Executive Summary
Across the 10 filings in the India Trading Suspensions & Delistings stream, dominant themes include robust revenue growth in autos and renewables (Maruti Suzuki +19.9% YoY to ₹1,832,661M, Adani Green +22% YoY to ₹11,602 Cr) contrasted by mixed profitability (Maruti PBT -2.9% YoY, PAT +0.8%; Adani EBITDA +23% despite ₹1,300-1,500 Cr curtailment losses). Capital allocation favors shareholders with Maruti's final dividend hike to ₹140/share (total ₹44,016M, +3.7% YoY from ₹42,444M). Renewables shine with Adani's 5.1 GW addition (portfolio to 19.3 GW) and Bondada's 56% revenue CAGR to ₹28,428M, while Ras Resorts signals potential delisting via promoter intention. Period-over-period trends show volume growth (Maruti sales +8.4% YoY) but margin pressures (Maruti EBITDA -160 bps to 12.3%). Portfolio-level, 4/5 key companies exhibit >19% YoY revenue growth, yet PAT stagnation in autos flags cost pressures; one delisting catalyst emerges amid neutral sentiment in 3/10 filings.
Tracking the trend? Catch up on the prior India BSE NSE Trading Suspension Orders digest from April 21, 2026.
Investment Signals(12)
- Maruti Suzuki↓(BULLISH)▲
Revenue +19.9% YoY to ₹1,832,661M (Q4 +28.2% to ₹524,493M), sales volumes +8.4% YoY to 2,422,713 units, exports +34.6% YoY, final dividend +3.7% to ₹140/share (₹44,016M total)
- Maruti Suzuki↓(BULLISH)▲
UV domestic sales +14.9% YoY to 219,721 units in Q4 (40.8% of domestic), Q4 net sales +28.9% YoY to ₹500,787M despite segment declines
- Adani Green↓(BULLISH)▲
Energy sales +34% YoY to 37.6B units, greenfield capacity +5.1 GW (35% YoY, portfolio to 19.3 GW), revenue +22% YoY to ₹11,602 Cr, EBITDA +23% to ₹10,865 Cr at 91.2% margins
- Adani Green↓(BULLISH)▲
FY27 guidance 4.5-5.0 GW solar/wind additions +10 GWh BESS +500 MW pump hydro, Khavda 9.4 GW operational, JCR BBB+ rating
- Bondada Engineering↓(BULLISH)▲
FY26 revenue ₹28,428M (56% CAGR from FY13 ₹70M), order book >₹50,000M, 7.8 GW solar execution (~1.3 GW commissioned), diversified into BESS/data/defence
- Maruti Suzuki↓(BULLISH)▲
PAT +0.8% YoY to ₹144,154M (EPS +1.0% to ₹459.46), consolidated revenue +19.9% YoY to ₹1,833,160M, amalgamation of Suzuki Motor Gujarat boosting efficiency
- Adani Green↓(BULLISH)▲
Blended PPA rates ₹3.10/kWh, upcoming solar ₹2.60-2.80/kWh, wind ₹3.70-3.80/kWh, ESG 1+ rating (87.3 score, highest in India)
- Bondada Engineering↓(BULLISH)▲
Net worth ₹7,325M as of Mar 31, 2026, workforce 2500+, CRISIL 'A Stable' rating, Vision 2030 USD 1Bn revenue
- Maruti Suzuki↓(BULLISH)▲
Op. EBITDA +6.5% YoY but Q4 PAT -6.9% YoY offset by full-year resilience, domestic sales +3.7% YoY to 538,994 units in Q4
- Adani Green↓(BULLISH)▲
India non-fossil capacity 283 GW (FY26 +>55 GW), 50 GW target by 2030 aligns with company plans
- Birlasoft↓(BULLISH)▲
Board meeting May 6, 2026 for FY26 results + final dividend, trading window closed signaling imminent catalysts
- Ras Resorts↓(BULLISH)▲
Promoter intention letter for delisting, board meeting May 2, 2026 could unlock value for minority shareholders
Risk Flags(10)
- Maruti Suzuki/Profitability↓[HIGH RISK]▼
PBT -2.9% YoY to ₹188,629M (Q4 PAT -6.9% YoY), EBITDA margins -160 bps to 12.3% from higher material costs (+210 bps) and lower non-op income
