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Capital Trust Promoter Yogen Khosla Increases Stake to 36.96% via Rights Issue
Promoter Yogen Khosla has significantly increased his shareholding in Capital Trust Limited through a recent Rights Issue. His stake has risen from 23.35% to 36.96%, involving the acquisition of approximately 8.6 million shares. This transaction is exempt from open offer requirements under SEBI (SAST) Regulations as it was part of a Rights Issue. Such a substantial increase in promoter holding typically signals strong internal confidence in the company's future trajectory.
Key Highlights
Promoter Yogen Khosla's stake increased by 13.61% to reach a total of 36.96%
Total shares held by the promoter rose from 3,972,431 to 12,572,346 shares
Acquisition was executed via a Rights Issue allotment, exempting it from open offer mandates
Disclosure filed under Regulation 10(6) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations
💼 Action for Investors
The significant increase in promoter skin-in-the-game is a positive signal for long-term investors. Shareholders should monitor the company's utilization of the Rights Issue proceeds for growth.
Centrum Capital Subsidiary CBL Receives SEBI Category-I Merchant Banker License
Centrum Capital Limited's subsidiary, Centrum Broking Limited (CBL), has been granted a Category-I Merchant Banker license by SEBI. The registration, under number INM000013420, became effective on March 11, 2026. This perpetual license enables CBL to offer a comprehensive suite of merchant banking services, including managing public offerings and corporate advisory. This regulatory approval strengthens Centrum's position in the Indian capital markets and opens new revenue channels.
Key Highlights
Subsidiary Centrum Broking Limited (CBL) receives SEBI Category-I Merchant Banker registration
Registration number INM000013420 is effective starting March 11, 2026
The license is granted on a perpetual basis, ensuring long-term operational stability
Approval allows the group to participate in high-value capital market transactions like IPO management
💼 Action for Investors
This is a positive expansion of the company's business capabilities; investors should monitor the growth of the merchant banking division's order book and its impact on fee-based income.
Kabra Extrusion Bags Rs 133 Crore Order for Energy Storage Solutions
Kabra Extrusiontechnik Limited has secured a significant domestic order valued at approximately Rs 133 crore, excluding GST. The contract is for manufacturing energy storage solutions, marking a notable win in its green energy segment. The project is slated for execution during the 2026-27 financial year. This order provides strong revenue visibility and reinforces the company's transition towards high-growth energy storage markets.
Key Highlights
Order value of approximately Rs 133 crore (excluding GST)
Contract involves manufacturing for Energy Storage solutions
Execution timeline is scheduled for the financial year 2026-27
Awarded by a domestic customer under a contract manufacturing arrangement
💼 Action for Investors
Investors should view this as a positive development for the company's energy storage division, providing clear revenue visibility for FY27. Monitor the company's margin profile in this segment as it scales up contract manufacturing.
Jyoti Structures Lenders Appeal NCLT Order on NFB Limits at NCLAT
Lenders of Jyoti Structures have filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against an NCLT order dated February 16, 2026. The legal dispute involves contempt proceedings related to the disbursement and restoration of the company's Non-Fund Based (NFB) limits. These limits are vital for the company to provide bank guarantees and letters of credit necessary for project execution. The outcome of this appeal is critical for the company's operational liquidity and its ability to fulfill contract obligations.
Key Highlights
Lenders filed an appeal before NCLAT against the NCLT order dated February 16, 2026.
The dispute centers on contempt proceedings regarding the restoration of Non-Fund Based (NFB) limits.
This follows a previous regulatory disclosure made by the company on February 18, 2026.
NFB limits are essential for the company's ability to bid for and execute large-scale infrastructure projects.
💼 Action for Investors
Investors should closely monitor the NCLAT proceedings as the restoration of NFB limits is a primary bottleneck for the company's operational recovery. Maintain a cautious stance until there is clarity on the availability of these credit facilities.
NCLT Orders Lenders to Release NFB Limits for Jyoti Structures Within One Month
The National Company Law Tribunal (NCLT) Mumbai has ruled in favor of Jyoti Structures in a contempt application against its non-fund based lenders. The tribunal has directed the lenders to release rolled-over non-fund based (NFB) limits within one month from the communication of the order. This legal victory is expected to resolve operational bottlenecks caused by the withholding of credit facilities. The court noted that any further disharmony would be prejudicial to the business interests of both the company and the lenders.
