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.

Window30 days 90 days 180 daysSizeAll sizes Large cap Mid cap Small capProfitable only

ReactionRaw vs market vs sectorSortMost recent Best 1-week reaction Largest first57 companies · 859 filings in 180 daysExcelpaid plans

Company	Why it’s here — the filing	Reaction Next day / 1w / 1m	Price	Mcap	P/E	ROCE	Rev YoY
Ashok LeylandCommercial Vehicles	NCLT approves merger of Hinduja Leyland Finance into NDL Ventures5 Nov 2026Scheme filed with the NCLT×2	pending	₹170	1.00 L Cr	28.8	7.5%	+11.6%
Gujarat EnergyLPG/CNG/PNG/LNG Supplier	0.8 million tonne yearly LNG sourcing approved; Q2 profit rises 22% to Rs 639 crore5 Nov 2026Demerger ratio announced×13	pending	₹225	21,063 Cr	9.5vs 13.6	8.8%	+147.7%
GO Digit General InsGeneral Insurance	Shareholders approve Go Digit Infoworks amalgamation5 Nov 2026Scheme filed with the NCLT×9	pending	₹260	24,068 Cr	169.0	—	—
Narayana HrudayalayaHospital	NCLT sanctions demerger of clinical services undertaking4 Nov 2026Scheme filed with the NCLT	-1.1% reaction day	₹1,915	39,135 Cr	45.3vs 44.6	5.4%	+73.0%
Tata SteelIron & Steel	Tata Steel amalgamation with Rujuvalika becomes effective3 Nov 2026Scheme filed with the NCLT×3	+1.6% — —	₹182	2.28 L Cr	20.6vs 12.7	7.6%	+14.3%
JSW SteelIron & Steel	Piombino Steel merger with JSW Steel becomes effective1 Nov 2026Scheme filed with the NCLT×10	+5.7% — —	₹1,356	4.14 L Cr	11.6vs 12.7	7.1%	+20.7%
TVS Motor Company2/3 Wheelers	TVS Motor buys Harita ARC and moves consumer finance business into it28 Oct 2026Demerger ratio announced×4	+4.7% — —	₹4,440	2.11 L Cr	55.1vs 36.6	10.5%	+38.6%
Waaree EnergiesOther Electrical Equipment	Waaree acquires data centre arm; Q2 profit Rs 754 crore27 Oct 2026Scheme filed with the NCLT×4	+1.9% — —	₹2,440	70,198 Cr	19.0vs 22.1	10.2%	+23.9%
Samvrdhna MTHRSN IntlAuto Components & Equipments	NCLT approves Motherson group composite reorganisation26 Oct 2026Scheme filed with the NCLT	+4.3% +8.6% —	₹167	1.76 L Cr	37.3vs 25.6	4.2%	+26.9%
Mankind PharmaPharmaceuticals	Board approves amalgamation of two wholly owned subsidiaries26 Oct 2026Scheme filed with the NCLT	+13.1% +14.8% —	₹2,510	1.04 L Cr	46.2vs 28.7	7.3%	+17.3%
Jindal StainlessIron & Steel	Board okays Q2 results, scheme to merge 4 wholly-owned subsidiaries22 Oct 2026Scheme filed with the NCLT	-2.8% -4.2% —	₹687	56,606 Cr	17.0vs 12.7	8.0%	+18.2%
Shyam Metalics and EngyIron & Steel Products	Tribunal approves merger of wholly owned electrocast unit into Shyam Sel and Power22 Oct 2026Scheme filed with the NCLT	-4.7% +1.2% —	₹1,272	35,411 Cr	25.8vs 15.7	8.2%	+33.7%
NBCCCivil Construction	NBCC: Corrigendum to MCA order on HSCC merger scheme21 Oct 2026Scheme filed with the NCLT	-5.0% +6.5% —	₹80.58	21,757 Cr	27.5vs 13.9	13.5%	+16.7%
