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The IPL ecosystem’s total business value jumped to $18.5 billion in 2025, with franchise valuations scaling up as media rights, sponsorship deals and fan engagement expand. Amid this growth, Royal Challengers Bangalore (RCB) became the most valuable franchise at $269 million, overtaking Chennai Super Kings (CSK), which was valued around $235 million. 

This macro shift underscores two things:

• franchises trade at real brand multiples

• ownership changes now drive unlisted pricing signals

CSK’s unlisted share price has climbed sharply trading up ~25% to ₹200–205, implying a valuation around ₹6,300–₹7,800 crore in private markets.

This development moves IPL valuation discussions from “sports passion” to institutional asset valuation:

• Ownership deals (KKR/RCB/RR) are becoming reference points for private pricing

• CSK unlisted investors may see improved pricing as valuation benchmarks shift up

Even if CSK’s on-field performance dipped in 2025 (which affected brand rankings), the broader business economics of IPL teams' annuity media rights, central revenue distribution, and sponsorship inflows  remain strong. 

The Metropolitan Stock Exchange of India (MSEI), once a dormant stock exchange overshadowed by NSE and BSE, is quietly rebuilding itself in 2025–26 through strategic capital raises, liquidity initiatives and renewed investor interest. This rekindled momentum has translated into unlisted share price action and broader market conversation, though with clear performance caveats.

In FY25, MSEI reported a net loss of ₹34.2 crore, despite some cost rationalisation, after operating revenue fell sharply and total income declined year-on-year. Yet the company took structural steps, including the amalgamation of its clearing subsidiary and a fresh ₹238 crore capital infusion from marquee investors such as Rainmatter (Zerodha), Groww’s parent, Share India Securities and others scaling up its equity base and strengthening its balance sheet for future growth efforts.

MSEI’s unlisted share price has seen volatility reflecting investor sentiment swings. 

• Historically trading in the ₹0.80–₹2 range for years, optimism around strategic fundraises and product expansion lifted prices towards the ₹10-plus zone in early 2025 before regulatory headwinds and operational uncertainty triggered corrections. 

• Currently, unlisted quotes sit below ₹5, down from prior highs, a drop of nearly 65% from peak levels, underscoring how sentiment can swing sharply in privately traded assets.​

• Adding to the structural push, MSEI’s Liquidity Enhancement Scheme (LES) incentivises market makers with up to ₹40 lakh/month plus zero exchange transaction charges to provide continuous buy-sell quotes, a bid to deepen liquidity and improve trading quality, especially for less-active stocks. This scheme runs until June 30, 2026, with bids due by January 23, 2026. 

India’s semiconductor ecosystem is slowly shifting from being import-dependent to homegrown manufacturing, and Polymatech Electronics Ltd. is emerging as one of the most compelling pieces of that puzzle. 

The company widely regarded as India’s first opto-semiconductor chip maker is preparing for a mega IPO of around ₹10,000 crore, with its Draft Red Herring Prospectus expected to be filed in 2026. This marks a significant leap from its earlier proposed ₹750 crore offer, reflecting its ambitious expansion plans and capital needs. 

Founded in 2018 with an initial investment of just ₹14 crore, Polymatech’s growth has been rapid. Its global manufacturing footprint spans advanced packaging and testing in India and Singapore, PCB fabrication in Estonia and ingot/wafers production in France, with assembly in Bahrain, all supporting diversified revenue streams.

Earlier projections saw Polymatech targeting $2.5 billion (~₹20,000 crore) revenue by FY26 on the back of expanded chip capacity and an order book reportedly worth ~₹7,000 crore, mostly exports.

Capex and Future Drivers

The optics of a ₹10,000 crore IPO in the semiconductor space especially one focused on opto-semiconductors and next-generation chips is noteworthy for several reasons:

Strategic positioning in chips, Global production base, and Tech differentiation.

• A key milestone for the company is its GaN semiconductor plant in Nava Raipur, Chhattisgarh, backed by a ₹1,143 crore investment. This facility is poised to produce next-generation Gallium Nitride chips for 5G and future 6G networks, aligning with India’s technology and telecom ambitions. 

• Beyond domestic capacity, Polymatech has also commissioned a €100 million PCB facility in Estonia, enabling high-density boards for telecom, aerospace, automotive and defence applications, a strategic move toward end-to-end electronics manufacturing.

Notice is hereby given that the Ninth (9th) Extra-Ordinary General Meeting (“EGM”) of the Members of Hindustan Power Exchange Limited will be held on Thursday, February 05, 2026 at 10:30 A.M. (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”), to transact the following businesses:

Special Business:

To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

Instructions at glance

After nearly a decade of delays, the National Stock Exchange of India (NSE) is finally on track for its long-awaited initial public offering (IPO). The Securities and Exchange Board of India (SEBI) is reported to be in advanced stages of issuing the No-Objection Certificate (NOC) that will clear the regulatory hurdle preventing NSE’s public listing.

