<p>Mohan Meakin Limited, established in 1855, headquartered at Mohan Nagar, Ghaziabad, is among India's earliest alcoholic beverage companies and manufacturer of Old Monk, which is considered the world's best selling dark rum. This company currently has four operational production units, including Solan Brewery (Himachal Pradesh), Kasauli Distillery, Bhankarpur (Punjab), and Mohan Nagar (Uttar Pradesh). Apart from this, it is also involved in the small-scale business of producing non-alcoholic foods and beverages, which include juices, cornflakes, wheat porridge, and vinegar. Since the liquor policies in India are controlled by state governments, Mohan Meakin relies to a large extent on licensed third parties for bottling its product. Shares of this company are listed on the Calcutta Stock Exchange, where there were no transactions during the year, and hence the pricing of shares is done in the grey market<br><br>This report contains an analysis of the financial performance of <a target="_blank" href="https://www.planify.in/research-report/mohan-meakin-share-price/">Mohan Meakin Limited</a> for the year ended March 31, 2026 vis-à-vis March 31, 2025. The year 2026 turned out to be a profitable one for the company with revenue from operations growing by a marginal 7.0% to ₹2,302 Cr while profit after tax increasing much faster at 52.7% to ₹157 Cr, driven by a massive swing in the excise duty expense line and a continuing shift in the revenue mix towards the sale of products in which the company did not invest in assets. This resulted in a substantial improvement in both the EBITDA margin (+2.6 pp) and the net profit margin (+2.0 pp). One interesting aspect about the company’s balance sheet is that it had almost no borrowings of ₹4.3 Cr against ₹398 Cr of cash, deposits and investments and was funded mainly by internal accruals.<br><br></p><h2>1. Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr)</h2><div><table><tbody><tr><td><div><strong>Particulars</strong></div></td><td><div>FY26</div></td><td><div>FY25</div></td><td><div>Y-o-Y change</div></td></tr><tr><td><div>Revenue from Operations</div></td><td><div>2,302</div></td><td><div>2,151</div></td><td><div>+7.0%</div></td></tr><tr><td><div>EBITDA (pre-exceptional)</div></td><td><div>219</div></td><td><div>149</div></td><td><div>+47.0%</div></td></tr><tr><td><div>EBITDA Margin</div></td><td><div>9.5%</div></td><td><div>6.9%</div></td><td><div>+2.6 pp</div></td></tr><tr><td><div>Profit Before Tax</div></td><td><div>209</div></td><td><div>138</div></td><td><div>+51.4%</div></td></tr><tr><td><div>Net Profit (PAT)</div></td><td><div>157</div></td><td><div>103</div></td><td><div>+52.7%</div></td></tr><tr><td><div>NP Margin (NPM)</div></td><td><div>6.8%</div></td><td><div>4.8%</div></td><td><div>+2.0&nbsp;</div></td></tr><tr><td><div>EPS (₹)</div></td><td><div>184.2</div></td><td><div>120.6</div></td><td><div>+52.7%</div></td></tr></tbody></table></div>

<p>There was a modest increase of 7.0% in revenues, but there was a much steeper increase of 47.0% in EBITDA and 52.7% in PAT, which indicates that there was a real change in the profit generating machine. As mentioned earlier in Section 2, a significant reason for this difference is related to accounting treatment, where revenue includes excise duty and excise expenses have dropped substantially in FY26.</p><h2>2. Revenue Mix &amp; Excise Reconciliation (₹ in Cr)<br></h2><p><span style="font-size: 19px">​2a. Revenue by source</span></p><div><table><thead><tr><th><div>Particulars</div></th><th><div>FY26 (₹ Cr)</div></th><th><div>FY26 (% of Rev)</div></th><th><div>FY25 (₹ Cr)</div></th><th><div>FY25 (% of Rev)</div></th></tr></thead><tbody><tr><td><div>Sale of manufactured goods</div></td><td><div>693</div></td><td><div>30.1%</div></td><td><div>991</div></td><td><div>46.0%</div></td></tr><tr><td><div>Sale of traded goods</div></td><td><div>1,520</div></td><td><div>66.0%</div></td><td><div>1,093</div></td><td><div>50.8%</div></td></tr><tr><td><div>Royalty income</div></td><td><div>57.7</div></td><td><div>2.5%</div></td><td><div>39.1</div></td><td><div>1.8%</div></td></tr></tbody></table></div><p><span style="font-size: 19px">​<br>2b. Excise duty reconciliation</span></p><table><thead><tr><th><div>Particulars</div></th><th><div>FY26 (₹ Cr)</div></th><th><div>FY25 (₹ Cr)</div></th><th><div>Change</div></th></tr></thead><tbody><tr><td><div>Revenue from operations (as reported)</div></td><td><div>2,302</div></td><td><div>2,151</div></td><td><div>+7.0%</div></td></tr><tr><td><div>Less: Excise duty (P&amp;L expense)</div></td><td><div>146</div></td><td><div>545</div></td><td><div>−73.2%</div></td></tr><tr><td><div>Revenue net of excise</div></td><td><div>2,156</div></td><td><div>1,606</div></td><td><div>+34.3%</div></td></tr></tbody></table>

<p><br></p><p>There was also some change in the composition of revenue towards the asset-light profile, with manufacturing done by the company coming down from 46.0% to 30.1% of revenues, while the procurement of the products from the independent bottlers went up from 50.8% to 66.0%, while royalty income – the most profitable source of revenues – grew the fastest at 47.6%. Given that the sales of the products are reported on an excise duty included basis (according to the company's accounting note), the manufactured and trade revenues contain excise duty whereas the royalty income does not, the shift in percentages should be seen as directional, not directly comparable. Additionally, when excluding the excise duty, the revenue growth comes in at 34.3%, not 7.0%, as the excise cost item dropped 73.2% year over year, a development which is not explained in the report but is reasonably related to higher volume of production through partnership facilities where the excise duty is paid by the bottlers, and not by Mohan Meakin.</p><h2>3. Key Ratio Analysis</h2><table><thead><tr><th><div>Ratio</div></th><th><div>FY26</div></th><th><div>FY25</div></th><th><div>YoY Change</div></th></tr></thead><tbody><tr><td><div>Net Profit Margin</div></td><td><div>6.8%</div></td><td><div>4.8%</div></td><td><div>+2.0 pp</div></td></tr><tr><td><div>Return on Equity (ROE)</div></td><td><div>28.6%</div></td><td><div>—</div></td><td><div>—</div></td></tr><tr><td><div>Segment margin — alcoholic business</div></td><td><div>9.8%</div></td><td><div>7.3%</div></td><td><div>+2.5 pp</div></td></tr><tr><td><div>Dividend payout ratio</div></td><td><div>~1.4%</div></td><td><div>—</div></td><td><div>—</div></td></tr><tr><td><div>Net cash / Net worth</div></td><td><div>~63%</div></td><td><div>~49%</div></td><td><div>+14 pp</div></td></tr></tbody></table>

