<div style="text-align: justify">If you have ever looked at your Demat account statement, a mutual fund fact sheet, or a bond application form, you may have seen a 12-character code next to the name of the stock, fund, or bond. That code is called the ISIN. ISIN means “International Securities Identification Number”. Mutual funds and bond markets in Indian stock markets. It is very important, but many investors ignore it. This article talks about what an ISIN's how it is made up, how it is used in India, and why knowing about it can help you be a more informed and confident investor. </div><div style="text-align: justify">​</div><h2 style="text-align: justify">​What is an ISIN?</h2><div style="text-align: justify"> An ISIN Number is a code that is used to identify a specific security like a share, bond, mutual fund unit or debenture anywhere in the world. This code is twelve characters long. It is the same everywhere. The problem is that a company can have different shares, bonds, or mutual fund units. The name of the company is not enough to tell them; the International Securities Identification Number standard is. Maintained by national numbering agencies all around the world. In India, the National Securities Depository Limited is in charge of giving out these codes to securities, while the Reserve Bank of India (RBI) assigns ISIN codes for government securities. They work with the Central Depository Services Limited, which's the other place that keeps track of securities in India. National Securities Depository Limited assigns an International Securities Identification Number to each and every share, bond, debenture, government security, or mutual fund unit traded or held in a dematerialised form in India.</div> If you have shares through <a target="_blank" href="https://www.planify.in/research-report/zerodha/">Zerodha</a>, <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a>, ICICI Direct or any other broker, they are actually held in a Demat account with the National Securities Depository Limited or the Central Depository Services Limited. The ISIN is what identifies each security in that account; it is not the name of the company that is used to identify the security.​<h3 style="text-align: justify">The Structure of an ISIN </h3>Every ISIN follows the same 12-character format globally: Country Code (2 letters) + National Security Identifying Number (9 characters) + Check Digit (1 number)​ <h2 style="text-align: justify">ISIN vs. Trading Symbol vs. Folio Number </h2>Indian investors often get ISIN mixed up with identifiers. Here is how they are different: <ul><li>The Trading Symbol, like RELIANCE or TCS or INFY, is a code that people use on the NSE or BSE when they trade or look at prices. It is easy to use when you trade every day. It is not the only one like that in the whole world. The same name can mean things in different markets. </li><li>Then there is the NSE or BSE Scrip Code:&nbsp;For example, the BSE uses numbers, like 500325, for Reliance Industries just for their own systems. These codes are only used on the BSE. Do not make sense anywhere else. </li><li>Folio Number: This number is for mutual funds and represents your individual investment account with an Asset Management Company (AMC). It identifies you as an investor but not the security itself. Each scheme you invest in has its own unique ISIN. </li><li>PAN Linked Demat Account Number: This is your holding account number and not the instrument number. </li><li>ISIN is the only identifier that is consistent across <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a>, BSE, depositories and Registrar and Transfer Agents (RTAs) like KFin Technologies or CAMS and clearly identifies the security itself.</li></ul><h2 style="text-align: justify"> Why the ISIN Matters for Indian Investors ​</h2><ul><li>Every Security in Your Demat Account Is Tracked by ISIN:&nbsp;When your broker credits shares, bonds, or mutual fund units to your Demat account, they track the movement using the ISIN, not just the company name. If you've ever wondered how NSDL/CDSL and your Depository Participant (DP) keep track of millions of investors' holdings without confusion, the ISIN is the answer. </li><li>It Prevents Confusion With Multiple Share Classes and Series:&nbsp;Indian companies do lots of things with the shares they issue. They make classes of shares and different series of Non-Convertible Debentures (NCDs) and bonds. These bonds have coupon rates, and they mature at different times. You can have two bonds from the company, and they can look almost the same when you read their names.. The terms of these two bonds can be very different. That is why the ISIN is important. The ISIN is often the way to know for sure that you are buying or holding the exact Non-Convertible Debentures (NCDs) or bonds that you want to buy or hold. </li><li>It's Essential for Bond and G-Sec Investing:&nbsp;Corporate bonds, NCDs, and Government Securities, which are called G-Secs, do not have ticker symbols like stocks. On sites like the RBI Retail Direct portal or the NSE and BSE debt sections, the securities are mainly checked using ISIN. If you are investing in G-Secs or in State Development Loans or in company fixed-rate bonds, looking at the ISIN before investing is the way to make sure you know the maturity dates, the coupon rates, and the details about the issuer. </li><li>It Matters for Mutual Fund Investing:&nbsp;Every mutual fund scheme—often every plan or option within a scheme (Direct vs. Regular, Growth vs. IDCW) has its own distinct ISIN. If you're comparing fund fact sheets or reconciling your CAS (Consolidated Account Statement) from CDSL/NSDL or your AMC statement, matching by ISIN ensures you're comparing the exact same plan, not one with a similar name. </li><li>It Supports SEBI-Mandated Reporting and Transparency:&nbsp;The Securities and Exchange Board of India (SEBI) requires that reporting be based on ISINs across various filings, corporate action disclosures, and depository records. This standardization helps India settle trades on a T+1 basis reliably—every transaction can be traced to a clear security identifier. </li><li>It Helps During Corporate Actions:&nbsp;When companies go through changes like mergers, or when they give out more shares, they might get a new International Securities Identification Number, or ISIN, for short, like when you have shares that are not fully paid for, and they become fully paid shares, or when they change what kind of investment something is. Checking the International Securities Identification Number is a way to make sure you are looking at the right information about the company, which is really important when the company is making big changes to its structure. </li></ul><h2 style="text-align: justify">Where to Find a Security's ISIN in India </h2>You can typically find the ISIN for any security in several places: <ul><li>Your Demat account holding statement (from NSDL or CDSL) </li><li>On your broker's app or website under the stock, bond, or fund details page </li><li>On the NSE (nseindia.com) or BSE (bseindia.com) security information pages </li><li>In mutual fund fact sheets or on AMFI's website (for mutual fund ISINs) </li><li>On the RBI Retail Direct portal for G-Secs and SDLs</li><li>On your Consolidated Account Statement (CAS)</li></ul><h2 style="text-align: justify"> A Small Code With a Big Job</h2> For most Indian investors, the ISIN is invisible until it’s time to reconcile a Demat statement, verify a bond before investing, or double-check a mutual fund plan. But behind the scenes, the ISIN allows NSDL, CDSL, NSE, BSE, RTAs, and AMCs to work together smoothly. This ensures that when you buy "Reliance Industries" or a "State Bank of India bond," everyone in the system refers to the same instrument. The next time you see that 12-character code beginning with "IN" on your statement, remember it’s not bureaucratic clutter. It’s the identification system that keeps Indian capital markets accurate, transparent, and trustworthy.​

