Investing in India largely meant participating in the listed markets tracking stock prices, following quarterly results, and reacting to market movements.

Why Smart Investors Are Shifting from Investing in Listed to Unlisted Shares in India?

​<a target="_blank" href="https://www.planify.in/research-report/hindustan-power-exchange-share-price/">Hindustan Power Exchange Limited</a> reported a stable topline performance for Q3 FY26, with Total Income rising to ₹8.64 crore, compared to ₹8.22 crore in Q3 FY25, reflecting gradual improvement in trading activity on the platform.However, profitability weakened during the quarter, with the company reporting a net loss (PAT) of ₹2.46 crore, versus a profit of ₹1.28 crore in the corresponding period last year, indicating cost pressures and evolving market dynamics.For the nine-month period (9M FY26):<ul><li>Total Income increased to ₹36.4 crore from ₹30.27 crore YoY</li><li>PAT stood at ₹4.42 crore, compared to ₹8.38 crore in 9M FY25</li></ul>Source &amp; Context: These figures are derived from the Q3 earnings call transcript of PTC India Limited, which holds a 22.3% stake in Hindustan Power Exchange (HPX), providing insights into HPX’s financial performance.Outlook: HPX continues to focus on scaling transaction volumes and deepening market participation. With India’s power markets seeing increasing shift toward exchange-based trading, the company remains well-placed to benefit from long-term structural growth, despite near-term earnings volatility.

Hindustan Power Exchange Limited – Q3 FY25 Update

According to the notice dated March 5, 2026 , <a target="_blank" href="https://www.planify.in/research-report/kineco-share-price/">Kineco Limited</a> will hold an Extraordinary General Meeting (EGM) on Wednesday, April 15, 2026. The meeting is scheduled for 12:00 PM IST and will be conducted in a hybrid mode, allowing for both physical attendance and participation via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Key Agenda Items for the EGM:The primary purpose of the meeting is to consider and, if thought fit, approve a Scheme of Amalgamation by way of a Fast Track merger.<ul><li>Amalgamation of Subsidiary: To approve the merger of Kineco Train Tech Private Limited ('KTTPL' or Transferor Company) into Kineco Limited ('KL' or Transferee Company).</li><li>Approval of Appointed Date: To record the Appointed Date of the amalgamation as January 1, 2026.</li><li>Share Exchange/Swap Ratio: To approve the issuance of 01 fully paid-up Equity Share of Kineco Limited (nominal value INR 10) for every 11 fully paid-up Equity Shares held in Kineco Train Tech Private Limited. </li><li>Increase in Authorised Share Capital: Upon the scheme becoming effective, the authorised share capital of the Transferor Company will be added to that of the Transferee Company.</li></ul>EGM Logistics and Voting Information:​<table><tbody><tr><td><div>EGM Date and Time</div></td><td>Wednesday, April 15, 2026, at 12:00 PM IST <source-footnote></source-footnote><source-footnote></source-footnote><source-footnote></source-footnote><source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Cut-off Date for Voting</div></td><td>Wednesday, April 8, 2026 <source-footnote></source-footnote><source-footnote></source-footnote><source-footnote></source-footnote><source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Remote E-voting Period</div></td><td>April 10, 2026 (9:00 AM) to April 14, 2026 (5:00 PM) <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Venue (Deemed)</div></td><td>Plot No 60, Pilerne Industrial Estate, Pilerne, Bardez, Goa-403511 <source-footnote></source-footnote><source-footnote></source-footnote><source-footnote></source-footnote><source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Scrutinizer</div></td><td>Mr. Shivaram Bhat, Practicing Company Secretary <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr></tbody></table>

Notice of Extraordinary General Meeting: Kineco absorbing it's subsidiary at Rs 136 Crores.