<p>The ROE of 28.6% and the margin improvement in the core alcoholic segment from 7.3% to 9.8% indicate that capital efficiency is indeed on the right track, helped by the shift in revenues towards royalties and concentrates. Nevertheless, the company has not been able to convert capital efficiency into money for the shareholders: out of a profit of ₹157 Cr in FY26, the management suggested paying dividends at the rate of ₹2.50 per share, or a total amount of ~₹2.13 Cr, which represents a payout ratio of about 1.4%.</p><h2>4. Valuation Snapshot<br></h2><table><thead><tr><th><div>Metric</div></th><th><div>Value</div></th></tr></thead><tbody><tr><td><div>Shares outstanding</div></td><td><div>85.08 lakh</div></td></tr><tr><td><div>EPS (FY26)</div></td><td><div>₹184.2</div></td></tr><tr><td><div>Book value per share</div></td><td><div>₹735.9</div></td></tr><tr><td><div>Indicative unlisted price</div></td><td><div>₹2,300–2,600</div></td></tr><tr><td><div>P/E (at ~₹2,450)</div></td><td><div>~13.3x</div></td></tr><tr><td><div>P/B</div></td><td><div>~3.3x</div></td></tr><tr><td><div>Net cash per share</div></td><td><div>~₹463</div></td></tr></tbody></table><p><br>As there are no share quotations on the Calcutta Stock Exchange in FY26, price discovery takes place in the unlisted market where the last trades would indicate a market capitalization of about ₹2,000–2,200 Cr. The company trades at a P/E ratio of about 13.3 and Price/Book ratio of 3.3 on the basis of an indicative price of ₹2,450. Once adjusted for the net cash of ₹463 per share, the operating business gets a valuation multiple of 11x of earnings, which is a substantial discount as compared to that of listed liquor companies due to lack of liquidity, absence of analyst coverage, related party components in earnings, and extremely low dividends.<br></p>

Mohan Meakin Limited - FY26 Results

<p><br></p><p>India’s concerted efforts towards reaching 500 GW of non-fossil fuel capacity by 2030 have led to considerable investor interest in the unlisted/ pre-listed renewable energy sector. One of the newer firms in this sector is Apollo Green Energy Limited (AGEL), an EPC and green infrastructure company founded by the Kanwar family (Apollo Group).<br>The following analysis looks at the movement of AGEL's unlisted shares and its financial results for the years leading up to this analysis.</p><h2>Apollo Green Energy Overview &amp; Key Metrics</h2><p>Previously known as Apollo International Limited, AGEL has shifted its focus in terms of core operations from their traditional trading business to utility solar EPC, BESS (battery energy storage system), green hydrogen projects, and transmission lines.</p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent"><strong>Parameter</strong></span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent"><strong>Details / Value</strong></span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">ISIN Code</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">INE838A01015</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Current Unlisted Price Range</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹65 – ₹75 per share</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Face Value</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹10.00 per share</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">52-Week Range</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹50.00 – ₹210.00</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Estimated Market Cap</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~₹270 Cr – ₹350 Cr</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Price-to-Earnings (P/E)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~10x – 15x</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Price-to-Book (P/B)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~0.40x – 0.45x</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Debt-to-Equity</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~0.76x</span></p></td></tr></tbody></table></div>

<h2><strong>Multi-Year Financial Performance (FY22 – FY25)</strong></h2><p>AGEL saw an immense increase in the execution of projects in FY24, while FY25 saw a slowdown due to delays in completing orders, which is normal in the infrastructure EPC sector.</p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Metric (₹ Cr)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY22</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY23</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY24</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY25</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Revenue from Operations</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹852.4</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹790.8</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹1,268.4</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹857.4</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹102.2</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹58.9</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹106.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹73.9</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA Margin (%)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">12.0%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">7.4%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">8.4%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">8.6%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Profit After Tax (PAT)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹25.5</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹28.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹38.6</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹33.7</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Net Profit Margin (%)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.0%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.5%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.0%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.9%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Earnings Per Share (₹)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹22.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹13.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹20.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹5.0*</span></p></td></tr></tbody></table></div>

<h2><strong>Peer Comparison: Valuation &amp; Multiples</strong></h2><p>Examining listed rivals in the same industry, such as solar EPC, green infrastructure, and renewable installations, may help determine whether <a target="_blank" href="https://www.planify.in/research-report/apollo-green-energy-limited/">Apollo Green Energy's</a> valuation in the unlisted market is appropriate:</p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Company</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listing Status</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">P/E Ratio</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">P/B Ratio</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Revenue Scale</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Primary Business</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Apollo Green Energy</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Unlisted</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~10.3x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~0.42x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹840 Cr+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Solar EPC, BESS, Green Infra</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Sterling and Wilson Renewable</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listed (NSE/BSE)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~35x – 45x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~4.5x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹3,000 Cr+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Pure-play Solar EPC</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Tata Power Solar</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listed (Tata Power)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~30x – 35x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~3.8x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Conglomerate</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Integrated Renewables &amp; EPC</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Waaree Renewable Technologies</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listed (NSE/BSE)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~60x+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~25x+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹1,000 Cr+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Solar EPC &amp; Power Plants</span></p></td></tr></tbody></table></div>

<p><strong>Valuation Takeaway:</strong> In the private sector, Apollo Green is trading at a significant discount relative to its listed EPC competitors (P/E of ~13x against industry P/E medians exceeding 35x-40x). Such a discount is attributed to risks associated with liquidity of privately-held stock,&nbsp;as well as execution variability and relatively low EBITDA margins of mid-tier contractors.<br></p>

