September was a rough month for Indian stocks. The Nifty 50 dropped 6.06%, its worst September in eight years, but the Primex 40, which tracks unlisted and delisted companies, slid only 1.16%. The private market stayed busy too. NSE finally made its market debut, four other pre-IPO names listed, and Inox Clean Energy filed for a ₹10,000 crore issue. Don't read that as a broad rally, though. Of the 120 unlisted shares whose prices moved, 48 went up and 72 went down.Here are the five names that stood out to me on price action. Three are exchange-infrastructure plays, one is a consumer company heading toward an IPO, and one is a defence-tech firm that shares very little publicly. I ranked them across the 83 unlisted shares that traded in both August and September, so every number below is a clean one-month move.<h2 style="line-height:1.295;text-align: justify">1. ICEX - Up 96.08%</h2><a href="https://www.planify.in/research-report/indian-commodity-exchangeicex/">ICEX</a> had the biggest jump of the month, ending at ₹5.00. Indian Commodity Exchange runs a commodity derivatives market and competes directly with the listed MCX, with futures in bullion, energy, metals and agri-commodities. Its shareholders include MMTC, Indian Potash and Kribhco, which gives it more institutional backing than most small unlisted exchanges.The report doesn't name a trigger. My guess is that it's riding the buzz around exchange stocks that NSE's IPO created, but that's only a guess. At ₹5, a few small trades can move the price a lot, so I'd call this a thin-trading spike and not proof of real demand.<h2 style="line-height:1.295;text-align: justify">2. CSE Limited - Up 28.57%</h2>The <a href="https://www.planify.in/research-report/Calcutta-Stock-Exchange/">Calcutta Stock Exchange</a> is among India's oldest bourses, yet there has been no equity trading on it since April 2013, when SEBI suspended it over compliance, governance and technology issues. Its unlisted shares went from ₹2,100 to ₹2,700 in September, hitting a 52-week high of ₹2,700 on 18 September.This rally has been building since June, when West Bengal's 2026-27 Budget, presented on 22 June, promised support for the exchange's revival. On 1 July, CSE asked SEBI to keep its February 2025 exit application on hold, and the NSE IPO added to the interest in exchange stocks. Still, it's early days. CSE needs a new trading platform and regulatory clearances, and market experts have pointed to hurdles on both the regulatory and business side.<h2 style="line-height:1.295;text-align: justify">3. MSEI - Up 25.95%</h2>MSEI, the <a href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">Metropolitan Stock Exchange of India</a>, is the country's third national exchange after NSE and BSE. Zerodha's Rainmatter and Groww's parent Billionbrains Garage Ventures back it, and it raised ₹1,240 crore over two rounds in December 2024 and August 2025. Its unlisted shares rose to ₹6.95 in September, topped the Primex 40 and touched a 52-week high of ₹7.50 on 14 September.A few developments helped. On 9 September, reports said Groww and Zerodha were testing integration with MSE for cash-market trading, a process expected to take three to four months. Two days later, MSE enabled its first tokenised corporate bond issue, and from 24 September NSE shares were admitted to trade on MSE. Scale is the catch. MSE's daily cash turnover is only about ₹400-500 crore, the broker integrations are still being tested, and there's no IPO timeline yet.<h2 style="line-height:1.295;text-align: justify">4. Furlenco - Up 25.66%</h2><a href="https://www.planify.in/research-report/furlenco/">Furlenco</a> rents out furniture and home appliances, and its numbers look solid. FY26 revenue came in at ₹370.4 crore, up 61.9%, with a net profit of ₹59.5 crore. The unlisted share climbed to ₹333, a lifetime high it set on 28 September.IPO talk drove the move. On 22 September, reports said Furlenco is planning a ₹1,000-1,200 crore IPO at a valuation of around ₹7,000 crore, targeted for FY28, and the strong listing of rental peer RentoMojo helped the mood. Remember, this is a reported plan and not a filing, and FY28 is a long way off. On that reported valuation, the stock would trade at roughly 118 times FY26 net profit (our calculation).<h2 style="line-height:1.295;text-align: justify">5. JSR Dynamics - Up 23.60%</h2><a href="https://www.planify.in/research-report/jsr-dynamics-private-limited/">JSR Dynamics</a> is a Nagpur-based defence company that designs and builds airborne guided weapon systems. Boundless Capital took a minority stake earlier this year, with the money meant for expanding capacity and developing new products. The unlisted share rose to ₹11,000 and hit a lifetime high of ₹11,700 on 25 September.Like ICEX, it had no reported trigger for September's move. With so little public information and a share price this high, I'd treat it as a price move first and a story second, and read the company's disclosures closely before drawing any conclusion.<h2 style="line-height:1.295;text-align: justify">The Takeaway</h2>September's leaderboard shows where private-market attention went. Three of the five are exchange names (ICEX, CSE and MSEI), helped along by NSE's debut on 24 September. Furlenco is an IPO-bound consumer company, and JSR Dynamics is a defence-tech name with limited disclosure. Two of them, ICEX and JSR Dynamics, moved with no clear catalyst.NSE itself is a good reality check. Its IPO was priced at ₹1,785, about 10% below its last unlisted price of ₹1,990, and by 1 October the shares were trading 1.29% below the issue price. Unlisted shares change hands in thin, negotiated trades rather than through continuous price discovery, so monthly moves often look bigger than they would in listed stocks. Treat them as a rough direction at best, and study each company's financials and background before you put in any money.​

