Deep Health AI Trims Exxaro Tiles Stake to 3.83% in Two-Day Sale

Deep Health AI India Limited sold 95,95,959 equity shares of vitrified-tile maker Exxaro Tiles Limited between June 22 and June 23, 2026, paring its holding from 5.98% to 3.83%. The disposal covered 2.14% of Exxaro Tiles’ paid-up equity capital and was disclosed under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 to the target company, BSE Limited, and the National Stock Exchange of India Limited. The transaction is the second disclosed stake reduction by Deep Health AI in calendar year 2026.

The cut lands as Exxaro Tiles, which operates a single reporting segment in vitrified tiles, reported a return to annual profit for FY26 after a prior-year loss. Deep Health AI India Limited, listed on BSE under scrip code 539559, was formerly known as Deep Diamond India Limited before a 2025 rebrand around an AI-driven preventive health platform.

Two Days, 95,95,959 Shares, One Non-Promoter

Deep Health AI India Limited carried out the sale in a single two-day block, disposing 95,95,959 equity shares in Exxaro Tiles through open-market transactions on June 22 and June 23, 2026, per the SEBI SAST disclosure filed on June 24. The disposal pulled the acquirer’s stake to 3.83% of Exxaro Tiles’ total paid-up equity share capital from 5.98% immediately before the block. The disclosure text confirms the face value of the equity shares involved was ₹1 each. The shares carried voting rights and the filing flagged no encumbrance, no warrants, and no convertible securities involved in the disposal.

Deep Health AI India Limited confirmed it does not belong to the promoter or promoter group of Exxaro Tiles Limited, classifying it as a non-promoter shareholder under the SAST framework. The total equity share capital of Exxaro Tiles Limited remains unchanged at ₹44,74,10,700 after the transaction. The disclosure was submitted in duplicate to BSE Limited and the National Stock Exchange of India Limited, with a copy marked to Exxaro Tiles.

The Seller With the Mismatched Name

Deep Health AI India Limited is a BSE-listed company, scrip code 539559, that was previously known as Deep Diamond India Limited. The company traces its origins to 1994 and the diamond jewellery business. In late 2025 it launched the ‘Deep Health AI’ platform, which offers contactless wellness assessments through smartphone facial scans, anchoring its rebrand around AI-driven preventive health. The mismatch between the seller’s branding and the target’s vitrified-tile business is not addressed in the disclosure.

The pivot was funded in part by a ₹39.97 crore rights issue in October 2025, of which ₹22.50 crore of proceeds was later diverted from planned acquisitions into equity investments, a deviation that drew auditor remarks and required extensions from the National Company Law Tribunal for the company’s planned acquisitions. Shareholders subsequently approved an increase in the entity’s authorized share capital from ₹15 crore to ₹50 crore through Deep Health AI’s ₹35 crore capital-boost postal ballot, whose e-voting window ran from February 27, 2026, to March 28, 2026. The capital raise was passed with 99.16% of votes cast in favour.

The Exxaro Tiles position sits inside that diversified portfolio of equity investments. The June 24, 2026 disclosure explicitly reaffirms that Deep Health AI is not a promoter of Exxaro Tiles and does not form part of any promoter group. Both mismatches, between name and business on one side and between holder and promoter status on the other, are recorded in the disclosure in identical terms.

How Deep Health AI Got From 8.23% to 3.83%

On February 26, 2026, Deep Health AI India Limited acquired 10,565,259 shares in Exxaro Tiles through a market purchase disclosed under SAST Regulation 29(2), lifting its holding to 36,837,332 shares, or 8.23% of the paid-up equity share capital, per Exxaro Tiles’ shareholding pattern and corporate history. Between February 26 and June 22, 2026, the entity acquired a further 1.13% and sold 3.38% of the equity on a combined basis, with the disclosed transactions bringing the holding down from that February peak. By the close of trading on June 21, 2026, Deep Health AI’s stake in Exxaro Tiles stood at 5.98%.