<h2>​​<strong>Core Growth Drivers</strong></h2><ul><li><strong>Backward Integration: </strong>The firm intends to develop a 500 MW solar modules production unit in the state of Madhya Pradesh. The formation of captive production will insulate margins from foreign modules price fluctuations.<br></li><li><strong>Diversification Beyond Pure Solar: </strong>Apart from solar parks, AGEL is making its way into waste-to-energy plants (such as the 25 MW plant at Gurugram/Faridabad), FGD facilities, and regional water management.<br></li><li><strong>Robust Public and Private Order Pipeline: </strong>AGEL has an active EPC order book of more over ₹3,000–₹3,500 crore, which includes utility projects with Adani Green in Khavda, IOCL, and NHPC (200 MW Patepur and 40 MW solar facilities). The management has stated that they hope to grow this portfolio to ₹10,000 crore.</li></ul><h2>Key Investment Risks</h2><ul><li><strong>Revenue Patches and Execution Delays:</strong> Infrastructure and EPC companies are vulnerable to extended billing cycles, right-of-way issues, and contractual delays. This is demonstrated by the dramatic 32% decline in FY25 revenue.<br></li><li><strong>IPO Compliance Challenges: </strong>Private companies planning for an IPO come under the scanner. Any news report of past compliance audits, investigations of the enforcement directorate in former executives of the firm may delay the IPO process.<br></li><li><strong>Working Capital Intensity &amp; Leveraging: </strong>The ability to service the debt will depend on the receipt of project receivables, with a debt to equity ratio of about 1.40x and significant liquidity locked in performance bank guaranties and working capital requirements.<br></li><li><strong>Liquidity Risk: </strong>Unlisted stock of a pre-IPO company has the strictest lock-in period (usually 6 months to one year after the IPO for pre-IPO investors under SEBI guidelines) and lacks the liquidity of listed stock.</li></ul><h2>The Bottom Line</h2><p>AGEL gives you direct access to India’s clean energy transformation at valuation multiples that are far lower than those of its listed peers. While the company’s pipeline of orders worth ₹3,500+ crore does give a clear picture on the revenue front, for investors who wish to invest in the company in the pre-listing phase, they need to weigh the upside against their working capital needs and other post-listing considerations.</p>

AGEL has shifted its focus in terms of core operations from their traditional trading business to utility solar EPC, BESS (battery energy storage system), green hydrogen projects, and transmission lines.

Apollo Green Energy Unlisted Share Price, Financials & Growth Outlook

ASK Investment Managers: The FY26 Profit Crash, Decoded

GKN Driveline India - FY26 Results

<p style="text-align: justify">​<br><br>The Indian Unlisted market had an eventful year, and the month gone by was no different either. SEBI's efforts to legitimize <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO</a> trading, a steady flow of DRHPs, and retail channels making transactions in such names very easy are leading to better volume in the secondary. In light of all this, here are the five names that caught my eye because of their price action during the last month. These are a combination of true pre-IPO stories, speculative plays around exchange infrastructure, and one compounder with a solid fundamentals story.</p><h2 style="text-align: justify">1. Matrix Gas &amp; Renewables - Up 57.9%</h2><p style="text-align: justify">This month's leader, <a target="_blank" href="https://www.planify.in/research-report/matrix-gas-renewables/">Matrix Gas &amp; Renewables</a>, holds a sizable edge over others. Formed in 2022 and incorporated in Ahmedabad, Matrix functions as a natural gas aggregator, supplying and marketing natural gas, regasified LNG, and LNG cargoes to industries and commercial clients in the states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Himachal Pradesh, Uttarakhand, and Uttar Pradesh. Besides this core business, Matrix has been expanding into a parallel growth opportunity in green hydrogen and green ammonia, including manufacture of electrolysers and EPC/BOO projects.<br><br>Rallying in price this month, the stock follows in line with a renewed pre-IPO buzz – it has already filed draft documents for a listing on the NSE Emerge and has earlier secured funding from a range of investors including Ashneer Grover (co-founder, BharatPe) and other venture and family office funds. However, there is a history of sharp corrections here too – the stock has declined over 50% from its all-time high seen in April 2025 on account of IPO pricing being lower than expected in the grey markets. Promoter linkages to the Gensol Group are another key element to keep in mind.</p><h2 style="text-align: justify">2. Indian Commodity Exchange (ICEX) - Up 40.8%</h2><p style="text-align: justify">​<a target="_blank" href="https://www.planify.in/research-report/indian-commodity-exchangeicex/">ICEX</a> is the derivatives exchange for commodities and the direct competitor of the publicly listed Multi Commodity Exchange (MCX). It provides for futures trading in the sphere of bullion, energy, metals, and agri-commodities. The shareholders include prominent institutional entities like MMTC, Indian Potash, and Kribhco, along with private investors, which adds some credibility to ICEX as an exchange, a quality that is somewhat uncommon for small unlisted exchanges. ICEX has experienced some problems in its business operations, including multi-year trading suspensions in the past. However, it has been trying lately to position itself as an IPO candidate due to increased interest in exchanges as infrastructure from retail clients (the same trend has fueled NSE and <a target="_blank" href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">MSEI unlisted stocks</a> this year).<br><br>The 40.8% increase this month seems to be primarily driven by the aforementioned IPO speculation rather than any particular financial event — financials of ICEX have been little known to date, which should be noted. Furthermore, commodity exchanges are essentially volume-dependent, and there cannot be any simple transfer from NSE and MCX performance to ICEX. It is a company for investors who can support the IPO hypothesis with no clear financial visibility.</p><h2 style="text-align: justify">3. API Holdings (PharmEasy) - Up 34.6%</h2><p style="text-align: justify">​<a target="_blank" href="https://www.planify.in/research-report/pharmeasy-share-price/">PharmEasy</a>, which owns one of India's largest digital pharmacies and health tech platforms, is showing another step in its comeback story. This company had to face a big decrease in its valuation several years ago because of a tough financing environment and the negative effect of the Thyrocare acquisition, but since then, the firm has been slowly recovering through better margin control and reduction in losses. This month's development looks like it is connected with growing expectations about the IPO attempt and investors' preparation for a potential filing.<br><br>The business model is strong enough from a structural point of view – there are a lot of opportunities for PharmEasy as the penetration level of organized pharmacies and the diagnostics market in India is still relatively low despite the country's population and the way healthcare expenditure will evolve. However, the re-rating of this stock looks like it is happening way faster than any IPO filing, and the history of high expenses of the company makes IPO price one of the most important factors here.</p><h2 style="text-align: justify">4. Frick India - Up 24.5%</h2><p style="text-align: justify">In terms of the fundamentals story, there is one name which stands out: <a target="_blank" href="https://www.planify.in/research-report/frick-india-limited/">Frick India</a>. This firm is India's largest producer of industrial refrigeration and air-conditioning equipment and traces its roots back to a technical cooperation from 1962 between Frick Company, USA, and itself. It provides a complete range of services from design, production, installation, and after-sales servicing. The main market for the firm lies in dairy and food industries, as well as cold chain logistics. Given the fact that India is the largest producer of milk and a significant exporter of fruits and vegetables, it representsa very good business opportunity.<br><br>While the other stocks mentioned above are largely a product of speculative activities of their owners, the growth in Frick India shares is based on actual positive results in revenues and profits of the company, along with rising EPS and dividends paid regularly. Thus, for those who are afraid of pure IPO speculation, this company can be seen as the best alternative among the firms listed here.</p><h2 style="text-align: justify">5. Sunday Proptech - Up 23.4%</h2><p style="text-align: justify">Coming up fifth place on our list is the relatively small-cap <a target="_blank" href="https://www.planify.in/research-report/sunday-proptech-share-price/">Sunday Proptech</a>, which has been seeing some pickup in activity on the secondary market this month. It’s certainly part of a trend toward growing interest in real-estate technology and fractional-ownership platforms, a sector which has gained increasing traction among Indian retail and HNI investors as SEBI seeks to regulate fractional real estate ownership. On the other hand, when compared with the other companies mentioned on this list, information available on Sunday Proptech is relatively scarce.<br><br>This may be considered a blessing and a curse. While it certainly could suggest undervaluation in this case if the company is performing well, it does leave investors with much less to go on when valuing the stock’s current price action.</p><h3 style="text-align: justify">The Takeaway</h3><p style="text-align: justify">The leaderboard for the month gives a decent idea of the current state of sentiment in the Indian private equity market: real IPO stories backed by filings (Matrix Gas, PharmEasy), an overvalued infrastructure-for-exchange concept without any known fundamentals (ICEX), an earnings-backed compounding story (Frick India), and a niche player that fits into a wider market theme (Sunday Proptech). The key thing to keep in mind is that private shares are priced through low-volume negotiated trades in secondary markets, not via ongoing price discovery on exchanges, which means that any monthly change in prices, positive or negative, is usually more pronounced than what one might see in a listed security. Any potential investor interested in any of these companies should take their performance in the month as a directional hint, at best, and dig deeper into the financials and backgrounds of these companies before committing any money.<br></p>

