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Financial Performance (FY25 vs FY24)

• In FY25, Quality Enviro Engineers Private Limited delivered exceptional growth momentum. Total Income surged 30.3% YoY to ₹52.89 Cr in FY25 from ₹40.51 Cr in FY24, driven by strong growth in both product sales and service revenue. Profitability improved dramatically — Profit Before Tax (PBT) increased 116.4% YoY to ₹8.91 Cr versus ₹4.14 Cr last year.
• Net Profit (PAT) jumped 130.3% YoY to ₹6.57 Cr, compared to ₹2.86 Cr in FY24, reflecting superior operational execution and significant revenue scaling.
  
• Quality Enviro Engineers demonstrated remarkable operational efficiency and financial health. EBITDA (calculated as PBT + Depreciation + Finance Cost) grew to ₹9.89 Cr, implying an EBITDA margin of ~18.7%, a substantial improvement from ~12.8% in FY24.
• Net Profit Margin more than doubled, improving to 12.5% from 7.0%, highlighting powerful operating leverage and cost management. The company’s liquidity strengthened significantly, with Cash & Cash Equivalents growing to ₹13.15 Cr from ₹3.44 Cr. However, Return on Capital Employed (ROCE) requires a detailed calculation from the notes for a precise YoY comparison.

Strategic Developments

• Capital & Ownership Restructuring: The company significantly bolstered its equity base, increasing its Subscribed Capital by 38.7% through a fresh issuance of shares. This was complemented by a massive infusion into Reserves & Surplus, which grew from ₹8.98 Cr to ₹29.01 Cr, enhancing the company's net worth and financial stability.
• Strategic Capacity & Asset Building: A major investment was made in Property, Plant & Equipment, which increased nearly fourfold from ₹0.99 Cr to ₹3.67 Cr. This includes a substantial Capital Work-in-Progress (Building of ₹231.37 Lakhs), indicating strategic expansion of physical infrastructure and production capacity.
• Business Mix Diversification: The company successfully diversified its revenue streams, with Revenue from Services more than doubling to ₹10.49 Cr from ₹5.0 Cr. This strategic shift towards high-margin services alongside product sales contributed significantly to the improved profitability.
• Strengthened Lender Confidence: The company secured a large Cash Credit facility (₹834.88 Lakhs), indicating strong banking relationships and confidence in its business model and growth prospects.

Outlook

• Quality Enviro Engineers closed FY25 with its highest-ever profit and revenue, underpinned by strategic capital infusion, asset expansion, and a successful diversification of its business model.
• The company is exceptionally well-positioned to leverage its strengthened balance sheet and expanded operational capacity.
• With a sharp focus on scaling both its product and high-margin service segments, Quality Enviro Engineers is poised for sustained growth while maintaining a disciplined and highly profitable operational framework.

Financial Performance (FY25 vs FY24)

• In FY25, Madhur Iron & Steel (India) Limited demonstrated strong growth and improved profitability. Total Income rose 42.3% YoY to ₹341.42 Cr in FY25 from ₹239.94 Cr in FY24, driven by increased sales of both manufactured and traded goods. Profitability improved significantly — Profit Before Tax (PBT) increased 45.2% YoY to ₹25.14 Cr versus ₹17.27 Cr last year.
• Net Profit (PAT) jumped 51.1% YoY to ₹18.53 Cr, compared to ₹12.23 Cr in FY24, reflecting robust operational execution and effective cost management.
  
• Madhur Iron & Steel sustained operational efficiency during its expansion phase. EBITDA (calculated as PBT + Depreciation + Finance Cost) grew to ₹33.72 Cr, implying an EBITDA margin of ~9.9%, compared to ~9.5% in FY24.
• Net Profit Margin improved to 5.4% from 5.1%, highlighting better cost control and operational leverage. The company’s Return on Capital Employed (ROCE) stood at 34.09% in FY25, down from 50.63% in FY24, primarily due to increased capital deployment in ongoing expansion projects.

