<ul><li>​Vijay Shekhar Sharma emphasized the shift in focus from EBITDA before ESOP to PAT (Profit After Tax) as a benchmark. The company aims to achieve true profitability and is committed to focusing on PAT. </li><li>Paytm's financial services division experienced substantial growth, with a 25% y-o-y revenue increase to ₹559 Cr in FY24. The company distributed loans worth ₹27,126 Cr and had 7.8 Cr monthly transacting users. Paytm also focused on social impact through initiatives like Paytm Soundbox for small merchants and partnerships for sustainability and education. </li><li>​<a target="_blank" href="https://www.planify.in/research-report/paytm-one-97-communications-limited/">Paytm</a> plans to apply for a payment aggregator (PA) license from the Reserve Bank of India (RBI) in due course. The company also expressed its commitment to leading the industry with advanced AI capabilities and emphasized its AI systems' operational status in Japan. </li><li>In 2022, RBI rejected the PA license with instructions to reapply in compliance with Press Note 3 under the foreign direct investment (FDI) norms. Currently, Paytm is working towards compliance with Press Note 3 under the foreign direct investment norms. The recent approval for downstream investment in its subsidiary, Paytm Payments Services Ltd., indicates progress in this direction. </li></ul>

​Vijay Shekhar Sharma emphasized the shift in focus from EBITDA before ESOP to PAT

AGM Updates of Paytm - In the race to get Payment Aggregator (PA) license

Financial Performance:SATYA has shown impressive financial developments in FY24. The company reported a substantial revenue growth of 74.3%, reaching Rs 1287 Cr. Despite the increase in expenses, which rose by 65.27% to Rs 1098 Cr, SATYA's net profit surged significantly by 132.1%, demonstrating the company's successful expansion and operational efficiency. Additionally, the company's Assets Under Management (AUM) increased by 28.30% to Rs 6010 Cr, and borrowings surged by 28.51% to Rs 4712 Cr. Operational Developments:In terms of operational developments, SATYA expanded its client base to over 1.70 million active clients, representing a 25.37% increase. The company's branch network also experienced significant growth, operating across 25 states with 591+ branches, up from 449 branches in the previous fiscal year. Moreover, SATYA entered new markets such as Telangana, Goa, and Andhra Pradesh. The company's loan portfolio outstanding reached Rs 6010 Cr, driven by increasing demand for financial services across underserved regions. SATYA also introduced new products such as the PRAYAAS Business Loan, aimed at self-employed individuals to help small businesses scale, and targeted financial products like Water &amp; Sanitation Loans, Skill Development Loans, and Hospicash. Furthermore, the company achieved a 100% digitized disbursement model with a 93% shift to cashless collections, improving operational efficiency and reducing fraud. Future Outlook:The future outlook for SATYA looks promising. The company is focused on three key areas for growth and impact. Firstly, SATYA aims to expand its geographical footprint, reaching untapped areas beyond its current presence in 25 states. Secondly, the company is dedicated to impacting 5 million households by 2025, with a specific focus on empowering women entrepreneurs and promoting financial inclusion. Lastly, SATYA is integrating Environmental, Social, and Governance (ESG) principles into its core operations, emphasizing digital innovations, financial literacy, and responsible lending practices. The company's emphasis on technology, operational expansion, and social responsibility initiatives positions it for a successful future in the microfinance sector. ​

SATYA has shown impressive financial developments in FY24. The company reported a substantial revenue growth of 74.3%.