Top 5 Performing Unlisted Shares of September 2026

India’s unlisted share market saw mixed performance in Q2 FY27, with INOX Clean Energy leading the top five with a 58% gain, followed by Frick India at 24.5%. NNT Developers (23%), Goodluck Defence and Aerospace (22%) and Garuda Aerospace (over 20%) also posted strong gains, supported by developments such as acquisitions, order inflows, capacity expansion plans and IPO progress.<div class="se-component se-image-container __se__float-none"><figure><img src="https://planify-main.s3.amazonaws.com/sun_editor/c1034c22-0b10-4f8c-9890-14bc39826061.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="top_5_unlisted_shares_q2_fy27_blog_image.png" data-file-size="527344" data-origin="," style=""></figure></div><h2>1. Inox Clean Energy Limited - 58% Quarterly gain</h2>​<a href="https://www.planify.in/research-report/inox-clean-energy-unlisted-share-price/">INOX Clean Energy</a>, part of the INOXGFL Group, operates in renewable power generation and solar module manufacturing, sectors that could offer significant growth opportunities.The company's acquisition of Vena Energy India for approximately ₹6,000 crore in August, adding 1 GW of renewable capacity and a pipeline of solar and battery storage projects, might have contributed to positive investor sentiment.Additionally, INOX Solar Americas' two solar module supply agreements totalling 1.57 GW in September could have strengthened growth expectations and improved demand visibility in the US market.Its ambitious targets of 10 GW of operational IPP capacity and 11 GW of solar manufacturing capacity by FY2028 might also have supported investor optimism, potentially contributing to its 58% quarterly gain.<h2>2. Frick India Limited - +24.5% increase</h2>​<a href="https://www.planify.in/article/top-5-performing-unlisted-shares-of-2-quarter-of-fy2027/Frick%20India%20Limited">Frick India</a>&nbsp;could benefit from rising demand for industrial refrigeration and cold-storage infrastructure, driven by growth in food processing, dairy and pharmaceutical industries.Despite pressure on profitability from rising steel, copper and component costs, receivable days improved from 91 to 65, potentially indicating better collections and working-capital management.Its low debt levels may offer financial flexibility, while improving collections could have supported investor confidence. These factors, alongside long-term demand for refrigeration solutions, may have contributed to its 24.5% quarterly gain, although cost control and margin recovery remain key factors to watch.<h2>3.&nbsp;&nbsp;NNT Developers Limited – 23% quarterly gains</h2>​<a href="https://www.planify.in/research-report/nnt-developers-private-limited/">NNT Developers Limited</a>, an EPC company focused on civil infrastructure, could benefit from India's growing infrastructure investments.The company secured orders worth ₹423.83 crore during the quarter, taking its order book to approximately ₹856 crore. This strong order inflow may have boosted investor confidence in its revenue growth prospects and contributed to its quarterly performance.Additionally, its DRHP filing for a proposed IPO could have increased investor attention and optimism around the company's future growth potential. Together, the growing order book and upcoming IPO may be among the factors behind its strong performance, although timely execution and profitability remain key challenges.<h2>4. Goodluck Defence &amp; Aerospace Limited - 22% Quarterly rally</h2>​<a href="https://www.planify.in/research-report/goodluck-defence-and-aerospace/">Goodluck Defence &amp; Aerospace Limited</a>, a subsidiary of Goodluck India, manufactures artillery shells and defense components, positioning itself to benefit from India's growing focus on domestic defense manufacturing.The company's announced investment of ₹500 crore to increase annual artillery shell production from 1.5 lakh to 4 lakh units by September 2027 might have strengthened investor expectations regarding its future growth potential.Additionally, Goodluck India's in-principle approval to merge Goodluck Defense &amp; Aerospace and Goodluck Green Energy into the parent company could simplify the group's corporate structure and strengthen operational integration. This development may further influence investor sentiment, although the merger remains subject to approvals.Rising domestic defense demand and capacity expansion plans might have contributed to the company's 22% quarterly rally. However, successful execution, capacity utilization and profitable order conversion will remain important for sustaining growth.<h2>5. Garuda Aerospace - 20%+ quarterly rally</h2>​<a href="https://www.planify.in/research-report/garuda-aerospace/">Garuda Aerospace</a> could benefit from growing opportunities in India's drone industry, particularly across defense, agriculture and infrastructure.Its partnership with Australia's Timed Automation Solutions to explore international distribution opportunities and its demonstration of indigenous drone capabilities to the Indian Army may have strengthened its growth prospects.Additionally, Garuda Aerospace received SEBI’s final observations on its proposed IPO in August 2026, clearing a key regulatory step towards listing. This progress could have attracted further investor attention. These developments may have contributed to positive investor sentiment and supported its 20%+ gain, although converting partnerships into profitable business remains crucial.<h2>The Takeaway</h2>The top five <a href="https://www.planify.in/unlisted-shares/">unlisted shares</a> gained approximately 20–58% during the quarter, reflecting investor interest in renewable energy, defense and infrastructure. However, expansion plans and positive announcements do not guarantee sustainable growth. Investors should assess profitability, valuations and execution risks, particularly given the limited liquidity and price transparency of unlisted shares. Disclaimer: Past performance does not indicate future returns. Unlisted share prices are indicative, can vary across platforms, and may change significantly due to limited liquidity and price transparency. This article is for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Planify facilitates transactions in unlisted shares, including some of the companies mentioned here. Please do your own research or consult a SEBI-registered investment adviser before investing.

