents and gets approval for a ceiling. After that, whenever it wants to borrow within that ceiling, it can issue notes quickly without starting the documentation process again.

Each such issue is called a tranche. A bank might use the full ceiling over several years, use part of it, or never use it at all.

Secured means the bonds are backed by specific assets. Unsecured means they are backed only by the bank’s general ability to repay. The approval allows either.

A Ceiling, Not Money in the Bank

This is the part worth reading carefully, because headlines about such approvals often read as though the money has already been raised.

No amount has been borrowed. The filing does not name a coupon rate, a maturity, an issue date, a currency for the first tranche, or how the proceeds would be used.

Nor is there a fixed rupee figure. The ceiling is set in dollars, and the rupee equivalent of any borrowing will depend on the exchange rate on the day that tranche is actually issued. Converting $500 million into rupees today and presenting it as money raised would be misleading on both counts.

Why GIFT City Comes Into It

GIFT City is India’s International Financial Services Centre. Banks operate there through an IFSC Banking Unit, or IBU, which is treated for many purposes as an offshore branch even though it sits on Indian soil.

An IBU lets an Indian bank deal in foreign currency with international investors under the IFSC rules rather than the domestic ones. That is why a rupee-focused lender like Federal Bank routes a dollar programme through it.

Several Indian banks have set up similar programmes in recent months, using the same structure to keep an overseas funding option open.

Where the Bank Stands

Federal Bank reported net profit of ₹1,177 crore for the April to June quarter of FY 2026-27, up 36.5 per cent from the same quarter a year earlier.

For a bank, foreign currency funding does two things. It diversifies where the money comes from, beyond domestic deposits and rupee borrowings. It also brings currency risk, which banks manage through hedging, since the borrowing is repaid in dollars while most of the lending is in rupees.

What to Watch Next

The next concrete signal will be the first tranche: its size, tenure, coupon and the rating assigned to it. Until then this is an enabling approval and nothing more.

Federal Bank is listed on the NSE and BSE, and its shares are held in a demat account like any other stock. Price reaction to a funding approval is usually muted, and investors can follow it through the session on an online trading platform.

Investments in securities are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice.

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Brokerage Jefferies has kept a Buy rating on four Adani group companies after hosting their managements at its Jefferies India Forum 2026. The note, reported on 18 September 2026, covers Adani Power, Adani Green Energy, Adani Ports and SEZ, and Adani Energy Solutions.

What Jefferies Told Clients

Jefferies said it sees up to 53 per cent upside across the four stocks over the next twelve months, based on the targets it has set for each.

The note follows management presentations at the brokerage’s own investor conference, so much of it reflects what company managements said about their plans rather than new disclosures to the exchanges.

Adani Power: The Capacity Argument

According to the note, Adani Power’s management repeated its target of expanding capacity by 2.5 times, to 45 GW by FY 2031-32.

Of the 23.7 GW of capacity being added, 56 per cent is already tied up under long-term power purchase agreements, and the company wants to tie up all of it. A power purchase agreement, or PPA, is a long-term contract to sell electricity at an agreed price, which makes future revenue more predictable than selling into the open market.

Jefferies said it expects Adani Power to deliver 22 per cent EBITDA growth a year compounded over FY 2025-26 to FY 2029-30, and to turn free cash flow positive by FY 2029-30 from negative levels now. Its target price on the stock is ₹270, which the brokerage said implies about 33 per cent upside.

Adani Green: Storage and the Grid

On Adani Green Energy, Jefferies said management remained confident of adding 5 GW of capacity in FY 2026-27, and is timing new capacity to match the transmission infrastructure available to carry it.

That timing point matters. Curtailment is what happens when a renewable plant generates power the grid cannot absorb, and the output is cut back. A solar farm that cannot evacuate its electricity does not earn from it.

The brokerage also said plans to raise battery energy storage capacity from 3.6 GWh now to more than 10 GWh by FY 2026-27 remain on track. Storage lets a solar generator sell power at night, when tariffs are higher. Jefferies set a target of ₹1,695 on the stock.

The Trade-off Jefferies Itself Points To

The same note flags a limit on the upside. Adani Green’s capacity tie-up with Adani Energy Solutions caps what it can earn from selling power on the merchant market, where prices swing with demand.

In exchange, earnings become more predictable. That is the trade every contracted power producer makes: less chance of a windfall, less chance of a collapse.

What a Target Price Actually Means

A target price is an analyst’s estimate of where a share might trade over a stated horizon, usually twelve months. It is built on assumptions about growth, margins and the multiple the market will pay.

Change one assumption and the target moves. Jefferies has revised its targets on these same stocks more than once during 2026 as capacity plans and market conditions changed.

A target is not a promise, a forecast the brokerage is accountable for, or a statement about what any individual investor should do. Different brokerages routinely publish very different targets on the same stock at the same time.

How to Read a Note Like This

Three things are worth separating when you read brokerage coverage.

• Facts disclosed to the exchanges, such as capacity already commissioned or contracts signed
• Management guidance, which is a plan and not yet a result
• The analyst’s own estimates and target, which rest on both of the above

Most of what appears in a conference note falls into the second and third categories. Whether the plans convert into earnings is visible only in the quarterly filings that follow.

Shares in these companies, like any listed stock, are bought and held through a demat account, and their day to day movement can be followed on an online trading platform. What matters more than the daily move is whether the execution milestones described above actually land.

The ratings, targets and figures in this article are Jefferies’ own, as reported on 18 September 2026, and were carried by a single outlet at the time of writing. They are reported here as information and may have changed since.

Investments in securities are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice. Findoc does not recommend any of the securities named here.

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Bharat Electronics told the exchanges on 17 September 2026 that it has picked up another ₹648 crore of defence orders since late August. It is the Navratna PSU’s third order disclosure in about six weeks.

What BEL Disclosed to the Exchanges

In its regulatory filing, Bharat Electronics said the orders were won after its previous disclosure of 26 August 2026. The company did not name the customers, which is normal for defence contracts.

