<p><br></p><p>India’s indigenous defence push has added another milestone with the successful <strong>drop test of the Khagantak-243</strong>, a 300-kg class long-range glide bomb developed through a partnership between Nagpur-based defence startup <strong>JSR Dynamics</strong> and Bharat Electronics Limited (BEL). The trial was conducted from a <strong>Su-30MKI fighter aircraft</strong> and reportedly achieved all planned flight objectives. With a claimed stand-off range of around <strong>140–180 km</strong>, the weapon is designed to allow fighter aircraft to strike targets such as runways, bunkers and command centres from a safer distance</p><h2>How the Khagantak-243 Works</h2><p>Unlike conventional bombs, the Khagantak-243 does not use an engine. After being released from an aircraft at high altitude and speed, its wings and control surfaces allow it to <strong>glide towards its target using aerodynamic lift</strong>. The weapon combines an <strong>Inertial Navigation System (INS)</strong> with multi-GNSS for navigation, while an optional electro-optical/infrared seeker can further improve terminal accuracy. The reported accuracy is around <strong>10 metres without a seeker and under 5 metres with one</strong>, while the weapon carries a <strong>125-kg Mk-81 blast-fragmentation warhead</strong>.</p><h2>JSR Dynamics: From Defence Startup to Potential Manufacturer</h2><p>For JSR Dynamics, the test could represent an important step toward commercialisation. The company, founded in <strong>2018</strong>, has focused on developing defence technologies and remains in the <strong>pre-revenue stage</strong>. Under the Khagantak-243 programme, JSR Dynamics has worked on the aerodynamic airframe and control systems, while BEL has contributed the guidance electronics. The startup has reportedly raised around <strong>$19.2 million</strong>, with its January 2025 funding round taking place at <strong>₹6,514 per share</strong>. The company has attracted institutional and angel investors as it works toward bringing its products from development into production.</p><h2>The Investment Story: Trial Success Is Not Yet Revenue</h2><p>The successful trial is encouraging, but investors should be careful about what it actually means for JSR Dynamics. <strong>A successful defence test does not automatically translate into a government purchase order.</strong> The weapon may still require additional testing, validation and procurement approval before large-scale production begins. The key investment trigger will therefore be the transition from <strong>successful trials → qualification → government orders → production → revenue</strong>. If JSR Dynamics can successfully navigate that process, the company could potentially move from a pre-revenue defence startup to a significant domestic defence manufacturer.</p><h3>Bottom Line</h3><p>The Khagantak-243 test is an important <strong>technology validation milestone for JSR Dynamics and India's private defence ecosystem</strong>, but the real value creation will come only if the technology moves from testing to actual procurement. For investors, the story is therefore less about the successful drop test alone and more about whether it can lead to <strong>orders, production, and sustainable revenue growth</strong>. Until those milestones are achieved, JSR Dynamics remains a <strong>high-potential but high-execution-risk defence startup</strong>.</p>

India’s Khagantak-243: The Glide Bomb Test That Could Put JSR Dynamics on the Defence Map

<p>Bharat Hotels Limited, incorporated in 1981, operates luxury hotels across India under <strong>The Lalit</strong> brand, spanning city hotels (Delhi, Mumbai, Bengaluru, Kolkata, Jaipur, Chandigarh), palaces (Udaipur, Srinagar) and resorts (Goa, Bekal, Khajuraho, Mangar). It also owns two commercial towers in Delhi (World Trade Centre and World Trade Tower). The company is unlisted, run by Chairperson Dr. Jyotsna Suri, and is majority owned by Deeksha Holding Limited (40.42%).<br><br></p><p><strong>Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr, Standalone)<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">815.69</div></td><td><div style="text-align: center">841.90</div></td><td><div style="text-align: center"><strong>−3.1%</strong></div></td></tr><tr><td><div><strong>EBITDA</strong></div></td><td><div style="text-align: center">303.84</div></td><td><div style="text-align: center">367.62</div></td><td><div style="text-align: center"><strong>−17.3%</strong></div></td></tr><tr><td><div><strong>EBITDA Margin</strong></div></td><td><div style="text-align: center">37.2%</div></td><td><div style="text-align: center">43.7%</div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>Finance Costs</strong></div></td><td><div style="text-align: center">128.61</div></td><td><div style="text-align: center">181.25</div></td><td><div style="text-align: center">−29.0%</div></td></tr><tr><td><div><strong>Profit Before Tax</strong></div></td><td><div style="text-align: center">162.70</div></td><td><div style="text-align: center">162.92</div></td><td><div style="text-align: center">−0.1%</div></td></tr><tr><td><div><strong>Net Profit (PAT)</strong></div></td><td><div style="text-align: center">115.96</div></td><td><div style="text-align: center">92.97</div></td><td><div style="text-align: center"><strong>+24.7%</strong></div></td></tr><tr><td><div><strong>NP Margin (NPM)</strong></div></td><td><div style="text-align: center">14.2%</div></td><td><div style="text-align: center">11.0%</div></td><td><div style="text-align: center">​</div></td></tr></tbody></table><p>Revenue declined 3.1%, driven mainly by disruption at the Srinagar palace amid regional unrest. Yet PAT rose a strong 24.7% - not from operations, which actually deteriorated (EBITDA down 17.3%), but from a ₹52.6 crore cut in finance costs after refinancing debentures at better rates in January 2026. Operating performance weakened; profit improved purely on cheaper debt.