Top 5 Performing Unlisted Shares of 2 Quarter of FY2027

China is still happy to sell solar panels to the world. What it now wants to protect is the technology and equipment used to make them.<h2>What China proposed</h2>China announced export controls on 12 technologies used in solar manufacturing citing national security issues on October 16, 2026. The technologies can be categorized in two groups:<ul><li>Export bans include the latest technology that includes Perovskite and tandem cells, ultra-thin silicon wafers (70 micrometers or less), and the cheaper way of manufacturing polysilicon.</li><li>Licenced exports include the cell technologies used in new plants, including TOPCon, HJT and Back Contact Cells. </li></ul>These regulations are still under discussion, with a comment period running until November 15, 2026. Nonetheless, the firms in China have to register with the government first in order to export the technologies. Finished modules, cells and wafers will not be banned.<h2>Why India is exposed</h2>A solar panel is made in four stages: polysilicon, wafer, cell, and module. India is strong at the last stage, assembling modules, but weak at making cells, the stage where sunlight is actually converted into electricity.The numbers show how lopsided this is. According to Reuters, Indian companies have built around 200 GW of module capacity but produce only 27 GW of cells, and the government’s own estimates also show module capacity far exceeding cell capacity. As a result, India imports about 95% of its solar cells from China.The ALMM List-II policy makes this gap a pressing problem. It requires government-sponsored projects to use Indian-made cells, with rooftop and open-access projects getting a grace period until the end of 2026. Since domestic cell supply falls far short of what module makers need, all the major manufacturers are now racing to build their own cell lines. Ironically, most of these rely on Chinese technology and labor, which ties back to China’s growing effort to protect its manufacturing know-how and equipment.<h2>The curbs are not entirely new</h2>Indian manufacturers claim that pressure has been increasing. According to Reuters, China has limited its exports of technology for the production of solar cells, technical assistance and equipment. Also, it is expected that six producers will face delays in the start of cell plant production because of these restrictions. The sources did not want to be named because of their concern about retaliation from Beijing. The same source claims that nearly a third of India’s 140 panel producers have stopped their production, and the other two thirds have reduced it to three or four days a week.Furthermore, GTRI, an Indian think-tank, suggests that Chinese limits of imports of inputs and machinery could be a reaction to the visa and investment restrictions imposed by India.<h2>Who is hurt most</h2>The impact is not the same across all companies.<ol><li>Existing factories are mostly protected. The danger lies in servicing: the provision of spare parts, upgrades and technician visits will now require Beijing’s permission, slowing down maintenance work.</li><li>The most threatened factories are those currently being built. Starting up a new line requires Chinese engineers to come and install and activate it. Should each visit require a license, delays are inevitable and expenses increase.</li><li>Expansion plans into wafers and polysilicon become more challenging. India plans to mandate the use of domestically produced wafers from June 2028, but the technologies that have been banned by China are the very technologies needed to achieve that goal. </li></ol>This creates an irony of its own kind. Delays lead to the continued shortage of cells, and shortage helps those whose cell lines are already operating. Wood Mackenzie forecasts that Indian utility-scale solar power system prices will increase by around 20% till the end of 2026 due to the cell shortage.<h2>Alternatives to China</h2>No one country can serve as an alternative to China, but alternatives do exist at every step.<ul><li>Polysilicon: German, Malaysian, American and Japanese suppliers can provide polysilicon at a higher price and in smaller quantities.</li><li>Wafers: nobody else does it on a mass scale. India will continue to import Chinese wafers, as they are not included in the list of controlled products.</li><li>Cell equipment: European, Korean, Japanese and American manufacturers can assist, but their equipment costs more, they have long delivery times, and cannot equip several plants simultaneously. </li></ul>The GTRI suggested that India develop cooperation with Japan and South Korea regarding components. The most probable scenario is that India will negotiate licenses for controlled technologies, purchase some production lines from other companies and invest more in R&amp;D.

<h2>What to watch </h2><ul><li>Final regulations following the November 15th deadline for comments.</li><li>Whether Indian companies will get their export licenses, and how soon.</li><li>Disclosure by the companies on the status of delivery and installation of the cell equipment.</li><li>Whether the government changes the deadline of December 31 if supplies continue to be scarce. </li></ul><h2>Bottom line</h2>China isn’t cutting off solar components. It’s making it harder for other countries to produce them. For India, the real risk isn’t current output but future growth, which could be slower and costlier than expected.

China is still happy to sell solar panels to the world. What it now wants to protect is the technology and equipment used to make them.

