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• Financial Performance (FY25 vs FY24): Vivriti Capital reported a 35.7% YoY increase in total income to ₹1,507 Cr in FY25 from ₹1,110 Cr in FY24, driven by robust growth in interest income (up 35.7% to ₹1,286 Cr) and fee & commission income (up 39.0% to ₹105 Cr). Other income rose significantly due to ₹81.6 Cr gain from loss/dilution of control during the year. Despite a 34% YoY rise in finance costs to ₹704 Cr and nearly doubling of impairment expenses (up 88.7% YoY to ₹194 Cr), the company’s profit before tax surged 42.2% to ₹367 Cr in FY25 from ₹258 Cr in FY24. However, due to a large deferred tax benefit in FY25, amounting to 286 cr. supported profit growth. Net profit rose sharply to ₹359 Cr in FY25 from ₹3 Cr in FY24, benefiting from higher core earnings and improved efficiency. Earnings per share (EPS) jumped to ₹37.35 from ₹0.34, reflecting stronger bottom-line growth and improved profitability metrics.
• Operational Metrics (FY25 vs FY24): Net Profit Margin improved sharply to 23.8% in FY25 from just 0.3% in FY24, supported by higher income and better cost management. Gross NPA (GNPA) rose slightly to 1.89% (from 1.09%), while Net NPA (NNPA) increased to 0.71% (vs 0.46%), reflecting some increase in stress. Capital Adequacy Ratio (CRAR) remained healthy at 21.02%, marginally down from 21.27% in FY24. Total consolidated assets increased by 10.8% YoY to ₹11,972 Cr, while the loan book expanded by 18.6% YoY to ₹8,658 Cr. Net worth (excluding non-controlling interest) improved by 13.5% to ₹3,346 Cr in FY25 from ₹2,947 Cr in FY24, strengthening the company’s capital base. The debt-to-equity ratio stood at 2.25x, broadly stable vs 2.27x last year while the total debts to total assets came in at 62.8%.
• Strategic Developments: Vivriti Capital saw strong performance in FY25 with higher income and better cost control. A large part of the profit jump came from a one-time deferred tax gain, which helped lower the tax expense. This is a non-recurring item and may not be seen in future quarters. The company also earned ₹81.6 Cr from giving up control in part of its group structure, which further boosted profits. Vivriti is undergoing a group restructuring, awaiting NCLT approval. This is expected to improve operational efficiency. Asset quality remained stable, and capital levels stayed strong. Investors should track upcoming quarters to see how the business performs without these one-off gains. 

The Indian IPO market has entered a new phase of momentum in 2025, distinguishing itself from earlier speculative cycles by focusing on genuine, sizable offerings spanning tech, finance, renewables, and market infrastructure sectors.

After a tentative start to the year, a substantial post-April rebound has delivered new vibrancy, as companies like HDB Financial Services, Zepto, Vikram Solar, NSDL,Imagine Marketing (boAt) and the National Stock Exchange (NSE) prepare for long-awaited public debuts. 

• The pipeline now comprises thoroughly vetted, regulator-approved deals that reflect India’s maturing capital markets and a recalibrated appetite for growth with substance over hype.

• Investors and analysts note that 2025–26 will bring IPOs backed by robust fundamentals, significant fresh capital raising, and greater regulatory oversight, marking a return to real, credible market opportunities.

