Financial Performance (FY25 vs FY24):&nbsp;Mohan Meakin delivered a strong top‐line performance in FY25, with consolidated revenue from operations rising 11.5% YoY to ₹2,151Cr—driven by its core alcoholic business, which grew 11.7% to ₹2,136 Cr (vs. ₹1,912 Cr in FY24)—while the non-alcoholic segment saw a 14.0% decline to ₹16 Cr (vs. ₹18 Cr). The alcoholic portfolio thus accounted for 99.3% of operating revenue (vs. 99.1% in FY24), underscoring its dominance, and total income (including other income) advanced 11.6% to ₹2,166 Cr.Operational Metrics (FY25 vs FY24):&nbsp;Operationally, segment performance was sharply divergent: the alcoholic division’s double-digit growth not only fueled overall revenue expansion but also improved its share of revenue from operations from 99.1% to 99.3%, while the non-alcoholic line’s contraction reduced its contribution from 0.9% to 0.7%. This skewed mix, combined with disciplined cost control (expenses up 11.2% vs. revenue up 11.6%), supported margin gains—PBT margin expanded to 6.4% (vs. 5.9%) and net margin rose to 4.7% (vs. 4.4%). Finance costs eased to ₹0.7 Cr (vs. ₹0.8 Cr), further bolstering profitability.Growth Outlook:&nbsp;Looking ahead, <a href="https://www.planify.in/research-report/mohan-meakin-share-price/">Mohan Meakin</a> is well-positioned to leverage its alcoholic portfolio’s strong growth by continuing premiumization and targeted capacity investments, while addressing the non-alcoholic segment’s setback through innovation or selective rationalization. With a fortified balance sheet—total assets up 21.9% to ₹652 Cr, equity up 28.3% to ₹470 Cr, and debt-to-equity down to 0.4x—management has the financial flexibility to invest in brand-building and working capital optimization, aiming to sustain margin improvements and deliver balanced, profitable growth across both segments. ​

