<a target="_blank" href="https://www.planify.in/research-report/pharmeasy-share-price/">PharmEasy</a> was once heralded as India’s health-tech unicorn, a one-stop digital pharmacy + diagnostics + tele-health platform.&nbsp; But by 2024, heavy losses, falling valuations and management changes had shaken investor confidence.&nbsp; API Holdings (the parent) had grown aggressively through acquisitions like Thyrocare, but the integration was messy and cash burn worsened. Now, under its new CEO Rahul Guha, PharmEasy is making bold moves to shift from “growth at any cost” to “profitable, sustainable scale. And the numbers now reflect a business that is finally pulling itself back. <ul><li>PharmEasy reduced its net loss by ~40% in FY25, even with flat revenue of ₹5,872 crore, showing meaningful operating discipline.​</li></ul><ul><li>Procurement efficiency jumped from ~40% to nearly 85%, sharply reducing cost leakages and improving margins.</li></ul><ul><li>High-cost loans were refinanced, lowering interest burden and stabilizing API Holdings’ balance sheet.</li></ul><ul><li>The company shut non-core experiments and redirected capital to high-margin, recurrence-heavy segments chronic medication, diagnostics, and in-house procurement.​</li></ul><ul><li>Thyrocare’s diagnostics arm showed a turnaround too, giving the group a profitable anchor and smoother cash flows.</li></ul><ul><li>Monthly burn dropped from ~₹50 crore to under ₹2 crore, marking one of the fastest burn reductions in Indian health-tech. </li></ul> So, while top-line growth is modest, bottom-line stress has eased and that’s a critical first step for any turnaround. It’s fair to say, based on the latest data that PharmEasy is showing margin improvement and financial stabilization. The internal procurement, cost control, and debt / expense rationalization have helped reduce burn and shrink losses. But the business remains loss-making as of FY25. Until EBITDA turns positive and the core pharmacy business becomes cash-flow positive, the margin story remains cautiously optimistic. Now, PharmEasy is no longer the high-burn startup chasing growth at any cost. It’s trying to become a lean, recurring-revenue healthcare services engine with scale, sustainability, and clarity.

Now, under its new CEO Rahul Guha, PharmEasy is making bold moves to shift from “growth at any cost” to “profitable, sustainable scale.

PharmEasy: From Burn to Earn — Is the Turnaround Real This Time?