<br><br></p><p><strong>Revenue Mix (₹ in Cr, Standalone)<br><br></strong></p><table><thead><tr><th><div>Particulars</div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>YoY change</strong></div></th></tr></thead><tbody><tr><td><div><strong>Room rentals</strong></div></td><td><div style="text-align: center">452.76</div></td><td><div style="text-align: center">−0.9%</div></td></tr><tr><td><div><strong>Food and beverage</strong></div></td><td><div style="text-align: center">235.21</div></td><td><div style="text-align: center"><strong>−6.3%</strong></div></td></tr><tr><td><div><strong>Liquor and wine</strong></div></td><td><div style="text-align: center">36.22</div></td><td><div style="text-align: center"><strong>−7.9%</strong></div></td></tr><tr><td><div><strong>Rent &amp; maintenance (towers)</strong></div></td><td><div style="text-align: center">29.54</div></td><td><div style="text-align: center">+4.6%</div></td></tr><tr><td><div><strong>Banquet &amp; equipment rentals</strong></div></td><td><div style="text-align: center">27.33</div></td><td><div style="text-align: center"><strong>−8.6%</strong></div></td></tr><tr><td><div><strong>Other services</strong></div></td><td><div style="text-align: center">25.94</div></td><td><div style="text-align: center">+7.8%</div></td></tr><tr><td><div><strong>Management &amp; consultancy fees</strong></div></td><td><div style="text-align: center">4.78</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Membership programm</strong></div></td><td><div style="text-align: center">3.29</div></td><td><div style="text-align: center"><strong>−53.7%</strong></div></td></tr></tbody></table><p>Rooms held roughly flat, but every discretionary spending line F&amp;B, liquor, banqueting, membership fell sharply. These carry high operating leverage on a fixed cost base, which explains most of the EBITDA decline.<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>Property, plant &amp; equipment</strong></div></td><td><div style="text-align: center">1,523.57</div></td><td><div style="text-align: center">1,560.03</div></td></tr><tr><td><div><strong>Capital work-in-progress</strong></div></td><td><div style="text-align: center">291.38</div></td><td><div style="text-align: center">287.99</div></td></tr><tr><td><div><strong>Goodwill</strong></div></td><td><div style="text-align: center">84.25</div></td><td><div style="text-align: center">84.25</div></td></tr><tr><td><div><strong>Cash and bank</strong></div></td><td><div style="text-align: center">78.40</div></td><td><div style="text-align: center">55.91</div></td></tr><tr><td><div><strong>Total assets</strong></div></td><td><div style="text-align: center">2,244.42</div></td><td><div style="text-align: center">2,249.14</div></td></tr><tr><td><div><strong>Total borrowings</strong></div></td><td><div style="text-align: center">775.30</div></td><td><div style="text-align: center">921.89</div></td></tr><tr><td><div><strong>Total equity</strong></div></td><td><div style="text-align: center">1,059.10</div></td><td><div style="text-align: center">944.59</div></td></tr></tbody></table><p><br>Debt fell ₹146.6 crore in one year, cutting gearing from 44.49% to 36.35%. But ₹278.72 crore of CWIP (largely the stalled Ahmedabad hotel) has sat idle over three years, with its land-allotment deadline already lapsed and an extension still pending.<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>Net Profit Margin</strong></div></td><td><div style="text-align: center">13.1%</div></td><td><div style="text-align: center">9.4%</div></td></tr><tr><td><div><strong>Return on Equity</strong></div></td><td><div style="text-align: center">~11.5%</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>P/E</strong></div></td><td><div style="text-align: center">23.5x</div></td><td><div style="text-align: center">31.7x</div></td></tr><tr><td><div><strong>P/B</strong></div></td><td><div style="text-align: center">2.53x</div></td><td><div style="text-align: center">2.83x</div></td></tr><tr><td><div><strong>EV/EBITDA</strong></div></td><td><div style="text-align: center">9.5x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Debt-to-Equity (approx.)</strong></div></td><td><div style="text-align: center">0.73x</div></td><td><div style="text-align: center">0.98x</div></td></tr></tbody></table><p>At an indicative price of ₹367 (market cap ₹2,794.96 cr), Bharat Hotels trades at the lowest P/E and EV/EBITDA among luxury/upscale peers (Chalet, Ventive, Juniper, EIH) - but also has the lowest net margin in the group. The discount reflects a pending ₹1,063.75 crore NDMC claim on its flagship Delhi property (roughly equal to total equity), a leasehold-heavy asset base, and no daily liquidity as an unlisted stock.</p><p>​</p>