Satya Microfinance Ltd announced its FY24 results

&nbsp;Comparing SME IPO vs. Mainboard IPO​<div style="margin-left:0pt"><table><tbody><tr><td>Basis</td><td>SME IPO</td><td>MainBoard IPO</td></tr><tr><td>Post-issue Paid-up Capital</td><td>Between ₹1 crore and ₹25 crores</td><td>Minimum of ₹10 crores</td></tr><tr><td>Minimum Allottees in IPO</td><td>At least 50</td><td>At least 1000</td></tr><tr><td>Profitability</td><td>Positive operating profits for 2 out of the latest 3 financial years. </td><td>Last 3 years' average profit should be at least ₹15 crore. </td></tr><tr><td>Net worth</td><td> &nbsp; Net worth of at least ₹1 crore for 2 preceding full financial years.&nbsp; </td><td>Net worth of at least ₹25 crores in any 3 out of 5 financial years </td></tr><tr><td>Turnover</td><td>Between ₹5 to 50 crore</td><td>Above ₹50 Cr</td></tr><tr><td>Track Record</td><td>Relaxed norms&nbsp; (operations of at least 3 years).&nbsp;</td><td>Stringent norms&nbsp; (previous 3-5 years.)&nbsp;&nbsp;</td></tr><tr><td>IPO Underwriting</td><td>Mandatory (100% underwritten, with Merchant Banker underwriting 15%)</td><td>Non-mandatory, but if under 50% subscribed, compulsory to QIBs</td></tr><tr><td>IPO Application Size</td><td>₹1,00,000</td><td>₹10,000 - ₹15,000</td></tr><tr><td>IPO Timeframe</td><td>3 to 4 months</td><td>6 months onwards</td></tr><tr><td>Reporting Requirement</td><td>Half-yearly</td><td>Quarterly</td></tr></tbody></table></div>

Role of Retail and Institutional Investors in SME-IPOs The participation of both retail and institutional investors is vital for the SME IPO. However, the function and role of these investors often differ: Retail Investors: The retail investors have a portion of the shares to invest in SME IPO, and the required minimum investment could be greater compared to traditional IPOs. Retail investors need to carefully evaluate the risks before investing, as SMEs might not have the same financial stability as large organizations. Institutional Investors: These investors bring in larger sums of capital and play a key role in the IPO subscription process. Their participation can build and enhance investor confidence, however, they will additionally have an impact on the stock's pricing and liquidity post-listing. Conclusion Small and Medium Enterprise (SME) IPOs represent an extensive opportunity for investors seeking to diversify their portfolios and get involved with the startup mindset of emerging companies. These services now not only provide crucial capital to SMEs but also growth and innovation however moreover allow investors to tap into sectors and organizations that could have been overlooked in the mainstream market.​The unique nature of SME IPOs lies in their potential for high returns, particularly for those willing to navigate the inherent risks associated with investing in smaller, less-established firms. With the right guidance and understanding of market dynamics, investors can benefit from the growth trajectory of SMEs, which often play a pivotal role in driving economic progress. As the landscape continues to evolve, keeping an eye on upcoming SME IPOs and understanding their fundamentals will be crucial for investors looking to seize the advantages these offerings present.

What is an SME IPO? Everything You Need to Know About SME IPOs

Zerodha, a brokerage firm, has once again posted strong financial results for FY24, further solidifying its position in the Indian brokerage landscape. With a growing user base and an emphasis on low-cost, technology-driven services, Zerodha continues to outshine many of its competitors. However, as the industry witnesses significant changes, especially with new players like Groww gaining traction and established ones like Angel One adapting to the digital shift, a comparison of their financials provides insights into the competitive dynamics.

Comparative Analysis of Top Broking Firms

Financial Performance (Q2 FY25 vs Q2 FY24): The company's total revenue showed an impressive 32% growth, reaching INR 249.6 Cr from INR 189.1 Cr in Q2 FY24. This significant increase was primarily attributed to higher revenue from operations, indicating a strong and steady business momentum. Additionally, the Profit After Tax (PAT) also saw a substantial surge, rising by 32.3% to INR76.3 Cr compared to INR 57.7 Cr in the same period last year. Despite this growth, the PAT margin remained stable at 30.6%, showing a slight increase from 30.5% in the previous year. Furthermore, the revenue from operations experienced a notable 32.8% (y-o-y) increase, climbing to INR 242.5 Cr, driven by heightened client activity and increased asset management levels. Operational Metrics (Q2 FY25 vs Q2 FY24): The company's Assets Under Management (AUM) experienced a substantial 56.6% growth, reaching INR 75,084 Cr compared to INR 47,957 Cr in the previous year. This points to a significant surge in client investments and overall asset growth. Additionally, the number of Active Client Families increased by 19.2%, totaling 10,977 families by the end of Q2 FY25, compared to 9,212 in the same period last year. Furthermore, the growth in Relationship Managers (RMs) was notable, with a 20.3% increase to 374 RMs from 311 in Q2 FY24. This growth signifies an expansion in the company's advisory capabilities and client engagement. Half-Yearly Performance (H1 FY25 vs H1 FY24): In the first half of FY25, ARWL achieved a total revenue of INR 495.1 Cr, marking a substantial 35% (y-o-y) growth from INR 368 Cr in the first half of FY24. Additionally, the profit after tax (PAT) for H1 FY25 witnessed a notable 35% increase, amounting to INR 149.8 Cr and maintaining a healthy PAT margin of 30.2%. These results demonstrate impressive growth and financial stability for ARWL in the specified period. Strategic Developments:The company has declared an interim dividend of INR 7 per equity share, demonstrating a distribution of 140% of face value, which underscores its dedication to rewarding shareholders. Additionally, ARWL's ongoing expansion into new geographies and client segments, with a particular focus on high-net-worth individuals (HNIs), is a significant driver of growth. The company has experienced an upward shift in its Assets Under Management (AUM) in the Rs. 5 Cr and above segment, indicating that more clients are increasing their portfolio allocation. Overall, ARWL's strong revenue growth, profitability, and expanding client base reflect its robust market position and effective wealth management strategies. We suggest investors to hold the stock.