China Tightens Its Grip on Solar Know-How, and India Feels the Squeeze

Hero FinCorp is one of the most closely watched names in the unlisted market, and also one of the most misread. The price has swung hard, the IPO has been “coming soon” for a long time, and the latest numbers don’t look like the growth story people remember. This guide covers what the company does, where the price has been, and what to check before you put money in.&nbsp;<h2 style="line-height:1.2;text-align: justify">What Hero FinCorp does</h2>Hero FinCorp started in 1991 as Hero Honda FinLease and took its current form after the Hero MotoCorp restructuring. It lends across retail, SME and corporate segments. Its products include two-wheeler loans, personal loans, business loans, used car finance and equipment finance, sold through 4,000+ touchpoints in 2,000+ locations.&nbsp;<h2 style="line-height:1.2;text-align: justify">The price journey</h2>The chart of this stock looks like a hill.<ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">In December 2023 the share traded around ₹1,257, and by October 2024 it had climbed to roughly ₹2,170.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">A correction after HDB Financial’s muted listing pushed it to about ₹1,595, and by mid-2026 references placed it near ₹975. One dealer listing currently shows ₹985.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Unlisted prices differ from dealer to dealer and change often, so treat all of these as ballpark figures and get a live quote before you decide.</li></ul><h2 style="line-height:1.2;text-align: justify">Why the price fell</h2>The business went through a rough patch.<ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">In FY26, Hero FinCorp reported a consolidated net loss of ₹226 crore against a ₹110 crore profit in FY25. Revenue slipped about 2.5% to ₹9,583 crore.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">The company paused unsecured lending after NPAs rose and is refocusing on secured products, mainly two-wheeler finance.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">At its peak the stock was also trading at around 185x trailing earnings, so a lot of optimism was already in the price.</li></ul>Loss figures differ across sources depending on whether they use standalone or consolidated numbers, so check the company’s filings for the exact ones.<h2 style="line-height:1.2;text-align: justify">The one number worth anchoring to: ₹1,400</h2>In June 2025, Hero FinCorp allotted 18.57 lakh shares at ₹1,400 each to 12 institutional and corporate investors, raising ₹259.99 crore. That is a real, arm’s-length transaction, which makes it a far better yardstick than a dealer’s quote. At around ₹975, the unlisted price sits well below the last institutional round. That gap could mean the stock is cheap. It could also mean the market has lost faith in the 2025 valuation. The two readings lead to different decisions.<h2 style="line-height:1.2;text-align: justify">IPO status</h2>Hero FinCorp filed its DRHP on 31 July 2024 and received SEBI’s observations on 22 May 2025. After the pre-IPO placement, the issue stood at ₹3,408 crore, made up of a ₹1,840 crore fresh issue and a ₹1,568 crore OFS. Reports disagree on the exact status, and no price band or opening date has been announced, so check SEBI’s website for the current position before assuming a timeline.<h2 style="line-height:1.2;text-align: justify">Insights worth your time</h2><ol><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Asset quality is the swing factor. Gross NPA improved from 5.45% to 4.23% in FY26, and net NPA from 2.43% to 1.79%. Debt-to-equity also eased from 8.27x to 8.08x. If credit costs keep falling, profits can come back quickly on a loan book of roughly ₹54,000 crore.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Value it on the balance sheet, not on earnings. With a loss on the books, P/E means little right now. Price-to-book and the pace of the profit recovery matter more.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Expect the IPO price to be lower than unlisted rates. Some dealers say investors expected IPO pricing 30–40% below unlisted market levels, which is why many holders were rushing to exit before launch. That is opinion, not fact, but the earlier HDB Financial listing shows the risk is real.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">A post-listing lock-in applies. Pre-IPO shareholders face a 6-month lock-in after listing. Listing day is not an exit day.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Growth has stalled for now. The loan book grew only about 1% in FY26. The investment case rests on a recovery that hasn’t shown up in the numbers yet.</li></ol><h2 style="line-height:1.2;text-align: justify">Key risks</h2><ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Liquidity: you can only sell when a buyer is available, and there is no exchange to fall back on.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Parent dependence: business is tied to Hero MotoCorp’s performance and the two-wheeler sector.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Sector risk: funding costs, asset quality and regulatory changes all hit NBFCs.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Timeline risk: IPO dates keep moving, and a delay can leave your money stuck longer than planned.</li></ul><h2 style="line-height:1.2;text-align: justify">How buying works</h2>You confirm the quantity and price, share your Client Master Report and KYC, transfer the payment, and the shares reach your demat account, typically within 24 hours of payment confirmation. Buy only through a platform you trust, and check that the shares are delivered to your demat account.Tax<a href="https://www.planify.in/research-report/hero-fincorp/">Unlisted shares</a> held for more than two years attract long-term capital gains tax of 12.5% without indexation, following the July 2024 Budget change. Gains on shorter holdings are taxed at your slab rate. Confirm your own position with a tax professional.<h2 style="line-height:1.2;text-align: justify">The bottom line</h2>Hero FinCorp has a strong parent, a large distribution network and a loan book of real scale. It also has a loss-making year, a paused unsecured book and an IPO with no confirmed date. The current price sits well below both the 2024 peak and the ₹1,400 institutional round. Whether that is a bargain depends on whether you believe asset quality keeps improving. If you invest, size the position so a long wait or a weak listing doesn’t hurt.

