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The recent partial repayment of debt by API Holdings, the parent company of PharmEasy, marks a modest but noteworthy step in addressing its financial obligations. The company has repaid approximately 10%—around ₹120 crore—of its ₹1,200 crore Non-Convertible Debenture (NCD) liability, which is secured against its majority stake in Thyrocare Technologies. While this development signals intent and some improvement in liquidity, it does little to resolve the broader structural concerns surrounding the company’s financial position.

The origins of this situation lie in the liquidity pressures faced by API Holdings over the past few years. In response to tightening capital markets and delayed public listing plans, the company pledged approximately 60.93% of its stake in Thyrocare as collateral to raise funds. This move, although necessary at the time, introduced significant risk, as such a large promoter pledge is often interpreted by markets as a sign of financial strain. The pledged shares effectively became a safeguard for lenders, giving them the right to liquidate holdings in the event of default.

Despite the recent repayment, a crucial aspect remains unchanged: none of the pledged shares have yet been released. This is particularly important because the scale of the pledge continues to cast a shadow over Thyrocare’s stock. High promoter pledging is widely regarded as a red flag, primarily due to the risk of forced selling. Should API Holdings fail to meet its repayment obligations, lenders could offload these shares into the open market, potentially triggering a sharp decline in stock price and eroding investor confidence.

The situation also reflects a broader trend within India’s startup ecosystem, where companies that expanded aggressively during periods of abundant capital are now navigating a more constrained financial environment. PharmEasy’s acquisition of Thyrocare in 2021, valued at approximately ₹4,546 crore, was emblematic of that earlier phase of high valuations and rapid growth. However, subsequent market corrections, coupled with operational losses and delays in its initial public offering, have placed considerable strain on the company’s balance sheet.

In contrast, Thyrocare itself continues to demonstrate operational resilience. The diagnostics company remains profitable and generates steady cash flows, underscoring the inherent strength of its business model. This divergence between the financial health of the parent company and the operational stability of its subsidiary creates a complex dynamic for investors. While the underlying asset remains fundamentally sound, the overhang from promoter-level financial stress continues to weigh on market sentiment.

Looking ahead, the key indicators to monitor include further reductions in the NCD liability and, more importantly, the gradual release of pledged shares. A meaningful decline in promoter pledge levels would signal improved financial stability and could help restore investor confidence. Until such progress is evident, however, the stock is likely to remain under pressure.

In conclusion, while the initial repayment by API Holdings represents a step in the right direction, it is insufficient to alter the broader risk profile. The persistence of a substantial pledged stake ensures that uncertainty remains a defining feature of the investment narrative. As such, the current situation can best be understood as incremental progress rather than a definitive resolution.

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Zepto has received in-principle approval from SEBI for its ₹11,000 crore ($1.3 billion) IPO, clearing the single biggest regulatory hurdle before a public listing.

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The approval came via the confidential filing route using the same mechanism used by Swiggy, Groww, and Meesho before their respective listings which means Zepto filed its draft prospectus privately in December 2025 and received SEBI's feedback without making its financials public from the outset.

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Aadit Palicha and Kaivalya Vohra started Zepto in 2021, initially as KiranaKart a kirana-partnership grocery model. The pivot to dark stores changed everything. The company raised money at a pace that reflected how quickly the Indian quick commerce market was being defined.

• From a $1.4 billion unicorn valuation in August 2023, it rose to a $3.6 billion valuation in June 2024, then $5 billion by November 2024, and finally $7 billion after a $450 million round in October 2025. Total capital raised stands at over $2.3 billion to date.
  

One structural step that doesn't get enough credit in most IPO coverage: Zepto completed its reverse flip from Singapore to India in January 2025. The company was originally incorporated in Singapore, with the Indian entity as a subsidiary. The NCLT approved Kiranakart Technologies, the Indian entity, to become the holding company of Zepto a prerequisite for any domestic public listing. CEO Aadit Palicha called it a historic milestone. CFO Ramesh Bafna called it "GharWapasi for the startup ecosystem." The substance behind the symbolism: this involved NCLT and Singapore court approval, a significant tax outlay whose exact amount hasn't been disclosed, and months of legal complexity. Completing it in what both founders called the "fastest-ever timeline" was genuinely an execution achievement.

