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Financial Performance (Q1 FY26 vs Q1 FY25): OYO reported a robust financial performance in Q1 FY26, with Revenue increasing significantly by 47.26% year-on-year (YoY) to ₹2,019 crore, compared to ₹1,371 crore in Q1 FY25. This strong topline growth reflects sustained demand momentum across its core markets. Profit After Tax (PAT) more than doubled, surging by 135.29% YoY to ₹200 crore, up from ₹85 crore in the corresponding quarter last year. The profitability surge was further highlighted by Adjusted EBITDA, which grew 3.3x YoY to ₹550 crore, supported by enhanced operational efficiencies and higher operating leverage.

Operational Metrics (Q1 FY26 vs Q1 FY25): Gross Booking Value (GBV) expanded by 145.35% YoY to reach ₹7,277 crore, underscoring significant market share gains. The Hotels segment led the momentum with a 221% YoY increase in GBV (₹5,939 crore), while the Homes segment grew by 16% YoY (₹1,288 crore). The global supply footprint for Hotels grew by 29% (to 22K), and Homes increased by 44% (to 124K). Storefront Expansion: OYO rapidly scaled its mid-premium and premium company-serviced portfolio in India, with storefronts expanding 5x YoY to reach 1.1K. Managed Workspaces: The Innov8 segment reported revenue of ₹37 crore (up 55% YoY) and an EBITDA surge of 189%.

Strategic Developments & Outlook: OYO’s net worth and operational efficiency continue to provide strong capital support, with a strategic shift toward Company-Serviced properties, which now contribute 51% of GBV, up from just 9% a year ago. The company is maintaining a disciplined cost structure, with operating costs projected to fall from 12% to 8% of GBV by the end of FY26. A key strategic milestone is the IPO timeline, with the company planning to launch its public offering in the second half of 2026. Near-term focus remains on strengthening the balance sheet, maintaining positive cash flows, and leveraging technology to lift RevPAR and guest retention.

Some of India’s most interesting value creation stories are unfolding in 2026 beyond traditional avenues to unlisted shares, a select group of unlisted leaders are building scale, improving profitability, and preparing for eventual listings, quietly compounding away from daily market noise.

OYO: OYO is shifting from hyper-growth to profit discipline, with improving EBITDA, debt reduction, and better hotel occupancy  turning a crisis-era brand into a credible turnaround story on investor watchlists.

SBI Mutual Fund: SBI Mutual Fund, India’s largest AMC by AUM, is preparing for listing signalling monetisation of a powerful brand, sticky fee income, and a long-duration compounding business linked directly to rising financialization of savings.

Onix: Onix operates in premium consumer electronics with a strong retail network; it benefits from import substitution, the domestic manufacturing push, and rising discretionary consumption among India’s urban households.

Orbis: Orbis is positioned in security and surveillance solutions, riding structural demand from smart cities, logistics hubs, government infrastructure and corporate risk management, a space expanding quietly but rapidly.

Hero FinCorp: Hero FinCorp, backed by the Hero group, is gaining from a reviving credit cycle; used-vehicle finance, retail loans, and MSME lending give it operating leverage as growth and collections improve.

Chennai Super Kings (CSK): CSK’s valuation is driven by media rights, sponsorship monetisation, fan IP, and league expansion sports franchises are evolving into serious financial assets instead of passion projects.

Insolare Energy: Insolare Energy is directly aligned to India’s renewable push; solar EPC, modules, grid upgrades and PLI-linked manufacturing place it at the heart of the nation’s energy-transition capex cycle.

NSE: India’s largest stock exchange by turnover; benefits from rising retail participation, derivatives depth, and formalization of savings into capital markets.

NCDEX: leading Agri-commodity exchange; positioned to gain from inflation hedging demand, warehousing reforms, and institutionalization of commodity price discovery.