India’s consumer internet story is entering a new phase, and Meesho has quietly positioned itself at the heart of it. In India’s value-commerce and e-commerce universe, Meesho began as a modest WhatsApp-reseller marketplace, serving tier-2 and tier-3 consumers. Now as Meesho prepares for its much-awaited IPO in December 2025 the company is seeking a valuation of nearly ₹52,500 crore making it one of the largest, largest listings in India's digital commerce history. The company plans to raise ₹4,250 crore through fresh issue and additional shares through an offer for sale (OFS) from early stage investors.&nbsp; Meesho's strength lies in its deep penetration into categories such as homewares, kitchenware and fashion, fashion and its seller empowerment approach to bring micro-entrepreneurs and small sellers online. This seller-first ecosystem creates network effects that differ from the inventory-intensive logistics-focused models of some competitors: Meesho relies heavily on third-party sellers' light working capital structures and a suite of tools designed to improve discoverability and conversion for small merchants. Meesho IPO: Use of Proceeds Reportedly, the ₹4,250 crore fresh issue will be used to: (a) build cloud and technology infrastructure (AI and recommendation systems), (b) scale marketing and customer acquisition, and (c) support product development and strategic M&amp;A. These are typical for a scale-up aiming to lock in market share and raise lifetime value.&nbsp; IPO Lead Managers: Kotak Investment Banking, JPMorgan, Axis Capital, Citi and Morgan Stanley are the book running lead managers. Who’s selling and who backs Meesho? Meesho’s cap table includes marquee global and domestic investors: SoftBank, Prosus, Peak XV, Elevation Capital, WestBridge and others. Several of these are expected to partially exit via the offer-for-sale, making this a liquidity event for late-stage backers as much as a capital raise for the company.&nbsp; What Makes Meesho’s IPO Stand Out? India’s next wave of e-commerce growth is coming not from premium shoppers, but from the 200–300 million middle-class and lower-middle-class users who transact frequently at low ticket sizes. Meesho sits exactly in that sweet spot.&nbsp;Its strength lies in:<ul><li>High repeat behaviour</li><li>A vast, hyperactive seller ecosystem</li><li>Strong penetration in non-metro India</li><li>Improving cost-to-serve metrics</li><li>A low-cost business model built for high volume</li></ul> Meesho captured roughly 23-25% market share in the home, kitchen &amp; furnishing e-commerce segment as of June 30 2025.&nbsp; The firm processed 1.3 billion orders and had over 187 million annual transacting users as per its DRHP.&nbsp; Although still running losses (FY25 saw losses widen to ~₹3,941 crore due in part to one-off costs), the fresh IPO proceeds are targeted at scaling cloud infrastructure (~₹1,390 crore), AI/ML hiring (~₹480 crore) and brand marketing (~₹1,020 crore).&nbsp; <div class="se-component se-image-container __se__float-justify"><figure><img src="https://testing-planify.s3.amazonaws.com/sun_editor/a713fd66-5139-4c54-a2e3-90af82746c82.png" alt="" data-proportion="true" data-align="justify" data-file-name="1+C0GAAAAAGSURBVAMAYT0dEhWekJ8AAAAASUVORK5CYII=" data-file-size="0" data-origin="," data-size="," data-rotate="" data-percentage="auto,auto" origin-size="790,523" style="margin-left: 0px; margin-top: 0px;"></figure></div> What is the price of Meesho IPO unlisted shares? Till the time IPO hype hit the market and during this time of pre-IPO phase <a target="_blank" href="https://www.planify.in/research-report/meesho/">Meesho unlisted shares</a> are already actively trading in the private-pre-IPO market. Currently, Meesho share price in <a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted market</a> is around ₹2,408 per share. The price has risen steadily in 2025 as expectations of the December IPO grew stronger. Historically, <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO</a> markets tend to price in both FOMO and future growth but they also offer an early indicator of investor sentiment. In Meesho’s case, the sentiment has been clearly bullish. Meesho IPO: Risks and Concerns&nbsp; Meesho faces intense competition from deep-pocketed incumbents that can subsidise scale for long periods, and price wars or seller incentives could compress margins. Logistics costs returns and high unit costs of servicing low-cost orders all put constant pressure on profitability. The execution risks of technology investments are real: large capital in AI and cloud must result in measurable conversions retention and LTV improvements or the capital will seem unaffordable.&nbsp; Guess what? Finally, broader market sentiment and macroeconomic changes can quickly recalibrate consumer tech valuations so timing is a non-trivial factor for investors considering participation. For investors analyzing this IPO the practical checklist is straightforward: review the final prospectus for accurate disclosure of the GMV run rate consolidated profitability trends and revenue mix and margin factors; Clarify the use of revenue and the management of KPIs , KPIs that you will use to measure progress; It monitors fundamental investor demand and the ultimate price band that sets expectations for overall market performance.&nbsp; Conclusion Meesho's proposed valuation of ₹52,500 crore and significant re-raising makes it one of the largest , largest consumer IPOs in India in 2025.&nbsp; You know what? The story is based on a compelling transition: from a fast-growing unprofitable market , to a scalable monetizable platform that can defend stocks against corporate giants while improving unit economics. The final prospectus in the coming weeks pre-fund or Pre IPO allocations and price band will determine whether the market rewards Meesho's growth narrative with the target valuation.

Meesho prepares for its much-awaited IPO in December 2025 the company is seeking a valuation of nearly ₹52,500 crore.

Indian E-Commerce Giant Meesho Targets ₹52,500 Cr Valuation in December IPO

<a target="_blank" href="https://www.planify.in/research-report/insolare-energy/">InSolare Energy</a> is no longer just a solar EPC—it’s quietly moving up the energy value chain. The Jaipur-headquartered company now boasts 1+ GW of executed solar EPC projects and a multi-city presence, signalling steady execution capability across India’s biggest renewable markets.&nbsp; <ul><li>Recently InSolare as part of an SCC Infrastructure–InSolare consortium won a 70,000 tonnes per annum green-ammonia supply contract under SECI’s SIGHT scheme — a major win that positions the company into green hydrogen derivatives and industrial off-take. The consortium quoted ~₹53.05/kg for the project, and this award gives InSolare access to PLI incentives for indigenous electrolyser manufacturing and green-hydrogen value chains.&nbsp;</li></ul><ul><li>Growth has been backed by capital and market interest. The firm raised roughly ₹66.5 crore in a pre-IPO round (Feb 2024) from names such as Mukul Agarwal and Negen Capital.</li></ul><ul><li>India’s renewable landscape is evolving fast — from solar EPC to integrated clean-energy models. InSolare is positioning itself right in the middle of this transition. </li></ul>The opportunity is massive: India targets 5 million tonnes of green hydrogen by 2030, and early SECI allocations could define long-term winners. But risks remain:&nbsp;EPC margins, hydrogen project financing, and execution quality will determine how far this momentum carries. EPC markets remain competitive and margin-sensitive; scaling into electrolysers and green-ammonia requires capex, partner coordination, and supply-chain depth.&nbsp; Can a 1-GW EPC player successfully scale into green hydrogen — or is this leap too early?​

