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Manjushree Technopack Limited delivered a robust financial performance in Fiscal Year 2025 (FY25), notably achieving a 21% year-over-year growth in Total Revenue. This growth, as highlighted in the Chairman's Speech, was fueled by a strong post-pandemic recovery and increased global demand for durable and sustainable rigid plastic packaging across diverse sectors including food, beverage, healthcare, pharma, paint, and chemical. Further drivers included rising consumer preferences for convenience and hygiene, expanding penetration of organized retail, and growth in exports. The Company also continued to invest in upgrading technology and processes to deliver superior solutions.

• The Company's Profit After Tax (PAT) saw a significant surge, primarily influenced by an exceptional gain of ₹201.96 Cr from the extinguishment of financial liabilities due to the conversion of Compulsorily Convertible Debentures (CCDs) into equity shares (The Holding Company, Al -Lenarco Midco, vide its conversion notice dated March 26, 2025 sent to the Company, stated its intention to convert the CCDs issued up to March 31, 2024 into 18,101,306 equity shares of ₹2 each fully paid up. The Board of Directors of the Company took cognizant of the said notice in their meeting held on March 28, 2025 and approved the conversion of 58,721,747 CCDs into 18,101,306 equity shares of  ₹2 each, fully paid up, on the said date. The recorded value of liability component of the said CCDs aggregated to ₹20,196.02 Lakhs .The said equity shares were issued on March 28, 2025 and the Company completed necessary filings with Registrar of Companies, Karnataka on April 15, 2025).This, along with strong operational results, contributed to the improved Net Profit Margin.
• Total Assets and Total Equity also experienced substantial growth, largely driven by the strategic acquisition of the 'Manufacturing, trading and Sale of Plastic Closures and Preforms' business from Oricon Enterprises Limited for ₹540.1 Lakhs. This acquisition added significant property, plant, equipment, and intangible assets, enhancing the Company’s capabilities.
• For a more comprehensive understanding of the Company’s performance and strategic outlook, including the management discussion and analysis, investors are encouraged to refer to the Chairman's Speech and Board's Report within the annual report. The Manjushree Technopack Limited Annual Report for FY 2024-25, along with the Notice for the 38th Annual General Meeting, is being sent electronically to shareholders and is also available on the Company's website. The 38th Annual General Meeting will be held on Friday, July 25, 2025, at 11:30 a.m. (IST), conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM), in compliance with Ministry of Corporate Affairs circulars.

Notice of the Extra Ordinary General Meeting ("EGM") of IKF Finance Limited, which is scheduled for Thursday, 31st July 2025 at 11:30 a.m. (IST) at the Registered Office of the Company situated at #40-1-144, 3rd Floor, Corporate Centre, M.G. Road, Vijaywada-520010, Andhra Pradesh to transact the following special businesses:

Special Business:

• To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: Issue of 4,09,366 Partly Paid-Up Equity Shares on a Preferential Basis to Sri V.G.K. Prasad, Promoter: To create, offer, issue and allot 4,09,366 Equity shares of Rs.10/- each at a premium of Rs.356.42 i.e. total subscription price of Rs.366.42 per share each including issuing such shares as partly paid-up shares initially to the promoter of the Company (Sri V.G.K. Prasad)
• Approval to create, offer and issue up to 13,50,634 equity shares on a preferential basis to Sri V.G.K. Prasad, Promoter: To create, offer, issue and allot 13,50,634 Equity shares of Rs.10/- each at a premium of Rs.356.42 i.e. total subscription price of Rs.366.42 per share to the promoter of the Company (Sri V.G.K. Prasad)
• To adopt reinstated Articles of Association of the company
• To regularize appointment of Mr. Vint Mukesh Mehta (DIN - 08792902) as a Director of the Company in capacity of nominee director representing India Business Excellence Fund – IV with effect from 16th May, 2025 and who holds office up to the date of ensuing Annual General Meeting of the Company.