Mohan Meakin Delivers Double-Digit Revenue Growth in FY25

Few names once rang as confidently in the vast corridors of India’s corporate landscape as Bhushan Steel Limited (BSL). But under the glowing facade of industrial progress and growth, lies one of India’s most notorious corporate frauds—the BSL scam, which is steeped in financial crime, negligence of governance, and complex legislation. <h3 style="line-height:1.38">The Rise: From Steel Dreams to Industry Giant</h3>​ Founded in 1987, Bhushan Steel scaled heights to position itself amongst India’s leading auto-grade steel manufacturers with an annual capacity of 5.6 million tonnes. With its massive plants in Uttar Pradesh, Maharashtra and Odisha, it drew billions in bank loans to fund its growth. But behind the scenes, something dark was at work. By 2018, Bhushan Steel had defaulted on a massive pile of debt. What initially looked like a business failure due to <a href="https://www.planify.in/markets/">market conditions</a> was soon unmasked as something far more disturbing. <h2 style="line-height:1.38">Unveiling the Scam</h2><h3 style="line-height:1.38">A. Fraudulent Financial Practices</h3>In one of the biggest financial fraud cases in India’s history, investigative agencies Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO) revealed that BSL's promoters, notably Neeraj Singal, orchestrated a complex web of financial deceit. Key findings include:<ul><li style="font-size:15px;color:#000000;background-color:transparent">Shell Companies: Over 150 shell entities were established to divert funds from BSL and Bhushan Energy. </li><li style="font-size:15px;color:#000000;background-color:transparent">Rotated Funds: Funds were systematically rotated among these entities, creating a facade of legitimate transactions while siphoning off capital. </li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Fabricated Documents: Forged documents and false representations were presented to banks to secure loans and discount letters of credit.</li></ul> <h3 style="line-height:1.38">B. Scale of the Fraud</h3>The magnitude of the fraud is staggering: <ul><li style="font-size:15px;color:#000000;background-color:transparent">Bank Loan Fraud:&nbsp;A staggering sum of ₹56,000 crore was siphoned off banks in one of India's biggest banking scams. </li><li style="font-size:15px;color:#000000;background-color:transparent">Financial Institutions’ Loss: The ED says the Singals caused ₹11,446 crore loss to financial institutions.</li></ul><h3 style="line-height: 1.38">Where Did the Money Go?</h3>Instead of investing in infrastructure or manufacturing, the money was used for: <ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Buying properties in states like Maharashtra, Haryana, and Assam</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Funding personal investments</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Circulating fake invoices to show business growth</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Repaying older loans to maintain an illusion of credibility</li></ul>​One shocking detail emerged: loans taken for machinery were shown on paper, but no machines were ever bought. Fake vendors, false invoices, and fraudulent transactions propped up Bhushan Steel’s books.<h3 style="line-height:1.38">The Investigations, Arrests, and Reforms</h3>The Enforcement Directorate (ED) and Serious Fraud Investigation Office (SFIO) launched multiple probes. <ul><li style="font-size:15px;color:#000000;background-color:transparent">Neeraj Singal was arrested in 2023 and is currently in judicial custody. </li><li style="font-size:15px;color:#000000;background-color:transparent">In 2024, the ED provisionally attached ₹429 crore worth of assets, including luxury apartments, office properties, and expensive vehicles. </li><li style="font-size:15px;color:#000000;background-color:transparent">More than five senior executives of Bhushan Steel were also arrested. </li><li style="font-size:15px;color:#000000;background-color:transparent">After 16 months in custody, Neeraj Singal was granted bail by the Supreme Court in September 2024 and mandated that Singal surrender his passport and refrain from leaving India without permission&nbsp;</li></ul>A prosecution complaint was filed, and the court took cognisance in November 2023. Investigations are still ongoing into other possible conspirators and financial conduits. <h2 style="line-height:1.38">Corporate Insolvency and Acquisitions</h2><h3 style="line-height:1.38">A. Tata Steel's Acquisition</h3> In 2018, Tata Steel purchased BSL through the Corporate Insolvency Resolution Process (CIRP) framework for achieving a recovery value of approximately ₹35,200 crore, with revival potential intentions marked as distressed assets. B. JSW Steel and Bhushan Power &amp; Steel Following this purchase, JSW Steel came under legal scrutiny after acquiring Bhushan Power &amp; Steel (BPSL) , another family business of Singals, paying ₹19,350 crore in 2019. In May 2025, the Supreme Court overturned the acquisition, ordering BPSL's liquidation, citing a lack of due process. Conclusion The unforgivable misgovernance of corporations alongside extreme weakness in existing structures is the lesson considering the Bhushan Steel scam. Without sufficient legal rules, controls, complete and honest documentation regarding business processes, and proper corporate guidelines, misgovernance could lead to substantial damage to Indian financial institutions and the trust of investors.

By 2018, Bhushan Steel had defaulted on a massive pile of debt. What initially looked like a business failure due to market conditions was soon unmasked as something far more disturbing.