Strategic Developments

• Corporate Restructuring: The company transitioned from a Private Limited to a Public Limited entity in July 2024, enhancing its corporate governance and market presence.
• Capital Expansion: The company significantly bolstered its equity base through a 1:1 bonus issue and fresh equity issuance, increasing paid-up capital from ₹6.62 Cr to ₹14.89 Cr.
• Product & Market Diversification: Revenue from traded goods saw a substantial increase, contributing ₹99.35 Cr in FY25 compared to ₹29.94 Cr in FY24, indicating a strategic shift toward trading alongside manufacturing.
• Capacity Enhancement: Continued investment in Property, Plant & Equipment (PPE) and Capital Work-in-Progress (CWIP) reflects ongoing capacity expansion and modernization efforts.

Outlook

• Madhur Iron & Steel closed FY25 with its highest-ever profit, supported by increased production, trading activities, and strategic capital infusion. The company is well-positioned to leverage its expanded capital base and ongoing capacity enhancements.
• With a focus on scaling both manufacturing and trading operations, Madhur Iron & Steel aims to strengthen its market presence while maintaining a disciplined approach to profitability and financial stability.
  

Financial Performance (FY25 vs FY24): Bolzen & Mutter Limited delivered a robust performance in FY25 with total income rising 117.2% YoY to ₹79 Cr, up from ₹36 Cr in FY24. The sharp revenue growth was driven by higher operational income from its core business, which grew 115.0% YoY to ₹78 Cr.

Total expenses surged 123.2% YoY to ₹74 Cr, primarily led by a steep increase in material consumption (+150.1% YoY), employee costs (+173.1% YoY), and other expenses (+39.4% YoY).

Despite the cost escalation, Profit Before Tax (PBT) grew 54.3% YoY to ₹498.2 Cr, reflecting strong operating leverage and scale benefits.After accounting for taxes and deferred tax adjustments, Profit After Tax (PAT) rose 63.1% YoY to ₹3.7 Cr, compared to ₹2.2 Cr in FY24. Earnings per share (EPS) increased to ₹14.9 from ₹9.1, a healthy 63.1% YoY growth, reflecting solid bottom-line expansion.

Operational Metrics (FY25 vs FY24): Total assets nearly doubled (+133.2% YoY) to ₹36 in FY25 from ₹15 Cr in FY24, driven by higher plant & equipment and receivables, suggesting expansion in capacity and scale.
The loan book (long-term + short-term borrowings) expanded sharply by 181.5% YoY to ₹19 Cr, indicating aggressive leveraging to fund business growth.

Trade payables also rose 88.3% YoY to ₹5 Cr, suggesting higher procurement activity and scaling up of operations. However, this has also elevated working capital intensity.

The company’s net profit margin declined slightly to 4.6% in FY25 from 6.1% in FY24, reflecting strong revenue growth offset by higher input costs and interest burden

Strategic Developments: FY25 marked a transformative year for Bolzen & Mutter, with rapid revenue expansion supported by scaling in manufacturing and operations. However, the aggressive rise in borrowings (+135%) indicates dependence on external leverage, which could pressure margins and liquidity if not managed prudently.

While profitability improved materially, the significant jump in total liabilities suggests higher financial risk. The absence of visible credit stress (no NPAs reported) is positive, but the company must ensure prudent capital allocation and tighter working capital management.

Going forward, Bolzen & Mutter’s focus should be on: Strengthening balance sheet health by optimizing debt levels, Improving cost efficiency to sustain margins, and Enhancing operational cash flow to fund future expansion internally.

Urban Tots has delivered a strong financial performance in FY25, showcasing impressive growth across all key metrics.