Bharat Hotels Limited – FY26 Results

<p><br></p><p>The Indian government's initiatives in renewable energy have made solar EPC companies some of the most talked about companies in the unlisted stocks market. One of the companies in discussion is Insolare Energy Limited. The following is an analysis of what the company is all about, how its unlisted stock market looks like, and some considerations when investing in the company.<br></p><h2>Who Is Insolare Energy?</h2><p>Started in the year 2009 and located in Ahmedabad, the company named <a target="_blank" href="https://www.planify.in/research-report/insolare-energy/">Insolare Energy</a> is an EPC company that provides services related to solar power projects such as rooftop, ground-mounted, floating solar, and solar parks to C&amp;I clients. In addition, the company has also been exploring in energy storage and green hydrogen.<br><br>Its EPC model is asset-light; it does not own and operate power plants but instead earns income from designing and executing power plant projects for its clients. This implies that the financial performance of the business is determined largely by the size of its order book and its speed and efficiency in execution. It has a presence in 19+ states and has installed over 500 MWp capacity, including an increasing O&amp;M portfolio.<br><br>Key difference: Insolare Energy (which is not publicly held, ISIN INE0TSJ01021) and Insolation Energy Limited (listed, BSE/NSE symbol: INA) are distinct entities. It’s very confusing to distinguish between the two due to the similarity in their name.</p><h2>What the Unlisted-Share Data Shows</h2><p>Numbers from unlisted share websites (they change often and differ by source, hence are only estimates and not precise figures):<br></p><ul><li>Suggested share price: approximately ₹165 per share as of early September 2026, between 52-weeks high/low of approximately ₹165 – ₹205<br></li><li>Face value: ₹2 per share<br></li><li>Income statement turnover: approximately ₹434 crore in FY25<br></li><li>Return on equity: approximately 11.21%<br></li><li>Common minimum number of lots: approximately 1,000 shares<br></li></ul><p>However, here is a warning about these figures: aggregators for unlisted shares use prices from the brokers' desks or OTC deals instead of using the order book of the exchange, and therefore, figures such as market capitalization to revenue ratios might not match between the various platforms. It is always advisable to confirm current figures through a broker.​<br></p><h2>How Buying Unlisted Shares Actually Works</h2><p>Unlisted stocks cannot be purchased from a conventional demat or trading app since these stocks aren’t listed. This is the common procedure on most apps:<br></p><ul><li>Confirm a trade at the agreed trading price with the broker or platform<br></li><li>Make KYC submission of PAN card, CMR, and cancelled cheque<br></li><li>Fund transfer through NEFT/RTGS/IMPS – cash is not accepted<br></li><li>The shares are credited to your demat account, generally within 24 hours of completion of fund transfer<br></li><li>The process for selling stocks works vice versa with the broker or platform as the opposite party</li></ul><p>Lock-in periods are important. Several platforms highlight the fact that in case of an initial public offering by Insolare Energy, stock purchased prior to the IPO would be under a lock-in period of six months following the date of listing.</p><h3>Why the Solar EPC Sector Is Attracting Interest</h3><p>​The following factors make some sense of the investor interest in unlisted solar EPC companies:<br></p><ul><li><strong>Policy push:</strong> India’s renewable energy capacity goals, the PM Surya Ghar program, C&amp;I open-access policy and states’ own solar policies continue to create a larger addressable market for the EPCs.<br></li><li><strong>Corporate decarbonization: </strong>The growing demand by manufacturing and corporate customers on sustainability fronts creates orders for rooftop and utility-scale solar.<br></li><li><strong>Moving to storage &amp; hydrogen: </strong>Companies diversifying themselves into energy storage solutions and green hydrogen are positioning for the next stage of the energy transition, although it is still an unproven revenue stream.</li><li><strong>Pre-IPO investment: </strong>Investors at times look into rapidly growing relevant sectors’ unlisted companies to invest in and gain value before their likely IPO, although there is no assurance that Insolare Energy might go public.</li></ul><h3><strong>Key Risks to Understand Before Investing</strong></h3><p>​<a target="_blank" href="https://www.planify.in/unlisted-shares/">Unlisted shares</a> are structurally distinct from listed stocks, and the dangers are very real:<br></p><ul><li><strong>Illiquidity: </strong>There are no order books for trading. Sale happens through finding a counterparty (usually the same broker that sold you those shares) and negotiating the price.</li><li><strong>Valuation opacity: </strong>Due to lack of disclosure requirements by exchanges, there is heavy reliance on broker's estimates as well as self-disclosures of the companies concerned.</li><li><strong>Listing risk: </strong>Investment in pre-IPO shares involves taking a view that listing will actually happen and will be done in a manner and at a valuation that is assumed by today's valuation of such stocks.</li><li><strong>EPC business-model risk: </strong>The asset-light EPC revenue is lumpy in nature and depends on winning orders, executing them and recovering cash flow - working capital risk is inherent in this model.</li><li><strong>Documentation &amp; regulatory risk: </strong>SEBI KYC requirements apply but the unlisted segment is much less regulated compared to listed one - take care while verifying credentials of your broker and genuineness of share transfers.</li><li><strong>Concentration Risk:</strong> Unlisted investments in solar EPC carries more concentrated policy and commodities risk (module pricing, import duties, etc.) compared to diverse portfolio.</li></ul><h2>Bottom Line</h2><p>Insolare Energy is a company that finds itself in the crossroads of two highly popular investment stories in recent times – solar growth in India and the buying of stocks of companies ahead of their initial public offerings. This may be true, but the important factors that matter to an EPC company like the order book, the execution capabilities, profit margins, and working capital must not be ignored.</p>