Key Highlights
NCLT Mumbai Bench allowed contempt applications filed by the company and shareholders against lenders.
Respondents directed to release rolled-over NFB limits within a strict one-month timeframe.
The order aims to purge the contempt and restore operational harmony between the company and lenders.
Follows a legal process initiated after previous disclosures made on October 13, 2025.
💼 Action for Investors
This is a major operational win; investors should monitor the company's project execution pace as these credit limits are released. Watch for any further compliance updates from the lenders within the next 30 days.
Capital Trust Pivots to Gold Loans; Completes ₹23.8 Cr Rights Issue with 0% Net NPA
Capital Trust is undergoing a strategic transformation, pivoting from unsecured MSME lending to secured gold loans and capital-light BC partnerships. The company successfully raised ₹23.8 Cr through a rights issue in Q3FY26, boosting its capital adequacy to 31.4% and reducing leverage to 0.4x. While total AUM contracted 57% YoY to ₹104.1 Cr due to deliberate de-risking, the new gold loan segment reached ₹5 Cr AUM within four months of launch. The balance sheet has been cleaned with 100% provisioning for legacy NPAs, resulting in a 0% Net NPA.
Key Highlights
Successfully raised ₹23.8 Cr via Rights Issue (1.33x oversubscribed) to strengthen the capital base.
Achieved 0% Net NPA by fully provisioning the legacy unsecured MSME portfolio.
Launched Gold Loans in Oct 2025, reaching ₹5 Cr AUM and signing a ₹25 Cr co-lending agreement.
Total AUM declined 57% YoY to ₹104.1 Cr as the company moderated unsecured disbursements.
Capital Adequacy Ratio improved to 31.4% with a very low debt-to-equity ratio of 0.4x.
💼 Action for Investors
Investors should monitor the scalability of the new gold loan vertical and BC partnerships to see if they can drive a return to bottom-line growth. The clean balance sheet and high capital adequacy provide a strong safety buffer during this transition phase.
Capital Trust Opens New Gold Loan Branch in Gurugram; Starts Co-lending Operations
Capital Trust Limited has announced the opening of its third operational Gold Loan branch, located in Gurugram, Haryana. The company is focusing on the Delhi NCR region for its next phase of physical expansion to capture the high-growth gold loan market. In a strategic move to scale efficiently, the company has also commenced co-lending for its Gold Loan business with an NBFC partner. Management indicated that further co-lending partnerships are currently in the pipeline to support growth in this segment.
Key Highlights
Opened a new branch in Gurugram, Haryana, bringing the total Gold Loan branch count to 3.
Initiated co-lending operations with another NBFC to drive capital-efficient growth in the segment.
Announced plans for further branch expansion within the Delhi NCR region in the near future.
Confirmed that additional co-lending partnerships are currently in the pipeline for the Gold Loan business.
💼 Action for Investors
Investors should monitor the scaling of the Gold Loan portfolio and the impact of co-lending on the company's return on equity. This diversification into secured lending is a positive step for the company's overall risk profile.
Capital Trust Reports Q3 Net Loss of ₹2.43 Cr; Total Income Drops 55% YoY
Capital Trust Limited reported a significant downturn in its Q3 FY26 results, posting a net loss of ₹243.11 Lakhs compared to a profit of ₹5.88 Lakhs in the year-ago period. Total income plummeted by over 55% YoY to ₹1,129.61 Lakhs as the company adopted a cautious lending approach due to collection challenges in the unsecured segment. To mitigate risks, the company is pivoting towards a Gold Loan product and recently bolstered its capital by raising ₹2,381 Lakhs through a Rights Issue. An exceptional item of ₹91.47 Lakhs was also recorded due to the implementation of New Labour Codes.
Key Highlights
Net Loss of ₹2.43 Crore in Q3 FY26 versus a Net Profit of ₹0.06 Crore in Q3 FY25.
Total Income declined 55.2% YoY to ₹11.30 Crore from ₹25.20 Crore in the previous year's quarter.