Financials:

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• Revenue for FY25 (year ended March 2025): ₹11,110 crore, up 149% year-on-year from ₹4,454 crore in FY24. That is genuinely one of the fastest revenue growth rates posted by any consumer internet company in India at this scale.
  
  
• Net loss for FY25: ₹3,367.3 crore, expanding 177% year-on-year from ₹1,214.7 crore in FY24.

The math here requires attention. Revenue grew 149%. Losses grew 177%. In FY24, Zepto was spending ₹1.29 to earn every ₹1 in revenue. That ratio has reportedly improved in FY25 with better unit economics, higher fill rates, and stronger contribution margins. But absolute losses still widened dramatically, because the company was simultaneously scaling up from 650 to 1,150+ dark stores and entering dozens of new cities, a spend cycle that shows up in losses before it shows up in revenue.

On unit economics the per-order profitability picture that actually tells you whether the business model works, Zepto reports meaningful improvement.  Average order value (AOV) is approximately ₹550. Gross margin per order is ₹50–70. Fulfilment cost per order is ₹35–45. That means a thin but positive contribution per order before fixed costs like dark store rent, technology, and marketing. Zepto has also stated that 75% of its dark stores are already EBITDA positive at the store level, and that new stores now reach breakeven in approximately 8–9 months, down from 23 months when the network was less dense. Management is targeting EBITDA breakeven at the company level within 12–15 months of the IPO.

• Zepto's annualised advertising revenue has crossed ₹1,000 crore. This is the retail media business where brands pay for sponsored listings and placements inside the Zepto app and it carries far higher margins than grocery sales. Second, Zepto Cafe, its freshly prepared food vertical, was nearing $100 million in GMV run-rate with approximately 50% gross margins.

For context, grocery and FMCG margins typically run at 10–20%. Cafe margins at 50% represent a structurally different business sitting inside the same app. Zepto Pass, its ₹99/month subscription, had over 40 lakh subscribers contributing approximately ₹480 crore annually in FY25.

India's market infrastructure has evolved beyond mere equities; it's now a multi-layered ecosystem that provides everything from equities to energy.

What began with ancient institutions like the Bombay Stock Exchange and the rise of the National Stock Exchange has now expanded into specialized exchanges across asset classes.  While the BSE laid the groundwork the NSE continued to redefine its scope particularly in derivatives where it now ranks among the largest companies in the world.

But the real transformation is what happened next.

India didn't stop at stocks. It goes beyond that.

• Commodity markets have found a structure through the Multi Commodity Exchange and the National Commodity and Derivatives Exchange to allow investors exposure beyond traditional financial instruments.  These platforms dominate commodity trading today and reflect the fact that diversification has become an essential element of modern investment portfolios.
  

Then came the energy.

With platforms such as the Indian Energy Exchange and the Hindustan Energy Exchange electricity itself has become tradable thus shifting the dynamics of supply and demand in the direction of real-time price , price discovery.

Perhaps the most important milestone was India's entry into gas trading with the Gas Exchange of India signaling a move towards building a transparent market-driven energy economy.

Even global access has been simplified.  Through exchanges such as the International Stock Exchange of India, Indian investors and institutions can now connect to international markets without having to move out of the country.

The bigger picture?

The Indian stock market ecosystem is no longer just about trading but about enabling price discovery across the entire economy.

From equities to raw materials from energy to gas each layer reflects one thing:

A market that is deeper, smarter and more interconnected than ever before.

In a significant development for India’s retirement investment landscape, PPFAS Asset Management has received approval from the Pension Fund Regulatory and Development Authority (PFRDA) to sponsor a pension fund under the National Pension System (NPS). This marks the company’s formal entry into the pension fund management space, expanding its footprint beyond mutual funds into long-term retirement solutions.

As part of this approval, PPFAS plans to establish a dedicated pension fund company that will manage the retirement savings of NPS subscribers. The move aligns with the firm’s broader strategy of offering disciplined, long-term investment products tailored to wealth creation and capital preservation. Known for its conservative and value-driven approach, the company is expected to apply similar principles while managing pension assets.

The entry of PPFAS into the NPS ecosystem comes at a time when the sector is gradually opening up to more participants, encouraging competition and innovation. For investors, this translates into increased choice when selecting pension fund managers, which could potentially lead to improved fund performance and cost efficiencies over time.