The list covers laser-based infrared jammers, communication equipment, cyber security solutions, thermal imagers, transducers, AI-based software, TR modules, upgrades, spares and services.

Two of those terms are worth unpacking. An infrared jammer is a self-protection system that confuses heat-seeking missiles. TR modules, short for transmit and receive modules, are the building blocks of modern radar antennas.

The Third Disclosure Since Early August

Defence PSUs report orders in batches rather than one by one. BEL has now made three such disclosures in quick succession.

Disclosure date	Order value
10 August 2026	₹541 crore
26 August 2026	₹730 crore
17 September 2026	₹648 crore

The 26 August batch included communication equipment, radar, avionics, tank sub-systems, electro optics, cyber security, perimeter security, medical electronics, electronic voting machines, jammers, batteries, spares and services.

Why the Spread of Products Matters

Large defence orders are lumpy. A company that depends on one or two big programmes can see its quarterly revenue swing sharply if a single contract slips.

BEL’s recent orders run across electronic warfare, radar, communications, software and after-sales support. That spread reduces the damage any single delay can do to a quarter’s numbers.

It also tells you something about demand. Orders across this many categories point to procurement happening in several parts of the armed forces at once, not a one-off programme.

Where the Order Book Stands

Bharat Electronics reported an order book of ₹72,258 crore as of 1 July 2026. Against that base, a ₹648 crore win is small in isolation.

The reason investors track these filings is not the size of each batch. It is the pace. A steady drumbeat of orders is what keeps the order book from shrinking as older contracts are executed and billed.

For the June 2026 quarter, BEL reported revenue of ₹5,533.06 crore, up 25.27 per cent from a year earlier, with standalone net profit of ₹1,048.33 crore, up 8.17 per cent.

How the Stock Has Traded

BEL shares closed at ₹395.45 on the NSE on 17 September 2026, up 2.51 per cent for the day, giving the company a market capitalisation of about ₹2.89 lakh crore.

The longer picture is flatter. The stock is down roughly 10 per cent over six months and has spent the recent stretch below its 52-week high of ₹473.45, touched on 6 March 2026. Its 52-week low is ₹380.45, from 18 December 2025.

On 18 September the stock was trading higher during the session, though intraday prices change through the day and only the closing figure is final. Anyone tracking it can follow the move live on an online trading platform, and would need a demat account to actually hold the shares.

What to Watch From Here

The next real test is execution, not announcements. Watch BEL’s September quarter results for how much of the order book converts into revenue, what happens to margins as newer contracts move into production, and whether the monthly order disclosures keep up this pace.

Order values and share prices in this article are as disclosed and reported up to 18 September 2026.

Investments in securities are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice.

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GPT Infraprojects has received a ₹483.72 crore work order from Rail Vikas Nigam to build a steel bridge over the Mahanadi river in Odisha. The Kolkata-based company disclosed the award to the exchanges on 17 September 2026.

The Order in Detail

Item	Detail
Awarded by	Chief Project Manager, Rail Vikas Nigam Limited, Bhubaneswar
Contract value including GST	₹483.72 crore
Contract value excluding GST	₹409.94 crore
Execution period	1,095 days from the appointed date

The difference between the two values matters when you read order announcements. The headline number includes GST, which the company collects and passes on. The revenue the company actually books is closer to the figure excluding tax.

From Lowest Bidder to Work Order

This is the same project GPT Infraprojects was declared L1 on earlier this month. On 2 September 2026 the company said Rail Vikas Nigam had declared it L1 for Bridge 544, at the same contract value.

L1 means first lowest bidder. It is the stage at which a contractor has quoted the lowest eligible price in a tender, but has not yet received the formal work order. Until that order arrives, the contract is not secured.

What happened on 17 September is the formal award of that same bridge project. Some coverage has described it as a separate second order from RVNL this month. Readers comparing reports should note that both disclosures carry the same bridge number, the same section and the same contract value.

What Is Being Built

The contract covers Important Bridge 544, an open web steel girder bridge over the Mahanadi river. An open web girder is a steel truss, the lattice-style structure familiar from older Indian railway bridges, used where long spans are needed.

The bridge is made up of 32 spans of 65.84 metres each. It forms part of the construction of the third and fourth railway lines between the Nergundi and Barang section, in the Khurda Road division of East Coast Railway.

Adding a third and fourth line on a busy corridor is capacity work. It lets more trains run on the same route without waiting for each other to clear the track.

What It Does to the Order Book

Following this award, GPT Infraprojects said its outstanding order book stands at ₹4,992 crore, with total order inflow for FY 2026-27 at ₹818 crore.

For context, the company reported an order backlog of ₹4,303 crore at the end of the June 2026 quarter, with order inflow of ₹130 crore in that quarter including incremental orders on existing contracts.

For a construction company, the order book is the closest thing to forward visibility. A 1,095-day execution period means this contract is expected to contribute revenue over roughly three years, not in one go.

How the Stock Reacted

GPT Infraprojects shares rose during the session on 18 September 2026, touching an intraday high of ₹123.32, a gain of as much as 8.5 per cent.

That is an intraday figure. Prices move through the trading day and only the close after 3:30 PM IST is the final number for the session. Anyone following the stock in real time would do so through an online trading platform, and would need a demat account to hold the shares.

What to Watch

Watch for the appointed date, which starts the 1,095-day clock, and for execution progress in the company’s quarterly results. Order announcements move a small-cap stock quickly. Revenue conversion is slower and is what eventually shows up in the numbers.

Investments in securities are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice.

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Oil India will set aside about ₹15,000 crore over the next three years to drill deepwater exploration wells, chairman and managing director Ranjit Rath said at a briefing after the company’s annual general meeting on 17 September 2026.

What Rath Said After the AGM

The spending is aimed at deepwater and ultra-deepwater blocks in four offshore areas: the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins.