Successfully raised ₹23.81 Crore through a Rights Issue at ₹14 per share in November 2025.
Cumulative 9-month loss stands at ₹28.64 Crore compared to a profit of ₹1.03 Crore in 9M FY25.
Exceptional loss of ₹91.47 Lakhs recognized as past service cost for gratuity under New Labour Codes.
💼 Action for Investors
Investors should exercise caution as the company faces severe headwinds in unsecured lending and a shrinking asset base. Monitor the successful rollout and scalability of the new Gold Loan product as a potential recovery catalyst.
Capital Trust Reports 100% Utilization of ₹23.81 Cr Rights Issue Proceeds with Zero Deviation
Capital Trust Limited has successfully utilized the entire ₹23.81 crore raised through its Rights Issue conducted in late 2025. The monitoring agency, Brickwork Ratings, confirmed that there were no deviations from the objects stated in the offer document. The funds were primarily used for adjusting promoter loans (₹10.00 crore) and augmenting the capital base for lending (₹6.85 crore). This completion of fund deployment marks a key milestone in the company's capital management and deleveraging strategy.
Key Highlights
Raised ₹23.81 crore through a Rights Issue of 1.70 crore equity shares at ₹14 each
Allocated ₹10.00 crore for the adjustment of unsecured loans from promoters and group entities
Deployed ₹6.85 crore to strengthen the capital base for future onward lending activities
Monitoring agency confirmed 100% utilization with zero deviation from the offer document as of Dec 31, 2025
General Corporate Purposes and Issue Expenses accounted for the remaining ₹6.96 crore
💼 Action for Investors
The successful and transparent deployment of capital is a positive signal for shareholders. Investors should now monitor the company's upcoming quarterly results to see if the augmented capital base translates into loan book growth and improved interest income.
Centrum Capital Q3 FY26 Net Loss Widens to ‑₹134.6 Crore; Total Income at ₹938.8 Crore
Centrum Capital reported a significant widening of its consolidated net loss to ₹134.6 crore for the quarter ended December 31, 2025, compared to a loss of ₹68.6 crore in the same period last year. While total income grew slightly to ₹938.8 crore from ₹894.7 crore, total expenses surged to ₹1,097.6 crore, primarily driven by higher finance costs and impairment on financial instruments. For the nine-month period, the net loss reached ₹250.1 crore, significantly higher than the ₹172.8 crore loss in the previous year. The company also raised ₹72.72 crore through debentures during the quarter to support operations.
Key Highlights
Consolidated net loss widened to ₹134.6 crore in Q3 FY26 from ₹68.6 crore in Q3 FY25.
Total income for the quarter stood at ₹938.8 crore, up from ₹894.7 crore year-on-year.
Finance costs increased to ₹439.3 crore, while impairment on financial instruments rose to ₹175.6 crore.
Nine-month (9M FY26) consolidated loss expanded to ₹250.1 crore compared to ₹172.8 crore in 9M FY25.
Raised ₹72.72 crore through the issuance of debentures during the quarter.
💼 Action for Investors
The widening losses and high impairment costs are concerning; investors should monitor the performance of key subsidiaries like Unity Small Finance Bank. Avoid fresh positions until there is a clear path to profitability or a significant reduction in credit costs.
Centrum Capital Reports Q3 FY26 Net Loss of ₹134.6 Crore; Revenue at ₹878.4 Crore
Centrum Capital reported a consolidated net loss of ₹134.6 crore for the quarter ended December 31, 2025, a significant increase from the ₹68.6 crore loss in the same period last year. Total revenue from operations remained relatively flat year-on-year at ₹878.4 crore, while total expenses surged to ₹1,097.6 crore. For the nine-month period ended December 2025, the company's total loss reached ₹250.1 crore compared to ₹172.8 crore in the previous year. Despite the losses, the company successfully raised ₹72.72 crore through debentures during the quarter.
Key Highlights
Consolidated net loss widened to ₹134.6 crore in Q3 FY26 from ₹68.6 crore in Q3 FY25.
Total revenue from operations for the quarter stood at ₹878.4 crore, showing marginal growth from ₹877.5 crore YoY.