Top 5 Performing Unlisted Shares of August 2026

<p style="text-align: justify">On 11 September 2026, Metropolitan Stock Exchange (MSE) announced that its Electronic Bond Platform (EBP) had processed a tokenised corporate bond for IIFL Finance, under SEBI and RBI's new "Demat 2.0" pilot — launched jointly by SEBI Chairman Tuhin Kanta Pandey and RBI Governor Sanjay Malhotra at the Global Fintech Fest.</p><p style="text-align: justify">If you track MSE's unlisted shares, this read like the breakthrough moment. It isn't — or at least, not on its own. Here's why, and what actually matters instead.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>First, what is an EBP — and why does it exist?</strong></p><p style="text-align: justify">When a company wants to raise ₹50–500 crore through bonds, it usually doesn't do a public issue — it places the bonds privately with a handful of institutional investors. Before 2016, this happened over phone calls between the CFO and a few fund managers, with no visibility into who got what price. SEBI's Electronic Book Provider (EBP) framework put this process on a public screen instead: issuers notify the market, investors bid, and the system allots bonds to the lowest-cost bidders first.</p><p style="text-align: justify">Since May 2025, using an EBP is mandatory for any private bond placement of ₹20 crore or more (down from ₹50 crore) — and since well over 90% of India's corporate bond issuance is private placement, this isn't a niche rule. NSE, BSE and MSE have all held this EBP licence since it launched on 1 July 2016.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>What Demat 2.0 actually changes</strong></p><p style="text-align: justify">On 10 September 2026, SEBI and RBI launched a regulatory sandbox pilot to test tokenised corporate bonds. Three issuances have gone through so far, totalling ₹1,025 crore:</p><table><thead><tr><th><div style="text-align: justify">Issuer</div></th><th><div style="text-align: justify">Date</div></th><th><div style="text-align: justify">Amount</div></th><th><div style="text-align: justify">Investors</div></th></tr></thead><tbody><tr><td><div style="text-align: justify">REC Limited</div></td><td><div style="text-align: justify">7 Sept</div></td><td><div style="text-align: justify">₹500 cr</div></td><td><div style="text-align: justify">18</div></td></tr><tr><td><div style="text-align: justify">Larsen &amp; Toubro</div></td><td><div style="text-align: justify">9 Sept</div></td><td><div style="text-align: justify">₹500 cr</div></td><td><div style="text-align: justify">4</div></td></tr><tr><td><div style="text-align: justify">IIFL Finance</div></td><td><div style="text-align: justify">9 Sept</div></td><td><div style="text-align: justify">₹25 cr</div></td><td><div style="text-align: justify">1</div></td></tr></tbody></table><p style="text-align: justify">The bidding process, the ₹20 crore threshold, the ISIN, and the bond's legal character are all unchanged — SEBI has been explicit that tokenisation doesn't create a new asset class or a safer instrument. What changes is what happens <em>after</em> allotment: the bond exists as a digital token on a ledger owned by India's depositories, settlement runs through RBI's wholesale CBDC (e₹), and both legs — cash and securities — settle atomically, on the same day, instead of the usual T+2. Coupons and redemptions can eventually be automated through smart contracts.</p><p style="text-align: justify">Crucially, this back-end upgrade was handed to <strong>NSE, BSE and MSE simultaneously.</strong> MSE facilitating the IIFL deal is a genuine first — but it's not an exclusive technological edge. Secondary trading and retail access are both still pending, with no date announced, and only 23 investors have participated across all three deals so far.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>So why is this MSE news at all, if the tech is shared?</strong></p><p style="text-align: justify">Because the real story sitting underneath the press release is what's happened to MSE's balance sheet over the last 20 months — and it's a much bigger deal than one ₹25 crore bond.</p><p style="text-align: justify">MSE has held its EBP licence since 2016. In FY26, its entire operating revenue was <strong>₹3.4 crore</strong>, against a net loss of <strong>₹25.8 crore</strong> (an improvement from ₹34.2 crore the year before, but still a loss). For a decade, NSE built commanding share in this business — it now holds roughly 95% of the debt RFQ market — while MSE barely registered. That wasn't a technology gap or a regulatory gap; MSE always had the same licence NSE did. It was a resourcing gap: a loss-making exchange simply couldn't afford to hire and retain the relationship bankers that bond issuers actually pick platforms based on.</p><p style="text-align: justify">That constraint has now changed dramatically. Over two rounds:</p><ul><li><strong>December 2024 / January 2025:</strong> MSE raised <strong>₹238 crore</strong>, with Billionbrains Garage Ventures (Groww's parent), Rainmatter Investments (Zerodha founders' fund), Share India Securities and Securocorp Securities India each taking roughly equal stakes at ₹2/share, pegging MSE's valuation near ₹1,200 crore.</li><li><strong>August 2025:</strong> MSE raised a further <strong>₹1,000 crore</strong>, this time from a much broader consortium — Peak XV Partners, Trust Investment Advisors, Jainam Broking, Monarch Networth, and several other brokers and funds.</li></ul><p style="text-align: justify"><strong>Total raised: roughly ₹1,238–1,240 crore</strong> — about <strong>365 times MSE's annual operating revenue.</strong> Total equity jumped from ₹396.69 crore in FY25 to ₹1,369.29 crore in FY26. MSE's stated priority for this capital is to deepen liquidity in its equity cash segment first, then derivatives — the bond platform isn't even the headline use of funds. But it does mean MSE can now afford the one thing it never could before: a real relationship-driven debt capital markets desk, without betting the company on it.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>Why Zerodha and Groww specifically matter here</strong></p><p style="text-align: justify">A ₹59.5 crore cheque each is small change for either firm. The more interesting angle is what they represent: between Zerodha's roughly 6.5 million and Groww's roughly 13 million active investors, MSE's cap table now includes two of India's largest retail distribution networks.</p><p style="text-align: justify">That matters because Demat 2.0's later phases are explicitly aimed at retail access to corporate bonds — and tokenisation makes fractionalising a bond into small, retail-sized tickets technically straightforward. If and when that phase arrives, distribution reach — not exchange infrastructure — decides who actually gets those bonds in front of retail investors. Two of India's biggest brokers already sit on MSE's shareholder register.</p><p style="text-align: justify">There's also a credibility effect that's easy to underrate: a bond arranger deciding whether to route a deal through MSE is implicitly asking "will this platform still be relevant in three years?" A decade of losses made that a fair question. Backers like Rainmatter, Groww's parent, and Peak XV Partners change that calculus.</p><p style="text-align: justify">One more detail worth flagging: <strong>Trust Investment Advisors — the arranger on the very IIFL tokenised bond in the press release — was also one of the 29 investors in MSE's August 2025 fundraise.</strong> That's not proof of anything improper; arrangers investing in exchange platforms they work with isn't unusual. But it's a clean illustration of exactly the dynamic described above — capital and relationships arriving together.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>What this doesn't mean</strong></p><ul><li>Capital buys hiring capacity, not a decade of trust. Treasurers who've routed every bond issue through NSE since 2018 don't switch platforms because a new VP joined MSE.</li><li>The bond desk may stay a secondary priority — MSE's own language points to the equity cash segment and derivatives as the primary use of the new capital.</li><li>Demat 2.0 is still a sandbox pilot: no secondary trading yet, no retail access yet, and no announced timeline for either.</li><li>NSE isn't standing still — it received the same infrastructure on the same day and can match fee cuts easily out of its existing scale.</li></ul><p style="text-align: justify"><strong>What to actually track over the next few quarters:</strong> EBP results are published publicly by every exchange. The number that matters isn't the press release — it's how many bond issues, month over month, start landing on MSE's platform versus NSE's and BSE's, and whether MSE visibly builds out a debt capital markets team. Everything else is narrative.</p><p style="text-align: justify"><br></p>

