A few years ago, PharmEasy was known for fast growth, heavy discounts and big losses. FY26 tells a different story. The parent company, API Holdings, has put profitability ahead of growth, and the numbers are starting to show it. With its term debt now cleared, the IPO question is back in the market conversation.<h2 style="line-height: 1.2;text-align: justify">Where PharmEasy came from</h2>API Holdings is the parent of PharmEasy, but PharmEasy is only one part of the group. API Holdings also owns Thyrocare, Ascent and Aknamed, and PharmEasy is just the consumer pharmacy arm. The group has backing from large investors, including Temasek and TPG.The company first tried to go public in 2022. It filed for a ₹6,250 crore IPO and then withdrew it in August 2022. Since then, the focus has moved from expansion to repair: fix the economics, cut the debt, and only then think about the market again.<h2 style="line-height: 1.2;text-align: justify">FY26 financial performance</h2>The headline numbers show a clear improvement in losses.<ul><li style="font-size: 15px;color: rgb(0, 0, 0)">Net loss: The consolidated net loss narrowed 67% to ₹520 crore in FY26, from ₹1,572 crore in FY25.</li><li style="font-size: 15px;color: rgb(0, 0, 0)">Revenue: Revenue from operations was ₹6,618.50 crore, up 12.71% from ₹5,872.16 crore in FY25.</li><li style="font-size: 15px;color: rgb(0, 0, 0)">Costs: Total expenses fell 0.9% to ₹7,146.7 crore.</li></ul>The cost line is the most important one. Most companies need to spend more to grow. API Holdings grew revenue by double digits while keeping total spending flat. The nine-month trend pointed the same way. Revenue for 9M FY26 rose 14.7% to ₹5,095.5 crore. Over the same nine months, the loss before tax (excluding ESOP costs) narrowed to ₹350.9 crore from ₹565.7 crore a year earlier.The company is still not profitable at the net level. FY26 PAT remained negative at ₹520.29 crore. The improvement is real, but the journey is not finished.<h2 style="line-height: 1.2;text-align: justify">What changed inside the business</h2>The shift began after Rahul Guha took over as CEO in August 2025. At that time, API Holdings carried roughly ₹1,800 crore of debt at interest rates above 20%. That kind of interest burden makes profit almost impossible, so the first job was to bring it down.The operating changes were simple but tough. The company reduced discounts on the PharmEasy platform and in its distribution business, and exited hospital distribution contracts that were losing money. Giving up some revenue to stop losing money on each sale is the core of the new playbook.<h2 style="line-height: 1.2;text-align: justify">The segments: B2B leads, B2C is catching up</h2>The group's backbone is B2B pharma distribution. The segment earned ₹4,089 crore in FY26, growing 15% a year. It is a steady, volume-driven business, and it funds the rest of the group's ambitions.The consumer app is smaller and still loss-making. In FY26, PharmEasy's consumer business generated ₹1,334.5 crore in revenue with an EBITDA loss of ₹44.1 crore. The trend is positive. In Q1 FY27, it recorded ₹347.9 crore in revenue with an EBITDA loss of ₹17 crore. If that pace continues, the consumer arm could reach break-even sooner than many expect, though the company has not promised a date.<h2 style="line-height: 1.2;text-align: justify">Becoming debt-free</h2>This is the biggest milestone of the year. API Holdings cleared the last ₹1,050 crore of its term debt by mid-August 2026, using internal cash and the sale of a 9.9% stake in Thyrocare. The group kept control of the diagnostics business, as it still holds 51.02% of the listed company.A debt-free balance sheet means no heavy interest payments eating into earnings. It also helps in any future conversation with IPO investors. One point deserves clarity: "debt-free" here refers to term debt, not every liability the company may have.<h2 style="line-height: 1.2;text-align: justify">The latest quarter</h2>The momentum continued into Q1 FY27 (April to June 2026). API Holdings narrowed its loss to ₹29.6 crore from ₹145.4 crore a year earlier, and revenue rose 10% to ₹1,754 crore. EBITDA turned positive at ₹39.3 crore, against an EBITDA loss of ₹12.8 crore in the year-ago quarter. A positive EBITDA at the group level shows that day-to-day operations are now covering their own costs, before interest, tax and depreciation.<h2 style="line-height: 1.2;text-align: justify">The IPO outlook</h2>The IPO is not around the corner. Guha has been clear about his conditions: he wants to take a profitable company with zero or near-zero debt to the market, and said about a year of work remained. The company is targeting profitability by March 2027 (Source: <a href="https://www.moneycontrol.com/news/business/ipo/pharmeasy-eyes-ipo-comeback-as-tpg-backed-parent-turns-debt-free-14044733.html">MoneyControl</a>), after which it will decide between an IPO and a merger with Thyrocare. So the listing route is still open, but the timeline depends on the company meeting its own profit target first.<h2 style="line-height: 1.2;text-align: justify">What to watch next</h2><ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Consumer business: whether the PharmEasy app keeps narrowing its EBITDA loss.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Growth quality: whether revenue keeps rising now that discounts are lower.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Net profit: how quickly the ₹520 crore loss shrinks further.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Thyrocare: whether the group chooses a merger or keeps it as a separate listed arm.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">IPO timing: any update after the March 2027 profitability target.</li></ul><h2 style="line-height: 1.2;text-align: justify">Final take</h2>API Holdings has done the hard part of a turnaround: cutting losses, clearing expensive debt and showing positive EBITDA in the latest quarter. The remaining steps are net profitability and a clear listing decision. For anyone tracking the unlisted shares, the story has moved from survival to execution.

API Holdings is the parent of PharmEasy, but PharmEasy is only one part of the group.

