<p><br></p><p class="font-claude-response-body break-words whitespace-normal">The NIM story is actually the single most important thing happening at <a target="_blank" href="https://www.planify.in/research-report/hdfc-securities-limited/">HDFC Securities</a> right now, because it reveals the company is quietly turning into a lending business wrapped around a broking franchise. Here's the fuller picture with more precise standalone numbers (₹ crore, replacing the earlier rounded figures).</p><h3>Headline P&amp;L (Standalone)</h3><div><table><thead><tr><th><div>Metric</div></th><th><div>Q1 FY26</div></th><th><div>Q4 FY26</div></th><th><div>Q1 FY27</div></th><th><div>YoY</div></th></tr></thead><tbody><tr><td><div>Total Revenue</div></td><td><div>₹729 cr</div></td><td><div>₹850&nbsp;cr</div></td><td><div>₹950 cr</div></td><td><div><strong>+30%</strong></div></td></tr><tr><td><div>Total Expenses</div></td><td><div>₹425&nbsp;cr</div></td><td><div>₹497&nbsp;cr</div></td><td><div>₹558&nbsp;cr</div></td><td><div>+31%</div></td></tr><tr><td><div>Profit Before Tax</div></td><td><div>₹304&nbsp;cr</div></td><td><div>₹353&nbsp;cr</div></td><td><div>₹392&nbsp;cr</div></td><td><div>+29%</div></td></tr><tr><td><div>Profit After Tax</div></td><td><div>₹232&nbsp;cr</div></td><td><div>₹268&nbsp;cr</div></td><td><div>₹297&nbsp;cr</div></td><td><div><strong>+28%</strong></div></td></tr><tr><td><div>EPS (₹)</div></td><td><div>₹130</div></td><td><div>₹150</div></td><td><div>₹166</div></td><td><div>+28%</div></td></tr><tr><td><div>Operating Margin</div></td><td><div>42%</div></td><td><div>~41%</div></td><td><div>41%</div></td><td><div>-1pt</div></td></tr><tr><td><div>Net Margin</div></td><td><div>32%</div></td><td><div>~32%</div></td><td><div>31%</div></td><td><div>-1pt</div></td></tr></tbody></table></div><p class="font-claude-response-body break-words whitespace-normal">Consolidated PAT came in marginally lower at ₹296 cr, dragged by a ₹1 cr loss at the IFSC subsidiary on near-nil revenue.</p><h3>Net Interest Margin</h3><div><table><thead><tr><th><div>Metric</div></th><th><div>Q1 FY26</div></th><th><div>Q1 FY27</div></th><th><div>Change</div></th></tr></thead><tbody><tr><td><div>Interest Income</div></td><td><div>₹303 cr</div></td><td><div>₹451 cr</div></td><td><div>+49%</div></td></tr><tr><td><div>Fees &amp; Commission (broking)</div></td><td><div>₹354 cr</div></td><td><div>₹436 cr</div></td><td><div>+23%</div></td></tr><tr><td><div>Net Interest Income (NII)*</div></td><td><div>₹148 cr</div></td><td><div>₹158 cr</div></td><td><div>+7%</div></td></tr><tr><td><div>Average Loan Book</div></td><td><div>₹6,446 cr</div></td><td><div>₹8,607 cr</div></td><td><div>+33%</div></td></tr><tr><td><div><strong>NIM (NII / avg loan book, annualised)</strong></div></td><td><div><strong>9.9%</strong></div></td><td><div><strong>7.2%</strong></div></td><td><div><strong>-270 bps</strong></div></td></tr><tr><td><div>Finance Costs</div></td><td><div>₹155 cr</div></td><td><div>₹293 cr</div></td><td><div>+89%</div></td></tr></tbody></table></div><p class="font-claude-response-body break-words whitespace-normal">*NII = interest income less finance costs.</p><p class="font-claude-response-body break-words whitespace-normal">Two things jump out. First, <strong>interest income has overtaken brokerage fees as HDFC Securities' single largest revenue line</strong> for the first time — a structural shift, not a one-off. Second, despite interest income growing 49%, NII grew just 7%, because finance costs nearly doubled. The loan book (margin trading facility / client funding) itself expanded a sharp 41% in just one quarter — from ₹7,133 cr (31 Mar'26) to ₹10,081 cr (30 Jun'26) — funded increasingly through commercial paper (₹18,190 cr issued, ₹15,490 cr redeemed during the quarter) at rising rates (CP pricing moved from ~6.5% in April to ~8% by June). That's what's compressing NIM — the funding book is growing faster than the spread it earns.</p><h3>Leverage &amp; Balance Sheet KPIs</h3><div><table><thead><tr><th><div>Metric</div></th><th><div>31 Mar'26</div></th><th><div>30 Jun'26</div></th></tr></thead><tbody><tr><td><div>Total Assets</div></td><td><div>₹21,784 cr</div></td><td><div>₹24,389 cr</div></td></tr><tr><td><div>Loan Book</div></td><td><div>₹7,133 cr</div></td><td><div>₹10,081 cr</div></td></tr><tr><td><div>Debt Securities</div></td><td><div>₹12,931 cr</div></td><td><div>₹15,600 cr</div></td></tr><tr><td><div>Net Worth</div></td><td><div>₹3,596 cr</div></td><td><div>₹3,724 cr</div></td></tr><tr><td><div>Debt-to-Equity</div></td><td><div>4x</div></td><td><div>5x (vs 3x a year ago)</div></td></tr><tr><td><div>Interest Coverage</div></td><td><div>3.1x</div></td><td><div>2.4x</div></td></tr><tr><td><div>Debt / Total Assets</div></td><td><div>0.58</div></td><td><div>0.74</div></td></tr></tbody></table></div><p class="font-claude-response-body break-words whitespace-normal">Not alarming for an NBFC-style book, but the leverage trajectory is steep enough to flag as a monitoring point — if CP rates keep climbing, finance costs eat further into NIM.</p><h3>Peer Comparison — Q1 FY27 (₹ crore)</h3><div><table><thead><tr><th><div>Company</div></th><th><div>Revenue</div></th><th><div>YoY</div></th><th><div>PAT</div></th><th><div>YoY</div></th><th><div>Op./EBDAT Margin</div></th></tr></thead><tbody><tr><td><div><strong>HDFC Securities</strong></div></td><td><div>950</div></td><td><div>+30%</div></td><td><div>297</div></td><td><div>+28%</div></td><td><div>41%</div></td></tr><tr><td><div>ICICI Securities (consol.)</div></td><td><div>1,547</div></td><td><div>+9.8%</div></td><td><div>419</div></td><td><div>+7.1%</div></td><td><div>71.5% OPM</div></td></tr><tr><td><div>Angel One (consol.)</div></td><td><div>1,430</div></td><td><div>+25.4%</div></td><td><div>231</div></td><td><div>+102%*</div></td><td><div>32.7% EBDAT</div></td></tr></tbody></table></div><p class="font-claude-response-body break-words whitespace-normal">*Angel One's YoY jump flatters a weak base; sequentially PAT fell ~28% QoQ on IPL marketing spend. ICICI Securities' much higher operating margin reflects a more distribution/wealth-heavy, less lending-heavy mix — worth noting since HDFC Securities' growing loan book carries more balance-sheet risk than ICICI Sec's fee-led model.</p><h3>Full KPI Checklist for This Business</h3><p class="font-claude-response-body break-words whitespace-normal"><strong>Growth &amp; scale:</strong> revenue growth, PAT growth, EPS growth, client base growth, branch/city footprint efficiency, digital transaction mix.<br><strong>Margin quality (the new critical bucket):</strong> NIM on loan book, interest income vs fee income mix, NII growth vs interest income growth (spread compression signal), operating margin, net margin.<br><strong>Balance sheet risk:</strong> loan book growth rate, debt-to-equity, interest coverage, debt/total assets, funding mix (CP vs debt securities vs equity).<br><strong>Capital efficiency:</strong> RoE, book value per share growth, dividend payout (₹110/share interim paid this quarter, ₹197 cr total).<br><strong>Peer positioning:</strong> revenue and margin versus ICICI Securities, Angel One, Motilal Oswal (yet to report Q1 FY27 as of writing).</p><p class="font-claude-response-body break-words whitespace-normal"><strong>Bottom line:</strong> the 28% PAT growth headline is real, but it's now being driven by balance-sheet expansion (margin lending) rather than broking volumes, and the NIM compression plus rising leverage are the numbers to watch into subsequent quarters — not red flags yet, but the trend line matters more than this quarter's print.</p>

