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India BSE NSE Trading Suspension Orders — May 06, 2026

India Trading Suspensions & Delistings

14 high priority14 total filings analysed

Executive Summary

Across 14 filings dated May 6, 2026, in the India Trading Suspensions & Delistings stream, only one true delisting event emerges (Aar Shyam proposing voluntary delisting from CSE), while the rest focus on Q4/FY26 results and updates from paints (Kansai Nerolac), IT services (Birlasoft), renewables/engineering (Bondada), financial services (Jio), and power (Adani Power). Period-over-period trends show modest revenue growth averaging ~3-7% YoY (Kansai +3.3%, Birlasoft Q4 +2.4%, Adani Q4 EBITDA +27%), but profits are mixed with sharp declines in paints (-39% YoY) contrasted by IT (+44% YoY PAT) and power surges (+64% Q4 PAT). Capital allocation leans cautious with Kansai slashing dividend to 250% (₹2.50/share) from 375% YoY (including special), while Birlasoft maintains ₹4/share final dividend; no insider activity noted across filings. Forward-looking highlights include Bondada's FY27 1.5 GW EPC targets and Adani's ₹25,000 Cr FY27 capex, signaling renewables/power conviction amid broader margin pressures (e.g., Birlasoft EBITDA expansion to 18.5%). Portfolio-level patterns indicate sector divergence: consumer/industrials mixed-to-weak vs. IT/power bullish, with AGMs and record dates creating near-term catalysts. Overall, actionable alpha lies in relative outperformance of high-growth names like Bondada/Adani versus deteriorating paints sector.

Tracking the trend? Catch up on the prior India BSE NSE Trading Suspension Orders digest from April 29, 2026.

Investment Signals(12)

  • Birlasoft Limited↓(BULLISH)
    ▲

    Q4 FY26 PAT surged 44.1% YoY and 46.7% QoQ to ₹1,759 Mn on EBITDA margin expansion to 18.5% (3rd straight quarter), deal wins +3% QoQ to $208M TCV, cash up 19% YoY to ₹26,373 Mn

  • Adani Power↓(BULLISH)
    ▲

    FY26 EBITDA ₹23,431 Cr, Q4 PAT +64% YoY to ₹4,271 Cr at 74% PLF, 95% capacity under PPAs, 13.3 GW expansions tied up

  • Bondada Engineering↓(BULLISH)
    ▲

    FY26 revenue +81% YoY to ₹2,843 Cr (90-95% 3-yr CAGR), 7.8 GW solar/BESS portfolio (1.3 GW commissioned), CRISIL A Stable

  • Birlasoft Limited↓(BULLISH)
    ▲

    Final dividend ₹4/share (200% on ₹2 face), unmodified opinions on standalone/consolidated FY26 results across 14 entities

  • Jio Financial Services↓(BULLISH)
    ▲

    ₹300 Cr investment in subsidiary JFPSL (total ₹335 Cr), arm's length RPT for business expansion, no approvals needed

  • Kansai Nerolac Paints↓(BULLISH)
    ▲

    Revenue +3.3% YoY FY26 to ₹7,739 Cr, Q4 +7.7% YoY to ₹1,873 Cr, total assets +7.1% to ₹8,539 Cr, unmodified audit

  • Adani Power↓(BULLISH)
    ▲

    Q4 EBITDA +27% YoY to ₹6,498 Cr, 105 Bn units FY26 generation despite tepid 0.8% demand growth

  • Bondada Engineering↓(BULLISH)
    ▲

    FY27 guidance for 1.5 GW EPC commissioning, integrated mfg facility, main board migration vs. FY26 53% 14-yr CAGR

  • Birlasoft Limited↓(BULLISH)
    ▲

    Energy & Utilities vertical +1.8% QoQ revenue only bright spot amid broader declines, DSO improved to 62 days (adj 55)

  • Kansai Nerolac↓(BULLISH)
    ▲

    Ranked No.2 paint brand, high double-digit growth in decorative waterproofing/projects (80+ towns), automotive 2W/3W