The Bhushan Steel Scam: A Cautionary Tale of Corporate Greed and Collapse

<ul><li>Financial Performance (FY25 vs FY24): Reliance General Insurance delivered a solid financial performance in FY25, reflecting consistent growth across key metrics. Net Written Premium (NWP) increased by 6.5%, reaching ₹7,125 Cr compared to ₹6,687 Cr in FY24, supported by strong momentum in the marine segment (up 67.3% YoY) and miscellaneous insurance (up 6.3% YoY). Total revenue rose by 6.8%, amounting to ₹8,838 Cr versus ₹8,276 Cr in the previous year. The company also reported a 12.6% growth in Profit After Tax (PAT), which climbed to ₹448 Cr from ₹375 Cr in FY24. Correspondingly, Earnings Per Share (EPS) improved to ₹11.9, up from ₹10.8, in line with the overall profit trajectory.</li><li>Operational Metrics &amp; Key Ratios (FY25 vs FY24): In FY25, RGICL’s Expense of Management to Gross Direct Premium stood at 27.83%, nearly unchanged from 27.91% in FY24, reflecting continued cost efficiency. The Net Incurred Claims to Net Earned Premium ratio rose slightly to 82.63% in FY25 from 81.1% in FY24, indicating a modest uptick in claims intensity. The company maintained a Combined Ratio of 116.63% in FY25 (vs 115.38% in FY24), reflecting marginal stress on underwriting margins. Return on Net Worth (RoNW) improved slightly to 9.20% from 9.01%, supported by improved net profit and healthy solvency management. The Solvency Margin remained strong at 1.59x, well above the regulatory minimum of 1.50x, ensuring capital adequacy.</li><li>Growth Outlook: With a strong FY25 performance and a 12.6% rise in net profit, Reliance General Insurance is poised for its next phase of growth. Backed by a ₹100 Cr capital infusion from its new promoter, IndusInd International Holdings Ltd (IIHL), the company is well-capitalized to expand its market presence. CEO Rakesh Jain highlighted FY25 as a turnaround year marked by disciplined execution and digital investments. RGICL now aims to tap into India’s underpenetrated non-life insurance market by leveraging technology, innovative products, and a customer-first approach. Aligned with IRDAI’s “Insurance for All by 2047” mission, RGICL is focused on expanding insurance access and sustaining profitable growth across segments.</li></ul>

Reliance General Insurance Posts Steady FY25 Performance

<ul><li>Financial Performance (FY25 vs FY24):&nbsp;Axis Max Life Insurance demonstrated a solid financial performance in FY25. Gross Written Premium (GWP) rose by 12.5% to ₹33,223 Cr from ₹29,529 Cr in FY24, driven by growth across segments. The company’s consolidated revenue (excluding investment income) grew by 12% to ₹32,620 Cr, while total revenue including investment income reached ₹46,497 Cr. Profit before tax increased 19.5% to ₹448 Cr (from ₹375 Cr), and net worth surged by 53.2% to ₹6,124 Cr. The company reported a Value of New Business (VNB) of ₹2,107 Cr, up 6.8%, although the New Business Margin (NBM) declined slightly to 24.0% from 26.5%. AUM witnessed a robust growth of 16.1%, reaching ₹1,75,072 Cr from ₹1,50,836 Cr, supported by strong inflows and market performance. The solvency ratio improved markedly to 201% from 172%, indicating strong capital adequacy and financial resilience.</li><li>Operational Metrics (FY25 vs FY24):&nbsp;Operationally, Axis Max Life continued to strengthen its fundamentals. Individual Adjusted First Year Premium (FYP) climbed 19.6% to ₹8,329 Cr, outperforming private industry growth. Policies sold increased to 794,000, up 11.1% YoY and the Individual Sum Assured for new business grew by a significant 31.3% to ₹3,83,670 Cr. Persistency ratios improved notably—25th month persistency rose by 380 bps to 74%, reflecting stronger customer retention. The Retail Protection and Health APE (Annualized Regular Premium) rose by 35% to ₹896 Cr, and Rider APE grew more than 300%, improving the Rider Attachment Ratio to 43% (vs 34% in FY24). Operational efficiency also improved with the policyholder expense-to-GWP ratio reducing to 13.6% from 13.8%. The company further strengthened its distribution network by onboarding 44 new partners and maintained leadership in the online insurance space with Rank #1 in both Protection and Savings.</li><li>Future Outlook:&nbsp;Axis Max Life is well-positioned for steady growth by leveraging digital technology, a strong financial base, and diverse sales channels. It aims to accelerate growth in online/direct sales, protection, health insurance, and retirement products. Key focuses include improving customer retention, using AI for policy and claims processing, and launching flexible plans like Smart Term Plan Plus and market-linked ULIPs. Management targets nearly tripling key business areas in five years while maintaining strong profitability.</li></ul>