PharmEasy FY26 Performance and IPO Update: From Heavy Losses to a Cleaner Balance Sheet

The electrolyzer manufacturer based in Delhi has more than doubled their sales and taken up their first loan from a financial institution while issuing fresh equity at a premium value. The orders announced by them have been much larger than their reported income and fixed assets.<h2>From a green hydrogen start-up to an equipment maker</h2><div><a href="https://www.planify.in/research-report/greenzo-energy-india-ltd/">​Greenzo Energy India Ltd</a> was established in November 2022 by the founders of Greenzo Energy Private Ltd. The company deals with hydrogen equipment such as electrolysers, compressors, dryers, storage tanks, fuel cells, and fuelling stations. It also provides solar structures and can be a developer or consultant for solar, wind, and hydrogen plants. The primary product of the company is indigenous alkaline electrolysers. According to the Managing Director Sandeep Agarwal, the company develops and manufactures them within 150 kW to 5 MW with further expansion of the capacity up to 2 GW. Recently, the company completed the construction of a 150 kW green hydrogen plant for Felix Industries with the help of 30 Nm³/hr electrolyser operating at 30 bar. The company also works in collaboration with EODev providing its electrolysers and fuel cell generators made by EODev, which have Toyota technology in them. In the international segment, Greenzo will be exhibiting its electrolyser technology at the Hydrogen Technology World Expo 2026 in Hamburg.</div><h2>The Sanand factory: from announcement to first dispatches</h2><div>In December 2022, Greenzo said it was planning to invest $50 million in a plant at Sanand-II , Gujarat, to produce 250MW of electrolysers a year, with the plant’s completion expected by March 2024 . A February 2023 Gujarat MoU put this investment at a figure of approximately INR 500 crore (60.4 million) within the coming years. This schedule proved to be off. By late 2024, the plant was referred to as being under construction with the commissioning due in December 2024. On 1 July 2025, Agarwal announced on his LinkedIn page that Greenzo had initiated the delivery of MW-scale alkaline electrolysers from the Sanand GIDC facility. The first 1 MW machine had been dispatched and he referred to it as a milestone of indigenously developed and manufactured technology. There is far less expenditure recorded in the FY26 accounts compared to the headlines figures. Property, plant and equipment was reported at ₹17.7 crore and capital work in progress at ₹18.8 crore totaling about ₹36.5 crore compared to ₹400-500 crore announced. The factory has begun shipping product, but seems to be in an early stage of construction.</div>

<h2>FY26 financials</h2>The annual report shows a strong year (standalone, ₹ crore):<div style="margin-left:0pt"><table><tbody><tr><td><div> </div></td><td>FY25</td><td>FY26</td><td>Change</td></tr><tr><td>Total revenue</td><td>16.08</td><td>36.7</td><td>+128%</td></tr><tr><td>Profit before tax</td><td>1.95</td><td>4.74</td><td>+143%</td></tr><tr><td>Profit after tax</td><td>1.37</td><td>3.42</td><td>+148%</td></tr><tr><td>Net profit margin</td><td>8.6%</td><td>9.3%</td><td><div> </div></td></tr></tbody></table></div>

Revenue from products was responsible for the increase from ₹13.28 crore to ₹35.78 crore. On the other hand, income from services decreased from ₹2.69 crore to ₹0.86 crore. Assets increased by about 52% to ₹124.2 crore, while equity stood at ₹109.6 crore.<h2>Orders and partnerships</h2><ul><li>Oswal Energies (20 MW): INR 320 crore order from Greenzo for electrolysers and balance of plant equipment for a 20 MW plant in 2025.</li><li>Jindal Stainless (Odisha): The order is for an electrolyser based plant located at Kalinga Nagar which produces 0.47 KTPA capacity initially, extendable up to 1.5 KTPA. Hydrogen is used in the processes of stainless steel manufacturing such as bright annealing line and bell furnace.</li><li>Engineers India Limited: In August 2025 Greenzo secured an R&amp;D order for an electrolyser modular unit at EIL's Gurugram complex.</li><li>Deendayal Port, Kandla: The Oswal Greenzo Energies joint venture between Oswal Energies Limited and Greenzo Energy India Limited secured a 5 MW project extendable up to 10 MW producing 800 tonnes per annum.</li><li>Tamil Nadu: In October 2024, the company secured a green hydrogen project from TANGEDCO at the Ennore SEZ Power Plant. </li></ul>

<h2>Fundraising and valuation</h2>India-based Greenzo Energy has been valued at approximately ₹1,030 crore post-money after raising ₹130 crore through its most recent funding round, which was led by veteran venture capitalist Ashish Kacholia and his associates. The company aims to use the new investment to build its own electrolyser manufacturing capacity, foster backward integration, invest in research and development, meet working capital needs and speed up execution of projects. According to the press statement issued by the company, this is the third funding round for the company and brings its total capital raised to approximately ₹251 crore. <h2>The gap between orders and revenue</h2>Numbers announced have been far higher than numbers reported. For March 2024, the order book was announced as Rs 1,200 crore; however, revenue reported was ₹16 crore for FY25 and ₹36.6 crore for FY26.<ul><li>Cash conversion: Trade receivables have gone up by about 51% to ₹27.3 crore; operating cash flow stands at about –₹17.9 crore. </li><li>First bank debt: The term loan of ₹9.95 crore has increased financial expenses from ₹0.02 crore to ₹0.92 crore. Debt to equity is still very low, at 0.05. </li><li>Low Returns: Return on equity is around 4%; ROCE is about 5.6%. </li><li>International subsidiary: The UK-based subsidiary, Greenzo Energy London, is yet to commence operations. </li></ul><h2>What to watch</h2>The proof of the pudding is in the delivery. The first MW-scale deliveries in mid-2025 prove that the factory is capable of delivering goods. If the Oswal program, the Jindal plant, and the Kandla project come to fruition as planned, and the Sanand plant scales up to its advertised capacity, then FY27 will be quite different. Otherwise, the 2 GW plan will have no basis at all.