HDFC Securities — Q1 FY27 Deep Dive

<p style="text-align: justify"><span style="background-color: transparent;color: rgb(0, 0, 0)">Infra. Market is inching closer to a stock market listing, and the numbers behind that move are hard to ignore. The Mumbai-headquartered construction material marketplace has closed its pre-IPO round of financing at an estimated value of ₹500 crore. The investors who have backed this financing round have valued Infra. Market at around ₹25,000 crore. Not bad for a business that began by simply helping contractors get cement and tiles delivered on time.</span></p><h2 style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">What's Actually Happening</span></h2><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">The round is being structured as a Series H raise, and by most accounts, it's likely to be Infra.Market's last stop in the private markets before it lists publicly. Regulatory filings show that ₹235 crore of the total amount has already come in, with the usual set of backers - Tiger Global, Accel, and Nexus Venture Partners - writing cheques again. Founders Aaditya Sharda and Souvik Sengupta are also putting their own money in, which tends to be read as a vote of confidence from the people who actually run the show.</span></p><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent;color: rgb(0, 0, 0)">To put the valuation jump in context: back in September 2025, Infra.Market raised about ₹732 crore at a ₹24,600 crore valuation through its Series G round. The new ₹25,000 crore figure is only a small step up from that - around 1.6% higher. So this isn't a dramatic re-rating story. It looks more like a company quietly building momentum and locking in one final round of capital before the real test: public market investors.</span></p><h2 style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">The Business, in Plain Terms</span></h2><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent"><a target="_blank" href="https://www.planify.in/research-report/hella-infra-market-share-price/">Infra.Market</a> runs a B2B marketplace that connects manufacturers of construction materials - think cement, steel, paints, and waterproofing products - with the contractors, developers, and infrastructure companies who actually need them. This platform was founded in 2016 and has progressed far from being just an ordering application. In addition to procurement, logistics, and manufacturing operations, Infra.Market operates in the ready-mix concrete and tiles markets.</span></p><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">The core idea behind the business is fairly simple, but hard to execute well: by aggregating demand from thousands of small contractors and connecting them directly to manufacturers through a tech layer, Infra.Market captures margin that neither side could grab on its own. That's turned out to be a genuine strength. Gross margins have more than doubled over the past few years, moving from around 9.7% to 25.6%, and revenue has roughly tripled in three years to touch approximately ₹18,472 crore.</span></p><h2 style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">Where the Numbers Get Interesting</span></h2><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">Growth has been strong. Profit, less so. Net profit actually fell in FY25, from ₹378 crore down to ₹220 crore, even with revenue climbing. Finance costs are the reason why - they jumped nearly 45% as the company took on debt to fund its expansion. FY26 looks better on paper, with net profit estimated between ₹300 crore and ₹325 crore. If that holds, it would be the company's best profit year so far.&nbsp;</span></p><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">At the ₹25,000 crore valuation, Infra.Market is being priced at roughly 77 times its expected FY26 earnings. That's a rich multiple by traditional standards, though not unusual for a fast-growing B2B platform trying to build a moat in a low-margin industry. The bigger question investors are likely to ask is how the company manages its debt load going forward. Its debt-to-tangible-net-worth ratio stood at around 1.77x as of March 2026, and the company has already begun taking steps to address this - including a ₹1,250 crore debt raise in February 2026 aimed at refinancing existing borrowings.</span></p><h2 style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">The IPO Itself</span></h2><p style="text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">​The filing for the Infra.Market’s draft IPO was done confidentially with SEBI in January, which received its regulatory approval as well. The IPO itself is estimated at approximately ₹5,000 crore, half of which will be a fresh issue while the rest is going to be offered by selling stock held by current shareholders. Listing is estimated to take place somewhere between four to six months from now.</span></p><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">It is equally noteworthy that the overall market conditions for new listings in India have not been that favorable lately. More than 58 percent of IPOs that were issued from January 2025 to March 2026 are now selling at prices lower than what was offered, and investors have become more selective by valuing companies on the basis of earning visibility rather than merely growth potential.</span></p><h2 style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">The Bigger Picture</span></h2><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">Infra.Market's business sits right at the intersection of India's construction and infrastructure push. With the government earmarking over ₹12 lakh crore for capital expenditure in the FY26-27 budget, the demand tailwinds for a company supplying building materials at scale look fairly durable. Compared to established players like UltraTech Cement or Shree Cement, whose market caps run into lakhs of crores, Infra.Market is still a mid-sized challenger but one with a tech-first model that's carved out a real space for itself.</span></p><p style="line-height:1.38;text-align: justify"><span style="color: rgb(0, 0, 0);background-color: transparent">For now, the ₹25,000 crore valuation marks another checkpoint in that journey. Whether public market investors agree with that price tag once the IPO actually opens will be the real test and one that should become clearer over the coming months.</span></p>

Infra. Market is inching closer to a stock market listing, and the numbers behind that move are hard to ignore.