you may have seen a 12-character code next to the name of the stock, fund or bond. That code is called the ISIN.

ISIN Explained: What It Is and Why Every Indian Investor Should Know It

<a target="_blank" href="https://www.planify.in/research-report/philips-domestic-appliances-india-ltd/">Versuni India</a>: FY26 Financial &amp; Operational Performance AnalysisFinancial Performance (FY26 Numbers &amp; Projections):&nbsp;Versuni India brought in revenue from operations of ₹2,173.11 crore in FY26, marking a solid 15.5% jump from ₹1,880.85 crore the previous year, with total income landing at ₹2,185.29 crore. EBITDA climbed 34.4% to ₹271.62 crore compared to ₹202.10 crore, pushing gross margins up to 43.5% from 40.3%. Profit Before Tax went up by 38.8% to ₹231.39 crore, while Profit After Tax followed closely with a 38.7% rise to reach ₹172.63 crore from ₹124.48 crore. That pushed the net profit margin to 7.90% and delivered an EPS of ₹30.01. A big chunk of this bottom line growth came down to a smart operational shift: cutting back on imported finished goods to build things locally at their Ahmedabad and Chennai facilities, alongside collecting cash from customers 20% faster. If you are looking at valuations with the share price sitting at ₹750, the stock trades at 25.0x reported FY26 earnings, or around 30.2x if you normalize those margins. Operational Metrics:&nbsp;The business handles manufacturing and sales for small home appliances under the licensed Philips brand and their own Preethi brand, driven by a tight team of 1,353 employees. The public float is pretty tight at just 3.87%, leaving the Dutch parent company, Versuni Holding B.V., firmly in control with a 96.13% stake. Looking at the balance sheet, they are entirely debt-free and sitting comfortably on ₹410.43 crore in cash and deposits against a total equity base of ₹440.79 crore. Capital efficiency improved nicely as well, with Return on Equity moving from 36% to 43% and Return on Capital Employed ticking up from 39% to 44%. Reported operating cash flow shot up to ₹468.58 crore, though it is worth noting that more than half of that came from working capital adjustments, specifically a massive drop in traded goods inventory and stretched supplier payments. Key Project Executions &amp; Order Book:&nbsp;The big story on the ground this year was the deliberate pivot away from buying finished traded goods, which dropped 38.8%, in favor of ramping up raw material consumption by 93.2% to manufacture products locally across a combined 25,000 square metres of plant space. Product rollouts got a strong push across categories, highlighted by the Philips Airfryer seeing a 77% year-over-year surge, alongside the Preethi Zodiac and the newly launched OneChef appliance packing 33 functions. To keep their leadership secure in irons and air purifiers, they pushed ad spending up by 16.5% to ₹252.10 crore, which works out to 11.6% of revenue, while also rolling out a fresh ESOP scheme covering over 1.15 million options to keep key talent aligned. Strategic Developments &amp; Outlook:&nbsp;Moving forward, Versuni's playbook relies on capturing the remaining cost savings from local sourcing, with about 20% of their COGS import base still left to transition, giving them a realistic runway of another 200 to 300 bps in gross margin expansion. Even so, that eye-catching 38.7% profit spike is a one-time structural reset that is unlikely to repeat itself. On the flip side, you have to keep an eye on some genuine headwinds, including heavy related-party outflows of ₹164.23 crore heading back to the parent group via dividends, IT charges, and a 73% surge in Philips brand royalties. Toss in mounting E-waste liabilities, customer concentration where a single buyer accounts for 20% of revenue, and an upcoming Offer for Sale as the promoters look to offload a slice of that massive 96.1% holding, and you have got plenty to weigh against that valuation.