- Maruti Suzuki/Segment↓[MEDIUM RISK]▼
Compact domestic sales -5.0% YoY, mini segment -10.7% YoY to 112,291 units (5.7% of domestic FY26)
- Maruti Suzuki/Cash Flow↓[MEDIUM RISK]▼
Net cash outflow investing ₹116,960M FY26 (vs ₹144,523M FY25), cash equivalents -65% to ₹631M as of Mar 31, 2026
- Adani Green/Curtailment↓[HIGH RISK]▼
₹500 Cr EBITDA loss FY26 + ₹800-1,000 Cr merchant sales impact (total ₹1,300-1,500 Cr), evacuation constraints persist
- Maruti Suzuki/QoQ↓[MEDIUM RISK]▼
Q4 PAT -5.4% QoQ despite net sales +5.4% QoQ, adverse commodity prices
- Ras Resorts/Delisting↓[HIGH RISK]▼
Board to consider delisting May 2, 2026 post promoter letter, potential liquidity erosion for shareholders under Reg 29 SEBI LODR
- Maruti Suzuki/Expenses↓[MEDIUM RISK]▼
Higher expenses drove PBT -2.8% YoY, labour codes impact ₹5,939M in Q3 FY26
- Adani Green/Operational↓[MEDIUM RISK]▼
Curtailment issues despite 34% energy sales growth, BESS ramp needed to mitigate
- Birlasoft/Trading Window↓[LOW RISK]▼
Closed from Apr 1 until 48 hrs post May 6 results, potential for negative surprises in FY26 audited results
- Maruti Suzuki/Margins↓[MEDIUM RISK]▼
Op. EBITDA margins contracted 160 bps YoY to 12.3% across FY26
Opportunities(10)
- Maruti Suzuki/Dividend↓(OPPORTUNITY)◆
Final dividend ₹140/share (record Aug 7, 2026; pay Sep 9, 2026), +3.7% YoY payout to ₹44,016M, yield appeal pre-AGM Aug 31
- Adani Green/Capacity↓(OPPORTUNITY)◆
5.1 GW FY26 addition (35% YoY), FY27 4.5-5.0 GW +10 GWh BESS, trading at premium to peers on 19.3 GW portfolio
- Bondada Engineering/Order Book↓(OPPORTUNITY)◆
>₹50,000M book (diversified renewables/telecom/railways/BESS), 56% revenue CAGR positions for multi-year execution
- Ras Resorts/Delisting↓(OPPORTUNITY)◆
Promoter-led delisting process starting May 2 board, potential buyout at premium to suspended trading levels
- Adani Green/Ratings↓(OPPORTUNITY)◆
JCR BBB+ (stable) + CareEdge ESG 1+ (87.3 score), de-risks funding for 50 GW 2030 target
- Maruti Suzuki/Volumes↓(OPPORTUNITY)◆
Exports +34.6% YoY, UVs +14.9% YoY, Q4 domestic +3.7% despite compact weakness, volume recovery play
- Bondada Engineering/Expansion↓(OPPORTUNITY)◆
7.8 GW solar +850 MWh BESS execution, entry into data centres/defence/manufacturing, Vision 2030 USD 1Bn
- Birlasoft/Earnings↓(OPPORTUNITY)◆
May 6 board for FY26 results + dividend, trading window closure flags potential beat on IT sector recovery
- Adani Green/PPA↓(OPPORTUNITY)◆
Upcoming solar contracts ₹2.60-2.80/kWh (blended ₹3.10), margin expansion vs curtailment normalization
- Maruti Suzuki/Amalgamation↓(OPPORTUNITY)◆
Suzuki Motor Gujarat merger Apr 1, 2025 (restated priors), cost synergies post scheme approval Nov 6, 2025
Sector Themes(6)
- Revenue Acceleration in Autos/Renewables◆
5/10 filings (Maruti x4, Adani x2) show >19% YoY revenue growth (Maruti 19.9%, Adani 22%), driven by volumes/capacity, outpacing Bondada's 56% CAGR base, signals sector momentum despite FY26 close
- Margin Pressures Amid Growth◆
Mixed sentiment in 6/10 filings; Maruti EBITDA -160 bps to 12.3% (material costs +210 bps), Adani resilient at 91.2% but ₹1,300-1,500 Cr losses, common cost headwinds imply capex discipline needed