Notice of the Extra Ordinary General Meeting (“EGM”) of Madhur Iron and Steel, which is scheduled for Friday, Jan 9, 2026 at 4:00 PM (IST) through video conferencing (“VC”)/ other audio-visual means (“OAVM”) to transact the following businesses:

Special Business:

To consider and if thought fit, to pass, with or without modification(s) the following resolution as a Special Resolution:

• Approval for raising capital through Initial Public Offer (IPO) of the company: The Company plans to create, issue, offer and allot up to 1,00,00,000 equity shares of face value Rs 10 each via IPO (book building method), through book-building or other permitted methods, and authorizing the Board to determine structure, pricing, appointment of intermediaries, allotment, and listing of the equity shares.
• Increase in investment limit for Non-Resident Indians / Overseas Citizens of India :The Company seeks Approval to increase the aggregate investment limit of .NRI/OCI investors up to 24% of the paid-up equity share capital of the Company, in accordance with applicable FEMA regulations.
• Approval to increase the aggregate limit of equity shareholding by Registered FPIs, subject to applicable RBI/FEMA guidelines and approvals.
  

Instructions at glance

Notice of Postal Ballot:

Voting Starts on: Wednesday, January 07, 2026 at 9.00 A.M.(IST)

Voting Ends on: Thursday, February 05, 2026 at 5.00 P.M. (IST)

This is to inform all shareholders that a resolution is proposed to be passed by the equity shareholders of the company through postal ballot only by way of a remote e-voting process. Instructions for remote e-voting will be sent through electronic mode to those members whose email addresses are registered with the registrar and transfer agent.

Description of the Special Resolution:

• Authorization on under Sec on 180(1)(a) of the Companies Act, 2013 – to create charge, mortgage, lien, etc., on company’s assets: Approval to create charge, mortgage, or dispose of company assets to secure borrowings, with total outstanding secured borrowings capped at ₹2,500 crore.
• Authorization on under Sec on 180(1)(c) of the Companies Act, 2013 – increase in borrowing powers of the company: Approval to increase the company’s borrowing limit to ₹2,500 crore, up from ₹2,000 crore, through any form of borrowing, secured or unsecured.
• To approve the conversion of loan (credit facilities) from HDFC Bank Limited, State Bank of India, AU Small Finance Bank Limited in specific and other Banks, NBFC, Financial Institutions and Body Corporates etc. in general, into equity shares: Approval to allow lenders to convert loans into equity only in case of default, at Registered Valuer-determined pricing, for borrowings up to ₹2,000 crore.

Remote e-voting Instructions at glance:

VCI Chemicals is pleased to announce steady and encouraging progress on its 1.12 LTPA Coal Tar Plant project. Construction activities are progressing swiftly, and the company has successfully received all major machinery at the project site, with total equipment value exceeding ₹135 crore. The project is being executed largely in line with planned timelines, and the plant is expected to become operational during Q3–Q4 of FY26. Once commissioned, the facility is expected to significantly enhance VCI’s product mix, scale, and operational efficiencies. The project is projected to generate healthy financial performance, with average EBITDA margins of approximately 14.4% and PAT margins of around 8.5% during FY27–FY34, driven by economies of scale, improved product realization, and cost efficiencies such as reduced fuel and nitrogen gas consumption. The plant is also expected to strengthen VCI’s domestic and export presence, with total revenues projected at around ₹609 crore at steady-state operations, while maintaining positive cash flows and a robust balance sheet over the long term. This project represents a key strategic milestone in VCI Chemicals’ growth journey and reinforces the company’s commitment to sustainable and profitable expansion.

Over the past year, several companies that were once part of the pre-IPO universe have successfully crossed the final milestone  entry into the public markets.

Names like HDB Financial Services, Wakefit, Groww, Lenskart, Meesho, Studds Accessories, Tata Capital, LG Electronics India, PhysicsWallah, Pace Digitek, and Vikram Solar are no longer just private growth stories they are now publicly listed companies with real market discovery.

• What makes this transition noteworthy is not just the listings, but the timing and scale at which these companies entered the markets. Many of them listed amid tight liquidity conditions, higher scrutiny on valuations, and sharper investor expectations yet managed to attract demand and deliver meaningful listing outcomes.​

• Performance across these listings was mixed, spanning strong debut gains, flat listings, and gradual post-listing upside.
  

