<ul><li>Financial Performance (FY26 vs FY25):&nbsp;<a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> of India Limited (NSE) delivered strong operational and earnings performance during FY26, supported by healthy activity across trading, clearing, and data services businesses. Consolidated revenue from operations stood at approximately ₹16,601 crore in FY26 compared to around ₹17,141 crore in FY25. Despite a marginal moderation in topline, profitability remained robust with Profit Before Tax (PBT) from continuing operations at nearly ₹13,896 crore versus ₹15,475 crore in FY25. Profit After Tax (PAT) for FY26 came in at approximately ₹10,302 crore compared to around ₹12,188 crore in FY25. The decline in profitability was primarily attributable to exceptional regulatory-related provisions and settlement expenses linked to SEBI matters, rather than weakness in core operations. Excluding these one-time impacts, NSE’s core earnings profile continued to remain strong, supported by high operating leverage and strong market participation. </li><li>Operational Metrics (FY26 vs FY25): Operationally, NSE maintained leadership across India’s capital market infrastructure ecosystem with continued strength in trading and clearing activities. Trading segment revenue stood at approximately ₹15,044 crore in FY26, while clearing services contributed around ₹1,762 crore. Segment profitability remained healthy, with trading segment profit exceeding ₹9,151 crore during FY26. Total expenses increased to around ₹6,000 crore from approximately ₹4,806 crore in FY25, largely due to higher regulatory provisions, technology investments, employee costs, and operating expenses. Other expenses increased sharply to nearly ₹3,790 crore, mainly reflecting provisions related to ongoing SEBI settlement matters. Cash and cash equivalents rose significantly to over ₹32,261 crore as of March 31, 2026, highlighting strong liquidity and balance sheet strength. Total assets expanded to around ₹87,937 crore compared to ₹69,467 crore in FY25, supported by growth in financial assets and settlement-related balances. </li><li>Strategic Developments &amp; Outlook: NSE continued to strengthen its position as India’s leading exchange platform through expansion in trading infrastructure, clearing operations, data analytics, index licensing, and digital market ecosystem capabilities. The exchange also focused on strengthening its regulatory compliance framework following ongoing SEBI proceedings related to colocation, dark fibre, and governance matters. During FY26, NSE recognized a provision of approximately ₹1,391 crore toward settlement applications filed with SEBI, reflecting a proactive approach toward resolution of legacy regulatory matters. </li></ul>The company also continued investing in technology infrastructure, risk management systems, and market ecosystem expansion, while benefiting from increasing retail participation and strong growth in India’s capital markets. NSE recommended a final dividend of ₹35 per equity share for FY26, including a special one-time dividend component, reflecting strong cash generation capabilities. Looking ahead, NSE is expected to benefit from sustained growth in India’s financial markets, rising derivatives participation, increased institutional activity, and expanding digital adoption. While regulatory and compliance-related costs may continue to influence near-term profitability, the exchange’s dominant market position, scalable operating model, strong liquidity profile, and diversified revenue streams are expected to support stable long-term earnings growth and margin resilience. check the Live <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE unlisted share price</a> at the best price.

NSE: Financial & Operational Performance (FY26 vs FY25)