Hero FinCorp Unlisted Share Price: Complete Investor Guide

The same prospectus has a 24% revenue CAGR, an order book of ₹856 crore and negative operating cash flow. That’s why NNT Developers’ DRHP is worth a good read.The infrastructure contractor based out of Patna has filed its draft papers with SEBI for a mainboard IPO. The offer is a fresh issue of up to 1.72 crore shares with a face value of Rs 10 and no OFS component. Vatsa Capital Venture is proposed to be the lead manager and the shares are proposed to be listed on BSE &amp; NSE. The price band and the dates will be available with the RHP only after SEBI approves the draft.<h3 style="line-height:1.38;text-align: justify">A Bihar company that is outgrowing Bihar</h3>NNT was incorporated in 2017 and builds roads, railway works, flood-protection structures, water pipelines, public buildings and agricultural market infrastructure, almost always through tenders. Four years ago it was close to a one-state, one-client business. In FY24, Bihar gave it 81.5% of revenue and government departments gave 93%. By FY26, Madhya Pradesh had edged ahead at 47.1% against Bihar’s 44.4%, private clients contributed 42% of revenue, and Nepal added about 6%.Concentration has eased too. The top five customers fell from 85% of revenue in FY24 to 65.7% in FY26, and the single largest customer dropped from 42.3% to 22.1%. The top ten still account for 85.55%, so this is a better-spread business rather than a spread-out one.<h3 style="line-height:1.38;text-align: justify">Growth that did the heavy lifting early</h3>Revenue rose from ₹144.30 crore in FY24 to ₹223.66 crore in FY26, roughly 24% a year. Profit after tax grew faster, from ₹9.44 crore to ₹21.57 crore, because EBITDA margin widened from 12.36% to 15.21% in FY25 before easing to 14.72% in FY26. PAT margin followed a similar path, from 6.54% to 9.85% and then 9.64%.The easing deserves attention. FY26 revenue grew only 8% after a 43.6% jump the year before, and PAT grew about 6%. The DRHP explains that several large contracts sat at 55–90% completion, where billing waits for milestone certification, and that client payments were delayed near the year-end.On margins, NNT looks good next to the civil-contracting peers the DRHP names. Bondada Engineering earned a 11.49% EBITDA margin in FY26 and Likhitha Infrastructure 12.40%, against NNT’s 14.72%. The DRHP itself warns that competitive bidding can force lower quotes, so whether the premium holds as the company bids for larger contracts is a fair question.<h3 style="line-height:1.38;text-align: justify">The order book is the real story</h3>The unexecuted order book is ₹856.03 crore across 42 contracts, certified as of August 31, 2026. That is about 3.8 times FY26 revenue. For context, the DRHP’s industry section cites an order-book-to-income ratio of 2.77 for listed railway-sector companies. On paper, NNT has more visibility than its sector.The quality of that visibility is more nuanced. Nearly half the book, ₹423.83 crore, was awarded between July and September 2026, and these contracts have barely started. Revenue from them will depend on how fast NNT mobilises. The book is also lumpy. Three railway contracts, three water supply contracts and three combined building-and-road contracts add up to about 61% of it. The railway trio alone is worth ₹258.8 crore unexecuted, with only about ₹19.5 crore of work done so far.The mix is leaning toward the segments the DRHP’s industry section highlights. Railway is 30.2% of the book, roads 20%, buildings 18.4% and water supply 18%. Private clients make up 46.8%, up from a negligible share a few years ago.One more shift is easy to miss. Bihar holds 73.8% of the order book, while Madhya Pradesh has only about ₹113 crore left, less than one year of its FY26 revenue. NNT’s revenue base will probably swing back toward Bihar over the next two years, which brings the geographic concentration the company has been trying to escape. The company’s own working-capital planning assumes revenue of ₹300 crore in FY27 and ₹550 crore in FY28. These are internal assumptions rather than guidance, and FY28 would need about 83% growth.<h3 style="line-height:1.38;text-align: justify">Profit is not yet cash</h3>The weakest part of the DRHP is cash flow. NNT reported ₹21.57 crore of profit in FY26, yet operating cash flow was negative at ₹1.86 crore, after a negative ₹4.67 crore in FY25. The reason is receivables. Receivable days rose from 28 in FY24 to 152 in FY26, and receivables now stand at about ₹93 crore, close to 42% of annual revenue. The DRHP notes that 81% of this is under six months old.The company has also leaned on suppliers and subcontractors. Payable days rose to 275, and ₹57.12 crore of payables has been outstanding for more than a year. Working capital has moved from 29.7% of revenue in FY24 to 44.75% in FY26, and the company’s own projections push it above 60% in FY28. Growth here is hungry for capital, which explains why ₹75 crore of the IPO goes to working capital.Return ratios show the strain. RoCE fell from about 40% to 33.7%, and RoNW from 26.4% to 21.8%, as the capital base grew faster than profit. They remain healthy, and debt-to-equity is a comfortable 0.39x, but the trend matters.<h3 style="line-height:1.38;text-align: justify">What the industry offers</h3>The demand backdrop is strong. The Union Budget raised public capex to ₹12.2 lakh crore for FY27 from ₹11.21 lakh crore, and railways received a record allocation of about ₹2.93 lakh crore. In Bihar alone, 59 sanctioned railway projects are worth roughly ₹96,651 crore. Jal Jeevan Mission 2.0 runs until December 2028 with an outlay of ₹8.69 lakh crore, which supports the water pipeline contracts in NNT’s book. Bihar’s rivers add a steady stream of flood-protection work.<h3 style="line-height:1.38;text-align: justify">The IPO money and the dilution maths</h3>Of the ₹121.61 crore earmarked, ₹75 crore is for working capital, ₹24.61 crore for machinery and ₹22 crore for repaying bank working-capital loans, with the rest for general corporate purposes. The machinery matters, because owning more equipment lets NNT self-execute more work instead of subcontracting it.The issue is large relative to the existing share base. FY26 EPS of ₹5.39 implies about 4 crore shares today, so 1.72 crore new shares would add roughly 43%. On that rough arithmetic, profit would need to reach about ₹31 crore for EPS to stay flat. Promoters and the promoter group hold 90% before the issue, and a pre-IPO placement is also possible.<h3 style="line-height:1.38;text-align: justify">The takeaway</h3>NNT has what many small contractors lack: a full order book, rising private-sector work, strong return ratios and margins above its peers. What it needs to prove is conversion. It must turn an order book that is half brand new into revenue on schedule, and turn that revenue into cash. If it does, FY27 and FY28 could look very different from FY26. If collections stay slow, profit growth will keep outrunning cash. Valuation can only be judged once the price band is announced.