Rath described it as a preparedness budget rather than a fixed drilling schedule. The company has acquired about 48,000 sq km of acreage in deep and ultra-deep water, including two blocks in the Krishna-Godavari basin and two in the Mahanadi basin.

Two-dimensional and three-dimensional seismic surveys on those blocks are done, and the data is being processed. Older seismic data is also being reprocessed with current technology. Oil India’s total exploration footprint runs beyond one lakh sq km.

How Samudra Manthan Shares the Risk

The plan leans on Samudra Manthan, a central government scheme that part-funds deepwater and ultra-deepwater exploration in India.

Samudra Manthan	Detail
Approved outlay	₹84,084 crore
Period	Up to 2030-31
Government share of eligible drilling cost	Up to 50 per cent
Ceiling per well	₹675 crore, or 50 per cent, whichever is lower

The support applies to eligible exploratory wells, which is the part of the business where the money is most likely to be lost.

Why Deepwater Drilling Is a Different Kind of Spend

An exploration well is not a production well. It is drilled to find out whether oil or gas is there at all, and in what quantity. Many exploration wells find nothing, and the money spent on them cannot be recovered.

In deep water, that cost is far higher than on land. Rigs, vessels and specialist services all cost more offshore, which is why Indian explorers have historically been cautious about frontier basins.

A scheme that absorbs part of the drilling cost changes that arithmetic. It does not guarantee a discovery. It reduces how much a single dry well hurts.

Where the Wells Actually Get Drilled Is Still Open

This is the part investors should read carefully. Seismic data tells geologists where a reservoir might be. Only when that data is interpreted does a company pick specific drilling locations.

So the ₹15,000 crore is a budget to convert seismic prospects into drillable wells, not a confirmed list of approved projects. The number of wells and their locations depend on what the interpretation shows.

Beyond Oil: Biogas and the Numaligarh Refinery

Rath said Oil India is also expanding its clean energy portfolio, including solar and compressed biogas. He pointed to the government’s GOBARdhan scheme, under which ₹23,731 crore of financial support was approved last month to develop India’s compressed biogas sector by converting farm waste and municipal refuse into fuel and organic manure.

On the company’s subsidiary Numaligarh Refinery, Rath said the expansion from 3 million tonnes a year to 9 million tonnes is expected to be commissioned by 31 March 2027, with stabilisation taking another nine to twelve months after that.

What to Track From Here

Three markers will show whether this plan is moving: the completion of seismic interpretation, the announcement of specific well locations, and the actual commissioning date at Numaligarh.

Oil India is a listed public sector company, so its shares can be bought and held through a demat account, and the price reaction to announcements like this can be followed live on an online trading platform. Exploration outcomes, though, take years to show up in earnings.

Investments in securities are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice.

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The Tata Sons board voted on 17 September 2026 to take India’s most closely watched unlisted company public, after the RBI blocked its escape route. Tata Trusts, which owns about 66 per cent, says it never agreed.

Why RBI Closed the Exit Door

The Reserve Bank of India classified Tata Sons as an “upper layer” NBFC in September 2022. An NBFC, or non-banking financial company, is a lender or investment company that is not a bank.

The upper layer tag is reserved for the largest and most systemically important of them, and it carries one hard rule: list on a stock exchange within three years. That deadline passed in September 2025 with Tata Sons still private.

Tata Sons had been trying a different route. In 2024, after repaying more than ₹21,000 crore of debt, it applied to surrender its registration as a Core Investment Company (CIC), an NBFC that mainly holds shares in its own group companies. If the CIC registration went away, the listing rule would go with it.

The RBI answered in a letter dated 11 September 2026. It said the application could not be accepted and asked the company to proceed with an immediate stock-market listing. On 17 September, the central bank also issued fresh NBFC FAQs setting out the reasoning behind that refusal.

What the Board Decided on 17 September

The Tata Sons board met in Mumbai on Thursday, 17 September 2026 and cleared two resolutions.

First, it approved moving ahead with the listing. Second, it approved a fresh five-year term for N Chandrasekaran as executive chairman.

Both went through by a 4 to 1 margin, with Tata Trusts chairman Noel Tata voting against and Chandrasekaran abstaining on his own reappointment, according to reports of the meeting.

The reappointment is a reversal. Chandrasekaran, 63, had written to directors on 12 August 2026 saying he would not offer himself for a third term when his current one ends on 20 February 2027. The board’s Nomination and Remuneration Committee met on 3 September and asked him to reconsider.

Why Tata Trusts Says the Vote Does Not Count

Tata Sons is not owned the way a normal company is, and that is the heart of the dispute.

Shareholder	Approximate stake	Public position on listing
Tata Trusts	About 66%	Opposed
Shapoorji Pallonji Group	About 18.37%	In favour
Tata group companies	About 13%	Not stated publicly
Individuals, largely Tata family	Balance	Not stated publicly

Under Article 121 of the Tata Sons articles of association, directors nominated by the two principal trusts, Sir Dorabji Tata Trust and Sir Ratan Tata Trust, hold affirmative voting rights on certain reserved matters. In plain language, a veto.

Tata Trusts says its position as majority shareholder has not changed and that it did not agree to the listing. It has called the board resolution on Chandrasekaran a legal nullity, arguing the veto was wrongly overridden.

The board is reported to have relied on a legal opinion that the chairman carries a casting vote when the board is deadlocked. The Trusts dispute that reading.

The AGM is the Real Test, and It Has No Date

Both the listing decision and the reappointment need to be ratified by shareholders at the Tata Sons annual general meeting. That meeting was adjourned in August 2026 and has no confirmed new date.

The delay is procedural but serious. The articles require the two principal trusts to jointly nominate a representative for the AGM, and an order of the Maharashtra Charity Commissioner concerning Sir Ratan Tata Trust has held that process up for months.