The company's total revenue showed an impressive 32% growth, reaching INR 249.6 Cr (y-o-y)

Anand Rathi Wealth announced yet another strong quarterly result

Vikram Solar Limited, a leader in green energy sector and participant in the solar photovoltaic (PV) module manufacturing industry, has lately filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to elevate and raise&nbsp; ₹1,500 crore through an Initial Public Offering (IPO). This strategic movement event is geared toward expanding its production capabilities and strengthening its market presence in the renewable power sector. Vikram Solar IPO Structure and Purpose This <a target="_blank" href="https://www.planify.in/research-report/vikram-solar/">upcoming Vikram solar IPO</a> includes in its prospectus a fresh issue of stocks amounting to ₹1,500 crore with an offer for sale (OFS) of as much as 17.45 million equity shares which approach the promoter institution. The face value of each equity share is ₹10. The IPO also includes a reservation for eligible employees, with a reduction for the ones taking part within the employee subscription portion. The funds raised from the IPO are mainly aimed toward: <ol><li style="font-size:16px;color:#000000;background-color:transparent">Bolstering Vikram Solar’s production capabilities. Of the proceeds, ₹793.36 crore will be allotted to set up a 3,000 MW solar mobile and module manufacturing facility through its subsidiary, VSL Green Power Private Limited.&nbsp; </li><li style="font-size:16px;color:#000000;background-color:transparent">Another ₹602.95 crore might be used to enhance the capability of its current solar module facility from 3,000 MW to 6,000 MW, a major shift important for meeting the growing demand for solar energy electricity throughout India and globally.</li></ol> The book-running lead managers for Vikram Solar's IPO encompass JM Financial, Nuvama Wealth Management, and different outstanding other financial institutes and establishments. These managers will play an important position in the IPO procedure, making sure the prime efficient allocation and pricing of shares. Link Intime India Private Limited has been appointed as the registrar for the IPO. Financial Performance and Growth Vikram Solar has shown strategic, impressive financial growth in its DRHP. The company's revenue accelerated by 21.11% year-on-year (y-o-y) to ₹2,510 crore in FY24 and at the same side of the growth trajectory, its profit after tax surged by 450% in the same time period of the year.&nbsp; This increase is attributed to the decline in raw material expenses and strategic decisions and moves inclusive of ceasing fixed-price EPC contracts, which previously exposed the business enterprise to volatility in raw material costs.&nbsp;As of October 10, 2024, <a target="_blank" href="https://www.youtube.com/watch?v=_YmiP6xc-4c"></a><a target="_blank" href="https://www.planify.in/video/can-vikram-solar-unlisted-shares-beat-waaree-energies-and-adani-vikram-solar-share-price/">Vikram Solar Unlisted share price</a>is ₹460 per share and the face value is ₹10 per share. Growth and Market Position The current manufacturing capacity of 3.50 GW with <a target="_blank" href="https://www.planify.in/article/vikram-solars-robust-42-revenue-growth-in-fy24-boosts-margins-and-strengthens-market-position/">Vikram Solar</a> plans to make this bigger expansion and impact to 10.50 GW in FY26 and 15.50 GW by the end of FY27, inclusive of a new 3 GW solar cellular manufacturing plant in Tamil Nadu. The Viram solar company's strong order book, standing at 8,214.63&nbsp; MW as of the DRHP filing prospectus, displays robust market demand and its ability to steady widespread contracts, consisting of a 397.70 MW venture from NTPC Renewable Energy and a 1 GW order from a JSW Energy subsidiary. Strategic Initiatives and Market Demand Vikram Solar's strategic projects are focused on enhancing its manufacturing and production capabilities and meeting the developing demand for solar energy solutions. The business enterprise's presence spans 23 states and three union territories, running