For investors who accessed these names during the pre-IPO phase, the journey reflects something important:

Early conviction, when backed by strong business fundamentals and sector leadership, can translate into credible public-market performance.

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Financial Performance (Q2 FY26 vs Q2 FY25): Axis Max Life Insurance Ltd reported a weaker financial performance in Q2 FY26, with total revenue declining by 25.8% year-on-year (YoY) to ₹9,946.4 crore, compared to ₹13,408.6 crore in Q2 FY25. The decline was primarily driven by lower premium income along with a sharp moderation in investment-related income during the quarter. Profit After Tax (PAT) declined by 15.7% YoY to ₹84.7 crore from ₹100.5 crore in the corresponding quarter last year. Earnings Per Share (EPS) also declined by 16.3% YoY to ₹0.41, compared to ₹0.49 in Q2 FY25.

Operational Metrics (Q2 FY26 vs Q2 FY25): In Q2 FY26, Axis Max Life Insurance recorded a stable net retention ratio of 97.8%, marginally lower than the 98.0% in Q2 FY25. The conservation ratio showed general improvement across several categories, with Non-Linked Participating Life rising to 84.3% from 83.0% and Non-Linked Non-Participating Life increasing to 88.2% from 86.2%. Total net benefits paid for the quarter increased to Rs. 483,374 lakhs in Q2 FY26, up from Rs. 420,463 lakhs in the previous year's second quarter.

Strategic Developments: During the quarter, the company faced a challenging operating environment marked by subdued insurance demand and volatile financial markets. Performance continued to be influenced by slower premium growth and lower investment income. While near-term results were impacted by operational and earnings pressure, the company’s established market presence and diversified product portfolio provide longer-term business stability.

Financial Performance (Q2 FY26 vs Q2 FY25): Acko General Insurance Ltd reported a marginally weaker topline performance in Q2 FY26, with revenue declining by 0.9% year-on-year (YoY) to ₹547.0 crore, compared to ₹552.0 crore in Q2 FY25. Despite the slight drop in revenue, profitability improved sharply during the quarter, with Profit After Tax (PAT) turning positive at ₹22.8 crore versus a loss of ₹86.1 crore in the same period last year, reflecting a 126.4% YoY improvement. Earnings Per Share (EPS) also improved significantly to ₹0.16 in Q2 FY26 from a negative ₹0.32 in Q2 FY25, marking a 150.0% YoY increase, indicating a strong turnaround in operating and underwriting performance.

Operational Metrics (Q2 FY26 vs Q2 FY25): Operational performance reflected better cost management and underwriting efficiency during the quarter. The solvency ratio stood at 2.29 times, well above the regulatory requirement, compared to 2.43 times in Q2 FY25. The net retention ratio remained stable at 76.17% compared to 74.83% in the previous year.

Strategic Developments: During the quarter, Acko continued its focus on product diversification, launching new retail and group health products such as Acko Health II and Acko 360 Protect. The company maintained a digital-first approach, with Direct Business (Online) contributing significantly to the total premium of ₹62,167 lakhs for the quarter. Despite higher claims reported in some segments, the claims settlement ratio remained a priority, and the reduction in management expenses to gross premium ratio (35.93% vs 52.63%) supports long-term sustainability.

Financial Performance (Q2 FY26 vs Q2 FY25): India First Life Insurance reported a weaker financial performance in Q2 FY26, with total revenue declining by 22.5% year-on-year (YoY) to ₹2,073.1 crore, compared to ₹2,673.8 crore in Q2 FY25. The decline reflects lower income generation during the quarter, likely impacted by moderation in premium inflows and investment-related income. Profit Before Tax (PBT) was lower during the quarter, translating into a decline in profitability. Profit After Tax (PAT) fell by 33.0% YoY to ₹15.3 crore from ₹22.8 crore in the same quarter last year. Earnings Per Share (EPS) declined by 33.3% YoY to ₹0.2, compared to ₹0.3 in Q2 FY25.

