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InSolare Energy is no longer just a solar EPC—it’s quietly moving up the energy value chain. The Jaipur-headquartered company now boasts 1+ GW of executed solar EPC projects and a multi-city presence, signalling steady execution capability across India’s biggest renewable markets. 

• Recently InSolare as part of an SCC Infrastructure–InSolare consortium won a 70,000 tonnes per annum green-ammonia supply contract under SECI’s SIGHT scheme — a major win that positions the company into green hydrogen derivatives and industrial off-take. The consortium quoted ~₹53.05/kg for the project, and this award gives InSolare access to PLI incentives for indigenous electrolyser manufacturing and green-hydrogen value chains. 

• Growth has been backed by capital and market interest. The firm raised roughly ₹66.5 crore in a pre-IPO round (Feb 2024) from names such as Mukul Agarwal and Negen Capital.

• India’s renewable landscape is evolving fast — from solar EPC to integrated clean-energy models.
  InSolare is positioning itself right in the middle of this transition.
  

The opportunity is massive:

India targets 5 million tonnes of green hydrogen by 2030, and early SECI allocations could define long-term winners.

But risks remain: EPC margins, hydrogen project financing, and execution quality will determine how far this momentum carries.

EPC markets remain competitive and margin-sensitive; scaling into electrolysers and green-ammonia requires capex, partner coordination, and supply-chain depth. 

Can a 1-GW EPC player successfully scale into green hydrogen — or is this leap too early?

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In India’s logistics ecosystem, some companies build empires without ever making noise.

Skyways Air Services is one of them.

For nearly four decades, Skyways has been the behind-the-scenes force powering India’s export engines, manufacturing hubs, D2C brands, and global freight corridors. And now, as the company gears up for a potential IPO in the coming quarters, the market is waking up to what Skyways has quietly built.

Most people know India’s aviation story.

Very few know the air-cargo story — and Skyways sits right at the center of it.

About Skyways Air Services

Skyways started as a modest air-cargo forwarding company in 1984 and has grown into one of India’s top freight forwarders, trusted by airlines and exporters alike. It handles air, ocean, road and value-added logistics services—covering import-export, warehousing, custom-broking and technology-driven express cargo. 

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. 

• Around 75% of its revenue comes from air freight, a rarity in India’s logistics sector where road freight dominates.

• The company has expanded into ocean freight, warehousing, trucking, customs brokerage, and supply-chain tech- transforming from a forwarding company into an end-to-end logistics platform.

• It operates across major airports and ports, supported by a strong PAN-India presence and overseas partners.
  

With 75 % of revenue from air freight, a decade-plus track record, and expansion into full-spectrum logistics, Skyways looks like a logistics engine ready to be re-rated. The IPO of this legacy player could be the chance to tap beat-the-index returns in a sector many overlook.

InCred Holdings (parent of InCred Financial Services) founded by Bhupinder Singh has filed draft papers with SEBI through the confidential route as it prepares for an IPO likely in the ₹3,000–4,000 crore range. The move follows fresh private investments and strategic deals that position the group for faster AUM growth and product diversification.

• Profitability: InCred reported ~₹372 crore PAT in FY25, an improvement year-on-year, reflecting better core margins and scale.
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• Loan book / AUM: The group’s loan book/AUM has been growing rapidly — AUM crossed ~₹11,000–12,000 crore in FY25 (36–49% growth indicators in FY24–FY25).
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• Asset quality & capital: Reported GNPA / NNPA metrics remain modest and capital adequacy appears healthy (CRAR and investor backing have been highlighted in ratings notes).

InCred is a tech-embedded NBFC that has diversified across consumer, education, SME and institutional lending, plus fee businesses (syndication, asset management). 

It is moving from a growth-funded private model to public capital markets just as its unit economics have strengthened, a classic IPO moment for an NBFC scaling profitably. The recent strategic investments (including a ₹250 crore minority stake by Zerodha founders) add credibility and market visibility.

Strengths: strong AUM momentum, improving PAT, product diversification (including recent acquisitions/portfolio additions), healthy investor interest, and ratings agency acknowledgement of disciplined underwriting. These give InCred a shot at a smooth IPO if valuation and use-of-proceeds align with growth plans.