Infra.Market Eyes IPO After ₹25,000 Crore Valuation

You probably have heard of "unlisted shares" or "pre-IPO investments" if you spend time around people curious in investing. But the world of unlisted shares can also be quite perplexing and even shady, and let's be frank -- not for everybody. This article takes you through all that you need to know about unlisted shares -- what it is, why do investors prefer it, the dangers involved in it and how you can participate in the process.

The Complete Guide to Investing in Unlisted Shares in India

<p><strong>Financial Performance (FY26 Numbers):</strong><br>​<a target="_blank" href="https://www.planify.in/research-report/63sats-cybertech-limited/">63SATS Cybertech</a> generated about ₹87 crores in revenue from operations in FY26. This shows a significant 24 times increase from a small base of about ₹3.6 crores in FY25. The company is currently operating at a loss and has a negative book value because it spends a lot to develop its full-stack capabilities across various business lines. Looking ahead, the company aims for a full-year FY27 revenue target of ₹350 crores. In February 2026, a Series B funding round raised ₹245 crores from notable investors like Mathew Cyriac and Mukul Agarwal, leading to a post-money valuation of ₹1,161 crores.<br><strong>​<br>Operational Metrics:</strong><br>63SATS acts as a full-stack cybersecurity company organized into three separate business segments that serve different consumer groups. The company focuses on three main offerings: CSF (Cyber Security Force), which provides threat detection and anti-Pegasus mobile defense for businesses; Cyberdome, which offers military-grade protection for government and critical infrastructure; and CYBX, a consumer security super-app. On the consumer front, the CYBX app has surpassed 2 million downloads and converted over 3.25 lakh users into paying subscribers. Growth benefits from regulatory changes like India's DPDP Act, prompting the company to provide specialized compliance-as-a-service offerings.<br><br><strong>Key Project Executions &amp; Order Book:</strong><br>By the first quarter of FY27, the company reported a clear committed order book of around ₹288 crores, covering about 82% of its full-year FY27 revenue target. Of that total, ₹100 crores has already been billed. The company's list of enterprise clients includes high-profile corporations and defense entities in India, such as the Indian Navy, ICICI Securities, Adani Ports, Bharat Forge, Raymond, Marico, Lupin, and others across banking, defense, and manufacturing.<br><br><strong>Strategic Developments &amp; Outlook:</strong><br>63SATS is taking advantage of strong trends like India's data localization rules, the DPDP Act, and a growing preference for "India-first" sovereign security infrastructure. Under the leadership of Chairman Lt Gen M. U. Nair (Retd.), who is India's former National Cyber Security Coordinator, the company is well-positioned to secure sensitive government and critical defense contracts. The future plan emphasizes high-margin, scalable intellectual property products, particularly their AI-powered security operations tool and dedicated "cybersecurity for AI" frameworks to boost profitability as they move beyond their current investment phase.<br><br></p>