India’s renewable landscape is evolving fast — from solar EPC to integrated clean-energy models.  InSolare is positioning itself right in the middle of this transition.

InSolare Energy: From 1 GW EPC to green-hydrogen ambitions

In India’s logistics ecosystem, some companies build empires without ever making noise.<a target="_blank" href="https://www.planify.in/research-report/skyways-air-services-pvt-ltd/">Skyways Air Services</a>&nbsp;is one of them. For nearly four decades, Skyways has been the behind-the-scenes force powering India’s export engines, manufacturing hubs, D2C brands, and global freight corridors. And now, as the company gears up for a potential IPO in the coming quarters, the market is waking up to what Skyways has quietly built. Most people know India’s aviation story.Very few know the air-cargo story — and Skyways sits right at the center of it. About Skyways Air Services Skyways started as a modest air-cargo forwarding company in 1984 and has grown into one of India’s top freight forwarders, trusted by airlines and exporters alike. It handles air, ocean, road and value-added logistics services—covering import-export, warehousing, custom-broking and technology-driven express cargo.&nbsp; Skyways group founded by S.L. Sharma has consistently ranked among India’s top air-freight forwarders, handling large export volumes for industries like pharma, electronics, retail, and fast-moving manufacturing.&nbsp; Mr. Yashpal Sharma is now the Chairman and Managing Director and has played a significant role in the company's growth.&nbsp; <ul><li>Around 75% of its revenue comes from air freight, a rarity in India’s logistics sector where road freight dominates.</li></ul><ul><li>The company has expanded into ocean freight, warehousing, trucking, customs brokerage, and supply-chain tech- transforming from a forwarding company into an end-to-end logistics platform.</li></ul><ul><li>It operates across major airports and ports, supported by a strong PAN-India presence and overseas partners. </li></ul> With 75 % of revenue from air freight, a decade-plus track record, and expansion into full-spectrum logistics, Skyways looks like a logistics engine ready to be re-rated. The IPO of this legacy player could be the chance to tap beat-the-index returns in a sector many overlook.

With 75 % of revenue from air freight, a decade-plus track record, and expansion into full-spectrum logistics, Skyways looks like a logistics engine ready to be re-rated.

Skyways Air Services: The Silent Air-Cargo Giant Now Preparing for a Market Debut

In India’s value-commerce universe, Meesho founded by Vidit Aatrey, began as a modest WhatsApp-reseller marketplace, serving tier-2 and tier-3 consumers. Meesho is now targeting a post-money valuation of around ₹52,500 crore (~US$5.93 billion) for its upcoming IPO, slated for early December.&nbsp; The company plans to raise ₹4,250 crore via a fresh issue and additional shares through offer-for-sale (OFS) by early-stage investors.&nbsp; Where Meesho Stands Today: FY25 Performance Snapshot In FY25, <a target="_blank" href="https://www.planify.in/research-report/meesho/">Meesho</a> reported a significant narrowing of losses. <ul><li>Revenue: ~₹9,900 crore (strong YoY growth)</li></ul><ul><li>Net Loss: Adjusted Loss reduced to ₹108 crore excluding exceptional items </li><li>Orders Processed: 1.3 billion+ orders </li><li>Transacting Users: 187 million ​ </li><li>Market Share: ~23–25% in Home, Kitchen &amp; Furnishings category </li><li>Operating Model: Zero-commission + high-volume + low AOV strategy ​ </li><li>Profitability Move:&nbsp;Contribution margins improved, and cash burn reduced substantially </li></ul> The company claims FY25 to be its “most efficient year ever,” supported by scale-led efficiencies What the IPO proceeds will fuel: cloud-infrastructure upgrades, AI/ML teams, brand building, inorganic growth and expansion of its logistics arm.&nbsp; Still, this is no low-risk play. Fast growth, thin margins, fierce competition, logistics costs, and execution risk all loom large. Investors will watch if Meesho can turn its scale into sustainable, profitable growth rather than just top-line headline numbers.

