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For decades, Studds has been synonymous with affordable, mass-market helmets. 

Studds Accessories Limited  formally an Indian manufacturer of two-wheeler helmets and motorcycle accessories has been a dominant name in head protection for riders.

Founded in 1983 by the Khurana family, with Madhu Bhushan Khurana and Sidhartha Bhushan Khurana in leadership roles, Studds Accessories has spent nearly four decades building India’s largest helmet manufacturing business. The company’s portfolio spans full-face, open-face, flip-up helmets and a range of riding gear marketed under its own brand names: Studds and SMK.

From Mass to Premium: The Strategic Shift

India’s largest two-wheeler helmet maker is accelerating its shift up the value chain, aiming to double the share of premium helmets in its revenue mix over the next two years, a move that signals changing consumer behaviour as much as corporate strategy.

According to industry commentary and statements from the company’s Managing Director, Studds Accessories expects to double the revenue share of premium helmets from around 15.5% to ~30% within the next two years.

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The backdrop is compelling. India remains the world’s largest two-wheeler market, but helmet consumption is evolving beyond basic compliance. Rising disposable incomes, stricter safety awareness, and aspirational buying especially among urban riders are pushing demand toward higher-priced, feature-rich helmets. Studds is positioning itself right at this intersection.

• Premium helmets, typically priced multiple times higher than entry-level models, offer structurally better margins. For Studds, this means profit growth can outpace volume growth, even if overall industry demand remains steady.

• The company has been expanding its premium portfolio with better ventilation systems, lighter materials, aerodynamic designs, and global safety certifications, features that appeal to both domestic riders and export markets.

• Exports are another quiet lever. Studds already has a strong overseas presence, and premium products improve competitiveness in developed markets where pricing power is higher and safety norms are tighter. As premium penetration rises, average realisation per helmet improves, reducing dependence on sheer volume-led growth.

What began as a ₹75-lakh funding pitch on Shark Tank India has translated into tangible market gains for investors. Ravelcare, the personal-care brand that gained early visibility through the show, delivered a ~55% listing premium on its SME IPO turning a televised pitch into a real capital-market outcome.

About Ravelcare

Ravelcare began as a digital-first beauty and personal care brand founded in 2018 by Ayush Varma, offering personalised haircare, skincare, and bodycare products through its own website and major marketplaces like Amazon, Flipkart, and Myntra. Its early strategy combined data-driven formulation with direct-to-consumer engagement, a model that helped it carve out a niche in a highly competitive category. 

Shark Tank India Spotlight

• Ravelcare appeared on Shark Tank India Season 2, where Ayush Varma pitched for ₹75 lakh for a 2.5% equity stake, valuing the business at around ₹30 crore. The show created a significant boost in brand awareness and online traction. In the episode, investor Anupam Mittal offered ₹75 lakh for a 10% stake, with the condition that the company hit projected numbers within two years. 

• However, public records and reporting do not confirm any post-show deal actually closing on those terms. What the brand did gain from the exposure was elevated consumer recognition and stronger engagement, which helped bolster demand heading into its IPO.

RavelCare IPO Performance

The IPO drew exceptional investor interest, with overall subscription reaching 437.6 times, led by retail, NII, and QIB bids. Anchor investors had already committed ₹6.83 crore before the public bid opened.

On December 8, 2025, Ravelcare debuted on the BSE SME platform at around ₹201 per share, roughly a 55% premium above its ₹130 issue price, marking a rare and strong listing performance for an SME consumer brand.

The Shark Tank appearance served more as a brand catalyst than a traditional funding milestone. Its real value for investors lies in the company’s execution track record, retail traction, and how effectively it deploys capital toward deeper penetration, distribution, and manufacturing integration.

Do you know India’s first indigenous thrombectomy device is being built by S3V Vascular?

It’s the same company that secured India’s first licence for an expandable titanium spinal cage, placing it at the frontier of neuro-spine innovation.

S3V Vascular Technologies, the Mysuru-based med-tech manufacturer, is emerging as one of India’s most ambitious players in neurovascular and cardiovascular devices. The company has spent the past decade building capabilities across stents, balloons, microcatheters, and guidewires.

• Backed by the Government of India’s Technology Development Board, S3V is developing India’s first fully indigenous mechanical thrombectomy device, a life-saving tool used to remove blood clots in stroke patients, a category long dominated by expensive imports.

• S3V Vascular Technologies had earlier attracted backing from veteran investor Madhusudan Kela, reinforcing confidence in India’s indigenous medtech innovation story.
  