63SATS Cybertech: FY26 Financials, Scaling Metrics, and Strategy

<p style="text-align: justify">The large private renewable platforms, such as Avaada and Hero Future Energies, attract the most attention. However, there is also a longer, more varied list of smaller unlisted companies that unlisted-share platforms actively track and price. Let's examine each one: their activities, funding, and the key numbers.</p><h2 style="text-align: justify"><strong>Renfra Energy</strong></h2><p style="text-align: justify">​<a target="_blank" href="https://www.planify.in/research-report/renfra-energy-india-limited/">Renfra Energy India Limited</a>, a subsidiary of the Chennai based Speed Team Group (established in 2008), provides renewable energy solutions which is established in the year 2017, providing integrated solar and wind EPC &amp; O&amp;M services to commercial and industrial customers in its complete project life cycle. Renfra Energy India Limited filed DRHP with SEBI on 30 June 2026, planning for a main board IPO of ₹430 crore fresh issue and an OFS of up to 0.48 crore equity shares, listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The offer price band and dates are not announced yet. In the unlisted market, the price is indicated at about ₹142 per share (face value ₹10), while minimum investment tickets can be as high as ₹71,000. The company is growing rapidly and has good margins, generating ₹1,018 crore in FY26 against ₹510.71 crore in FY25, thereby registering an outstanding CAGR of 54.4% since FY23. The earnings have been fueled by PAT in FY26 of ₹156.82 crore, showing an increase of 66% over the last fiscal year, EBITDA of ₹245.94 crore with operating margin of 24.2%.</p><h2 style="text-align: justify"><strong>Apollo Green Energy (AGEL)</strong></h2><p style="text-align: justify"><br><a target="_blank" href="https://www.planify.in/research-report/apollo-green-energy-limited/">AGEL</a> is a subsidiary of the diversified Apollo International Group that works in the sectors of tyres, healthcare, logistics, and clothing. Since 1994, AGEL is engaged in its EPC business while since a decade ago, it has started its operations in the utility scale solar, wind and hybrid energy. It now maintains an order backlog of about ₹3,500 crore and targets to take it to ₹10,000 crore. Additionally, AGEL is building a 500 MW solar module manufacturing plant in Madhya Pradesh and spending ₹4,500 crore on solar in Odisha. In fiscal year 25, AGEL made a consolidated net profit of about ₹33 crore while its CRISIL Rating is BBB/Stable. It is ready for an IPO; though the chairman has talked of going public, no date is fixed yet, as of mid-2026. The current share price is ₹83.75 and the minimum investment amount is ₹41,875.</p><h2 style="text-align: justify"><strong>Onix Renewable</strong></h2><p style="text-align: justify">Based in Rajkot, Gujarat, <a target="_blank" href="https://www.planify.in/research-report/onix-renewables/">Onix</a> is engaged in manufacturing, operations and maintenance, independent power production, and solar EPC.It has completed over 700 projects and has roughly 2.5 GW of solar IPP capacity. Growth figures are indeed impressive for this venture: Its revenue base grew from around ₹99 crore in FY22 to ₹1,012 crore in FY25, with its net profit being around ₹112 crore and its unexecuted orders crossing the mark of ₹13,000 crore.<br><br>Instead of going through with a traditional IPO, Onix intends to reverse combine with Eureka Industries, a faltering company that has been listed on the BSE since 1994. At the moment, Eureka is going through a pre-packaged insolvency resolution procedure. In order to give Onix an indirect listing without a traditional IPO, Eureka would take over Onix's operations and assume the Onix name, while keeping its current BSE listing. NCLT, SEBI, and BSE still need to approve the deal. The minimum investment is ₹5,084, and the current share price is ₹50.84.</p><h2 style="text-align: justify"><strong>Solar91 Cleantech</strong></h2><p style="text-align: justify">Founded in 2015 by an IIT alumni-led team, <a target="_blank" href="https://www.planify.in/research-report/solar91-cleantech-limited/">Solar91</a> began as a rooftop and distributed solar EPC provider for commercial and industrial clients, mainly in Rajasthan. It is transitioning into a fuller Independent Power Producer model with battery energy storage capability. Solar91 has a confirmed order book of over 450 MW and aims for a portfolio exceeding 1 GW, structured on a roughly 70:30 debt-to-equity basis for its SPV-based assets. FY25 financials have been recorded at revenues of Rs 82 cr (Y-o-Y growth of 92%) and profits after tax of Rs 5 cr (Y-o-Y growth of 143%). The company made an attempt for BSE SME IPO of ₹106 crore, but it had to be deferred owing to regulatory approval problems. Its indicative valuation is around ₹900–1,000 crore. Current share price is ₹473.5 with minimum investment of ₹4,73,500.</p><h2 style="text-align: justify"><strong>Insolare Energy</strong></h2><p style="text-align: justify">Founded in 2009, <a target="_blank" href="https://www.planify.in/research-report/insolare-energy/">Insolare</a> is an EPC company focused on solar, hybrid, and green hydrogen technology. It has projects in over 19 states and has installed more than 500 MWp. The company also holds more than 10 patents and has an operations &amp; maintenance portfolio exceeding 100 MW. FY25 financials are at revenues of Rs 434 cr (increase by 165% year on year) and profit after tax of Rs 15.92 cr (increase by 399% year on year). They handle O&amp;M contracts worth more than 150 MWp, have finished projects worth more than 600 MWp, have projects worth more than 600 MWp in process, serve more than 150 clients, and have reduced carbon dioxide emissions by 2.4 million metric tons. They have 400+ employees with 50+ patents. Share price currently is ₹174.8 with minimum investment of Rs 17,480.</p><h2 style="text-align: justify"><strong>Goodluck Green Energy</strong></h2><p style="text-align: justify">The new player was set up in January 2024 and serves as the renewable energy segment of <a target="_blank" href="https://www.planify.in/research-report/goodluck-green-energy/">Goodluck India Group</a>, an engineering company in Ghaziabad, Uttar Pradesh. Since the company is very new, it does not have much experience to analyze; its main attraction for private equity investors would be its engineering background, not as a renewable company. Reported revenue of Rs 3 cr in FY25, all from other income. Current share price is ₹153.5 with minimum investment of ₹76,750.</p><h2 style="text-align: justify"><strong>GFCL EV Products</strong></h2><p style="text-align: justify">GFCL EV is a wholly-owned subsidiary of <a target="_blank" href="https://www.planify.in/research-report/gfcl-ev-products/">Gujarat Fluorochemicals Limited</a>, part of the listed INOXGFL Group. GFCL EV is developing what it calls India's first fully integrated battery-materials manufacturing complex in Jolva near Bharuch, Gujarat.LiPF6/NaPF electrolyte salts, cathode active materials (mostly LFP), and PVDF/PTFE binders comprise its product range, which is intended to make up between 40 and 50 percent of the bill of materials for a lithium-ion battery cell. By doing this, India hopes to become less dependent on imports of battery materials from China.<br><br>Revenue from operations increased sharply to ₹33 crore in FY26 from ₹9.4 crore in FY25, reflecting initial commercialization and customer onboarding. Loss after tax of ₹103 crore reflects the company’s early-stage investment phase, including capacity ramp-up, product validation, and pre-commercialization expenses, rather than any structural weakness in operations. In December 2025, IFC (World Bank Group) committed ~US $50 million (~₹450 crore) to GFCL EV Products via compulsorily convertible instruments to support India’s first fully integrated battery materials manufacturing facility. On March 30, 2026 Gujarat Fluorochemicals' subsidiary, GFCL EV, has secured an additional USD 80 million from a global investor. Including earlier finance from IFC, this takes the total capital for its battery materials segment to USD 130 million, strengthening India's position in the global supply chain and promoting high-value manufacturing. Current share price is ₹38.87 with minimum investment of ₹34,983.</p><h2 style="text-align: justify"><strong>Greenzo Energy</strong></h2><p style="text-align: justify"><a target="_blank" href="https://www.planify.in/research-report/greenzo-energy-india-ltd/">Greenzo</a> was founded in 2021 and is engaged in providing EPC services using solar/wind/hydro energy, green hydrogen manufacturing, electrolyser manufacturing (in construction of a 250 MW PEM electrolyser plant in Sanand, Gujarat) and fuel cell technology through tie-up with France-based EODev.<br><br>The company’s FY25 revenue is Rs 15.96 cr and PAT is Rs 1.38 cr. The success of its growth strategy will depend on the forecasted demand for green hydrogen. Current price of ₹553.3 with minimum investment of ₹5,53,300.</p><h2 style="text-align: justify"><strong>Sun Drops Energia</strong></h2><p style="text-align: justify">The firm is established in 2019 with operations in Surat, Gujarat, India, and functions as a subsidiary of KP Group as the solar and renewable energy department with its direct affiliation to KPI Green Energy Ltd., which is a listed entity. It provides services as an independent power producer and EPC/O&amp;M service providers for captive power consumers; one of their notable projects includes 100 MW solar project portfolio at the end of 2025.It's important to note that KPI Green Energy's ownership stake in Sun Drops was reduced to about 66% through a private placement, so it is not a wholly-owned subsidiary. FY25 revenue for <a target="_blank" href="https://www.planify.in/research-report/sun-drops-energia-share-price/">Sundrop Energia</a> was Rs 367 cr (+118% y-o-y) and PAT was Rs 51 cr (+88% y-o-y). Current price of ₹265 with minimum investment ₹18,550.</p><h3 style="text-align: justify"><strong>What Stands Out Across This Group?</strong><br></h3><ul><li><strong>The business models of these companies: </strong>It can be divided into three types: pure EPC/Construction contractors, IPPs that generate power from their own plants and earn through long term tariffs and material/manufacturing companies, including battery parts, solar modules and electrolysers. The risks associated with these businesses vary significantly because the income of an EPC contractor comes from contract execution. A manufacturer like GFCL EV is primarily a pre-revenue capex bet. <br><br></li><li><strong>Group affiliation is important but isn't a guarantee:&nbsp;</strong>Being connected to a listed parent (like GFCL EV with Gujarat Fluorochemicals and Sun Drops with KPI Green Energy) provides some indirect financial insight, but the unlisted subsidiary can still be pre-revenue, loss-making, or have limited documentation.<br><br></li><li><strong>The IPO path can be unpredictable:&nbsp;</strong>Solar91's <a target="_blank" href="https://www.planify.in/sme-ipo/">SME IPO</a> was postponed due to regulatory issues. Onix shifted from a planned traditional IPO to a reverse merger with a distressed, insolvency-bound listed company. Apollo Green has been looking to go public for over a year without a confirmed date. Don’t assume that "planning an IPO" means it will happen soon.<br><br></li><li><strong>Price history can diverge significantly from fundamentals:&nbsp;</strong>Onix's more than 90% crash, despite strong revenue growth, serves as a clear example, a reminder that unlisted-market pricing is influenced by sentiment, scarcity, and speculation as much as by the underlying numbers.​<br></li></ul>