- Shareholder Returns via Dividends◆
Maruti (4 filings) hikes dividend +3.7% YoY to ₹140/share pre-AGM Aug 31, Birlasoft eyes final dividend May 6, trend of 2/5 companies prioritizing payouts signals financial stability
- Renewables Capacity Ramp◆
Adani +5.1 GW (35% YoY to 19.3 GW), Bondada 7.8 GW solar/1.3 GW commissioned, FY27 guidance 4.5-5 GW + BESS aligns with India 500 GW non-fossil target, alpha in execution
- Delisting/Suspension Catalysts◆
1/10 direct (Ras May 2 board post promoter letter), but trading window closures (Birlasoft, implied others) cluster risks/opportunities around liquidity events
- Event-Driven Calendar Build◆
7/10 filings flag Q2 2026 catalysts (Birlasoft May 6 results/dividend, Ras May 2 delisting), Maruti Aug dates, positions for volatility plays
Watch List(8)
Promoter intention for delisting, monitor May 2, 2026 outcome for buyout terms/valuation [May 2, 2026]
FY26 audited results + final dividend approval, trading window reopens 48 hrs post, watch for margin guidance [May 6, 2026]
Final dividend ₹140/share approval, record date impact on eligibility [Aug 31 AGM, Aug 7 record]
4.5-5.0 GW additions +10 GWh BESS ramp in Khavda, curtailment resolution [Ongoing FY27]
Monitor Q1 FY27 for material cost normalization post -160 bps contraction, compact/mini segment rebound
>₹50,000M book, track 7.8 GW solar/850 MWh BESS milestones toward USD 1Bn Vision 2030
₹1,300-1,500 Cr FY26 impact, watch merchant sales/PPA renewals for EBITDA trajectory
Cash equivalents at ₹631M low, investing outflows ₹116,960M, monitor FY27 capex vs free cash flow
Filing Analyses(10)
28-04-2026
Maruti Suzuki India Limited reported standalone audited financial results for FY26 with total revenue from operations growing 19.9% YoY to ₹1,832,661 million, driven by strong Q4 growth of 28.2% to ₹524,493 million; however, profit before tax declined 2.9% YoY to ₹188,629 million while PAT edged up 0.8% to ₹144,154 million. The Board recommended a final dividend of ₹140 per share (₹44,016 million total, up from ₹135 per share or ₹42,444 million last year), subject to AGM approval on August 31, 2026, with record date August 7, 2026. Consolidated revenue also rose ~19.9% YoY to ₹1,833,160 million.
- ·Amalgamation of Suzuki Motor Gujarat Private Limited effective from April 1, 2025 (appointed date), with prior periods restated.
- ·Net cash outflow from investing activities FY26: ₹116,960 million (vs ₹144,523 million FY25).
- ·Cash and cash equivalents decreased to ₹631 million as at Mar 31, 2026 from ₹1,802 million.
28-04-2026
Maruti Suzuki India Limited reported FY’26 sales volume growth of 8.4% to 2,422,713 units and net sales up 20.2% to ₹1,743,695 million, with exports surging 34.6% YoY, while Op. EBITDA rose 6.5% but margins contracted 160 bps to 12.3% due to higher material costs (up 210 bps) and lower non-operating income. PAT grew modestly 1.0% to ₹144,454 million, though PBT declined 2.8%; in Q4 FY’26, sales volume increased 11.8% YoY and net sales 28.9% to ₹500,787 million, but PAT fell 6.9% amid adverse commodity prices. QoQ, Q4 net sales rose 5.4% but PAT declined 5.4%, with some segments like domestic compact down 5.0% YoY.