Axis Max Life Reports Strong Premium Growth in FY25

Axis Max Life announced its FY25 results

<ul><li>Financial Performance (FY25 vs FY24): NSDL reported a total income of ₹1,535 crore in FY25, registering a year-on-year (YoY) growth of 12.4% compared to ₹1,367 crore in FY24. This growth was primarily driven by a strong performance across all business segments, especially in depository services (₹619 crore) and banking services (₹720 crore), which witnessed YoY revenue increases of 33.2% and 28.4%, respectively. Other income also supported the topline with an 18.0% increase to ₹115 crore. On the profitability front, NSDL's profit before tax (PBT) stood at ₹453 crore, a significant increase of 27.7% from ₹355 crore in the previous year. After accounting for tax expenses, net profit rose 24.6% to ₹343 crore from ₹275 crore in FY24. The earnings per share (EPS) improved correspondingly to ₹17.2 from ₹13.8, indicating enhanced shareholder returns.</li><li>Operational Metrics (FY25 vs FY24): NSDL demonstrated strong operational efficiency in FY25, with the net profit margin improving to 22.4% from 20.1% in FY24, reflecting better cost control and revenue growth. Total expenses grew at a modest pace, with employee benefit expenses increasing by 12.4% year-on-year to ₹139 crore, while other operating expenses rose by 5.0% to ₹891 crore. Despite the rise in expenses, the company’s EBITDA increased by 28.2% to ₹491 crore from ₹382 crore in FY24, driven by higher income and improved operational productivity. The EBITDA margin also strengthened to 32.0%, up from 28.0% in the previous year, indicating enhanced operating leverage. NSDL continues to maintain a very high interest coverage ratio, highlighting its low dependence on debt and strong ability to meet finance costs comfortably.</li><li>Karvy Case Impact:&nbsp;​The key concern is the ongoing legal case related to Karvy Stock Broking Ltd. In December 2023, the Securities Appellate Tribunal (SAT) directed SEBI, NSE, and NSDL to allow lenders like Axis Bank to invoke pledged shares held in Karvy’s demat accounts, or compensate them for their losses with interest—estimated dues being around ₹1,435 crore. NSDL, along with SEBI and NSE, has challenged this order in the Supreme Court, which has granted interim relief as of January 2024. The matter is now scheduled for hearing on July 15, 2025. NSDL maintains that its actions were in line with SEBI’s regulatory directions and supervised by NSE, and based on legal advice, has not made any financial provision for the case, as liability (if any) is currently uncertain. Looking ahead, NSDL’s focus on expanding its fintech and banking-related services, along with cost efficiency, is expected to support continued growth. Regulatory changes and reforms in India’s financial markets will also play a key role in shaping its future performance. </li><li>Growth Outlook: NSDL enters FY26 with strong momentum, backed by ₹260 Crore+ in annual profit and a debt-free balance sheet. With over 3.4 Crore+ active demat accounts and ₹400 Lakh Crore+ in AUM (Assets under management), it remains a market leader in India’s depository infrastructure. Rising retail investor participation and increasing digital adoption in financial services are expected to boost demand for its core offerings. Depository and issuer services, which together contributed more than 85% of revenue, will likely remain the main growth engines. Though database services saw muted growth, they provide a stable income stream. NSDL’s strong cash position gives it headroom to invest in tech, scale new services, and tap into emerging fintech and regulatory opportunities.</li></ul>