Governance specialists quoted in Business Standard have pointed out the obvious arithmetic: a shareholder holding 66 per cent can vote both resolutions down. Until the AGM happens, Thursday’s board vote sets a direction, not an outcome.

How Tata Group Stocks Have Moved This Week

Tata Sons itself is unlisted, so the market has been trading the listed Tata companies that own a slice of it, or that would be re-rated if a listing unlocked value.

On Tuesday, 15 September 2026, that trade ran hard. Tata Chemicals hit its 20 per cent upper circuit on the BSE and Tata Investment Corporation rose in double digits, on expectations that a listing had become unavoidable.

Friday morning went the other way. Around 10:00 AM IST on 18 September 2026, Business Standard reported Tata Chemicals down 8.08 per cent intraday, Tata Investment Corporation down 3.17 per cent, Tata Motors down 3.05 per cent and TCS down 2.75 per cent, with TCS the single biggest drag on the Nifty IT index. Tata Capital was among the few gainers, up 1.54 per cent.

Those are intraday figures from the morning session. Closing prices for 18 September will differ.

What Investors Should Actually Track From Here

Nothing about a Tata Sons IPO is fixed. There is no draft red herring prospectus, no issue size, no price band and no timeline. Any “Tata Sons IPO date” circulating right now is speculation until the company files with SEBI.

The things that will actually move this story are narrower: whether an AGM date is set, whether Tata Trusts takes the dispute to court, and whether the RBI sets a fresh compliance deadline. The RBI is reported to have filed a caveat in the Bombay High Court in this matter, a routine step that ensures it is heard before any order is passed against it.

For now the only exposure available to a retail investor is indirect, through the listed Tata companies that hold stakes in Tata Sons. Holding any of those shares requires a demat account, which is where shares are kept in electronic form with NSDL or CDSL.

Anyone following a story that moves this fast will also want an online trading platform showing live prices through market hours, 9:15 AM to 3:30 PM IST, rather than relying on end-of-day figures.

A stock swinging 20 per cent up one day and 8 per cent down three days later, on the same underlying story, is a reminder that this is a news-driven move rather than a valuation-driven one.

Investments in securities are subject to market risks. Read all related documents carefully before investing. This is not investment advice.

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SS Retail Limited’s IPO is open from 16 September 2026 to 18 September 2026, priced at ₹403 to ₹424 per share, with a lot size of 35 shares. The ₹500 crore issue is a mix of a fresh issue and an offer for sale, and the company is tentatively set to list on 23 September 2026. Here is what the Red Herring Prospectus and the finalised price band tell a retail investor before applying.

Key IPO Details

Parameter	Details
IPO Dates	16 September 2026 to 18 September 2026
Anchor Investor Bidding Date	15 September 2026
Face Value	₹10 per share
Price Band	₹403 to ₹424 per share
Lot Size	35 shares (₹14,840 at the cap price)
Employee Discount	₹25 per share
Issue Type	Book-built, fresh issue and offer for sale
Total Issue Size	Up to ₹500.75 crore
Fresh Issue	Up to ₹360.75 crore
Offer for Sale	Up to ₹140.00 crore
Listing Exchanges	BSE and NSE
Basis of Allotment (tentative)	21 September 2026
Credit to Demat (tentative)	22 September 2026
Listing Date (tentative)	23 September 2026
Registrar	KFin Technologies Limited
Book Running Lead Managers	Anand Rathi Advisors Limited, Emkay Global Financial Services Limited

The offer details, promoter names and financials in this article come from the Red Herring Prospectus dated 8 September 2026. The price band, lot size and dates were fixed after the RHP was filed and have been cross-checked against the BSE, NSE and registrar announcements as of 17 September 2026. IPO timelines can shift, so treat the dates after Bid/Offer Closes as tentative until the exchanges confirm them.

Reservation Split

The offer is being made under Regulation 6(1) of the SEBI ICDR Regulations, 2018. Based on category-wise data tracked on the exchanges:

Category	Reservation
Qualified Institutional Buyers (QIB)	Not more than 50%
Non-Institutional Investors (NII)	Not less than 15%
Retail Individual Investors (RII)	Not less than 35%

A small portion is also reserved for eligible employees, who get a ₹25 per share discount to the offer price.

What a Retail Application Actually Costs

One lot is 35 shares. At the floor price of ₹403, one lot costs ₹14,105. At the cap price of ₹424, it costs ₹14,840. Since funds are blocked (ASBA) or mandated (UPI) at the cap price regardless of where you bid within the band, ₹14,840 is the amount that actually gets blocked in your bank account for one lot.

Maximum retail application. SEBI caps an individual retail application at ₹2,00,000. At ₹14,840 per lot, that works out to 13 lots, or ₹1,92,920. A 14th lot would cost ₹2,07,760, which crosses the ₹2 lakh line and moves the application into the small non-institutional investor (sNII) category instead of retail. If you want to stay in the retail quota, 13 lots is the ceiling.

Investor Category	Minimum Lots	Minimum Shares	Amount at Cap Price
Retail (minimum)	1	35	₹14,840
Retail (maximum)	13	455	₹1,92,920
Small NII (sNII, minimum)	14	490	₹2,07,760
Big NII (bNII, minimum)	68	2,380	₹10,09,120

About SS Retail Limited

SS Retail Limited was incorporated in 2016 and runs a multi-brand retail chain for mobile phones, accessories and other electronic items, operating under the brands SS Mobile, Mobile Exchange Wala and The Mobile Space. Its registered office is in Kolhapur, Maharashtra.

As of 31 March 2026, the company operated 503 stores across Maharashtra, Karnataka, Madhya Pradesh and Goa, with operations in Gujarat starting in Fiscal 2027. As per the Knowledge Company Report cited in the RHP, this makes it the largest mobile phone retail chain in West India and in Maharashtra, and the third largest in India among its peers.