Versuni India: Local Manufacturing Gains, One-Time Margin Boost & Is ₹750 Fully Priced In?

If you've spent any time evaluating unlisted or <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO companies</a>, you've probably run into this debate more than once. Two investors look at the same company — say, an NBFC gearing up for its IPO — and one swears by the P/E ratio while the other won't touch a stock without checking the P/B first. Both have a point. The trouble is, most articles treat this like a listed-market question and just port the answer over to unlisted shares without asking whether the underlying assumptions still hold. They mostly don't. ​ So let's actually work through this properly — what each ratio tells you, where it breaks down specifically in the unlisted space, and how to think about weighting one over the other depending on what you're looking at.<h2 style="text-align: justify;margin-left: 25px">​A Quick Refresher, Because Context Matters Here</h2>The Price-to-Earnings ratio is just the price you're paying divided by the company's earnings per share. It answers a fairly intuitive question: how many years of current profit would it take to "pay back" your investment, roughly speaking. A P/E of 20 means you're paying 20 times what the company earns per share every year. ​ Price-to-Book, on the other hand, compares the price to the company's net worth on paper — assets minus liabilities, divided across shares. It's less about how much the company is earning and more about what it would theoretically be left with if it shut down tomorrow and sold everything off. ​ In listed markets, both numbers are easy to source and reasonably reliable because share prices update every second and audited financials come out quarterly. <a target="_blank" href="https://www.planify.in/unlisted-shares/">Unlisted shares</a> don't get either luxury, and that changes the calculus more than people realize.<h2 style="text-align: justify;margin-left: 25px">Where P/E Starts to Wobble in the Unlisted World</h2>The biggest issue with leaning on P/E for pre-IPO companies is that earnings themselves are often unstable or, frankly, not the point yet. A lot of companies raising money in the unlisted space are prioritizing market share over profitability — think drone-tech firms, D2C brands, or infrastructure players still ramping up execution. Their earnings in any given year might be near zero, negative, or skewed by one-off items like a government subsidy or an asset sale. Divide a price by a number that's bouncing around like that, and the ratio you get isn't telling you much. There's also a liquidity problem baked into the price side of P/E. Listed stock prices reflect thousands of trades happening continuously, which keeps the "P" reasonably honest. Unlisted share prices come from a much thinner set of transactions — sometimes just a handful of deals a quarter — so the price itself can lag reality or overreact to a single large trade. When both the numerator and the denominator are shaky, the resulting ratio inherits both problems. That said, P/E still earns its keep once a company has a track record. If you're looking at a business that's already profitable, growing predictably, and has multiple funding rounds behind it — something like a well-established NBFC or a mature manufacturing player — P/E becomes genuinely useful for comparing it against listed peers in the same sector. It's a decent shorthand for "am I overpaying relative to what this business actually earns."<h2 style="text-align: justify;margin-left: 25px">Where P/B Tends to do More of the Heavy Lifting</h2>P/B earns its relevance in exactly the situations where P/E falls apart. For asset-heavy businesses — infrastructure companies, real estate players, NBFCs, anything with a balance sheet full of tangible value — book value is a sturdier anchor than earnings, which can be lumpy or manipulated through accounting choices far more easily than a balance sheet can be. It's also more forgiving for early-stage or currently loss-making companies. A drone-tech startup posting losses this year isn't necessarily overvalued; if it's sitting on a strong asset base, meaningful IP, or contracts that haven't hit the P&amp;L yet, P/B at least gives you a floor to reason from. P/E simply can't do that when the "E" is negative. For financial institutions specifically — banks, NBFCs, insurance companies — P/B is often the industry-preferred metric anyway, listed or not, because their core business is essentially managing a balance sheet. Earnings can swing with provisioning cycles and credit costs, but the book value tends to move more predictably. The catch with P/B in the unlisted context is that "book value" assumes the balance sheet is accurately marked. For younger companies, a chunk of what actually makes them valuable — brand, technology, customer relationships, a strong founding team — never shows up on the balance sheet at all. A capital-light consumer brand with massive growth potential can look expensive on P/B despite being genuinely undervalued, simply because its real assets are intangible and accounting doesn't capture them well. <h2 style="text-align: justify;margin-left: 25px">So Which One Actually Matters More?</h2>Honestly, it depends on what kind of company you're looking at — and that's not a cop-out answer, it's the actual answer. For asset-heavy, mature, or financial-sector companies, weight P/B more heavily. It's the sturdier number and less prone to distortion from short-term earnings volatility. For growth-stage, asset-light, or tech-driven companies, P/E — when earnings exist at all — combined with growth-adjusted metrics like PEG or revenue multiples usually paints a more honest picture than P/B, which will just make these companies look artificially expensive. For companies somewhere in between — most manufacturing and consumer businesses fall here — the smart move is to look at both together rather than picking a favorite. A company trading at a low P/E but a sky-high P/B might be earning well temporarily off assets that don't justify the premium. A low P/E and a high P/B means that a company makes good money at the moment, but its assets don't support the high valuation. A low P/B and a high P/E means that this company is a promising business, but at the moment it doesn't show good financial results.<h2 style="text-align: justify;margin-left: 25px">The Bigger Point that Often Gets Missed</h2>Both of these measures weren't actually designed for private placement shares. They require pricing efficiency and comparable financial information, which aren't typical for the pre-IPO market. Instead of using ratios as a tool to draw conclusions, a better approach would be to use them as a basis for asking questions. When there is an unusually low P/E ratio for some company, then there could be an issue with the earnings of this company. In case when the P/B ratio seems high, this company can have valuable intangibles that can't be accounted in balance sheet or its price can be just high because of inefficient pricing. Instead of treating them as final answers, use both ratios to explore a company in more detail. This makes them far more useful for unlisted investing than relying on either one alone.​