Finance costs and employee benefit expenses remained high at ₹439.3 crore and ₹183.0 crore respectively.
Loss per share (EPS) for the quarter was negative at ₹2.23 compared to negative ₹1.26 in the year-ago quarter.
The company raised ₹7,272 lakhs through the issuance of debentures during the quarter ended December 31, 2025.
💼 Action for Investors
Investors should exercise caution as the company continues to report widening losses and high finance costs. It is advisable to monitor the path to profitability for its key subsidiaries, including Unity Small Finance Bank and Centrum Housing Finance.
TruAlt Bioenergy Q3 Revenue Surges 70% YoY; All 5 Ethanol Plants Now Fully Operational
TruAlt Bioenergy reported a robust 70% YoY growth in Q3 total income to ₹730.86 crore, driven by the commissioning of its fifth ethanol unit. While 9M PAT grew marginally to ₹35.92 crore, the company has established a monthly revenue run rate of ₹350-400 crore in the ethanol segment. The CBG business remains highly profitable with a 63% EBITDA margin, and the company is scaling up with 24 new units via JVs with GAIL and Sumitomo. Management expects stronger momentum in Q4 as capacity utilization stabilizes across all units.
Key Highlights
Total income for Q3 FY26 rose 70% YoY to ₹730.86 crore; 9M income reached ₹1,187 crore.
Ethanol segment achieved a monthly revenue run rate of ₹350-400 crore with all 5 plants now operational.
CBG business reported robust 9M EBITDA margins of 63% and PAT margins of 43%.
Planned expansion of 24 Greenfield CBG units through JVs with Sumitomo and GAIL over 2-3 years.
Advancing a 100 million liters per annum Sustainable Aviation Fuel (SAF) facility in Andhra Pradesh.
💼 Action for Investors
Investors should monitor the ramp-up in ethanol production and the execution of the CBG JVs, which offer high-margin growth. The stock remains a key play on India's biofuel and energy transition mandates.
TruCap Finance Reports ₹42.2 Cr Net Loss in Q3 FY26; Warns of Covenant Breaches and Asset Stress
TruCap Finance Limited reported a severe net loss of ₹42.23 crore for the quarter ended December 31, 2025, a sharp reversal from a profit of ₹1.23 crore in the same quarter last year. Total income plummeted by 70% YoY to ₹15.81 crore as the company faced resource limitations and a rundown of its loan book. Critically, the management disclosed that the company has breached several financial covenants and currently has inadequate security cover for its borrowings. These breaches constitute potential events of default, allowing lenders to demand immediate repayment, which poses a significant liquidity risk.
Key Highlights
Net Loss of ₹42.23 crore in Q3 FY26 compared to a profit of ₹1.23 crore in Q3 FY25.
Impairment on financial instruments surged to ₹35.25 crore from ₹1.36 crore YoY.
Total Income fell sharply to ₹15.81 crore from ₹52.64 crore in the previous year's quarter.
Management admitted to non-compliance with financial covenants and inadequate security cover on secured borrowings.
Other Equity dropped significantly to ₹43.76 crore from ₹209.64 crore YoY due to accumulated losses.
💼 Action for Investors
Investors should exercise extreme caution as the company is signaling high financial distress and potential debt defaults. The significant surge in impairments and breach of lending covenants suggest a high risk of insolvency or severe restructuring.
TruCap Finance Reports ₹42.2 Cr Net Loss in Q3 FY26 Amid Severe Asset Quality Stress
TruCap Finance Limited reported a disastrous Q3 FY26 with a net loss of ₹42.23 crore, a sharp reversal from a profit of ₹1.23 crore in the previous year. Total income plummeted by 70% YoY to ₹15.81 crore as the company faced resource limitations and a rundown of its loan book. The company is currently under significant financial stress, reporting a massive surge in impairment charges to ₹35.25 crore and admitting to breaches in financial covenants with lenders. Auditors have highlighted inadequate security cover for borrowings, signaling potential liquidity and default risks.