• Revenue: The company’s total revenue rose by 58% year-on-year to ₹125.3 crore in FY25, as compared to ₹79.5 crore in FY24, reflecting sustained demand and operational expansion.
• Profitability & EPS: Profitability also strengthened, with PAT increasing by 59% to ₹11.31 crore in FY25, as compared to ₹7.10 crore in FY24, and EPS improving by 59% to ₹2.03 in FY25 compared to ₹1.28 in FY24, underscoring efficient cost management and enhanced margins. 
• Assets & Equity: On the balance sheet front, total assets grew by 33% to ₹112.78 crore in FY25, as compared to ₹84.92 crore worth of assets in FY24, while total equity increased by 31% to ₹46.38 crore. In FY24, the total equity of the company stood at ₹35.32 crore. This increase highlights a robust financial position and continued business scalability.
  

Overall, Urban Tots demonstrated strong growth momentum and solid fundamentals, reinforcing its trajectory of consistent performance and value creation.

From the telecom towers that keep us connected to the energy storage systems powering India’s green ambitions — Pace Digitek Limited has quietly built the invisible backbone of modern infrastructure. Now, the Bengaluru-based engineering and technology company is taking a bold step into the public markets with its initial public offering (IPO), aiming to fuel its next phase of growth.

Pace Digitek Ltd, a leading multi-disciplinary solutions provider in telecom, ICT, and renewable energy infrastructure, is set to raise ₹819.15 crore through its IPO. The offering consists entirely of a fresh issue of up to 3.74 crore equity shares, priced in the band of ₹208–₹219 per share. The issue opens on September 26, 2025, and closes on September 30, 2025.

At the upper price band, Pace Digitek will command a post-issue market capitalization of ~₹4,727 crore. The proceeds will primarily fund capital expenditure for subsidiary Pace Renewable Energies Pvt. Ltd., which is developing Battery Energy Storage Systems (BESS) for a 750 MW / 1,500 MWh project awarded by MSEDCL, along with general corporate purposes.

Investors can bid for a minimum of 68 shares, with retail and institutional categories structured in line with SEBI norms:

• QIBs: up to 50%

• NIIs: at least 15%

• Retail: at least 35%

• Employee reservation: ₹20 million with a ₹20 discount per share

Founded in 2007 by technocrat Maddisetty Venugopal Rao, Pace Digitek began as a telecom power systems firm and has since evolved into a diversified engineering group with operations spanning India, Africa, and Myanmar. The company provides turnkey telecom tower and fiber network solutions, ICT infrastructure, solarization, and grid-scale energy storage systems.

Through its subsidiary Lineage Power Pvt. Ltd., the company operates a 5 GWh/year Battery Energy Storage manufacturing plant — among India’s largest — marking its strong push into the renewable energy sector.

As of July 2025, the company’s order book stood at ₹7,633.6 crore, with ₹3,570 crore from telecom and ₹4,063 crore from energy projects, giving it multi-year revenue visibility.

Financial Highlights

Pace Digitek’s numbers underscore its growth momentum:

• FY25 Revenue: ₹2,438.8 crore (up 385% vs FY23)

• FY25 EBITDA: ₹505.1 crore (EBITDA margin 20.7%)

• FY25 PAT: ₹279.1 crore (PAT margin 11.4%)

• ROCE: 37.9% | ROE: 23.1%

• Debt-to-Equity: 0.13x

The company’s earnings have grown rapidly — PAT CAGR of 310% between FY23–FY25 — reflecting strong operational leverage and efficient capital allocation.

Sector Tailwinds

India’s telecom and renewable energy sectors are witnessing unprecedented growth:

• Massive 4G and 5G rollout across India, driving demand for telecom infrastructure and fiber networks

• Government-backed push toward energy storage and solarization, with national BESS capacity expected to reach 38.6 GW (201.5 GWh) by 2032

• Rising need for grid stability and decentralized energy bolstering demand for advanced BESS solutions

With its dual focus on telecom modernization and green energy transformation, Pace Digitek aims to bridge the digital divide and energize India’s renewable transition — inviting investors to be part of a company that literally powers connectivity and sustainability.