• Financial Highlights: PNB Finance and Industries Ltd. reported a stable financial performance in FY25, with consolidated total income decreasing by 9.2% year-on-year (y-o-y) to ₹11 crore, as compared to ₹12 crore in FY24. Although there was no revenue from core operations, the income generated from dividends, interest, and financial instruments helped maintain overall income levels. Profit before tax rose to ₹9 crore, a 2.3% increase over the previous year, primarily driven by effective cost control, especially in legal and professional fees. However, profit after tax remained broadly flat at ₹7.16 crore versus ₹7.22 crore in FY24, due to a marginally higher tax expense.
• Operational Developments: PNB Finance and Industries Ltd. mainly acts as an investment holding company with no core business operations. Still, it posted a strong net profit margin of 68.2% in FY25, driven by steady income from dividends, interest, and gains on investments. The company has no debt, keeping its debt-equity ratio at zero, which reflects its conservative and stable financial approach. Total assets rose 14.5% to ₹3,815 crore, while net worth grew to ₹3,295 crore, backed by a rise in investment value. Though operating cash flow was slightly negative at ₹-1.7 crore, this was balanced by ₹1.6 crore of positive cash flow from investing.
• Future Outlook: PNB Finance is expected to continue its role as an investment holding company with no operating revenue. The company’s focus remains on generating returns from its investment portfolio, which includes equities, mutual funds, and fixed income instruments. Given its high net worth of ₹3,295 crore and zero-debt structure, the company is financially strong and well-positioned to sustain its current model. However, the absence of operational revenue limits growth visibility in the traditional sense. The management has opted to retain earnings, with no dividend declared for FY25, suggesting a cautious approach toward capital preservation and future opportunities. Going forward, the company may look to restructure its investment portfolio to enhance returns or unlock value through strategic deployment.
  

Notice is hereby given that the 20th (Twentieth) Annual General Meeting (AGM) of the Shareholders of Shriram Life Insurance Company Limited (referred to as "the Company") will be held on Wednesday, June 25, 2025. The meeting will take place at Plot No. 31 & 32, 5th Floor, Ramky Selenium, Financial District, Gachibowli, Hyderabad — 500 032, starting at 11:30 AM. The agenda will include the following business matters:

Ordinary Business:

• To receive, consider, and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2025, including the Revenue Account and the reports of the Board of Directors and the Auditors thereon.

• To appoint a director in the place of Mr. Sanjeev Mehra (DIN: 07491208), who retires by rotation and is eligible to offer himself for re-appointment.

• To appoint a director in the place of Mr. Umesh Govind Revankar (DIN: 00141189), who retires by rotation and is eligible to offer himself for re-appointment.

Special Business:

• Approval of the appointment of Mr. Shaji p Jacob (DIN: 10647012) as an independent director of the company
  • RESOLVED THAT, by Sections 149, 150, and 152 of the Companies Act, 2013, and the Companies (Appointment and Qualifications of Directors) Rules, 2014, Mr. Shaji P. Jacob (DIN: 10647012), appointed as an Additional Director on August 8, 2024, is eligible for appointment as an Independent Director. The Company has received a notice from a member proposing his candidacy. Therefore, Mr. Shaji P. Jacob be appointed as an Independent Director for a term of five years, effective from August 8, 2024, not liable to retire by rotation.
• Approval of the revision of the remuneration of Mr. Manoj Kumar Jain (DIN: 00421396), the managing director of the company, for FY25.
  
  • Resolved that, by Sections 196, 197 of the Companies Act, 2013, Schedule V of the Act, Section 34A of the Insurance Act, 1938, and the Articles of Association, and following the Board and Nomination and Remuneration Committee's approval, subject to IRDAI's approval, the members consent to the remuneration for Mr. Manoj Kumar Jain (DIN: 00421396), Managing Director, for the Financial Year 2024-25.
• Approval of the revision of remuneration of Mr. Karanam Ramachandra Sekhar (DIN: 00195246), the managing director of the company, for the financial year 2024-25.
• Approval of the Revision in Remuneration for Mr. Casparus J.H. Kromhout (DIN: 06419621), Managing Director and CEO of the Company for the Financial Year 2024-25.
• Approval of the revision of remuneration of Mr. Manoj Kumar Jain (DIN: 00421396), the managing director of the company, for the financial year 2025-26.
• Approval of Revised Remuneration for Mr. Karanam Ramachandra Sekhar (DIN: 00195246), Managing Director of the Company for the Financial Year 2025-26.
• Approval of the Revision in Remuneration for Mr. Casparus J.H. Kromhout (DIN: 06419621), Managing Director and CEO of the Company for the Financial Year 2025-26.