India-based Greenzo Energy has been valued at approximately ₹1,030 crore post-money after raising ₹130 crore through its most recent funding round, which was led by veteran venture capitalist Ashish Kacholia and his associates.

Greenzo Energy India: Revenue Doubles in FY26 as the Green Hydrogen Equipment Maker Scales Up

​ <div style="line-height: 1.38">The shares of a listed company are traded on the stock exchange such as NSE and BSE. The price of the shares on the exchange gets updated continuously. It is not the case with unlisted companies. Their share prices are built on their financial performance, valuation models, recent transactions, supply and demand among investors and expectations for future growth.</div><div style="line-height: 1.38">Investors need to understand these factors because an attractive business is not always an attractive investment at every price. A company needs to have a valuation to be able to attract a price from investors.</div><h2 style="line-height:1.38">The four core methods</h2>No single method fits every company, so practitioners usually run two or three and compare. Each answers a different question about what the business is worth.<div style="margin-left:0pt"><table><tbody><tr><td>Method</td><td>What it anchors on</td><td>Best suited to</td><td>Main weakness</td></tr><tr><td>Discounted cash flow (DCF)</td><td>Projected free cash flows discounted at WACC (typically 15-18% for Indian mid-caps)</td><td>Profitable firms with predictable growth</td><td>Terminal value often makes up well over half of the result</td></tr><tr><td>Trading comparables</td><td>Peer EV/EBITDA, P/E or EV/Sales multiples</td><td>Established firms with close listed peers</td><td>Peers rarely match on size, growth or margins</td></tr><tr><td>Net asset value (NAV)</td><td>Adjusted book value of assets less liabilities</td><td>Holding companies, real estate, asset-heavy firms</td><td>Ignores future earning power</td></tr><tr><td>Last transaction or funding round</td><td>Price paid in a recent deal</td><td>Start-ups and pre-IPO companies</td><td>Goes stale fast and may reflect preference terms</td></tr></tbody></table></div>For an operating company with listed peers, comparables and DCF together give the most defensible range. NAV works as a floor, and the last round works as a reality check.<h2 style="line-height:1.38">Key factors that move the price</h2>Beyond the method chosen, a handful of company-specific and market factors decide where in the range a price is settled.<div style="margin-left:0pt"><table><tbody><tr><td>Factor</td><td>Why it matters</td><td>Effect on price</td></tr><tr><td>Earnings growth and margins</td><td>Drive both DCF cash flows and the multiple peers deserve</td><td>Faster, steadier growth raises value</td></tr><tr><td>Sector multiples and market mood</td><td>Comparables reset when listed peers rerate</td><td>A 1x swing in EV/EBITDA is ₹20 per share in the example below</td></tr><tr><td>Debt and cash position</td><td>Net debt is deducted from enterprise value</td><td>Higher leverage cuts equity value rupee for rupee</td></tr><tr><td>IPO proximity</td><td>A listing within 12–24 months shrinks the liquidity discount</td><td>Nearer listing narrows the discount</td></tr><tr><td>Stake size and control</td><td>Small minority holders have little say over exits or dividends</td><td>Minority stakes sell at a discount, controlling stakes at a premium</td></tr><tr><td>Governance and promoter quality</td><td>Weak disclosure raises the risk premium buyers demand</td><td>Poor governance lowers value</td></tr><tr><td>Transfer restrictions</td><td>Lock-ins and right-of-first-refusal clauses limit who can buy</td><td>Tighter limits widen the discount</td></tr></tbody></table></div>Of these, growth, sector multiples and the liquidity discount typically account for most of the price difference between two valuations of the same company.<h2 style="line-height:1.38">A worked example (hypothetical numbers)</h2>Take an unlisted manufacturer with FY26 EBITDA of ₹200 crore, net debt of ₹400 crore and 10 crore shares outstanding. Peers trade at a median 14x EV/EBITDA, and a DCF run on the company's own forecast gives an equity value of ₹2,600 crore.<div style="margin-left:0pt"><table><tbody><tr><td>Step</td><td>Calculation</td><td>Result</td></tr><tr><td>Enterprise value (comparables)</td><td>₹200 cr × 14</td><td>₹2,800 cr</td></tr><tr><td>Equity value (comparables)</td><td>₹2,800 cr − ₹400 cr net debt</td><td>₹2,400 cr</td></tr><tr><td>Per share (comparables)</td><td>₹2,400 cr ÷ 10 cr shares</td><td>₹240</td></tr><tr><td>Per share (DCF)</td><td>₹2,600 cr ÷ 10 cr shares</td><td>₹260</td></tr><tr><td>Blended value (50/50)</td><td>(₹240 + ₹260) ÷ 2</td><td>₹250</td></tr><tr><td>After 25% liquidity discount</td><td>₹250 × (1 − 0.25)</td><td>₹187.50</td></tr></tbody></table></div>The valuation is sensitive to the multiple. Each 1x change in EV/EBITDA moves enterprise value by ₹200 crore, or ₹20 per share before the discount and ₹15 after it. A buyer who insists on 12x instead of 14x would therefore pay roughly ₹30 less per share.<h2 style="line-height:1.38">Discounts, market quotes and Indian rules</h2>The liquidity discount (discount for lack of marketability) , recognizes that an unlisted holder cannot sell on an exchange. Studies and valuation practice often put it at 15-35%, higher for small minority stakes and lower when an IPO is nearby. A minority stake without a board seat may also attract a separate minority discount, while a controlling stake may attract a premium.In India, brokers and unlisted-share platforms quote prices that fluctuate with demand and supply. Prices are indicative only and reflect thin trading. Use them to sanity-check your own range, not to set it. If the DCF-and-comparables value is far from the quoted price, figure out why before you trust either.<h2 style="line-height:1.38">Takeaways</h2>• &nbsp; &nbsp; &nbsp; Triangulate: use at least two methods and treat a gap of more than 15% between them as a signal to revisit assumptions.• &nbsp; &nbsp; &nbsp; State the liquidity discount explicitly. In the example above, 25% turns a ₹250 value into ₹187.50.• &nbsp; &nbsp; &nbsp; Stress-test the multiple and the WACC, since small changes move the price by tens of rupees per share.• &nbsp; &nbsp; &nbsp; Use platform quotes and the last funding round as cross-checks, not as the starting point.​

