Secured a ₹2,577 Cr order for 1,600 MW of solar cells and modules, to be delivered in FY 2027–28 (BSE filing, 9 Apr). This adds to an existing order book of 9.4 GW worth ₹13,723 Cr — all signed, confirmed, and advance-backed per Q3 FY26 management commentary. Cells are approximately 90% sold out over the next 4 quarters; the company cannot take incremental orders due to capacity constraints rather than demand. A 7 GW capacity expansion is planned for June and September 2026.

Won a ₹83.81 Cr order for KAVACH Ver. 4.0 anti-collision system for Indian Railways, with execution timeline through April 2027 (BSE filing, 9 Apr). KAVACH is a national rail safety programme; HBL is a key systems vendor. ROCE stands at 27.33% and Debt/Equity at 0.04 — clean balance sheet with strong execution track record.

Won a ₹268 Cr EPC contract for the Ged Barrage project in Gujarat, plus a 10-year operations and maintenance component — execution over 24 months (BSE filing, 9 Apr). DBL's order book stood at a historic high of ₹29,300 Cr as of Q3 FY26 — the most diversified in company history. Management targets ₹10,000–15,000 Cr new order inflow in FY27 and holds ₹3,500 Cr in InvIT units.

Opened a Qualified Institutional Placement (QIP) with a floor price of ₹390.26/share; the company may offer up to a 5% discount on the floor (BSE filing, 9 Apr). Poonawalla has board approval for a total capital raise of up to ₹5,500 Cr, and has already raised ₹1,500 Cr from promoters in Q2 FY26. The raise targets a 35–40% AUM CAGR over the next two years. GNPA has been trending down, reaching 1.51% in Q3 FY26 (vs. 1.59% in Q2 FY26), though ROE remains negative at -1.28% during the business transition.

Launched Tranche I of a public NCD issue aggregating ₹500 Cr (₹5,000 Mn) at a coupon of up to 9.50% p.a. (BSE filing, 9 Apr). This follows a ₹20 billion QIP completed in Q1 FY26, which brought standalone CRAR to 30.3% — well above regulatory requirements. GNPA stands at a healthy 1.18% and the company raised ₹13,850 Mn through market borrowings in 9M FY26. The 9.50% coupon is notable given the ongoing RBI rate-cut cycle (cumulative 125 bps since February 2025).

Acquired an additional 15.17% stake in Exactspace Technologies Private Limited (a digital/tech company), taking its total holding to 51% and making it a wholly-owned subsidiary (BSE filing, 9 Apr). Thermax has been pursuing a series of technology-driven inorganic moves: a ₹40 Cr investment in Thermax Chemical Solutions, subsidiary mergers (Buildtech Products India Pvt Ltd), and new subsidiaries in renewable energy. Management has separately highlighted a ₹20,000 Cr government carbon capture outlay as a major growth opportunity where Thermax has domestic R&D and global EPC partnerships already in place.

CARE Ratings re-affirmed CARE A1+ (highest short-term rating) on ₹100 billion of Certificate of Deposits (BSE filing, 9 Apr). The affirmation is significant context given the bank's elevated GNPA of 3.56% and ongoing stress in some segments. Management stated capital is sufficient for the next 12–18 months without a fresh raise. Separately, the ECL (Expected Credit Loss) framework transitions on April 1 with an estimated pre-tax impact of 1.5–1.7% of the loan book per management guidance.

CARE Ratings re-affirmed CARE BBB- (Stable) on bank facilities and NCDs (BSE filing, 9 Apr). The standout data point: total debt has been reduced from ₹3,279 Cr to ₹2,016 Cr — a 38.5% reduction — which management described as the lowest debt level in 10 years. An additional ₹876 Cr repayment is planned in Q4 FY26. The order book stands at ₹13,000 Cr with a bids pipeline of ₹53,820 Cr (HCC share: ₹31,611 Cr under evaluation).

Appointed Sandeep Joseph Abraham as Managing Director and CEO for a 5-year term, effective April 9, 2026 (BSE filing, 9 Apr). Abraham brings 30+ years of experience and was previously a Vice President at MRF — a signal of manufacturing and distribution expertise. Q3 FY26 context: revenue grew 12.2% YoY to ₹1,382 Cr but PAT fell 28.7% to ₹24.5 Cr; a ₹200 Cr cost reduction programme with Alvarez & Marsal is underway with ₹35 Cr realized YTD. The hire likely reflects urgency around margin recovery.