India’s SME IPO segment has been in the spotlight, not only for its rapid growth and initial euphoria but also for a string of regulatory crackdowns by SEBI in 2024–25 that rattled both retail investors and the broader market ecosystem. 

Some companies went public amid massive investor interest but saw severe issues post-listing.  Several SME IPOs in India initially promised outsized returns, with issues being oversubscribed hundreds of times and post-listing prices shooting up dramatically, only to later come crashing down as the euphoria faded and underlying operational or governance issues came to light. 

Some companies, such as Varyaa Creations and Synoptics Technologies, became textbook cases—listed with much fanfare, but post-listing revelations about fund diversion and misstatements saw SEBI step in with bans and trading halts. 

Others, like Resourceful Automobile, showcased how speculative frenzy could drive shares far above fundamental value, leading to steep corrections and investor pain. 

This decisive campaign prompted SEBI to halt or suspend multiple listings, freeze promoter holdings, and penalise errant merchant bankers and company directors. 

• The new norms introduced profitability prerequisites, capped offer-for-sale stakes, enforced stricter disclosure, and mandated public DRHP scrutiny, all to restore investor confidence, curtail speculative activity, and foster a transparent, resilient SME fundraising ecosystem. 

• These cases have not only led to direct investor losses but have also exposed structural vulnerabilities in the SME IPO ecosystem, lack of robust due diligence, opaque financials, speculative subscription patterns, and insufficient post-issue oversight—which SEBI is now actively addressing with a raft of regulations targeting promoter activities, offer-for-sale quantum, use of proceeds, and public scrutiny of offer documents. 

• Financial Highlights: Metropolitan Stock Exchange of India Limited (MSEI) reported a weak financial performance for FY25. Consolidated total income declined by 17.5% YoY to ₹17.4 Cr (₹21.0 Cr in FY24), primarily due to a sharp drop in operating revenue, which fell by 41.4% to ₹4.3 Cr from ₹7.4 Cr in FY24. However, other income remained relatively stable at ₹13.1 Cr, down marginally from ₹13.7 Cr. On the profitability front, the consolidated net loss narrowed to ₹34.2 Cr, an improvement of 29.8% YoY from a loss of ₹48.7 Cr in FY24. This recovery, though partial, was driven by significant cost rationalization across administrative, advertising, and employee benefit expenses, which declined collectively by over ₹8 Cr. Despite this, total expenses remained high at ₹52.2 Cr (vs. ₹68.6 Cr in FY24), keeping the company in negative operating territory. Depreciation and finance costs also declined moderately. 
• Operational Developments: In FY25, the company executed a major strategic step with the amalgamation of MSE Enterprises Ltd. (formerly MCCIL) into MSEI. The merger, effective from April 1, 2023, was approved by the NCLT on June 6, 2024, and made effective post regulatory filings on June 11, 2024. This move consolidated operations and resulted in a capital base expansion, with authorized share capital increasing to ₹850 Cr. In a parallel development, the company successfully raised fresh equity of ₹238 Cr via private placement to marquee investors including Rainmatter Investments, Share India Securities, and others. This capital infusion strengthened the company’s equity base, increasing total equity to ₹397 Cr (from ₹193 Cr in FY24). Operationally, MSEI continues to focus on strengthening its technology backbone, with capital expenditure of ₹30.6 Cr during FY25, largely directed toward platform development and intangible asset creation. It also invested heavily in financial instruments to preserve liquidity, taking total current investments to ₹131.4 Cr, a 170% increase YoY. 
• Future Outlook: MSEI is working on rebuilding itself by raising new capital, bringing in investors, and improving its technology. The merger with MCCIL and ₹119 Cr raised through share issuance have strengthened its base, while a cash reserve of over ₹216 Cr gives it the ability to invest in future growth. Although it still reported losses, better cost control shows that the business is becoming more stable. But new rules proposed by SEBI may slow down its plans. SEBI wants all F&O contracts to expire only on Tuesdays or Thursdays, and each exchange can offer weekly expiry contracts for just one index. Since NSE and BSE already have popular indices (Nifty and Sensex), MSEI's less-known SX40 index might not get much attention. This could block MSEI’s earlier plan to grow by offering different options. People should keep tracking the company until it becomes fully operational and starts generating steady revenue from its core exchange business.

