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Demergers & amalgamations

Every company here filed a step of a scheme of arrangement inside the window: a demerger or amalgamation approved by the board, an exchange observation letter, a court-convened shareholder or creditor meeting, the NCLT's sanction, or the record date that makes it real. The filing on each row shows which stage the scheme has reached.

CompanyWhy it’s here — the filingvs sector · Next day / 1w / 1mPriceMcapP/EROCERev YoY
JSW EnergyPower GenerationJSW Energy receives NCLT approval for GEPIL demerger scheme14 Oct 2026Scheme filed with the NCLT×2+4.0% +5.1% —raw +3.6 -3.2 —vs Power Generation peers₹52596,224 Cr40.6vs 21.31.8%+23.0%
JK PaperPaper & Paper ProductsYPL Enterprises promoter group shareholding rises to 7.06% in JK Paper via NCLT scheme14 Oct 2026Scheme filed with the NCLT+3.2% +3.1% —raw +3.1 -2.2 —vs Paper & Paper Products peers₹3686,673 Cr20.1vs 11.54.4%+12.7%
K M Sugar MillsSugarDistillery demerger effective; KM Spirits ceases to be subsidiary12 Oct 2026Demerger ratio announced×9+2.6% +15.3% —raw +4.2 +5.3 —vs Sugar peers₹32.11295 Cr6.1vs 14.617.7%-8.8%
Kothari SUG & ChemSugarNCLT meeting on Nov 13 for amalgamation with Kothari Petrochemicals12 Oct 2026Scheme filed with the NCLT×4-1.0% +1.2% —raw +0.6 -8.8 —vs Sugar peers₹23.37194 Cr14.2vs 14.60.7%+30.7%
GPT InfraprojectsCivil ConstructionNCLT meeting notice for amalgamation of Alcon Builders and Jogbani Highway into GPT Infraprojects12 Oct 2026Scheme filed with the NCLT×2+3.5% +2.5% —raw +4.2 -5.0 —vs Civil Construction peers₹1101,396 Cr14.7vs 13.56.6%+4.6%
Kothari PetrochemPetrochemicalsNCLT-convened meeting on Nov 13 for Kothari Sugars-Petrochem amalgamation12 Oct 2026Scheme filed with the NCLT×5-3.8% -3.5% —raw -0.1 -12.7 —vs Petrochemicals peers₹123723 Cr10.1vs 11.824.9%-8.8%
Veranda Learning SolE-LearningCost of acquisition split guidance after JSCEL demerger: 64.50% VLS, 35.50% JSCEL12 Oct 2026Demerger ratio announcedScheme filed with the NCLT×6+9.2% +3.5% —raw +10.2 -1.0 —vs Other Consumer Services peers₹33.5323 Cr2.19.4%+7.4%
Emcure PharmaceuticalsPharmaceuticalsBoard approves merger of two wholly owned units into Emcure Pharmaceuticals12 Oct 2026Scheme filed with the NCLT+1.8% +1.7% —raw +1.7 -3.0 —vs Pharmaceuticals peers₹2,21041,926 Cr38.3vs 29.313.3%+24.3%
Lodha DevelopersResidential Commercial ProjectsLodha Developers merger scheme approved by shareholders and creditors at NCLT meeting9 Oct 2026Scheme filed with the NCLT×6+2.0% -1.4% —raw +2.7 -5.1 —vs Residential Commercial Projects peers₹1,1791.18 L Cr27.1vs 20.410.3%+17.6%
National StandResidential Commercial ProjectsNCLT merger scheme with Lodha Developers approved by shareholders9 Oct 2026Scheme filed with the NCLT×3-2.1% +2.4% —raw -1.2 -1.5 —vs Residential Commercial Projects peers₹108216 Cr22.3vs 20.44.7%-100.0%
Bhagyanagar IndiaBHAGYANGRDemerger update: Tieramet allots shares to Bhagyanagar India shareholders 1:19 Oct 2026Demerger ratio announcedScheme filed with the NCLT×2— — —raw +10.1 +47.2 —no sector peer group₹73.14234 Cr3.722.0%+45.2%
SaksoftComputers - Software & ConsultingSaksoft receives NCLT rectified order for Augmento Labs merger9 Oct 2026Scheme filed with the NCLT×2-0.7% +0.3% —raw +1.4 +0.1 —vs Computers - Software & Consulting peers₹1331,768 Cr13.1vs 16.421.4%-0.2%
Triveni Engg. & Inds.SugarTPTL gets BSE/NSE listing approval; trading starts Oct 12, 20269 Oct 2026Scheme filed with the NCLT×5+1.4% +1.3% —raw +5.1 +0.1 —vs Sugar peers₹2405,295 Cr15.2vs 14.63.3%+1.7%
CIE Automotive IndiaAuto Components & EquipmentsCIE India: NCLT order on merger of wholly owned subsidiary CIEALCAST8 Oct 2026Scheme filed with the NCLT×2+1.4% +2.4% —raw +2.4 -0.3 —vs Auto Components & Equipments peers₹35413,429 Cr14.4vs 25.47.5%+11.0%