A few facts that matter for an investor rather than a general description:

• Revenue mix is concentrated in mobile phones: Mobile phones made up 86.18% of FY26 revenue, pre-owned smartphones (branded Mobile Exchange Wala) another 7.20%, with accessories, other electronics and ancillary services making up the rest.
• Geographic concentration in Maharashtra: The state contributed 89.09% of FY26 revenue from operations, from 458 of the company’s 503 stores.
• Asset-light expansion model: The COFO (Company Owned Franchisee Operated) and FOFO (Franchisee Owned Franchisee Operated) formats together contributed 74.19% of FY26 revenue, letting the company add stores without bearing the full capital cost of each one.
• Recent acquisition: FY26 numbers are consolidated for the first time, following the acquisition of Olineo (34 stores) and the start of Nexora’s operations. FY25 and FY24 figures in this article are standalone, so growth rates that straddle FY26 mix a wider corporate base with the earlier standalone one. Treat CAGR figures below as directional rather than strictly like-for-like.

Financial Performance

Figures below are from the Restated Financial Information in the RHP, converted from ₹ million to ₹ crore.

Particulars	FY26 (Consolidated)	FY25 (Standalone)	FY24 (Standalone)
Revenue from operations	₹2,351.03 crore	₹1,597.93 crore	₹1,206.74 crore
Revenue growth	47.13%	32.42%	45.03%
Gross profit	₹286.41 crore	₹193.13 crore	₹128.74 crore
Gross profit margin	12.18%	12.09%	10.67%
EBITDA	₹125.15 crore	₹80.44 crore	₹56.50 crore
EBITDA margin	5.32%	5.03%	4.68%
Profit after tax (PAT)	₹59.28 crore	₹39.86 crore	₹26.65 crore
PAT margin	2.52%	2.49%	2.21%
Net worth	₹225.71 crore	₹141.37 crore	₹101.51 crore
Return on equity (RoE)	30.60%	30.94%	30.20%
Return on capital employed (RoCE)	29.30%	25.78%	25.91%
Total borrowings	₹162.59 crore	₹125.36 crore	₹110.43 crore
Net debt to EBITDA	1.06x	1.17x	1.38x

Revenue grew at a two-year CAGR of about 39.58% between FY24 and FY26, and PAT grew faster, at about 49.16%, showing some operating leverage as the store network scaled. Margins moved up only slightly over the same period, since mobile phone retail is inherently a thin-margin, high-turnover business, and the RHP’s own KPI table shows PAT margin has stayed in a narrow 2.21% to 2.52% band across all three years.

One number worth watching alongside the growth: net working capital days were 46 in FY26, 51 in FY25 and 47 in FY24, and the inventory turnover ratio slipped from 10.49 times in FY24 to 8.83 times in FY26. In a phone retail business, inventory sitting on the shelf for even a few extra days ties up meaningful cash, and this is exactly where accounting profit and actual cash generation can diverge. The company’s own cash flow statement shows operating cash flow of ₹32.52 crore in FY26, well below the ₹59.28 crore PAT for the year, which is consistent with working capital absorbing part of the reported profit.

These are historical, restated disclosures and do not indicate how the business will perform in the future.

Valuation Metrics Explained

Metric	FY26 Value
Basic EPS	₹9.11
Diluted EPS	₹9.11
Net Asset Value (NAV) per share	₹34.33
Return on Net Worth (RoNW), as certified in the RHP	32.60%
Market capitalisation at the cap price (post-issue)	Approximately ₹3,153 crore

A few terms explained simply, since the RHP uses them without defining them for a first-time reader:

• EPS (Earnings Per Share) is the company’s profit divided by the number of shares outstanding. It tells you how much profit is attributable to each share you would own.
• P/E (Price to Earnings) is the share price divided by EPS. A higher P/E means you are paying more for each rupee of the company’s current profit.
• RoNW (Return on Net Worth) measures how efficiently the company turns shareholders’ money into profit. The RHP’s certified RoNW of 32.60% uses a specific definition of net worth set out in the “Basis for Offer Price” section, which can differ from a plain profit-over-equity calculation.
• NAV (Net Asset Value) per share is roughly what each share would be worth if the company’s net assets were divided equally among all shareholders. Comparing the offer price to NAV shows how much of the price is for assets already on the books versus future growth.

Working Out the P/E

The RHP itself leaves every P/E field blank, marked, because it was filed on 8 September 2026, before the price band was fixed. Using the FY26 diluted EPS of ₹9.11 and the finalised price band, here is what those blanks work out to:

Metric	Value
P/E at floor price (₹403)	44.24x
P/E at cap price (₹424)	46.54x
Post-issue P/E at cap price*	53.19x
Price to Book (P/B) at cap price	12.35x

*The post-issue P/E accounts for the new shares created by the fresh issue, which dilutes EPS. Only the fresh issue portion adds new shares; the offer-for-sale portion simply transfers existing shares from selling shareholders to new investors and does not change the total share count. Using the pre-offer share count of 6,58,63,500 and roughly 85,08,255 new shares from the ₹360.75 crore fresh issue at the cap price, the post-issue share count comes to about 7,43,71,755, which brings post-issue EPS down to roughly ₹7.97 and lifts the effective P/E from 46.5x to about 53.2x.

How That Compares With Listed Peers

The RHP’s own peer comparison table, under Basis for Offer Price, was not part of the abridged prospectus made available for this article, so it could not be independently verified against the primary source. Based on secondary market-analyst commentary published after the price band was announced, SS Retail’s FY26 P/E of about 46.5x sits above a reported peer average of roughly 31.9x, though below the sector high of about 66x attributed to Aditya Vision. The same commentary places SS Retail’s certified RoNW of 32.60% above a reported peer average of roughly 16.9%.

Two things worth weighing before reading too much into that gap:

• SS Retail’s RoNW looks high partly because its pre-issue net worth (₹225.71 crore) is small relative to its revenue base. The fresh issue itself will roughly double the equity base, which will mechanically pull RoNW down going forward, independent of how the business performs.
• The organised mobile and electronics retail peers analysts compare it with, such as Aditya Vision and Electronics Mart India, carry a meaningfully different product mix (higher-margin appliances versus SS Retail’s thin-margin mobile-phone-heavy revenue), so a like-for-like multiple comparison has real limits.

