Which listed company is at risk because of who it is tied to.
Companies showing at least one of the three exposures that separated failures from survivors across the whole market: a lender invoking a pledge in the last twelve months, promoter pledging rising by 10 points or more, or more than a quarter of capital encumbered. Companies already in insolvency are excluded — they are no longer at risk of entering it.
This is not a prediction. The strongest of these signals was followed by insolvency in 13.64% of cases against a 0.89% base rate. That is a fifteen-fold relative risk, and it still means about six in seven of the companies below do not fail. Read it as a list of places to look, never as a list of companies that will go under.
| Company | Pledge trajectory | Pledged | Δ 12m | Signal | Last invocation | |
|---|---|---|---|---|---|---|
| 01 | Mangalam Drugs & Organics Ltd532637 · Healthcare | 8.6% | -16.5 | 30 invocations | 2025-11-26 | |
| 02 | Wardwizard Innovations & Mobility Ltd538970 · Consumer Discretionary | 8.9% | -7.3 | 10 invocations | 2026-02-20 | |
| 03 | Innovative Ideals and Services (India) Ltd541983 · Services | 0.0% | -15.2 | 5 invocations | 2026-03-18 | |
| 04 | Bombay Rayon Fashions Ltd532678 · Consumer Discretionary | 9.7% | +0.9 | 3 invocations | 2026-09-28 | |
| 05 | Hubtown Ltd532799 · Consumer Discretionary | 24.9% | -5.7 | 3 invocations | 2026-03-27 | |
| 06 | Sigachi Industries Ltd543389 · Healthcare | 7.4% | -8.7 | 3 invocations | 2026-01-22 | |
| 07 | Jindal Worldwide Ltd531543 · Consumer Discretionary | 18.1% | +0.2 | 2 invocations | 2026-04-07 | |
| 08 | Arcotech Ltd532914 · Commodities | 28.1% | -1.2 | 2 invocations≥25% | 2026-02-04 | |
| 09 | Cupid Ltd530843 · Fast Moving Consumer Goods | 18.0% | +1.6 | 1 invocation | 2026-03-05 | |
| 10 | Bliss GVS Pharma Ltd506197 · Healthcare | 49.3% | +49.3 | +49pp≥25% | — | |
| 11 | Ampvolts Ltd535719 · Utilities | 38.6% | +38.6 | +39pp≥25% | — | |
| 12 | Money Masters Leasing & Finance Ltd535910 · Financial Services | 33.9% | +33.9 | +34pp≥25% | — | |
| 13 | Ventive Hospitality Ltd544321 · Consumer Discretionary | 35.3% | +32.3 | +32pp≥25% | — | |
| 14 | Kalyan Capitals Ltd538778 · Financial Services | 26.1% | +26.1 | +26pp≥25% | — | |
| 15 | Patanjali Foods Ltd500368 · Fast Moving Consumer Goods | 26.0% | +26.0 | +26pp≥25% | — | |
| 16 | TANFAC Industries Ltd506854 · Commodities | 25.8% | +25.8 | +26pp≥25% | — | |
| 17 | Aditya Ispat Ltd513513 · Industrials | 24.3% | +24.3 | +24pp | — | |
| 18 | Ace Alpha Tech Ltd544431 · Information Technology | 23.1% | +23.1 | +23pp | — | |
| 19 | Rita Finance and Leasing Ltd543256 · Financial Services | 22.3% | +22.3 | +22pp | — | |
| 20 | Swan Corp Ltd503310 · Commodities | 22.0% | +22.0 | +22pp | — | |
| 21 | Inox Wind Ltd539083 · Industrials | 22.0% | +20.2 | +20pp | — | |
| 22 | Nazara Technologies Ltd543280 · Consumer Discretionary | 20.9% | +19.9 | +20pp | — | |
| 23 | Him Teknoforge Ltd505712 · Consumer Discretionary | 19.9% | +19.9 | +20pp | — | |
| 24 | WeWork India Management Ltd544570 · Services | 17.5% | +17.5 | +17pp | — |
9 invoked · 27 rising · 90 above a quarter of capital · top 24 of 112 shown
Pledged is the promoter group's encumbered shares as a share of total capital, derived from share counts rather than the feed's own percentage column — that column means a share of total capital for some filers and a share of the promoter's own holding for others. Checked against BSE's market-wide encumbrance table: median absolute difference 0.05 points.
Two companies are joined where the same promoter has pledged shares in both — a disclosed, legally filed relationship, not a price correlation. Each cluster is one promoter family. Thicker lines carry more shared exposure, and a node is sized by how much of that company is encumbered.
An invocation is the lender taking the shares — the margin call actually firing, rather than a promoter disclosing that a loan exists. It is the sharpest single predictor in the data, and the one that only became visible once the whole market archive was pulled instead of a rolling week of it.
Measured at a 2022 census across all 5,908 listed equity scrips, every feature computed strictly before the cutoff and the outcome strictly after. Relative risk of entering insolvency, 95% intervals, log scale.
Pledging at all raises the risk threefold; a lender invoking raises it fifteenfold. Inside the old sample — companies that had already crossed a disclosure threshold — none of these tests could tell the two arms apart at all. The signal was never absent; the denominator was.
Counterparties named in the filings, by distinct borrowers. Debenture trustees are excluded: they hold security for bondholders, four or five firms serve the entire Indian secured-debt market, and counting them as lenders manufactures contagion that is not there.
| Counterparty | Companies | Events |
|---|---|---|
| BAJAJ FINANCE LIMITED | 44 | 1,334 |
| KOTAK SECURITIES LIMITED | 39 | 498 |
| ADITYA BIRLA FINANCE LIMITED | 37 | 741 |
| VISTRA ITCL (INDIA) LIMITED | 21 | 560 |
| TATA CAPITAL LIMITED | 19 | 313 |
| TATA CAPITAL FINANCIAL SERVICES LTD | 18 | 205 |
| 360 ONE PRIME LIMITED | 17 | 311 |
| YES BANK LIMITED | 17 | 151 |
| STCI FINANCE LIMITED | 16 | 532 |
| AXIS BANK LIMITED | 16 | 86 |
Every figure is computed at build time from kept raw BSE responses. The page is published even when the contracts fail, so a bad morning shows the breach rather than yesterday's badge.
faultline checks contracts [OK ] date format M/D/Y: 0 rows with first component >12 (must be 0), 1240 with second >12 (must be >0), 0 unparseable, of 2539 [OK ] date format has real days: 1240 rows prove day-of-month >12 is in position 2 [OK ] Website_DATE agrees with parse_mdy: 0 disagreements over 8 rows carrying both fields [OK ] pledge crawl fresh: newest archive 20261109T012002Z.ndjson.gz is 0.0h old (limit 48h) [OK ] pledge universe width: 1957 companies carry pledge history (floor 400) [OK ] lender identity present: 16,341 of 21,788 events in the last 3 years name a lender (75.0%) [OK ] pledge level is a real percentage: 1 of 992 companies sum above 100% of capital (limit 5), worst 361.3% [ok ] pledge events recent: newest pledge event is 3d old (2026-11-06) [OK ] denominator fresh: market pledge table as of 2026-11-08, 1d old (limit 130d) watched [ok ] rolling SAST feed: 8 rows, newest authorised 2026-11-07 (2d ago); history now comes from the sddpledge crawl, so a gap here is recoverable VERDICT: OK -- all contracts held