''No Stock Exchange, No Fixed Price- So, What Determine the Value of Unlisted Shares?''

How Are Unlisted Share Prices Determined? A Valuation Guide

September was a rough month for Indian stocks. The Nifty 50 dropped 6.06%, its worst September in eight years, but the Primex 40, which tracks unlisted and delisted companies, slid only 1.16%. The private market stayed busy too. NSE finally made its market debut, four other pre-IPO names listed, and Inox Clean Energy filed for a ₹10,000 crore issue. Don't read that as a broad rally, though. Of the 120 unlisted shares whose prices moved, 48 went up and 72 went down.Here are the five names that stood out to me on price action. Three are exchange-infrastructure plays, one is a consumer company heading toward an IPO, and one is a defence-tech firm that shares very little publicly. I ranked them across the 83 unlisted shares that traded in both August and September, so every number below is a clean one-month move.<h2 style="line-height:1.295;text-align: justify">1. ICEX - Up 96.08%</h2><a href="https://www.planify.in/research-report/indian-commodity-exchangeicex/">ICEX</a> had the biggest jump of the month, ending at ₹5.00. Indian Commodity Exchange runs a commodity derivatives market and competes directly with the listed MCX, with futures in bullion, energy, metals and agri-commodities. Its shareholders include MMTC, Indian Potash and Kribhco, which gives it more institutional backing than most small unlisted exchanges.The report doesn't name a trigger. My guess is that it's riding the buzz around exchange stocks that NSE's IPO created, but that's only a guess. At ₹5, a few small trades can move the price a lot, so I'd call this a thin-trading spike and not proof of real demand.<h2 style="line-height:1.295;text-align: justify">2. CSE Limited - Up 28.57%</h2>The <a href="https://www.planify.in/research-report/Calcutta-Stock-Exchange/">Calcutta Stock Exchange</a> is among India's oldest bourses, yet there has been no equity trading on it since April 2013, when SEBI suspended it over compliance, governance and technology issues. Its unlisted shares went from ₹2,100 to ₹2,700 in September, hitting a 52-week high of ₹2,700 on 18 September.This rally has been building since June, when West Bengal's 2026-27 Budget, presented on 22 June, promised support for the exchange's revival. On 1 July, CSE asked SEBI to keep its February 2025 exit application on hold, and the NSE IPO added to the interest in exchange stocks. Still, it's early days. CSE needs a new trading platform and regulatory clearances, and market experts have pointed to hurdles on both the regulatory and business side.<h2 style="line-height:1.295;text-align: justify">3. MSEI - Up 25.95%</h2>MSEI, the <a href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">Metropolitan Stock Exchange of India</a>, is the country's third national exchange after NSE and BSE. Zerodha's Rainmatter and Groww's parent Billionbrains Garage Ventures back it, and it raised ₹1,240 crore over two rounds in December 2024 and August 2025. Its unlisted shares rose to ₹6.95 in September, topped the Primex 40 and touched a 52-week high of ₹7.50 on 14 September.A few developments helped. On 9 September, reports said Groww and Zerodha were testing integration with MSE for cash-market trading, a process expected to take three to four months. Two days later, MSE enabled its first tokenised corporate bond issue, and from 24 September NSE shares were admitted to trade on MSE. Scale is the catch. MSE's daily cash turnover is only about ₹400-500 crore, the broker integrations are still being tested, and there's no IPO timeline yet.<h2 style="line-height:1.295;text-align: justify">4. Furlenco - Up 25.66%</h2><a href="https://www.planify.in/research-report/furlenco/">Furlenco</a> rents out furniture and home appliances, and its numbers look solid. FY26 revenue came in at ₹370.4 crore, up 61.9%, with a net profit of ₹59.5 crore. The unlisted share climbed to ₹333, a lifetime high it set on 28 September.IPO talk drove the move. On 22 September, reports said Furlenco is planning a ₹1,000-1,200 crore IPO at a valuation of around ₹7,000 crore, targeted for FY28, and the strong listing of rental peer RentoMojo helped the mood. Remember, this is a reported plan and not a filing, and FY28 is a long way off. On that reported valuation, the stock would trade at roughly 118 times FY26 net profit (our calculation).<h2 style="line-height:1.295;text-align: justify">5. JSR Dynamics - Up 23.60%</h2><a href="https://www.planify.in/research-report/jsr-dynamics-private-limited/">JSR Dynamics</a> is a Nagpur-based defence company that designs and builds airborne guided weapon systems. Boundless Capital took a minority stake earlier this year, with the money meant for expanding capacity and developing new products. The unlisted share rose to ₹11,000 and hit a lifetime high of ₹11,700 on 25 September.Like ICEX, it had no reported trigger for September's move. With so little public information and a share price this high, I'd treat it as a price move first and a story second, and read the company's disclosures closely before drawing any conclusion.<h2 style="line-height:1.295;text-align: justify">The Takeaway</h2>September's leaderboard shows where private-market attention went. Three of the five are exchange names (ICEX, CSE and MSEI), helped along by NSE's debut on 24 September. Furlenco is an IPO-bound consumer company, and JSR Dynamics is a defence-tech name with limited disclosure. Two of them, ICEX and JSR Dynamics, moved with no clear catalyst.NSE itself is a good reality check. Its IPO was priced at ₹1,785, about 10% below its last unlisted price of ₹1,990, and by 1 October the shares were trading 1.29% below the issue price. Unlisted shares change hands in thin, negotiated trades rather than through continuous price discovery, so monthly moves often look bigger than they would in listed stocks. Treat them as a rough direction at best, and study each company's financials and background before you put in any money.​