The biggest issue with leaning on P/E for pre-IPO companies is that earnings themselves are often unstable or, frankly, not the point yet.

P/E vs P/B Ratio: Which Matters More for Unlisted Shares?

Financial Performance (FY26 Numbers &amp; Projections): Total revenues from operations for <a target="_blank" href="https://www.planify.in/research-report/elofic-industries-limited/">Elofic Industries Limited</a> in FY26 were ₹459.6 crore, showing only a slight rise of 2.1% from ₹450.1 crore in FY25. Total income was ₹487.0 crore. This was aided by a sharp increase in Other Income, which went up to ₹27.4 crore, from ₹11.5 crore in FY25 due to treasury and forex gains. EBITDA decreased by 19.7% to ₹89.7 crore from ₹111.7 crore. This led to a margin decrease of 5.3 percentage points to 19.5% from 24.8%. This decrease in operating margins was due to an increase in cost of raw materials from 43.3% to 46.4% of revenues and an increase in employee benefits expense to 15.6% of revenues from 13.6%. PBT dropped by 10.4% to ₹96.5 crore, but PAT remained nearly flat at ₹76.0 crore, down by 1.6% from ₹77.3 crore in the previous year. PAT margin was thus 16.5%. Bottom-line performance benefited from non-operating treasury gains and the reduction in the effective tax rate to 21.2%, from 28.3% in FY25. Looking ahead, management has announced a public target for growth to ₹700 crore in annual sales by FY28. Operational Metrics: Elofic is a 75-year-old producer of filters that generates about 85 million filters annually via six production units situated in Faridabad, Nalagarh, and Hosur. The sales of Elofic Company are made via three different channels: OEMs, domestic aftermarket, and export sales. The share of exports is equal to 45% and involves supplying US OEMs with the help of domestic US warehouses. The company's domestic operations comprise a huge network of more than 1,400 distributors and 55,000 dealers. In terms of financial position, Elofic has increased its total assets by 23% to ₹473.6 crore in FY26, where the increase was made via equity financing only without any increase in long-term debt. The total debt of the company is equal to about ₹3.1 crore in lease liabilities, leading to Debt-to-Equity ratio of approximately 0.01x. Due to efficient working capital management and quick payments of customers, trade receivables have decreased from ₹84.8 crore to ₹68.3 crore, contributing to cash and equivalents of ₹62.1 crore, which is 16 times higher than ₹3.8 crore in FY25. Key Project Executions &amp; Order Book: Elofic is engaged in large domestic as well as foreign OEM associations with various automakers and engine makers like Tata Motors, Royal Enfield, General Motors, Maruti Suzuki, Kohler, and Action Construction Equipment (ACE). There has been a 69% growth in operating cash flows in comparison to the previous fiscal year, amounting to ₹78.2 crore as compared to ₹46.3 crore in FY25. The management has used this cash flow for setting records of capex spending, where FY26 capex amount is ₹119.3 crore, almost seven times higher than ₹17.5 crore in FY25. Strategic Developments &amp; Outlook: The technological differentiation and premiumization strategy of Elofic is a long-term one in order to overcome the issue of pricing competition in the aftermarket sector. Elofic has an exclusive R&amp;D center accredited by DSIR that owns nine patents and eleven patents are under application. In order to overcome the issue of fluctuation in prices of raw materials and margins in the domestic market, Elofic is utilizing its growing international network. The present stage of capex cycle of Elofic makes it poised for the future filtration demand from automotive, tractor, industrial, and transport sectors.

Elofic Industries:  Will the new capex can revive the company? FY26 Financial & Operational Performance Analysis.