RECFinancial Institution	REC gets NOC from NSE and BSE for merger with Power Finance Corp19 Oct 2026Scheme filed with the NCLT×2	-0.4% -5.5% —	₹296	78,022 Cr	5.2vs 14.9	—	-1.0%
Power Fin CorpFinancial Institution	PFC gets RBI nod for merger of REC into itself; shareholders approval next15 Oct 2026Scheme filed with the NCLT	-2.9% -7.6% —	₹330	1.09 L Cr	4.1vs 14.9	—	+0.5%
The Phoenix MillsResidential Commercial Projects	Phoenix Mills subsidiaries SGH Realty and Truevalue Infrabuild to merge15 Oct 2026Scheme filed with the NCLT×3	-1.7% -0.9% —	₹2,120	75,828 Cr	58.2vs 19.8	5.2%	+3.4%
JSW EnergyPower Generation	JSW Energy receives NCLT approval for GEPIL demerger scheme14 Oct 2026Scheme filed with the NCLT×8	+3.6% -3.2% —	₹520	95,335 Cr	40.2vs 21.4	1.8%	+23.0%
Emcure PharmaceuticalsPharmaceuticals	Board approves merger of two wholly owned units into Emcure Pharmaceuticals12 Oct 2026Scheme filed with the NCLT	+1.7% -3.0% —	₹2,237	42,429 Cr	38.8vs 28.7	13.3%	+24.3%
Lodha DevelopersResidential Commercial Projects	Lodha Developers merger scheme approved by shareholders and creditors at NCLT meeting9 Oct 2026Scheme filed with the NCLT×6	+2.7% -5.1% —	₹1,175	1.17 L Cr	27.0vs 19.8	10.3%	+17.6%
Amber Enterprises (I)Household Appliances	NCLT order received on AmberPR Technoplast amalgamation scheme1 Oct 2026Scheme filed with the NCLT×3	+5.5% +2.2% +1.4%	₹6,591	23,245 Cr	241.5vs 41.6	5.3%	+12.7%
Ambuja CementsCement & Cement Products	NCLT meeting approves ACC amalgamation with Ambuja Cements30 Sept 2026Scheme filed with the NCLT×11	-2.0% -6.6% -4.0%	₹388	96,306 Cr	34.2vs 29.9	1.5%	+0.3%
ACCCement & Cement Products	ACC shareholders approve amalgamation with Ambuja Cements29 Sept 2026Scheme filed with the NCLT×6	-1.6% -6.4% -6.0%	₹1,230	23,124 Cr	26.2vs 29.9	1.4%	-4.1%
Dabur IndiaPersonal Care	NCLT approves Sesa Care amalgamation with Dabur India26 Sept 2026Scheme filed with the NCLT×3	-1.3% -2.3% -6.6%	₹386	68,494 Cr	33.8vs 35.0	11.4%	+11.7%
Adani PowerIntegrated Power Utilities	Adani Power amalgamates 10 wholly owned subsidiaries, scheme effective25 Sept 2026Scheme filed with the NCLT×3	-3.2% -7.3% -9.3%	₹204	3.93 L Cr	21.5vs 21.5	9.5%	+44.5%
Himadri Speciality ChemCarbon Black	HSCL board approves demerger of Dalmia Bharat Refractories Tyre Business into HSCL21 Sept 2026Demerger ratio announcedScheme filed with the NCLT×2	-1.1% -0.2% -20.2%	₹568	28,681 Cr	33.5	11.0%	+57.9%
Acme Solar HoldingsPower Generation	ACME Solar board approves merger of 3 wholly-owned subsidiaries18 Sept 2026Scheme filed with the NCLT	+4.7% +0.4% -7.8%	₹409	28,903 Cr	34.4vs 21.4	1.9%	+89.6%
SiemensHeavy Electrical Equipment	NCLT clears Siemens-SRAPL amalgamation; notice issued to shareholders12 Sept 2026Scheme filed with the NCLT×2	-5.4% -2.9% -7.3%	₹3,416	1.22 L Cr	37.1vs 34.9	20.6%	+8.4%