Operational Metrics (Q2 FY26 vs Q2 FY25): For the quarter ended September 30, 2025, India First Life Insurance reported total net benefits paid of Rs. 105,315.20 lakhs, representing an increase from the Rs. 83,366.32 lakhs paid in the corresponding quarter of the previous year. This total includes claims by death amounting to Rs. 19,295.82 lakhs (down from Rs. 19,524.71 lakhs in Q2 FY25) and a significant rise in claims by maturity, which reached Rs. 27,082.89 lakhs compared to Rs. 3,771.66 lakhs in Q2 FY25. Surrenders and withdrawals remained a major component of benefits at Rs. 58,049.26 lakhs, slightly up from Rs. 55,381.02 lakhs in the previous year.

Strategic Developments: During the quarter, the company continued to operate across both policyholders’ and shareholders’ accounts, maintaining focus on core life insurance offerings. While near-term performance was impacted by lower revenue and profitability, the company’s business remains supported by its diversified product mix and long-term insurance liabilities. Going forward, performance is expected to remain linked to premium growth trends, claims experience, and investment income performance.

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Financial Performance (Q2 FY26 vs Q1 FY25):Care Health Insurance reported a mixed financial performance in Q2 FY26, with total revenue growing by 6.5% to ₹1,961.6 crore, compared to ₹1,842.3 crore in Q1 FY25. Despite the top-line growth, profitability came under pressure. Profit After Tax (PAT) declined by 22.8% to ₹32.1 crore, compared to ₹41.56 crore in Q1 FY25. Consequently, Earnings Per Share (EPS) decreased by 23.3% to ₹0.33, from ₹0.43 in the reference period. The growth in revenue indicates continued business momentum, while the contraction in PAT suggests potential impacts from higher claims or operational costs during the quarter.

Operational Metrics (Q2 FY26): Operational performance highlights a significant scale of operations. The company reported a total policy count of 1,00,30,733 during the current year, indicating a massive customer base. Claims volume was also substantial, with 8,31,150 claims registered. Service efficiency remained a key strength; policy-level complaints stood at a low 0.81 per 10,000 policies, and claim-related complaints were 47 per 10,000 claims. The grievance redressal mechanism was highly effective, with 100% of the 254 pending complaints being less than 15 days old, ensuring zero backlog beyond the regulatory timeline.

Strategic Developments: The company continues to strengthen its market position with a focus on scaling its policy issuance and managing high claim volumes efficiently. The data reflects a strategic emphasis on customer service quality, evidenced by the low complaint ratios and swift grievance resolution. While specific capital initiatives for the quarter were not highlighted in this disclosure, the operational stability suggests a continued focus on long-term sustainability and trust-building within the health insurance sector. The disparity between revenue growth and profit decline may point to a strategic decision to absorb higher claim costs to maintain market share or service standards.

Financial Performance (Q2 FY26 vs Q1 FY25): IndusInd General Insurance reported a moderated financial performance in Q2 FY26, with total revenue declining by 5.7% to ₹2,166 crore, compared to ₹2,296 crore in Q1 FY25. The dip suggests a slight contraction in top-line growth during the period. Profit After Tax (PAT) declined by 9.6% to ₹120.5 crore, compared to ₹133.36 crore in Q1 FY25. Consequently, Earnings Per Share (EPS) decreased by 10.3% to ₹4.51, from ₹5.03 in the previous period. The simultaneous decline in revenue and profitability points to potential pressures on premium collections or investment income, impacting the overall bottom line.

Operational Metrics (Q2 FY26): Operational performance highlights a substantial volume of business activities. The total number of policies issued during the current year stood at 49,70,736, indicating a very strong market presence. Claims activity was also significant, with 27,13,250 claims registered during the current year. Service efficiency metrics showed 1.16 policy-related complaints per 10,000 policies and 4.44 claim-related complaints per 10,000 claims. The grievance redressal mechanism appeared robust, with the majority of pending complaints (1,205) being less than 15 days old, reflecting a focus on timely resolution.