The April to June 2026 quarter was another busy period for India's unlisted (pre-IPO) share market. This is the over-the-counter space where investors trade shares in companies that have not yet listed on the NSE or BSE. Trading continues to take place off-exchange through intermediaries and platforms, with settlement handled via NSDL and CDSL demat accounts. Interest during the quarter focused on a familiar set of companies: market infrastructure players, late-stage consumer startups, and some financial services firms. Sentiment was increasingly driven by IPO expectations instead of just reported earnings. <h2 style="text-align: justify">​NSE India Limited: Still the Leader</h2>As in previous quarters, the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange of India</a> remained the most watched unlisted stock and the largest by implied market value. Price quotes across dealer platforms mostly stayed in the ₹2,000 to ₹2,170 range, with one industry tracker noting a 52-week range of roughly ₹1,603 to ₹2,349. NSE's implied market capitalization was estimated at over ₹5 lakh crore, which explains its dominance in discussions about this market. The main story for NSE this quarter was related to regulations and IPOs rather than purely financial results. Anticipation grew around a potential Draft Red Herring Prospectus filing in mid-June,The proposed mega-IPO is entirely an Offer for Sale (OFS) of ~14.89 crore shares. Some analysts suggested a listing target as far out as Q3 of FY27. On the earnings side, NSE had previously accounted for a one-time provision of about ₹1,297 crore related to a colocation and dark-fibre settlement. Excluding that item, underlying profit growth was reported to be strong both sequentially and annually. This mix of clean underlying profitability, high-profile one-time charges, and a slow but real IPO process kept the stock volatile yet in demand during the quarter.<h2 style="text-align: justify">Financial Infrastructure and Exchanges</h2>Apart from NSE, other exchange-related companies saw active trading: <ul><li>This quarter, <a target="_blank" href="https://www.planify.in/research-report/ncdex/">NCDEX</a> (National Commodity &amp; Derivatives Exchange) traded in a wide range. Quotes were about ₹360 to over ₹425 depending on the platform and date. This was said to have been helped by a return to profitability and an increase in agri-derivatives volumes </li><li>Metropolitan Stock Exchange (<a target="_blank" href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">MSEI</a>) continued to remain in low single digits between ₹5.60 and ₹5.80, with focus on its planned relaunch and a liquidity-boosting plan including a wider stock basket. </li><li>Power Exchange India Ltd (<a target="_blank" href="https://www.planify.in/research-report/power-exchange-unlisted-share-price/">PXIL</a>) was highlighted for trading well above the last price at which a stake was sold to a private investor, helped by reforms in the power sector. Power Exchange India Ltd (PXIL) stood out in the unlisted market during Q1 FY27 (April-June 2026). Its shares rose well above the ₹263 level where private investors Norwest and Poonawalla Group had bought stakes in an earlier funding round. By mid-June 2026, the stock was trading around ₹497, within a 52-week range of ₹420-686. Ongoing momentum in India’s power market reforms, especially in renewable energy trading and market-based electricity procurement, kept investor interest high as the IPO approached.</li></ul><h2 style="text-align: justify">Consumer and Startup Names</h2><ul><li><a href="https://www.planify.in/research-report/oyo-share-price/">Oravel Stays (OYO)</a>&nbsp;was trading in a tight range around ₹24 and was broadly flat over the quarter. </li><li><a target="_blank" href="https://www.planify.in/research-report/bigbasket/">BigBasket</a>&nbsp;quotes were around ₹1,940 to just under ₹1,970 at different points during the quarter. The ₹39-₹40 price tag of Zepto was attributed by dealers to a broader revaluation of quick-commerce. </li><li><a target="_blank" href="https://www.planify.in/research-report/b9-beverages-private-limited/">Bira91 (B9 Beverages)</a>&nbsp;traded in a narrow range of ~₹58-₹60.