NSDL Delivers Double-Digit Revenue Growth in FY25

<ul><li>Financial Performance (FY25 vs FY24): Arohan Financial Services reported a total revenue of ₹1,695 Cr in FY25, reflecting a modest 3.7% year-on-year (YoY) growth from ₹1,635 Cr in FY24. The growth was primarily supported by an 11.6% increase in interest income, which rose to ₹1,582 Cr from ₹1,418 Cr. However, overall revenue expansion was tempered by a sharp 42.8% decline in fee and commission income, which fell to ₹97 Cr from ₹169 Cr, alongside a 71.7% drop in income from derecognition of financial instruments, which decreased to ₹12 Cr. Total expenses surged 27.3% YoY to ₹1,557 Cr, up from ₹1,222 Cr in the previous year, largely driven by a 122.5% increase in impairment on financial instruments, which rose to ₹398 Cr from ₹179 Cr. Finance costs also climbed to ₹632 Cr from ₹592 Cr. As a result, Profit Before Tax (PBT) declined sharply by 66.5% YoY to ₹138 Cr, compared to ₹412 Cr in FY24. Profit After Tax (PAT) dropped 65.1% YoY to ₹110 Cr, down from ₹314 Cr in the prior year. Correspondingly, Earnings Per Share (EPS) also fell significantly to ₹10.0 (basic) from ₹26.6 in FY24.</li><li>Operational Metrics &amp; Key Ratios (FY25 vs FY24): Arohan Financial Services saw a decline in profitability, with the Net Profit Margin falling to 6.5% in FY25 from 19.2% in FY24. Asset quality weakened during the year — Gross NPA increased to 2.77% from 1.67%, and Net NPA rose to 0.47%, compared to almost zero last year. However, the company improved its risk coverage, with the Provision Coverage Ratio (PCR) rising to 83.42%, showing a good buffer for possible loan losses. The Capital Adequacy Ratio (CAR) remained strong at 34.09%, reflecting a healthy capital position. The loan book declined by 13.8% year-on-year, from ₹6,616 Cr in FY24 to ₹5,705 Cr in FY25, mainly due to the impact of earlier regulatory restrictions.</li><li>Growth Outlook:&nbsp;Arohan Financial Services faces challenges in the near term due to declining profitability, rising NPAs, and a shrinking loan book. The sharp fall in fee income and higher impairment costs have impacted earnings. However, the strong capital base (CAR of 34.09%) and high provision coverage (PCR of 83.42%) provide a cushion for recovery. With regulatory restrictions now lifted, the company can focus on rebuilding its loan portfolio. Going forward, growth will depend on improving asset quality, controlling costs, and restoring customer confidence.</li></ul>

Arohan Financial reports modest revenue growth but profit drops in FY25

Arohan Financial Reports Weak FY25 Performance

B9 Beverages Limited (Bira 91) has announced a Rights Issue to raise up to ₹100.75 crore, offering 31,00,000 equity shares at ₹325 per share (face value ₹10, premium ₹315). The Rights Issue is open to existing shareholders in the ratio of 1 new share for every 7 shares held as of the record date, May 16, 2025. The issue opens on May 27, 2025, and closes on June 16, 2025. About BIRA 91 Founded in 2012, Bira 91 has become one of the fastest-growing beer brands globally, known for its innovative, flavorful beers and strong presence in over 1,000 Indian towns and 24 countries. The company operates five breweries across India and has diversified into “Beyond Beer” products, including ciders and cocktail seltzers. Bira 91 also owns “The Beer Café” and operates over 50 pubs and taprooms nationwide. The company’s products have won multiple global awards, including four Gold Medals at the 2024 World Beer Awards in London. Financial Snapshot<ul><li>FY24 Revenue:₹5,548 million</li><li>FY24 Loss:₹6,435 million (reflecting ongoing investments in growth and expansion).</li><li>Strong backing: Supported by global and domestic investors such as Kirin Holdings, Peak XV (formerly Sequoia Capital India), Sofina, Tiger Pacific, and MUFG Bank. </li></ul>​Shareholding Impact Upon full subscription, total outstanding equity shares will increase from 2,18,30,168 to 2,49,30,168. The Rights Issue will help Bira 91 reinforce its market position and fund its next phase of growth