From an industry perspective, this development reflects the growing maturity of India’s retirement market. With more asset management companies entering the space, the NPS framework is evolving into a more competitive and robust platform for long-term savings. PPFAS is expected to invest across a diversified mix of asset classes, including equities, government securities, and corporate debt, with the objective of delivering sustainable returns over the long term.

Overall, the approval underscores both regulatory support for expanding the pension ecosystem and rising interest among asset managers in tapping into India’s long-term retirement savings opportunity.

The fourth meeting of the Committee of Creditors (CoC) of Vimla Fuels & Metals Limited provides a comprehensive view of the current status, challenges, and strategic direction of the Corporate Insolvency Resolution Process (CIRP). The discussions reflect a process that is progressing, albeit with delays, operational constraints, and governance concerns.

A key highlight of the meeting is the financial position of the claims received. The total claims submitted stand at ₹207.45 crore, out of which ₹182.98 crore has been provisionally admitted, ₹19.13 crore rejected, and ₹5.33 crore remains under verification . This indicates a relatively stable creditor base with a high admission ratio, suggesting that most claims have been validated. However, the pending verification and rejected claims still introduce an element of uncertainty that could influence the final recovery outcomes.

The structure of the CoC reveals a concentrated decision-making framework. With six financial creditors holding 100% voting rights—and major control resting with State Bank of India (41.92%) and Bank of Maharashtra (23.40%)—the process benefits from streamlined decision-making. At the same time, this concentration implies that the direction of the resolution process is heavily influenced by a small group of lenders.

Operationally, the CIRP is active but facing delays. While several important steps have been completed—including the appointment of valuers and transaction auditors, asset inspections, and consolidation of records—there are still gaps in data availability due to limited cooperation from the suspended management. Site visits to multiple locations and the shifting of assets to a central plant indicate progress in securing the company’s resources, but also highlight earlier inefficiencies in asset tracking and control.

Time remains a critical concern. The statutory 180-day CIRP period is nearing its end (4 April 2026), prompting the CoC to approve both an extension of 90 days and an exclusion of 63 days . This reflects delays caused by legal proceedings and operational hurdles, signaling that the resolution timeline is under pressure.

In terms of resolution strategy, the CoC has adopted a pragmatic approach by approving relatively lower eligibility criteria for prospective resolution applicants. Entities with a turnover of ₹50 crore or a net worth between ₹5–10 crore are eligible to participate, along with a refundable deposit requirement of ₹10 lakh. This move is clearly aimed at widening the pool of bidders, suggesting that the asset may not attract large strategic investors and may instead appeal to mid-sized or opportunistic players.

The condition of the company’s assets presents another layer of complexity. The existence of scattered inventory, incomplete records, and potential risks of pilferage underscores challenges in valuation and asset preservation. These issues could impact the confidence of potential bidders and, ultimately, the realizable value of the assets.

Governance concerns further complicate the situation. The absence of suspended directors from the process and limited cooperation from the promoter group indicate a lack of alignment, which is often a red flag for investors. Additionally, the consideration of legal action against an associate company (Vimla Nextara) points to possible related-party issues and unresolved transactions that may need to be addressed.

From a financial standpoint, the CIRP remains cost-sensitive. A contribution of ₹15 lakh has been requested from CoC members to cover ongoing expenses, reflecting the need for careful cost management as the process extends. Rising costs without commensurate progress could impact overall recoveries.

In conclusion, the CIRP of Vimla Fuels & Metals Ltd. is at a crucial juncture. While foundational steps such as claim verification, asset control, and process structuring are in place, the resolution now depends on timely execution, improved information flow, and successful attraction of credible bidders. The coming phase will be decisive in determining whether the process leads to a value-maximizing resolution or faces further delays and challenges.

According to the notice dated March 25, 2026 , Onix Renewable Limited is offering a Rights Issue of equity shares. The issue is scheduled to open on Thursday, April 2, 2026 , and close on Thursday, April 16, 2026. The offer is conducted for existing members only to meet financial requirements for working capital and capital expenditure.

Key Details of the Rights Issue:

• The primary purpose of the offer is to raise capital by offering partly paid-up equity shares to eligible shareholders.
• Total Shares Offered: To offer 10,92,71,764 partly paid-up equity shares of the company.
• Face Value and Price: Each share has a face value of 10/- and is priced at 51/- per equity share, which includes a premium of 41/-.
• Rights Entitlement Ratio: The shares are offered in the ratio of 1 equity share for every 1 equity share held by eligible shareholders on the record date.
• Record Date: The Board of Directors fixed the record date as Monday, March 30, 2026.
• Total Aggregate Amount: The total amount aggregating from the issue is 557,28,59,964/-.

