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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
Ashok LeylandCommercial VehiclesNCLT approves merger of Hinduja Leyland Finance into NDL Ventures5 Nov 2026Scheme filed with the NCLT×2pendingraw +1.0% reaction day₹1721.01 L Cr29.17.5%+11.6%
Gujarat EnergyLPG/CNG/PNG/LNG Supplier0.8 million tonne yearly LNG sourcing approved; Q2 profit rises 22% to Rs 639 crore5 Nov 2026Demerger ratio announced×3pendingraw -3.5% reaction day₹21720,322 Cr9.2vs 12.98.8%+147.7%
GO Digit General InsGeneral InsuranceShareholders approve Go Digit Infoworks amalgamation5 Nov 2026Scheme filed with the NCLT×8pendingraw -4.4% reaction day₹24923,004 Cr161.6——
Narayana HrudayalayaHospitalNCLT sanctions demerger of clinical services undertaking4 Nov 2026Scheme filed with the NCLT-1.3% — —raw -1.8 — —vs Hospital peers₹1,90138,839 Cr45.0vs 44.35.4%+73.0%
Tata SteelIron & SteelTata Steel amalgamation with Rujuvalika becomes effective3 Nov 2026Scheme filed with the NCLT×3-0.5% — —raw +1.6 — —vs Iron & Steel peers₹1862.33 L Cr21.1vs 13.07.6%+14.3%
JSW SteelIron & SteelPiombino Steel merger with JSW Steel becomes effective1 Nov 2026Scheme filed with the NCLT×4+4.0% — —raw +5.7 — —vs Iron & Steel peers₹1,3574.14 L Cr11.7vs 13.07.1%+20.7%
TVS Motor Company2/3 WheelersTVS Motor buys Harita ARC and moves consumer finance business into it28 Oct 2026Demerger ratio announced×2+5.4% +5.0% —raw +4.7 +9.9 —vs 2/3 Wheelers peers₹4,4922.13 L Cr55.8vs 36.510.5%+38.6%
Waaree EnergiesOther Electrical EquipmentWaaree acquires data centre arm; Q2 profit Rs 754 crore27 Oct 2026Scheme filed with the NCLT×4+1.6% — —raw +1.9 — —vs Other Electrical Equipment peers₹2,43870,129 Cr19.0vs 22.510.2%+23.9%
Samvrdhna MTHRSN IntlAuto Components & EquipmentsNCLT approves Motherson group composite reorganisation26 Oct 2026Scheme filed with the NCLT+2.4% +3.9% —raw +4.3 +8.6 —vs Auto Components & Equipments peers₹1591.67 L Cr35.4vs 25.44.2%+26.9%
Mankind PharmaPharmaceuticalsBoard approves amalgamation of two wholly owned subsidiaries26 Oct 2026Scheme filed with the NCLT+10.0% +9.9% —raw +13.1 +14.8 —vs Pharmaceuticals peers₹2,5401.05 L Cr46.8vs 29.37.3%+17.3%
Jindal StainlessIron & SteelBoard okays Q2 results, scheme to merge 4 wholly-owned subsidiaries22 Oct 2026Scheme filed with the NCLT-1.0% -1.6% —raw -2.8 -4.2 —vs Iron & Steel peers₹70057,694 Cr17.3vs 13.08.0%+18.2%
Shyam Metalics and EngyIron & Steel ProductsTribunal approves merger of wholly owned electrocast unit into Shyam Sel and Power22 Oct 2026Scheme filed with the NCLT-0.6% +3.9% —raw -4.7 +1.2 —vs Iron & Steel Products peers₹1,30036,191 Cr26.4vs 15.88.2%+33.7%
NBCCCivil ConstructionNBCC: Corrigendum to MCA order on HSCC merger scheme21 Oct 2026Scheme filed with the NCLT-1.0% +8.9% —raw -5.0 +6.5 —vs Civil Construction peers₹7821,060 Cr26.6vs 13.513.5%+16.7%
RECFinancial InstitutionREC gets NOC from NSE and BSE for merger with Power Finance Corp19 Oct 2026Scheme filed with the NCLT×2+2.2% +0.9% —raw -0.4 -5.5 —vs Financial Institution peers₹29778,114 Cr5.2vs 15.1—-1.0%