Bira 91 Announces Rights Issue to Strengthen Growth

National Securities Depository Ltd. has reduced its initial public offering size, according to an addendum to its draft papers. The offer now consists of 50.15 million shares compared to 57.26 million shares mentioned in the original draft red herring prospectus. The IPO only consists of an offer-for-sale component. India’s capital markets are set for a historic moment as the National Securities Depository Limited (NSDL), the country's largest and most influential securities depository, moves swiftly toward its initial public offering (IPO). In a recent development, NSDL filed an updated Draft Red Herring Prospectus (DRHP), reducing its IPO size from an initially proposed 57.26 million shares to 50.15 million shares, a move that is illustrative of both regulatory compliance and market strategy as the company eyes the fast-approaching July listing deadline. Let us dig deep into what this means for the market, investors, and the broader financial landscape, while decoding every critical aspect that underpins this landmark issue. <h2 style="line-height: 1.38;text-align: justify">NSDL’s Background: The Invisible Pillar of Indian Market Infrastructure</h2> Established in 1996, NSDL pioneered the dematerialisation of securities in India, digitising what was once a paper-based, error-prone system. Tasked with safeguarding and facilitating the seamless movement of stock market assets, NSDL has accumulated a staggering custody value of assets worth over ₹484 lakh crore, surpassing any other institution in India by market share in demat settlement volume and asset value under custody. Its footprint covers more than 99% of India’s pin codes and includes over 3.88 crore active demat accounts. NSDL’s business model revolves around offering secure, efficient depository services to both institutional and retail participants, including custody and settlement services, annual custody and transaction fees, and a technology-driven infrastructure that underpins a multitude of capital market activities. The company has a reputation for reliability, stability, and scale, elements essential to India’s equity and debt market growth. <h2 style="line-height: 1.38;text-align: justify">Understanding the Revised IPO Structure</h2> The <a target="_blank" href="https://www.youtube.com/shorts/8QXGaUUgTdE">NSDL IPO</a> is structured entirely as an offer-for-sale (OFS), meaning no new shares will be issued, and the company will not receive any proceeds from the offering. Instead, existing shareholders will divest portions of their holdings. Key stakeholders participating in the OFS include: IDBI Bank will offload over 22 million shares, representing 11.11% stake, whereas National Stock Exchange will sell 18 million shares, or 9% stake, as part of the offer-for-sale. Union Bank of India, State Bank of India and HDFC Bank will cumulatively off-take over 3% stake in the company, while other selling shareholders will sell an aggregate 2% stake. Currently, IDBI Bank and <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a>&nbsp;hold 26% and 24% stake in NSDL, respectively, whereas HDFC Bank holds nearly 9% stake. In&nbsp; 2018, the Securities Exchange Board of India introduced rules limiting single-entity ownership in market infrastructure institutions to 15%, with a five-year compliance window ending in October 2023. The market regulator had granted extension to NSE for divesting its ownership in NSDL. Earlier this year, the market regulator SEBI granted an extension to the depository for listing its shares. The extension was granted until July 31, 2025. According to reports, <a target="_blank" href="https://www.planify.in/article/nsdl-reduces-ipo-size-ahead-of-ipo-listing/">National Securities Depository Ltd</a> (NSDL) sought extension citing market conditions. The depository had filed for the IPO in July 2023 and the SEBI gave its approval for the said issue. Another depository, CDSL, is already listed on the bourses. <div style="margin-left:-10.5pt"><table><tbody><tr><td>Selling Shareholder</td><td>Earlier OFS (Shares)</td><td>Revised OFS (Shares)</td></tr><tr><td>IDBI Bank Ltd</td><td>22,220,000</td><td>22,220,000</td></tr><tr><td>NSE (National Stock Exchange)</td><td>18,000,001</td><td>18,000,001</td></tr><tr><td>Union Bank of India</td><td>5,625,000</td><td>500,000</td></tr><tr><td>State Bank of India</td><td>4,000,000</td><td>4,000,000</td></tr><tr><td>HDFC Bank Ltd (SS)</td><td>4,000,000</td><td>2,010,000</td></tr><tr><td>SUUTI (UTI Administrator)</td><td>3,415,000</td><td>3,415,000</td></tr><tr><td>Total</td><td>57,260,001</td><td>50,145,001 </td></tr></tbody></table></div> <h2 style="line-height: 1.38;text-align: justify">NSDL IPO Lead managers</h2>​ICICI Securities, Axis Capital, HSBC Securities and Capital Markets (India), IDBI Capital Markets &amp; Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers of the issue.&nbsp;&nbsp; The depository’s consolidated net profit zoomed 33% on year during the nine-month ended December. Its consolidated revenue during the period rose 13% on year. Its net cash and cash equivalents also increased to Rs 82.9 crore as on December 31, 2024 from Rs 76 crore a year ago. <h2 style="line-height: 1.38;text-align: justify">Financial Performance and Operational Scale: A Snapshot</h2> NSDL’s solid operational and financial credentials are undeniable. Its revenue from operations has steadily risen—₹771.1 crore in FY22, ₹1,022 crore in FY23, and over ₹1,268 crore (9 months FY24), along with strong profit after tax and EBITDA margins. With over 40% of operational revenue derived from core depository services and around 20% from recurring annual fees and management charges, NSDL is relatively insulated against short-term market cycles. Its Return on Equity (ROE), while experiencing mild compression, remains robust at above 16% in FY23 and FY24. Notably, National Securities Depository Ltd (NSDL) has embraced digital innovation and security enhancements, investing in a 24/7 Security Operations Centre, the MITRE ATT&amp;CK® framework, and other cutting-edge cybersecurity protocols. These investments are vital given the sensitive nature of depository systems and the high stakes of operational disruptions or data breaches for the Indian financial market. <div style="margin-left:0pt"><table><tbody><tr><td>Financials (in ₹ Cr)</td><td>FY21</td><td>FY22</td><td>FY23</td><td>FY24</td><td>9M FY25</td></tr><tr><td>Revenue</td><td>482</td><td>771</td><td>1,021</td><td>1,268</td><td>1,141</td></tr><tr><td>Profit after Tax</td><td>188</td><td>212</td><td>234</td><td>275</td><td>260</td></tr><tr><td>EPS(₹)</td><td>47</td><td>10</td><td>11</td><td>13</td><td>13</td></tr></tbody></table></div>