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Financial Performance

TRL Krosaki Refractories delivered record results, with Total Income rising 4.3% YoY to ₹2,625 Cr in FY25 from ₹2,516 Cr in FY24, driven by higher domestic demand and efficiency gains despite softer exports. Profitability accelerated sharply — Profit Before Tax (PBT) grew 40% YoY to ₹433 Cr versus ₹309 Cr last year. Net Profit (PAT) jumped 42% YoY to ₹342 Cr from ₹241 Cr in FY24, marking the highest-ever profit in the company’s history.

Operational Metrics

Operational performance was resilient. EBITDA improved to ₹363 Cr, reflecting a margin of 13.8%, up from 13.1% in FY24, aided by cost control and product mix optimization. Net Profit Margin rose to 13.0% from 9.6%, underscoring efficiency gains. Contribution from value-added segments like Flow Control (+12% YoY) and Dolomite refractories remained strong. Export revenue softened (₹297 Cr vs ₹321 Cr in FY24), but domestic growth offset the decline

Strategic Developments

FY25 was transformational for TRL Krosaki:

• Completed Phase II expansion of the Taphole Clay Plant and capacity expansion of the RH Snorkel Plant, reducing import dependency
• Modernised the Monolithics Plant at Belpahar, boosting automation and efficiency .
• Strengthened international presence in Europe, North America, Africa, and Southeast Asia, with 30% YoY growth overseas
• Retail MSME & Channel Business touched ₹431 Cr sales (+18% YoY), emerging as a key growth driver
• Maintained market dominance in Dolomite refractories (70% share) and expanded into cement rotary kilns from its Gujarat operations.

Financial Performance

Indofil Industries delivered strong growth momentum. Consolidated Total Income rose 9.6% YoY to ₹3,419 Cr in FY25 from ₹3,119 Cr in FY24, supported by a healthy mix of domestic and international demand. Profitability improved sharply — Profit Before Tax (PBT) increased 42.6% YoY to ₹519 Cr versus ₹364 Cr last year. Net Profit (PAT) jumped 36.1% YoY to ₹382 Cr, compared to ₹281 Cr in FY24, reflecting robust operational execution and cost discipline

Operational Metrics

Indofil sustained efficiency at scale. EBITDA grew to ₹636 Cr, implying an EBITDA margin of ~18.6%, compared with ~15.8% in FY24. Net Profit Margin improved to 11.2% from 9.0%, highlighting operating leverage benefits. Contribution from overseas subsidiaries and joint ventures (notably Indo Baijin Chemicals) added strength, with JVs contributing ₹70.5 Cr profit to the consolidated bottom line. Return on Capital Employed (ROCE) improved to 19.2%, up from 14.9%, underscoring better capital efficiency

Strategic Developments

FY25 was marked by a balanced performance across geographies:

• Latin America remained the growth anchor (49% of business, +10.5% YoY).
• Europe (19% of business) and North America (+61% YoY) supported strong export momentum.
• APAC & MEA contributed 26%, aided by partnerships and specialty product traction

Product portfolio expansion continued with new launches in fungicides (e.g., Motive), insecticides (Alecto, Ceasmite), and herbicides, coupled with rising demand for non-Mancozeb molecules (Phenylamides, SDHIs, Cyanoacetamide-oxime). The company also enhanced Innovative Solutions capacity by 20,000 MT to support the specialty chemicals business

Financial Performance (FY25 vs FY24): Capgemini reported steady growth in FY25 versus FY24, with consolidated revenue rising 4.6% to ₹29,068 Cr from ₹27,786 Cr. Profitability improved as PBT increased 10.2% to ₹4,727 Cr from ₹4,291 Cr, while Net Profit (PAT) grew 11.3% to ₹3,613 Cr from ₹3,246 Cr. EPS strengthened to ₹609.6 (basic & diluted) from ₹547.6 in FY24. Margins expanded modestly as operating leverage offset higher employee costs, enabling the group to maintain robust profitability.