Top 5 Performing Unlisted Shares of September 2026

India’s unlisted share market saw mixed performance in Q2 FY27, with INOX Clean Energy leading the top five with a 58% gain, followed by Frick India at 24.5%. NNT Developers (23%), Goodluck Defence and Aerospace (22%) and Garuda Aerospace (over 20%) also posted strong gains, supported by developments such as acquisitions, order inflows, capacity expansion plans and IPO progress.<div class="se-component se-image-container __se__float-none"><figure><img src="https://planify-main.s3.amazonaws.com/sun_editor/c1034c22-0b10-4f8c-9890-14bc39826061.png" alt="" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="top_5_unlisted_shares_q2_fy27_blog_image.png" data-file-size="527344" data-origin="," style=""></figure></div><h2>1. Inox Clean Energy Limited - 58% Quarterly gain</h2>​<a href="https://www.planify.in/research-report/inox-clean-energy-unlisted-share-price/">INOX Clean Energy</a>, part of the INOXGFL Group, operates in renewable power generation and solar module manufacturing, sectors that could offer significant growth opportunities.The company's acquisition of Vena Energy India for approximately ₹6,000 crore in August, adding 1 GW of renewable capacity and a pipeline of solar and battery storage projects, might have contributed to positive investor sentiment.Additionally, INOX Solar Americas' two solar module supply agreements totalling 1.57 GW in September could have strengthened growth expectations and improved demand visibility in the US market.Its ambitious targets of 10 GW of operational IPP capacity and 11 GW of solar manufacturing capacity by FY2028 might also have supported investor optimism, potentially contributing to its 58% quarterly gain.<h2>2. Frick India Limited - +24.5% increase</h2>​<a href="https://www.planify.in/article/top-5-performing-unlisted-shares-of-2-quarter-of-fy2027/Frick%20India%20Limited">Frick India</a>&nbsp;could benefit from rising demand for industrial refrigeration and cold-storage infrastructure, driven by growth in food processing, dairy and pharmaceutical industries.Despite pressure on profitability from rising steel, copper and component costs, receivable days improved from 91 to 65, potentially indicating better collections and working-capital management.Its low debt levels may offer financial flexibility, while improving collections could have supported investor confidence. These factors, alongside long-term demand for refrigeration solutions, may have contributed to its 24.5% quarterly gain, although cost control and margin recovery remain key factors to watch.<h2>3.&nbsp;&nbsp;NNT Developers Limited – 23% quarterly gains</h2>​<a href="https://www.planify.in/research-report/nnt-developers-private-limited/">NNT Developers Limited</a>, an EPC company focused on civil infrastructure, could benefit from India's growing infrastructure investments.The company secured orders worth ₹423.83 crore during the quarter, taking its order book to approximately ₹856 crore. This strong order inflow may have boosted investor confidence in its revenue growth prospects and contributed to its quarterly performance.Additionally, its DRHP filing for a proposed IPO could have increased investor attention and optimism around the company's future growth potential. Together, the growing order book and upcoming IPO may be among the factors behind its strong performance, although timely execution and profitability remain key challenges.<h2>4. Goodluck Defence &amp; Aerospace Limited - 22% Quarterly rally</h2>​<a href="https://www.planify.in/research-report/goodluck-defence-and-aerospace/">Goodluck Defence &amp; Aerospace Limited</a>, a subsidiary of Goodluck India, manufactures artillery shells and defense components, positioning itself to benefit from India's growing focus on domestic defense manufacturing.The company's announced investment of ₹500 crore to increase annual artillery shell production from 1.5 lakh to 4 lakh units by September 2027 might have strengthened investor expectations regarding its future growth potential.Additionally, Goodluck India's in-principle approval to merge Goodluck Defense &amp; Aerospace and Goodluck Green Energy into the parent company could simplify the group's corporate structure and strengthen operational integration. This development may further influence investor sentiment, although the merger remains subject to approvals.Rising domestic defense demand and capacity expansion plans might have contributed to the company's 22% quarterly rally. However, successful execution, capacity utilization and profitable order conversion will remain important for sustaining growth.<h2>5. Garuda Aerospace - 20%+ quarterly rally</h2>​<a href="https://www.planify.in/research-report/garuda-aerospace/">Garuda Aerospace</a> could benefit from growing opportunities in India's drone industry, particularly across defense, agriculture and infrastructure.Its partnership with Australia's Timed Automation Solutions to explore international distribution opportunities and its demonstration of indigenous drone capabilities to the Indian Army may have strengthened its growth prospects.Additionally, Garuda Aerospace received SEBI’s final observations on its proposed IPO in August 2026, clearing a key regulatory step towards listing. This progress could have attracted further investor attention. These developments may have contributed to positive investor sentiment and supported its 20%+ gain, although converting partnerships into profitable business remains crucial.<h2>The Takeaway</h2>The top five <a href="https://www.planify.in/unlisted-shares/">unlisted shares</a> gained approximately 20–58% during the quarter, reflecting investor interest in renewable energy, defense and infrastructure. However, expansion plans and positive announcements do not guarantee sustainable growth. Investors should assess profitability, valuations and execution risks, particularly given the limited liquidity and price transparency of unlisted shares. Disclaimer: Past performance does not indicate future returns. Unlisted share prices are indicative, can vary across platforms, and may change significantly due to limited liquidity and price transparency. This article is for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Planify facilitates transactions in unlisted shares, including some of the companies mentioned here. Please do your own research or consult a SEBI-registered investment adviser before investing.