EPC company that provides services related to solar power projects such as rooftop, ground-mounted, floating solar, and solar parks to C&I clients.

Insolare Energy Unlisted Shares: A Solar Sector Investment Guide

<p style="text-align: justify">​<br><br>In the case of the delisting of a listed company, the question that comes up in the minds of investors is where their investments go from there. The good thing about the delisting of the stock is that the delisting process does not imply any loss of ownership rights; it just makes it difficult for the investors to sell or buy the stocks through the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a> or BSE platforms.<br><br>The process of delisting implies that the listed stock will become an unlisted stock overnight. After completion of the SEBI delisting process, the shares will no longer appear on the exchanges' order books, price discovery will become very hard, and liquidity will be seriously reduced. The shareholder retains all his rights but faces difficulty in selling his stock since he will have to find the buyer himself.</p><h2 style="text-align: justify">Voluntary vs. Compulsory Delisting</h2><table><tbody><tr><td><div style="text-align: center"><strong>Aspect</strong><br></div></td><td><div style="text-align: center"><strong>Voluntary Delisting</strong><br></div></td><td><div style="text-align: center"><strong>Compulsory Delisting</strong><br></div></td></tr><tr><td><div style="text-align: center">Who initiates<br></div></td><td><div style="text-align: center">Promoter/acquirer, by choice<br></div></td><td><div style="text-align: center">Stock exchange or SEBI, as a penalty<br></div></td></tr><tr><td><div style="text-align: center">Price discovery<br></div></td><td><div style="text-align: center">Reverse book building (shareholders bid an exit price)<br></div></td><td><div style="text-align: center">Independent valuer fixes a fair value<br></div></td></tr><tr><td><div style="text-align: center">Promoter's obligation<br></div></td><td><div style="text-align: center">Must acquire shares at the discovered price if the 90% threshold is met<br></div></td><td><div style="text-align: center">Must acquire public shares within 3 months at the valuer's price​<br></div></td></tr><tr><td><div style="text-align: center">Exit window<br></div></td><td><div style="text-align: center">At least 1 year post-delisting, at the discovered price<br></div></td><td><div style="text-align: center">Similar exit rights, though enforcement can be slower<br></div></td></tr><tr><td><div style="text-align: center">If threshold not met<br></div></td><td><div style="text-align: center">Offer fails; tendered shares are returned, company stays listed<br></div></td><td><div style="text-align: center">Not applicable — compulsory delisting proceeds regardless<br></div></td></tr></tbody></table><p><br></p><h2 style="text-align: justify">How the Two Routes Actually Differ</h2><p style="text-align: justify">A voluntary delisting process, on the contrary, would be relatively favorable for the investors. The corporation conducts a reverse book-building in which the public shareholders offer the price they demand for their departure from the business. In case the promoter fails to get over 90% of the shareholding (inclusive of their own holding), the offer fails, and the corporation continues its listing while the tendered shares are returned. Since a September 2024 SEBI amendment, frequently traded companies also have a second voluntary route available: a fixed price process, where the promoter sets an exit price upfront at a minimum 15% premium to the floor price, instead of leaving price discovery to reverse book building. This gives promoters a faster, more predictable alternative in cases where the stock is liquid enough for the floor price to be a reliable benchmark.</p><p style="text-align: justify"><br>In compulsory delisting, however, the situation differs. It is a process conducted due to the regulatory requirements of the government and is initiated by non-compliance, suspension, or exchange action. Here, an independent valuer fixes the fair value of shares instead of the market value. The promoter is obliged to buy back the public shareholding at such valuation within three months.</p><h3 style="text-align: justify">What This Means for Shareholders</h3><p style="text-align: justify">A few practical points worth flagging for anyone holding shares through a delisting event:<br><br>1. <strong>You don't lose ownership — </strong>shares stay in your demat account and continue to carry dividend and voting rights until you sell them.<br><br>2. <strong>A mandatory exit window applies —</strong> SEBI requires the acquirer to keep the exit offer open for at least one year after delisting, accepting shares at the discovered/fair price even if you missed the initial bidding window.<br><br>3. <strong>Tendering is a taxable sale —</strong> capital gains tax applies when you exit through the delisting offer, with holding-period rules under the Income Tax Act determining whether it's short-term or long-term.<br><br>4. <strong>After the one-year window, liquidity dries up fast —</strong> your only route becomes the over-the-counter (OTC) or unlisted shares market, where pricing is opaque, counterparties are harder to find, and trades can take weeks or months to close.<br><br>5. <strong>Relisting is possible but not immediate —</strong> SEBI mandates a minimum three-year cooling-off period (Regulation 40) before a delisted company can approach the markets again, and any relisting is treated as a fresh IPO-style process.</p><h3 style="text-align: justify">If You Choose to Hold Rather Than Tender</h3><p style="text-align: justify">If you decide not to tender during the exit window — for whatever reason, be it a disagreement regarding valuation or simply being oblivious to the whole process — your shares will not be rendered worthless; however, they will be much more difficult to turn into money. After one year of the mandated waiting period is up, the way of getting rid of your <a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted shares</a> is a private sale through OTC platforms that specialize in unlisted scrips. Such platforms exist and provide actual buyers' interest; however, price visibility will be considerably reduced from what you had on an exchange, and the settlement time frame will increase tremendously from your usual market sell order.</p><p style="text-align: justify"><br>When assessing the decision to either tender right away, wait through the window period, or just ignore the whole thing, there are usually three main factors that play into the final decision. These factors include your belief about the company's fundamental value (as the promoters often take their companies off listing due to perceived undervaluation), the liquidity premium you are ready to forego, and the tax effectiveness of the exit strategy. Investors believing in the future of a company, especially in the case of a delisting for restructuring or capital reorganization rather than financial distress, tend to lean toward holding on rather than tendering, betting that a future relisting or buyback will fetch a better price than the current exit offer.</p><h2 style="text-align: justify">The Bottom Line</h2><p style="text-align: justify">The delisting process is more of a shift of venue than the end. The money does not evaporate; it just gets shifted from the liquid environment of exchanges to the illiquid environment of private deals, with SEBI rules guaranteeing a safe exit for you.<br></p>