Financial Performance (FY26 vs FY25):&nbsp;<a target="_blank" href="https://www.planify.in/research-report/ikf-finance/">IKF Finance Limited</a> reported strong financial growth during FY26, supported by expansion in its lending portfolio across commercial vehicle finance, MSME lending, and affordable housing finance segments. Total income increased significantly to approximately ₹908 crore in FY26 compared to around ₹660 crore in FY25, reflecting robust growth in interest income and loan book expansion. Interest income alone rose sharply to nearly ₹855 crore from approximately ₹618 crore in FY25, indicating strong disbursement momentum and improving scale of operations. Profit Before Tax (PBT) stood at around ₹221 crore in FY26 versus approximately ₹145 crore in FY25, reflecting healthy earnings growth despite elevated credit costs and operating expenses. Profit After Tax (PAT) increased strongly to approximately ₹165 crore compared to around ₹108 crore in FY25, demonstrating improved profitability and operational leverage as the company scaled its financing business. Operational Metrics (FY26 vs FY25): Operationally, IKF Finance continued to strengthen its position as a growing NBFC focused on retail and SME-oriented lending. The company’s loan book expanded substantially, with loans increasing to nearly ₹5,791 crore in FY26 from around ₹4,514 crore in FY25, reflecting strong credit demand and business expansion across key segments. Total assets grew significantly to approximately ₹6,757 crore compared to around ₹5,012 crore in FY25, supported by increased borrowings and improved liquidity position. Finance costs rose to around ₹417 crore from approximately ₹332 crore in FY25, in line with balance sheet expansion and higher funding requirements. Impairment on financial instruments increased to nearly ₹84 crore versus approximately ₹40 crore in FY25, reflecting higher provisioning requirements amid rapid portfolio growth. Employee benefit expenses also increased to around ₹141 crore from ₹110 crore, indicating continued investments in branch expansion, manpower, and operational infrastructure. Despite higher provisioning, asset quality remained relatively stable, with Gross Stage-3 assets at approximately 2.52% and Capital Adequacy Ratio improving to around 27.34% in FY26 from 20.86% in FY25, highlighting strengthening balance sheet resilience. Strategic Developments &amp; Outlook: IKF Finance continues to benefit from structural growth opportunities in India’s retail lending and MSME financing ecosystem, particularly in underserved semi-urban and rural markets. The company remains focused on commercial vehicle finance, construction equipment finance, MSME lending, and affordable housing finance through its subsidiary IKF Home Finance Limited. During FY26, IKF Finance strengthened its subsidiary ownership structure by increasing its stake in IKF Home Finance to 100%, reinforcing its long-term focus on the housing finance segment. ​Key Ratios (FY26): Valuation and profitability indicators remained healthy during FY26. The company's Price-to-Book (P/B) Ratio stood at 2.06x, reflecting investor confidence in its growth prospects and franchise strength. Asset quality remained stable with Gross NPA at 2.52% and Net NPA at 1.69%, indicating effective credit risk management despite rapid portfolio expansion. The company maintained a strong Net Interest Margin (NIM) of 8.50%, supported by its high-yield retail lending portfolio. Capitalization remained robust, with a Capital Adequacy Ratio (CAR) of 27.34%, significantly above regulatory requirements and providing ample capacity for future growth. Profitability metrics remained healthy, with Return on Assets (ROA) at 2.80% and Return on Risk-Weighted Assets (RORWA) at 2.38%, reflecting efficient utilization of both total assets and risk-adjusted capital. These metrics highlight IKF Finance's strong balance sheet position, resilient asset quality, and ability to generate sustainable earnings while maintaining prudent risk management standards. The company also continued expanding through co-lending partnerships, with cumulative co-lending disbursements crossing approximately ₹532 crore during FY26, supporting diversification of funding sources and scalable loan growth. Strong liquidity coverage ratio of nearly 496% and improved net worth of approximately ₹1,896 crore provide additional financial flexibility for future expansion. Looking ahead, IKF Finance is expected to benefit from rising credit penetration, increasing formalization of MSMEs, infrastructure-led economic activity, and growing demand for vehicle and affordable housing finance. While higher credit costs and funding expenses may continue to influence near-term margins, sustained loan growth, improving operational scale, stronger capitalization, and disciplined risk management are expected to support stable long-term earnings growth and enhanced profitability.

IKF Finance: Financial & Operational Performance (FY26 vs FY25)

PRISM, the holding company behind OYO officially registered as Oravel Stays Limited, is widely expected to hear back from SEBI with its final observation letter sometime this week.