Payment Schedule for Rights Equity Shares:

The following table outlines the payment terms for the partly paid-up shares:

The National Stock Exchange of India (NSE) has taken a significant step toward its long-awaited initial public offering (IPO) by initiating the process to identify selling shareholders through an Offer for Sale (OFS). This development signals renewed traction in the exchange’s listing plans after years of delay.


Shareholders Invited for OFS Participation

As part of the IPO preparation, NSE has reached out to its existing shareholders, inviting them to express their willingness to participate in the OFS component. Shareholders can choose to tender part or all of their holdings, depending on the terms outlined in the offer.
The OFS route indicates that the IPO will largely consist of existing investors offloading shares rather than the company issuing fresh equity.

Deadline and Process Details

Shareholders have been asked to submit their Expression of Interest (EOI) by:
👉 April 27, 2026 (5 PM)

This step is crucial in determining the final pool of selling investors ahead of the public issue.

Eligibility Criteria for Shareholders

To participate in the OFS, shareholders must meet specific conditions:

• Shares must be fully paid-up
• Investors should have held shares continuously since June 15, 2025 (around one year prior to DRHP filing)

Additionally, shareholders who choose to sell their stake through the OFS will not be eligible to apply in the IPO as investors.

What This Means for the IPO

The move marks the formal kickoff of NSE’s IPO process, with the exchange actively identifying stakeholders willing to dilute their holdings.

Reports suggest that the IPO could be entirely OFS-driven, potentially making it one of India’s largest public offerings, with an estimated size exceeding ₹20,000 crore.

​Hindustan Power Exchange Limited reported a stable topline performance for Q3 FY26, with Total Income rising to ₹8.64 crore, compared to ₹8.22 crore in Q3 FY25, reflecting gradual improvement in trading activity on the platform.

However, profitability weakened during the quarter, with the company reporting a net loss (PAT) of ₹2.46 crore, versus a profit of ₹1.28 crore in the corresponding period last year, indicating cost pressures and evolving market dynamics.

For the nine-month period (9M FY26):

• Total Income increased to ₹36.4 crore from ₹30.27 crore YoY
• PAT stood at ₹4.42 crore, compared to ₹8.38 crore in 9M FY25

Source & Context:
These figures are derived from the Q3 earnings call transcript of PTC India Limited, which holds a 22.3% stake in Hindustan Power Exchange (HPX), providing insights into HPX’s financial performance.

Outlook:
HPX continues to focus on scaling transaction volumes and deepening market participation. With India’s power markets seeing increasing shift toward exchange-based trading, the company remains well-placed to benefit from long-term structural growth, despite near-term earnings volatility.

According to the notice dated March 5, 2026 , Kineco Limited will hold an Extraordinary General Meeting (EGM) on Wednesday, April 15, 2026. The meeting is scheduled for 12:00 PM IST and will be conducted in a hybrid mode, allowing for both physical attendance and participation via Video Conferencing (VC) or Other Audio-Visual Means (OAVM).

Key Agenda Items for the EGM:The primary purpose of the meeting is to consider and, if thought fit, approve a Scheme of Amalgamation by way of a Fast Track merger.

• Amalgamation of Subsidiary: To approve the merger of Kineco Train Tech Private Limited ('KTTPL' or Transferor Company) into Kineco Limited ('KL' or Transferee Company).
• Approval of Appointed Date: To record the Appointed Date of the amalgamation as January 1, 2026.
• Share Exchange/Swap Ratio: To approve the issuance of 01 fully paid-up Equity Share of Kineco Limited (nominal value INR 10) for every 11 fully paid-up Equity Shares held in Kineco Train Tech Private Limited.
• Increase in Authorised Share Capital: Upon the scheme becoming effective, the authorised share capital of the Transferor Company will be added to that of the Transferee Company.