Orbis has attracted investments from marquee investors, including multiple rounds led by Ashish Kacholia, raising over ₹100 crore in recent funding to strengthen its market position and expand capabilities. In a market chasing high-visibility fintech and consumer tech IPOs, <a target="_blank" href="https://www.planify.in/research-report/orbis-financial-corporation/">Orbis Financial Corporation</a> Limited is quietly building a different narrative, one rooted in financial infrastructure rather than front-end disruption. Operating at the core of India’s capital markets, Orbis provides custody, clearing, and fund services to FPIs, AIFs, and institutional investors. With the increasing flow of capital into India, businesses such as Orbis, which are frequently neglected, are emerging as vital facilitators of this ecosystem. As of March 2024, Orbis serves 347 FPIs, 356 FDIs, 363 PMS clients, and 125 AIFs, a client base that continues to grow alongside India's institutional ecosystem.<h2>Financial Momentum: Margins, Scale, &amp; Operating Leverage</h2>Orbis Financial’s recent financial trajectory reflects a business leveraging scale effectively. The company has delivered strong profitability expansion, with net profit rising sharply and margins improving even as operations scale. EBITDA margins have expanded significantly, supported by a high operating leverage model typical of custody businesses, where incremental volumes come at relatively lower costs. The company's net profit grew from ₹88 crore in FY2023 to ₹138 crore in FY2024, reflecting a growth of nearly 57% year-on-year. EBITDA has grown at a CAGR of 48%, with PAT margins improving to 38% in FY2024 from 35% in FY2023. This growth has been underpinned and supported by: 1. Rising assets under custody (AUC) 2. Expansion across service lines like fund accounting, trusteeship, and clearing 3. Increasing participation from institutional investors Additionally, strong cash reserves and improving balance sheet metrics indicate that Orbis is not just growing it is building financial resilience. Orbis reported revenues of ₹560 crore in FY2025, growing at a 30% CAGR over the last three years.<h3>Why the Merger Matters Now?</h3>The merger angle is where the Orbis story shifts from steady growth to strategic expansion.While details remain limited in the public domain, the intent is clear — to consolidate capabilities, deepen service offerings, and create a more integrated financial infrastructure platform. This is important because custody is no longer a standalone service. Institutional investors today demand bundled solutions clearing, reporting, compliance, fund administration all under one ecosystem. A well-executed merger can: 1. Increase wallet share from existing clients 2. Improve cross-selling across services 3. Strengthen operating efficiencies 4. Enhance valuation multiples ahead of a potential IPO In that context, the projected 25% Q4 growth is not just cyclical, it may be an early signal of operating synergies starting to play out.<h2>Capital Infusion and Strategic Positioning</h2>The company’s growth ambitions have also been supported by timely capital raises. Orbis has attracted investments from marquee investors, including multiple rounds led by Ashish Kacholia, raising over ₹100 crore in recent funding to strengthen its market position and expand capabilities. As of March 2024, the company's net worth stood at ₹683 crore, growing 60% year-on-year. These fundraises are not merely balance sheet strengthening exercises they signal: 1. Confidence in Orbis’s scalable business model 2. Intent to capture a larger share of institutional flows 3. Preparation for potential public market entry in the future In the unlisted market, this optimism is already reflected in significant appreciation in share value, indicating rising investor interest in the story.<h3>Orbis Financial Services: Key Metrics</h3><table><tbody><tr><td><div style="text-align: center">Current Unlisted Market Price​ </div></td><td><div style="text-align: center">₹545/share </div></td></tr><tr><td><div style="text-align: center">Market Cap </div></td><td><div style="text-align: center">₹6,770 Cr </div></td></tr><tr><td><div style="text-align: center">P/E </div></td><td><div style="text-align: center">33x </div></td></tr><tr><td><div style="text-align: center">P/B </div></td><td><div style="text-align: center">7.45x </div></td></tr><tr><td><div style="text-align: center">ROE </div></td><td><div style="text-align: center">22.8% </div></td></tr></tbody></table> India’s IPO market has a pattern: stories that dominate headlines are usually the ones consumers