SEBI Chairman Tuhin Kanta Pandey has indicated that the nod could come within this month, a significant development that could unlock one of India’s largest capital markets listings.

NSE’s IPO has been pending since the exchange first filed its IPO plans in 2016, but regulatory scrutiny especially around governance lapses and the co-location network access controversy repeatedly stalled the process. Since then, NSE has taken steps to resolve legacy disputes, strengthen compliance, and settle regulatory matters, clearing the path for formal IPO procedures. 

If the approval is formalised soon, NSE will begin preparing its Draft Red Herring Prospectus (DRHP) and engage with investment bankers for the next steps. With over 1.7 lakh unlisted shareholders and a dominant position in cash and derivatives trading, the listing is expected to be one of India’s most watched IPOs.

Financial Performance (Q1 FY26 vs Q1 FY25): OYO reported a robust financial performance in Q1 FY26, with Revenue increasing significantly by 47.26% year-on-year (YoY) to ₹2,019 crore, compared to ₹1,371 crore in Q1 FY25. This strong topline growth reflects sustained demand momentum across its core markets. Profit After Tax (PAT) more than doubled, surging by 135.29% YoY to ₹200 crore, up from ₹85 crore in the corresponding quarter last year. The profitability surge was further highlighted by Adjusted EBITDA, which grew 3.3x YoY to ₹550 crore, supported by enhanced operational efficiencies and higher operating leverage.

Operational Metrics (Q1 FY26 vs Q1 FY25): Gross Booking Value (GBV) expanded by 145.35% YoY to reach ₹7,277 crore, underscoring significant market share gains. The Hotels segment led the momentum with a 221% YoY increase in GBV (₹5,939 crore), while the Homes segment grew by 16% YoY (₹1,288 crore). The global supply footprint for Hotels grew by 29% (to 22K), and Homes increased by 44% (to 124K). Storefront Expansion: OYO rapidly scaled its mid-premium and premium company-serviced portfolio in India, with storefronts expanding 5x YoY to reach 1.1K. Managed Workspaces: The Innov8 segment reported revenue of ₹37 crore (up 55% YoY) and an EBITDA surge of 189%.

Strategic Developments & Outlook: OYO’s net worth and operational efficiency continue to provide strong capital support, with a strategic shift toward Company-Serviced properties, which now contribute 51% of GBV, up from just 9% a year ago. The company is maintaining a disciplined cost structure, with operating costs projected to fall from 12% to 8% of GBV by the end of FY26. A key strategic milestone is the IPO timeline, with the company planning to launch its public offering in the second half of 2026. Near-term focus remains on strengthening the balance sheet, maintaining positive cash flows, and leveraging technology to lift RevPAR and guest retention.

​Metropolitan Stock Exchange of India (MSEI) has introduced a Liquidity Enhancement Scheme (LES) to improve trading liquidity, market depth, and price discovery in equity shares traded on the exchange.

What the Exchange is Doing
Under this scheme, MSE will appoint designated market makers who will continuously provide buy and sell quotes in selected equity stocks, helping ensure smoother trading and narrower bid–ask spreads.

Key Features of the Scheme

• Mandatory two-way quotes for most of the trading day
• Defined order-book depth across multiple price levels
• Controlled bid–ask spreads to improve pricing efficiency
• Monthly incentives of up to ₹40 lakh for market makers meeting obligations
• Waiver of exchange transaction charges for trades under the scheme

Eligible Securities
The scheme includes a broad list of actively tracked stocks, and all new mainboard IPOs listed on MSEI will be added automatically.

Scheme Duration
The LES will remain in force until June 30, 2026, subject to review or modification by the exchange.

Why This Matters for Investors
The initiative is expected to improve liquidity, reduce trading costs, and support more efficient price discovery, making trading in MSEI-listed equities more seamless and transparent.

Some of India’s most interesting value creation stories are unfolding in 2026 beyond traditional avenues to unlisted shares, a select group of unlisted leaders are building scale, improving profitability, and preparing for eventual listings, quietly compounding away from daily market noise.

OYO: OYO is shifting from hyper-growth to profit discipline, with improving EBITDA, debt reduction, and better hotel occupancy  turning a crisis-era brand into a credible turnaround story on investor watchlists.

SBI Mutual Fund:SBI Mutual Fund, India’s largest AMC by AUM, is preparing for listing signalling monetisation of a powerful brand, sticky fee income, and a long-duration compounding business linked directly to rising financialization of savings.

Onix: Onix operates in premium consumer electronics with a strong retail network; it benefits from import substitution, the domestic manufacturing push, and rising discretionary consumption among India’s urban households.