EGM Logistics and Voting Information:

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𝗗𝗼𝗲𝘀 𝗮𝗻𝘆𝗼𝗻𝗲 𝗸𝗻𝗼𝘄 𝘄𝗵𝘆 𝘁𝗵𝗲 𝘄𝗮𝘁𝗲𝗿 𝗮𝗻𝗱 𝗽𝘂𝗺𝗽 𝘀𝘁𝗼𝗰𝗸𝘀 𝘀𝘂𝗿𝗴𝗲 𝘂𝗽 𝘁𝗼 𝟮𝟬% 𝗶𝗻 𝗹𝗲𝘀𝘀 𝘁𝗵𝗮𝗻 𝟮𝟰 𝗵𝗼𝘂𝗿𝘀 𝗱𝗲𝘀𝗽𝗶𝘁𝗲 𝘁𝗵𝗲 𝗰𝘂𝗿𝗿𝗲𝗻𝘁 𝗴𝗲𝗼𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻?

𝗜𝗻𝗱𝗶𝗮’𝘀 ₹𝟴.𝟳 𝗟𝗮𝗸𝗵 𝗖𝗿𝗼𝗿𝗲 𝗥𝘂𝗿𝗮𝗹 𝗪𝗮𝘁𝗲𝗿 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 – 𝗔 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗧𝗮𝗶𝗹𝘄𝗶𝗻𝗱 𝗳𝗼𝗿 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿𝘀

The Union Cabinet has approved the 𝗲𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗮𝗻𝗱 𝗿𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗼𝗳 𝘁𝗵𝗲 𝗝𝗮𝗹 𝗝𝗲𝗲𝘃𝗮𝗻 𝗠𝗶𝘀𝘀𝗶𝗼𝗻 (𝗝𝗝𝗠) 𝘂𝗻𝘁𝗶𝗹 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟴, with the total program outlay increased to ₹𝟴.𝟲𝟵 𝗹𝗮𝗸𝗵 𝗰𝗿𝗼𝗿𝗲.The initiative now shifts from merely creating infrastructure to building a 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲, 𝘀𝗲𝗿𝘃𝗶𝗰𝗲-𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝘆-𝗱𝗿𝗶𝘃𝗲𝗻 𝗿𝘂𝗿𝗮𝗹 𝗱𝗿𝗶𝗻𝗸𝗶𝗻𝗴 𝘄𝗮𝘁𝗲𝗿 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺

The next phase of JJM will focus on:

• Expanding 𝗹𝗮𝘀𝘁-𝗺𝗶𝗹𝗲 𝘄𝗮𝘁𝗲𝗿 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲

• Strengthening 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗺𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀

• Digital monitoring of water systems

• Achieving 𝘂𝗻𝗶𝘃𝗲𝗿𝘀𝗮𝗹 𝗿𝘂𝗿𝗮𝗹 𝗵𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱 𝘁𝗮𝗽 𝗰𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗯𝘆 𝟮𝟬𝟮𝟴

For infrastructure developers working in 𝘄𝗮𝘁𝗲𝗿 𝘀𝘂𝗽𝗽𝗹𝘆, 𝗽𝗶𝗽𝗲𝗹𝗶𝗻𝗲𝘀, 𝘁𝗿𝗲𝗮𝘁𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻𝘁𝘀, 𝗮𝗻𝗱 𝗿𝘂𝗿𝗮𝗹 𝘂𝘁𝗶𝗹𝗶𝘁𝘆 𝘀𝘆𝘀𝘁𝗲𝗺𝘀, 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝘀 𝗮 𝗺𝘂𝗹𝘁𝗶-𝘆𝗲𝗮𝗿 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗯𝗮𝗰𝗸𝗲𝗱 𝗯𝘆 𝘀𝘁𝗿𝗼𝗻𝗴 𝗽𝗼𝗹𝗶𝗰𝘆 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗮𝗻𝗱 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝘃𝗶𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆.

Regional execution-focused companies are particularly well placed to benefit from this push.

Companies such as 𝗡𝗡𝗧 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗿𝘀 (𝗕𝗶𝗵𝗮𝗿), which are engaged in the development of rural water infrastructure, stand to gain from the 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝗱 𝘀𝗰𝗮𝗹𝗶𝗻𝗴 𝗼𝗳 𝗝𝗮𝗹 𝗝𝗲𝗲𝘃𝗮𝗻 𝗠𝗶𝘀𝘀𝗶𝗼𝗻 𝗽𝗿𝗼𝗷𝗲𝗰𝘁𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝘀𝘁𝗮𝘁𝗲𝘀.