</li></ul><h2 style="text-align: justify">Sports : Chennai Super Kings</h2>​<a target="_blank" href="https://www.planify.in/research-report/chennai-super-kings-cricket-limited/">Chennai Super Kings Cricket Limited</a>, owner of the IPL franchise and a rare “unicorn” in the sports industry, continued to be among the more discussed unlisted names. Its price during the quarter was between around ₹259 and ₹275. The swings were mostly due to sentiment on the team’s on-field performance, rather than any fundamental change in the business, analysts said.<h2 style="text-align: justify">Several themes stood out in market during this quarter:</h2><ul><li>IPO-related speculation: was the biggest driver of price changes, especially for NSE. Every piece of regulatory information settlement clearances, DRHP timing discussions, and listing-window estimates affected dealer quotes more than quarterly results did. </li><li>Price variation across platforms remained significant: Because unlisted shares trade over-the-counter instead of on a central order book, quotes for the same company often differed by 5 to 10% (and sometimes more) between platforms on the same day. This highlighted that "price discovery" in this market is more approximate than precise. </li><li>Regulatory support for exchanges was a factor: Developments like MSEI's relaunch plans and SEBI's proposals for agri-derivatives sparked renewed interest in smaller exchanges (MSEI, NCDEX, PXIL). </li><li>Consumer-tech companies: traded more on narrative than on financials. Valuations for companies like <a target="_blank" href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a>, OYO, and Boat reflected broader market shifts in how private markets are pricing growth-stage consumer businesses after recent corrections in quick-commerce and D2C valuations.</li></ul>Looking ahead to the next quarter, the timeline for NSE's DRHP and any concrete SEBI approvals will likely remain the most crucial factor for the broader unlisted market. This is due to the significant share of investor attention and implied value it holds. Investors will also keep an eye on whether MSEI's relaunch gains momentum and if consumer companies stabilize after a volatile period.

Trading continues to take place off-exchange through intermediaries and platforms

Quarterly Unlisted Shares Performance Report (April-June 2026)

Planify has built its identity around research-backed investing rather than pure brokerage.

Planify vs Other Competitors: Which Unlisted Shares Platform Is Better

​Ankur Jain, the founder and CEO of <a target="_blank" href="https://www.planify.in/research-report/b9-beverages-private-limited/">B9 Beverages</a>, the parent company of craft beer brand Bira 91, has stepped down from the company's board and all executive roles, along with his family. His departure comes after a settlement deal with institutional investors and lenders. This agreement ends a lengthy two-year governance dispute involving nearly 30 stakeholders with conflicting financial interests. As part of the settlement, Jain and his family will give up their entire 17.8% equity stake in B9 Beverages and will no longer have operational control. In exchange, all active lawsuits and mutual claims will be withdrawn, and Jain is free from personal liabilities related to the corporate loans he had secured during the company's financial difficulties. This resolution is a significant turning point for Bira 91, which has struggled for the past two years with serious cash flow problems, a mounting debt of about ₹1,000 crore, and a complete halt in manufacturing. In FY24, the company reported a net loss of ₹748.8 crore on operating revenues of ₹638.5 crore. This led to unpaid vendor debts, delayed employee salaries, and loan defaults. With the governance issue resolved and obstacles at the founder level cleared, major investors such as Japan's Kirin Holdings and Peak XV Partners, along with lenders like Anicut Capital and Hero Corporate Services, are starting a full balance sheet cleanup and recapitalization plan. The new management team's top priority will be to secure fresh capital to pay off outstanding taxes, settle employee back-pay, address vendor debts, and restart brewery operations within the next 3 to 6 months. Reflecting on his departure, Jain thanked the stakeholders and recognized that although the brand faced difficult times, the agreement allows Bira 91 to enter a new growth phase with new leadership, better financial management, and a restructured balance sheet.​