Operational Metrics (FY25 vs FY24): Operating expenses rose, with employee benefit costs increasing to ₹21,293 Cr from ₹20,450 Cr, and other expenses inching up to ₹2,979 Cr from ₹2,942 Cr. Finance costs were marginally higher at ₹69.5 Cr versus ₹63.2 Cr, while depreciation moderated to ₹935 Cr from ₹1,004 Cr. Net margins improved to 12.4% in FY25 from 11.7% in FY24, while EBITDA margin edged up to nearly 19.7% from 19.3%, reflecting cost discipline despite wage inflation. Balance sheet remained strong, with total assets at ₹24,556 Cr (vs ₹25,104 Cr) and equity at ₹19,832 Cr (vs ₹20,710 Cr). Cash & cash equivalents stood at ₹1,802 Cr versus ₹1,772 Cr, supported by liquidity from operations, though current investments declined due to higher dividend payouts.

Strategic Developments: Capgemini continued to strengthen its capabilities and market positioning. The Americas and Rest of World regions led revenue growth, while India showed a marginal decline. The Group pursued selective disposals and completed acquisitions in AI and digital engineering to enhance offerings. Share-based payment expenses rose to ₹291 Cr, reflecting continued workforce investment. A dividend of ₹45 per share (FV ₹10) amounting to ₹4,505 Cr was paid in FY25, alongside share buybacks to enhance shareholder returns. Sustainability remained central, with increased renewable energy sourcing and progress on carbon reduction targets, while India continued to serve as the largest global delivery hub with stable utilization.

Financial Performance (FY25 vs FY24): API Holdings posted a modest 3.8% YoY growth in total income to ₹5,980 Cr in FY25, up from ₹5,759 Cr in FY24, driven largely by revenue from operations which increased to ₹5,872 Cr (+3.7% YoY). However, the revenue expansion was offset by cost pressures. Total expenses rose to ₹7,209 Cr, almost flat (-0.6% YoY) compared to ₹7,255 Cr in FY24, but remained structurally higher than income, leading to continued operating losses.
Loss before exceptional items and tax stood at ₹1,220 Cr, a marginal improvement versus ₹1,495 Cr in FY24 (narrowing by 18.5% YoY). Exceptional losses of ₹296 Cr in FY25 (vs ₹977 Cr in FY24) further weighed on earnings. As a result, PAT stood at -₹1,572 Cr, compared to -₹2,534 Cr in FY24, indicating a reduction in net losses by 37.9% YoY.
On the balance sheet front, total assets contracted by 16.8% YoY to ₹6,977 Cr from ₹8,390 Cr in FY24, reflecting lower cash balances and a reduction in current assets. Total equity improved by 26.4% YoY to ₹3,272 Cr (vs ₹2,588 Cr), aided by capital infusion despite continuing losses. Borrowings fell sharply to ₹2,234 Cr from ₹4,098 Cr (-45.5% YoY), improving leverage.

Operational Metrics (FY25 vs FY24): Net margin improved to -26.3% in FY25 from -44.1% in FY24, reflecting better cost absorption despite remaining loss-making.
Finance costs declined significantly by 30.5% YoY to ₹506 Cr, in line with lower borrowings.
Employee benefit expenses increased 29.9% YoY to ₹908 Cr, suggesting continued investment in workforce and expansion.
Cash & cash equivalents dropped 63.7% YoY to ₹119 Cr (vs ₹328 Cr), signaling reduced liquidity.
Goodwill impairment was lower at ₹175 Cr (vs ₹583 Cr in FY24), reducing the exceptional drag on bottom line.