NNT Developers Limited Files DRHP: Key Details You Need to Know

SEBI has kept the draft documents in "abeyance", meaning temporarily suspended.

Inox Clean Energy's ₹10,000 Crore IPO: What You Need to Know

In India, the Inc42 tracker that lists new-age tech companies estimates the median time period taken by a startup to be listed at 11 years. This only applies to tech companies. Conventional manufacturers and industries such as the producers of electrical equipment generally remain privately owned for a long time before listing.The same is happening in America too. The IPO data compiled by Jay Ritter over the years suggests that the average age of an organization when it went public has increased from 9.5 years between 1980 and 2019 to 10 in 2023, and 14 in 2024. The median age of a startup at the time of listing is estimated to be 13.5 years in 2024 according to University of Florida research.It can therefore safely be said that the time period ranges between 10 to 14 years for growth organizations, with many exceptions.<h2>The Legal Minimum in India (The "Earliest You Can Go")</h2>Regulation acts as a floor but not a target. In accordance with my general understanding of SEBI and exchange regulations, please do confirm the rules prevailing now:<h3>SME Exchanges (NSE Emerge/BSE SME)</h3>Require at least:<ul><li>3 years operating track record</li><li>Positive net worth</li><li>Operating profit (EBITDA) of at least ₹1 crore in 2 out of 3 previous years. This is the reason why many small-scale manufacturing concerns first come to these exchanges.</li></ul><h3>Main Exchange (BSE/NSE)</h3>As per the regulation prescribed by SEBI, mainboard listing requires more stringent requirements, which includes:<ul><li>Three-year track record</li><li>Average Operating Profit of at least ₹15 crores during the preceding 3 years</li><li>Net Tangible Assets of at least least ₹3 crores in each of the preceding 3 years</li><li>Net Worth of at least ₹1 crore in each of the preceding 3 years</li><li>An alternative QIB route exists for loss-making companies. Under this route, the IPO must be conducted through a book-building process where at least 75% must be allocated to Qualified Institutional Buyers (QIBs).</li></ul>Moreover, the company should be a public limited company before coming to these exchanges under any route.<h2>Why the Wait Varies So Much</h2><ol><li>Company stage: Companies list only once they have established revenue, profits or growth, and audited accounts. An immature company is simply not ready.</li><li>Capital requirements: A manufacturer requiring funds for plant construction, debt redemption, or working capital, will list sooner than the one adequately funded by their sponsors.</li><li>Availability of private capital: Availability of private equity and venture capital makes it easier for firms to remain private for longer periods. One factor behind the increasing ages of IPOs in the USA.</li><li>Exits for investors: Investors in an investment-funded firm usually seek to exit within a set period for the fund, typically around 7 to 10 years, prompting the IPO.</li><li>Market sentiment: Companies frequently seek an IPO when the market sentiment is good and valuations are high and wait when sentiment is poor. The Indian IPO boom in 2025 &amp; 2026 hastened many listings.</li><li>Preparation: The company requires good accounts, profitable track record, corporate governance (independent directors, audit committee), and a merchant banker and lawyers. Preparation of an IPO generally takes between 6 to 18 months.</li></ol><h2>Typical Stages Before an IPO</h2><table><tbody><tr><th>Stage</th><th>Rough time from founding</th></tr><tr><td>Founding and proving the product</td><td>Years 0 to 3</td></tr><tr><td>Growth, funding rounds or bank borrowing</td><td>Years 3 to 8</td></tr><tr><td>Profitability and scale</td><td>Years 7 to 12</td></tr><tr><td>IPO preparation (audits, restructuring, bankers)</td><td>Last 1 to 2 years</td></tr><tr><td>Listing (Total timeline)</td><td>Typically years 8 to 15</td></tr></tbody></table><h2>For Small Manufacturers on the SME Platform</h2>However, small-scale industrial firms such as the producers of CT/PT within our sample of peers take a different approach. They may operate as privately-held corporations for 10 or 15 years or even longer, establishing themselves in terms of performance and utility approvals and then going public on an SME stock exchange. This can be seen from the case of Akanksha Power, which started its operations in 2008 and then expanded into manufacturing.<h2>Bottom Line</h2>Think of the timeline as a range, not a rule:<ul><li>Fastest realistic timeline: about 3 to 5 years, for fast-growing companies that meet the track-record rules.</li><li>Typical: about 8 to 15 years.</li><li>Also common: 20 years or more for family-run industrial firms.</li></ul>The best indicator is not the age of the business but rather its preparedness, which means having a profitable business, good governance, an intended purpose for raising funds, and a receptive market for the IPO.

median age of a startup at the time of listing is estimated to be 13.5 years in 2024

How Long Before an Unlisted Company Usually Goes for IPO?