Key Highlights
Net Loss of ₹42.23 crore in Q3 FY26 compared to a profit of ₹1.23 crore in Q3 FY25
Total Income fell 70% YoY to ₹15.81 crore from ₹52.64 crore
Impairment on financial instruments surged to ₹35.25 crore from ₹1.36 crore YoY
Non-compliance with financial covenants reported, potentially triggering immediate repayment demands from lenders
Auditors flagged inadequate security cover on secured borrowings and continued financial deterioration
💼 Action for Investors
Investors should exercise extreme caution as the company faces severe liquidity risks, asset quality deterioration, and potential debt defaults. The massive impairment losses and covenant breaches suggest a high risk of capital erosion.
TruCap Finance Reports ₹42.2 Cr Net Loss in Q3 FY26 Amid Asset Quality Stress and Debt Defaults
TruCap Finance reported a standalone net loss of ₹42.23 crore for Q3 FY26, a sharp decline from a profit of ₹1.23 crore in the previous year. Total income dropped 70% YoY to ₹15.81 crore, while impairment charges surged to ₹35.25 crore due to deteriorating asset quality. The company admitted to non-compliance with financial covenants and inadequate security cover for borrowings, raising risks of immediate repayment demands. Management is currently in discussions with lenders for restructuring and seeking fresh capital to maintain operations.
Key Highlights
Standalone net loss of ₹42.23 crore in Q3 FY26 compared to a profit of ₹1.23 crore in Q3 FY25
Total income declined significantly to ₹15.81 crore from ₹52.64 crore in the year-ago quarter
Impairment on financial instruments increased drastically to ₹35.25 crore from ₹1.36 crore YoY
Auditor's report flags inadequate security cover and defaults in certain borrowings due to financial stress
Breach of financial covenants may entitle lenders to demand immediate repayment of outstanding debt
💼 Action for Investors
The company is in a state of severe financial distress with potential debt defaults and significant asset quality issues. Investors should exercise extreme caution and monitor the company's ability to restructure debt and raise fresh capital to avoid further erosion of equity.
SEBI Rejects Open Offer Withdrawal for TruCap Finance; Acquirer Appeals to SAT
Marwadi Chandarana Intermediaries Brokers Private Limited sought to withdraw its open offer for TruCap Finance after terminating agreements to acquire over 15 crore shares and 9.37 crore warrants. SEBI has rejected this withdrawal request and issued observations on the Draft Letter of Offer on January 30, 2026. The acquirer has filed an appeal with the Securities Appellate Tribunal (SAT), with a hearing scheduled for February 11, 2026. As of now, no stay has been granted on the offer proceedings, leaving the acquisition status in a state of legal flux.
Key Highlights
SEBI rejected the acquirer's request to withdraw the open offer under Regulation 23 of Takeover Regulations.
The deal involved acquisition of 3,68,00,220 shares via SPA and 11,56,80,000 shares via SSA.
The acquirer also planned to subscribe to 9,37,00,000 convertible warrants of the Target Company.
An appeal has been filed with the Securities Appellate Tribunal (SAT) with a hearing fixed for Feb 11, 2026.
No stay has been granted on the offer proceedings as of the latest intimation on Feb 10, 2026.
💼 Action for Investors
Investors should exercise caution and monitor the SAT hearing outcome on February 11, 2026, as it will decide if the open offer must proceed. The acquirer's attempt to withdraw indicates a potential loss of interest, which may impact the stock's valuation if the deal falls through.
TruAlt Bioenergy Wins Court Order for ₹1,075 Cr Ethanol Supply Extension
TruAlt Bioenergy has received a favorable ruling from the Hon’ble High Court of Karnataka regarding a shortfall in ethanol supply to Oil Marketing Companies (OMCs). The court has directed OMCs to consider the company's request for a 90-day extension to supply 1,56,292 KL of ethanol originally allocated for Q3 and Q4 of ESY 2024-25. This quantity carries an estimated value of approximately ₹1,075 crore, and the extension would allow the company to fulfill its contractual obligations and recognize the associated revenue. The OMCs are required to decide on the company's representation within 10 days of the order receipt.
Key Highlights
High Court of Karnataka allowed the writ petition for a 90-day extension to supply ethanol shortfall.
The dispute involves 1,56,292 KL of ethanol allocated for the Third and Fourth quarters of ESY 2024-25.
