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Financial PerformanceFor the quarter ended September, TCS delivered stable financial results that largely met market expectations. The company reported a net profit of ₹13,884 crore, reflecting sequential growth compared to ₹13,349 crore in the previous quarter. Revenue reached ₹73,188 crore, representing a sequential growth of 1.3%, while the US Dollar topline stood at $7,642 million, perfectly aligning with street estimates. Constant currency revenue growth was recorded at 0.5%. Earnings Before Interest and Tax (EBIT) came in at ₹17,553 crore. Operating margins remained flat at 24%. This subdued margin expansion was anticipated, as the company strategically reinvested wage hike reversals into advanced Artificial Intelligence (AI) and data center ***** Momentum and Deal PipelineA standout highlight of the quarter is the accelerated growth in the AI portfolio. Strategic Partnership with PorscheTCS is aggressively expanding its footprint in the mobility sector, signing a five-year strategic partnership with Porsche valued at €1.5 billion. Concurrently, TCS will acquire 100% of Porsche’s IT consulting subsidiary, MHP, for an enterprise value of €320 million. This acquisition will scale TCS's AI and Software-Defined Vehicle (SDV) platforms. While analysts project an initial margin dilution of 50-60 basis points during the integration phase, the deal is targeted to yield double-digit growth through long-term ***** HighlightsDemonstrating confidence in its growth trajectory, the company expanded its workforce by adding nearly 4,300 employees, hitting a five-quarter high in headcount. Additionally, the Board has declared an interim dividend of ₹12 per share, payable to shareholders on record as of October ***** cautious broader market sentiment regarding IT spending, TCS's Q2 performance demonstrates underlying resilience.
On October 8, 2026, shares of Maharashtra Seamless Ltd. (MSL) corrected by approximately 6% following the Board of Directors' approval of a strategic demerger. The corporate restructuring will separate the company’s regional operations into two distinct, publicly listed entities, subject to final approvals from shareholders, creditors, and the National Company Law Tribunal (NCLT).
Demerger Structure & Asset Allocation
The restructuring divides the company’s seamless pipe manufacturing and captive solar power assets geographically into two specialized undertakings, each assuming its respective specified assets and liabilities:
New Entity Core Manufacturing Operations Captive Solar Power Assets
MSL Seamless Tubes Ltd. Mangaon, Maharashtra (1.25 Lakh MTPA) Beed, Maharashtra (10 MW)
United Seamless Ltd. Narketpally, Telangana (2.00 Lakh MTPA) Khetusar (20 MW) & Pokhran (5 MW), Rajasthan
Share Allotment & Equity Structure
The board has established a proportional share swap ratio to ensure existing MSL investors retain equitable value across both newly formed businesses.
Entitlement Ratio: For every five (5) shares of Maharashtra Seamless held on the upcoming record date, investors will receive one (1) equity share of MSL Seamless Tubes Ltd. and one (1) equity share of United Seamless Ltd.
Post-Demerger Holding: The capital structure will remain consistent across both new entities. Promoter entities will retain a 70.3% controlling stake (1.88 crore shares), while public shareholders will hold the remaining 29.69% (79.59 lakh shares).
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shared an insight ⚡️ 7th Oct
Fino Payments Bank: September 2026 Business
FINOPB
Executive Summary
Fino Payments Bank has released its provisional and unaudited business update for September 2026, demonstrating robust growth in core strategic areas, particularly in loan referrals, average deposits, and renewal income. While new account openings and core transaction throughput experienced a planned moderation, the bank's underlying fundamentals remain strong, supported by an expanding digital footprint and a highly resilient Current Account and Savings Account (CASA) base.
Key Financial and Operational Highlights
Surge in Loan Referrals: Disbursals through loan referrals witnessed an exceptional 223% year-on-year (YoY) growth, reaching ₹278 crore, up from ₹86 crore in September 2025. This underscores the bank's successful cross-selling and partnership monetization strategies.
Steady Deposit Growth: Average total deposits expanded by 13% YoY to ₹2,794 crore (up from ₹2,480 crore). Consequently, the bank's overall CASA base strengthened significantly to 1.91 crore accounts.
Account Acquisition: The bank opened 2,44,763 new deposit accounts during the month. While this represents a 17% YoY decline from the higher base of 2,94,846 accounts opened in September 2025, the cumulative customer base continues to scale efficiently.
Transaction Volume and Cash Management
Transaction Business: The core transaction business throughput saw a 10% YoY contraction, settling at ₹3,469 crore. Additionally, B2B UPI P2M throughput was recorded at nil for the month, compared to ₹961 crore a year ago, reflecting shifts in digital payment service alignments.
Digital Adoption Metrics
The bank continues to gain solid traction in digital customer engagement. Digitally active customers increased by 13% YoY to 64.9 lakh. Furthermore, the active user base for the flagship FinoPay platform grew by 12% YoY, reaching 8.1 lakh customers.
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