Strategic Developments: The company is operating under a new identity, having transitioned from Reliance General Insurance Company Limited to IndusInd General Insurance Company Limited. This rebranding likely marks a significant strategic pivot, possibly aligning with broader group objectives or ownership changes. The high volume of policies and claims underscores the company's continued operational scale despite the financial dip. While specific capital allocation details for this quarter were not highlighted in the snippets, the operational data suggests a continued emphasis on maintaining service levels and managing a vast customer base amidst the corporate transition.

Financial Performance (Q2 FY26 vs Q2 FY25):PPFAS reported a robust financial performance in Q2 FY26, with total revenue increasing by 23.4% year-on-year (YoY) to ₹143 crore, compared to ₹116 crore in Q2 FY25. The growth was primarily driven by an increase in fees and commission income from its asset management business. Profit Before Tax (PBT) rose significantly by 37.2% YoY to ₹123.8 crore from ₹90.2 crore in the same quarter last year. Profit After Tax (PAT) grew by 39.6% YoY to ₹92.7 crore, compared to ₹66.5 crore in Q2 FY25. Earnings Per Share (EPS) also saw a substantial increase, rising to ₹120.5, from ₹86.7 last year.

Operational Metrics (Q2 FY26 vs Q2 FY25):Operational performance demonstrated strong efficiency and margin expansion during the quarter. The net profit margin improved to 65.3% in Q2 FY26 from 57.3% in Q2 FY25, reflecting better cost leverage. Total expenses for the quarter stood at ₹19.2 crore, managed effectively against the rising revenue base. The company remains debt-free with only lease liabilities on the books, maintaining a robust balance sheet. The company’s consolidated net worth surged to ₹828.5 crore, up 55.4% YoY from ₹533.2 crore in September 2024, highlighting significant internal accruals and financial strength.

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Strategic Developments: During the period, the company paid a final dividend of ₹11.54 crore for the previous financial year, underscoring its commitment to shareholder returns. A key accounting policy change was implemented, shifting the depreciation method for Property, Plant, and Equipment from Written Down Value (WDV) to the Straight Line Method (SLM) to align with group policies. The company continues to distinguish its "Core" operating performance by excluding unrealized mark-to-market gains on investments, which stood at ₹30 crore for the half-year, ensuring a transparent view of business health. 

Financial Performance (Q2 FY26 vs Q2 FY25): Motilal Oswal Financial Services Limited reported a weaker financial performance in Q2 FY26, with total revenue declining by 37.6% year-on-year (YoY) to ₹1,125 crore, compared to ₹1,803 crore in Q2 FY25. The decline was mainly due to a sharp reduction in brokerage and fees income along with a loss on fair value changes of ₹40 crore, compared to a gain of ₹443 crore in the same quarter last year. Profit After Tax (PAT) declined by 81.5% YoY to ₹127 crore, compared to ₹689 crore in the same quarter last year.

Operational Metrics (Q2 FY26 vs Q2 FY25):Operational performance saw pressure on margins during the quarter due to the volatility in fair value gains and lower revenue. Operating margin declined to 22.5% in Q2 FY26 from 43.1% in Q2 FY25, while net profit margin reduced to 17.8% from 33.2% last year. The interest service coverage ratio stood at 2.78 times for the half-year ended September 2025, slightly lower than 2.92 times in the previous corresponding period. The debt-to-equity ratio improved to 1.15 times from 1.22 times, while the debtors turnover ratio slowed to 0.87 times from 1.04 times, indicating changes in collection velocity.

Strategic Developments: During the quarter, the company raised ₹500 crore via private placement of Non-Convertible Debentures (NCDs) to strengthen its liability profile. The company also allotted 9,98,550 equity shares under employee stock option schemes, continuing its focus on employee retention. A significant positive development was the upgrade of the company's long-term credit rating by ICRA to AA+ (Stable) from AA (Positive) in October 2025. The company’s net worth increased to ₹7,804 crore, up from ₹6,939 crore in the previous period. Additionally, the company voluntarily disclosed PAT excluding unrealized mark-to-market gains, which stood at ₹283 crore for the quarter, to provide a clearer view of underlying operating performance.