Maharashtra SeamlessIron & Steel ProductsMSL board approves composite demerger into two wholly owned units7 Oct 2026Scheme filed with the NCLTDemerger ratio announced-8.9% -13.9% —raw -10.7 -16.8 —vs Iron & Steel Products peers₹5707,639 Cr10.4vs 15.813.0%-4.7%
India GlycolsBreweries & DistilleriesCost of acquisition apportionment guidance for IGL demerger6 Oct 2026Demerger ratio announcedScheme filed with the NCLT×7+14.1% +3.8% —raw +10.9 +2.8 —vs Breweries & Distilleries peers₹2951,976 Cr6.0vs 26.27.3%+19.4%
Ppap AutomotiveAuto Components & EquipmentsNCLT meetings approve merger of Avinya Batteries into PPAP Automotive5 Oct 2026Scheme filed with the NCLT×5+6.3% +7.2% —raw +7.1 +6.7 —vs Auto Components & Equipments peers₹220311 Cr6.7vs 25.412.6%+34.1%
BN AgrochemBNAGROCHEMBN Agrochem: NCLT grants 90-day extension for amalgamation scheme meetings2 Oct 2026Scheme filed with the NCLT— — —raw -0.9 -26.5 -45.9no sector peer group₹1281,250 Cr26.23.8%+22.0%
Sunteck RealtyResidential Commercial ProjectsSunteck Realty board approves demerger of Satguru real estate business into itself1 Oct 2026Scheme filed with the NCLT-0.9% -1.8% +7.4%raw -0.9 -3.1 +5.5vs Residential Commercial Projects peers₹2984,377 Cr19.7vs 20.42.5%+27.1%
Amber Enterprises (I)Household AppliancesNCLT order received on AmberPR Technoplast amalgamation scheme1 Oct 2026Scheme filed with the NCLT+4.1% -0.1% +0.9%raw +5.5 +2.2 +1.4vs Household Appliances peers₹6,40322,582 Cr234.6vs 43.45.3%+12.7%
TVS Supply Chain SolLogistics Solution ProviderNCLT Bengaluru sanctions amalgamation of 5 entities into TVS Supply Chain1 Oct 2026Scheme filed with the NCLT+1.0% -1.6% -5.6%raw +2.3 -1.4 -6.4vs Logistics Solution Provider peers₹1175,173 Cr80.3vs 15.54.8%+28.7%
Ambuja CementsCement & Cement ProductsNCLT meeting approves ACC amalgamation with Ambuja Cements30 Sept 2026Scheme filed with the NCLT×7+0.3% -2.3% +2.8%raw -2.0 -6.6 -4.0vs Cement & Cement Products peers₹39197,064 Cr34.5vs 29.41.5%+0.3%
Time TechnoplastPlastic Products - IndustrialBoard approves merger of 74.86% subsidiary TPL Plastech with Time Technoplast29 Sept 2026Scheme filed with the NCLT×2-1.0% -2.7% -8.7%raw -2.5 -5.3 -14.1vs Plastic Products - Industrial peers₹1708,367 Cr15.8vs 14.97.5%+32.0%
ACCCement & Cement ProductsACC shareholders approve amalgamation with Ambuja Cements29 Sept 2026Scheme filed with the NCLT×2-0.3% -2.4% +2.7%raw -1.6 -6.4 -6.0vs Cement & Cement Products peers₹1,23923,293 Cr26.4vs 29.41.4%-4.1%
JSW CementCement & Cement ProductsJSW Cement board approves merger of subsidiary Shiva Cement29 Sept 2026Scheme filed with the NCLT×2+0.2% +4.1% +11.5%raw -1.2 -0.3 +2.8vs Cement & Cement Products peers₹12316,692 Cr21.8vs 29.42.4%+33.1%
HEG Advanced MaterialElectrodes & RefractoriesCost of Acquisition Apportionment under HEG Demerger Scheme29 Sept 2026Scheme filed with the NCLTDemerger ratio announced×17+0.6% -2.0% +7.8%raw +0.3 -3.7 -1.4vs Electrodes & Refractories peers₹2979,805 Cr14.2vs 30.59.8%-38.5%
TPL PlastechPackagingTPL Plastech board approves merger with Time Technoplast; share swap ratio set29 Sept 2026Scheme filed with the NCLT+9.4% +7.4% +0.7%raw +8.3 +5.6 -5.6vs Packaging peers₹67.2524 Cr16.6vs 15.210.0%+39.9%
Orient CementCement & Cement ProductsOrient Cement shareholders approve Ambuja Cements merger scheme28 Sept 2026Scheme filed with the NCLT×3-0.5% -1.7% +4.7%raw -0.8 -6.9 -4.1vs Cement & Cement Products peers₹1252,630 Cr13.4vs 29.45.7%-12.2%
QMS Medical Allied SQMSMEDIQMS Medical Allied Services to acquire 100% of Pune-based BeamOptics Scientific28 Sept 2026Scheme filed with the NCLT×6— — —raw +8.9 -3.5 -11.1no sector peer group₹170328 Cr19.513.5%+22.3%