In India’s value-commerce universe, Meesho founded by Vidit Aatrey, began as a modest WhatsApp-reseller marketplace, serving tier-2 and tier-3 consumers.

Meesho is now targeting a post-money valuation of around ₹52,500 crore (~US$5.93 billion) for its upcoming IPO, slated for early December. 

The company plans to raise ₹4,250 crore via a fresh issue and additional shares through offer-for-sale (OFS) by early-stage investors. 

Where Meesho Stands Today: FY25 Performance Snapshot

In FY25, Meesho reported a significant narrowing of losses.

• Revenue: ~₹9,900 crore (strong YoY growth)

• Net Loss: Adjusted Loss reduced to ₹108 crore excluding exceptional items
  
  
• Orders Processed: 1.3 billion+ orders
  
  
• Transacting Users: 187 million
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• Market Share: ~23–25% in Home, Kitchen & Furnishings category
  
  
• Operating Model: Zero-commission + high-volume + low AOV strategy
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• Profitability Move: Contribution margins improved, and cash burn reduced substantially
  

The company claims FY25 to be its “most efficient year ever,” supported by scale-led efficiencies

What the IPO proceeds will fuel: cloud-infrastructure upgrades, AI/ML teams, brand building, inorganic growth and expansion of its logistics arm. 

Still, this is no low-risk play. Fast growth, thin margins, fierce competition, logistics costs, and execution risk all loom large. Investors will watch if Meesho can turn its scale into sustainable, profitable growth rather than just top-line headline numbers.

• Financial Performance (Q2FY26 vs Q2FY25): In Q2FY26, MSEI reported a sharp 236.0% YoY increase in total income to ₹14.1 Cr, compared with ₹4.2 Cr in Q2FY25, driven primarily by a steep rise in other income, which surged to ₹13.2 Cr from ₹3.3 Cr last year. Revenue from operations remained weak, declining 3.4% YoY to ₹0.86 Cr versus ₹0.89 Cr in Q2FY25. Operating performance improved significantly as the loss before tax narrowed to ₹4.1 Cr, an improvement of 47.1% YoY compared with a loss of ₹7.7 Cr in the prior year. At the net level, the company also recorded a lower loss of ₹4.1 Cr, compared with ₹7.7 Cr in Q2FY25. Earnings Per Share (EPS) improved to ₹(0.00) from ₹(0.02) last year, supported by both reduced losses and a substantially higher equity base.
• Operational Metrics (Q2FY26 vs Q2FY25): Net loss margin improved sharply to (29.0%) in Q2FY26 from (184.0%) in Q2FY25, primarily due to higher other income offsetting elevated operating costs. Employee expenses rose 65.8% YoY to ₹5.8 Cr, reflecting cost pressures and scaling of operations, while administration and other expenses increased 152.7% YoY to ₹4.7 Cr. Finance costs increased to ₹0.17 Cr from ₹0.01 Cr, though still negligible as a proportion of the cost base.
• Strategic Developments: Q2FY26 was marked by a significant strengthening of the balance sheet driven by large-scale equity issuance, with the paid-up capital rising to ₹1,099.5 Cr, enabling the company to substantially expand its investment portfolio. Despite persistent operating losses, the quarter demonstrated meaningful progress in reducing net losses, supported by strong treasury income. The continued revival effort is supported by major investor participation through private placements and the reappointment of the MD & CEO, ensuring leadership continuity. However, core trading activity remains subdued, reflected in weak operational revenue, underscoring the need to rebuild volumes and platform activity for sustainable financial turnaround. Overall, the quarter reflected material improvement in financial stability, narrowing losses, and enhanced liquidity, although with continued dependence on non-operating income.