S3V’s product family includes coronary devices (PTCA balloon catheters; 3V Paulo), stent systems (3V Siris/3V Neil), hydrophilic PTCA balloons, and newer neurovascular lines (Krome, clot-retriever concepts). The company is explicitly pursuing patents on key thrombectomy and catheter-construct innovations. That IP push is central to its strategy to move up the value chain, from contract manufacturing to proprietary, higher-margin devices.

S3V raised significant private capital (reported ~₹300 crore in a recent funding round) from high-profile investors and industrial backers, and has committed capex for an integrated manufacturing unit, previously reported as a ₹70–300 crore scale investment depending on the phase of facility buildout.

Sun Drops Energia Private Limited, part of the KP Group and known for its presence in solar power EPC and clean-energy solutions has taken a major step toward scaling its corporate structure.

The company has formally called an Extraordinary General Meeting (EGM) on December 29, 2025, seeking shareholder approval to convert from a private limited company into a public limited company.

Sun Drops Energia Private Limited, the renewable energy arm of the KP Group’s KPI Green Energy platform, has strengthened its project pipeline by securing new contracts to develop solar power projects totaling 62.20 MW under the Captive Power Producer (CPP) segment. This order builds on Gujarat’s renewable energy push and expands the company’s operational footprint in the utility-scale solar sector.

• Under India’s Distributed Renewable Energy Bilateral Purchase (DREBP) Policy and the Gujarat Renewable Energy Policy-2023, Sun Drops Energia won Letters of Award from multiple clients to execute the projects, expected to be completed by FY 2025-26 in phased tranches. 

• This 62.20 MW addition brings the unit’s CPP portfolio to 152.34 MW, underpinning a broader order book of 1.60 GW in captive solar commitments held by KPI Green Energy and its subsidiaries. 

• Converting Sun Drops Energia into a public entity positions it to scale aggressively into solar, hybrid power, and emerging BESS opportunities.

With expanding project wins, a deeper order pipeline, and a planned IPO on the horizon, Sun Drops Energia is shaping up as KPI Green's next growth engine aiming to move from a fast-scaling subsidiary to a capital-powered renewable platform.

India’s mutual fund industry is on the cusp of a landmark moment as ICICI Prudential Asset Management Company prepares for its long-awaited IPO directly stepping into comparison with the listed heavyweight HDFC AMC.

While HDFC AMC currently manages an AUM of ₹8.81 lakh crore with a market capitalisation of ₹1.10 lakh crore, ICICI Prudential AMC already commands a larger AUM of ₹10.87 lakh crore, making it the bigger asset manager by scale even before listing.

At the proposed IPO valuation of ₹1.07 lakh crore, ICICI Prudential AMC is entering the markets almost neck-to-neck with HDFC AMC’s current valuation, signaling aggressive confidence in its franchise strength, distribution depth, and profitability profile.

ICICI Prudential AMC looks to diversify into alternative asset classes

Share Price vs IPO Band

HDFC AMC Price: ₹2,646

ICICI Prudential AMC IPO Band: ₹2,061 – ₹2,165

Return on Equity (ROE)

HDFC AMC: 32.4%

ICICI Prudential AMC: 82.8%

(Nearly 2.5× higher capital efficiency)

Market Share

HDFC AMC: 11.5%

ICICI Prudential AMC: 13.3%

(ICICI leads in industry share.)

AUM:

 ICICI:  ₹10.87 lakh crore

 HDFC: ₹8.81 lakh crore

 ICICI is bigger.

P/B Ratio:

 ICICI Prudential AMC: 10.3–10.8x

 HDFC AMC:  14.2x

 ICICI is cheaper.

• ICICI Prudential AMC is all set to open its IPO from December 12, 2025, a move that could reshape how investors view mutual-fund houses in the public markets.   
• And interestingly, it’s the same business model through which Planify investors previously created substantial returns with HDFC AMC during its pre-IPO phase.

The question now is: could ICICI Prudential AMC be the next big opportunity?

The company’s biggest strength is its scale, and given the success Planify investors saw in HDFC AMC, another major opportunity in the same sector is now coming into view.

Garuda Aerospace founded by Agnishwar Jayaprakash has formally converted itself into a public company, dropping “Private” from its name as a preparatory step toward a potential IPO. 

To strengthen governance ahead of a potential listing, the company has also added new independent directors to its board. 

Solid FY25 Performance 

• In FY25, Garuda posted ₹118 crore in revenue, up from ₹110 crore in FY24. 

• Profit After Tax stood at ₹17.5 crore, continuing a streak of profitability in a typically capital-intensive industry.