Best Renewable Energy Unlisted Shares in 2026

<p><strong>Financial Performance (FY26 Numbers &amp; Projections):</strong><br>​<a target="_blank" href="https://www.planify.in/research-report/esds-software-solutions-limited/">ESDS Software Solution Limited</a> generated total revenue of ₹472 cr from operations in FY26. This shows a compound annual growth rate (CAGR) of 28.4% from ₹286 crores in FY24. EBITDA jumped to ₹239 crores in FY26, reflecting a CAGR of 53.5%, and the EBITDA margin increased to 50.8%. Profit After Tax (PAT) rose dramatically at a CAGR of 197.9%, reaching ₹120 crores in FY26, which resulted in a PAT margin of 25.6%. This increase in margin was due to careful management of staff, productivity improvements driven by AI, and a focus on higher-margin accounts.  Looking ahead, a significant global deal with Sharon AI, valued at about $1.95 billion over five years, provides substantial visibility. Upcoming revenue is expected to reach ₹1,927 crores in FY27 and exceed ₹3,800 crores annually from FY28 through FY31, while maintaining Gross Margins of 37%.  <br><br><strong>Operational Metrics:</strong><br>ESDS operates an integrated full-stack cloud, managed services, and software platform. As of March 31, 2026, the company expanded its network to five operational data centers serving 2,516 customers in total. The Net Revenue Retention (NRR) rate is strong at about 95.46%. Revenue from existing clients makes up 73.0%, while new customers account for 27.0%. By sector, revenue comes primarily from Enterprises (55.1%), followed by Government (27.4%) and Banking, Financial Services, and Insurance (BFSI) (17.5%). The service mix includes Managed Services (41.2%), Infrastructure as a Service (IaaS) (43.9%), and Software as a Service (SaaS) (14.9%). ESDS has a secure balance sheet, with a debt-to-equity ratio of -2.13x and ₹1250 crores in cash available for its ongoing AI development. The company currently has a domestic capacity of approximately 8.9 MW across Nashik, Mumbai, Bengaluru, Noida, and Mohali.  <br><br><strong>Key Project Executions &amp; Order Book:</strong><br>The company has a strong domestic order book of ₹980 crores, with 70% set to be monetized within the next three years. The near-term conversion pipeline includes ₹339 crores for FY27, ₹215 crores for FY28, and ₹140 crores for FY29. Notable institutional clients using ESDS platforms include Canara Robeco Mutual Fund, the Indian Institute of Banking &amp; Finance (IIBF), Indian Oil Skytanking, Balmer Lawrie &amp; Co. Ltd., and Kolhapur District Central Co-operative Bank. On the AI infrastructure side, the company generated ₹75 crores in technical design and GPUaaS revenue in FY26. To mitigate risks, ESDS received ₹1,187 crores in upfront customer advances to fully fund the infrastructure build.  <br><br><strong>Strategic Developments &amp; Outlook:</strong><br>ESDS acted quickly to benefit from India’s data localization rules, the DPDP Act 2023, and MeitY/STQC cloud empanelment standards. The company runs two distinct operations under its sovereign cloud platform: community clouds for regulated sectors (Engine 1) and high-growth, dedicated AI infrastructure SPVs (Engine 2).  The outlook includes 8,192 contracted NVIDIA B300 GPUs expected to go live in October 2026, plus an additional 16,000 GPUs in advanced discussions, bringing total committed capacity to about 24,000 GPUs. To support this scale, ESDS plans to expand its liquid-cooled domestic data center capacity to around 37.8 MW by FY30, featuring a new 20 MW site in Sahibabad. Globally, the company has grown its presence to 60 MW of offshore IT load capacity across Australia and the Nordics, with 20 MW already operating in Australia.  <br><br></p>

ESDS Software Solution Limited: FY26 Financial Performance, Operational Milestones, and AI-Driven Growth Outlook