What Happens to Unlisted Shares After a Company Gets Delisted?

<p><br></p><p>​<a target="_blank" href="https://www.planify.in/unlisted-shares/">Unlisted stocks</a> - stocks of firms that aren't listed on any official stock exchange such as <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a> or BSE - have become a new fancy among investors in the past few years. Pre-IPO placement, equity from startups, ESOPs from private firms, and shares of firms such as defence PSUs prior to listing, or well-known private firms, are being sold aggressively through stockbrokers and WhatsApp groups. The theme always remains the same: come early, buy them cheap, and make a fortune when the company finally goes for listing.</p><p><br>However, the flip side of the coin hardly gets any coverage. Investing in unlisted shares has certain risks which are not associated - or are associated to a much lesser degree - with investing in listed stocks.</p><h2>Liquidity Risk: You May Not Be Able to Sell When You Want</h2><p>This is the biggest risk, and it's a structural one, not a random one. There is no exchange, no order book, and no certainty of buyer for unlisted shares. The sale is dependent on finding a willing buyer – often via the same non-exchange broker network that sold them to you – who is prepared to pay what he or she wants, not what you want.</p><p><br>In tough times, buyers might disappear. You might find yourself with shares which you can't turn <br>into cash for many months or years, despite whatever merits the underlying business has.<br>Private companies sometimes have Right of First Refusal (ROFR) or transfer restrictions on their Articles of Association, whereby the company or other shareholders have the right to veto your sale to a third party or prevent you from selling the shares at all.</p><p><br>Listed shares are tradable within a few seconds whenever the market is open. Unlisted shares never are.</p><h2>Price Discovery Is Opaque and Easily Manipulated</h2><p>In an exchange, there is complete transparency in the pricing of stocks through thousands of traders. In the over-the-counter market:<br></p><ul><li>Quotes for prices can come from just a few middlemen and dealers, and these are based on recent transactions that cannot be verified.<br></li><li>The same percentage can be priced at significantly different levels by different dealers at the same time.<br></li><li>There are no regulations stipulating that these quotes should indicate any form of fair value; they can be manipulated to create a sense of panic ("the price is going up, make your move") or create a sense of fear in existing holders ("the price is falling, sell now").</li><li>Since the market is very small, a few transactions can manipulate the "market price," and the manipulation can attract new buyers.</li></ul><p>​In essence, you are believing the seller in what value that share has.</p><h2><span style="font-size: 24px">Limited and Unverified Financial Information</span></h2><p>Listed firms are required by law to disclose quarterly performance, annual reports, related party dealings, and important events to stock exchanges. Non-listed companies do not have any such requirement towards retail investors.</p><ul><li>You usually depend upon unofficial shareholder presentations, dealer presentations, or old financials which may even be one year old.<br></li><li>It is not mandatory for the company to keep its unlisted shareholders informed of their poor performance, changes in management, lawsuits, or regulatory actions.<br></li><li>The audited financials, whenever available, may not always be up to date, while the forecast of an IPO/valuation is always dealer optimism.</li></ul><h2>No Guarantee of Listing - or Listing on Your Timeline</h2><p>The rationale for buying unlisted shares is largely predicated upon its eventual IPO. However:<br></p><ul><li>Firms have the ability to delay their IPOs indefinitely because of various reasons.<br></li><li>Firms choose not to go for an IPO and continue to trade informally; thus leaving investors holding illiquid shares without a set exit route.<br></li><li>If there is any IPO after that, you might find that the IPO is priced lower than the price at which you bought the shares in the unlisted market; this is evident from the Indian market scenario where many firms which went on for IPO saw their share prices fall below that in the unlisted market.</li><li>Even regulations (such as the recent ones imposed by SEBI regarding <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO share</a> trades) play an important role in the transactions of such shares.</li></ul><p>No contractual provision compels a business to be listed on any deadline.</p><h2>Valuation Risk and the "FOMO Premium"</h2><p>The scarcity and exclusivity of unlisted shares lead many purchasers to pay more, not because of fundamentals but due to hype.​<br></p><ul><li>“Last funding round valuation” is the benchmark usually used by dealers, but the valuation done during a private funding round with one institution who negotiates terms on its own cannot be taken as the market price for a small retail parcel.<br></li><li>By the time retail investors receive the stock after several intermediations in between, each of them will take a cut.</li><li>There is nowhere to bottom out if the growth story of the business does not materialize. No circuit filters, no market makers, nothing.</li></ul><h2>Regulatory and Legal Grey Areas</h2><p>In India, trading in unlisted stocks takes place under much less stringent regulation than that of listed stocks.</p><ul><li>The trades usually take place off-market and through bilateral physical/demat transfer through intermediaries who need not always be SEBI-registered stock brokers in this respect.<br></li><li>The disputes of delivery, delay in share transfers or frauds of share certificates are much less addressed than those in exchange-traded trades where they get support from clearing firms.<br></li><li>The fraud is a genuine and recurring matter where fraud of fake share certificate, selling of the shares that seller does not own or companies that do not exist have all been observed in this case.</li><li>The KYC and the transfer process may be a time taking and manual process (physical delivery instructions and signature verification through company registrars).</li></ul><h3> Dilution Risk</h3><p>​Private firms and start-ups often raise additional money through financing rounds.</p><ul><li>Each new funding round can water down their ownership stake unless anti-dilution provisions are explicitly negotiated, which is rare for retail unlisted stockholders.<br></li><li>In addition, you could structurally be subordinate to institutional investors that hold preference shares, which means they are paid out first in case of liquidation or acquisition.</li><li>Unlisted retail stockholders normally only hold simple equity without any special provisions.</li></ul><h3>​Other risk</h3><ul><li>​Besides the concerns mentioned above, there are a couple more worth mentioning. For starters, unlisted shares require an investor to make a sizeable investment into a single non-liquid and unverifiable position due to the large minimum lot requirement for the deals and because unlisted share purchases do not usually take place via diversified vehicles but as standalone “investment opportunities”, which result in high exposure to only one or two private companies – something easily avoided in the listed markets via mutual funds or ETFs and by purchasing smaller lots in several different stocks. </li><li>Additionally, tax treatment of such investments is less attractive and much more complicated: holding period less than 24 months results in short-term capital gains being taxed at your income slab rate and although long-term capital gains (over 24 months) do not face such an unfavorable tax treatment, their structure is more complicated and doesn’t have the simplicity of Section 112A for listed shares since transactions aren’t on market and, therefore, it is up to an investor to provide correct information regarding cost of acquisition, period of holding and mode of transfer for taxation purposes and if a company later goes public, post-IPO sale gets complicated from a tax perspective.<br></li></ul><h2>What This Doesn't Mean</h2><p>All of the above does not necessarily imply that unlisted securities cannot be a good investment. There are plenty of legitimate examples, and there have been some early investors in major corporations who made millions. What is important to understand is the nature of the risk involved, which differs structurally and is usually understated in comparison with the possible reward.<br></p><h3>Questions Worth Asking Before You Invest<br></h3><ul><li>​Who precisely am I purchasing from, and is this a traceable entity?<br></li><li>Is the valuation offered based on an actual recent deal, or is it just a claim made by a dealer?<br></li><li>What is the recent audited financial data that I can access, and how recent is it?<br></li><li>Does this firm have any schedule for going public, and if this goes on for years, what happens to my money?<br></li><li>Are there any conditions preventing me from selling the shares even if I manage to find someone to purchase them?<br></li><li>What is the worst-case scenario when it comes to this firm failing to go public or get acquired?</li><li>Have I positioned myself in such a way that losing this money will not affect my financial well-being in any material way?</li></ul><h2>​Bottom Line</h2><p>Unlisted stocks exchange the clarity, liquidity, and protections of listed exchanges for the prospect of outsized returns in the very early stages. It is reasonable enough for such a trade-off to be made in a very small position by someone who knows what he or she is losing. Such an investment strategy becomes much more questionable in the case of a significant investment made based on a pitch from the salesperson and FOMO (fear of missing out). This lack of pricing and exits should define the asset class itself.<br></p>