recognize. Payments apps, food delivery, quick commerce. But beneath that noise, there’s a different layer of companies quietly compounding businesses that don’t chase visibility, yet sit at the very core of how capital markets function. Orbis Financial Corporation Limited belongs to that category. And with its recent growth trajectory and rising valuation, it is slowly transitioning from a back-end enabler to a serious IPO candidate. To understand Orbis, you have to step away from the idea of “fintech” as an app. Orbis doesn’t lend, doesn’t acquire customers through ads, and doesn’t burn cash for growth. Instead, it operates as a custodian handling settlement, clearing, and asset servicing for institutional money. Every time a foreign investor deploys capital into Indian markets, or an AIF executes a transaction, there’s an invisible layer ensuring that trade actually goes through. That’s where Orbis sits. It’s not a growth story built on user acquisition, it's a scale story built on flows of capital. And those flows are expanding rapidly. India’s institutional ecosystem FPIs, AIFs, PMS, and domestic funds has grown meaningfully over the last decade. As this pool deepens, companies like Orbis don’t need to reinvent their business to grow. They simply need to process more volume. This is what makes the model powerful. Incremental growth doesn’t demand proportional costs, which is why the company has been able to report strong margin expansion alongside revenue growth. High EBITDA margins and improving return ratios are not outliers here; they are structural outcomes of the business model. As India’s capital markets deepen, daily institutional volumes, FPI inflows, and AIF activity continue to rise creating a natural volume tailwind for Orbis without requiring aggressive expansion strategies. And that is where the real compounding lies.<h2>GIFT City &amp; The Global Play</h2>What stands out, however, is not just growth but the quality of it. Orbis has scaled revenues while maintaining profitability, a combination that remains rare in financial services. The balance sheet remains clean, leverage is negligible, and capital efficiency is high. Even the volatility in cash flows often a concern in other sectors needs to be read differently here. Custody businesses inherently deal with large client balances and settlement cycles, which can distort cash flow optics without necessarily indicating stress. In essence, this is a business where accounting noise can mask underlying stability. Simultaneously, the company is not remaining idle. Its growth into GIFT City indicates a definite aim to connect with offshore capital movements and international fund frameworks. This is a strategic shift. As India positions itself as an international financial hub, the ability to service cross-border capital becomes a significant advantage. For Orbis, this is less about diversification and more about future-proofing its relevance in a globalizing capital market ecosystem. Everything here begins to mirror a recognizable trend, one that usually comes before a public market launch. High earnings potential, operational capacity, institutional support, and steady growth of offerings. These are not arbitrary changes; they indicate a company getting ready for increased examination and greater sources of funding. However, timing continues to be the most unpredictable factor. In today’s environment, IPO success depends not just on fundamentals, but on sentiment and valuation alignment. For a business like Orbis, rushing into markets at the wrong time could undervalue years of disciplined execution. Because the IPO market today is no longer just about readiness. It’s about alignment with sentiment. And so, the decision to go public may ultimately hinge not on internal performance, but on external confidence.<h2>Conclusion</h2>This is where the Orbis story becomes more interesting. It challenges a common bias in public markets, the tendency to reward visibility over infrastructure. Investors often gravitate toward what they can see and use. But over time, it is the companies embedded within the system, the ones enabling transactions, safeguarding assets, and ensuring trust that tend to compound more predictably. Orbis Financial is still largely invisible to the average investor. But that invisibility is precisely what has allowed it to scale without distraction. And if its current trajectory continues, it may not remain in the background for long. Because when capital markets expand, the biggest winners are not always the loudest players, they are often the ones quietly making the system work.