Strategic Developments:
FY25 marked a year of stabilization for API Holdings. While revenue growth remained modest, the company succeeded in narrowing losses meaningfully through reduced exceptional charges and deleveraging of its balance sheet. The decline in borrowings and finance costs points to conscious efforts to strengthen financial stability.
However, profitability remains elusive as cost structures (employee and other operating expenses) continue to run ahead of revenue. The contraction in total assets, largely due to lower cash balances, underscores the need for fundraising and efficient working capital management to support operations.
Going forward, the company’s path to profitability will hinge on scaling revenues meaningfully while keeping expense growth in check, further optimizing financing costs, and monetizing its digital healthcare ecosystem. The demonstrated ability to narrow net losses in FY25 provides some comfort, but sustained execution will be critical before an IPO or external fundraise can be justified.

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Ever wondered what goes into building the new highways, swanky residential buildings, or even the sprawling renewable energy farms popping up across India? A lot of it starts with something as fundamental as a wire. And quietly, behind the scenes, a company named JD Cables has been laying the groundwork for this transformation. Now, the West Bengal-based manufacturer is stepping into the spotlight with its public listing, aiming to accelerate its growth story in a market that is on the rise.

JD Cables Ltd, a key player in India’s wire and cable industry, is raising ₹95.99 crore through its SME IPO. The company manufactures a wide range of aluminium and copper cables used across power distribution, EPC projects, and industrial infrastructure, and has steadily scaled operations to tap into India’s growing energy and transmission needs.

• The IPO opens on September 18 and closes on September 22.  The IPO consists of a fresh issue of ₹84.41 crore and an Offer-for-Sale (OFS) of ₹11.58 crore. Promoter Piyush Garodia will sell 7.6 lakh shares via OFS, while the fresh issue includes ~55.53 lakh new shares. The IPO offered a lot size of 800 shares, requiring a minimum investment of ~₹1,21,600. The company intends to use proceeds largely for working capital, debt repayment, and general corporate purposes. 
• What makes this IPO stand out is the strong anchor book backing: a total of 20 anchor investors have committed ~₹27.05 crore, including Alpha AIF VentureX Fund I, HDFC Bank among them, which signals institutional confidence. The listing has also seen a grey market premium (GMP) jump ~20%, reflecting positive market sentiment. 
  

Financially, JD Cables has shown strong growth in recent years. In FY25, revenue stood at ₹250.70 crore (up from ~₹100.85 crore in FY24). Net profit after tax jumped to ₹22.15 crore in FY25 compared to ₹4.58 crore in FY24, indicating strong margin improvement.

In the price band of ₹144 to ₹152 per share, JD Cables is inviting the public to join its journey, hoping to connect the dots between its wires and investor returns.

The wires and cables sector in India is red-hot, driven by a trifecta of infrastructure, real estate, and industrial growth. We've seen other major players in this space, like Polycab and RR Kabel, become market darlings, and JD Cables hopes to follow a similar trajectory.

• Financial Performance (Q1FY26 vs Q1FY25): In Q1FY26, MSEI reported a 68.8% YoY increase in total income to ₹6.5 Cr, compared with ₹3.8 Cr in Q1FY25, primarily driven by higher other income (₹5.5 Cr vs ₹2.7 Cr last year). Revenue from operations, however, fell 11.2% YoY to ₹0.95 Cr against ₹1.1 Cr in Q1FY25, highlighting continued pressure in core trading volumes. Operating expenses remained elevated, resulting in a loss before tax (LBT) of ₹7.4 Cr, which narrowed by 21.5% YoY from a loss of ₹9.5 Cr in the prior year. At the net level, the company posted a loss of ₹7.4 Cr, compared with a loss of ₹9.5 Cr in Q1FY25. Earnings Per Share (EPS) improved marginally to ₹ (0.01) from ₹ (0.02) last year.
• Operational Metrics (Q1FY26 vs Q1FY25): Net loss margin improved to (115.2%) in Q1FY26 from (247.6%) in Q1FY25, aided by higher other income cushioning the bottom line. Cost pressures persisted, with employee expenses up 25.7% YoY at ₹4.7 Cr and finance costs rising sharply to ₹0.18 Cr (vs ₹0.06 Cr).
• Strategic Developments:Q1FY26 was marked by significant equity issuance and capital structure changes. The company completed a large private placement of equity shares in January 2025 and further approved an issue of up to 500 Cr shares in August 2025 to reputed investors, strengthening its capital base. Additionally, the reappointment of Ms. Latika S. Kundu as MD & CEO for a three-year term underscores continuity in leadership. While the exchange continues to post operating losses, the improvement in income mix (boost from other income), narrowing of losses, and strengthened equity position provide some stability. However, subdued operational revenue highlights the challenge of reviving core trading activity, which remains crucial for long-term sustainability.