These ratios are shared for educational understanding of how the offer is priced, not as investment guidance. Readers who want the RHP’s own certified peer table should refer to Basis for the Offer Price on page 183 of the Red Herring Prospectus.

Objects of the Issue

Of the ₹500.75 crore total issue, only the ₹360.75 crore fresh issue portion reaches the company. The ₹140.00 crore offer for sale goes entirely to the five selling shareholders, and the company receives none of it.

Object	Amount
Capital expenditure for store fit-outs (Fiscal 2027 and 2028)	₹12.45 crore
Part-funding of incremental working capital	₹241.35 crore
General corporate purposes	Not disclosed in the RHP (to be finalised in the Prospectus)
Net Proceeds	Not disclosed in the RHP (to be finalised in the Prospectus)

The bulk of the fresh issue, ₹241.35 crore, is earmarked for working capital, which lines up with the business being inventory-heavy: every new store needs its display cases stocked with mobile phones before it earns a rupee. The remaining ₹12.45 crore funds fit-out capex for new stores planned over Fiscal 2027 and Fiscal 2028.

The RHP caps general corporate purposes at 25% of the gross proceeds under SEBI ICDR Regulations, but the exact rupee amount, along with issue-related expenses, was left blank in the RHP pending finalisation in the Prospectus. Money earmarked for general corporate purposes is the least specific use of an investor’s capital in any issue, since it is not tied to a named project.

Strengths and Risk Factors

Strengths	Risk Factors
Largest mobile phone retail chain in West India and Maharashtra, third largest in India by store count, as per the Knowledge Company Report	86.18% of FY26 revenue comes from mobile phones alone; any slowdown in mobile phone demand hits the business directly
COFO and FOFO franchise models contributed 74.19% of FY26 revenue, allowing capital-efficient store expansion	Top 10 suppliers accounted for 79.09% of FY26 purchases; any disruption to these arrangements affects the whole supply chain
Revenue and PAT grew at roughly 39.58% and 49.16% CAGR respectively over FY24 to FY26	89.09% of FY26 revenue comes from Maharashtra alone (458 of 503 stores), concentrating the business in one state’s economic and political conditions
Return on capital employed of 29.30% and return on equity of 30.60% in FY26	82 of 381 registrable lease and leave-and-license agreements were not registered as of the RHP date, which can weaken the company’s ability to enforce them in court
Consistent store network growth, from 236 stores in FY24 to 503 stores in FY26	The company’s P/E at both ends of the price band is at a premium to the average P/E of its listed peers, per the RHP’s own risk factor disclosure

This table summarises only the top disclosures and is not a substitute for the full Risk Factors section, which runs from page 27 of the Red Herring Prospectus and covers considerably more ground, including related-party transactions and litigation.

How to Apply for the SS Retail IPO

1. Log in to your trading and demat account.
2. Go to the IPO section and select SS Retail Limited.
3. Enter your UPI ID (or use net banking ASBA) and the number of shares in multiples of 35.
4. Choose a bid price within ₹403 to ₹424, or select cut-off price to bid at the price finally discovered.
5. Submit the application, then approve the UPI mandate request in your UPI app before 5:00 PM on the bid or offer closing date.

Investors without a demat account can open one first; the account needs to be active before the issue closes on 18 September 2026.

Findoc’s specific brokerage charges, platform features and IPO application process on its own app are not covered here and will be added once confirmed internally.

Checking Your Allotment

The basis of allotment is expected to be finalised on 21 September 2026, with shares credited to demat accounts by 22 September 2026. You can check allotment status through:

• The registrar, KFin Technologies Limited, using your PAN, application number or demat account details
• The BSE website’s IPO allotment status page
• The NSE website’s IPO allotment status page

If shares are not allotted, blocked funds are released back to your bank account around the same time as the credit to demat accounts for successful applicants.

Key Takeaways

• SS Retail’s ₹500.75 crore IPO runs from 16 to 18 September 2026, priced at ₹403 to ₹424, with a lot size of 35 shares (₹14,840 at the cap price).
• A retail investor can apply for a maximum of 13 lots (₹1,92,920) and stay within the retail category; a 14th lot moves the application to the sNII category.
• Revenue grew at roughly 39.58% CAGR and PAT at roughly 49.16% CAGR between FY24 and FY26, though FY26 is consolidated for the first time and not strictly comparable to the standalone years before it.
• At the cap price, the issue is priced at about 46.5x FY26 diluted EPS, rising to about 53.2x on a post-issue basis, which analysts have flagged as a premium to the sector.
• Only the ₹360.75 crore fresh issue reaches the company; the ₹140.00 crore offer for sale goes to selling shareholders, and general corporate purposes remain unquantified pending the Prospectus.
• The business is concentrated in mobile phones (86%+ of revenue) and in Maharashtra (89%+ of revenue), which are the two risks to watch alongside execution of the Gujarat and Chhattisgarh expansion plans.

Disclaimer: This article is for informational purposes only and is not a buy/sell recommendation. Investments in securities are subject to market risks; this is not investment advice. Please consult a SEBI-registered investment adviser before investing.

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Tata Sons’ board approved plans to list the company on stock exchanges and gave chairman N. Chandrasekaran a fresh five-year term, at a Mumbai meeting on 17 September 2026 that followed RBI’s rejection of the group’s bid to stay private.

What the Board Decided in Mumbai

The Tata Sons board met in Mumbai on Thursday, 17 September 2026, in a session that reportedly ran close to three hours. Two decisions came out of it: the board agreed to move ahead with listing the holding company on stock exchanges, and it approved a fresh five-year term for Chairman N. Chandrasekaran.