Orbis Financial Eyes 25% Growth in Q4 as Merger Plans Take Shape

𝗗𝗼𝗲𝘀 𝗮𝗻𝘆𝗼𝗻𝗲 𝗸𝗻𝗼𝘄 𝘄𝗵𝘆 𝘁𝗵𝗲 𝘄𝗮𝘁𝗲𝗿 𝗮𝗻𝗱 𝗽𝘂𝗺𝗽 𝘀𝘁𝗼𝗰𝗸𝘀 𝘀𝘂𝗿𝗴𝗲 𝘂𝗽 𝘁𝗼 𝟮𝟬% 𝗶𝗻 𝗹𝗲𝘀𝘀 𝘁𝗵𝗮𝗻 𝟮𝟰 𝗵𝗼𝘂𝗿𝘀 𝗱𝗲𝘀𝗽𝗶𝘁𝗲 𝘁𝗵𝗲 𝗰𝘂𝗿𝗿𝗲𝗻𝘁 𝗴𝗲𝗼𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻? 𝗜𝗻𝗱𝗶𝗮’𝘀 ₹𝟴.𝟳 𝗟𝗮𝗸𝗵 𝗖𝗿𝗼𝗿𝗲 𝗥𝘂𝗿𝗮𝗹 𝗪𝗮𝘁𝗲𝗿 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 – 𝗔 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗧𝗮𝗶𝗹𝘄𝗶𝗻𝗱 𝗳𝗼𝗿 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿𝘀 The Union Cabinet has approved the 𝗲𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗮𝗻𝗱 𝗿𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗼𝗳 𝘁𝗵𝗲 𝗝𝗮𝗹 𝗝𝗲𝗲𝘃𝗮𝗻 𝗠𝗶𝘀𝘀𝗶𝗼𝗻 (𝗝𝗝𝗠) 𝘂𝗻𝘁𝗶𝗹 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟴, with the total program outlay increased to ₹𝟴.𝟲𝟵 𝗹𝗮𝗸𝗵 𝗰𝗿𝗼𝗿𝗲.The initiative now shifts from merely creating infrastructure to building a 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲, 𝘀𝗲𝗿𝘃𝗶𝗰𝗲-𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝘆-𝗱𝗿𝗶𝘃𝗲𝗻 𝗿𝘂𝗿𝗮𝗹 𝗱𝗿𝗶𝗻𝗸𝗶𝗻𝗴 𝘄𝗮𝘁𝗲𝗿 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺 The next phase of JJM will focus on:• Expanding 𝗹𝗮𝘀𝘁-𝗺𝗶𝗹𝗲 𝘄𝗮𝘁𝗲𝗿 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲• Strengthening 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗺𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀• Digital monitoring of water systems• Achieving 𝘂𝗻𝗶𝘃𝗲𝗿𝘀𝗮𝗹 𝗿𝘂𝗿𝗮𝗹 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱 𝘁𝗮𝗽 𝗰𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗯𝘆 𝟮𝟬𝟮𝟴 For infrastructure developers working in 𝘄𝗮𝘁𝗲𝗿 𝘀𝘂𝗽𝗽𝗹𝘆, 𝗽𝗶𝗽𝗲𝗹𝗶𝗻𝗲𝘀, 𝘁𝗿𝗲𝗮𝘁𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻𝘁𝘀, 𝗮𝗻𝗱 𝗿𝘂𝗿𝗮𝗹 𝘂𝘁𝗶𝗹𝗶𝘁𝘆 𝘀𝘆𝘀𝘁𝗲𝗺𝘀, 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝘀 𝗮 𝗺𝘂𝗹𝘁𝗶-𝘆𝗲𝗮𝗿 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗯𝗮𝗰𝗸𝗲𝗱 𝗯𝘆 𝘀𝘁𝗿𝗼𝗻𝗴 𝗽𝗼𝗹𝗶𝗰𝘆 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗮𝗻𝗱 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝘃𝗶𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆.Regional execution-focused companies are particularly well placed to benefit from this push.Companies such as <a target="_blank" href="https://www.planify.in/research-report/nnt-developers-private-limited/">𝗡𝗡𝗧 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿𝘀</a> (𝗕𝗶𝗵𝗮𝗿), which are engaged in the development of rural water infrastructure, stand to gain from the 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝗱 𝘀𝗰𝗮𝗹𝗶𝗻𝗴 𝗼𝗳 𝗝𝗮𝗹 𝗝𝗲𝗲𝘃𝗮𝗻 𝗠𝗶𝘀𝘀𝗶𝗼𝗻 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝘀𝘁𝗮𝘁𝗲𝘀.With government spending on rural utilities accelerating and execution shifting toward local players with on-ground capabilities, the 𝗻𝗲𝘅𝘁 𝗽𝗵𝗮𝘀𝗲 𝗼𝗳 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗺𝗮𝘆 𝘄𝗲𝗹𝗹 𝗯𝗲 𝗹𝗲𝗱 𝗯𝘆 𝗿𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗰𝗵𝗮𝗺𝗽𝗶𝗼𝗻𝘀 𝗶𝗻 𝘄𝗮𝘁𝗲𝗿 𝗮𝗻𝗱 𝘀𝗮𝗻𝗶𝘁𝗮𝘁𝗶𝗼𝗻 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲.