MSE just facilitated India's first tokenised corporate bond. The headline isn't the real story — the balance sheet is.

<p style="text-align: justify">​<br><br>While other IPOs only promise investors, <a target="_blank" href="https://www.planify.in/research-report/esds-software-solutions-limited/">ESDS Software Solutions Limited</a> proved its worth when it went public on Dalal Street on September 4, 2026. The stock of the Nashik-based artificial intelligence-driven cloud services company was up by 76% at the time of listing. And even after that, it continued going up during the day and reached as high as 111%. For those investors who had been holding on to the shares of the company since before its listing – and some of them would have gained access to it via platforms such as Planify – this listing would not have been an exciting moment; rather, a reward for the decision that they had taken months, and sometimes years, back. This is the story of how ESDS became one of the most successful market debuts of 2026 despite being an unlisted company until then.</p><h2 style="text-align: justify">ESDS Software Solutions: The Pre-IPO Journey Behind a Standout Market Debut</h2><p style="text-align: justify">ESDS Software Solutions was founded in August 2005 and has spent over two decades creating the business that retail investors came to know about only when its IPO was launched. It provides end-to-end cloud infrastructure, managed services, data center operations, and software solutions using artificial intelligence to serve BFSI institutions, governments, and enterprises in India and beyond. The proprietary eNlight cloud infrastructure solution created by ESDS Software Solutions, which has both patent and auto-scalability capabilities, has served as the key differentiating factor for the company in the competition against big names such as AWS, Microsoft Azure, and Google Cloud, especially in segments like BFSI and government, where data sovereignty and compliance become as important as computational power. It operates from three centers located at Navi Mumbai, Nashik, and Bengaluru that cover 50,000 square feet area with a 10 Gbps connectivity speed backbone. The company has built the kind of business that needs huge infrastructural investments that usually remain private for a long period of time, and that's precisely why the pre-IPO shares of ESDS Software Solutions had already become a trade.</p><h2 style="text-align: justify">ESDS Software Solutions' IPO and Listing Day Performance</h2><p style="text-align: justify">The ESDS IPO worth ₹720 crores was a prime example of pent-up demand. The offering, which was only a fresh issue consisting of 1,67,83,216 shares, without any offer-for-sale component, commenced bidding on August 28, 2026, and ended on September 1, 2026, with a price range of ₹408-429 per share. Within a short while after the bidding closed, the issue had been oversubscribed 142.88 times: qualified institutional buyers applied for 275 times their allotted shares; non-institutional investors were 200 times their allotment, and retail investors were almost 41 times their allocation. Even before the commencement of bidding for the issue, ESDS had raised ₹216 crores through anchor investors.<br><br>This demand was quickly demonstrated right from the beginning. ESDS' listing prices were ₹757 at a 76.46% premium to the issue price of ₹429 on the NSE, and ₹746.30 at a 73.96% premium to its issue price on the BSE. This surge was far from over. During the very session, the scrip surged to its 20% upper circuit price of ₹908.40 on the NSE and ₹895.55 on the BSE, representing an increase of about 111.75% and 108.75%, respectively, in comparison with the issue price. At the end of the first day of listing, the market capitalization of ESDS had reached ₹10,647 crore on the NSE and ₹10,497 crore on the BSE, with an overall turnover of more than ₹1,461 crore.</p><h2 style="text-align: justify">The Pre-IPO Opportunity: How Planify Investors Accessed ESDS Early</h2><p style="text-align: justify">Even before ESDS had rung the stock exchange’s opening bell, its shares had been traded in the private market, the very platform where Planify thrives. ESDS made its first draft filing to go public in December 2021, but because of adverse market conditions at the time, the firm withdrew its offer, making it continue operating as a privately held business for several years until its public listing in 2026. Within this period, the platforms tracking privately-held companies — including Planify — have monitored ESDS as one of the prominent players in the pre-IPO cloud infrastructure segment, given its robust financial performance, strong ties with the government and BFSI sectors, and its recent IPO efforts following the hiring of DAM Capital Advisors as its book-running lead manager.<br><br>Pre-listed share prices of ESDS were offered in the range of ₹410 just before the official IPO application — a value which could be accessed by an investor using platforms such as Planify long before the pricing of ₹408–429 was decided for its IPO. And that is precisely the essence of pre-IPO investing: being able to invest in a company at a valuation that was privately negotiated instead of one that came at IPO day due to retail madness, and holding until the IPO happens. In the case of ESDS, the IPO price of ₹429 and further listing day gains were simply the next steps in a journey they had already started.</p><h2 style="text-align: justify">Listing Premium and Post-Listing Price Momentum</h2><p style="text-align: justify">However, the tale did not come to an end there. ESDS kept on getting buying interest even in the coming week and made new 20% upper circuits in various sessions during that period. By September 8, 2026, the stock managed to touch the price of ₹1,308.05, which was an increase of almost 205% compared to its ₹429 issue price, and marked a new 52-week high for the stock in that period. Nevertheless, the run continued for the stock: by September 9, with the announcement of a new ₹1.25 billion AI infrastructure deal and a "Buy" initiation from Choice Equity Broking at the price target of ₹1,550, the stock managed to make another upper circuit at the price of ₹1,438.85, which was beyond ₹15,300 crore in terms of market capitalization.<br><br>Let’s try to be more precise about the figures we’re talking about here. It wasn’t the 111% rise during the listing day, since that was the rise above the circuit limit on that one day, in contrast to the 76% gain on the day of listing; rather, it was the post-listing move that made it touch 205% and 235%. For investors assessing such results, it is all of this process starting from the issue price, then the listing price, and the days after listing that determines the actual returns, and one needs to keep in mind that when a stock goes up by three times in one week, it might just as well come down.</p><h2 style="text-align: justify">From Unlisted to NSE/BSE-Listed: ESDS' Growth Trajectory</h2><p style="text-align: justify">While it might seem like the positive investor sentiment stems from scarcity of IPOs, the real driver behind it is the accelerating performance of the core business itself. ESDS generated revenue of ₹376.64 crore in FY25 and increased it to ₹480.65 crore in FY26, showing a growth of 28% YoY. Even more impressively, the profitability of the company showed an even sharper improvement – from ₹55.61 crore in FY25 to ₹120.82 crore in FY26, which is a 117% increase and resulted in EPS of about ₹12 in FY26. This level of operating leverage – where profit grows almost five times faster than revenues – is exactly the tipping point when it comes to re-rating post-IPO.<br><br>The funds raised by the IPO will be used in furthering that process: growing data centre capacity to 14-20 MW in the next one to two years, developing cloud infrastructure with AI-driven GPUs to take advantage of increased enterprise AI workloads, and raising long-term working capital. Promoters Piyush Somani, Komal Somani, and the P.O. Somani Family Trust kept an overall stake of 45.78% before the IPO, resulting in an entrepreneur-owned, concentrated shareholder base that pre-IPO investors find attractive in that very way.</p><h2 style="text-align: justify">What This Means for Future Pre-IPO Opportunities on Planify</h2><p style="text-align: justify">The journey of ESDS — from its initial quotation of ₹410 as an unlisted stock to an immediate surge past 111% on its listing day and an additional jump above 200% within days — makes for an excellent example of why investors monitor the unlisted market in the first place. It was not a question of making a quick buck on IPO day but years of steady revenue growth and a credible cloud infrastructure business, together with some key tie-ups with the government and BFSI sector that investors identified as soon as the company got listed.<br><br>This is the type of story that platforms such as Planify are meant to bring out by spotting the fast-growing, well-managed private firms before the IPO launch renders them a rush to retail investors. It is not every IPO pre-list firm that will turn into another ESDS story, since subscription craze, stock price pop at listing, and sustained run-ups are not the norm. The shares are also not always without their risks, as unlisted stocks have different valuation and liquidity risks from listed ones on the NSE and BSE, but for those ready to do their homework on revenues and margins before the listing, ESDS is a good reminder of why there is a pre-IPO phase in the first place.<br></p>