Business Standard reported that Tata Trusts chairman Noel Tata, who had previously resisted both a listing and Chandrasekaran’s reappointment, was outvoted by the rest of the board on the extension.

The RBI Order Behind the Push to List

This isn’t a voluntary move. In September 2022, the Reserve Bank of India (RBI) classified Tata Sons as an “upper layer” non-banking financial company (NBFC). Under its Scale Based Regulation framework, any NBFC with standalone assets of ₹1 lakh crore or more must eventually list on the stock exchanges.

Tata Sons’ standalone assets are estimated at around ₹1.75 lakh crore well past that mark. The company had tried a different route: it repaid its debt and applied to surrender its Core Investment Company (CIC) registration, hoping to exit the NBFC framework and remain private.

The RBI rejected that application on 11 September 2026. Days later, the central bank also filed a caveat in the Bombay High Court, a routine legal step that ensures it gets heard if anyone challenges the listing directive in court. With that route effectively closed, Thursday’s board resolution confirms Tata Sons will now prepare for a public listing.

Behind Chandrasekaran’s Five-Year Extension

Chandrasekaran took charge as Tata Sons chairman in February 2017 and was renewed for a second five-year term in February 2022, due to end on 20 February 2027. In August 2026, he told the board he would not seek a third term, after a proposed extension recommended by Sir Dorabji Tata Trust and Sir Ratan Tata Trust had stalled at board level since February 2026.

With the listing process now beginning, the board decided leadership continuity mattered more than a planned exit. Preparing a listing typically involves a Draft Red Herring Prospectus, valuation exercises, and multiple regulatory sign-offs a process where investors usually want a settled chairman in place throughout.

The decision also comes against an unusual governance stretch at Tata Sons: its 108th annual general meeting on 18 August 2026 was adjourned for lack of quorum, the first such adjournment in the group’s history. The Registrar of Companies later extended the AGM deadline to 31 December 2026, from an original 30 September deadline.

Tata Chemicals: The Listing’s Loudest Proxy Trade

Investors have been watching one stock in particular: Tata Chemicals. It holds a 2.53% stake in Tata Sons, a stake estimated to be worth around ₹25,300 crore actually higher than Tata Chemicals‘ own standalone market capitalisation of roughly ₹18,700 crore.

That gap explains the price move. After the RBI’s rejection became public, Tata Chemicals shares surged 20% to hit the upper circuit at ₹734.90 on 15 September 2026, one of its sharpest single-day gains in years. Several other listed Tata firms, including Tata Investment Corporation and Tata Consultancy Services, also rose that day on the same listing buzz.

Metric	Figure
Tata Sons standalone assets	~₹1.75 lakh crore
RBI’s upper-layer NBFC asset threshold	₹1 lakh crore
Tata Trusts’ stake in Tata Sons	66%
Shapoorji Pallonji Group’s stake	18.4%
Tata Chemicals’ stake in Tata Sons	2.53% (~₹25,300 crore)
Tata Chemicals’ own market cap	~₹18,700 crore
Tata Chemicals share price, 15 Sept 2026	₹734.90 (20% upper circuit)

A Tata Sons listing, if it eventually happens, would turn several such long-illiquid cross-holdings into stakes the market can price directly. That said, nothing here should be read as a buy or sell signal on any of these stocks, and a listing timeline hasn’t been announced.

Sessions like Tata Chemicals’ 15 September rally move fast, often within minutes of news breaking, which is why investors tracking this story need an active demat account and trading account already in place, along with an online trading platform that shows real-time price and circuit-limit data.

What Happens Next

Tata Sons hasn’t announced a timeline for filing listing documents. The company could still explore other paths, such as seeking reconsideration from the RBI or restructuring parts of its balance sheet to fall below the ₹1 lakh crore threshold, though the RBI’s caveat filing narrows the option of a court challenge.

For now, Thursday’s dual decision clearing the listing process while locking in Chandrasekaran for five more years gives the group a settled leadership structure to manage whatever comes next.

Investments in securities markets are subject to market risks. This article is for information only and is not investment advice.

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Yatharth Hospital & Trauma Care Services said on 17 September 2026 that Advent International will invest ₹3,150 crore for a 24.9% stake, sending its shares to a record high on the NSE and BSE.

Advent’s ₹3,150 Crore Deal: How the Investment is Structured

Yatharth Hospital told stock exchanges that its board has approved a preferential issue of equity shares and warrants to Rasmalai Limited, a Cyprus-based investment vehicle linked to Advent International.

Once complete, this will give Advent a 24.9% minority stake (24.87% of post-issue equity, to be precise) in the Noida-based hospital chain. The promoter Tyagi family will remain the largest shareholder.

The board also approved raising Yatharth’s authorised share capital from ₹115 crore to ₹150 crore to allow the new shares to be issued.

Deal Element	Detail
Investor	Advent International (via Rasmalai Limited, Cyprus)
Investment size	₹3,150 crore
Resulting stake	24.9% (minority)
Warrants	Up to 1,89,47,664, each convertible into one equity share
Warrant price	₹985.17 per warrant
Payment terms	25% upfront, 75% payable on exercise
Approval needed	Shareholders, via a special resolution at an EGM

A warrant here simply means a right to buy a share later at a fixed price. Because 75% of the payment is linked to Advent exercising these warrants over time, the full ₹3,150 crore will flow into Yatharth in stages rather than all at once. The deal still needs shareholder approval at an Extraordinary General Meeting (EGM) and is subject to other customary closing conditions, so a final completion date has not been given.

Yatharth Hospital Shares Hit an All-Time High

The announcement moved the stock sharply on Thursday. On the NSE, Yatharth Hospital shares climbed as much as 8.6% to an all-time high of ₹1,067. On the BSE, they rose as much as 8.37% to a record ₹1,065.

Investors who want to track a stock like this in real time, or hold shares once they decide to invest, need a demat account and a trading account. Price-sensitive news such as this deal is easiest to follow through an online trading platform that shows live NSE and BSE quotes.