• For FY26, the company targets ₹365 crore in revenue, pointing to aggressive growth plans backed by expanding manufacturing and export ambitions.

• The firm boasts India’s largest commercial drone fleet: 400+ drones and 500 trained pilots, operating across 84 cities, producing over 30 drone models and offering 50+ services. 

What Makes Garuda Stand Out — Strategy & Strengths

Strong funding backing: In April 2025, Garuda raised ₹100 crore in a Series B led by Venture Catalysts; later followed by investment from Narotam Sekhsaria Family Office and existing backers, boosting firepower ahead of public listing.

Scaling manufacturing capacity: With plans to ramp up production from 8,000 drones per year to 12,000–15,000, the company is building a production base comparable to global drone manufacturers.

Regulatory get-rights and export licence: Garuda has secured DGCA certifications, and won export clearances to ship drones to markets like US, Australia, and Middle East paving way for global ambitions.

Diversified use-cases beyond agriculture: From precision agriculture and disaster relief to defence-grade drones and logistics solutions , Garuda targets multiple high-growth verticals, reducing reliance on a single segment.

These advantages place Garuda as one of the few drone-tech firms in India with a credible path to scale, export, and diversified business models.

Wakefit Innovations, one of India’s leading home-and-sleep solutions brands, opens its IPO subscription window on December 8, 2025. 

The offer comprises a fresh issue of roughly ₹377 crore plus an Offer-for-Sale, valuing the company at around ₹6,000–6,400 crore. 

Backed by promoters Ankit Garg and Chaitanya Ramalingegowda, Wakefit has moved beyond mattresses and built a diversified home-furnishing portfolio; beds, sofas, wardrobes, décor, and more, sold through online, offline, and its own stores.

Over the years, the company has quietly built a vertically integrated engine:

The IPO is expected to strengthen working capital, expand manufacturing capacity, and deepen Wakefit’s presence across Tier-2/3 India,  markets that now contribute more than 45% of sales.

​FY25: Growth Amid Losses

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• Revenue from operations rose about 29–30% in FY25 to ₹1,305 crore.

• The company remained EBITDA-positive with ₹90.8 crore EBITDA in FY25. 

• However, net loss widened to ₹35 crore, compared with ₹15 crore loss in FY24, driven by higher operating expenses including material, marketing and store expansion costs. 

• In H1 FY26 alone (six months through Sept 2025), Wakefit reported ₹741 crore revenue and a small profit after tax of ₹35.5 crore, suggesting early signs of turnaround post-IPO filing. 
  

With its tightly integrated manufacturing engine, expanding omni-channel footprint, and a growing home solutions portfolio, Wakefit enters the public markets with the fundamentals of a business built for scale, a mix that makes the IPO worth watching. 

OYO’s parent company, PRISM, is finally putting its long-awaited public-listing story back on track.

PRISM, the parent company behind OYO, is making its most serious IPO push yet. It has called an Extraordinary General Meeting (EGM) on 20 December 2025 to seek shareholder approval for a ₹6,650-crore fresh equity raise. At the same time, it has proposed a 1:19 bonus share issue, with December 5 set as the record date. 

Alongside the IPO, shareholders will vote to increase authorised share capital to ₹2,491 crore,  a structural move signaling readiness for significant public-market commitments.

A Company Built for Scale, Now Rebuilt for Discipline

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OYO founded by Ritesh Agarwal,  scaled faster than any Indian hospitality startup, branding thousands of hotels, homestays, and vacation homes across India, Europe, and Southeast Asia.

But hyper-expansion came with high burn, lease obligations, and inconsistent property economics.

The last two years have been about repair, not expansion.

• PRISM has reduced costs, tightened compliance, improved hotel partner incentives, and focused on profitable geographies.

• The company’s shift back to a franchise-first, asset-light model has improved cash flows and reduced volatility.
  
  
• PRISM is cleaning up governance, revising authorized share capital, and simplifying shareholder tiers.
  
  

All this, signals the first meaningful step toward that future. Can the Hospitality Giant Finally Earn Public-Market Trust?

OYO’s rebound will ultimately be judged by its ability to turn improving occupancy into steady, year-round margins only then will public markets may reward it with a valuation grounded in fundamentals rather than optimism.