ESDS Software Solutions: From Pre-IPO Pick to 111% Stock Gains

<p style="text-align: justify"><span style="background-color: transparent;color: rgb(0, 0, 0);font-size: 15px">If you've been tracking the unlisted shares market for a while, Nayara Energy is one name that keeps coming up in investor conversations — and for good reason. It's not a startup chasing a first-time listing. It's a company that was once on the exchanges, walked away from them by choice, and has spent the years since building itself into India's largest private fuel retailer. That backstory is exactly what makes its unlisted share price worth understanding properly, rather than just glancing at a number on a broker's website.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">From Essar Oil to Nayara Energy: A Quick Recap</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">Notably, Nayara Energy hasn't always been Nayara Energy. It started off as Essar Oil, a listed corporation on the Indian stock market. In December 2015, the promoters of Essar Oil made the move to privatize the company via a leveraged buyout, acquiring the equity held by existing stockholders at ₹262.80 per share, which constituted an 80% premium above the regulatory floor value at the time. It continues to be one of the biggest voluntary delistings ever seen in India.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">The big shift in the company's ownership structure occurred in 2017, when the Russian oil giant, Rosneft; Trafigura, a leading commodities trading company; and UCP, another investment company, together bought out the entire company for a whopping $12.9 billion – which was at the time the largest foreign direct investment ever seen in the Indian downstream oil sector. The company's name was subsequently changed to Nayara Energy, and it has gone by that name and ownership structure ever since.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">What You're Actually Buying</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">The heart of the company is the Vadinar Refinery in Gujarat, which is considered to be among the technically advanced single-site refineries in India, with an annual throughput of approximately 20 million tonnes. That single facility accounts for close to 8% of India's total refining output, which gives you a sense of how much national infrastructure sits behind this one unlisted stock.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">On the retail side, Nayara has quietly become the largest private fuel retailer in the country, crossing 7,000 outlets and adding close to 500 new stations in the last year and a half alone — nearly one a day. That expansion isn't incidental. As the company’s ability to export to other nations becomes increasingly difficult due to sanctions, Nayara has shifted focus to India as its major growth driver.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">Where the Price Actually Stands</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">This is where things get genuinely interesting — and where investors need to slow down rather than take any single number at face value. Because Nayara isn't listed, there's no single "official" price the way there would be on the NSE or BSE. What exists instead is a patchwork of broker-quoted prices from unlisted share dealers, and depending on which platform you check, you'll see meaningfully different numbers.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">Through the middle of 2026, most dealer quotes have clustered somewhere in the ₹1,050–₹1,150 range, though the reported 52-week bands vary wildly from source to source — some show a low near ₹750 and a high above ₹1,700, others show a much tighter range. That spread isn't a data error; it's simply what happens in a market with no central order book, where each broker is quoting based on their own recent deal flow rather than a live, continuously matched price.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">The one number that carries real weight as a valuation anchor is the ₹731 per share buyback price Nayara offered minority and public shareholders in April–May 2025, when the company repurchased roughly ₹1,893 crore worth of shares. Because that price was set by the company itself, not by a broker trying to close a deal, it's arguably the most credible official reference point investors have — even though secondary-market quotes today sit well above it.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">The Sanctions Overhang You Can't Ignore</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">No honest discussion of Nayara's unlisted price can skip the geopolitics, because it's doing more to move this stock than almost anything happening inside the company. Rosneft holds a 49.13% stake, and that Russian ownership link is precisely why the EU folded Nayara into its 18th sanctions package in July 2025, followed by additional US restrictions. The practical fallout has been significant — Nayara has struggled to access routine banking services from major global institutions and has had to explore relationships with smaller Indian lenders like UCO Bank just to keep crude payments flowing.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">There's a credible exit narrative running in parallel. Rosneft has reportedly been exploring a sale of its stake, unable to repatriate earnings under the current sanctions regime, with names like Reliance, Adani, and JSW floated as potential buyers in market reports. Nothing here is confirmed or officially announced, but for unlisted-share investors, this ownership overhang matters more than most quarterly numbers would — a change in majority ownership could reshape the sanctions risk, the IPO timeline, and the valuation story all at once.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">Is an IPO Actually Coming?</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">This is the question every Nayara shareholder eventually asks, and the honest answer is: nothing is confirmed. Market chatter has pointed to a possible listing in the 2026–2027 window, with speculative valuation figures in the ₹65,000–75,000 crore range floating around. But there's no SEBI filing, no formal draft prospectus, and no company statement committing to a timeline. If anything, the 2025 buyback — where Nayara chose to pay out minority shareholders directly rather than pursue a listing — reads as a company in no hurry to go public while sanctions-related uncertainty over its ownership remains unresolved.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">What This Means If You're Considering Nayara Unlisted Shares</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">A few things are worth holding onto before you act:</span></p><ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">You're buying into real, cash-generating infrastructure — a large operating refinery and a genuinely dominant retail network — not a pre-revenue pre-IPO story.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">Price discovery is fragmented. Always cross-check quotes across two or three dealers before transacting, and treat the ₹731 buyback price as your most reliable historical anchor rather than any single broker's live quote.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">The Rosneft ownership question is the single biggest swing factor. A confirmed stake sale — to an Indian buyer especially — could materially change both the sanctions risk and the eventual listing timeline.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">Liquidity is thin and lot sizes matter. Unlisted deals typically move in blocks of 100 shares (face value ₹10), so factor in that this isn't an instrument you can exit instantly the way you would a listed stock.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">There's no guaranteed listing horizon. Anyone buying purely on IPO speculation should be comfortable holding the position with no fixed timeline for liquidity.</span></p></li></ul><p style="text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify"><span style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Nayara remains one of the more substantial names in India's unlisted space — not because of hype, but because there's a genuinely large, strategically important business behind the stock. The opportunity is real, but so is the uncertainty tied to its ownership. Treat both with equal seriousness before you commit capital.</span></p><p><strong></strong></p><p style="text-align: justify"><strong>​<br></strong></p><p><strong><br></strong></p><p></p><p style="text-align: justify"></p>

Notably, Nayara Energy hasn't always been Nayara Energy. It started off as Essar Oil, a listed corporation on the Indian stock market.