OYO IPO Update: Final SEBI Nod Expected This Week, Issue Size Cut To ₹6,500 Crore

Financial Performance for Q4 FY26:​<a target="_blank" href="https://www.planify.in/research-report/sk-finance/">SK Finance Limited</a> reported an improvement in financial performance in FY26, with Total Income increasing to ₹767.34 Cr , compared to ₹646.37 Cr in FY25, reflecting a 18% year-on-year (YoY) growth. This increase was mainly driven by higher interest income and a rise in net gains on the de-recognition of financial instruments. Profitability also improved during the year, with Profit Before Tax (PBT) at ₹217.34 Cr versus ₹178.85 Cr in FY25 , while Profit After Tax (PAT) stood at ₹163.33 Cr, up from ₹141.61 Cr in the previous year. Unlike some cases where profits are impacted by one-time items, the growth here reflects robust operational expansion, indicating a healthy earnings environment. Operational Metrics: (Q4FY26 vs Q4FY25)Operationally, SK Finance Limited remained resilient with substantial expansion in its primary business lines, posting Total Revenue from Operations at ₹766.26 Cr in FY26 compared to ₹643.66 Cr in FY25. The revenue mix showed a steady shift, where interest income grew to ₹631 Cr from ₹566 Cr , supported by expanding lending activities, while fees and commission income increased to ₹489 Cr from ₹36 Cr. Other income streams decreased to ₹1.08 Cr from ₹2.7 Cr. On the cost side, total expenses increased to ₹549.99 Cr from ₹467.51 Cr , driven by a rise in finance costs to ₹283 Cr and higher impairment provisions on financial instruments which rose to ₹48 Cr, indicating necessary cost expansion aligned with rapid loan book growth. Strategic Developments &amp; Outlook SK Finance Limited continues to expand its market footprint as a Non-Banking Financial Company (NBFC) registered under the 'Middle Layer' scale-based regulations of the RBI. It maintains strong risk governance, reporting a Capital to Risk-Weighted Assets Ratio (CRAR) of 25.41% and a highly stable liquidity profile with a Liquidity Coverage Ratio (LCR) of 167.01%.&nbsp; ​ Key Ratios (FY26): SK Finance Limited maintained a healthy financial and risk profile during FY26. The company's Price-to-Book (P/B) Ratio stood at 2.20x, reflecting positive market valuation relative to its book value. Asset quality remained manageable with Gross NPA at 4.34% and Net NPA at 2.83%, demonstrating the company's ability to manage credit risk despite operating in higher-yield lending segments. Profitability indicators remained strong, with a Net Interest Margin (NIM) of 10.41%, highlighting the strength of its lending franchise and yield generation capabilities. The company maintained a robust capital position, with a Capital Adequacy Ratio (CAR) of 25.41%, providing adequate capital buffers to support future business growth and absorb potential credit risks. Operational efficiency and profitability remained healthy, with Return on Assets (ROA) at 2.65% and Return on Risk-Weighted Assets (RORWA) at 2.76%, reflecting effective utilization of both total assets and risk-adjusted capital. Overall, these metrics underscore SK Finance's strong capitalization, sustainable profitability, and balanced approach to growth and risk management.