  • Adani Power↓(BULLISH)
    ▲

    Net debt ₹45,022 Cr supports FY27 capex ~₹25,000 Cr, FY28 ~₹33,000 Cr for expansions

  • Bondada Engineering↓(BULLISH)
    ▲

    Pan-India presence, 2,500+ employees, 9 subsidiaries including SPVs, Great Place to Work certified

Risk Flags(9)

Opportunities(9)

Sector Themes(6)

  • Paints Sector Margin Pressure(BEARISH IMPLICATIONS)
    ◆

    Kansai Nerolac FY26 PAT -39% YoY to ₹620 Cr despite +3% revenue, dividend cut 33% ex-special; industrial slowdown (mid-single CV growth) vs. decorative outperformance signals consumer resilience but cost headwinds from crude/rupee

  • IT Services Mixed Recovery(NEUTRAL TO BULLISH)
    ◆

    Birlasoft Q4 revenue flat QoQ CC (-3.7%) but EBITDA + to 18.5%, PAT +44% YoY; headcount/client declines (11,363/221) across 3 filings indicate utilization focus, Energy/Utilities sole +1.8% QoQ bright spot

  • Power/Renewables Capacity Ramp(BULLISH IMPLICATIONS)
    ◆

    Adani Q4 PAT +64%, Bondada revenue +81% YoY (90% 3-yr CAGR), 13.3 GW/7.8 GW pipelines; capex ₹25-33 Bn FY27+ underscores PLF/demand volatility hedge via PPAs

  • Capital Allocation Caution(CAUTIOUS SHAREHOLDER RETURNS)
    ◆

    Dividend cuts (Kansai -33% to ₹2.50) vs. steady Birlasoft ₹4; no buybacks/splits, focus on assets (Kansai +7%, PPE +5%) amid mixed profits

  • Delisting Liquidity Risk(BEARISH FOR LIQUIDITY)
    ◆

    Sole Aar Shyam voluntary CSE delisting (no exit), BSE remains but highlights small-cap illiquidity trends in multi-exchange listings

  • Working Capital Divergence(MIXED OPERATIONAL HEALTH)
    ◆

    Kansai receivables +8% YoY (₹1,380 Cr) vs. inventories -7%, Birlasoft DSO 62 days (adj 55); signals collection efficiency gains in IT vs. paints stretch

Watch List(8)

Filing Analyses(14)
Kansai Nerolac Paints LimitedCompany Updatemixedmateriality 7/10

06-05-2026

Kansai Nerolac Paints Limited released an investor presentation ahead of its Q4 FY 2025-26 financial results conference call on May 6, 2026, outlining strategies amid a challenging business environment marked by significant crude oil price increases, rupee depreciation, and supply chain disruptions. Positive highlights include robust growth in decorative new businesses like waterproofing and projects (high double-digit in 80+ towns), strong automotive demand (high double-digit in 2W/3W), and branding campaigns generating 70Cr+ digital impressions; however, industrial powder coatings showed only moderate recovery while commercial vehicles grew mid-single digits. The presentation emphasized new product launches (e.g., Excel Sheen, Perma No Heat) and ESG initiatives like water positivity.

  • ·Entered ESG initiatives (Water Positive, Emission reduction, Green energy) within last 3 years
  • ·Ranked No.2 among paint brands (Brand equity index)
  • ·14 Years Performance Warranty on Excel Everlast
  • ·20 Years Performance Warranty on Everlast 20
  • ·Perma No Heat reduces surface temperature up to 15ºC
  • ·Awards: 12 Kyoorius Creative Awards, 7 Baby Blue Elephant Awards - Gold, Dragons of Asia Marketing Awards Gold Winner
Kansai Nerolac Paints LimitedBoard Meetingmixedmateriality 10/10