<h2 style="line-height: 1.38;text-align: justify">NSDL vs CDSL: Comparing Market Infrastructure Giants</h2> For investors assessing the broader market context, a comparison with Central Depository Services Ltd (CDSL) is instructive. While NSDL dominates in value and institutional relationships, CDSL has become a favorite for brokers and retail investors, managing the lion’s share of demat accounts. CDSL’s retail-friendly model delivers high transaction fees, operating leverages, and robust profit margins, contrasting with NSDL’s stability, recurring revenues, and institutional focus. <div style="margin-left:0pt"><table><tbody><tr><td>Features</td><td>NSDL</td><td>CDSL</td></tr><tr><td>Market Focus</td><td>Institutional</td><td>Retail</td></tr><tr><td>No. of Active Demat Accounts</td><td>~3.88 Cr</td><td>~14.64 Cr&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td></tr><tr><td>Asset under Custody</td><td>₹484 lakh C</td><td>₹74.57 lakh crore&nbsp;&nbsp;</td></tr></tbody></table></div> <h2 style="line-height: 1.38;text-align: justify">The Regulatory Landscape: SEBI’s Role and the July Listing Deadline</h2>​The July listing deadline imposed by SEBI underscores the regulator’s seriousness about ownership compliance and governance in market infrastructure. The extension granted after the initial October 2023 compliance window lapsed due to challenging market conditions was a necessary buffer to absorb market volatility and allow procedural clarity. The IPO's timing, expected now between late May and July 2025, is a calculated step to maximize market receptivity. SEBI’s tight supervision ensures that depositories like NSDL not only expand participation but are also subject to public-market governance standards. The compliance-driven structure of the offering, with proceeds going entirely to existing shareholders, marks this issue as fundamentally different from traditional capital-raising IPOs in the sector. <h2 style="line-height: 1.38;text-align: justify">Conclusion</h2> NSDL remains an essential pillar of India’s financial market infrastructure, marked by robust growth, technological innovation, and an extensive national footprint. Investors eyeing <a target="_blank" href="https://www.planify.in/research-report/nsdl/">NSDL unlisted share price</a>, NSDL share price today, or participating in the NSDL IPO stand to gain exposure to one of the most stable and strategically critical market institutions. With the revised DRHP filed and SEBI's approval in place, NSDL is poised to proceed with its IPO before the July 31, 2025, deadline. For accurate and timely updates on NSDL’s share prices and IPO developments, investors should consult credible financial platforms and stay attuned to official disclosures by NSDL and SEBI.