Listed shares are tradable within a few seconds whenever the market is open. Unlisted shares never are.

Risks of Investing in Unlisted Shares: What Nobody Tells You

<p style="text-align: justify">​<br>If you've spent any time browsing India's unlisted share market, you've probably come across PharmEasy. It's one of those names that keeps showing up in investor WhatsApp groups and broker calls, usually followed by a question nobody can answer with full confidence: is this stock a bargain or a warning sign?<br><br>There's no simple answer. But there is a story worth understanding before you put money into it — and that's what this guide is for.The actual listed entity, the one whose shares trade in the unlisted market, is API Holdings Limited</p><h2 style="text-align: justify">What Exactly Are You Buying?</h2><p style="text-align: justify">A quick clarification first, because it trips up a lot of first-time investors. You don't buy "<a target="_blank" href="https://www.planify.in/research-report/pharmeasy-share-price/">PharmEasy shares</a>." PharmEasy is a consumer brand — the app you use to order medicines. The actual listed entity, the one whose shares trade in the unlisted market, is API Holdings Limited, PharmEasy's parent company.<br><br>API Holdings runs the full healthcare stack: the PharmEasy app for medicine delivery, teleconsultation services, diagnostics and radiology, and a broader ecosystem that connects patients, pharmacies and labs. It was founded in 2015 and grew fast enough, and drew enough capital, that by 2021 it was being talked about as one of India's most promising IPO candidates.<br><br>That IPO never happened. And the price chart since then tells you most of what you need to know about why this stock trades the way it does.</p><h2 style="text-align: justify">The Price, and the Fall Behind It</h2><p style="text-align: justify">As of mid-August 2026, API Holdings (PharmEasy) unlisted shares are trading in the ₹5.50–₹6.65 range depending on the intermediary, with a face value of ₹1 per share and a 52-week band of roughly ₹5.00 to ₹7.00. The typical minimum lot size sits around 2,500 shares, and settlement runs through NSDL and CDSL, same as it would for any demat-held security.<br><br>Now compare that to where this stock once stood. In 2021, at the peak of startup euphoria, PharmEasy was valued at over ₹60,000 crore, and its unlisted shares briefly traded north of ₹600. Today it's a single-digit stock.<br><br>That's not a rounding error — it's one of the sharpest valuation resets in India's startup history, and it happened for reasons that are worth separating out clearly:<br><br>1. The IPO window shut. Public market appetite for loss-making internet businesses collapsed globally around 2022, and PharmEasy's listing plans were shelved indefinitely.<br><br>2. Funding rounds marked the company down. Later valuations came in well below the 2021 peak, and unlisted share prices tend to track the most recent private round closely.<br><br>3. Debt became the defining issue. This is the part most investors skip past, and it's the one that actually explains the headlines you'll see about PharmEasy this year.</p><h2 style="text-align: justify">Why the Thyrocare Story Matters More Than the Price Chart</h2><p style="text-align: justify">Here's where most "investor guides" on this stock stop short — they'll give you a price and a disclaimer and call it a day. But if you're actually deciding whether to buy in, the more useful question isn't "what's the price today," it's "what's driving the price, and where is that heading."<br><br>The clearest live example of this playing out is API Holdings' relationship with Thyrocare, the listed diagnostics chain it acquired control of back in 2021 for roughly ₹4,546 crore, at ₹1,300 a share, through its subsidiary Docon Technologies.<br><br>Thyrocare was meant to be the diagnostics arm of PharmEasy's healthcare ecosystem. Instead, it's become something else entirely: collateral. Docon had pledged its entire Thyrocare stake against loans taken to fund the group — first an expensive facility from Goldman Sachs, later refinanced through high-yield bonds carrying a blended cost of around 12.8%.<br><br>Over the past year, API has been steadily selling down that Thyrocare stake to pay off that debt:<br><br>1. <strong>October 2025 —</strong> a sale that took promoter holding from roughly 71% to 61%, raising around ₹668 crore.<br><br>2.&nbsp;<strong>13 August 2026 —</strong> a second sale, 9.9% of Thyrocare (worth close to ₹986 crore), taking promoter holding down further to about 51%. Buyers in that block deal included names like Citigroup, Morgan Stanley and HSBC Mutual Fund.</p><p style="text-align: justify"><br>What makes this interesting rather than simply alarming is the reasoning behind it. According to Thyrocare's management, this latest sale is meant to clear the group's outstanding ₹1,050 crore of debentures entirely — effectively taking API Holdings to zero net debt within days of the money landing. That's condition one of two the company says it needs to meet before it can seriously weigh a public listing, either standalone or through a reverse merger into the already-listed Thyrocare. Condition two — API Holdings turning pre-tax profitable without leaning on Thyrocare's numbers — is expected around the end of FY27.</p><h2 style="text-align: justify">What This Means If You're Actually Considering an Investment</h2><p style="text-align: justify">Strip away the noise and there are really three things to weigh here.<br><br>First, the balance sheet is genuinely improving. API Holdings' debt has come down from roughly ₹4,098 crore in FY24 to about ₹2,033 crore in FY25, and the Thyrocare stake sale is aimed at closing out most of what remains. A company that was drowning in pledged collateral two years ago is now within sight of being debt-free.<br><br>Second, a listing path is back on the table — but the shape of it is uncertain. Whether API Holdings lists independently or folds into Thyrocare through a reverse merger changes the investment thesis considerably. The former is a straightforward pre-IPO bet on a healthcare platform. The latter would mean current Thyrocare shareholders — and by extension, anyone who buys into that route — end up holding a stake in a loss-making e-pharmacy business alongside a profitable diagnostics one. Not everyone wants that exposure.<br><br>Third, the price you see quoted isn't a market price in the way a listed stock's price is. There's no exchange, no order book, no continuous price discovery. What you're seeing is an indicative rate set by intermediaries based on the last known transaction, demand from buyers on their books, and their own read of the company's trajectory. It's normal to see a ₹1–1.5 spread between different platforms quoting the same stock on the same day.</p><h3 style="text-align: justify">A Few Practical Points Before You Buy</h3><p style="text-align: justify">​<a target="_blank" href="https://www.planify.in/unlisted-shares/">Unlisted shares</a> settle through your regular demat account (NSDL/CDSL) — no separate account is needed.<br><br>1. KYC requirements typically include your PAN, a Client Master Report from your existing broker, and a cancelled cheque if you're funding from a different bank account than the one linked to your demat.<br><br>2. There's no fixed lock-in for API Holdings shares the way there is for some pre-IPO allotments, but liquidity depends entirely on finding a counterparty — exit isn't guaranteed on your timeline.<br><br>3. Minimum lot sizes and prices vary by intermediary, so it's worth comparing quotes rather than transacting with the first platform you check.</p><h2 style="text-align: justify">The Honest Takeaway</h2><p style="text-align: justify">PharmEasy's unlisted share price today reflects a company that overreached during the 2021 funding boom, spent the following years paying for it, and is now — cautiously — climbing back toward a position where a public listing is plausible again. The Thyrocare stake sales aren't a distress signal in the way they might first appear; they're closer to a repayment plan finally reaching its final installment.<br><br>That doesn't make this a risk-free bet. Unlisted shares carry illiquidity risk, valuation uncertainty, and no guarantee that any IPO or listing event actually happens on the timeline a company suggests. Do your own diligence, track the two numbers that actually matter here — API's outstanding debt and the promoter's remaining pledge — and treat any price quote as indicative rather than final.​<br></p>

API Holdings runs the full healthcare stack: the PharmEasy app for medicine delivery, teleconsultation services, diagnostics and radiology, and a broader ecosystem that connects patients, pharmacies and labs.

PharmEasy Unlisted Share Price: A Complete Investor Guide

Hindustan Engineering & Industries Limited: What the Unlisted Shares Actually Look Like