06-05-2026

Kansai Nerolac Paints Limited's board approved audited standalone financial results for FY26, with revenue from operations growing 3.3% YoY to ₹7739.23 Cr and Q4 revenue up 7.7% YoY to ₹1873.44 Cr; however, profit for the year declined 39.3% YoY to ₹619.85 Cr from ₹1021.24 Cr, Q4 profit fell 7.9% YoY to ₹120.86 Cr, and profit before tax dropped sharply 39.6% to ₹838.21 Cr. The board recommended a lower dividend of 250% (₹2.50 per share) compared to 375% (₹3.75 per share) last year, which included a special dividend. Total assets expanded 7.1% to ₹8538.59 Cr, supported by an unmodified auditor opinion.

  • ·Unmodified opinion on audited standalone financial results by S R B C & CO LLP.
  • ·Inventories declined to ₹1492.92 Cr from ₹1609.71 Cr YoY.
  • ·Trade receivables increased to ₹1379.83 Cr from ₹1274.70 Cr YoY.
  • ·Cash and cash equivalents rose to ₹184.12 Cr from ₹85.72 Cr YoY.
  • ·Earnings per share (basic, after exceptional) FY26: ₹7.67 vs FY25: ₹12.63.
BIRLASOFT LIMITEDBoard Meetingpositivemateriality 9/10

06-05-2026

Birlasoft Limited's Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, along with unmodified auditor opinions; an investor update was sent separately. The Board recommended a final dividend of ₹4 per equity share (200% on face value of ₹2), subject to AGM approval. Mr. Mohanraj Janakiraman, Sr. Vice President-Sales, was designated as Senior Management Personnel effective May 6, 2026.

  • ·Audited financial results include results of 14 entities with unmodified opinion.
  • ·One subsidiary (outside India) reported quarterly net loss of Rs (11.64) million but annual profit of Rs 16.62 million.
  • ·Board meeting held from 2:15 pm to 4:30 pm on May 6, 2026.
  • ·AGM date and dividend payment (if approved) to be intimated within statutory timelines.
BIRLASOFT LIMITEDResultpositivemateriality 9/10

06-05-2026

Birlasoft Limited's Board approved the audited standalone and consolidated financial results for the quarter and FY ended March 31, 2026, and recommended a final dividend of ₹4 per equity share (200% on ₹2 face value), subject to AGM approval. Mr. Mohanraj Janakiraman was designated as Senior Management Personnel effective May 6, 2026. One subsidiary reported a quarterly net loss of ₹11.64 million despite yearly profit of ₹16.62 million.

  • ·Auditor's report confirms true and fair view with unmodified opinion.
  • ·Board meeting held from 2:15 pm to 4:30 pm on May 6, 2026.
  • ·AGM date and dividend payment within statutory timelines to be intimated.
Bondada Engineering LimitedCompany Updatepositivemateriality 8/10

06-05-2026

Bondada Engineering Limited reported FY26 revenue of ₹2,843 Cr, up significantly from ₹1,571 Cr in FY25 and ₹801 Cr in FY24, achieving a 90-95% CAGR over the last three years and 53% over 14 years. The company has a net worth of ₹732 Cr, a 7.8 GW portfolio in solar EPC and BESS (1.3 GW commissioned, 850 MW BESS under execution), pan-India presence, and over 2,500 employees. Management outlined FY27 priorities including main board migration, 1.5 GW EPC commissioning, integrated manufacturing facility, and Vision 2030 targeting 25 GW renewable capacity.

  • ·Nine subsidiaries including project-based SPVs.
  • ·CRISIL A Stable rating, ISO 9001, OSHA, ISO 14001 certified, Great Place to Work certified.
  • ·FY27 targets: 1.5 GW EPC commissioning, data centres in Hyderabad and Vizag, defence/aerospace expansion via inorganic growth.
  • ·850 MW BESS orders from Tamil Nadu and AP, annuity-based for 12 years.
Kansai Nerolac Paints LimitedResultmixedmateriality 9/10

06-05-2026

Kansai Nerolac Paints Limited's Board approved audited standalone financial results for FY26, showing revenue from operations up 3.2% YoY to ₹7739.23 Cr but profit after tax down 39.3% YoY to ₹619.85 Cr due to lower contribution from exceptional items compared to FY25. Dividend recommended at 250% (₹2.50 per share) versus 375% (₹3.75 per share, including special dividend) last year. Q4 FY26 revenue grew 7.6% YoY to ₹1873.44 Cr but declined 1.8% QoQ from ₹1907.35 Cr.