<p><br></p><p>The list of IPOs in India is very impressive for the year 2026, which includes several high-quality private firms that will come into the stock market in the upcoming few years. Some of these companies operate in industries including financial services, telecom, quick commerce and others. Here, is the list of top 10 pre-IPO companies.</p><p>​</p><h2><strong>1. NSE</strong></h2><p>​<a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a> is one of the most established stock exchanges in 1992, based in Mumbai, Maharashtra. NSE has a strong presence as the leading stock exchange of India with large buying and selling transactions. NSE generates its revenue through trading facilities by creating a platform for different market players to trade in the shares. Some other sources of income are colocation fees, listing fees on the exchange and data feed terminals. The NSE generated a total revenue of Rs. 17,683 Cr. in FY26, a decrease of 3.2% YoY. Though there is a decrease in revenue, the PAT margin is quite strong and PAT is Rs. 10,309 Cr. with a margin of about 50.74%. NSE targets a huge valuation of over Rs. 5 lakh crores, with a public issue of Rs. 27,780 Cr., which will be 100% OFS.</p><p><br></p><h2><strong>2. OYO</strong></h2><p>​<a target="_blank" href="https://www.planify.in/research-report/oyo-share-price/">OYO</a> is a fast-growing company operating in the hotel industry. The organization operates from Gurugram, India, and was founded by Ritesh Agarwal in 2013. It provides more than 40 different products and solutions to partners that are involved in over 157,000 hotel and home listings in India, Europe, Southeast Asia, and 35 other countries. OYO experienced a YoY increase of 16.0% in revenue in FY25, rising from Rs. 5,389 Cr in FY24 to Rs. 6,253 Cr in FY25. The increase can be attributed to core accommodation services that saw an increase of 11.1% to Rs. 3,824 Cr, and an increase in commission and royalty revenue of 16.2% to Rs. 1,562.3 Cr. In FY25, the company made a net profit of Rs. 245 Cr after tax. OYO's 7% growth witnessed during FY24 was mainly on account of deferred tax benefit, without which OYO would have posted a net loss of Rs. 489 Cr. OYO expanded its lodging portfolio and there was demand for lodging services in mid and top segments. This reflects the overall strategy of the founder and CEO of OYO, Ritesh Agarwal. Going forward, OYO targets a threefold increase in PAT for FY26 at more than ₹700 crore. This growth will come from the strong performance in OYO's core markets as seen in the strategic move with the Goa government to build 500 hotels within one year. OYO aims for a valuation of $7-$8 billion (Rs. 58,000-Rs. 66,000 crore) for its future IPO.</p><p><br></p><h2><strong>3. Zepto</strong></h2><p>Equity <a target="_blank" href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a> is the fastest-growing quick commerce firm in India. Grocery products and daily necessities are delivered to consumers within minutes using a fleet of dark stores, totaling over 200 in India's big metros. In FY23, revenue witnessed a 14 times jump compared to FY22, while the same trend was seen for FY24 where revenue went up to Rs. 4,454 Cr. in FY24 from Rs. 2,025 Cr. in FY23 and this trend continuing in FY26, with revenue jumping from Rs. 2,025 Cr. in FY23 to Rs. 23,128 Cr. in FY26. But, despite a massive revenue jump, the net loss of the company has shot up more than three times in FY23 and stood at Rs. 1,272 Cr., while in FY24, this loss slightly decreased in FY24 to Rs. 1,248 Cr., but again increased to Rs.5,905 Cr. in FY26. Zepto is planning to raise around Rs. 8,010 crore via new issue of stocks at a value around $10 billion.</p><p><br></p><p><strong>4. SBI Fund Management</strong></p><p>The fund management department of SBI is India’s largest asset management firm that holds assets of over Rs. 12.5 lakh crores through various types of funds like equity, debt, hybrid, and passive funds. Revenue growth of <a target="_blank" href="https://www.planify.in/research-report/sbi-mutual-fund-share-price/">SBIFM</a> was quite impressive as it witnessed a CAGR growth rate of 27.18% in the past four years to touch a figure of Rs. 4,227.5 Cr. in FY25. Net profit for SBIFM too increased substantially to reach Rs. 2,510 Cr. in FY25. Total issue size for the IPO of SBIFM will be Rs. 11,693 crores and its price band would be Rs. 545 to Rs. 574 per share.</p><p><br></p><p><strong>5. JIO Platform</strong></p><p>Reliance Jio is the biggest telecom company of India having more than 490 million users and rapidly expanding its digital ecosystem. This includes broadband, enterprise services, cloud services, and digital applications. Jio showcased very good growth in terms of finance from FY24 to FY26. The revenues have increased from Rs. 110,175.4 Crores to Rs. 149,759.1 Crores, which shows the sustainable growth of the telecom and digital services of Jio. The net profit of Jio is also growing from Rs. 21,434 Crores to Rs. 30,052.7 Crores. During the growth in the business, Jio was maintaining very good profit margins, which includes EBITDA margin of about 50% and net profit margin of around 20%. ARPU of Jio increased from Rs. 181 in FY24 to Rs. 214 in FY26.</p><p><br></p><p><strong>6. Polymatech Electronics</strong></p><p>​<a target="_blank" href="https://www.planify.in/research-report/polymatech-electronics/">Polymatech Electronics</a> was established in 2007 and is a wholly owned firm of Polymatech Co. LTD., Japan, and Polymatech SDN. BHD., Malaysia. Polymatech Electronics is the producer of semiconductors and optoelectronics. It manufactures LED chips, sensors, and advanced electronic parts that are utilized in automobiles, consumer electronics, and industries. It showed impressive performance in terms of revenue generation in FY25. Its revenues increased to ₹1,903 Crore owing to high demand for opto-semiconductor components. Profitability is also a key strength of the firm with net margins widening to around 20% and ROE remaining stable at 38%. The firm will greatly benefit from the government initiatives in India to manufacture semiconductors and is also scaling up its production.</p><p><br></p><p><strong>7. Urban Tots</strong></p><p>​<a target="_blank" href="https://www.planify.in/research-report/urban-tots-deepak-houseware-and-toys/">Urban Tots</a> primarily produces and sells plastic and electronic toys, role play toys. Its products can be seen in many retail stores such as Hamleys, Firstcry, DMart, Reliance Retail. Its products are also sold through e-commerce sites like Flipkart and Amazon. Urban Tots runs a retail store called Urban Tot. The company has shown tremendous growth in revenues with 58.3% growth rate from Rs. 78.82 Cr. in FY24 to Rs. 124.8 Cr. in FY25. It has made 59.2% growth in net profits from Rs. 7.1 Cr. in FY24 to Rs. 11.31 Cr. in FY25. Urban Tots is targeting an IPO valuation of Rs. 2,100 crores.</p><p><br></p><p><strong>8. Hero Fincorp</strong></p><p>​<a target="_blank" href="https://www.planify.in/research-report/hero-fincorp/">Hero Fincorp</a> is the NBFC subsidiary of Hero MotoCorp, which works towards financing two-wheelers, used cars, personal loans, MSME loans, and housing loans. In recent times, Hero Fincorp's revenue has increased from Rs. 3,539.97 Cr. in FY24 to Rs.9583.26 Cr. in FY26. PAT has fall sharply from Rs. 637 Cr. in FY24 to Rs. 110 Cr. in FY25 and to Rs.226.01Cr. in FY26. The expected IPO valuation for Hero Fincorp is around Rs. 3,668.</p><p><br></p><p><strong>9. Renfra Energy</strong></p><p>​<a target="_blank" href="https://www.planify.in/research-report/renfra-energy-india-limited/">Renfra Energy India Pvt Ltd.</a>, which was established on 25th October 2017, is a renewable energy solutions provider in solar and wind energy. The firm works on the integration model involving project development, execution of EPC, and long-term O&amp;M services, mostly earning money through EPC contracts and maintenance services. It is a leading player in India's renewable industry and has proficiency in executing projects. Revenue has surged sharply from Rs. 511 Cr. in FY25 to Rs. 1,014 Cr. in FY26. Net profit increased from Rs. 94.6 Cr. in FY25 to Rs. 156.8 Cr. in FY26. The coming IPO of Renfra Energy involves a new issuance of shares worth up to ₹ 430 crore and OFS of 4.79 million equity shares.</p><p><br></p><p><strong>10. Absolute Projects (India) Limited</strong></p><p>​<a target="_blank" href="https://www.planify.in/research-report/absolute-projects-india-limited/">Absolute Projects (India) Limited</a> is an EPC contractor that was established in the year 1995 in New Delhi. It is an EPC contractor and executes turnkey contracts for NTPC and Power Grid Corporation amongst others. Its revenues come from EPC execution, supported by manufacturing, civil construction and O&amp;M operations. It enjoys high margins owing to vertical integration as well as niche business in rural electrification. The company's revenues have almost doubled in the last two years, growing from Rs. 141 Cr. in FY23 to Rs. 306.7 Cr. in FY25. Besides, net profits have also been increased from Rs. 3 Cr. to Rs. 21 Cr.</p><p>The Indian pre-IPO market is on fire! The one mentioned above gives an idea of the diversified nature of the Indian pre-IPO market, which consists of big giants like Jio, NSE, Zepto, and even relatively small firms like Urban tots. Investors should be very cautious about the risks involved with such companies and should seriously think about consulting a financial advisor.​<br></p>