Power Fin CorpFinancial InstitutionPFC gets RBI nod for merger of REC into itself; shareholders approval next15 Oct 2026Scheme filed with the NCLT-0.8% -1.2% —raw -2.9 -7.6 —vs Financial Institution peers₹3291.09 L Cr4.1vs 15.1—+0.5%
The Phoenix MillsResidential Commercial ProjectsPhoenix Mills subsidiaries SGH Realty and Truevalue Infrabuild to merge15 Oct 2026Scheme filed with the NCLT×3-0.0% +3.6% —raw -1.7 -0.9 —vs Residential Commercial Projects peers₹2,15577,076 Cr59.2vs 20.45.2%+3.4%
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%
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%
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%
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%
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%
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%
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%
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%
SiemensHeavy Electrical EquipmentNCLT clears Siemens-SRAPL amalgamation; notice issued to shareholders12 Sept 2026Scheme filed with the NCLT-1.0% -0.5% -0.6%raw -5.4 -2.9 -7.3vs Heavy Electrical Equipment peers₹3,5601.27 L Cr38.5vs 32.76.8%+10.9%
Tata MotorsCommercial VehiclesTata Motors sends NCLT-ordered notices for merger of two wholly-owned subsidiaries9 Sept 2026Scheme filed with the NCLT-0.9% +0.0% -1.6%raw -2.2 -1.1 -9.3vs Agricultural Commercial & Construction Vehicles peers₹4261.57 L Cr24.820.3%+36.3%
ITCDiversified FMCGITC subsidiary ITC Infotech amalgamates two step-down units1 Sept 2026Scheme filed with the NCLT-1.2% -0.8% +5.7%raw -1.2 -2.4 +1.0vs Fast Moving Consumer Goods peers₹2833.55 L Cr18.8vs 33.814.9%+43.9%
TVS HoldingsInvestment CompanyNCLT sanctions TVS Holdings bonus preference share scheme 46 to 127 Aug 2026Scheme filed with the NCLT×2-0.8% +2.8% -3.8%raw -0.8 +1.3 -8.7vs Investment Company peers₹12,97726,265 Cr9.5vs 20.9—+156.1%
IRB Infra DevCivil ConstructionIRB Infra board approves merger of 9 wholly-owned subsidiaries into parent26 Aug 2026Scheme filed with the NCLT-1.1% +0.4% -6.5%raw -1.9 -1.3 -12.1vs Civil Construction peers₹17.0420,581 Cr15.9vs 13.51.6%+8.3%
The Indian Hotels Co.Hotels & ResortsIHCL board approves amalgamation of Oriental Hotels into itself24 Aug 2026Scheme filed with the NCLT+0.0% -0.1% +1.6%raw 0.0 -0.5 -0.2vs Hotels & Resorts peers₹8881.26 L Cr57.2vs 25.55.6%+21.7%
Alkem LaboratoriesPharmaceuticalsAlkem Labs shareholders approve Adroit Biomed amalgamation with 99.99% votes17 Aug 2026Scheme filed with the NCLT+0.7% +0.1% -2.1%raw +0.2 -0.5 -0.3vs Pharmaceuticals peers₹5,29763,326 Cr29.4vs 29.317.8%+10.9%
Godrej PropertiesResidential Commercial ProjectsNCLT scheme effective, Embellish Houses merges into GPL10 Aug 2026Scheme filed with the NCLT-3.8% -3.7% -12.3%raw -5.0 -4.2 -17.1vs Residential Commercial Projects peers₹1,80954,500 Cr40.4vs 20.42.5%+161.4%
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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