SK Finance Limited: Q4FY26 Quarterly Financial Performance

As Infra. Market prepares for its ₹5,000 crore IPO, it is currently raising a final ₹500 crore (Series H) at a valuation of ₹25,000 crore ($3 billion). While the company continues to dominate the B2B construction material space, a closer look at the balance sheet reveals a complex financial story.<h4>1. Explosive Revenue, Shifting Strategy</h4>The company has successfully transitioned from a simple trading platform to a high-margin business.<ul><li>Revenue Growth: Revenue has nearly tripled over the last three years, estimated to cross ₹20,000 crore in FY26. In FY25 company did revenue of Rs Rs 18,472 cr.</li><li>Margin Expansion: Gross margins have more than doubled (from roughly 10% to 26% from FY22 to FY25). This is because the company is focusing more on its own private labels and branded products rather than just acting as a middleman for other brands.</li></ul><h4>2. The Profitability Paradox</h4>Despite the massive jump in sales, the "bottom line" tells a different story. In FY25, net profit actually fell from ₹378 crore to ₹220 crore, even though revenue grew by thousands of crores.<ul><li>The Culprit: Surging finance costs (interest payments) and depreciation. As the company builds more physical infrastructure and takes on debt to fuel growth, its interest expenses nearly doubled to ₹805 crore.</li><li>Operational Costs: Scaling a logistics-heavy business has caused "other expenses" to skyrocket from ₹269 crore in FY22 to over ₹2,600 crore in FY25 in just three years.</li></ul><h4>3. The Pre-IPO Outlook</h4>The current fundraise shows "steady confidence" rather than a massive valuation jump—the valuation only increased by about 1.6% compared to the previous round.<ul><li>New Investors: Prominent HNI investor <a target="_blank" href="https://www.planify.in/investors/ashish-kacholia/">Ashish Kacholia</a> has joined the cap table, and the founders are also investing their own money, which is seen as a strong vote of confidence.</li><li>The Valuation Gap: At a ₹25,000 crore valuation, the company is trading at roughly 77x its projected FY26 earnings. This is considered a "premium" price, meaning investors are paying for future growth potential rather than current profits.</li></ul>

Infra.Market: Rapid Scale Meets Rising Costs

Across the unlisted market, something has quietly shifted. Investors who once held their positions with conviction are looking for exits.

Pre-IPO Investors Dumping Shares: Market Crash or Buying Opportunity?

Profit down 15%. Revenue is down. Margins squeezed. If you only read the headline, you'd think something was seriously wrong at the National Stock Exchange.

NSE FY26 Results Explained: Why PAT Fell 15% and Is FY27 a Recovery Year?

Financial Performance (FY26 vs FY25):&nbsp;<a target="_blank" href="https://www.planify.in/research-report/sbi-general-insurance-company/">SBI General Insurance</a> reported strong growth in scale during FY26, with Gross Written Premium (GWP) rising to approximately ₹9,710 crore, compared to around ₹8,300 crore in FY25, reflecting healthy double-digit growth driven by expansion across motor, health, and crop insurance segments.&nbsp;However, profitability remained under pressure, highlighting a divergence between growth and earnings. Profit Before Tax (PBT) stood at around ~₹710 crore in FY26 compared to ~₹675 crore in FY25, showing only modest improvement despite strong premium growth. Profit After Tax (PAT) came in at approximately ~₹552 crore, indicating limited earnings expansion relative to revenue growth.&nbsp;This reflects higher claims ratios and underwriting pressures, particularly in segments like health and motor, along with elevated operating costs. Unlike cases where profitability is impacted by one-offs, the relatively muted profit growth here suggests structural margin pressure inherent in the general insurance business, especially during phases of aggressive expansion. Operational Metrics (FY26 vs FY25):&nbsp;Operationally, SBI General Insurance demonstrated robust business momentum, with premium income growth supported by diversification across product lines including motor, health, fire, and crop insurance. The company’s underwriting performance showed resilience, though claims incurred increased significantly to ~₹7,660 crore in FY26 from ~₹7,256 crore in FY25, reflecting higher loss ratios.&nbsp;Commission expenses rose to ~₹1,560 crore from ~₹1,038 crore, indicating higher distribution costs and expansion in agency/broker channels, while operating expenses also increased in line with business growth. Strategic Developments &amp; Outlook: SBI General Insurance continues to benefit from structural tailwinds in India’s non-life insurance sector, including rising insurance penetration, regulatory push, and increasing awareness across retail and rural markets. Its strong parentage from the SBI group provides deep distribution reach and customer access, particularly through bancassurance channels. The company is increasingly focusing on product diversification (health, crop, SME insurance) and digital capabilities, which are expected to enhance scalability and operational efficiency over time. Additionally, growth in investment income and better risk pricing could support margin improvement going forward. Looking ahead, while premium growth is expected to remain strong, near-term profitability may continue to be influenced by claims experience, competitive pricing, and expense ratios. Over the long term, sustained scale, improved underwriting discipline, and technology-driven efficiencies should support gradual margin expansion and stable earnings growth.