The list of IPOs in India is very impressive for the year 2026, which includes several high-quality private firms that will come into the stock market in the upcoming few years. Some of these companies operate in industries including financial services, telecom, quick commerce and others. Here, is the list of top 10 pre-IPO companies.

Top 10 Pre-IPO Stocks to Buy This Month

<p style="text-align: justify">OYO's journey to the stock market has been one of the longest and most followed in Indian startup history. After two withdrawn attempts in 2021 and 2024, the company’s parent, now called PRISM (formerly Oravel Stays), has cleared a major regulatory hurdle. It is on track for a public listing in the second half of 2026. This has raised a question among retail investors: can you buy in early, and should you? <br><br>This article explores the current status of the IPO, what "buying before the IPO" means for a company like OYO, and the factors to consider before investing, whether through pre-IPO shares or the public offer itself.  <br><br><strong>Where the IPO Stands Right Now</strong><br><br>On June 30, 2026, PRISM submitted its UDRHP-I to SEBI in light of the feedback letter that was received by the company from SEBI on June 5, 2026. This submission followed after the receipt of the approval due to the confidential pre-filing stage where the company obtained feedback from regulators without sharing its finances.<br><br></p><p style="text-align: justify"><strong>The main figures include:</strong><br></p><ul><li><strong>Issue size: </strong>Size of the Issue: ₹6,650 crores; 100% fresh issue and no offer for sale. Thus, there will be no sale of shares by existing investors as a part of this listing process.<br></li><li><strong>Use of proceeds: </strong>Most of the funds nearly 75% is designated for repaying or prepaying debt.  <br></li><li><strong>Financials (9m FY26) : </strong>₹748 crore profit for the nine months ending December 2025, on ₹6,941 crore of revenue. FY25 marked the company's first year of positive EBITDA of Rs 2,127 crore. 80% of the revenue comes from overseas markets.<br></li><li><strong>Target valuation: </strong>Reports suggest a value of roughly $7–8 billion, significantly lower than the $9.6 billion PRISM sought in its 2021 attempt.  <br></li><li><strong>Timeline: </strong>The price band, lot size, and subscription dates have yet to be determined. These typically follow a 21-day public comment period on the UDRHP, followed by the final Red Herring Prospectus.</li></ul><p style="text-align: justify">In short, there is no live subscription window yet, so OYO stock is not available through the IPO process today.   ​<br></p>

<p style="text-align: justify"><strong>What "<a href="https://www.planify.in/research-report/oyo-share-price/">Buying OYO Before the IPO</a>" Actually Means<br></strong><br>For a company like OYO, people generally mean one of two things: <br><br></p><ul><li>Waiting for the public IPO subscription window. This is the common route. Once the price band and dates are announced, retail investors can apply for shares through their broker like any other IPO.  <br></li><li>Buying unlisted or pre-IPO shares now. Shares of private companies like PRISM sometimes trade in grey or unlisted markets before a formal listing, often through specialized platforms or brokers focused on unlisted equity. This is a fundamentally different, and riskier, kind of transaction. Pricing is unclear, liquidity is low, and these shares usually can't be sold again until the company actually lists, locking you in with no exit until the IPO occurs, if it happens at all. Also shares are locked in for 6 months post listing. OYO's history of two withdrawn IPOs serves as a reminder that "pre-IPO" bets do not always lead to a listing on the expected timeline or at the anticipated valuation.<br><br></li></ul><p style="text-align: justify"><strong>The Case For: Why This Attempt Looks Different</strong><br><br>OYO's 2026 filing is based on a genuinely different foundation than its earlier attempts:<br></p><ul><li><strong>It's profitable now:</strong> In FY25, the positive EBITDA, along with the nine-month profit in FY26, marks a radical departure from the story of growth at a loss that was responsible for the failure of the company's 2021 DRHP.<br></li><li><strong>It has shrunk in size but grown in focus: </strong>OYO has vacated unprofitable markets like China and some regions of Europe, taking over 150,000 rooms out of its business portfolio. Now, OYO operates in India, South-East Asia, and some regions of Europe.</li><li><strong>No OFS. </strong>Since the full ₹6,650 crore goes to the company rather than to early investors, the issue structure emphasizes funding the business mainly for debt repayment instead of providing insiders an exit. That can signal confidence, but it also means early backers have not yet revealed their timing.</li><li><strong>Valuation reset: </strong> With a target of $7–8 billion, down from the original $9.6 billion request, the pricing is more aligned with what the improved business can support.​<br></li></ul>