𝗜𝗻𝗱𝗶𝗮’𝘀 ₹𝟴.𝟳 𝗟𝗮𝗸𝗵 𝗖𝗿𝗼𝗿𝗲 𝗥𝘂𝗿𝗮𝗹 𝗪𝗮𝘁𝗲𝗿 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 – 𝗔 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗧𝗮𝗶𝗹𝘄𝗶𝗻𝗱 𝗳𝗼𝗿 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿𝘀

Water and pump stocks surge up to 20% in less than 24 Hrs

The upcoming IPO is expected to be among the largest fintech listings in India maintaining dramatic transformation and could value the company between $9 billion and $10.5 billion, depending on market conditions and investor demand. India’s fintech sector is heading toward one of its most closely watched listings as PhonePe prepares for its public market debut. Backed by Walmart, the company has already filed its Updated Draft Red Herring Prospectus (UDRHP) with Securities and Exchange Board of India. The PhonePe upcoming IPO is expected to be among the largest fintech listings in India and could value the company in the $9–$10.5 billion range, depending on market conditions and investor demand. However, the DRHP reveals a more nuanced story: while PhonePe dominates India’s digital payments ecosystem, its financial model still relies heavily on payments infrastructure while newer revenue streams are gradually scaling.<h2>The Rise of PhonePe in India’s Digital Payments Market</h2>Founded in 2015, PhonePe has emerged as the largest digital payments platform built on India’s Unified Payments Interface (UPI). The scale of the platform today is enormous: 1. 650+ million registered users 2. 47–50 million merchant partners 3. Over 45% share of UPI transaction volume As of late 2025, the platform processed 9.8 billion transactions in a single month, accounting for a significant portion of India’s digital payment activity. This dominance has made PhonePe one of the most important digital infrastructure companies in India’s fintech ecosystem.<h2>IPO Structure: Pure Offer for Sale</h2>One of the most notable aspects of the <a target="_blank" href="https://www.planify.in/research-report/phonepe/">PhonePe IPO</a> is its structure. According to the updated DRHP: 1. The IPO will be entirely an Offer for Sale (OFS) 2. Up to 50.66 million equity shares will be sold 3. No fresh capital will be raised by the company This means all proceeds from the IPO will go to existing shareholders, not the company itself. (Kotak Neo) Major shareholders expected to sell part of their stakes include: Walmart Tiger Global Microsoft Walmart, the largest shareholder, is expected to reduce its stake by roughly 12%, while some early investors may exit fully.<h2>PhonePe Financials: Revenue Growth and Profitability Trends</h2>The financial data disclosed in the DRHP shows strong growth but also highlights the company’s continuing losses. Revenue Growth: PhonePe has witnessed rapid expansion in revenue over the past three years. Revenue has grown at a 56% CAGR between FY23 and FY25, reflecting increased monetisation across merchant services, lending, and insurance distribution. In FY25 alone, revenue grew 40% year-on-year. Profitability: Despite the strong revenue growth, the company remains loss-making. Losses have narrowed, suggesting improving operational efficiency. However, profitability is still some distance away as the company continues investing heavily in product development, merchant acquisition, and financial services expansion.<h3>FY26 Performance (Half-Year)</h3>For the six months ending September 2025: Revenue: ₹3,918 crore Net loss: ₹1,444 crore Revenue grew around 22% year-on-year, but losses widened due to higher operating expenses. The DRHP highlights a key structural feature of PhonePe’s business model. Most revenue still comes from its payments ecosystem. Revenue Breakdown (FY25) Payments services: ₹6,299 crore (~88.5%) Insurance and lending distribution: ₹557 crore Other services (broking, marketplace, etc.): ~₹57 crore Payments remain the core revenue driver, while financial services are still in the early stages of scaling. Industry analysts often describe payments as “the distribution engine rather than the profit centre. Monetisation primarily happens through lending, insurance commissions, and merchant services.<h2>Strategic Expansion Beyond Payments</h2>To diversify revenue streams, PhonePe has been expanding aggressively into new verticals.<h3>Key Initiatives Include</h3>Share Market – stockbroking and wealth platform Insurance distribution marketplace Lending partnerships with NBFCs and banks Indus Appstore – India-focused app marketplace ​ Pincode – ONDC-based commerce platform These segments aim to increase monetisation per user and reduce dependence on UPI payments.<h2>Competitive Landscape</h2>PhonePe operates in one of the most competitive fintech ecosystems globally.<h3>Major Competitors Include</h3>Google Pay Paytm Amazon Pay Among these players, PhonePe currently leads the UPI ecosystem in transaction volume and merchant adoption. However, competition remains intense because digital payments in India generate very thin margins due to regulatory policies such as zero MDR for UPI transactions.<h3>Key Risks Highlighted in the DRHP</h3>The DRHP outlines several risks that investors should consider. 1. Regulatory Risks: India has discussed introducing UPI market share caps, which could potentially limit the dominance of large platforms. 2. Revenue Concentration: A large portion of revenue still comes from payments-related services. 3. Profitability Pressure: High marketing costs, incentives, and technology spending continue to impact margins. 4. Competition: Strong competition from global tech companies and fintech startups could pressure market share and pricing.<h2>Final Thoughts</h2>The PhonePe Upcoming IPO reflects the evolution of India’s digital economy. Few companies have achieved the scale PhonePe has in such a short period serving hundreds of millions of users and processing billions of transactions every month. Yet the real question for investors is not about growth, it is about monetisation. If PhonePe successfully converts its massive payments network into a profitable financial services ecosystem, the IPO could mark the beginning of the next phase of India’s fintech story.