Notice of the 34th Annual General Meeting ("AGM") of Hero Fincorp Limited, which is scheduled for Monday, 28th July 2025 at 12:00 p.m. (IST) through video conferencing (“VC”)/ other audio-visual means (“OAVM”) to transact the following businesses:

Ordinary Business:

To receive, consider and adopt:

• The audited standalone financial statements of the Company for the financial year ended March 31, 2025 together with the report of the Board of Directors and Auditors thereon and
• The audited consolidated financial statements of the Company for the financial year ended March 31, 2025 together with the reports of the Auditors thereon.
• To declare a final dividend @11% i.e. ₹1.10/- per equity share of ₹10/- each for the financial year ended March 31, 2025.
• To appoint a director in place of Dr. Pawan Munjal, DIN:00004223, who retires by rotation and being eligible has offered himself for re-appointment.

Instructions at glance

Notice has been issued that the Twenty-Fourth (24th) Annual General Meeting (“AGM”) of the shareholders of BVG India Limited (“the Company”) is scheduled to be held on Thursday, July 31, 2025 at 12:30 PM IST at the Corporate Office of the Company, located at MIDAS Tower, 4th Floor, Phase I, Rajiv Gandhi Infotech Park, Hinjewadi, Pune – 411057, to transact the business as outlined in the agenda below:

Ordinary Business:​

1. Adoption of Financial Statements: Approval of standalone and consolidated audited financial statements for FY ending March 31, 2025.

2. Declaration of Preference Dividend: Approval of ₹0.0001 per compulsorily convertible cumulative preference share (₹10 face value) for FY 2024–25.

3. Declaration of Equity Dividend: Approval of ₹1.25 per equity share (₹2 face value) for FY 2024–25.

4. Re-appointment of Director: Mr. Pankaj Dhingra (Non-Executive Director) retires by rotation and seeks re-appointment.

5. Remuneration of Statutory Auditors: Authorizing the Board to fix remuneration of M/s MSKA & Associates for FY 2025–26.

Special Business:

1. Re-appointment of Mr. Chandrakant Dalvi: As Non-Executive Independent Director for a second 5-year term (Oct 2024–Oct 2029).

2. Re-appointment of Mr. Prabhakar Karandikar: As Non-Executive Independent Director for a second 5-year term (Feb 2025–Feb 2030), despite being above 75 years (requires special approval as per SEBI norms).

3. Re-appointment of Mr. Rajendra Nimbhorkar: As Non-Executive Independent Director for a second 5-year term (Feb 2025–Feb 2030).

4. Appointment of Mrs. Neha Huddar: As a new Non-Executive Independent Director for a 5-year term (Mar 2025–Mar 2030).

5. Initial Public Offering (IPO) Approval: Approval for the Company to raise up to ₹400 crore through a fresh issue of equity shares and offer for sale (OFS) by existing shareholders.

In conclusion, the 24th Annual General Meeting of BVG India Limited encompasses key matters vital to the Company's continued governance, financial performance, and strategic growth.

The SME IPO segment demonstrated robust activity in the first half of 2025. From January to June 2025, approximately 94 SME IPOs were launched, collectively raising a total of around ₹4,138.28 crore. This underscores a vibrant SME IPO ecosystem and strong capital-raising momentum among small and medium enterprises in India. 

Despite new SEBI rules that doubled the minimum investment in SME IPOs from ₹1 lakh to ₹2 lakh effective March 2025, investor enthusiasm remained strong. Several IPOs across SME achieved significant positive listings, indicating strong investor confidence and successful market debuts. 

For the SME segment, Neetu Yoshi showed substantial gains with listing at 40% Premium. Other notable SME IPOs with positive listings include Fabtech Technologies Cleanrooms Limited, Sat Kartar Shopping Limited and Monolithisch India, all listed in January 2025. 

• Financial Highlights: The National Commodity & Derivatives Exchange (NCDEX) has reported a net profit of ₹234 crore for FY25, which might seem promising at first glance for investors in the unlisted sector. However, a deeper look into the financial results reveals that this figure is largely driven by one-time exceptional gains from asset sales, rather than operational efficiency. In contrast, the exchange experienced a 10% decline in revenue from operations, which fell to ₹122 crore from ₹136 crore in FY24, highlighting ongoing challenges in attracting trading volumes, competing against the Multi Commodity Exchange (MCX), and engaging both institutional and retail investors.
  
