Winro Commercial Completes ₹429.80 Crore Share Conversion in Bharti Airtel

Winro Commercial (India) Limited has successfully completed the conversion of its partly paid-up equity shares in Bharti Airtel Limited into fully paid-up shares. The company paid ₹42,98,01,746.25 as first and final call money on March 13, 2026, and the conversion process was completed on March 18, 2026.

Transaction Completion Details

Bharti Airtel Limited converted the partly paid-up equity shares into fully paid-up shares and intimated stock exchanges on March 18, 2026 at 10:51 PM. The call money has been debited from Winro Commercial's bank account, and 10,71,157 partly paid-up shares have been converted into an equal number of fully paid-up equity shares.

Parameter: Details Shares Converted: 10,71,157 Call Money per Share: ₹401.25 Total Amount Paid: ₹42,98,01,746.25 Conversion Date: March 18, 2026 Exchange Intimation: March 18, 2026 at 10:51 PM

Final Shareholding Position

Upon completion of the conversion, Winro Commercial will hold an aggregate of 10,71,425 fully paid-up equity shares of Bharti Airtel Limited, inclusive of its existing shareholding. The converted shares will be credited to the company's demat account and listed on stock exchanges, subject to Bharti Airtel completing necessary formalities including corporate actions and obtaining requisite listing and trading approvals.

Shareholding Details: Information Total Fully Paid Shares: 10,71,425 Shareholding Percentage: 0.02% Share Status: Fully paid-up equity shares Listing Status: Subject to exchange approvals

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction required disclosure as the total call money payable exceeded 2% of the company's net worth as per its last audited consolidated financial statements. Winro Commercial confirmed this acquisition does not fall within related party transactions.

Investment Rationale

As a Non-Banking Financial Company (NBFC), Winro Commercial made this investment in the ordinary course of business as a financial investor. The company confirmed that no promoter or group companies have any interest in Bharti Airtel Limited.

Target Company Profile

Bharti Airtel Limited, incorporated on July 7, 1995, operates primarily in telecommunication services in India and globally. The company's financial performance demonstrates consistent growth:

Financial Year: Turnover (₹ Crores) 2024-25: 1,08,943.85 2023-24: 94,119.84 2022-23: 84,720.12

As of March 31, 2025, Bharti Airtel Limited reported a net worth of ₹1,11,752.88 crores with an existing paid-up capital of ₹29,00,08,86,172.50.

Winro Commercial (India) Limited has delivered a strong financial performance for the quarter ended December 31, 2025, marking a significant turnaround from the previous year's corresponding period. The Mumbai-based Non-Banking Financial Company announced its unaudited results following a Board meeting held on February 13, 2026.

Standalone Financial Performance

The company's standalone operations demonstrated remarkable improvement across key financial metrics for Q3FY26:

Metric: Q3FY26 Q3FY25 Change Total Revenue: ₹3,466.58 lakhs ₹(2,969.27) lakhs Positive turnaround Net Profit: ₹2,554.18 lakhs ₹(3,572.39) lakhs Positive turnaround Earnings per Share: ₹214.05 ₹(285.21) Positive turnaround Total Comprehensive Income: ₹2,145.32 lakhs ₹(7,609.66) lakhs Positive turnaround

The revenue composition for Q3FY26 included interest income of ₹688.31 lakhs, dividend income of ₹9.95 lakhs, and significant net gains on fair value changes of ₹2,768.33 lakhs. Total expenses for the quarter were controlled at ₹286.27 lakhs, substantially lower than ₹665.57 lakhs in the previous year.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the standalone performance showed consistent strength:

Parameter: Nine Months FY26 Nine Months FY25 Total Revenue: ₹23,001.32 lakhs ₹47,873.66 lakhs Net Profit: ₹18,206.85 lakhs ₹36,970.65 lakhs Earnings per Share: ₹1,703.42 ₹2,951.65

The nine-month period reflected strong operational performance with net gains on fair value changes contributing ₹20,315.28 lakhs to revenue, while interest income reached ₹1,974.90 lakhs.

Consolidated Results

The consolidated financial results, which include the company's associates, showed enhanced performance:

Metric: Q3FY26 Consolidated Q3FY25 Consolidated Net Profit (including associates): ₹6,002.34 lakhs ₹(6,798.33) lakhs Total Comprehensive Income: ₹7,835.65 lakhs ₹(16,428.64) lakhs Consolidated EPS: ₹489.34 ₹(542.76)

The company's share in profit from associates contributed ₹3,448.16 lakhs for the quarter and ₹14,380.21 lakhs for the nine-month period.

Business Segment Performance

Winro Commercial operates primarily in two business segments. The segment-wise performance for Q3FY26 showed:

Standalone Segment Analysis:

Investments and trading in shares and securities generated income of ₹2,311.09 lakhs

Lending activities contributed ₹686.41 lakhs

Net assets in investments and trading segment stood at ₹2,90,632.31 lakhs

Consolidated Segment Performance:

Total income from investments and trading reached ₹8,050.16 lakhs

Combined net assets across all segments totaled ₹3,22,369.00 lakhs

Tax and Other Comprehensive Income

The company's tax expenses for Q3FY26 were ₹626.13 lakhs, comprising current tax of ₹583.48 lakhs and deferred tax of ₹42.65 lakhs. Other comprehensive income showed a negative impact of ₹408.86 lakhs, primarily due to equity instruments through other comprehensive income.

Company Overview

Winro Commercial (India) Limited is a Non-Banking Financial Company registered with the Reserve Bank of India, engaged in investment and trading in shares and securities along with lending activities. The company maintains its registered office at Nariman Point, Mumbai, and operates with a paid-up equity share capital of ₹125.25 lakhs.

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