- ·Domestic sales grew 3.7% YoY to 538,994 units in Q4 FY’26 (79.7% of total), but compact segment declined 5.0% YoY.
- ·Mini segment domestic sales down 10.7% YoY to 112,291 units in FY’26 (5.7% of domestic).
- ·UVs domestic sales up 14.9% YoY to 219,721 units in Q4 FY’26 (40.8% of domestic).
- ·Financial statements restated for SMG amalgamation effective April 1, 2025.
- ·Exports represented 20.3% of Q4 FY’26 total sales, up 61.3% YoY.
28-04-2026
Birlasoft Limited announced a Board Meeting scheduled for May 6, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The board will also consider recommending a final dividend, subject to approval by shareholders at the ensuing Annual General Meeting. The trading window for equity shares remains closed from April 1, 2026, until 48 hours after the declaration of the financial results.
- ·Scrip details: ID: BSOFT, Symbol: BSOFT, Scrip Code: 532400, Series: EQ
- ·Trading window closure intimated earlier on March 25, 2026
28-04-2026
Ras Resorts & Apart Hotels Ltd. has notified BSE Limited under Regulation 29(1) & (2) of SEBI (LODR) Regulations, 2015, that a Board of Directors meeting is scheduled for May 02, 2026, to consider the delisting of equity shares following an intention letter from promoters. The intimation is signed by Komal Bafna, Company Secretary & Compliance Officer. No financial metrics or period comparisons are provided in the filing.
- ·Scrip code: 507966
- ·Filing date: April 28, 2026
- ·Board meeting date: Saturday, May 02, 2026
28-04-2026
Adani Green Energy reported robust FY26 operational performance with energy sales surging 34% YoY to 37.6 billion units, greenfield capacity addition of 5.1 GW (35% YoY growth) leading to a 19.3 GW operating portfolio, revenue up 22% YoY to ₹11,602 Cr, and EBITDA up 23% to ₹10,865 Cr at 91.2% margin. However, curtailment issues caused ₹500 Cr EBITDA loss, with additional ₹800-1,000 Cr potential loss on merchant sales, totaling ₹1,300-1,500 Cr FY26 EBITDA impact. The company highlighted progress in Khavda (9.4 GW operational, 1.4 GWh battery added) and targets 50 GW by 2030.
- ·Blended PPA rates ~₹3.10/kWh; upcoming solar contracting at ₹2.60-2.80/kWh, wind at ₹3.70-3.80/kWh.
- ·BESS targets: 3 GWh installed in Khavda soon, ramp to 10 GWh+ addition in FY27.
- ·India non-fossil capacity: 283 GW installed, FY26 addition >55 GW, targeting 500 GW by 2030.
- ·Portfolio avoids 36 million tons CO2 emissions annually, powers 8.7 million homes.
28-04-2026
Adani Green Energy delivered robust FY26 performance with energy sales surging 34% YoY to 37.6 billion units, fueled by 5.1 GW greenfield capacity addition (35% YoY growth), elevating the operating portfolio to 19.3 GW. Revenue from power supply rose 22% YoY to ₹11,602 Cr, and EBITDA increased 23% to ₹10,865 Cr at 91.2% margins, underscoring operational excellence. Management guided for 4.5-5.0 GW solar/wind additions in FY27, alongside 10 GWh battery storage and 500 MW pump hydro, aligned with evacuation constraints.
- ·Japan Credit Agency assigned inaugural JCR BBB+ rating (stable outlook), equivalent to India's sovereign rating.
- ·Secured ESG 1+ rating from CareEdge, highest score of 87.3 by any company in India.
- ·Plans for FY27: 4.5-5.0 GW solar/wind/hybrid capacity addition, 10 GWh battery storage in Khavda (currently near 3 GWh), and completion of 500 MW Chitravathi pump hydro.
- ·FY26 call held April 24, 2026; transcript disclosure April 28, 2026.