With government spending on rural utilities accelerating and execution shifting toward local players with on-ground capabilities, the 𝗻𝗲𝘅𝘁 𝗽𝗵𝗮𝘀𝗲 𝗼𝗳 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗺𝗮𝘆 𝘄𝗲𝗹𝗹 𝗯𝗲 𝗹𝗲𝗱 𝗯𝘆 𝗿𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗰𝗵𝗮𝗺𝗽𝗶𝗼𝗻𝘀 𝗶𝗻 𝘄𝗮𝘁𝗲𝗿 𝗮𝗻𝗱 𝘀𝗮𝗻𝗶𝘁𝗮𝘁𝗶𝗼𝗻 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲.

According to the notice dated March 14, 2026, Sunday Proptech Limited (formerly known as OYO Financial and Technology Services Private Limited) will hold its 1st Extraordinary General Meeting (EGM) on Monday, April 6, 2026. The meeting is scheduled for 5:00 P.M. IST and will be conducted via Video Conferencing (VC) or Other Audio-Visual Means (OAVM).

Key Agenda Items for the EGM:

The company has proposed the following special businesses for shareholder consideration:

• Increase in Authorised Share Capital: To increase the capital from INR 200 Crore to INR 300 Crore, divided into 300 Crore equity shares of INR 1 each.
• Issuance of Bonus Shares: To issue bonus equity shares in a ratio of 3:1 (three new shares for every one held) to shareholders as of the April 17, 2026 record date.
• Private Placement of Equity Shares: To issue up to 8,69,56,521 equity shares of Rs 1 each, at a price of INR 23 per share, seeking to raise an aggregate consideration of up to INR 200 Crore.
• Alteration of Articles of Association (AOA): To adopt a new set of Articles of Association to incorporate provisions from a Shareholders' Agreement dated October 31, 2025.
  

​EGM Logistics and Voting Information

​Financial Performance (Q3 FY26 vs Q3 FY25): The National Stock Exchange of India (NSE) reported a mixed financial performance in Q3 FY26, with Total Income declining 8.6% year-on-year (YoY) to ₹4,394.84 crore, compared to ₹4,806.55 crore in Q3 FY25. The moderation in revenue reflects relatively lower trading activity and normalization of market volumes compared to the elevated levels witnessed in the previous year. Profitability declined on a YoY basis primarily due to the absence of significant exceptional gains recorded in the previous year. Profit Before Tax (PBT) stood at ₹3,185.97 crore, compared to ₹4,914.70 crore in Q3 FY25, while Profit After Tax (PAT) came in at ₹2,408.75 crore, down from ₹3,833.60 crore in the corresponding quarter last year. The higher base in Q3 FY25 was largely driven by a one-time gain of approximately ₹1,155 crore from the sale of investment in associates, which inflated profitability during that period. Excluding this exceptional item, the underlying earnings performance remains strong, reflecting NSE’s resilient business model and its dominant position in India’s capital market infrastructure.

Operational Metrics (Q3 FY26 vs Q3 FY25): ​NSE’s operational performance remained resilient, with trading services continuing to drive the majority of the exchange’s revenues. Revenue from operations stood at ₹3,924.68 crore in Q3 FY26, compared to ₹4,349.41 crore in Q3 FY25, reflecting moderation in transaction-related income.
Segment-wise, trading services generated revenue of ₹3,553.89 crore, compared to ₹3,975.28 crore in Q3 FY25, highlighting the strong contribution of equity and derivatives trading activity to overall income. The clearing services segment contributed ₹410.11 crore, down from ₹640.89 crore in the previous year, while the others segment (including market data, index licensing, and technology services) generated ₹165.60 crore, slightly higher than ₹153.55 crore in Q3 FY25, reflecting continued diversification of revenue streams. Despite the decline in revenue, NSE maintained operational efficiency with total expenses at ₹1,107.31 crore, compared to ₹1,015.15 crore in the corresponding quarter last year, indicating controlled cost expansion aligned with business growth and infrastructure investments.

