At a glance: MEMG’s surprise entry into the BYJU’S insolvency process, Tata Motors CV impairment-led loss,
SEBI’s IPO rule overhaul, Hero MotoCorp & LG India Q2 numbers, and long-cycle sector themes in data centres and cement.
Manipal Group submits EOI for BYJU’S parent Think & Learn
Potential white knight for India's largest troubled edtech
Manipal Education & Medical Group (MEMG), led by Dr. Ranjan Pai, has filed an Expression of Interest under the CIRP of Think & Learn Pvt Ltd.
Status: EOI filed under CIRP
Role: Prospective Resolution Applicant
The RP will now examine and shortlist eligible bidders. A full acquisition, if pursued, will require creditor and NCLT approval.
Why this matters
- BYJU’S collapse needs a serious, well-capitalised buyer for value recovery.
- MEMG has domain expertise via existing education businesses.
- Sets precedent for large edtech insolvency resolutions.
Tata Motors CV arm posts Q2FY26 loss on one-time impairment
Revenue up but ₹2,000+ crore MTM hit drags profit
The CV division reported a net loss of ₹867 crore on revenue of ₹18,491 crore (+6% YoY).
Net Loss: ₹867 crore
Revenue: ₹18,491 crore
Culprit: One-time impairment on Tata Capital
Excluding the impairment, operations saw moderate positive traction supported by GST-led festive demand.
Investor lens
- Loss is mostly accounting-driven, not operational deterioration.
- Street now focuses on standalone CV margin recovery.
- Volume trajectory needed for re-rating.
SEBI proposes easier pre-IPO lock-in norms; new one-page summary
Simplifying IPO structures for issuers and retail investors
SEBI wants lock-in to apply automatically on pledged shares, and proposes replacing the abridged prospectus with a concise summary document.
Focus: Pledged shares in IPO
New addition: Retail summary sheet
Why it matters
- Resolves long-standing structuring challenges in pre-IPO pledges.
- Makes disclosures easier for retail to understand.
- Supports deeper retail participation in IPOs.
Hero MotoCorp Q2FY26: margins improve, strong volume base
Net profit ~₹1,393 crore; revenue +16% YoY
Hero delivered margin expansion and volume uplift, aided by mix improvement and GST simplification.
Revenue: ₹12,126 crore
EBITDA Margin: ~15%
Volumes: 1.69 million
Key takeaways
- Demand recovery visible across entry + premium segments.
- Scale effects and cost control powering margins.
- Input costs remain key watchpoint.
LG India Q2FY26: profit drops 27% on GST transition & higher costs
Consumers postponed TV, AC, and appliance purchases
Net profit fell to ₹389 crore (-27.3% YoY), while revenue stayed flat at ₹6,174 crore.
Net Profit: ₹389 crore
EBITDA Margin: ~8.9%
Revenue: +1% YoY
What to track
- Post-GST-cut demand rebound.
- Margin rebuilding path.
- Market share retention in TVs/ACs.
Data centres: generative AI fuels multi-year capex boom
India DC capacity may grow 5x to ~8GW by 2030
Cloud growth + data localisation + AI compute intensity is triggering unprecedented DC capex.
Jefferies estimates capex at nearly US$30 billion over the decade.
Implications
- Massive opportunity in power, cooling, fibre and DC real estate.
- AI and LLMs demand high-density compute clusters.
- Execution challenges: power availability & infra readiness.
CRISIL: Cement capacity to rise 160–170 MTPA by FY26–28
Capex pegged at ₹1.2 trillion over three years
Infrastructure + housing demand is driving a 75% jump in planned cement capacity additions.
Capacity: 160–170 MTPA
Capex: ₹1.2 lakh crore
Sector View
- Low-cost producers benefit the most.
- Short-term utilisation may fluctuate due to front-loaded capacity.
- Long-term outlook remains linked to India's infra cycle.