• Financial Performance (Q2 FY26 vs Q2 FY25): In Q2 FY26, Satya Microcapital reported total income of ₹212 crore, down 33.7% YoY from ₹320 crore in Q2 FY25. Interest income dropped to ₹182 crore, down 34.4% YoY from ₹277 crore, while fee/commission income also fell significantly. Though Finance costs decreased sharply to ₹121 crore, down 18.3% YoY from ₹148 crore, Impairment on financial instruments remained high at ₹92 crore, up 364.6% YoY (vs ₹19.7 crore last year), driven by higher expected credit losses. As a result, Profit Before Tax (PBT) came in at a steep loss of ₹156 crore, compared to a profit of ₹28 crore in Q2 FY25 — a deterioration of 662.5% YoY. Profit After Tax (PAT) stood at a loss of ₹199 crore, significantly worse than the ₹21 crore profit in Q2 FY25. Basic EPS for the quarter was ₹(30.34) compared to ₹3.16 a year earlier.
• Operational Metrics (Q2 FY26 vs Q2 FY25): Gross NPA (GNPA) ratio stood at 12.51%, worsening from ~1.2% a year ago, while Net NPA (NNPA) was 6.56% (vs 0.42% in FY25), reflecting severe portfolio stress. The Provision Coverage Ratio (PCR) was 50.94%, lower than the previous year’s 65% level, suggesting a reduced buffer against potential portfolio risks. Capital adequacy remained weak at 11.16%, below the RBI requirement of 15%, though it improves to 15.92% post the November 2025 equity infusion as disclosed. The loan book on the balance sheet was ₹2,938 crore as of Sept 30, 2025, down sharply from ₹3,535 crore in FY25, reflecting portfolio contraction amid elevated credit costs. Total assets were ₹4,439 crore, lower than March 31, 2025 levels (₹5,599 crore), driven by reduced disbursements and deleveraging. Net worth stood at ₹597 crore, significantly lower due to accumulated losses, compared to ₹959 crore as of March 31, 2025.
• ​Strategic Developments: Satya Microcapital’s Q2 FY26 results indicate a period of acute financial stress. The business reported a steep fall in revenue combined with a surge in credit costs, leading to heavy losses. Asset quality weakened sharply, with GNPA jumping to over 12% and NNPA crossing 6%, pressuring provisioning and capital ratios. The company also breached key regulatory thresholds — CRAR fell to 11.16% and qualifying asset ratio dropped below 60%, both highlighted by auditors. However, Satya undertook corrective steps: a ₹101.9 crore equity infusion in November 2025 improved CRAR to 15.92%, and management has stated that discussions with investors and lenders are ongoing for further capital support. The loan book contraction and decline in total assets show that Satya is operating in a risk-containment mode, prioritizing recoveries and liquidity over growth. Going forward, stabilizing asset quality, rebuilding capital buffers, improving recoveries, and restoring lender confidence are essential for operational continuity. The next few quarters remain crucial as the company attempts to regain regulatory compliance, strengthen collections, and gradually normalize disbursements.
  

PharmEasy was once heralded as India’s health-tech unicorn, a one-stop digital pharmacy + diagnostics + tele-health platform. 

But by 2024, heavy losses, falling valuations and management changes had shaken investor confidence. 

API Holdings (the parent) had grown aggressively through acquisitions like Thyrocare, but the integration was messy and cash burn worsened.

Now, under its new CEO Rahul Guha, PharmEasy is making bold moves to shift from “growth at any cost” to “profitable, sustainable scale.

And the numbers now reflect a business that is finally pulling itself back.

• PharmEasy reduced its net loss by ~40% in FY25, even with flat revenue of ₹5,872 crore, showing meaningful operating discipline.​

• Procurement efficiency jumped from ~40% to nearly 85%, sharply reducing cost leakages and improving margins.

• High-cost loans were refinanced, lowering interest burden and stabilizing API Holdings’ balance sheet.

• The company shut non-core experiments and redirected capital to high-margin, recurrence-heavy segments chronic medication, diagnostics, and in-house procurement.​

• Thyrocare’s diagnostics arm showed a turnaround too, giving the group a profitable anchor and smoother cash flows.

• Monthly burn dropped from ~₹50 crore to under ₹2 crore, marking one of the fastest burn reductions in Indian health-tech.
  

So, while top-line growth is modest, bottom-line stress has eased and that’s a critical first step for any turnaround.

It’s fair to say, based on the latest data that PharmEasy is showing margin improvement and financial stabilization. The internal procurement, cost control, and debt / expense rationalization have helped reduce burn and shrink losses.

But the business remains loss-making as of FY25. Until EBITDA turns positive and the core pharmacy business becomes cash-flow positive, the margin story remains cautiously optimistic.

Now, PharmEasy is no longer the high-burn startup chasing growth at any cost. It’s trying to become a lean, recurring-revenue healthcare services engine with scale, sustainability, and clarity.

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.