Transcorp InternationalOther Financial ServicesScheme of Arrangement halted after regulatory feedback26 Sept 2026Scheme filed with the NCLT+3.2% +2.2% +3.3%raw +2.8 -0.0 -3.1vs Other Financial Services peers₹23.976 Cr9.1vs 18.615.1%-22.3%
Dabur IndiaPersonal CareNCLT approves Sesa Care amalgamation with Dabur India26 Sept 2026Scheme filed with the NCLT×3+0.6% -0.1% -1.9%raw -1.3 -2.3 -6.6vs Personal Care peers₹38067,474 Cr33.3vs 34.911.4%+11.7%
RPG Life SciencesPharmaceuticalsRPG Life Sciences: Subsidiary merger scheme approved by board26 Sept 2026Scheme filed with the NCLT+2.6% -3.1% -0.2%raw +1.6 -7.4 -6.6vs Pharmaceuticals peers₹2,5604,234 Cr38.1vs 29.38.8%—
Adani PowerIntegrated Power UtilitiesAdani Power amalgamates 10 wholly owned subsidiaries, scheme effective25 Sept 2026Scheme filed with the NCLT×2-1.0% -2.3% -0.7%raw -3.2 -7.3 -9.3vs Power peers₹2043.94 L Cr21.6vs 21.69.5%+44.5%
Kansai Nerolac PaintsPaintsNCLT sanctions merger of Nerofix with Kansai Nerolac Paints25 Sept 2026Scheme filed with the NCLT+2.5% +3.9% +6.0%raw +0.6 -0.3 -0.6vs Paints peers₹19615,854 Cr25.9vs 33.26.9%+18.6%
Primo ChemicalsCommodity ChemicalsPrimo Chemicals board approves merger of wholly owned subsidiary Flow Tech25 Sept 2026Scheme filed with the NCLT×2+27.8% +15.9% +13.2%raw +26.9 +14.9 +5.4vs Commodity Chemicals peers₹21.65525 Cr44.2vs 17.10.5%+0.1%
IndosolarHeavy Electrical EquipmentIndosolar board approves merger with Waaree Energies23 Sept 2026Scheme filed with the NCLT×2-8.8% -16.3% -15.3%raw -9.8 -18.7 -25.4vs Heavy Electrical Equipment peers₹208865 Cr6.9vs 32.715.3%-23.2%
Pitti EngineeringIndustrial ProductsScheme of Amalgamation becomes effective from 23 Sept 202623 Sept 2026Scheme filed with the NCLT×2-0.2% -2.0% -17.5%raw -0.7 -3.8 -27.1vs Industrial Products peers₹9033,401 Cr26.9vs 25.611.2%+15.9%
Lemon Tree HotelsHotels & ResortsLemon Tree gets NSE and BSE approval for composite restructuring scheme22 Sept 2026Scheme filed with the NCLT-0.5% +2.4% +9.0%raw -0.6 +0.1 +2.0vs Hotels & Resorts peers₹1179,241 Cr35.9vs 25.54.9%+18.0%
Himadri Speciality ChemCarbon BlackHSCL board approves demerger of Dalmia Bharat Refractories Tyre Business into HSCL21 Sept 2026Demerger ratio announcedScheme filed with the NCLT×2-1.0% +1.1% -14.7%raw -1.1 -0.2 -20.2vs Chemicals & Petrochemicals peers₹56928,687 Cr33.511.0%+57.9%
Acme Solar HoldingsPower GenerationACME Solar board approves merger of 3 wholly-owned subsidiaries18 Sept 2026Scheme filed with the NCLT+5.4% +3.1% +1.4%raw +4.7 +0.4 -7.8vs Power Generation peers₹39627,985 Cr33.3vs 21.31.9%+89.6%
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How this list is built

A company appears when an NSE/BSE filing inside the last 90 days carries one of these classifier signals (minimum importance: Medium): Scheme filed with the NCLT, Demerger ratio announced. Each row shows the latest qualifying filing; the reaction columns are the stock’s measured move from the close before that filing to the close of the next day (one session after the reaction day), 1 week and 1 month later. vs market subtracts the move of the company’s size index (Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, or Nifty Microcap 250 for smaller and SME companies) over the same two closes; for filings before June 2026 that is the index membership as recorded later (tracked since Jun 2026). vs sector subtracts the median move of its industry peers. Both are differences in percentage points, not a measure of what the filing did. A benchmark that has not landed yet reads “pending”: the index close arrives a session after the stock’s.

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