  • ·Unmodified auditor opinion on standalone financial results.
  • ·Total equity increased to ₹6695.77 Cr from ₹6366.23 Cr as at 31 Mar 2026.
  • ·Property, Plant and Equipment increased to ₹2026.00 Cr from ₹1935.67 Cr.
  • ·Inventories decreased to ₹1492.92 Cr from ₹1609.71 Cr.
BIRLASOFT LIMITEDCompany Updatemixedmateriality 9/10

06-05-2026

Birlasoft reported Q4 FY26 revenue of ₹13,486 Mn, up 2.4% YoY but only 0.1% QoQ in INR terms (down 3.7% QoQ in constant currency), amid declines in most verticals except Energy & Utilities (+1.8% QoQ). EBITDA margin expanded to 18.5% (third consecutive quarter of expansion), driving PAT up 44.1% YoY and 46.7% QoQ to ₹1,759 Mn, with cash & equivalents rising 6% QoQ and 19% YoY to ₹26,373 Mn. While deal wins improved to $208 M TCV (+3% QoQ), active clients fell to 221 and headcount declined to 11,363.

  • ·Board recommends final dividend of ₹4 per share.
  • ·DSO at 62 days (adjusted to 55 days).
  • ·Revenue contribution from Top 5/10/20 clients: 42.1%/55.1%/67.0%.
  • ·FY26 revenue down 6.0% YoY to $597.5 M.
  • ·Energy & Utilities vertical up 1.8% QoQ; other verticals declined QoQ.
  • ·Attrition at 13.0% (LTM).
  • ·Multiple ISG Provider Lens and Avasant recognitions as Leader/Challenger/Disruptor.
BIRLASOFT LIMITEDCorp. Actionpositivemateriality 9/10

06-05-2026

The Board of Directors of Birlasoft Limited approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, along with an unmodified auditor's opinion. They recommended a final dividend of ₹4 per equity share (200% on ₹2 face value), subject to AGM approval. Additionally, Mr. Mohanraj Janakiraman was designated as Senior Management Personnel effective May 6, 2026; one subsidiary reported a quarterly net loss of ₹11.64 million.

  • ·Board meeting held from 2:15 pm to 4:30 pm on May 6, 2026
  • ·Auditor: SR BC & CO LLP issued report confirming true and fair view in conformity with Indian accounting standards
Kansai Nerolac Paints LimitedCorp Actionmixedmateriality 7/10

06-05-2026

The Board of Directors of Kansai Nerolac Paints Limited, in its meeting on May 6, 2026, approved the 106th Annual General Meeting to be held on July 9, 2026, and recommended a dividend of 250% (₹2.50 per share) for FY26 ended March 31, 2026, payable on or after July 14, 2026, to shareholders on record as of June 29, 2026. This dividend marks a decline from the 375% (₹3.75 per share) paid for FY25, which included a special dividend of 125% (₹1.25 per share), reflecting lower overall payout.

  • ·BSE Scrip Code: 500165
  • ·NSE Symbol: KANSAINER
  • ·Record Date: Monday, June 29, 2026 (for both physical and beneficiary holders)
Kansai Nerolac Paints LimitedCorp. Actionmixedmateriality 7/10

06-05-2026

The Board of Kansai Nerolac Paints Limited approved the 106th AGM on Thursday, 9th July, 2026, and recommended a dividend of 250% (₹2.50 per share) for FY ended 31st March, 2026. This is lower than the 375% (₹3.75 per share) paid for FY ended 31st March, 2025, which included a special dividend of 125% (₹1.25 per share). The record date is Monday, 29th June, 2026, with payment on or after Tuesday, 14th July, 2026.