Strategic Developments & Outlook: NSE continues to benefit from structural growth in India’s capital markets, driven by rising retail participation, increasing derivatives trading activity, and expanding institutional investor engagement. The exchange’s diversified revenue streams—including trading services, clearing services, indices, market data, and technology platforms—provide resilience and scalability to its business model.
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Looking ahead, NSE’s strong market leadership, robust technological infrastructure, and ongoing expansion across domestic and international market segments position it well to capitalize on the continued deepening of India’s financial markets. Sustained growth in trading volumes and the exchange’s strategic initiatives across data, analytics, and financial market services are expected to support long-term earnings visibility and value creation.

The IPO Committee of National Stock Exchange of India Limited (NSE) has approved the appointment of intermediaries for its proposed Initial Public Offering (IPO).

After a structured, transparent and competitive selection process, 20 merchant bankers have been selected, including Kotak Mahindra Capital, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors, and Equirus Capital.

Eight law firms have also been appointed, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co, and Trilegal.

Other intermediaries selected include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication Ltd, and Redseer Strategy Consultants.

These intermediaries will assist NSE with regulatory filings, due diligence, documentation, marketing, and execution of the proposed IPO in accordance with applicable regulations.

With the completion of this process, the engagement of Rothschild & Co India as the process advisor for the selection and appointment of IPO intermediaries has concluded.

Financial Performance (Q3 FY26 vs Q3 FY25): Mohan Meakin Limited reported stable operating performance for the quarter ended 31 December 2025 (Q3 FY26). Total Revenue increased by 9.5% year-on-year (YoY) to ₹902.49 Crore, compared to ₹823.92 Crore in Q3 FY25. Profit After Tax (PAT) rose significantly by 71.5% YoY to ₹70.16 Crore, compared with ₹40.91 Crore in Q3 FY25. The strong improvement in profitability reflects better operational efficiency and cost management during the quarter. Earnings Per Share (EPS) for the quarter increased to ₹82.46, compared with ₹48.08 in the corresponding quarter of the previous year.

Operational Metrics (Q3 FY26 vs Q3 FY25): Operational performance during the quarter showed controlled cost growth alongside higher revenue. Total expenses increased to ₹808.19 Crore, compared with ₹769.05 Crore in Q3 FY25. Cost of raw materials and components consumed stood at ₹106.3 Crore, broadly in line with the ₹85.65 Crore reported in the same quarter last year. Employee benefit expenses rose to ₹16.5 Crore, compared with ₹13.3 Crore a year earlier, while finance costs increased to ₹0.21 Crore from ₹0.17 Crore in Q3 FY25. Despite these increases, the company maintained a healthy Profit Before Tax (PBT) of ₹93.9 Crore, reflecting strong operational performance and improved margins during the quarter.

Strategic Developments: Mohan Meakin Limited is strategically shifting towards premiumization to enhance its operating profit margins (OPM) and appeal to a younger, higher-spending demographic. Historically known for its mass-market, budget-friendly brands like Old Monk rum, the company is diversifying its portfolio by introducing premium brands in the gin, vodka, and whiskey segments.

India's logistics ecosystem is quietly expanding beyond trucking and warehouse operators. A new group of companies focused on global shipping, forwarding and air freight cargo logistics will become an important backbone of international trade. One such company that is poised and gearing up to tap the public markets is Skyways Air Services Limited, which is now decided and slated to go public on March 18, 2026.

Skyways Group founded by 𝗦.𝗟 𝗦𝗵𝗮𝗿𝗺𝗮 has consistently ranked among India’s top air-freight forwarders, handling large export volumes for industries like pharma, electronics, retail, and fast-moving manufacturing.  Mr. Yashpal Sharma is now the Chairman and Managing Director and has played a significant role in the company's growth.

Skyways Air Services began its journey as a custom agent (CHA), a service provider that handles customs clearance for importers and exporters. Over the decades, the company has expanded into a full-service freight forwarding and logistics platform, helping companies move goods across international borders. 

The company has reported a significant increase in revenue over the last two financial years.

• FY25 Revenue: ₹2,270 crore

• FY24 Revenue:  ₹1,316 crore

• FY25 Profit: ₹48 crore

• FY24 Profit: ₹34 crore

Export-oriented sectors such as pharmaceuticals, electronics, textiles, and engineering goods have increasingly relied on air cargo logistics to meet tight delivery schedules.

Today, the company operates in an emerging segment often referred to as "asset-light logistics".  And moreover, instead of owning planes aircrafts and ships, it manages the flow of cargo in coordination with airlines, shipping companies, freight and trucking networks and customs authorities.