PhonePe Targets $10.5 Billion Valuation in Upcoming IPO: What Investors Need to Know.

According to the notice dated March 14, 2026, <a target="_blank" href="https://www.planify.in/research-report/sunday-proptech-share-price/">Sunday Proptech Limited</a> (formerly known as OYO Financial and Technology Services Private Limited) will hold its 1st Extraordinary General Meeting (EGM) on Monday, April 6, 2026. The meeting is scheduled for 5:00 P.M. IST and will be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Key Agenda Items for the EGM: The company has proposed the following special businesses for shareholder consideration:<ul><li>Increase in Authorised Share Capital: To increase the capital from INR 200 Crore to INR 300 Crore, divided into 300 Crore equity shares of INR 1 each.</li><li>Issuance of Bonus Shares: To issue bonus equity shares in a ratio of 3:1 (three new shares for every one held) to shareholders as of the April 17, 2026 record date.</li><li>Private Placement of Equity Shares: To issue up to 8,69,56,521 equity shares of Rs 1 each, at a price of INR 23 per share, seeking to raise an aggregate consideration of up to INR 200 Crore.</li><li>Alteration of Articles of Association (AOA): To adopt a new set of Articles of Association to incorporate provisions from a Shareholders' Agreement dated October 31, 2025. </li></ul>​EGM Logistics and Voting Information <table><tbody><tr><td><div>EGM Date and Time</div></td><td>Monday, April 6, 2026, at 5:00 P.M. IST <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Cut-off Date for Voting</div></td><td>Monday, March 30, 2026 <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Remote E-voting Period</div></td><td>April 3, 2026 (9:00 AM) to April 5, 2026 (5:00 PM) <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Deemed Venue</div></td><td>Registered Office at Regal Building, Connaught Place, New Delhi <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr><tr><td><div>Scrutinizer</div></td><td>Mr. Devesh Vasisht, Managing Partner of DPV &amp; Associates LLP <source-footnote></source-footnote><source-inline-chip></source-inline-chip><div style="animation: auto ease 0s 1 normal none running none; appearance: none; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0); border: 0px none rgb(31, 31, 31); inset: auto; clear: none; clip: auto; color: rgb(31, 31, 31); columns: auto; contain: none; container: none; content: normal; cursor: auto; cx: 0px; cy: 0px; d: none; direction: ltr; display: inline-flex; fill: rgb(0, 0, 0); filter: none; flex: 0 1 auto; float: none; gap: normal; hyphens: manual; interactivity: auto; isolation: auto; margin-top: 0px !important; margin-right: 0px; margin-bottom: 0px; margin-left: 4px; marker: none; mask: none; offset: normal; opacity: 1; order: 0; orphans: 2; outline: rgb(31, 31, 31) none 0px; overlay: none; padding: 0px; page: auto; perspective: none; position: static; quotes: auto; r: 0px; resize: none; rotate: none; rx: auto; ry: auto; scale: none; speak: normal; stroke: none; transform: none; transition: all; translate: none; visibility: visible; widows: 2; x: 0px; y: 0px; zoom: 1; font-family: Google Sans Text, sans-serif !important; line-height: 1.15 !important"></div></td></tr></tbody></table>