<p style="text-align: justify"><strong>The Case For Caution</strong><br><br>None of this removes the risks tied to this specific company and this kind of investment:<br></p><ul><li><strong>A history of losses: </strong>Long-term profitability under GAAP, rather than just a single strong period, is still not proven.  <br></li><li><strong>Debt load: </strong>Approximately ₹7,485 crore in debt remains on the books, even after the planned IPO-funded paydown.  <br></li><li><strong>Business complexity: </strong>Operating as a property aggregator, franchise partner, and hotel manager across multiple countries is harder to assess than a simpler business model.  <br></li><li><strong>Partner relationship risk: </strong>OYO has had conflicts with hotel owners on revenue sharing leading to reputational issues in the past.  <br></li><li><strong>Valuation uncertainty: </strong>Until the price band is published, the estimated $7–8 billion figure is just that an estimate. The difference between what a private company is thought to be worth and what public markets will pay often leads to problems for IPO investors.  <br></li><li><strong>Two prior withdrawals: </strong>It is important to remember that this is the third attempt, and nothing is guaranteed to proceed as planned this time.<br><br></li></ul><p style="text-align: justify"><strong>The Bottom Line</strong><br><br>OYO's 2026 IPO attempt is based on a stronger foundation than its previous tries: real profitability, a smaller and more focused business, and an issue structure that channels funds into the company instead of to early investors. It is definitely a much different story from 2021. Yet, being "different" is not necessarily "safe." The valuation, debt, and business complexity all warrant careful consideration once the actual figures are public. <br><br>This is not investment advice, this is a summation of the current situation and considerations to bear in mind. Whether OYO is a good buy depends on your risk tolerance, time horizon and view of the hospitality sector. It is advisable to go through the final prospectus carefully or take the help of a SEBI-registered investment advisor before investing.​<br></p>

6,650 crores; 100% fresh issue and no offer for sale.

Should You Buy OYO Before Its IPO?

<p><strong>Financial Performance (FY26 Numbers &amp; Projections):<br></strong><br>The total revenue for <a target="_blank" href="https://www.planify.in/research-report/experiential-etc/">ExperientialEtc</a> reached ₹3.3 crore in Financial Year 2026. Immersive tech makes up most of this revenue. Eighty percent comes from content (Anamorphic/3D), and the remaining twenty percent is from software and tech solutions. The company showed strong profitability, with a net profit of ₹1.46 crore and a net profit margin of 44.2%, leading in the industry. Looking ahead, management set ambitious revenue growth targets, projecting ₹7.5 crores for FY27, ₹16 crores for FY28, and ₹25 crores for FY29. Following this trend, the company’s valuation rose to ₹50 crore in 2026, up from ₹3.5 crore in 2021 and 2022. This increase was supported by institutional and HNI investors, including StartupLanes, Snard, We Founder Circle, India Accelerator, IVY Growth, and Planify Capital. To strengthen its global market leadership, the firm is seeking to raise ₹1.5 crores.  <br><br><strong>Operational Metrics:<br></strong><br>ExperientialEtc maintains a very lean cost structure with fixed expenses limited to just ₹8 lakhs per month. This setup gives the business great operational scalability. The main operational model works on a "Produce in India, Sell Globally" system, keeping production costs low while allowing for high margins. Operations are efficient due to proprietary mathematical templates designed for various screen curvatures (L-shape, U-shape, Curved), which ensure reliable scaling of forced-perspective visual illusions without manual calibration errors. Instead of paid marketing, the brand relies on strong organic search results, ranking No. 1 on Google in India and appearing on the first page globally for key phrases like "Top Anamorphic Agency" and "Top 3D Billboard Agency." Globally, its organic search presence ranks in the Top 2 to 5 in the Middle East, Top 5 to 10 in Europe, Top 3 to 10 in Asia-Pacific, and Top 3 to 7 in Africa. The current investment ask allocates 40% of funds to global sales and business development, 30% to talent and technology infrastructure (GPUs and senior VFX leads), 20% to marketing and SEO defense, and 10% to scaling operations.  <br><br><strong>Key Project Executions &amp; Order Book:<br></strong><br>The company has a strong delivery record, successfully completing over 750 campaigns across more than 75 technologies for over 250 brands, generating over 500 million total impressions. It has delivered impressive "stop-and-stare" anamorphic visual assets for leading enterprises around the world. The company’s ongoing projects include strong international client partnerships and retainer agreements. One notable timeline features a 6-month partnership with Magnate Ventures in Kenya to distribute localized anamorphic content across several African screen networks.  <br><br><strong>Strategic Developments &amp; Outlook:<br></strong><br>Originally founded as a 360° tech-activation agency between 2017 and 2022, specializing in holograms, AR/VR, and projection mapping, ExperientialEtc successfully pivoted in 2023 to focus solely on premium CGI and Anamorphic 3D content engines. The brand gained national credibility and recognition after appearing in Season 1 of Shark Tank India. To drive global expansion, the firm secured key international partnerships, working with HIT Ltd in Japan for access to premium media networks, teaming up with Adintime in Hong Kong to tap into APAC markets, and forming a joint venture called "Crea8Xp" in the US and Philippines to enable global scalability of content. As the agency moves into a later phase of commercial expansion, it is focusing on high-margin, physics-heavy simulations (hyper-realistic fire, water, and fluid dynamics) for major international screens. These projects command contract sizes ranging from ₹10L to ₹35L or more per deployment. This strategy positions the agency well to capture a global 3D display market projected to reach a total addressable market of $510.91 billion by 2030. <br><br></p>

ExperientialEtc Performance (FY26 Numbers & Projections)

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