Meesho is now targeting a post-money valuation of around ₹52,500 crore (~US$5.93 billion) for its upcoming IPO, slated for early December.

Meesho IPO: From WhatsApp boutiques to a ₹52,500 crore public-market ambition

<a target="_blank" href="https://www.planify.in/research-report/incred-holdings-share-price/">InCred Holdings</a> (parent of InCred Financial Services) founded by Bhupinder Singh has filed draft papers with SEBI through the confidential route as it prepares for an IPO likely in the ₹3,000–4,000 crore range. The move follows fresh private investments and strategic deals that position the group for faster AUM growth and product diversification. <ul><li>Profitability: InCred reported ~₹372 crore PAT in FY25, an improvement year-on-year, reflecting better core margins and scale. ​ </li><li>Loan book / AUM: The group’s loan book/AUM has been growing rapidly — AUM crossed ~₹11,000–12,000 crore in FY25 (36–49% growth indicators in FY24–FY25). ​ </li><li style="font-size: 16px;color: rgb(34, 34, 34)">Asset quality &amp; capital: Reported GNPA / NNPA metrics remain modest and capital adequacy appears healthy (CRAR and investor backing have been highlighted in ratings notes).</li></ul> InCred is a tech-embedded NBFC that has diversified across consumer, education, SME and institutional lending, plus fee businesses (syndication, asset management).&nbsp; It is moving from a growth-funded private model to public capital markets just as its unit economics have strengthened, a classic IPO moment for an NBFC scaling profitably. The recent strategic investments (including a ₹250 crore minority stake by Zerodha founders) add credibility and market visibility. Strengths: strong AUM momentum, improving PAT, product diversification (including recent acquisitions/portfolio additions), healthy investor interest, and ratings agency acknowledgement of disciplined underwriting. These give InCred a shot at a smooth IPO if valuation and use-of-proceeds align with growth plans.

InCred Holdings (parent of InCred Financial Services)  has filed draft papers with SEBI through the confidential route as it prepares for an IPO likely in the ₹3,000–4,000 crore range.