• Financial Performance (Q2FY26 vs Q2FY25): In Q2 FY26 Arohan Financial reported total revenue of ₹381 crore, down 16.4% YoY from ₹456 crore in Q2 FY25. Interest income fell to ₹342 crore, down 19.4% YoY from ₹424 crore, while fees and other non-interest income also moderated. Finance costs declined to ₹128 crore, down 23.6% YoY, offering some relief, but impairment on financial instruments remained elevated at ₹95 crore (down 4.2% YoY). Profit before tax (PBT) came in at ₹26 crore, down 56.6% YoY from ₹59 crore, and profit after tax (PAT) was ₹20 crore, down 56.2% YoY from ₹45 crore. Basic EPS for the quarter fell to ₹1.28 from ₹2.93 a year earlier (down 56.3%).
• Operational Metrics (Q2FY26 vs Q2FY25): Gross Stage-3 (GNPA) ratio was 2.0%, up from ~1.5% a year ago, and Net Stage-3 (NNPA) ratio was 0.52% (vs 0%), indicating a deterioration in asset quality. Provision Coverage Ratio (PCR) stood at 74.5%, lower than earlier peak levels but still providing a material cushion. Capital adequacy remained strong at 34.5%. Loan book (loans on balance sheet) was ₹5,622 crore as at Sept 30, 2025, marginally down 1.5% versus Mar 31, 2025 (₹5,705 crore), while total assets rose to ₹7,117 crore (up 3.3% vs Mar 31, 2025). Net worth was ₹2,054 crore, up 1.4% sequentially. 
• Strategic Developments: Arohan’s Q2 results show weaker revenue and sharply lower profitability driven by sustained credit costs and softer interest/fee income. The moderation in finance costs helps, but elevated impairments keep returns depressed. The slightly higher GNPA and lower PCR versus prior peaks mean asset-quality improvement must be watched closely. On the positive side, the company’s capital adequacy is strong and total assets are steady; with RBI’s earlier lifting of lending restrictions, Arohan can normalize disbursements — this should support loan-book recovery and revenue traction over coming quarters, provided underwriting and collections are tightened and operating costs are managed.

Royal Challengers Bengaluru (RCB), one of the marquee teams of the Indian Premier League (IPL), is now reportedly set to be sold, with its owner United Spirits Ltd (USL) having initiated a strategic review of the franchise ahead of March 31, 2026. 

Nikhil Kamath, co-founder of Zerodha is among the top contenders to buy RCB.  And when one franchise changes hands at a premium, the ripple travels across the league. 

All eyes are now on Chennai Super Kings (CSK)

Unlike RCB, which has changed hands before, CSK’s promoters, led by N. Srinivasan’s group recently increased their stake in the holding company, signaling confidence in its long-term value.

CSK’s strong profitability, consistent fan engagement, and historic performance have made its unlisted shares 

Beyond the Game: The Business of IPL

The IPL’s total brand value now stands at $18.5 billion, according to reports, with franchises evolving into global sporting assets, much like NBA or Premier League clubs.

• For investors, these teams are no longer “entertainment bets” — they’re cash-generating media properties with scalable sponsorship and digital rights potential.
• RCB’s exit has triggered a valuation reset across the league positioning CSK as the credible benchmark for sustainable profitability and fan engagement.

The current CSK share price in the unlisted market stands around ₹208–₹210 per share.

RCB’s shake-up sparks a new innings for CSK — will legacy translate into valuation momentum?

In a surprising move, Aman Gupta, the co-founder and the face of the brand, stepped down from active operations.

Sameer Mehta has transitioned into the role of Executive Director, while Gaurav Nayyar, the company’s COO, now takes the helm as CEO.

Leadership exits right before a listing rarely goes unnoticed.

• According to its latest DRHP, the company also disclosed a 34% employee attrition rate in FY25, up from 28% the year before. That means one in three employees left the company in a single year.
• It’s leadership churn, high attrition, and an uneasy road to the IPO.

Despite the red flags, boAt remains India’s market leader in wearables, with over 27% market share in audio and strong recall across Tier 2 and 3 cities.

Its return to profitability in FY25 shows operational discipline.

The IPO Backstory

When boAt first filed for an IPO in 2022, it was a market darling.

 A ₹2,000 crore issue backed by booming D2C optimism.

 But as markets cooled and losses widened, the plan was shelved.

 Now, three years later, the brand is trying again with a  ₹1,500 crore IPO.

• In FY25, boAt turned profitable with ₹61 crore in PAT and ₹3,100 crore in revenue, but the real question isn’t about profits—it’s about consistency.

Above all, one thing  will test: Can boAt turn brand loyalty into lasting investor trust?

In India's edtech space, too many companies grew fast without proving profit. 

PhysicsWallah is shifting that narrative.

Physics Wallah: born on YouTube, built by credibility, and scaled with cash discipline.

Now, the company is preparing for its market debut with an IPO, including a fresh issue of ₹3,100 crore and a ₹380 crore offer-for-sale led by promoters.