Greenzo Energy India Ltd is a small green hydrogen equipment company whose unlisted shares are traded on the pre-IPO market. It provides a theme that is backed by policy support, yet it features low liquidity, stretched valuation, and weak disclosures. The following guide will discuss the business, the sector, the figures and the risks.<h2 style="line-height: 1.38">What Greenzo does</h2>The official filings talk of a company that makes and assembles equipment for hydrogen production and their systems like compressors, dryers, storage tanks, and control panels. It is also into EPC services in solar and other renewable energy projects. The registry records show that the company was established as a private limited company in Delhi in 22 Nov, 2022.The company has plans for a 250 MW electrolyser unit to be set up at Sanand, Gujarat. Its Phase-1 investment is approximately ₹100 crore. This is crucial because most of the growth narrative is based on a factory that hasn't been operational so far.<h3 style="line-height:1.38">The Jindal Stainless order</h3>The largest credibility the company holds is an order from Jindal Stainless. The scope includes the provision, installation and commissioning of a green hydrogen plant for Jindal Stainless at their Kalinga Nagar facility in Odisha, starting production at 0.47 KTPA that can scale up to 1.5 KTPA, and delivery in six months from the date of signing the contract. No financial information was provided by the company.&nbsp;<h3 style="line-height:1.38">The sector backdrop</h3>Green hydrogen focuses on difficult-to-electrify sectors like steel, refining, and fertilisers. The National Green Hydrogen Mission has an outlay of ₹19,744 crore and intends to produce 5 million tonnes of green hydrogen per annum by 2030; however, only ₹292 crore was spent until August 2026. The mission has never actually spent ₹300 crore in any single financial year while needing around ₹4,750 crore per annum on average in order to utilise its outlay. Moreover, green hydrogen has not become cost-competitive in India, and the policy interventions currently being pursued do not aim at mass market adoption but at rewarding early adopters.On the bright side, the commissioning of projects in the first tranche of the incentive scheme will start from August 2026, shifting electrolyser requirements from the tender stage to actual procurement. The same source highlights that international electrolyser companies are fiercely vying for India's pipeline, making life difficult for an unlisted newcomer among the well-capitalised competitors. Moreover, I could not verify whether <a target="_blank" href="https://www.planify.in/research-report/greenzo-energy-india-ltd/">Greenzo</a> won any manufacturing awards from the government.<h3 style="line-height:1.38">The financials</h3>These numbers have been derived from the aggregate platforms; please confirm these numbers from filings made to the MCA website. I could not locate audited FY26 numbers.<div style="margin-left:0pt"><table><tbody><tr><td>Metric</td><td>FY24</td><td>FY25</td></tr><tr><td>Revenue from operations</td><td>₹14.8 crore</td><td>₹15.97 crore</td></tr><tr><td>Profit before tax</td><td>₹1.31 crore</td><td>₹1.94 crore</td></tr><tr><td>EBITDA margin</td><td>about 8%</td><td>about 6%</td></tr><tr><td>Fixed assets</td><td>₹5.27 crore</td><td>₹20.58 crore</td></tr><tr><td>Cash from operations</td><td>- ₹5.89 crore</td><td>−₹44.54 crore</td></tr></tbody></table></div> There are three significant things to note. Firstly, the size of revenue is minuscule relative to the pipeline of about ₹1,800 crore or above, making it crucial to convert the backlog into sales. Secondly, profits are not translating to cash since all the receivables, inventories, and advances have increased. Lastly, there is rapid capital expenditure for capacity expansion. Price and valuation​ These numbers are indicative of 1.23 crore shares (according to my calculations). In terms of current valuations, this would mean that the market capitalization is close to ₹831 crore, which is more than 300 times the pre-tax profits for FY25. The market is valuing future orders and not current profitability.<h3 style="line-height:1.38">Bull case vs bear case</h3>The bull case: a significant, government-supported industry; a prestigious customer; a domestic technology approach which could aid in acquisition; a discounted price; and company estimates for earning ₹4,200 crore turnover by FY2029.The bear case: Money coming through subsidies is slow-moving; only one flagship order has been independently verified; valuation is very high relative to historical profits; cash flow is extremely negative; and for the company to get to ₹4,200 crore from roughly ₹16 crore would be exceptional growth. Key risks Execution becomes the largest risk as the plant has to be erected, and there need to be timely deliveries of the projects. Liquidity becomes the next risk factor because the share trades very rarely in the unlisted market. There is extremely poor liquidity associated with this company, making it risky for a smooth exit. Poor valuations, delays in policies, and poor disclosures add further to the risks involved. The brokers even differ on the type of electrolyser being alkaline or PEM, indicating that documents should always be trusted rather than broker presentations.<h3 style="line-height:1.38">How to buy or sell</h3>You verify the price and number of shares from the platform, submit your Client Master Report and PAN, and make payment via banking. The shares are expected to be delivered into your demat account within one day’s time. Shares acquired by the pre-IPO buyers will not be sold for six months following the IPO listing. Profits made from long-term investments on unlisted shares are taxable at 12.5%. Before you invest Check out the latest filings and charges registered &nbsp; on the MCA website, verify the commissioning of the Jindal factory, quote comparisons on at least two or three different platforms, and inquire about the holding structure and ESOP dilution.<h3 style="line-height:1.38">Bottom line</h3>Greenzo is a company that has a proven success story with actual clients as well as good policies, but low revenues, negative cash flows, a stretched valuation, and difficulty with exits mean that it is a speculation. If you decide to put your money there, it should be just a portion of your portfolio for more than five years.