<p>​<span style="color: rgb(26, 26, 26)">Garuda Aerospace Limited is an integrated drone technology company engaged in the design, development, manufacturing and deployment of unmanned aerial systems and technology-enabled drone services. Founded in 2015 and headquartered in Chennai.&nbsp;Its product portfolio spans agricultural drones, survey and mapping platforms, inspection systems, surveillance drones, logistics platforms and specialised defence solutions, delivered through an integrated value chain covering drone design and indigenous R&amp;D, manufacturing and assembly, Drone-as-a-Service operations, AI and data analytics, maintenance and after-sales support, mission planning and fleet-management software, and specialised defence and strategic systems.</span></p><p>​<strong><br></strong></p><h2 style="margin-right:0cm;margin-left: 0cm"><strong><span style="color: rgb(34, 34, 34)">Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr)</span></strong></h2><table><tbody><tr><td><div><strong>Particulars</strong></div></td><td><div><strong>FY26</strong></div></td><td><div><strong>FY25</strong></div></td><td><div><strong>YoY change</strong></div></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Revenue&nbsp;</span></strong></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">206</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">125</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">+65.2%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">EBITDA</span></strong></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">39</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">30</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">+29.6%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">EBITDA Margin</span></strong></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">19.0%</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">24.2%</span></p></td><td><p style="text-align:center"><strong><br></strong></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Net Profit (PAT)</span></strong></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">26</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">18</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">+41.1%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">NP Margin (NPM)</span></strong></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">12.6%</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">14.7%</span></p></td><td><p style="text-align:center"><br></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">EPS (Basic &amp; Diluted)</span></strong></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">4.99</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">3.67</span></p></td><td><p style="text-align:center"><span style="color: rgb(26, 26, 26)">+36.0%</span></p></td></tr></tbody></table><p><span style="color: rgb(64, 64, 64)"><br></span></p><p><span style="color: rgb(64, 64, 64)">Revenue grew a strong 65.2%, reflecting scale-up across Garuda's agriculture, industrial, and Drone-as-a-Service verticals. However, profit growth (+41.1%) lagged revenue growth, as costs, notably impairment losses and cost of materials, rose faster than income, compressing both EBITDA margin and net margin. The company remains solidly profitable, but FY26's growth came with a modest trade-off in margin efficiency</span></p><p><strong>​</strong></p><h2 style="margin-right:0cm;margin-left: 0cm"><strong><span style="color: rgb(34, 34, 34)">Common-Size Statement</span></strong></h2><table><tbody><tr><td><div><strong>Particulars</strong></div></td><td><div><strong>FY25</strong></div></td><td><div><strong>FY25 (% of revenue)</strong></div></td><td><div><strong>FY26</strong></div></td><td><div><strong>FY26 (% of revenue)</strong></div></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Revenue (Total Income)</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">125</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">100.0%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">206</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">100.0%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Cost of materials consumed</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">72</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">57.9%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">117</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">56.6%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Employee benefit expense</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">9.55</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">7.7%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">8.02</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">3.9%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Finance costs</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">1.23</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">1.0%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">1.04</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">0.5%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Depreciation &amp;   amortisation</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">3.60</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">2.9%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">4.08</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">2.0%</span></p></td></tr></tbody></table><p><br></p><h2 style="margin-right:0cm;margin-left: 0cm"><strong><span style="color: rgb(34, 34, 34)">Key Balance Sheet Items (₹ in Cr)</span></strong></h2><table><tbody><tr><td><div><strong>Particulars</strong></div></td><td><div><strong>FY26</strong></div></td><td><div><strong>FY25</strong></div></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Property, plant and   equipment</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">18</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">15</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Inventories</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">34</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">25</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Trade receivables</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">234</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">112</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Cash and cash equivalents</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">2.39</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">0.95</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Current borrowings</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">22</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">6.25</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Non-current borrowings</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">-</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">0.46</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Trade payables&nbsp;</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">65</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">26</span></p></td></tr></tbody></table><p>​</p><p><span style="color: rgb(64, 64, 64)">Trade receivables more than doubled, far outpacing revenue growth; this is the standout working-capital trend and the main driver of the overall balance sheet expansion. Borrowings remain very small relative to the balance sheet (non-current borrowings fell to nil), suggesting this receivables build-up was funded largely through equity and internal accruals rather than debt.</span></p><p>​<br></p><h2 style="margin-right:0cm;margin-left: 0cm"><strong><span style="color: rgb(34, 34, 34)">Key Ratio Analysis</span></strong></h2><table><tbody><tr><td><div><strong>Particulars</strong></div></td><td><div><strong>FY26</strong></div></td><td><div><strong>FY25</strong></div></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Net Profit Margin</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">12.6%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">14.7%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Return on Equity</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">10.8%</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">11.1%</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Fixed Asset Turnover   Ratio</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">11.47x</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">8.23x</span></p></td></tr><tr><td><p><strong><span style="color:#1A1A1A">Debt-to-Equity Ratio</span></strong></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">0.09x</span></p></td><td><p style="text-align:center"><span style="color:#1A1A1A">0.04x</span></p></td></tr></tbody></table><p>​</p><p><span style="color: rgb(64, 64, 64)">ROE held broadly steady (~11%), as strong equity growth roughly kept pace with profit growth. Fixed asset turnover improved noticeably (8.23x to 11.47x), indicating the company is generating meaningfully more revenue per unit of fixed assets, a sign of efficient scaling rather than capacity-led growth. Leverage remains very low in absolute terms (D/E of just 0.09x), even though it roughly doubled YoY off a tiny base, so the balance sheet stays conservatively funded overall.</span>​<br></p>