The funds will be used to expand its offline centres, hybrid learning model, and digital platform — a play that merges tech efficiency with traditional classroom trust.

Founder Alakh Pandey and  Prateek Maheshwari each hold 105.12 crore shares, translating to a 40.31 percent stake apiece in the company. At the top price band, their individual stakes are valued at Rs 11,458 crore, or about $1.29 billion each.

The IPO is set at a price band of ₹103–₹109 per share.

Here’s what the numbers say:

The total IPO  issue size is about ₹3,480 crore. 

PhysicsWallah boasts 1 crore+ monthly active users and 500+ offline centres across its brands.

FY25 revenue: ₹1,240 crore (up ~42% YoY)

Profit after tax: ₹130 crore

Valuation: estimated around ₹28,426 - ₹30,000 cr  (~$3.6 billion)

• Use of  IPO proceeds:  ~₹460.5 crore for new/hybrid centres fit-outs, ~₹548.3 crore for lease payments for existing, ~₹710 crore for marketing, and ~₹200.1 crore for server and cloud infrastructure.
  
• Grey market premium (GMP) shows early sentiment: around +8% in the unlisted market for this IPO.

Key risks to consider: The valuation is steep for a company still in expansion mode, and profitability is yet to be fully demonstrated. Offline centre expansion is capital-intensive and competitive pressures from other edtech players, tuition chains and technology platforms remain high. Execution matters.

For years, India’s fintech story has been about apps that make payments faster.

But the next chapter is about something deeper — how merchants grow smarter with every transaction.

Pine Labs is entering the public market with a price band of ₹210-221 per share, launching 7- 11 November, raising ~₹3,900 crore. ​

From enabling tap-and-pay to powering EMI financing, digital gift cards, and loyalty programs — it’s turning every swipe into data, every data point into insight, and every insight into opportunity.

Behind every QR code at a local store or POS machine at a luxury outlet, there’s a layer of Pine Labs’ technology — connecting millions of merchants to credit, commerce, and customers.

Now, with its ₹3,900 crore IPO, Pine Labs is not chasing valuation hype.

FY25 revenue surged 28.5% YoY to ₹2,274 crore, while losses narrowed sharply from FY24.

But here’s the truth: It’s not yet a legacy profit-machine,  Pine Labs still posted a net loss of ~₹145 crore in FY25.

• Grey Market Premium  Substantially Falls in 5 days from ₹60 to ₹12.

• Key risks remain: It is still loss-making (net loss ~₹145 crore in FY25) despite revenue growth (~28% YoY). 

• Competitive pressure is high: payments & merchant commerce is crowded, both domestically and globally, and margin squeeze is possible. 

• Execution/internationalisation risk: The overseas growth and high-margin adjacencies are promising, but converting them into profits will take time.

• Investor dilution/esop risk: With a sizeable fresh issue plus OFS, institutional locking, and existing shareholder exits (eg. Peak XV Partners, PayPal Pte. Ltd., Mastercard Asia/Pacific Pte. Ltd.) the market will watch shareholding dynamics closely. 

• Financial Performance (Q2FY26 vs Q2FY25): In Q2FY26, Hero FinCorp reported a 5.7% YoY decline in total income to ₹2,139 Cr, compared with ₹2,268 Cr in Q2FY25, primarily due to lower interest income (-4.5% YoY to ₹1,868 Cr). Total revenue from operations stood at ₹2,137 Cr versus ₹2,265 Cr a year ago. Operating performance weakened sharply, with Profit Before Tax (PBT) turning into a loss of ₹100.0 Cr against a profit of ₹62.6 Cr in Q2FY25, largely driven by higher impairment on financial instruments (+11.7% YoY to ₹644.8 Cr) and elevated finance costs (+0.9% YoY to ₹835.2 Cr). After tax, the company reported a Net Loss of ₹112.8 Cr, compared to a profit of ₹26.5 Cr in Q2FY25. Consequently, Earnings Per Share (EPS) fell to ₹(8.71) from ₹2.09 in the same quarter last year. For H1FY26, total income declined 1.2% YoY to ₹4,474.1 Cr (vs ₹4,529.6 Cr in H1FY25), while Net Loss stood at ₹162.5 Cr, compared with a profit of ₹66.0 Cr in H1FY25.
  