The estimated value of the contracted quantity under consideration is approximately ₹1,075 crore.
OMCs including BPCL, HPCL, and IOCL are directed to consider the representation within 10 days.
Successful fulfillment of these quantities is expected to have a positive impact on the company's financial performance.
💼 Action for Investors
Investors should view this as a significant positive development that potentially secures ₹1,075 crore in revenue; monitor for the OMCs' formal approval of the extension within the next two weeks.
Jyoti Structures Appoints Industry Veteran Amit Dutta as COO with 36 Years of Experience
Jyoti Structures Limited has announced the appointment of Mr. Amit Dutta as its Chief Operating Officer (COO) effective February 5, 2026. Mr. Dutta is a seasoned professional with 36 years of experience in the power transmission and distribution (T&D) sector. His expertise covers business development, project execution, and contract management for high-voltage and extra-high-voltage projects globally. This strategic hire is expected to enhance the company's operational efficiency and project delivery capabilities.
Key Highlights
Appointment of Mr. Amit Dutta as Chief Operating Officer (COO) effective February 5, 2026
Mr. Dutta brings 36 years of specialized experience in the transmission and distribution sector
Expertise includes delivering high-voltage (HV) and extra-high-voltage (EHV) projects in India and international markets
Focus areas include business development, tendering, project execution, and cost/time control management
💼 Action for Investors
Investors should view this as a positive step toward strengthening operational leadership, though they should monitor if this translates into improved project execution and margin control in future earnings.
Jyoti Structures Appoints 36-Year Industry Veteran Amit Dutta as Chief Operating Officer
Jyoti Structures has appointed Amit Dutta as Chief Operating Officer to oversee its global EPC portfolio and improve project execution. Mr. Dutta brings 36 years of experience in power transmission and distribution, including a prior 30-year tenure at the company. This leadership addition follows the company's recent expansion of its Nashik manufacturing unit and reported strong Q3 FY2025-26 performance. The move is intended to strengthen operational governance and ensure cost-efficient delivery across its international projects in over 50 countries.
Key Highlights
Amit Dutta appointed as COO, bringing 36 years of experience in the T&D sector.
Dutta rejoins the company after a 6-year stint leading EPC projects in Africa and the Americas.
The appointment follows the recent commissioning of galvanisation operations at the Nashik factory.
Focus will be on execution discipline and cost-efficient delivery for the company's global EPC portfolio.
Company maintains operations across 50+ countries with a legacy of over four decades.
💼 Action for Investors
Investors should view this as a positive step toward institutionalizing operational discipline. Monitor if this leadership change translates into improved project margins and faster execution of the current order book.
TruAlt Bioenergy Q3 FY26 Revenue Jumps 70% to ₹731 Cr; EBITDA Up 7.5%
TruAlt Bioenergy reported a robust 69.75% YoY growth in total income to ₹730.86 crore for Q3 FY26, driven by the commissioning of grain-based integration and expanded plant operations. While EBITDA grew 7.54% to ₹134 crore, PAT saw a slight decline of 7.98% to ₹69.19 crore due to transitional operating factors. The company has achieved full operational status for all five ethanol plants, positioning it for near year-round production. Strategic expansions are underway in Compressed Biogas (CBG) with 24 planned units and a 100 million litre Sustainable Aviation Fuel (SAF) project.
Key Highlights
Total income increased 69.75% YoY to ₹730.86 crore in Q3 FY26.
EBITDA rose to ₹134.00 crore, though consolidated EBITDA margins compressed to 18.79% from 30.02% YoY.
Ethanol production capacity stabilized at 5.5 to 6 crore litres per month with all 5 units now operational.
CBG segment recorded 63% EBITDA margins for 9M FY26 with plans for 24 greenfield units via JVs with GAIL and Sumitomo.
Progressing on a 100 million litres per annum SAF facility in Andhra Pradesh with Honeywell UOP technology.
💼 Action for Investors
Investors should focus on the company's ability to restore margins as it moves past the 'transitional' phase into full-scale operations. The aggressive diversification into CBG and SAF offers significant long-term growth potential, but execution of the JV projects remains the primary monitorable.