Bira 91 Founder Ankur Jain Exits Board and Surrenders Stake Following Multi-Stakeholder Settlement

​<a target="_blank" href="https://www.planify.in/research-report/greenzo-energy-india-ltd/">Greenzo Energy India Limited</a> (GEIL) is positioning itself as a key domestic supplier in India's green hydrogen sector by manufacturing equipment locally and providing complete engineering, procurement, and construction (EPC) solutions. To boost its production capacity, the company is setting up a new electrolyzer manufacturing facility in GIDC Sanand-II, Ahmedabad, with a capacity of 250 MW per year. This facility is designed under the Atmanirbhar Bharat initiative, and Greenzo's main products include local alkaline water electrolyzers with capacities between 150 kW and 5 MW, along with full Balance of Plant (BOP) systems. These solutions use up to 95% locally sourced components and proprietary Indian technology. To support its growth, Greenzo has a strong project pipeline and order book exceeding ₹1,200 crore. This pipeline covers renewable energy and green hydrogen projects across India, Nepal, and Southeast Asia. Its active projects include notable commercial and industrial contracts, such as supplying a 1 MW alkaline electrolyzer to the Oswal Group, a 3 MW electrolyzer contract with Jindal Stainless Limited (JSL), a 30 Nm³/hr system for Felix Industries, and specialized units for Engineers India Limited (EIL). Designed to output high-pressure hydrogen directly at 30 bar, Greenzo's systems operate in a wide temperature range from -20°C to +60°C. These features help reduce capital costs by removing the need for external compression and allow for quick deployment in heavy industry decarbonization efforts.

Greenzo Energy Drives India’s Green Hydrogen Push with 250 MW Manufacturing Plant and ₹1,200+ Crore Order Book