Nayara Energy Unlisted Share Price: Complete Investor Guide

<p>Sterlite Electric (formerly Sterlite Power Transmission) is a power transmission products company that designs, manufactures and supplies overhead conductors, OPGW, EHV power cables, master system integration (MSI) services, and dark-fibre "Convergence" solutions. In October 2024 it demerged its transmission-asset ownership business (now Resonia), and FY26 is its first full year as a pure manufacturing/products company. It has filed a DRHP for an IPO.<br><br></p><p><strong>Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr, Consolidated, Continuing Operations)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th><th><div style="text-align: center"><strong>YoY change</strong></div></th></tr></thead><tbody><tr><td><div><strong>Revenue</strong>​</div></td><td><div style="text-align: center">6,254</div></td><td><div style="text-align: center">4,956</div></td><td><div style="text-align: center"><strong>+26.2%</strong></div></td></tr><tr><td><div><strong>EBITDA</strong></div></td><td><div style="text-align: center">491</div></td><td><div style="text-align: center">472</div></td><td><div style="text-align: center">+4.0%</div></td></tr><tr><td><div><strong>EBITDA Margin</strong></div></td><td><div style="text-align: center">7.85%</div></td><td><div style="text-align: center">9.53%</div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>Net Finance Cost</strong></div></td><td><div style="text-align: center">121</div></td><td><div style="text-align: center">155</div></td><td><div style="text-align: center">−21.9%</div></td></tr><tr><td><div><strong>Profit Before Tax</strong></div></td><td><div style="text-align: center">301</div></td><td><div style="text-align: center">262</div></td><td><div style="text-align: center">+14.9%</div></td></tr><tr><td><div><strong>Net Profit (PAT, continuing ops)</strong></div></td><td><div style="text-align: center">237</div></td><td><div style="text-align: center">183</div></td><td><div style="text-align: center"><strong>+29.5%</strong></div></td></tr><tr><td><div><strong>PAT attributable to shareholders</strong></div></td><td><div style="text-align: center">210</div></td><td><div style="text-align: center">–</div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>EPS (Basic &amp; Diluted)</strong></div></td><td><div style="text-align: center">14.57</div></td><td><div style="text-align: center">–</div></td><td><div style="text-align: center"><br></div></td></tr></tbody></table><p><br>Revenue grew 26.2% on strong conductor and cable demand, but EBITDA grew only 4% as raw-material costs (mostly aluminium) rose 48%, eating two-thirds of every revenue rupee versus 56% a year earlier. Most of the PAT growth came from a lower net finance cost, not operations. Note: the P&amp;L also shows a headline ₹746 crore figure driven by a ₹509 crore unrealised commodity-hedge gain sitting in Other Comprehensive Income — not operating profit, and expected to reverse against FY27 raw-material costs.<br><br></p><p><strong>Segment / Order Book Mix (₹ in Cr)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Platform</strong></div></th><th><div style="text-align: center"><strong>FY26 Revenue Share</strong></div></th><th><div style="text-align: center"><strong>Order Book</strong></div></th><th><div style="text-align: center"><strong>Order Book Share</strong></div></th></tr></thead><tbody><tr><td><div><strong>Overhead conductors &amp; OPGW</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">3,681</div></td><td><div style="text-align: center">56%</div></td></tr><tr><td><div><strong>Power cables</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">1,775</div></td><td><div style="text-align: center">27%</div></td></tr><tr><td><div><strong>MSI services</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">753</div></td><td><div style="text-align: center">11%</div></td></tr><tr><td><div><strong>Convergence (fibre)</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">410</div></td><td><div style="text-align: center">6%</div></td></tr><tr><td><div><strong>Conductors + cables (₹ cr)</strong></div></td><td><div style="text-align: center">4,807 (77% of revenue)</div></td><td><div style="text-align: center"><br></div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>EPC (₹ cr)</strong></div></td><td><div style="text-align: center">1,164</div></td><td><div style="text-align: center"><br></div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>Convergence lease income (₹ cr)</strong></div></td><td><div style="text-align: center">119</div></td><td><div style="text-align: center"><br></div></td><td><div style="text-align: center">​</div></td></tr></tbody></table><p>Closing order book of ₹6,619 crore is about 1.06x FY26 revenue. Exports fell sharply to 7% of revenue (from 20% in FY25) even as new markets (UK, Nigeria, Oman, Nepal, Bhutan) opened up.