• Feb 26, 2026 stake peak: 8.23%
• Pre-Jun 22 stake: 5.98%
• Post-Jun 23 stake: 3.83%
• Shares sold Jun 22-23: 95,95,959
• Cut as % of capital: 2.14%

The June 22-23 disposal completes the second half of that arc. The seller exited the February buying phase at 5.98% and finished the two-day block at 3.83%. None of the shares in the latest disposal were encumbered. No warrants or convertible securities were involved in the transaction.

The net six-month trajectory is an 8.23% peak in February 2026, net selling through spring, a 5.98% holding just before June 22, and a 3.83% holding by the close of June 23, 2026. The recent cut is the second disclosed stake reduction of the calendar year after the spring selling window. Deep Health AI remains a non-promoter shareholder of Exxaro Tiles under the SAST framework.

Exxaro Tiles Returned to a ₹283 Lacs Profit

Exxaro Tiles Limited’s audited consolidated and standalone financial results for the quarter and year ended March 31, 2026 were approved by the Board of Directors at a meeting held on May 5, 2026, and signed by Managing Director Mr. Mukeshkumar B. Patel at Ahmedabad. The results were reviewed by the Audit Committee and carry an unmodified audit opinion from the statutory auditors. The statements were prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 under Section 133 of the Companies Act, 2013, and Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The company’s operations fall under a single business segment, ‘Manufacturing and Trading of refractory ceramic products (Vitrified Tiles)’, and accordingly, segment reporting is not applicable as per Indian Accounting Standard (Ind AS) 108.

On a consolidated basis, Exxaro Tiles reported total income from operations of ₹30,561.04 lacs for FY26, against ₹30,521.87 lacs in FY25, a marginal year-on-year movement. Net profit after tax (after exceptional items and minority interest) came in at ₹283.11 lacs for the year, reversing a net loss of ₹12.17 lacs in FY25. Total Comprehensive Income on a consolidated basis was ₹293.28 lacs in FY26, against ₹3.76 lacs in the prior year.

The standalone picture diverges. Standalone total income from operations was ₹28,253.14 lacs in FY26, against ₹30,069.95 lacs in FY25. Standalone net profit after tax was ₹210.58 lacs, against a loss of ₹78.26 lacs in the prior year. Standalone Total Comprehensive Income was ₹220.75 lacs in FY26, against a loss of ₹62.33 lacs in FY25. The audited results were published in Financial Express (All Editions) and Financial Express (Ahmedabad Edition), both dated May 6, 2026. The pattern is a consolidated topline almost flat year-on-year, a standalone topline that actually declined, and a bottom line that recorded profit on both bases.

The Stock Has Not Cooperated

Despite the FY26 return to profit, Exxaro Tiles’ share price on NSE closed at ₹6.94 on June 25, 2026, per Exxaro Tiles’ live share price and corporate history. Disclosure-period returns show the stock down 19.20% over one year and down 47.85% over five years. The 52-week range stands at Rs 6.00 to Rs 10.33. Promoter holding in Exxaro Tiles stood at 42.07% as per the latest shareholding pattern snapshot.

The June 22-23 disposal by Deep Health AI absorbs into a market where the stock has been a long-term underperformer. The February 26 buying happened at a different price point than where the stock trades today. The current selling follows an 8.23% peak holding in February that has since been reduced to 3.83% over four months.

What the Filing Does Not Say

The SAST disclosure is mechanical. It records share counts, percentages, and dates for the disposal of 95,95,959 equity shares between June 22 and June 23, 2026. It does not state why Deep Health AI is selling, what price range the shares were sold into, or whether the remaining 3.83% will be trimmed further. The filing has no commentary section.

Exxaro Tiles’ audited results likewise do not break out the segment economics beyond the single ‘Manufacturing and Trading of refractory ceramic products (Vitrified Tiles)’ line. The standalone topline decline alongside a flat consolidated topline is not explained in the public filing. The audit opinion is unmodified, but the auditor’s report does not address the topline trajectory or what drove the difference between the consolidated and standalone revenue lines. The transaction does not trigger an accelerated disclosure timeline.

Disclaimer: This article is for informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. The figures cited are accurate as of publication on June 25, 2026, and may change. Readers should consult a SEBI-registered advisor before making any investment decisions, as equity markets involve risk and past performance does not guarantee future results.