• Operational Highlights: The profit reported for the year is primarily attributed to significant divestments, including a 16.22% stake in National E-Repository Ltd (NERL), which generated ₹227 crore, and a 16.01% stake in Power Exchange India Ltd (PXIL) that brought in ₹156 crore. Both transactions were executed at prices significantly lower than their prevailing market values, raising concerns about value realization for NCDEX shareholders. NERL, which focuses on digitizing agri-commodity storage, and PXIL, a platform for power trading, are both strategically aligned with growing sectors—agriculture technology and clean energy.
  
• Future Outlook: SEBI has permitted Universal Stock Exchanges like NCDEX to offer equity and index derivatives. Current volumes in equity derivatives are massive (>$21B ADTV in options alone). Market coupling, index expiry reforms, and demand for alternate platforms open space for new entrants. Downside is that the equity market is dominated by NSE and BSE; entry barriers are high despite regulatory support. Current operations are loss-making; profitability depends on scaling new businesses quickly. Execution risk in raising capital and launching new segments as per SEBI timelines.

Financial Performance (FY25 vs FY24):

Anglo-French Drugs posted a 18.2% YoY growth in total income to ₹118.0 Cr in FY25, up from ₹100 Cr in FY24, driven by a strong surge in other income (₹30 Cr vs ₹4.5 Cr), partially offset by a 7.8% decline in core revenue from operations to ₹88 Cr from ₹95 Cr. This indicates pressure on the core pharmaceutical business. Despite lower operational revenue, profit before tax (PBT) turned positive to ₹8 Cr from a loss of ₹12 Cr in FY24. The turnaround was largely due to investment gains and reduced raw material costs.

Operational Metrics (FY25 vs FY24):

Net profit margin improved to 6.1% from –12.4%, aided by cost control and higher other income. Total borrowings doubled to ₹19 Cr, primarily for working capital. A related-party loan of ₹7.52 Cr to Dormirbien Pvt Ltd raised governance concerns. Net cash from operations stood at ₹2 Cr, while cash and cash equivalents rose marginally. The company also invested ₹54 Cr and spent ₹9.0 Cr in capex for the acquisition of assets indicating a tilt toward treasury income.

Strategic Developments:

FY25 was a transformation year for AFDIL, marked by a turnaround in profitability after consecutive losses. However, core pharma revenues declined, reflecting underlying demand pressure and execution issues, especially in exports (which fell from ₹9 Cr to ₹0.93 Cr YoY). The company’s strategic buyback of shares (₹53 Cr payout) and lending to a related startup (DPL) raise capital allocation concerns. The shift towards high-yield investments helped earnings but raises questions on sustainability.

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HDB Financial Services, a leading non-banking financial company (NBFC) and a subsidiary of HDFC Bank, is preparing for a significant Initial Public Offering (IPO) in the Indian market. This public issue is generating substantial interest due to HDB's strong backing and its integral role in India's retail and SME lending landscape. 

HDB Financial Services plays a pivotal role in serving underbanked and semi-urban segments through a diversified product portfolio that includes enterprise lending, asset finance, and consumer loans. Its extensive pan-India presence, combined with a robust digital infrastructure, has propelled HDB into a formidable position within the financial services landscape. 

The IPO is significant not only for its size, aiming to raise ₹12,500 crore, but also as a strategic move to comply with Reserve Bank of India (RBI) regulations requiring "upper-layer" NBFCs to be publicly listed by September 2025. 

• The offer comprises a fresh issue of ₹2,500 crore to augment the company’s Tier-I capital and an Offer for Sale (OFS) of ₹10,000 crore by HDFC Bank. HDFC Bank, which currently holds 94.6% of HDB Financial Services, will reduce its stake to ~ 74.19% post-IPO, while still retaining significant control. 