India's manufacturing story is quietly moving beyond the listed universe. A good chunk of the interesting action right now is happening in unlisted companies that are building capacity in chemicals, clean energy, waste management, industrial components and in other industries, while most retail investors are still looking the other way. For long-term investors who are comfortable with the extra homework and lower liquidity that unlisted shares demand, this segment offers a genuine shot at getting in before the crowd does. Here's a closer look at five manufacturing names worth putting on your radar.<h2>VCI Chemical Industries</h2>​<a target="_blank" href="https://www.planify.in/research-report/vci-chemical-industries-india-pvt-ltd/">VCI Chemical Industries</a> operates in the specialty chemicals business. It started in May 2021. Is part of the Vikrant Group. The company’s business model is simple but it is capital-intensive. It buys coal tar, which is left over from making steel. Then it uses a process to separate it into different parts. This process makes coal tar pitch, naphthalene, phenol oil, anthracene oil, and carbon feedstock. VCI Chemical Industries is building a plant to do this process. The plant is designed to handle 1,25,000 tonnes of coal tar every year. This is more than the company first planned, which was 1 lakh tonnes per year. Some due diligence reports indicated that the plant can actually handle even more, around 1.375 lakh tonnes, per year if it operates at 110% capacity utilisation. This is very much a capacity-building story right now, so investors are essentially betting on execution and on India's continuing steel output feeding a steady coal-tar supply.&nbsp;<h2>​Quality Enviro</h2><a target="_blank" href="https://www.planify.in/research-report/quality-enviro/">Quality Enviro</a> Engineers Ltd, based out of Ghaziabad, makes equipment for solid and liquid waste management, sewer cleaning and municipal sanitation, and has been around in some form since 2012-14 before being incorporated as a public limited company in 2016. The model is fairly asset-light in spirit: design and customise machinery, manufacture or fabricate it, and sell largely to municipalities and institutional buyers, with an ongoing services layer on top. FY25 was a strong year on paper. The total income of the company went up by 30.3 percent to ₹52.89 crore from ₹40.51 crore. The profit before tax or PBT of the company more than doubled to ₹8.91 crore. The net profit of the company jumped by 130.3 percent to ₹6.57 crore. The margins of the company improved a lot too. The EBITDA margin of the company moved to 18.7 percent from 12.8 percent. The net margin of the company crossed 12.5 percent. The cash, on the balance sheet of the company grew four times to ₹13.15 crore. The total income and the profit of the company are very important. They are doing well. The EBITDA margin and the net margin are also doing great. The company has a lot of cash on the balance sheet now. It's a business riding India's civic infrastructure push, and the numbers suggest that tailwind is translating into real profitability.&nbsp;<h2>ECOSURE</h2><a target="_blank" href="https://www.planify.in/research-report/ecosure/">Ecosure</a> started out solving a very specific problem — replacing single-use plastics with compostable, chemical-free molded fibre-pulp products, backed by full installation-to-AMC support — and has since begun pivoting toward Compressed Bio-Gas through its subsidiary Earthsure, broadening its footprint in the circular economy. The company already holds around 90% share of the domestic pulp-moulding machinery segment, runs three manufacturing units in Noida, Indore and Sitarganj producing 25-30 machines a month, and has delivered 350 machines across 39 locations so far, with an R&amp;D facility planned in Dhar, MP. Financially, revenue grew from ₹33.4 crore in FY23 to ₹71.2 crore in FY25, a 46% two-year CAGR, while net profit grew even faster, up 108% CAGR to ₹6.3 crore, taking net margin to 9%. Return ratios stand out too, with average ROCE near 48.6% and ROE around 86% over the last three years — numbers that are hard to ignore for a business with this kind of category leadership.<h2 style="line-height: 1.38">Bolzen and Mutter India</h2><a target="_blank" href="https://www.planify.in/research-report/bolzen-and-mutter-india/">Bolzen &amp; Mutter</a>, set up in 2017 in Aurangabad, manufactures special fasteners- nuts, bolts, screws, rivets, washers, and precision components- including parts made specifically for the automobile, electronics, and electrical industries. It operates out of a 25,000 sq. ft. facility in Waluj Industrial Area, and its customers include names like; Ola, Maruti and Hyundai as clients, while working to close deals with Volkswagen, Skoda and Foxconn as automakers look to diversify supply away from Europe and China. Revenue more than doubled in FY25 to ₹79 crore from ₹37 crore in FY24, a 115% jump that owes a lot to the company's earlier pivot toward green energy and solar-sector contracts, a segment that stands to benefit further as India scales toward its 500 GW solar target. Net income grew 63% to ₹3.7 crore, even as gross margins came under some pressure from higher raw material costs. The client pipeline here is arguably the most interesting part of the story.&nbsp;<h2>GreEnzo Energy India</h2><a target="_blank" href="https://www.planify.in/research-report/greenzo-energy-india-ltd/">Greenzo Energy</a> has made a shift in its business model from renewable energy consultancy and EPC work to manufacturing green hydrogen equipment, specifically alkaline electrolysers ranging from 0.15 MW to 5 MW. Greenzo Energy started in 2022 in New Delhi. Now they are building a factory in Gujarat. This factory will be able to make equipment to handle 250 MW of hydrogen. Greenzo Energy is really focusing on hydrogen equipment like those alkaline electrolysers, and this new factory is a big part of that.. At the time, they are still doing their EPC and consultancy business, which gives them an income while they are in the transition phase.In the year 2024, the company made ₹14.88 crore. They had a net profit of ₹1 crore. This means they made a profit of 6.7 percent. The company now has ₹63.85 crore in assets. They got a lot of money, ₹54.4 crore, from people who invested in the company. The company has an order book worth around ₹1,200 crore, as of the first half of 2024. The company is in the high-risk category and has a strong positive outlook on India's green hydrogen ambitions. These five companies are in parts of India's manufacturing economy. They operate in sectors like chemicals manufacturing, environmental engineering, making sustainable packaging, precision fasteners, and green hydrogen. But they have one thing in common: they are all still small and growing fast. This is the stage where people who invest early can make a lot of money if everything goes well. The thing is, companies that are not listed need to be treated with more care than those that are listed. This is because it is harder to buy and sell their shares; they do not tell us much about their business, and we need to take a closer look at how much they are worth before we give them our money. If any of these companies sound like they would be a fit for your investments, the next smart thing to do is to look at who owns their shares, check their financial situation, and figure out how much they are worth before you do anything

India's manufacturing story is quietly moving beyond the listed universe. A good chunk of the interesting action right now is happening in unlisted companies that are building capacity in chemicals, clean energy, waste management, industrial components and in other industries, while most retail investors are still looking the other way.

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