From Takeover Talks to a Minority Stake

This deal has a longer backstory. In late August 2026, media reports said Advent International and Blackstone-backed Aster DM Quality Care were in talks to buy a controlling stake in Yatharth, a deal that would have triggered an open offer for public shareholders under SEBI’s takeover rules. At the time, Yatharth denied being party to any sale discussions, and Blackstone said it was not evaluating any such deal.

Then, on 15 September 2026, it was reported that Yatharth was in talks with Advent alone to raise up to ₹3,000 crore in two tranches, with a possible stake of 20-24%.

Thursday’s definitive agreement is different from both of those earlier reports. It is a primary capital infusion of ₹3,150 crore for a 24.9% minority stake, not a sale of a controlling stake by the promoters.

Where the Money Will Go

Yatharth currently runs nine hospitals with about 2,800 operational beds across Noida, Greater Noida, Faridabad and Jhansi-Orchha. The company has said the fresh capital will support plans to expand capacity to more than 5,000 beds over the next three years, along with investment in robotics, oncology and transplant programmes.

Pankaj Patwari, Managing Director at Advent, said the investment reflects the firm’s long-term commitment to India’s healthcare sector, which it sees entering “a decade of structural growth” as access and quality improve. Yatharth Whole-time Director Yatharth Tyagi said Advent would bring healthcare expertise and a value-creation approach to help the company’s next phase of growth.

Part of a Bigger Push into Indian Hospitals

Global private equity money has been flowing into Indian healthcare through 2026. In August, KKR agreed to acquire Swedish firm Medicover’s India hospital business for an enterprise value of about ₹13,188 crore. Blackstone had earlier bought a controlling stake in Hyderabad’s CARE Hospitals, and BPEA EQT picked up a majority stake in fertility-services chain Indira IVF.

Yatharth’s own numbers help explain the investor interest. For the quarter ended June 2026, consolidated revenue rose 51% year-on-year to ₹392.70 crore, EBITDA grew 39% to ₹91.7 crore, and profit after tax was up 8% at ₹45.4 crore. Average revenue per occupied bed rose 7% to ₹34,758.

Investments in the stock market are subject to market risks. This article is for information only and is not investment advice.

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SEBI Chairman Tuhin Kanta Pandey said on 17 September 2026 that the regulator will examine stockbrokers’ concerns over the new UPI merchant discount rate on capital market transactions, due to take effect from 15 October 2026.

What Sebi Chairman Said

Speaking on the sidelines of the NaBFID Infrastructure Conclave 2026 in Mumbai on Thursday, Pandey acknowledged that brokers had flagged genuine problems with the new charge structure.

Pandey said Sebi had noted “some important issues raised” and would “look into concerns,” acknowledging the matter needed attention.

His comments came after several brokerage firms, including Zerodha, raised objections in the preceding days over how the new UPI charge would apply to stockbroking transactions.

The New UPI MDR Rule, Explained

A Merchant Discount Rate (MDR) is the fee a bank or payment processor charges each time money moves through UPI. From 15 October 2026, a revised MDR structure applies to select UPI payments across India.

For most merchant payments above ₹2,000, the MDR is 0.4%, capped at ₹300 for transactions of ₹75,000 and above. Capital market transactions get a separate, lower rate.

Payments made toward mutual funds, securities, stockbrokers, dealers and investment advisers will attract an MDR of just 0.02% of the transaction value, with the same ₹300 cap. On a ₹1 lakh transfer, that works out to roughly ₹20. Recurring UPI mandates, such as SIP standing instructions, are exempt entirely.

Transaction Type	MDR Rate	Maximum Cap	Effective Date
General UPI merchant payments (above ₹2,000)	0.4%	₹300 (on ₹75,000 and above)	15 October 2026
Capital market payments (mutual funds, securities, brokers, dealers)	0.02%	₹300	15 October 2026
Recurring UPI mandates (SIPs, standing instructions)	Nil	Not applicable	Not applicable

Why Stockbrokers are Worried

On paper, 0.02% looks negligible. Brokers’ actual complaint is about how often the charge repeats, not its size.

Sebi’s existing rules require brokers to periodically return any client money that has not been used for trades, a practice known as the “client float.” This money moves back to the client’s bank account through UPI as well.

Zerodha co-founder Nithin Kamath flagged the problem in a social media post, noting that the rule forces this movement of money every few months and leaves brokers bearing the cost “without any incremental benefit or revenue.”

In effect, brokers could end up paying MDR twice on the same client funds once when a client adds money and again when unused money is returned without a single trade happening in between. Kamath has suggested a lower transaction cap specifically for broking-related UPI payments.

Payment processing partners working with some brokers have pointed to net banking as an alternative, since it typically carries a flat fee of around ₹8 to ₹12 per transaction, negotiated separately with banks, regardless of transaction size.

What Investors Should Know

For retail investors, nothing changes immediately. The MDR is a cost in the payment chain between brokers and payment processors, not a fee investors are billed directly, though how it plays out after 15 October will depend on what individual brokers decide.

If you invest in stocks, mutual funds or IPOs, you still need a demat account to hold these investments, and funding that account by UPI is exactly the transaction now under debate. SIP payments and other standing instructions stay unaffected, since recurring UPI mandates carry no MDR at all.

Until Sebi clarifies further, it is worth checking your trading platform or broker’s app for any update on how one-time UPI transfers will be handled once the new charge kicks in.

What Happens Next

Pandey’s comments signal that Sebi is open to revisiting the framework, but the regulator has not announced any change so far. NSE managing director and CEO Ashishkumar Chauhan has said the MDR could affect trading volumes routed through UPI in the near term, even as the impact is expected to settle over time.

With the October 15 deadline approaching, the debate now centres on whether capital-market UPI transfers need a revised cap or a specific carve-out before the rule takes effect.

Investments in the securities market are subject to market risks. This article is for informational purposes only and is not investment advice.

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