SBI General Insurance: Financial & Operational Performance (FY26 vs FY25)

​India's primary markets have had a busy few years. The 2026 IPO pipeline is a mixed bag; some genuinely good businesses finally ready to go public, and some familiar names that investors have been waiting on for years.<h2 style="line-height: 1.38;text-align: justify">The Ones to Watch</h2><h3 style="line-height: 1.38;text-align: justify">1.&nbsp; ESDS Software Solution</h3>If you have not heard of ESDS, that is partly the point. This is exactly the kind of business that flies under the radar until it is too late to get in at a reasonable price.ESDS is a Nashik-based company that has been building cloud infrastructure and data centre solutions since 2005 well before cloud computing became a mainstream conversation in India. It launched its first data centre in 2010 and introduced its patented eNlight Cloud platform in 2011, which features vertical auto-scaling, a capability that lets computing resources adjust dynamically based on actual usage. That kind of technology was ahead of its time in the Indian context.Today, ESDS serves over 100 banks and large institutions including L&amp;T and STPI. Its client base spans BFSI, government, healthcare, manufacturing, and telecom and importantly, it has been deepening those relationships over time. The share of long-term customers has grown significantly over time, which tells you something important people who try ESDS tend to stay. That is not common in cloud services.The financials tell a clean story. Revenue grew from ₹212 crore in FY23 to ₹292 crore in FY24 and more importantly, the company finally started making money. After years of reinvesting everything back into building the platform, it posted a PAT of ₹15.84 crore in FY24. For a company that spent years deliberately running thin to build scale, that is a real turning point. The proposed IPO is a ₹600 crore fresh issue, which will fund data centre equipment and cloud infrastructure expansion, with no offer for sale component. That means the promoters are not excited about what they are building.ESDS is also empanelled by MeitY STQC as an authorised cloud provider for government and public sector entities, which gives it a defensible position in an increasingly regulated digital infrastructure space.The DRHP was filed with SEBI in April 2025. The IPO date is still to be announced, but the regulatory process is well underway. For investors interested in India's data centre and cloud infrastructure buildout, a theme that is only getting stronger with AI adoption and digital government initiatives ESDS is a company worth tracking closely.<h3 style="line-height:1.38;text-align: justify">2.&nbsp; Madhur Iron &amp; Steel&nbsp;</h3>​Madhur Iron &amp; Steel being based in Bhilai is no accident. Sitting near one of India's largest steel plants means cheaper, more reliable raw material access that is a genuine operational advantage, not a marketing point.Founded in 2012, Madhur started as a trading company and pivoted into manufacturing in 2018. By 2019, it had set up its own rolling mill. From FY23 to FY25, the company took its revenue from ₹192 crore to ₹339 crore. That is 76% growth in two years, and what makes it more interesting is that profitability improved alongside it, not a case of buying growth at the cost of margins. Every number is moving in the right direction.The company's client list includes PowerGrid and Indian Railways institutional, order-driven customers that provide revenue visibility rather than lumpy one-off sales. It operates in a B2B, order-based model, which means it is not chasing retail customers or dealing with marketing costs. It sells to people who need what it makes.The IPO was a fresh issue of 1 crore equity shares, filed with SEBI in January 2026. The proceeds were earmarked for debt repayment, setting up a new manufacturing unit (Unit II) with 1,20,000 MT capacity, and a captive 3 MWp solar plant to reduce energy costs.Here is the important caveat: Madhur Iron &amp; Steel withdrew its IPO offer documents from SEBI on March 9, 2026 less than two months after filing. No official reason was given, which is the norm for such withdrawals. The most likely explanations are market conditions, pricing disagreements with bankers, or the need to update financials.This is not necessarily a red flag. Many companies withdraw and refile with stronger numbers. Given the structural demand tailwinds in steel India's production is expected to grow from 147 MT in FY25 to 230 MT by FY31 and Madhur's clean growth track record, this is a company to watch when it returns. The withdrawal just means investors who were tracking it in the unlisted market may get more time at pre-IPO prices.