  
• Operational Metrics (Q2FY26 vs Q2FY25): Hero FinCorp’s net profit margin stood at -5.3%, down from 1.2% in Q2FY25, reflecting rising funding and credit costs. Asset quality deteriorated — Gross NPA (GNPA) increased to 5.41% (vs 4.63% YoY) and Net NPA (NNPA) rose to 2.41% (vs 2.22% YoY). However, the Provision Coverage Ratio (PCR) improved to 56.83% from 53.27%, providing a stronger cushion against stressed assets. The company maintained a healthy capital position, with the Capital to Risk Weighted Assets Ratio (CRAR) at 17.41% (vs 16.67% YoY) and the Liquidity Coverage Ratio (LCR) improving sharply to 145.7% (from 105.4% last year), indicating ample liquidity reserves. Total debt to total assets remained stable at 86.5%, while Net Worth increased 2.3% YoY to ₹5,846.6 Cr (vs ₹5,714.8 Cr in Q2FY25).
  
  
• Strategic Developments: During H1FY26, Hero FinCorp acquired 2,148 loan accounts worth ₹117.8 Cr and transferred 1,01,161 loan accounts worth ₹1,475.3 Cr, reflecting continued portfolio churn and balance sheet optimization. Q2FY26 was a challenging quarter for Hero FinCorp, with profitability hit by elevated credit provisions and higher finance costs amid a tight interest rate environment. However, the company maintained robust capital adequacy (17.4%), improved liquidity coverage, and strengthened provisioning buffers. Portfolio stress remains concentrated in the MSME and personal loan segments, though the resolution book continues to decline — an encouraging sign. The planned Hero Fincorp IPO and potential reclassification of CCPS as equity are expected to enhance net worth and reduce leverage.

Groww, one of India’s fastest-growing investment platforms, has rolled out commodities trading, allowing users to invest in crude oil, gold, silver, and other futures directly on its app. The move marks Groww’s next phase of evolution from a stock-broking startup to a complete investment ecosystem.

• The launch comes just days before the much-awaited Groww IPO, set to open on November 4, with a price band of ₹95-₹100 per share and an issue size of around ₹6,632 crore. By entering the commodities market, Groww aims to attract a wider investor base and boost engagement before its listing. 

• While commodities bring higher volatility, they also offer portfolio diversification — a strategic edge for both investors and the platform. As Groww broadens its product mix, it positions itself as a key challenger in India’s fintech and broking space.  

Update on OYO’s Bonus Issue

• Re-evaluation of Bonus Structure: Based on feedback received on the ongoing bonus issue,OYO has decided to re-evaluate and introduce a new, simplified bonus structure that will include all shareholders- both equity and CCPS holders, ensuring equal participation.
  
  
• Withdrawal of Current Resolution: As regulatory provisions do not permit mid-process changes, OYO will not proceed with the current resolution and will instead present a fresh, unified proposal for shareholder approval in compliance with the Companies Act, 2013.
  
  
• No Opt-In Required: The revised structure will be announced shortly and will not require shareholders to opt in separately.
  

According to OYO, the decision reflects the company’s continued commitment to governance-first growth, fairness, and long-term value creation for all categories of shareholders. OYO further stated that the upcoming bonus structure will embody its belief that every shareholder should have an equal opportunity to participate in PRISM’s next phase of growth.

OYO (Oravel Stays Limited, “PRISM”) has issued an important update regarding the Bonus CCPS (“Bonus Shares”) as outlined in its Postal Ballot Notice dated October 28, 2025. Based on shareholder feedback received on the Postal Ballot, the Company has decided to communicate the details more clearly, extend the option election timeline, and reaffirm its commitment to transparency and a shareholder-friendly approach.