Top 5 Performing Unlisted Shares of 2 Quarter of FY2027

China is still happy to sell solar panels to the world. What it now wants to protect is the technology and equipment used to make them.<h2>What China proposed</h2>China announced export controls on 12 technologies used in solar manufacturing citing national security issues on October 16, 2026. The technologies can be categorized in two groups:<ul><li>Export bans include the latest technology that includes Perovskite and tandem cells, ultra-thin silicon wafers (70 micrometers or less), and the cheaper way of manufacturing polysilicon.</li><li>Licenced exports include the cell technologies used in new plants, including TOPCon, HJT and Back Contact Cells. </li></ul>These regulations are still under discussion, with a comment period running until November 15, 2026. Nonetheless, the firms in China have to register with the government first in order to export the technologies. Finished modules, cells and wafers will not be banned.<h2>Why India is exposed</h2>A solar panel is made in four stages: polysilicon, wafer, cell, and module. India is strong at the last stage, assembling modules, but weak at making cells, the stage where sunlight is actually converted into electricity.The numbers show how lopsided this is. According to Reuters, Indian companies have built around 200 GW of module capacity but produce only 27 GW of cells, and the government’s own estimates also show module capacity far exceeding cell capacity. As a result, India imports about 95% of its solar cells from China.The ALMM List-II policy makes this gap a pressing problem. It requires government-sponsored projects to use Indian-made cells, with rooftop and open-access projects getting a grace period until the end of 2026. Since domestic cell supply falls far short of what module makers need, all the major manufacturers are now racing to build their own cell lines. Ironically, most of these rely on Chinese technology and labor, which ties back to China’s growing effort to protect its manufacturing know-how and equipment.<h2>The curbs are not entirely new</h2>Indian manufacturers claim that pressure has been increasing. According to Reuters, China has limited its exports of technology for the production of solar cells, technical assistance and equipment. Also, it is expected that six producers will face delays in the start of cell plant production because of these restrictions. The sources did not want to be named because of their concern about retaliation from Beijing. The same source claims that nearly a third of India’s 140 panel producers have stopped their production, and the other two thirds have reduced it to three or four days a week.Furthermore, GTRI, an Indian think-tank, suggests that Chinese limits of imports of inputs and machinery could be a reaction to the visa and investment restrictions imposed by India.<h2>Who is hurt most</h2>The impact is not the same across all companies.<ol><li>Existing factories are mostly protected. The danger lies in servicing: the provision of spare parts, upgrades and technician visits will now require Beijing’s permission, slowing down maintenance work.</li><li>The most threatened factories are those currently being built. Starting up a new line requires Chinese engineers to come and install and activate it. Should each visit require a license, delays are inevitable and expenses increase.</li><li>Expansion plans into wafers and polysilicon become more challenging. India plans to mandate the use of domestically produced wafers from June 2028, but the technologies that have been banned by China are the very technologies needed to achieve that goal. </li></ol>This creates an irony of its own kind. Delays lead to the continued shortage of cells, and shortage helps those whose cell lines are already operating. Wood Mackenzie forecasts that Indian utility-scale solar power system prices will increase by around 20% till the end of 2026 due to the cell shortage.<h2>Alternatives to China</h2>No one country can serve as an alternative to China, but alternatives do exist at every step.<ul><li>Polysilicon: German, Malaysian, American and Japanese suppliers can provide polysilicon at a higher price and in smaller quantities.</li><li>Wafers: nobody else does it on a mass scale. India will continue to import Chinese wafers, as they are not included in the list of controlled products.</li><li>Cell equipment: European, Korean, Japanese and American manufacturers can assist, but their equipment costs more, they have long delivery times, and cannot equip several plants simultaneously. </li></ul>The GTRI suggested that India develop cooperation with Japan and South Korea regarding components. The most probable scenario is that India will negotiate licenses for controlled technologies, purchase some production lines from other companies and invest more in R&amp;D.

<h2>What to watch </h2><ul><li>Final regulations following the November 15th deadline for comments.</li><li>Whether Indian companies will get their export licenses, and how soon.</li><li>Disclosure by the companies on the status of delivery and installation of the cell equipment.</li><li>Whether the government changes the deadline of December 31 if supplies continue to be scarce. </li></ul><h2>Bottom line</h2>China isn’t cutting off solar components. It’s making it harder for other countries to produce them. For India, the real risk isn’t current output but future growth, which could be slower and costlier than expected.

China is still happy to sell solar panels to the world. What it now wants to protect is the technology and equipment used to make them.