28-04-2026
Bondada Engineering Limited released its corporate presentation for Q4 and FY 2025-26, reporting FY26 revenue of INR 28,428 Mn, up at a 56% CAGR from INR 70 Mn in FY13, with net worth of INR 7,325 Mn as on March 31, 2026. The company highlighted a robust order book exceeding INR 50,000 Mn, solar projects under execution at ~7.8 GW, ~1.3 GW commissioned, and 850 MWh BESS-BOO under execution, supported by a workforce of 2500+ employees. Expansions into BESS, data centres, defence, and manufacturing underscore its Vision 2030 to achieve USD 1 Bn revenue.
- ·Diversified order book across renewable energy, telecom, railways, BESS, data centres, and defence.
- ·Manufacturing facilities in Andhra Pradesh & Telangana.
- ·ISO 9001:2015 certified; CRISIL 'A Stable' rated; Great Place to Work certified.
- ·PAN-India presence with 14+ years of operations.
28-04-2026
Maruti Suzuki India Limited reported standalone revenue from operations of ₹1,832,661 million for FY26, marking a 19.9% YoY increase from ₹1,528,679 million, with Q4 revenue up 28.2% YoY to ₹524,493 million. However, profit before tax declined 2.9% YoY to ₹188,629 million from ₹194,121 million, though profit after tax rose marginally 0.8% to ₹144,154 million with EPS at ₹459.46 (up 1.0%). The board recommended a final dividend of ₹140 per share (₹44,016 million total, up from ₹135 per share last year), subject to approval at the AGM on August 31, 2026.
- ·Record Date for dividend: Friday, August 7, 2026
- ·Dividend payment date: September 9, 2026
- ·Annual General Meeting: August 31, 2026
- ·Amalgamation with Suzuki Motor Gujarat Private Limited effective from April 1, 2025 (Appointed Date); scheme approved by NCLT on November 6, 2025
- ·Board meeting held on April 28, 2026 (11:35 a.m. to 2:30 p.m.)
28-04-2026
Maruti Suzuki India Limited reported standalone audited financial results for FY26, with revenue from operations surging 19.9% YoY to ₹1,832,661 million on strong Q4 growth of 28.2% to ₹524,493 million. However, profit before tax declined 2.8% YoY to ₹188,629 million amid higher expenses, while PAT edged up 0.8% to ₹144,154 million with EPS at ₹459.46 (up 1.0%). The board recommended a final dividend of ₹140 per share (₹44,016 million total, up from ₹135), subject to approval at the AGM on August 31, 2026.
- ·Record date for dividend: August 7, 2026; payment date: September 9, 2026.
- ·Annual General Meeting: August 31, 2026.
- ·Amalgamation of Suzuki Motor Gujarat Private Limited accounted from April 1, 2025; prior periods restated.
- ·Labour Codes incremental impact recognized: ₹5,939 million in Q3 FY26.
- ·Cash and cash equivalents declined to ₹633 million from ₹1,802 million.
- ·Net cash from operating activities up 18.2% YoY to ₹190,631 million.
28-04-2026
Maruti Suzuki India Limited reported standalone audited financial results for FY2026 with revenue from operations growing 19.9% YoY to ₹1,832,661 million, driven by strong Q4 growth of 28.2% to ₹524,493 million. However, profit before tax declined 2.8% YoY to ₹188,629 million, while profit after tax edged up 0.8% to ₹144,154 million with EPS at ₹459.46 (up 1.0%). The board recommended a final dividend of ₹140 per share (₹44,016 million total, up from ₹135 last year), subject to AGM approval on August 31, 2026.
- ·AGM scheduled for August 31, 2026; Record Date for dividend: August 7, 2026; Dividend payment date: September 9, 2026.
- ·Amalgamation of Suzuki Motor Gujarat Private Limited effective from April 1, 2025 (appointed date), with scheme approved November 6, 2025.
- ·Labour Codes impact recognized: ₹5,939 million in Q3 FY2026.
- ·Net cash from operating activities: ₹190,631 million (up from ₹161,314 million); Investing outflow: ₹116,960 million.
- ·Total assets: ₹1,467,422 million (up 13.5% YoY); Inventories up to ₹113,147 million from ₹69,088 million.
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