<h3>3.&nbsp; Maverick Simulation Solutions</h3>This one is genuinely different from anything else in the current IPO pipeline.Maverick Simulation Solutions, founded in 2006 by Anuj Chahal and Kanika Chahal, makes medical simulators the equipment that allows doctors, nurses, and paramedics to practise high-stakes procedures in a safe, controlled environment before touching a real patient. If you have ever wondered how surgeons learn to perform complex operations before they are ready for the operating theatre, simulation is a big part of the answer.The company supplies simulators to over 100 medical institutions across India. Its product range covers 40+ simulators across different fidelity levels, incorporating AI, augmented reality, and virtual reality. February 2026 saw Maverick roll out SIDDH, a full-body adult patient simulator that replicates real clinical scenarios using AI-powered ultrasound and it was made entirely in India. That last part matters more than it sounds. For decades, any hospital or medical college in India that wanted high-end simulation equipment had to import it. SIDDH changes that equation. Maverick is positioning itself as a manufacturer and exporter, not just a reseller.The financials are impressive for a company of its size. In FY24, it generated revenue of ₹70.7 crore with a PAT of ₹19.94 crore with a net profit margin of over 28%. Its operating margin stands at 37.91% and return on equity at 44.75%. These are not typical numbers for a hardware company. They reflect a business where proprietary technology and institutional relationships create real pricing power.In 2025, Maverick put ₹50 crore into R&amp;D. That is a significant bet for a company this size, and it suggests the founders are building something long-term rather than just getting to a listing.Maverick's unlisted shares are currently changing hands at around ₹1,990–₹2,050 in the grey market, which shows real investor interest even before a DRHP is filed. The company converted to a public limited structure in September 2023 usually the first visible sign that a listing is being planned.India trains an enormous number of healthcare professionals every year, but the infrastructure for simulation-based training has not kept up. Maverick is working right at that gap, across healthcare, technology, and defence which is a rare combination for a company of this size.<h2>The Ones That Keep Getting Delayed</h2><h3>1.&nbsp; boAt</h3>India's most recognisable audio and wearables brand has been preparing for an IPO since 2022. Four years on, it still has not happened.The story of the boAt delay is actually more interesting than the IPO itself. The company boAt got SEBI approval in October 2025 for a ₹1,500 crore IPO out of this ₹500 crore fresh issue, ₹1,000 crore OFS from existing investors looking for exits.The OFS component is large, which means existing investors like South Lake Investment, Fireside Ventures, and Warburg Pincus are looking for exits alongside the founders Aman Gupta and Sameer Mehta. Despite regulatory approval, the company deferred the offering once again before even announcing a price band.The reasons are not hard to find. The profitability story has been inconsistent. boAt reported a net profit of ₹61 crore in FY25 on revenue of ₹3,089 crore, a net margin of under 2%. The company had losses in FY24 and earlier years. For a brand with this level of consumer recognition and revenue scale, the margin profile is thin. The heavy OFS component also signals that the IPO is as much about investor exits as it is about business growth which sophisticated investors have noticed.There are also governance questions. Auditors flagged financial irregularities and record-keeping issues in certain years, and the company faces ₹240.84 crore in contingent liabilities related to indirect tax matters.boAt is a good business in a genuinely growing market India's wearables sector has grown at 24% CAGR. But a good brand is not the same as good investment. Until the margin story improves and the governance questions are fully resolved, the IPO overhang will persist. It will likely happen in 2026, but investors should go in with their eyes open.