Notice of Extraordinary General Meeting of Sunday Proptech Limited

​Financial Performance (Q3 FY26 vs Q3 FY25):&nbsp;The National Stock Exchange of India (<a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a>) reported a mixed financial performance in Q3 FY26, with Total Income declining 8.6% year-on-year (YoY) to ₹4,394.84 crore, compared to ₹4,806.55 crore in Q3 FY25. The moderation in revenue reflects relatively lower trading activity and normalization of market volumes compared to the elevated levels witnessed in the previous year. Profitability declined on a YoY basis primarily due to the absence of significant exceptional gains recorded in the previous year. Profit Before Tax (PBT) stood at ₹3,185.97 crore, compared to ₹4,914.70 crore in Q3 FY25, while Profit After Tax (PAT) came in at ₹2,408.75 crore, down from ₹3,833.60 crore in the corresponding quarter last year. The higher base in Q3 FY25 was largely driven by a one-time gain of approximately ₹1,155 crore from the sale of investment in associates, which inflated profitability during that period. Excluding this exceptional item, the underlying earnings performance remains strong, reflecting NSE’s resilient business model and its dominant position in India’s capital market infrastructure. Operational Metrics (Q3 FY26 vs Q3 FY25):&nbsp;​NSE’s operational performance remained resilient, with trading services continuing to drive the majority of the exchange’s revenues. Revenue from operations stood at ₹3,924.68 crore in Q3 FY26, compared to ₹4,349.41 crore in Q3 FY25, reflecting moderation in transaction-related income. Segment-wise, trading services generated revenue of ₹3,553.89 crore, compared to ₹3,975.28 crore in Q3 FY25, highlighting the strong contribution of equity and derivatives trading activity to overall income. The clearing services segment contributed ₹410.11 crore, down from ₹640.89 crore in the previous year, while the others segment (including market data, index licensing, and technology services) generated ₹165.60 crore, slightly higher than ₹153.55 crore in Q3 FY25, reflecting continued diversification of revenue streams.&nbsp;Despite the decline in revenue, NSE maintained operational efficiency with total expenses at ₹1,107.31 crore, compared to ₹1,015.15 crore in the corresponding quarter last year, indicating controlled cost expansion aligned with business growth and infrastructure investments. Strategic Developments &amp; Outlook:&nbsp;NSE continues to benefit from structural growth in India’s capital markets, driven by rising retail participation, increasing derivatives trading activity, and expanding institutional investor engagement. The exchange’s diversified revenue streams—including trading services, clearing services, indices, market data, and technology platforms—provide resilience and scalability to its business model. ​ Looking ahead, NSE’s strong market leadership, robust technological infrastructure, and ongoing expansion across domestic and international market segments position it well to capitalize on the continued deepening of India’s financial markets. Sustained growth in trading volumes and the exchange’s strategic initiatives across data, analytics, and financial market services are expected to support long-term earnings visibility and value creation.

NSE Announced Its Q3FY26 Results

The IPO Committee of <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange of India Limited</a> (NSE) has approved the appointment of intermediaries for its proposed Initial Public Offering (IPO).After a structured, transparent and competitive selection process, 20 merchant bankers have been selected, including Kotak Mahindra Capital, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors, and Equirus Capital.Eight law firms have also been appointed, including Cyril Amarchand Mangaldas, Khaitan &amp; Co, Latham &amp; Watkins LLP, Sidley Austin, AZB &amp; Partners, S&amp;R Associates, Shardul Amarchand Mangaldas &amp; Co, and Trilegal.Other intermediaries selected include MUFG Intime India, Makarand M Joshi &amp; Company, Manian &amp; Rao, RBSA Advisors, Concept Communication Ltd, and Redseer Strategy Consultants.These intermediaries will assist NSE with regulatory filings, due diligence, documentation, marketing, and execution of the proposed IPO in accordance with applicable regulations.With the completion of this process, the engagement of Rothschild &amp; Co India as the process advisor for the selection and appointment of IPO intermediaries has concluded.

NSE selects intermediaries for proposed IPO

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