<br><br></p><p><strong>Key Balance Sheet Items (₹ in Cr, Consolidated)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th></tr></thead><tbody><tr><td><div><strong>Net worth</strong></div></td><td><div style="text-align: center">1,993</div></td><td><div style="text-align: center">1,434</div></td></tr><tr><td><div><strong>Gross borrowings</strong></div></td><td><div style="text-align: center">609</div></td><td><div style="text-align: center">327</div></td></tr><tr><td><div><strong>Cash + bank balances</strong></div></td><td><div style="text-align: center">1,402</div></td><td><div style="text-align: center">1,224</div></td></tr><tr><td><div><strong>Net cash</strong></div></td><td><div style="text-align: center">793</div></td><td><div style="text-align: center">896</div></td></tr><tr><td><div><strong>Inventories</strong></div></td><td><div style="text-align: center">552</div></td><td><div style="text-align: center">367</div></td></tr><tr><td><div><strong>Trade receivables</strong></div></td><td><div style="text-align: center">1,259</div></td><td><div style="text-align: center">1,082</div></td></tr><tr><td><div><strong>Contract assets (unbilled)</strong></div></td><td><div style="text-align: center">593</div></td><td><div style="text-align: center">254</div></td></tr><tr><td><div><strong>Acceptances (supplier credit)</strong></div></td><td><div style="text-align: center">1,476</div></td><td><div style="text-align: center">986</div></td></tr><tr><td><div><strong>Capital work-in-progress</strong></div></td><td><div style="text-align: center">311</div></td><td><div style="text-align: center">90</div></td></tr><tr><td><div><strong>Total assets</strong></div></td><td><div style="text-align: center">6,060</div></td><td><div style="text-align: center">4,259</div></td></tr></tbody></table><p>Net worth rose ₹559 crore, but only ₹237 crore of that is earned profit — the rest is largely the unrealised ₹509 crore hedge reserve. Working capital ballooned (net working capital up from ₹1,071 cr to ₹1,686 cr) as inventories, receivables and unbilled revenue all grew faster than sales, funded partly by stretching supplier credit.<br><br></p><p><strong>Cash Flow (₹ in Cr)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th></tr></thead><tbody><tr><td><div><strong>Operating cash flow</strong></div></td><td><div style="text-align: center">647</div></td><td><div style="text-align: center">359</div></td></tr><tr><td><div><strong>Capex</strong></div></td><td><div style="text-align: center">235</div></td><td><div style="text-align: center">298</div></td></tr><tr><td><div><strong>Dividend paid</strong></div></td><td><div style="text-align: center">12</div></td><td><div style="text-align: center">83</div></td></tr><tr><td><div><strong>Net change in cash</strong></div></td><td><div style="text-align: center">+102</div></td><td><div style="text-align: center">−65</div></td></tr></tbody></table><p>Operating cash flow nearly halved despite 30% profit growth, as the working-capital build absorbed cash. Free cash flow after capex was roughly ₹60 crore.<br><br></p><p><strong>Key Ratio Analysis (Consolidated)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th></tr></thead><tbody><tr><td><div><strong>EBITDA Margin</strong></div></td><td><div style="text-align: center">7.85%</div></td><td><div style="text-align: center">9.53%</div></td></tr><tr><td><div><strong>Net Profit Margin</strong></div></td><td><div style="text-align: center">3.79%</div></td><td><div style="text-align: center">3.69%</div></td></tr><tr><td><div><strong>Return on Equity (on closing equity)</strong></div></td><td><div style="text-align: center">~11.9%</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Return on Capital Employed</strong></div></td><td><div style="text-align: center">16.9%</div></td><td><div style="text-align: center">24.8%</div></td></tr><tr><td><div><strong>Debt-to-Equity Ratio</strong></div></td><td><div style="text-align: center">0.31x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Debt Service Coverage Ratio</strong></div></td><td><div style="text-align: center">0.84x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>P/E (indicative, ₹478/share)</strong></div></td><td><div style="text-align: center">~28x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>P/B (indicative)</strong></div></td><td><div style="text-align: center">~3.4x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>EV/EBITDA (indicative)</strong></div></td><td><div style="text-align: center">~12x</div></td><td><div style="text-align: center">–</div></td></tr></tbody></table><p>At the unlisted indicative price of ₹478 (market cap ~₹6,750 crore on a fully diluted 14.13 crore shares), Sterlite trades at roughly half of peer Apar Industries' earnings multiple (Apar: ~60x P/E, ~13x P/B). ROCE fell from 24.8% to 16.9% as capital deployed into the new Vadodara cable plant (₹311 crore CWIP) hasn't yet ramped into revenue. The ₹478 price sits almost exactly at the FY25 PE round price of ₹473, and a lender (PTC Cables) declined to exercise ₹270 crore of warrants at that same price in FY26.</p><p><br></p>

Sterlite Electric Limited – FY26 Results

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