Garuda Aerospace Limited- FY26 Results

<p style="text-align: justify"><br>Ask around in pre-IPO investing circles and <a target="_blank" href="https://www.planify.in/research-report/apollo-fashion-international/">Apollo Fashion International's</a> name comes up often enough that it's clearly on people's radar. What's less clear, at least from the questions investors tend to ask, is how the company actually came to exist in its current form, what it does day to day, and why its share price isn't a single fixed number the way a listed stock's would be. Here's an attempt to untangle all three.</p><h2 style="line-height: 1.38;text-align: justify"><strong>Unlisted Shares Work Differently Than Most People Assume</strong></h2><p style="line-height: 1.38;text-align: justify">A company doesn't need to be on the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a> or BSE to have shareholders. Plenty of businesses issue equity, pay out to investors, and run board meetings without ever touching a public exchange. What changes when there's no listing is simple: there's no central marketplace showing everyone the same price at the same moment.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Trades in unlisted companies happen through brokers and specialised platforms, Planify being one of them that connects people who want to sell with people who want to buy. Often the seller is someone who got in early, an employee with vested stock or an angel investor from years back, and the buyer is a retail investor or HNI betting the company eventually lists or gets acquired.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Since there is no single exchange setting the price, the value quoted can vary between platforms, sometimes significantly. Any price mentioned here should be viewed as an indicative figure at that point in time, and it is best to verify the latest price with your broker before making any assumptions.</p><h2 style="line-height: 1.38;text-align: justify"><strong>The Business Is Older Than the Company Running It</strong></h2><p style="line-height: 1.38;text-align: justify">Mention "Apollo Group" and most people jump straight to Apollo Tyres. Fair enough, that's the group's best known name, but under Raaja Kanwar the group has branched into infrastructure, digital cinema, wellness, and fashion manufacturing over the years.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Here's where it helps to separate two things that get lumped together constantly: the fashion manufacturing operation itself, and the company that currently holds it.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">The manufacturing side isn't new. It goes back to 1994, when the group first got into leather garment production. From there it grew steadily, adding footwear, bags, belts, wallets, and eventually textile lines like shirts and outerwear, all built for export to recognisable global fashion labels, out of a base in the Delhi NCR belt. For most of that thirty-year run, this operation sat inside the wider Apollo structure, most recently as the Fashion Division under Apollo Green Energy Limited.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Apollo Fashion International Limited, which is the actual entity behind the unlisted shares people are trading today, only came into existence in 2023. The fashion business was then moved into this new entity through a business transfer from <a target="_blank" href="https://www.planify.in/research-report/apollo-green-energy-limited/">Apollo Green Energy Limited</a>, with that transfer taking effect on 1 June 2024. So there are really two timelines running here: a manufacturing track record stretching back nearly three decades, and a standalone corporate entity that's barely a couple of years old.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">That distinction isn't just a technicality, it actually matters for anyone trying to research the company. It would be wrong to say there's no financial history at all. Records from the earlier years, when the business ran as the Fashion Division within Apollo Green Energy Limited, do exist and are part of what's publicly disclosed. What's genuinely thin is the standalone track record of Apollo Fashion International Limited as its own independent company, simply because that history only starts from the mid-2024 transfer.</p><h2 style="line-height: 1.38;text-align: justify">What FY24 and FY25 Looked Like</h2><p style="line-height: 1.38;text-align: justify">Apollo Fashion International Limited took over the business in June 2024. So, FY2025 was the first year in which the company had the business under its own books for the full year. The numbers for that year were fairly straightforward: revenue came in at about ₹182 crore, while profit after tax was around ₹13 crore, as per the annual report.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">The business changed hands for around ₹95 crore. The consideration included both cash and shares, while the net assets being transferred were valued at roughly ₹63 crore. Another point that stands out in the disclosures is the amount of business the company continued to do with its old parent. Considering the transfer had happened only a few months into the previous financial year, that dependence is not particularly unusual.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">None of this should be read as a multi-year growth story yet, it's one year's numbers from a company that only just started reporting on its own. Whether performance holds steady or improves will depend on the years that follow, which haven't happened yet.</p><h2 style="line-height: 1.38;text-align: justify">Why the Price Moves Around So Much</h2><p style="line-height: 1.38;text-align: justify">Unlisted shares don't come with a ticker or a live feed updating every second. Instead, a handful of forces push the number up or down depending on the day.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Start with the dealers themselves. Each platform sets its own buy and sell price, and there's typically a noticeable gap between the two, that gap is essentially how the dealer makes money on the trade.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Then there's plain supply and demand, except among a much smaller pool of buyers and sellers than you'd find in listed markets. A wave of interest can push prices up quickly; a rush of sellers looking to exit can just as quickly bring them back down.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Speculation plays an outsized role too. Any hint of a future listing, acquisition talk, or restructuring can move prices well ahead of any confirmation. It's worth being direct about this: Apollo Fashion International hasn't announced an IPO or set a listing date. Anything you hear about a future listing should be treated as market chatter, not fact, unless the company itself puts out an official statement.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Because the standalone company is so new, a lot of buyers also lean on the reputation of the wider Apollo Group when forming a view on price, since the fashion entity's own independent numbers only go back to the 2024 transfer.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">And finally, broader sentiment in the <a target="_blank" href="https://www.planify.in/research-report/apollo-green-energy-limited/">pre-IPO market</a> matters. When that market is hot, prices across most unlisted names tend to rise together, regardless of what's actually happening inside any one company.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Put all of that together and the takeaway is straightforward: don't anchor to a price you saw weeks ago. Ask for a live quote from an actual platform on the day you plan to act.</p><h2 style="line-height: 1.38;text-align: justify">The Mechanics of Buying In</h2><p style="line-height: 1.38;text-align: justify">The general process for buying unlisted shares looks similar across most platforms, though the fine print, lot sizes, payment steps, and lock-in terms, can vary depending on which intermediary you're working with and what regulations apply at the time.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Broadly, you contact a broker or platform, get a quote, and agree on a price and quantity. Lot sizes tend to be set by whoever's facilitating the trade and can shift over time, so it's worth confirming the current lot size directly rather than assuming it matches what you read somewhere. Payment typically moves through standard banking transfer, and once it clears, shares land in your demat account, since unlisted shares are held in dematerialised form just like listed ones.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">A lock-in period might also apply, and exactly how long depends on how and when the shares were acquired along with the regulatory category the investor falls under. These rules come from SEBI, not from any individual platform, so the safest move is confirming your specific lock-in terms directly with whoever you're transacting through.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">Selling works much the same way, just in reverse. You find someone willing to buy the shares, agree on the deal, transfer the shares from your demat account, and receive the money after the transaction goes through.</p><h2 style="line-height: 1.38;text-align: justify">What Could Go Wrong</h2><p style="line-height: 1.38;text-align: justify">The stories that circulate about unlisted-share investing tend to be the good ones, someone bought in early and did well once the company eventually listed. Less discussed are the real risks baked into this asset class.<br><br></p><p style="line-height: 1.38;text-align: justify">Getting out isn't guaranteed. There's no promise a buyer will be there exactly when you want to sell, and a plan to exit in six months can stretch into two or three years without warning.<br><br></p><p style="line-height: 1.38;text-align: justify">There's no benchmark price to check your quote against. You're trusting whatever a dealer tells you, and different dealers can tell you different things.<br><br></p><p style="line-height: 1.38;text-align: justify">Financial disclosure exists but only covers a short window for the standalone entity. You're working with fewer independent years of data than you'd get with an established listed company.<br><br></p><p style="line-height: 1.38;text-align: justify">A listing is never guaranteed. Some companies trade actively in the unlisted space for years and never go public, or take far longer than the market expected. Right now, Apollo Fashion International hasn't confirmed any IPO plans.<br><br></p><p style="line-height: 1.38;text-align: justify">Lock-in periods can also restrict you legally, regardless of your own timeline, depending on your investor category and when you bought in.</p><h2 style="line-height: 1.38;text-align: justify">Where That Leaves You</h2><p style="line-height: 1.38;text-align: justify">If you're weighing Apollo Fashion International's unlisted shares, approach it the way you'd approach any pre-IPO bet. Pull quotes from more than one dealer instead of trusting a single number, figure out exactly what lock-in applies to you, go through whatever disclosures exist, both the older Fashion Division records and the newer standalone results, and size the position so it doesn't dominate your portfolio.<br><br></p><p style="line-height: 1.38;text-align: justify">There's real upside in this asset class, but the catch is liquidity. Getting your money back out isn't always simple, buyers aren't guaranteed to show up on your schedule, and the price you eventually get can depend heavily on who you're dealing with. Some investors end up holding for years longer than planned before an exit opens up.<br><br></p><p style="line-height: 1.38;text-align: justify">This is the kind of investment where you should be okay with your money staying invested for some time. Getting out can take longer than it would with a listed share, simply because there may not be a buyer ready when you want to sell.</p><p style="line-height: 1.38;text-align: justify"><br></p><p style="line-height: 1.38;text-align: justify">This article is only for general information and should not be treated as investment advice. Prices for unlisted shares can vary quite a bit between brokers and platforms. The lot size, lock-in period and other terms can also be different depending on who you buy through and what rules apply at the time. Apollo Fashion International has not announced an IPO or listing as of the date this was written.<br><br></p><p style="line-height: 1.38;text-align: justify">If you're considering buying the shares, check the latest quote and terms with the broker before going ahead. And if you're putting a significant amount of money into it, getting advice from a qualified financial advisor would be sensible.</p>

Apollo Fashion International: What's the Story Behind the Buzz?

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