China Tightens Its Grip on Solar Know-How, and India Feels the Squeeze

Hero FinCorp is one of the most closely watched names in the unlisted market, and also one of the most misread. The price has swung hard, the IPO has been “coming soon” for a long time, and the latest numbers don’t look like the growth story people remember. This guide covers what the company does, where the price has been, and what to check before you put money in.&nbsp;<h2 style="line-height:1.2;text-align: justify">What Hero FinCorp does</h2>Hero FinCorp started in 1991 as Hero Honda FinLease and took its current form after the Hero MotoCorp restructuring. It lends across retail, SME and corporate segments. Its products include two-wheeler loans, personal loans, business loans, used car finance and equipment finance, sold through 4,000+ touchpoints in 2,000+ locations.&nbsp;<h2 style="line-height:1.2;text-align: justify">The price journey</h2>The chart of this stock looks like a hill.<ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">In December 2023 the share traded around ₹1,257, and by October 2024 it had climbed to roughly ₹2,170.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">A correction after HDB Financial’s muted listing pushed it to about ₹1,595, and by mid-2026 references placed it near ₹975. One dealer listing currently shows ₹985.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Unlisted prices differ from dealer to dealer and change often, so treat all of these as ballpark figures and get a live quote before you decide.</li></ul><h2 style="line-height:1.2;text-align: justify">Why the price fell</h2>The business went through a rough patch.<ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">In FY26, Hero FinCorp reported a consolidated net loss of ₹226 crore against a ₹110 crore profit in FY25. Revenue slipped about 2.5% to ₹9,583 crore.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">The company paused unsecured lending after NPAs rose and is refocusing on secured products, mainly two-wheeler finance.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">At its peak the stock was also trading at around 185x trailing earnings, so a lot of optimism was already in the price.</li></ul>Loss figures differ across sources depending on whether they use standalone or consolidated numbers, so check the company’s filings for the exact ones.<h2 style="line-height:1.2;text-align: justify">The one number worth anchoring to: ₹1,400</h2>In June 2025, Hero FinCorp allotted 18.57 lakh shares at ₹1,400 each to 12 institutional and corporate investors, raising ₹259.99 crore. That is a real, arm’s-length transaction, which makes it a far better yardstick than a dealer’s quote. At around ₹975, the unlisted price sits well below the last institutional round. That gap could mean the stock is cheap. It could also mean the market has lost faith in the 2025 valuation. The two readings lead to different decisions.<h2 style="line-height:1.2;text-align: justify">IPO status</h2>Hero FinCorp filed its DRHP on 31 July 2024 and received SEBI’s observations on 22 May 2025. After the pre-IPO placement, the issue stood at ₹3,408 crore, made up of a ₹1,840 crore fresh issue and a ₹1,568 crore OFS. Reports disagree on the exact status, and no price band or opening date has been announced, so check SEBI’s website for the current position before assuming a timeline.<h2 style="line-height:1.2;text-align: justify">Insights worth your time</h2><ol><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Asset quality is the swing factor. Gross NPA improved from 5.45% to 4.23% in FY26, and net NPA from 2.43% to 1.79%. Debt-to-equity also eased from 8.27x to 8.08x. If credit costs keep falling, profits can come back quickly on a loan book of roughly ₹54,000 crore.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Value it on the balance sheet, not on earnings. With a loss on the books, P/E means little right now. Price-to-book and the pace of the profit recovery matter more.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Expect the IPO price to be lower than unlisted rates. Some dealers say investors expected IPO pricing 30–40% below unlisted market levels, which is why many holders were rushing to exit before launch. That is opinion, not fact, but the earlier HDB Financial listing shows the risk is real.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">A post-listing lock-in applies. Pre-IPO shareholders face a 6-month lock-in after listing. Listing day is not an exit day.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Growth has stalled for now. The loan book grew only about 1% in FY26. The investment case rests on a recovery that hasn’t shown up in the numbers yet.</li></ol><h2 style="line-height:1.2;text-align: justify">Key risks</h2><ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Liquidity: you can only sell when a buyer is available, and there is no exchange to fall back on.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Parent dependence: business is tied to Hero MotoCorp’s performance and the two-wheeler sector.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Sector risk: funding costs, asset quality and regulatory changes all hit NBFCs.</li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Timeline risk: IPO dates keep moving, and a delay can leave your money stuck longer than planned.</li></ul><h2 style="line-height:1.2;text-align: justify">How buying works</h2>You confirm the quantity and price, share your Client Master Report and KYC, transfer the payment, and the shares reach your demat account, typically within 24 hours of payment confirmation. Buy only through a platform you trust, and check that the shares are delivered to your demat account.Tax<a href="https://www.planify.in/research-report/hero-fincorp/">Unlisted shares</a> held for more than two years attract long-term capital gains tax of 12.5% without indexation, following the July 2024 Budget change. Gains on shorter holdings are taxed at your slab rate. Confirm your own position with a tax professional.<h2 style="line-height:1.2;text-align: justify">The bottom line</h2>Hero FinCorp has a strong parent, a large distribution network and a loan book of real scale. It also has a loss-making year, a paused unsecured book and an IPO with no confirmed date. The current price sits well below both the 2024 peak and the ₹1,400 institutional round. Whether that is a bargain depends on whether you believe asset quality keeps improving. If you invest, size the position so a long wait or a weak listing doesn’t hurt.