  • ·BSE Scrip Code: 500165
  • ·NSE Symbol: KANSAINER
  • ·Disclosure under Regulation 30 and 42 of SEBI (LODR) Regulations, 2015
Kansai Nerolac Paints LimitedCorp Actionmixedmateriality 8/10

06-05-2026

The Board of Kansai Nerolac Paints Limited approved the 106th AGM on July 9, 2026, with record date of June 29, 2026 for dividend payment on or after July 14, 2026. They recommended a dividend of 250% (₹2.50 per share) for FY ended March 31, 2026, down from 375% (₹3.75 per share) paid last year which included a special dividend of 125% (₹1.25 per share). This reflects flat base dividend performance excluding the prior special payout.

  • ·BSE Scrip Code: 500165
  • ·NSE Symbol: KANSAINER
  • ·CIN: L24202MH1920PLC000825
  • ·Board meeting held on May 6, 2026
Aar Shyam India Investment Company LtdTrading Suspensionneutralmateriality 8/10

06-05-2026

Aar Shyam India Investment Company Limited has scheduled a Board of Directors meeting on May 11, 2026, to consider and approve a proposal for voluntary delisting of its equity shares from Calcutta Stock Exchange Limited, without providing an exit opportunity to shareholders. The intimation complies with Regulation 29 of SEBI (LODR) Regulations, 2015, and is addressed to both CSE (scrip code 011600) and BSE (scrip code 542377). No financial impacts or performance metrics are disclosed in this notice.

  • ·Scrip Code: CSE 011600, BSE 542377
  • ·CIN: L47219DL1983PLC015266
  • ·Registered Office: 920, 9th Floor Kirti Shikar Building, Dist. Centre Janakpuri, New Delhi – 110058
  • ·Email: info@aarshyam.in, Website: www.aarshyam.in
Jio Financial Services LimitedCompany Updatepositivemateriality 7/10

06-05-2026

Jio Financial Services Limited subscribed to and was allotted 30,00,00,000 equity shares of Rs. 10/- each in its wholly owned subsidiary Jio Finance Platform and Service Limited (JFPSL) for Rs. 300 crore at par. This brings the aggregate investment by the company in JFPSL to Rs. 335 crore, to be utilized for funding its business operations. The transaction is a related party transaction on an arm's length basis, with no interest from promoters or group companies and no regulatory approvals required.

  • ·Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
  • ·Investment made at 2.36 p.m. on May 6, 2026
  • ·Further to disclosure dated August 15, 2024
  • ·Scrip Code: 543940, Trading Symbol: JIOFIN
Adani Power LimitedCompany Updatemixedmateriality 9/10

06-05-2026

Adani Power reported robust FY26 EBITDA of INR23,431 crore and PAT of INR12,971 crore despite tepid power demand growth of only 0.8% YoY and stable continuing revenue of INR55,583 crore. Q4 FY26 performance was strong with EBITDA up 27% YoY to INR6,498 crore and PAT surging 64% YoY to INR4,271 crore, supported by 74% PLF and 27.2 billion units sales, though full-year PLF was 66.5% amid demand volatility. The company achieved 105 billion units generation, tied up 13.3 GW expansion capacity under PPAs (95% of 18.15 GW operating capacity secured), and progressed on projects like Mahan Phase-II (86% complete).

  • ·Capex FY27 ~INR25,000 Cr, FY28 ~INR33,000 Cr.
  • ·Total debt INR53,556 Cr, net debt INR45,022 Cr as of Mar 31, 2026.
  • ·95% operating capacity under long-term/medium-term PPAs.
  • ·Merchant capacity reduced from 16% to 5%.
  • ·1,600 MW PPA LoA from Maharashtra DISCOM.
  • ·Korba Phase-II commissioning expected Jun-Sep FY27.

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