via a community of distributors, dealers, and system integrators. This extensive network guarantees that Vikram Solar can effectively cater to the diverse requirements of its customers across India. Vikram Solar’s expansion plan is aligned with the Indian government’s concentration on reaching renewable electricity targets, in particular as solar energy maintains to play an essential role in India's energy segment mix. Notably, Vikram Solar has been identified as a Tier 1 PV module manufacturer by Bloomberg New Energy Finance (BNEF) in 2014, which underscores its recognition for delivering reliable and awesome high-quality solar products.&nbsp; How Vikram Solar position itself in Competitive landscape Vikram Solar operates in an enormously competitive sector-specific segment in green energy and has maintained a sturdy foothold, both in India and across the world. The company presently exports PV modules to 39 countries and has mounted a presence in 23 Indian states and three union territories. Its clients range from public sector utilities together with NTPC to most important private organizations like Neyveli Lignite Corporation. Additionally, Vikram Solar’s presence and engagement in Engineering, Procurement, and Construction (EPC) projects has helped it execute or initiate over 275 initiatives with a total capacity of 1.03 GW as of March 2024. This combination of manufacturing and project development initiatives offers the organization a competitive edge in a market that is expected to witness huge increase over the subsequent decade. Despite strong opposition from different solar corporations like <a target="_blank" href="https://www.planify.in/research-report/waaree-energies-ltd/">Waaree Energies</a>, which is likewise planning an IPO, Vikram Solar’s as well maintained its position in the marketplace and proven track record giving it a distinct benefit. The company's focus on sustainability initiatives and its listing at the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers (ALMM) in addition make its credibility inside the solar sector. Peers Comparison Based on EPS as on 31st March, 2024&nbsp;​<div class="se-component se-image-container __se__float- __se__float-center" style="width: 50%; min-width: 100%"><figure style="width: 50%;"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeMkQshD25nsEusjBA8BRHWZutUGDeOgX19lwsLf3v9IPiS5PMnKr82xVmPMRi6kH9LtnyEjDwmo58EQkUkDOgLtRfNH8wlasH5w_ShrBzotOCjnBrTpifguNv4qHZELbssXwVazro_v5XHUQNW3J6xuK5d?key=mLEhy7fC4zCS__Q9HADluQ" alt="" data-proportion="true" data-align="center" data-file-name="AD_4nXeMkQshD25nsEusjBA8BRHWZutUGDeOgX19lwsLf3v9IPiS5PMnKr82xVmPMRi6kH9LtnyEjDwmo58EQkUkDOgLtRfNH8wlasH5w_ShrBzotOCjnBrTpifguNv4qHZELbssXwVazro_v5XHUQNW3J6xuK5d?key=mLEhy7fC4zCS__Q9HADluQ" data-file-size="0" data-origin="," data-size="50%," data-rotate="" data-percentage="50," origin-size="752,452" style="margin-left: 0px; margin-top: 0px; width: 100%;"></figure></div> Conclusion Vikram Solar's upcoming IPO represents a strategic move to stabilize and secure the capital requirements for its ambitious growth plans. Given its solid order book value, impressive financial results, and significant emphasis on enhancing its manufacturing capacities, the company is well-positioned to capitalize on the increasing demand for solar energy both in India and overseas. The money raised from the IPO will allow Vikram Solar to increase production capacity, improve efficiency, and further its goal of becoming a top player in global solar technology. For investors, this vikram solar emerging IPO might offer a lucrative opportunity to be part of India's growing renewable energy sector. Along with robust government support and assistance and an expanding marketplace for green and clean energy, Vikram Solar's future investment looks promising.

Vikram Solar Limited, a leader in green energy sector and participant in the solar photovoltaic (PV) module manufacturing industry, has lately filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to elevate and raise  ₹1,500 crore through an Initial Public Offering (IPO).