• The price band for the IPO has been fixed between ₹700 and ₹740 per share, with bids accepted in lots of 20 shares. 

• HDB Financial Services leverages its strategic parentage with HDFC Bank, which provides access to deep distribution networks, strong branding, and robust oversight. The company operates on a "phygital" distribution model, combining its 1,771 branches and over 140,000 dealer touchpoints with advanced digital tools for onboarding, credit scorecards, and automated decision-making. 

• Over 80% of its branches are located outside India's 20 largest cities, allowing it to effectively tap into underbanked rural and semi-urban markets and gain a competitive advantage. The company's diversified loan book across enterprise, asset, and consumer finance segments, with no single product exceeding 25% share, indicates prudent diversification and strong, cycle-tested lending growth.

HDB Financial Services and Cholamandalam Investment & Finance Company both demonstrate strong financial performance in FY25, with Cholamandalam leading in most key metrics. Cholamandalam Investment & Finance Company is an established and listed NBFC that currently leads HDB Financial Services in terms of scale and profitability.

Cholamandalam reports revenue of Rs 25,846 crore compared to HDB’s Rs 16,300 crore, along with superior profitability indicators such as a PAT of Rs 4,263 crore and a higher ROE of 19.8%. Additionally, Cholamandalam’s asset under management (AUM) and total disbursement significantly surpass HDB’s, reflecting its larger scale of operations.

• However, HDB Financial Services shows better asset quality with lower GNPA (2.26% vs. 4%) and NNPA (0.99% vs. 2.6%), indicating more prudent risk management. While Cholamandalam enjoys a slightly higher net interest margin (7.7% vs. 7%), HDB maintains a competitive return on total assets (ROTA) at 2.16%, close to Cholamandalam’s 2.4%. The price-to-book ratio also favors HDB at 6.2x compared to Cholamandalam’s 5.5x, suggesting stronger market valuation relative to book value. 

• HDB Financial Services, as a non-banking financial company (NBFC) subsidiary of HDFC Bank, is preparing for a significant initial public offering (IPO), which is expected to be one of the largest NBFC listings.  HDB Financial Services' strong fundamentals and the backing of HDFC Bank position it as a promising investment ahead of its public debut. HDB Financial services is likely to launch its IPO at a valuation of ₹62,000-65,000 crore.
  

Small and Medium Enterprises (SMEs) are the backbone of India’s economy, driving innovation, employment, and regional development. Investing in the SME sector provides a unique opportunity for investors to participate in the growth of emerging companies with high potential. 

However, navigating this landscape requires insight into which investors have successfully generated substantial returns by backing promising SMEs. Let’s dive into the top investors who have consistently identified high-growth potential in smaller and emerging enterprises, delivered impressive returns, and set benchmarks for strategic and impactful investment in this vibrant sector.

Collectively, these investors showcase deep analytical rigour, long-term conviction, and a willingness to back lesser-known companies, often resulting in compound annual returns exceeding 20-30% and, in many cases, life-changing multi-bagger exits. Their stories not only define benchmarks for SME investing in India but also inspire a new generation of private market participants to seek value, patience, and vision as drivers of enduring wealth creation.