Hero FinCorp Unlisted Share Price: Complete Investor Guide

The same prospectus has a 24% revenue CAGR, an order book of ₹856 crore and negative operating cash flow. That’s why NNT Developers’ DRHP is worth a good read.The infrastructure contractor based out of Patna has filed its draft papers with SEBI for a mainboard IPO. The offer is a fresh issue of up to 1.72 crore shares with a face value of Rs 10 and no OFS component. Vatsa Capital Venture is proposed to be the lead manager and the shares are proposed to be listed on BSE &amp; NSE. The price band and the dates will be available with the RHP only after SEBI approves the draft.<h3 style="line-height:1.38;text-align: justify">A Bihar company that is outgrowing Bihar</h3>NNT was incorporated in 2017 and builds roads, railway works, flood-protection structures, water pipelines, public buildings and agricultural market infrastructure, almost always through tenders. Four years ago it was close to a one-state, one-client business. In FY24, Bihar gave it 81.5% of revenue and government departments gave 93%. By FY26, Madhya Pradesh had edged ahead at 47.1% against Bihar’s 44.4%, private clients contributed 42% of revenue, and Nepal added about 6%.Concentration has eased too. The top five customers fell from 85% of revenue in FY24 to 65.7% in FY26, and the single largest customer dropped from 42.3% to 22.1%. The top ten still account for 85.55%, so this is a better-spread business rather than a spread-out one.<h3 style="line-height:1.38;text-align: justify">Growth that did the heavy lifting early</h3>Revenue rose from ₹144.30 crore in FY24 to ₹223.66 crore in FY26, roughly 24% a year. Profit after tax grew faster, from ₹9.44 crore to ₹21.57 crore, because EBITDA margin widened from 12.36% to 15.21% in FY25 before easing to 14.72% in FY26. PAT margin followed a similar path, from 6.54% to 9.85% and then 9.64%.The easing deserves attention. FY26 revenue grew only 8% after a 43.6% jump the year before, and PAT grew about 6%. The DRHP explains that several large contracts sat at 55–90% completion, where billing waits for milestone certification, and that client payments were delayed near the year-end.On margins, NNT looks good next to the civil-contracting peers the DRHP names. Bondada Engineering earned a 11.49% EBITDA margin in FY26 and Likhitha Infrastructure 12.40%, against NNT’s 14.72%. The DRHP itself warns that competitive bidding can force lower quotes, so whether the premium holds as the company bids for larger contracts is a fair question.<h3 style="line-height:1.38;text-align: justify">The order book is the real story</h3>The unexecuted order book is ₹856.03 crore across 42 contracts, certified as of August 31, 2026. That is about 3.8 times FY26 revenue. For context, the DRHP’s industry section cites an order-book-to-income ratio of 2.77 for listed railway-sector companies. On paper, NNT has more visibility than its sector.The quality of that visibility is more nuanced. Nearly half the book, ₹423.83 crore, was awarded between July and September 2026, and these contracts have barely started. Revenue from them will depend on how fast NNT mobilises. The book is also lumpy. Three railway contracts, three water supply contracts and three combined building-and-road contracts add up to about 61% of it. The railway trio alone is worth ₹258.8 crore unexecuted, with only about ₹19.5 crore of work done so far.The mix is leaning toward the segments the DRHP’s industry section highlights. Railway is 30.2% of the book, roads 20%, buildings 18.4% and water supply 18%. Private clients make up 46.8%, up from a negligible share a few years ago.One more shift is easy to miss. Bihar holds 73.8% of the order book, while Madhya Pradesh has only about ₹113 crore left, less than one year of its FY26 revenue. NNT’s revenue base will probably swing back toward Bihar over the next two years, which brings the geographic concentration the company has been trying to escape. The company’s own working-capital planning assumes revenue of ₹300 crore in FY27 and ₹550 crore in FY28. These are internal assumptions rather than guidance, and FY28 would need about 83% growth.<h3 style="line-height:1.38;text-align: justify">Profit is not yet cash</h3>The weakest part of the DRHP is cash flow. NNT reported ₹21.57 crore of profit in FY26, yet operating cash flow was negative at ₹1.86 crore, after a negative ₹4.67 crore in FY25. The reason is receivables. Receivable days rose from 28 in FY24 to 152 in FY26, and receivables now stand at about ₹93 crore, close to 42% of annual revenue. The DRHP notes that 81% of this is under six months old.The company has also leaned on suppliers and subcontractors. Payable days rose to 275, and ₹57.12 crore of payables has been outstanding for more than a year. Working capital has moved from 29.7% of revenue in FY24 to 44.75% in FY26, and the company’s own projections push it above 60% in FY28. Growth here is hungry for capital, which explains why ₹75 crore of the IPO goes to working capital.Return ratios show the strain. RoCE fell from about 40% to 33.7%, and RoNW from 26.4% to 21.8%, as the capital base grew faster than profit. They remain healthy, and debt-to-equity is a comfortable 0.39x, but the trend matters.<h3 style="line-height:1.38;text-align: justify">What the industry offers</h3>The demand backdrop is strong. The Union Budget raised public capex to ₹12.2 lakh crore for FY27 from ₹11.21 lakh crore, and railways received a record allocation of about ₹2.93 lakh crore. In Bihar alone, 59 sanctioned railway projects are worth roughly ₹96,651 crore. Jal Jeevan Mission 2.0 runs until December 2028 with an outlay of ₹8.69 lakh crore, which supports the water pipeline contracts in NNT’s book. Bihar’s rivers add a steady stream of flood-protection work.<h3 style="line-height:1.38;text-align: justify">The IPO money and the dilution maths</h3>Of the ₹121.61 crore earmarked, ₹75 crore is for working capital, ₹24.61 crore for machinery and ₹22 crore for repaying bank working-capital loans, with the rest for general corporate purposes. The machinery matters, because owning more equipment lets NNT self-execute more work instead of subcontracting it.The issue is large relative to the existing share base. FY26 EPS of ₹5.39 implies about 4 crore shares today, so 1.72 crore new shares would add roughly 43%. On that rough arithmetic, profit would need to reach about ₹31 crore for EPS to stay flat. Promoters and the promoter group hold 90% before the issue, and a pre-IPO placement is also possible.<h3 style="line-height:1.38;text-align: justify">The takeaway</h3>NNT has what many small contractors lack: a full order book, rising private-sector work, strong return ratios and margins above its peers. What it needs to prove is conversion. It must turn an order book that is half brand new into revenue on schedule, and turn that revenue into cash. If it does, FY27 and FY28 could look very different from FY26. If collections stay slow, profit growth will keep outrunning cash. Valuation can only be judged once the price band is announced.

NNT Developers Limited Files DRHP: Key Details You Need to Know

SEBI has kept the draft documents in "abeyance", meaning temporarily suspended.

Inox Clean Energy's ₹10,000 Crore IPO: What You Need to Know

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