Financial Performance (Q2 FY26 vs Q2 FY25): IKF Finance reported a strong financial performance in Q2 FY26, with total income increasing by 37.6% year-on-year (YoY) to ₹222.42 crore, compared to ₹161.62 crore in Q2 FY25. The growth was primarily driven by a sharp rise in interest income, which grew 39.4% YoY to ₹207.2 crore, supported by steady loan book expansion and stable yields. Profit Before Tax (PBT) rose by 31.8% YoY to ₹61.0 crore from ₹46.3 crore in the corresponding quarter last year, despite higher impairment charges. Profit After Tax (PAT) increased by 31.9% YoY to ₹45.5 crore, compared to ₹34.5 crore in Q2 FY25. Earnings Per Share (EPS) improved to ₹5.85, up from ₹4.92 reported in the same quarter last year.

Operational Metrics (Q2 FY26 vs Q2 FY25): Operational performance remained healthy during the quarter, supported by operating leverage and cost discipline. Net profit margin stood at 20.2% in Q2 FY26, broadly stable compared to 21.0% in Q2 FY25, despite elevated credit costs. The debt-to-equity ratio improved meaningfully to 2.31 times from 3.54 times last year, reflecting balance sheet strengthening through equity infusion. Capital adequacy remained strong at 30.9%, well above regulatory requirements. 

Strategic Developments: During the quarter, IKF Finance strengthened its balance sheet through preferential allotment of equity shares, supporting growth and deleveraging. Net worth increased sharply to ₹1,798.8 crore as of September 2025, up 92.6% YoY. The loan book expanded to ₹4,946.3 crore, reflecting steady disbursement momentum. The company maintained adequate liquidity, with a liquidity coverage ratio of 594.1%, providing comfort on near-term obligations. Overall performance in Q2 FY26 reflects strong growth momentum, improving leverage metrics, and stable asset quality, with credit costs and funding conditions remaining key monitorables going forward.

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• Financial Performance (Q2 FY26 vs Q2 FY25): HDFC Securities reported a weaker financial performance in Q2 FY26, with total revenue declining by 23.2% year-on-year (YoY) to ₹701 crore, compared to ₹913 crore in Q2 FY25. The decline was mainly due to lower fees and commission income along with losses on fair value changes during the quarter. Profit Before Tax (PBT) fell by 31.6% YoY to ₹282 crore from ₹412 crore in the same quarter last year. Profit After Tax (PAT) declined by 33.2% YoY to ₹211 crore, compared to ₹315 crore in Q2 FY25. Earnings Per Share (EPS) also declined by 33.8% YoY to ₹118.2, from ₹178.5 last year.
• Operational Metrics (Q2 FY26 vs Q2 FY25): Operational performance saw pressure on margins during the quarter. Operating margin declined to 40% in Q2 FY26 from 45% in Q2 FY25, while net profit margin reduced to 30% from 35% last year. The interest service coverage ratio stood at 2.9 times, slightly lower than 3.0 times in Q2 FY25, reflecting higher finance costs. The debt-to-equity ratio remained elevated at 3.39 times, while debtors turnover improved to 0.9 times from 0.8 times, indicating better collection efficiency.
• Strategic Developments: During the quarter, the company allotted 83,382 equity shares under employee stock option schemes and granted 17,250 stock options, continuing its focus on employee retention. HDFC Securities also declared and paid an interim dividend of ₹90 per share, reflecting confidence in cash flows despite near-term earnings pressure. The GIFT City subsidiary remains small and had no material impact on consolidated performance. The company’s net worth increased to ₹3,520.1 crore, up 10.9% YoY, providing a strong capital base. The financial performance during the quarter reflects prevailing capital market conditions, including lower trading activity and subdued investor participation. While near-term results remain linked to market sentiment, the company’s prudent risk management and stable client base support long-term sustainability.