InCred Holdings: An NBFC-ready IPO

India is entering a transformative phase of economic growth; one that’s producing new avenues to wealth beyond the traditional stock market. With record levels of private capital, more interest in IPOs, and easier opportunities for international players to participate — the <a href="https://www.planify.in/pre-ipo/">pre-IPO and private equity markets</a> are booming. For Non-Resident Indians (NRIs), this is a unique time that offers an opportunity to invest in India’s next set of high-growth companies, before they hit the public markets. The question is no longer of why they chooses, or will choose in the future to do so — but this: how NRIs could get a stake effectively while managing risk and regulations. According to the Bain &amp; Company “India Private Equity / VC Report 2025”, investments in the PE-VC space in India grew by approximately 9% to ~US$43 billion in 2024, driven entirely by growth- and VC-stage funding.&nbsp; The number of deals increased substantially — e.g., from 880 in 2023 to 1,270 in 2024 for VC deals.&nbsp; Meanwhile, the EY-IVCA report noted that in August 2025 alone, PE/VC investments in India reached US$2.8 billion across 115 deals.&nbsp; Pre-IPO rounds gaining significance India’s dynamic economy is providing opportunities well beyond the listed markets. Pre-IPO and private equity segments are increasingly being identified as offering strong potential for NRIs. Here are some pros and cons: <a href="https://www.planify.in/unlisted-shares/">Investment opportunities</a>: These private investments give access to companies before they go public, often at lower valuations, and in turn can generate sizable long-term gains. With India’s increasing GDP, predictable policy environment and business-friendly reforms in place, private market investment is now an essential component of investing to grow wealth — especially for NRIs looking to diversify beyond public equities and real estate. <h3 style="line-height:1.38;text-align: justify">Deeper Look at Pre-IPO and Private Equity Investing</h3>Private Equity (PE) Private equity is the process of investing in privately held companies and scaling and improving them before going public or getting sold. It covers different categories: <ul><li style="font-size:16px;color:#000000;background-color:transparent">Venture capital for startups </li><li style="font-size:16px;color:#000000;background-color:transparent">Growth equity for expanding firms </li><li style="font-size:16px;color:#000000;background-color:transparent">Leveraged buyouts (LBOs) for established businesses </li></ul>These types of investments are generally overseen by professional firms or institutional funds collecting money from investors. The goal is to identify underperforming or high-potential companies, improve their operations and prepare them for long-term value creation. Pre-IPO Deals Investors can snap up shares of a company before it goes public through pre-I.P.O. transactions — often at a discount to the anticipated listing price. For decades, such deals were only available to the largest of institutions and ultra-high-net-worth investors. But today, digital platforms and regulatory changes have paved the way for participation by NRIs and smaller investors. <a href="https://www.planify.in/buy-pre-ipo/">Pre-IPO shares</a> generally have a lock-in period of six months post-listing to ensure stability in the market. While there’s a waiting period, the draw is the potential upside: The IPO on Zomato yielded early backers an annualized return of more than 140% from its listing after less than a year. <h3 style="line-height:1.38;text-align: justify">Performance and Track Record</h3> Private equity in India has long returned better than public market benchmarks. India’s SME exchange, for instance, has given 18–25% returns every year in the last five years. Players such as Steptrade Capital, which focus on SME-oriented Alternative Investment Funds (AIF), have made over 22 pre-IPO and 50 anchor investments, overseeing ₹300+ crore across 100 companies. Although opportunities have become more competitive, diluting outsized returns, the asset class still offers strong relative performance over time. <h3 style="line-height:1.38;text-align: justify">How NRIs can invest in private markets</h3>​ <ol><li style="font-size:16px;color:#000000;background-color:transparent">Alternative Investment Funds (AIFs) AIFs are one of the more regulated routes for NRIs to invest in pre-IPO and private equity deals. They offer professional management, diversification and SEBI-regulated compliance. Most minimum investments start at ₹1 crore. </li><li style="font-size:16px;color:#000000;background-color:transparent">Portfolio Management Services (PMS) PMS platforms provide customised investment portfolios, and many of them have access to pre-IPO shares through their networks. SEBI mandates a minimum investment of ₹50 lakh and up to 25% of PMS capital may be invested in unlisted shares. </li><li style="font-size:16px;color:#000000;background-color:transparent">Direct Investments Some NRIs want to invest in startup rounds directly. This is also possible but requires an immense amount of due diligence, legal knowledge and risk appetite. Many start with smaller amounts via vetted online platforms before scaling up. </li><li style="font-size:16px;color:#000000;background-color:transparent">Secondary Markets Secondaries offer the opportunity to invest in pre-IPO shares from existing shareholders ahead of a company’s public market listing, providing flexibility and early access to potential high-flyers. </li><li style="font-size:16px;color:#000000;background-color:transparent">GIFT City Advantage The Gujarat International Finance Tec-City (GIFT City) is fast emerging as an attractive destination for NRI investment. With relaxed rules, tax incentives and greater ease in transferring funds, it's quickly becoming the preferred launchpad to invest in India's capital markets such as private equity and pre-IPO offerings.</li></ol>​<h3 style="line-height:1.38;text-align: justify">The Bottom Line</h3>India’s private equity and pre-IPO markets are in a stage of tremendous growth. For NRIs, it is more than just a trend — but a chance to be part of the next big wealth cycle in the country. By conducting smart research, staying diversified, and taking a long-term view, NRIs can unlock meaningful returns and join India’s economic resurgence — not as observers, but as active participants.

For Non-Resident Indians (NRIs), this is a unique time that offers an opportunity to invest in India’s next set of high-growth companies, before they hit the public markets.

The Rise of Pre-IPO Deals and Private Equity: How NRIs Can Participate in India’s Next Big Wealth Cycle