NCL Buildtek Ltd, a well-established player in the building materials sector, has reported a strong set of financial results for FY25, reflecting consistent growth across all major financial metrics. The company’s performance underscores effective operational strategies and robust market demand.

• Total Revenue: The Company recorded a sharp increase in revenue, signaling strong sales growth of 40%, likely driven by product demand, expanded market presence, or operational scaling. NCL Buildtek recorded a revenue of ₹406.2 Cr. in FY25 as compared to ₹289.5 Cr. in FY24.
• Profit After Tax: NCL Buildtek recorded a strong bottom-line growth of 37% in line with revenue, indicating healthy profitability and efficient cost management. While the company had recorded a profit after tax (PAT) of 32.1 Cr. in FY24, this year (FY25), the company boosted its PAT to ₹44.1 Cr. 
• EPS: The Company recorded a growth in EPS of 16.2%, reflecting increased shareholder value, albeit at a slower pace than PAT.
• Total Assets: NCL Buildtek recorded a 17.1% increase in assets, indicating ongoing investment in infrastructure, capacity expansion, and strategic asset additions to support long-term growth. The company recorded its total value of assets at ₹463 Cr. in FY25 compared to ~ ₹396 Cr. in FY24.
• Total Equity: NCL Buildtek recorded a 38% hike in total equity value. A substantial rise in equity highlighted increased retained earnings and strong investor confidence. The value of equity stood at ₹231.3 Cr. in FY25.

NCL Buildtek Ltd’s financial performance in FY25 showcases a well-rounded and resilient growth trajectory. With double-digit gains across revenue, profitability, and equity, the company appears to be on a strong path of expansion and value creation. Its continued focus on asset building and shareholder returns positions it well for sustained success in the coming years.

Financial Performance (FY25 vs FY24): Ramara­ju Surgical’s consolidated revenue grew 9.4% YoY to ₹406 Cr in FY25 from ₹371 Cr, driven by Textiles (Increased to ₹350 Cr, +11.9% from FY24), Wind Mills (Increased to ₹9.12 Cr, +4.2% from FY24), and a slight decline in Surgical (₹55.99 Cr, –0.6% from FY24). Despite higher sales, the company remained loss-making: PBT narrowed 13.4% to a ₹44 Cr loss (including a one-time exceptional gain of ₹17 Cr), and PAT loss improved 22.6% to ₹29.21 Cr. Basic EPS was ₹(50.24) in FY25 versus ₹(93.86) in FY24.

Operational Metrics (FY25 vs FY24): The net margin improved to –7.2% (from –10.2%), reflecting a smaller bottom‐line loss relative to revenue. Before exceptionals, the core PBT loss widened to ₹60.42 Cr (from ₹50.27 Cr), as higher raw-material costs (₹220.54 Cr, +8.5%), increased employee expenses (₹62.93 Cr, +12.5%), and sustained finance costs (₹38.58 Cr, +2.7%) pressured margins. Inventories rose 13.9% to ₹131.74 Cr and receivables surged 85.5% to ₹86.04 Cr, pointing to stretched working capital amid rising sales.

Strategic Developments: In FY25, Textiles remained the primary revenue driver but continued to incur losses (₹45.80 Cr PBIT loss vs. ₹36 Cr IN FY24), highlighting a need for cost optimization and yield improvement. The Surgical segment maintained stable PBT (₹18.82 Cr vs. ₹18.31 Cr in FY24) despite flat revenues, while Wind Mills contributed consistent earnings (₹5 Cr PBT). The exceptional ₹16.90 Cr gain from share sales provided temporary relief, but the company must focus on restoring textile profitability, tightening working capital, and reducing leverage to achieve a full turnaround in FY26.

Notice of 63rd Annual General Meeting is given to the members of Kanara Consumer Products Ltd. (formerly Kurlon Ltd.) will be held on Monday, 23rd June 2025 at 11:30 A.M. (IST) via video conferencing or other electronic means, in accordance with applicable regulations and MCA circulars, to conduct the scheduled business.