National Securities Depository Ltd. has reduced its initial public offering size, according to an addendum to its draft papers. The offer now consists of 50.15 million shares compared to 57.26 million shares

NSDL Updates DRHP, Cuts IPO Size to 50.15 Million Shares Ahead of July Listing Deadline

The April month’s top performer, <a href="https://www.planify.in/venture-fund/">VentureX SME-focused fund</a>, clocked impressive returns, delivering a standout 15.8% return, outperforming all top funds and double of index returns, underscoring the fund’s unwavering commitment to identifying high-growth, scalable SMEs with strong fundamentals and clear value creation potential.&nbsp; Launched on January 1, 2025, VentureX is an <a href="https://www.planify.in/video/is-aif-better-than-mutual-funds-where-should-you-invest-in-2025/">Alternative Investment Fund (AIF)</a> that targets high-growth small and medium enterprises (SMEs) poised for significant expansion. Within months of its inception, the fund secured ₹125 crore in commitments, reflecting robust investor confidence in its approach.&nbsp; VentureX employs a meticulous investment framework, identifying SMEs with strong fundamentals, scalable business models, and clear paths to long-term value creation. By investing in companies nearing listing or already listed, VentureX positions itself to capitalize on early-stage growth opportunities. This exceptional performance highlights VentureX as one of the most promising alternative investment funds for investors seeking superior risk-adjusted returns and meaningful participation in India’s dynamic SME growth story. April witnessed the alternative investment fund (AIF) universe bask in recovery. VentureX’s 15.8% return in April 2025 was nothing short of extraordinary, eclipsing broad market benchmarks. Against a backdrop where an impressive 110 out of 123 AIF strategies posted positive returns and the top 10 AIF performers logged monthly gains in the 5–9% range, VentureX was in a league of its own, delivering substantial alpha and spotlighting its differentiated approach. <div class="se-component se-image-container __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://testing-planify.s3.amazonaws.com/sun_editor/3bdef499-ad52-478d-8290-4968a6984ade_image.png" alt="" data-rotate="" data-proportion="true" data-size="50%," data-align="center" data-percentage="50," data-file-name="Screenshot_20250522_131532_LinkedIn (1).jpg" data-file-size="116985" data-origin="," origin-size="1080,1338" style="width: 100%;"></figure></div> While long-only Category III AIFs led with an average return of 2.19% and their long-short counterparts registered just 1.28% in a defensively tilted stance, VentureX’s robust double-digit result was a beacon of outperformance.&nbsp; Alpha generation on this scale is the result of more than strong market momentum—it is built on VentureX’s methodical investment philosophy and execution. By focusing on high-growth SMEs and utilising a rigorous thesis-driven framework for selection, favouring scalability, strong fundamentals, and robust corporate governance, VentureX ensured its portfolio was exposed to the right emerging stories at the right moment.&nbsp; Admission into pre-IPO and newly listed SME names allowed the fund to capture powerful upside early in the businesses’ public journeys, emphasising not just growth, but risk-adjusted value creation. For investors and industry watchers, VentureX’s 15.8% April return is the clearest signal yet of how focused, agile strategies can deliver real differentiation and tangible results. VentureX has set a new bar for performance in India’s alternative investment landscape.

The April month’s top performer, VentureX SME-focused fund, clocked impressive returns, delivering a standout 15.8% return.

Redefining Outperformance within AIF Landscape

VentureX Delivers Standout 15.8%  Returns in April, double than benchmark returns

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