• Financial Performance (FY25 vs FY24): KLM Axiva Finvest reported a 7.8% year-on-year increase in total income to ₹341 Cr in FY25 from ₹316 Cr in FY24, driven by an 8.8% growth in interest income to ₹332 Cr. However, other income declined 20.5% YoY to ₹8 Cr. Operating expenses remained elevated, particularly finance costs, which increased by 12.8% to ₹175 Cr. Additionally, impairment on financial instruments saw a sharp spike to ₹5 Cr from just ₹0.4 Cr in FY24, reflecting tighter provisioning standards. As a result, profit before tax (PBT) declined 34.4% YoY to ₹20 Cr, compared to ₹30 Cr in FY24. Net profit dropped 12.3% to ₹20 Cr, down from ₹23. Cr. Earnings per share (EPS) also contracted to ₹0.85 from ₹1.14, mirroring the pressure on bottom-line growth despite higher revenues.
• Operational Metrics (FY25 vs FY24): The company’s net profit margin compressed to 5.9% in FY25 from 7.3% in FY24, largely due to increased interest expenses and provisioning. The operating margin stood at 5.81%. On the asset quality front, Gross NPA (GNPA) rose to 1.99% from 1.6%, and Net NPA (NNPA) increased to 1.12% from 0.66%, signaling a slight deterioration in credit quality. Provisioning coverage improved marginally, indicating some buffer buildup against asset stress. The company’s Capital Adequacy Ratio (CRAR) moderated to 15.8% from 23.6% but continued to remain comfortably above regulatory minimums. Net worth improved to ₹275 Cr from ₹238 Cr, supported by equity infusion and retained earnings. KLM Axiva’s loan portfolio saw a slight decline to ₹1,656 Cr in FY25 from ₹1,660 Cr in FY24, reflecting a cautious and selective lending approach.
• Strategic Developments: FY25 was a year of transition for KLM Axiva. The company was required to restate its FY24 financial statements following a directive from the Reserve Bank of India (RBI), which called for additional provisioning on certain restructured gold loan accounts under the Resolution Framework 2.0. This framework was initially introduced during the COVID-19 period to provide temporary relief to borrowers by allowing lenders to restructure loans. However, RBI later conducted a review and instructed NBFCs to reassess these accounts and strengthen provisioning where necessary. As a result, KLM Axiva revised its FY24 results to reflect the increased provisions. In FY25, the company raised ₹31 Cr through fresh equity capital, which supported its capital base. It also rebalanced its borrowings during the year. Despite some pressure on margins, the company generated positive cash flow from operations of ₹201 Cr—marking a strong recovery from a negative ₹27 Cr in FY24. Going forward, KLM Axiva aims to enhance credit monitoring, strengthen its risk assessment models, and improve operational efficiency to support profitability and maintain healthy asset quality in FY26.

• Financial Performance (FY25 vs FY24): Hinduja Leyland Finance posted a strong 34.8% YoY growth in total income to ₹6,281 Cr in FY25, up from ₹4,659 Cr, driven by higher interest income (₹5,364 Cr vs ₹4,011 Cr), fee income, and gains on financial instruments. This robust revenue expansion also supported profitability. Profit Before Tax (PBT) rose 23.6% YoY to ₹1,040 Cr from ₹846 Cr. However, tax expenses increased to ₹266 Cr from ₹205 Cr. As a result, Profit After Tax (PAT) rose 21.5% YoY to ₹774 Cr, compared to ₹636 Cr in FY24. EPS improved to ₹14.46 from ₹11.89, reflecting stable earnings growth.
• Operational Metrics (FY25 vs FY24): Net Profit Margin declined to 12.3% in FY25, from 13.7% in FY24, reflecting cost and credit pressures. Gross NPA (Stage III assets) stood at 3.63%, down from 4.35% in FY24. Net NPA decreased to 2.13%, decline from ~2.7% in FY24, indicating improvement in asset quality. Provision Coverage Ratio (PCR) was 42.1%, providing a moderate cushion against bad loans. Loan Book grew by 24.3% YoY to ₹47,854 Cr from ₹38,463 Cr. Total Assets surged 26.0% to ₹56,532 Cr from ₹44,877 Cr. Net Worth expanded by 27.6% to ₹8,695 Cr from ₹6,811 Cr, bolstered by retained earnings.
• Strategic Developments: FY25 was a year of steady growth and operational improvement for Hinduja Leyland Finance. Despite a slight dip in profit margins due to higher funding and credit costs, the company demonstrated resilience through strong balance sheet expansion and improved asset quality. The reduction in both Gross and Net NPAs signals enhanced risk management and more effective recovery efforts. The loan book and total assets witnessed robust growth of 24.3% and 26.0% respectively, reflecting sustained lending momentum. While profitability came under pressure, HLF’s stable asset quality and healthy capital position provide a solid foundation for future growth.

• 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.