Ordinary Business

• To approve and adopt the audited standalone and consolidated financial statements of the Company for the year ended 31st March 2025, along with the Board’s and Auditors’ reports. Resolutions in this regard will be passed as Ordinary Resolutions.
• To approve the declaration of a dividend of Rs. 2.50 per equity share of Rs. 10 each (fully paid-up) for the financial year ended 31st March 2025, by passing an Ordinary Resolution with or without modifications.
• To reappoint Mrs. Jaya S Pai (DIN: 00030515), who retires by rotation at this AGM and is eligible for reappointment, as a Non-Executive Director, liable to retire by rotation.
  

Special Business

• The Company seeks approval to consolidate its equity shares by changing the face value from Rs. 10 to Rs. 2,00,000 each share, thereby reducing the total number of shares as follows:
  • The authorized share capital of Rs. 35,00,00,000, earlier divided into 3,50,00,000 equity shares of Rs.10 each, will be consolidated into 1,750 equity shares of Rs. 2,00,000 each.
  • The issued, subscribed, and paid-up capital of Rs. 14,87,87,500, previously comprising 1,48,78,750 shares of Rs. 10 each, will be consolidated into approximately 743.94 shares of Rs. 2,00,000 each,
  • Fractional shares will be sold at Rs. 860 each (determined on the basis of report submitted by M/s.Nangia & Co., LLP Chartered Accountants) through a Trust, with proceeds distributed to eligible shareholders.
  • The Board is empowered to handle all formalities, including NCLT filings and setting the Record Date.
    
• Approval to amend Clause V of the Memorandum of Association to reflect the consolidation of the company’s share capital, changing the face value of shares from Rs. 10 to Rs. 2,00,000 each.
• Approval to invest, lend, or provide guarantees/security up to Rs. 2000 Cr. to bodies corporate, trusts, or firms, with authorized company officials empowered to execute necessary documents and comply with regulatory requirements following resolution with or without modification as a Special Resolution.
• To approve by Special Resolution the appointment of Mrs. Jyothi Ashish Pradhan (DIN 06733156) as Whole-time Director of the Company for a 5 year term from 1st April 2025 to 31st March 2030, along with fixing her remuneration, based on the Board and Nomination Committee’s recommendation:
  

The Company has set 16th June 2025 as the Record Date to identify members eligible for the dividend for the year ending March 31, 2025. Remote e-voting will open on Monday, 16th June 2025 at 9:00 A.M. and close on Monday, 23rd June 2025 at 5:00 P.M., after which the NSDL voting portal will be disabled.

Gensol Engineering Limited rose swiftly as one of India’s most ambitious renewable energy and electric mobility companies, propelled by the dynamic leadership of Anmol Singh Jaggi and Puneet Singh Jaggi. With a diversified business spanning solar EPC contracts, electric vehicle leasing, and the high-profile launch of BluSmart Mobility, Gensol projected itself as a champion of India’s clean energy future. 

For a time, its relentless growth, marquee client wins, and aggressive foray into green technologies marked it as a poster child for the country’s sustainable infrastructure revolution. However, behind this meteoric ascent, cracks emerged in the company’s governance framework. A SEBI probe detailing diversion of hundreds of crores in sanctioned loans, originally meant for EV procurement, revealed that those funds had instead been funnelled into luxury apartments, personal luxuries, and undisclosed related-party transactions.

This scandal not only triggered a regulatory maelstrom but also sent Gensol’s share price plummeting from its all-time highs, erasing over 85%-95% of investor value in less than a year. 

Gensol Engineering and the IREDA Connection: Loans, Defaults, and Legal Fallout

• Gensol Engineering’s troubles are not limited to internal mismanagement and market fallout; the company has also become emblematic of deeper risks within the infrastructure finance ecosystem. Crucial to its downfall was the relationship with the Indian Renewable Energy Development Agency (IREDA), a government lender tasked with supporting sustainable initiatives. 