Tata MotorsCommercial Vehicles	Tata Motors sends NCLT-ordered notices for merger of two wholly-owned subsidiaries9 Sept 2026Scheme filed with the NCLT	-2.2% -1.1% -9.3%	₹431	1.59 L Cr	25.1	20.3%	+36.3%
ITCDiversified FMCG	ITC subsidiary ITC Infotech amalgamates two step-down units1 Sept 2026Scheme filed with the NCLT	-1.2% -2.4% +1.0%	₹279	3.49 L Cr	18.5vs 33.5	14.9%	+43.9%
TVS HoldingsInvestment Company	NCLT sanctions TVS Holdings bonus preference share scheme 46 to 127 Aug 2026Scheme filed with the NCLT×3	-0.8% +1.3% -8.7%	₹12,848	26,004 Cr	9.4vs 20.4	—	+156.1%
IRB Infra DevCivil Construction	IRB Infra board approves merger of 9 wholly-owned subsidiaries into parent26 Aug 2026Scheme filed with the NCLT	-1.9% -1.3% -12.1%	₹17.18	20,750 Cr	16.1vs 13.9	1.6%	+8.3%
The Indian Hotels Co.Hotels & Resorts	IHCL board approves amalgamation of Oriental Hotels into itself24 Aug 2026Scheme filed with the NCLT	0.0% -0.5% -0.2%	₹875	1.25 L Cr	56.3vs 26.3	5.6%	+21.7%
Alkem LaboratoriesPharmaceuticals	Alkem Labs shareholders approve Adroit Biomed amalgamation with 99.99% votes17 Aug 2026Scheme filed with the NCLT×2	+0.2% -0.5% -0.3%	₹5,171	61,819 Cr	28.7vs 28.7	17.8%	+10.9%
AvenuesaiFinancial Technology (Fintech)	AvenuesAI board OKs merger of Nueromind, Q1 revenue up 109%11 Aug 2026Scheme filed with the NCLT×2	-8.5% -14.8% -7.3%	₹134	46,818 Cr	132.7vs 78.7	6.2%	+109.4%
Godrej PropertiesResidential Commercial Projects	NCLT scheme effective, Embellish Houses merges into GPL10 Aug 2026Scheme filed with the NCLT×4	-5.0% -4.2% -17.1%	₹1,815	54,662 Cr	40.5vs 19.8	2.5%	+161.4%
Aurobindo PharmaPharmaceuticals	Internal merger of two stepdown subsidiaries into Eugia Pharma5 Aug 2026Scheme filed with the NCLT	+2.7% +0.8% +2.7%	₹1,777	1.02 L Cr	25.8vs 28.7	7.6%	+23.9%
M&M Fin. ServicesNon Banking Financial Company (NBFC)	MMFSL board approves merger of Mahindra Rural Housing Finance into itself5 Aug 2026Scheme filed with the NCLT	-1.5% -1.5% -5.9%	₹285	39,613 Cr	11.0vs 17.9	—	+18.1%
Larsen & ToubroCivil Construction	L&T shareholders approve transfer of Realty business to subsidiary LTRPL4 Aug 2026Scheme filed with the NCLT×7	+1.8% +1.7% +0.2%	₹4,047	5.57 L Cr	31.2vs 13.9	6.5%	+15.8%
Uno MindaAuto Components & Equipments	Uno Minda board approves merger of subsidiary Minda Onkyo India4 Aug 2026Scheme filed with the NCLT×3	+3.6% +2.5% +2.8%	₹1,332	76,923 Cr	58.3vs 25.6	9.4%	+38.3%
ThermaxHeavy Electrical Equipment	Thermax Q1 profit drops 85%, board approves subsidiary merger scheme30 Jul 2026Scheme filed with the NCLT×4	-3.0% -5.2% -7.8%	₹3,311	39,451 Cr	63.4vs 34.9	2.7%	+11.4%

How this list is built

A company appears when an NSE/BSE filing inside the last 180 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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