• Financial Performance (Q1FY26 vs Q1FY25): In Q1FY26, Groww reported a dip in revenue, with total income declining 9.5% YoY to ₹948 Cr from ₹1,048 Cr in Q1FY25, primarily due to lower broking commissions. Despite this, operating leverage supported profitability, as Profit Before Tax (PBT) rose 9.7% YoY to ₹503 Cr versus ₹458 Cr last year. Net Profit (PAT) grew 4.8% YoY to ₹378 Cr from ₹338 Cr in Q1FY25, making it Groww’s most profitable first quarter so far.
• Operational Metrics (Q1FY26 vs Q1FY25): Operational performance remained robust, with EBITDA rising to ₹483 Cr, translating into a margin of 50.9%, compared with 40.0% in the same period last year. Net profit margin improved to 39.9% in Q1FY26 from 32.3% in Q1FY25, highlighting efficiency gains at scale. Contribution margin stood healthy at 85.2%, broadly stable YoY, indicating strong cost discipline despite higher transaction volumes. Customer traction also strengthened, as the active customer base grew to 14.38 Mn, a 33.4% YoY increase, while customer assets reached ₹2.61 Lakh Cr, up 59.1% YoY.
• Strategic Developments: Q1FY26 was a mixed quarter for Groww, with softer revenue but record profitability at the bottom line. The company continued to expand its user base and customer assets at a healthy pace, reflecting strong trust in the platform. Efficiency gains supported margins even as trading activity moderated, showing that the business is able to scale sustainably. Groww remains focused on broadening its product suite, deepening engagement with retail investors, and investing in technology to enhance customer experience. With its IPO plans already in motion, the company is positioning itself for the next phase of growth while balancing profitability with long-term expansion.

• Financial Performance (FY25 vs FY24): FY25 turned out to be a challenging year for Utkarsh CoreInvest. On a consolidated basis, total income rose by 22.8% YoY to ₹4,156 Cr (vs ₹3,384 Cr in FY24). However, due to significantly higher impairments and operating costs, the company posted a loss before tax (LBT) of ₹556 Cr in FY25 compared to a profit of ₹439 Cr in FY24. Consequently, the company slipped into a net loss of ₹422 Cr in FY25, versus a profit of ₹330 Cr last year. EPS also turned negative at ₹ (42.7) compared to ₹33.6 in FY24. This reversal highlights the severe stress on earnings, largely driven by asset quality issues in its banking subsidiary. On a standalone basis, the holding company remained profitable, posting a PAT of ₹30.3 Cr in FY25, up sharply from ₹1.4 Cr in FY24.
• Operational Metrics (FY25 vs FY24): Despite income growth, profitability metrics worsened. The net profit margin dropped to (10.2%) in FY25 from a healthy 9.8% in FY24, reflecting a combination of higher credit costs and weaker operating leverage. Operating margins also contracted as provisions for impairment surged to ₹1,370 Cr in FY25 (vs ₹378 Cr in FY24), a nearly 3.6x increase. On the balance sheet side, consolidated net worth stood at ₹2,508 Cr as of March 31, 2025, compared to ₹2,911 Cr in FY24. Asset quality sharply deteriorated. The Gross NPA ratio spiked to 9.4% in FY25, up from 2.5% in FY24, while the Net NPA ratio rose to 4.8%, versus just 0.03% last year. This erosion in asset quality was the key driver behind the losses and remains the most pressing risk.
• Strategic Developments:During FY24, Utkarsh Small Finance Bank (the main subsidiary) got listed, expanding its visibility and capital market access. The bank grew its deposit base by 23.5% to ₹22,235 Cr in FY25 as compared to ₹17,998 Cr last year. Despite weak profitability, the company maintained a comfortable CRAR of 20.9%, though lower than 22.6% in FY24. During FY25, Utkarsh CoreInvest advanced the merger process with Utkarsh Small Finance Bank, which received final board approvals in September 2024 and RBI’s NOC in January 2025. This reverse merger is expected to streamline operations, strengthen capital, and reduce structural overlaps. Going forward, management has indicated sharper focus on improving asset quality, rebalancing towards secured lending, and leveraging technology to drive efficiency and customer acquisition.