Vikram Solar Eyes ₹1,500 Crore IPO with DRHP Filing to SEBI

Hyundai Motor India Limited&nbsp; is gearing up for an IPO aiming to raise around ₹25,000 crore ($3 billion), potentially making it India’s biggest public offering yet. This strategic listing will not only mark a major milestone for Hyundai, but it will also provide investors with a unique opportunity to tap into one of India’s most dominant and financially sound car manufacturers. Hyundai’s long-established presence in India, coupled with its ongoing innovations, places it in a favorable position for strong post-IPO performance, particularly with increasing EV demand on the horizon. For over two decades, Hyundai Motor India has played a pivotal role in shaping the country's automotive landscape. Known for popular models like the Creta, Venue, and the electric Kona, Hyundai is also the leading exporter of passenger vehicles from India. The approval of Hyundai's IPO by SEBI is a testament to the company's robust financial health and growth prospects. Analysts believe that Hyundai Motor India deserves a valuation premium over its competitors, including Maruti Suzuki, due to its strong market position and consistent performance.&nbsp; The IPO proceeds are expected to fuel Hyundai’s expansion plans, increase production capacity, and drive further investment in electric and hybrid vehicle development. With a robust financial track record and a solid growth outlook, the upcoming IPO is bound to attract substantial investor interest, both locally and internationally.

Hyundai Motor India Limited  is gearing up for an IPO aiming to raise around ₹27,000 crore ($3 billion), potentially making it India’s biggest public offering yet.

Hyundai Motor India: Poised for India’s Largest IPO

<a target="_blank" href="https://www.planify.in/investors/ratan-tata-net-worth-in-rupees/">Ratan Tata</a>, one of India’s most respected industrialists, has had an extraordinary journey that spans decades. He took over the reins of Tata Group in 1991. Under his leadership, the group expanded globally, acquiring companies like Jaguar Land Rover, Tetley Tea, and Corus Steel. This bold vision not only transformed the Tata Group into an international powerhouse but also made Ratan Tata a symbol of progressive leadership in the business world. Throughout his career, Tata was known not just for expanding the conglomerate but for staying true to the values of ethical business practices and philanthropy. He was instrumental in the launch of the Tata Nano, aimed at providing affordable transportation for India’s middle class, reflecting his commitment to innovation that benefits society. His deep sense of social responsibility is also seen through the Tata Trusts, which fund several charitable initiatives in healthcare, education, and rural development. Even after his retirement as chairman in 2012, Ratan Tata continues to play an influential role as a mentor and investor in various startups. His humility, despite his achievements, and unwavering commitment to philanthropy have made him a beloved figure in India and around the world. Ratan Tata’s legacy is one of visionary leadership, ethical governance, and a deep commitment to making a difference in the lives of millions. Sir Ratan Tata will forever remain in our hearts, guiding us with his values, vision, and the remarkable legacy he left behind. His spirit lives on in every innovation and kindness he inspires.

Ratan Tata, India's Visionary Leader (December 28, 1937 – October 9, 2024)

Swiggy is converting its Compulsorily Convertible Preference Shares into equity shares. Here are the key details and timelines: <ul><li>15th October 2024: Shareholders will receive a final notification from Swiggy regarding the commencement of the conversion process. This notice will provide comprehensive instructions and information about the upcoming steps.</li><li>15th - 26th October 2024: Preference shareholders are advised to refrain from selling or transferring their CCPS shares during this period. Any transaction could disrupt the conversion request with the Depositories, potentially causing delays or failure in the conversion process. </li><li>16th - 18th October 2024: Swiggy will initiate necessary corporate actions, including filings with the Ministry of Corporate Affairs and interactions with Depositories. These actions are essential to facilitate the smooth crediting of equity shares to the shareholders' Demat accounts. </li><li>26th or 28th October 2024: Follow-up actions will be undertaken with the Depositories to secure approval for the conversion. This step ensures that all regulatory and procedural requirements are met for the successful conversion of CCPS into equity shares. </li><li>29th October 2024: Shareholders will receive a final intimation once the equity shares have been successfully credited to their Demat accounts. This notification will confirm the completion of the conversion process. </li></ul>

Swiggy CCPS Conversion Notice: Key Dates and Process Overview

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