Key Updates and Benefits for Shareholders

• Extended Deadline: The option selection period has been extended by 9 days, until 6:00 PM on Friday, November 7, 2025, allowing shareholders more time to choose their preferred Bonus Share option.
• Limited Dilution: The Bonus Share issue remains limited to a maximum dilution of only 5% on a fully diluted basis- ensuring shareholder rewards with minimal impact on ownership.
• Distinct from Prior Bonus: This Bonus Share plan is separate from the earlier 1:1 issue, structured to reward long-term shareholders aligned with the Company’s IPO vision while still providing benefits to others.
• Simplified Process: CML submission is no longer required. Shareholders must simply ensure their demat accounts are active before opting for Bonus Shares and to do this verification on their own

Clarifications

• The issuance aims to enhance shareholder value by rewarding investors who support the Company’s IPO journey.
• Since equity shareholders bear higher risk without downside protection, they are being offered a small upside through Bonus Shares.
• Preference shareholders, including major investors like SoftBank Vision Fund and Ritesh Agarwal, are not eligible for the milestone-based bonus option.

Notice is hereby given that, pursuant to applicable provisions of the Companies Act, 2013 and MCA Circulars, the Company proposes to pass the enclosed Resolutions through Postal Ballot via remote e-voting provided by MUFG Intime India Pvt. Ltd.

Special Business

• To alter and increase the authorized share capital of the Company from Rs. 24,31,13,59,300 to Rs. 24,33,13,59,300 by including 10,00,000 Bonus A CCPS of Rs. 10 each and 10,00,000 Bonus B CCPS of Rs. 10 each.
  
  
• Approval is sought to issue Bonus Compulsorily Convertible Preference Shares (Bonus CCPS) to existing equity shareholders by capitalizing the Company’s free reserves, securities premium, or other permissible accounts as on March 31, 2025. Each Bonus CCPS, having a face value of Rs. 10 and credited as fully paid-up, will be allotted to eligible shareholders whose names appear in the register of members or beneficial owners as of October 24, 2025 (Record Date), in the ratio of 1 Bonus CCPS for every 6,000 existing equity shares held.

Characteristics of Bonus CCPS

• Preferential Dividend:  Bonus CCPS are issued at a noncumulative preferential dividend rate of 0.01% p.a. Holders of Bonus CCPS will be entitled to receive dividends on an as-if-converted basis, similar to equity shareholders, but such dividends shall be payable only when declared by the Board. In the event of repayment of capital, Bonus CCPS will carry pari passu rights with the equity shares of the Company.
  
  
• Conversion:
  • Each Bonus CCPS will, by default, convert into 1 equity share (“Default Bonus Conversion Ratio”). However, equity shareholders may choose a Milestone Based Option under which conversion will depend on whether a defined milestone is achieved:
    
    
    • Upon achievement of the milestone, each Bonus CCPS will convert into 1,109 equity shares (“Milestone Achievement Ratio”).
    • Upon non-achievement, each Bonus CCPS will convert into 0.10 equity share (“Milestone Non-Achievement Ratio”).
      
      
  • Shareholders not opting for the Milestone Based Option will be termed Class A Bonus CCPS Holders, while those who opt for it will be Class B Bonus CCPS Holders.
    
    
  • No fractional shares will be issued upon conversion- any fractional entitlement will be rounded to the nearest whole number (rounded up if less than one). Holders owning fewer than 6,000 equity shares of the Company will not be entitled to receive any Bonus CCPS.
    
    
  • The Milestone refers to the appointment of bankers during FY26 in connection with any proposed IPO of the Company.
    
    
  • Shareholder must notify the Company in writing of their choice regarding the Milestone Based Option within three working days from the dispatch of the Postal Ballot Notice
    
    
  • Shareholders holding more than 1% of the Company’s fully diluted equity share capitalmay choose different conversion ratios for different portions of their Bonus CCPS
    

• Issuance of Sweat Equity Shares:
  
  
  • To issue and allot up to 23,73,384 fully paid-up equity shares of face value Rs. 1 each as Sweat Equity Shares to Mr. Troy Matthew Alstead, Independent Director, in recognition of his value addition and professional contribution. Appropriate adjustment for the 1:1 bonus issuance (resulting in a total allotment of 47,46,768 shares) shall be made, as approved by the Board and shareholders in their meetings held on August 27, 2025, and September 26, 2025.
    
    
  • To issue and allot up to 23,73,384 fully paid-up equity shares of face value Rs 1 each as Sweat Equity Shares to Mr. William Steve Albrecht, Independent Director, in recognition of his professional contribution and value addition, with the 1:1 bonus issuance adjustment (totaling 47,46,768 shares) duly incorporated as per approvals granted by the Board and shareholders at their respective meetings on August 27, 2025, and September 26, 2025.