• Financial Performance (FY25 vs FY24): Groww delivered a very strong FY25 with a sharp turnaround from losses in the previous year. Total income for the year rose by 45.3%, reaching ₹4,062 Cr compared to ₹2,796 Cr in FY24, driven mainly by higher broking commissions and a sharp jump in interest income from margin funding. Profit Before Tax (PBT) stood at ₹2,464 Cr in FY25, against a loss in FY24, reflecting strong operating leverage and absence of one-off expenses. Net profit (PAT) came in at ₹1,824 Cr, reversing the ₹806 Cr loss last year. 
• Operational Metrics (FY25 vs FY24): Groww’s profitability and customer metrics improved meaningfully during the year. EBITDA expanded to ₹2,306 Cr with margin improving to 59.1% from 56.4%, showing better efficiency as revenues scaled up. Net profit margin recovered to 44.9% in FY25 from a negative 28.8% in FY24. Contribution margin remained stable at 85.4%, reflecting effective cost control despite higher scale. The active customer base increased by 47.8% to 13.9 Mn, while total customer assets surged by 78.6% to ₹2.17 Lakh Cr from ₹1.21 Lakh Cr in FY24. Strong growth in revenues per employee and consistent operating leverage supported higher earnings, even as technology and transaction costs rose with higher trading volumes.
• Strategic Developments: FY25 proved to be a landmark year for Groww, with record profitability, strong user growth, and rising customer assets reflecting the company’s ability to scale efficiently. Operating leverage supported stable margins, even as investments in technology and infrastructure continued. To build on this momentum, Groww has filed for an IPO in 2025. The proposed listing aims to strengthen its capital base, widen product offerings, and accelerate investments in digital platforms. It will also provide an exit route for existing investors and enhance visibility in India’s growing wealth-tech space. Looking ahead, the company plans to deepen customer engagement, expand in underserved markets, and drive adoption of newer products such as margin financing and lending. While Groww has emerged as a profitable fintech leader with growing market share, maintaining margin discipline in an increasingly competitive broking industry will remain a key focus area.

Notice of the 1st Extra Ordinary General Meeting (“EGM”) of Incred Holdings Limited, which is scheduled for Wednesday, October 1, 2025 at 12:00 Noon (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 of the initial public offer of equity shares of the company through a fresh issue and an offer for sale of equity shares of the company: The Company plans to raise up to ₹1,500 crore through a fresh issue of equity shares via IPO (book building method), with pricing and terms decided by the Board based on market conditions. The new shares will have the same rights as the existing shares.
• Approval for increasing the limit of investment by non-resident Indian or overseas citizen of India in the share capital of the company: The Company seeks shareholder approval to raise the NRI/OCI investment limit from 10% to 24% of its paid-up equity capital as per FEMA rules.
• Approval for adoption of the altered articles of association of the company
• Approval for amendment of the employee stock option plan of the company

Instructions at glance