<h3>2.&nbsp; Hero FinCorp</h3><a target="_blank" href="https://www.planify.in/research-report/hero-fincorp/">Hero FinCorp</a> is the financial services arm of the Hero Group, and on paper it should have been one of the easier IPOs to execute. The Hero brand is trusted, the NBFC business is diversified two-wheeler loans, personal loans, MSME financing, mortgage loans and the AUM stood at ₹51,821 crore as of March 2024.Hero FinCorp received SEBI approval in May 2025 for a ₹3,668 crore IPO and out of this ₹2,100 crore fresh issue and ₹1,568 crore from existing shareholders. The approval window is 12 months, so the timeline is tightening.​The delay is largely market-related. NBFC stocks have had a complicated 18 months, with rising credit costs, asset quality concerns in the unsecured segment, and regulatory scrutiny of certain lending practices. Hero FinCorp's provision coverage ratio of 55.42% as of September 2025 is healthy, but the market environment has not been ideal for an NBFC IPO at scale.The company filed an updated appendix to its DRHP in November 2025 to keep the regulatory process alive. A launch sometime in Q2 or Q3 of FY27 seems the most realistic outcome at this point. For long-term investors, Hero FinCorp is a fundamentally solid business; it just needs the right market window.<h3 style="text-align: justify">3.&nbsp; Garuda Aerospace</h3>Garuda Aerospace is the most interesting of the three delayed names, and also the most misunderstood.The Chennai-based drone company backed by MS Dhoni among others has not actually been delaying out of weakness. In April 2026, Garuda filed IPO papers with SEBI through the confidential route targeting ₹1,000 crore, split between ₹750 crore fresh issue and ₹250 crore OFS, with a late-2026 listing goal and a valuation target of ₹4,000–5,000 crore.The confidential route was a deliberate decision, not a workaround. It allows a company to engage with SEBI, update its financials, and calibrate timing without triggering speculative pressure in the unlisted market. For a company targeting a meaningful re-rating at listing, this is sensible.The business fundamentals are genuinely impressive for a company of this scale. Garuda commands 55% market share in precision agri-tech drones, manufactures 25% of all drones operating in India, operates 400+ drones with 500 trained pilots across 84 cities, and has profitable operations ₹125 crore revenue and ₹20 crore profit in FY25, four consecutive years of profitability.The valuation question is the real one. ₹4,000–5,000 crore on ₹125 crore revenue is a big ask. The company will need to show strong FY26 and FY27 growth to justify that number and management has said they expect 2–3x revenue growth. If that happens, the story holds. If it does not, the listing will face pushback.For investors tracking this in the unlisted market, the confidential filing is a signal that the process is now formally underway. Late 2026 listing appears realistic.<h2 style="text-align: justify">Conclusion</h2>India's IPO market in 2026 is operating in a more discerning environment than 2021–22. Investors are asking harder questions about profitability, governance, and promoter intent. The era of listing purely on narrative is largely over.What this means in practice is that companies with genuine earnings, defensible business models, and a clear reason for being public will do well. Companies listing primarily to give investors an exit, or without a clear growth use of proceeds, will face more scrutiny.ESDS and Maverick represent the kind of early-stage, high-quality story that is harder to access once they are widely tracked on the main exchanges. Garuda, if it can demonstrate revenue growth into its valuation, could be one of the more interesting listings of the year.The patience required for boAt and Hero FinCorp is a reminder that SEBI approval is not the same as a listing date. Markets wait for no one, and companies that hesitate too long risk losing the window they were waiting for.

India's primary markets have had a busy few years. The 2026 IPO pipeline is a mixed bag; some genuinely good businesses finally ready to go public, and some familiar names that investors have been waiting on for years.

The Ones Worth Your Attention and the Ones Still Waiting

Upcoming IPOs to Watch in 2026

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