Greenzo Energy India Ltd is a small green hydrogen equipment company whose unlisted shares are traded on the pre-IPO market.

Greenzo Energy Unlisted Shares: Renewable Sector Guide

Quality Enviro Engineers Limited (QEE), established on May 6, 2016, and having its headquarters at Sahibabad, Ghaziabad, develops and produces municipal cleaning machinery, including sewer suction machines, road sweepers, anti-smog guns, sky lifts, water tankers, and vehicles. The company owns two factories in Ghaziabad with a total capacity of about 300 machines annually. Currently, the company is preparing for a SME IPO after its transformation from a private limited company and expansion of the board and authorized capital in 2026. The following report is devoted to the presentation of the financial performance of Quality Enviro Engineers Limited for the year ending on March 31, 2026, relative to FY25, based on the annual report of the company. All amounts are stated in ₹ Crores. The year 2026 became another period of stable and profitable growth for QEE, since revenue increased by 22.3% to ₹63.0 Cr, while net profit increased by 28.2% to ₹5.0 Cr, completing a four-year period during which profit has grown faster than revenue. However, the operating cash flow remained negative for the second consecutive year, as growth was mainly funded through increasing inventory, receivables and short-term bank borrowing rather than internally generated cash. <h2>1. Revenue, EBITDA &amp; Net Profit Summary (₹ in Cr)</h2><div style="margin-left:0pt"><table><tbody><tr><td>Particulars</td><td>FY26</td><td>FY25</td><td>YoY Change</td></tr><tr><td>Revenue</td><td>63.0</td><td>51.5</td><td>+22.3%</td></tr><tr><td>EBITDA</td><td>6.69</td><td>5.97</td><td>+11.7%</td></tr><tr><td>EBITDA Margin</td><td>10.6%</td><td>11.7%</td><td>-1.0 pp</td></tr><tr><td>Net Profit</td><td>5.0</td><td>3.9</td><td>+28.2%</td></tr><tr><td>NP Margin</td><td>7.9%</td><td>7.6%</td><td>+0.4 pp</td></tr></tbody></table></div>Revenue growth witnessed a sharp uptick in FY26 following a bumpy ride over the previous three years (revenue was down in FY24). The growth in net profit outpaced that in revenue. In fact, net profit has been growing at around 25% per annum during FY23–FY26, compared to revenue that has grown by only 8%. However, some of the growth in profit in FY26 is accounted for by a once-off “balances written back” amounting to ₹70 lakhs within other income, and not within the business itself. <h2>2. Revenue Mix by Segment (₹ in Cr)</h2><div style="margin-left:0pt"><table><tbody><tr><td>Segment</td><td>FY26</td><td>FY25</td></tr><tr><td>Machines manufactured</td><td>31.6</td><td>39.9</td></tr><tr><td>Goods traded</td><td>8.6</td><td>1.1</td></tr><tr><td>Services</td><td>22.8</td><td>10.3</td></tr><tr><td>Rental</td><td>—</td><td>0.2</td></tr><tr><td>Total</td><td>63.0</td><td>51.5</td></tr></tbody></table></div><div style="margin-left:0pt"> There was a significant change in the mix in the current fiscal year. The revenues from QEE’s own production machinery were down by 21%. At the same time, the revenues from services business nearly tripled and represent 36% of the total revenue, up from just 20% in the FY25. This is indicative of QEE's transition from machine sales to recurring operate-and-maintain business model.</div>

<h2>3. Valuation &amp; Key Ratios</h2><div style="margin-left:0pt"><table><tbody><tr><td>Metric</td><td>Value</td></tr><tr><td>Indicative unlisted price (Sep 2026)</td><td>~₹118/share</td></tr><tr><td>Implied market capitalisation</td><td>~₹153 Cr</td></tr><tr><td>P/E (on FY26 profit)</td><td>30.31x</td></tr><tr><td>Promoter holding</td><td>~72%</td></tr></tbody></table></div>

On an indicative basis, QEE is priced at 30x of FY26 EPS – far from being a low valuation for a small and dependent on tenders contract company that consumes its working capital; however, perhaps justified by the fact that the profit-growth rate of ~25% will continue.<h2>Conclusion​</h2>QEE is a small family-run business, which has been enjoying a favorable policy environment with Swachh Bharat Mission 2.0, the ban on manual scavenging, and air quality initiatives in North India boosting its sales. Profit growth has been genuine and sustained, while the trend toward services-based income shows a business model that is becoming more sticky. The primary overhang is related to cash flow management issues, as seen from two consecutive years of negative operating cash flow, increased accounts receivables and inventory, as well as increasing use of short-term banking loans. The problem with the company is not about securing tenders but about collecting payments. Items of contingent nature to track are a pending dispute of ₹83 lakh with Kanpur Nagar Nigam, older GST demands pending appeal, and ₹7.7 Cr transferred into the personal account of the MD in FY26. Source: Quality Enviro Annual report FY26

revenue increased by 22.3% to ₹63.0 Cr, while net profit increased by 28.2% to ₹5.0 Cr

Quality Enviro Engineers Limited: FY26 Results

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