<ul><li>Financial Performance (Q2FY26 vs Q2FY25):&nbsp;In Q2 FY26 <a target="_blank" href="https://www.planify.in/research-report/arohan-financial-services/">Arohan Financial</a> reported total revenue of ₹381 crore, down 16.4% YoY from ₹456 crore in Q2 FY25. Interest income fell to ₹342 crore, down 19.4% YoY from ₹424 crore, while fees and other non-interest income also moderated. Finance costs declined to ₹128 crore, down 23.6% YoY, offering some relief, but impairment on financial instruments remained elevated at ₹95 crore (down 4.2% YoY). Profit before tax (PBT) came in at ₹26 crore, down 56.6% YoY from ₹59 crore, and profit after tax (PAT) was ₹20 crore, down 56.2% YoY from ₹45 crore. Basic EPS for the quarter fell to ₹1.28 from ₹2.93 a year earlier (down 56.3%).</li><li>Operational Metrics (Q2FY26 vs Q2FY25):&nbsp;Gross Stage-3 (GNPA) ratio was 2.0%, up from ~1.5% a year ago, and Net Stage-3 (NNPA) ratio was 0.52% (vs 0%), indicating a deterioration in asset quality. Provision Coverage Ratio (PCR) stood at 74.5%, lower than earlier peak levels but still providing a material cushion. Capital adequacy remained strong at 34.5%. Loan book (loans on balance sheet) was ₹5,622 crore as at Sept 30, 2025, marginally down 1.5% versus Mar 31, 2025 (₹5,705 crore), while total assets rose to ₹7,117 crore (up 3.3% vs Mar 31, 2025). Net worth was ₹2,054 crore, up 1.4% sequentially.&nbsp;</li><li>Strategic Developments: Arohan’s Q2 results show weaker revenue and sharply lower profitability driven by sustained credit costs and softer interest/fee income. The moderation in finance costs helps, but elevated impairments keep returns depressed. The slightly higher GNPA and lower PCR versus prior peaks mean asset-quality improvement must be watched closely. On the positive side, the company’s capital adequacy is strong and total assets are steady; with RBI’s earlier lifting of lending restrictions, Arohan can normalize disbursements — this should support loan-book recovery and revenue traction over coming quarters, provided underwriting and collections are tightened and operating costs are managed.</li></ul>

Arohan Sees Sharp Profit Decline in Q2FY26

Arohan Struggles in Q2FY26 with Weak Growth and Rising Credit Stress

<ul><li>Financial Performance (Q2FY26 vs Q2FY25):&nbsp;In Q2FY26, <a target="_blank" href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">MSEI</a> reported a sharp 236.0% YoY increase in total income to ₹14.1 Cr, compared with ₹4.2 Cr in Q2FY25, driven primarily by a steep rise in other income, which surged to ₹13.2 Cr from ₹3.3 Cr last year. Revenue from operations remained weak, declining 3.4% YoY to ₹0.86 Cr versus ₹0.89 Cr in Q2FY25. Operating performance improved significantly as the loss before tax narrowed to ₹4.1 Cr, an improvement of 47.1% YoY compared with a loss of ₹7.7 Cr in the prior year. At the net level, the company also recorded a lower loss of ₹4.1 Cr, compared with ₹7.7 Cr in Q2FY25. Earnings Per Share (EPS) improved to ₹(0.00) from ₹(0.02) last year, supported by both reduced losses and a substantially higher equity base.</li><li>Operational Metrics (Q2FY26 vs Q2FY25):&nbsp;Net loss margin improved sharply to (29.0%) in Q2FY26 from (184.0%) in Q2FY25, primarily due to higher other income offsetting elevated operating costs. Employee expenses rose 65.8% YoY to ₹5.8 Cr, reflecting cost pressures and scaling of operations, while administration and other expenses increased 152.7% YoY to ₹4.7 Cr. Finance costs increased to ₹0.17 Cr from ₹0.01 Cr, though still negligible as a proportion of the cost base.</li><li>Strategic Developments:&nbsp;Q2FY26 was marked by a significant strengthening of the balance sheet driven by large-scale equity issuance, with the paid-up capital rising to ₹1,099.5 Cr, enabling the company to substantially expand its investment portfolio. Despite persistent operating losses, the quarter demonstrated meaningful progress in reducing net losses, supported by strong treasury income. The continued revival effort is supported by major investor participation through private placements and the reappointment of the MD &amp; CEO, ensuring leadership continuity. However, core trading activity remains subdued, reflected in weak operational revenue, underscoring the need to rebuild volumes and platform activity for sustainable financial turnaround. Overall, the quarter reflected material improvement in financial stability, narrowing losses, and enhanced liquidity, although with continued dependence on non-operating income.</li></ul>

Large Equity Infusion Strengthens MSEI’s Balance Sheet in Q2FY26

MSEI Narrows Losses Sharply in Q2FY26 on Strong Treasury Gains

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