• Gensol borrowed nearly ₹978 crore from IREDA and Power Finance Corporation (PFC), with over ₹663 crore earmarked specifically to finance the acquisition of electric vehicles for BluSmart Mobility. However, investigations revealed that only around 4,700 of the 6,400 planned vehicles were procured, with over ₹262 crore of sanctioned funds remaining unaccounted for and, as later confirmed, instead channelled into luxury expenditures and related-party transfers.

• In response, IREDA escalated matters by filing for insolvency against Gensol at the National Company Law Tribunal, seeking recovery of over ₹510 crore in unpaid debt and initiating concurrent legal action over alleged falsification of debt-servicing documents. 

• These actions not only mark one of the most prominent government pushbacks against corporate misconduct in the sector but also spotlight the systemic vulnerabilities in rapid capital deployment for India’s green ambitions. 

Financial Performance (FY25 vs FY24): Mohan Meakin delivered a strong top‐line performance in FY25, with consolidated revenue from operations rising 11.5% YoY to ₹2,151Cr—driven by its core alcoholic business, which grew 11.7% to ₹2,136 Cr (vs. ₹1,912 Cr in FY24)—while the non-alcoholic segment saw a 14.0% decline to ₹16 Cr (vs. ₹18 Cr). The alcoholic portfolio thus accounted for 99.3% of operating revenue (vs. 99.1% in FY24), underscoring its dominance, and total income (including other income) advanced 11.6% to ₹2,166 Cr.

Operational Metrics (FY25 vs FY24): Operationally, segment performance was sharply divergent: the alcoholic division’s double-digit growth not only fueled overall revenue expansion but also improved its share of revenue from operations from 99.1% to 99.3%, while the non-alcoholic line’s contraction reduced its contribution from 0.9% to 0.7%. This skewed mix, combined with disciplined cost control (expenses up 11.2% vs. revenue up 11.6%), supported margin gains—PBT margin expanded to 6.4% (vs. 5.9%) and net margin rose to 4.7% (vs. 4.4%). Finance costs eased to ₹0.7 Cr (vs. ₹0.8 Cr), further bolstering profitability.

Growth Outlook: Looking ahead, Mohan Meakin is well-positioned to leverage its alcoholic portfolio’s strong growth by continuing premiumization and targeted capacity investments, while addressing the non-alcoholic segment’s setback through innovation or selective rationalization. With a fortified balance sheet—total assets up 21.9% to ₹652 Cr, equity up 28.3% to ₹470 Cr, and debt-to-equity down to 0.4x—management has the financial flexibility to invest in brand-building and working capital optimization, aiming to sustain margin improvements and deliver balanced, profitable growth across both segments.
​

Frick India, a key player in the industrial refrigeration sector, has released its financial results for FY25. The latest numbers present a mixed performance—while the company saw a downturn in revenue, profitability, and earnings per share, it simultaneously reported growth in both total assets and shareholder equity.

• Revenue: The company generated ₹436.9 crores in revenue during FY25, which is 11.5% less than what it earned in FY24. This decline in revenue indicates a slowdown in sales or services, which could be due to reduced demand, increased competition, or operational disruptions.
• Profit After Tax: The net profit (after deducting all taxes) stood at ₹34.7 crores, a 18.1% decline from the same period last year. This decline is steeper than the revenue decline, suggesting that costs may not have been managed effectively, or there may have been extraordinary losses.
• Earnings Per Share (EPS): EPS has drastically fallen by 91.8%, implying a significant drop in shareholder returns. This was primarily due to the company issuing Bonus shares in the ratio 9:1, which increased the company's total O/S shares tenfold.
• Total Assets: The company’s total assets increased to ₹413.4 crores, representing a 6.3% growth over the previous year.
• Total Equity: Total shareholder equity rose by 12.5%, reaching ₹308 crores.

While Frick India faces short-term challenges in revenue and profitability, the growth in assets and equity suggests a focus on strengthening its long-term foundation—indicating cautious optimism for its future performance.

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

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

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