Orbis: Orbis is positioned in security and surveillance solutions, riding structural demand from smart cities, logistics hubs, government infrastructure and corporate risk management, a space expanding quietly but rapidly.

Hero FinCorp:Hero FinCorp, backed by the Hero group, is gaining from a reviving credit cycle; used-vehicle finance, retail loans, and MSME lending give it operating leverage as growth and collections improve.

Chennai Super Kings (CSK):CSK’s valuation is driven by media rights, sponsorship monetisation, fan IP, and league expansion sports franchises are evolving into serious financial assets instead of passion projects.

Insolare Energy: Insolare Energy is directly aligned to India’s renewable push; solar EPC, modules, grid upgrades and PLI-linked manufacturing place it at the heart of the nation’s energy-transition capex cycle.

NSE: India’s largest stock exchange by turnover; benefits from rising retail participation, derivatives depth, and formalization of savings into capital markets. Nse Unlisted Share price

NCDEX: NCDEX leading Agri-commodity exchange; positioned to gain from inflation hedging demand, warehousing reforms, and institutionalization of commodity price discovery.

Notice of the Extra Ordinary General Meeting (“EGM”) of Madhur Iron and Steel, which is scheduled for Friday, Jan 9, 2026 at 4:00 PM (IST) through video conferencing (“VC”)/ other audio-visual means (“OAVM”) to transact the following businesses:

Special Business:

To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

• Approval for raising capital through Initial Public Offer (IPO) of the company: The Company plans to create, issue, offer and allot up to 1,00,00,000 equity shares of face value Rs 10 each via IPO (book building method), through book-building or other permitted methods, and authorizing the Board to determine structure, pricing, appointment of intermediaries, allotment, and listing of the equity shares.
• Increase in investment limit for Non-Resident Indians / Overseas Citizens of India :The Company seeks Approval to increase the aggregate investment limit of.= NRI/OCI investors up to 24% of the paid-up equity share capital of the Company, in accordance with applicable FEMA regulations.
• Approval to increase the aggregate limit of equity shareholding by Registered FPIs, subject to applicable RBI/FEMA guidelines and approvals.
  

Instructions at glance

Notice of Postal Ballot:

Voting Starts on: Wednesday, January 07, 2026 at 9.00 A.M.(IST)

Voting Ends on: Thursday, February 05, 2026 at 5.00 P.M. (IST)

This is to inform all shareholders that a resolution is proposed to be passed by the equity shareholders of the company through postal ballot only by way of a remote e-voting process. Instructions for remote e-voting will be sent through electronic mode to those members whose email addresses are registered with the registrar and transfer agent.

Description of the Special Resolution:

• Authorization on under Sec on 180(1)(a) of the Companies Act, 2013 – to create charge, mortgage, lien, etc., on company’s assets: Approval to create charge, mortgage, or dispose of company assets to secure borrowings, with total outstanding secured borrowings capped at ₹2,500 crore.
• Authorization on under Sec on 180(1)(c) of the Companies Act, 2013 – increase in borrowing powers of the company: Approval to increase the company’s borrowing limit to ₹2,500 crore, up from ₹2,000 crore, through any form of borrowing, secured or unsecured.
• To approve the conversion of loan (credit facilities) from HDFC Bank Limited, State Bank of India, AU Small Finance Bank Limited in specific and other Banks, NBFC, Financial Institutions and Body Corporates etc. in general, into equity shares: Approval to allow lenders to convert loans into equity only in case of default, at Registered Valuer-determined pricing, for borrowings up to ₹2,000 crore.

Remote e-voting Instructions at glance:

​VCI Chemicals is pleased to announce steady and encouraging progress on its 1.12 LTPA Coal Tar Plant project. Construction activities are progressing swiftly, and the company has successfully received all major machinery at the project site, with total equipment value exceeding ₹135 crore. The project is being executed largely in line with planned timelines, and the plant is expected to become operational during Q3–Q4 of FY26. Once commissioned, the facility is expected to significantly enhance VCI’s product mix, scale, and operational efficiencies. The project is projected to generate healthy financial performance, with average EBITDA margins of approximately 14.4% and PAT margins of around 8.5% during FY27–FY34, driven by economies of scale, improved product realization, and cost efficiencies such as reduced fuel and nitrogen gas consumption. The plant is also expected to strengthen VCI’s domestic and export presence, with total revenues projected at around ₹609 crore at steady-state operations, while maintaining positive cash flows and a robust balance sheet over the long term. This project represents a key strategic milestone in VCI Chemicals’ growth journey and reinforces the company’s commitment to sustainable and profitable expansion.

Over the past year, several companies that were once part of the pre-IPO universe have successfully crossed the final milestone  entry into the public markets.

Names like HDB Financial Services, Wakefit, Groww, Lenskart, Meesho, Studds Accessories, Tata Capital, LG Electronics India, PhysicsWallah, Pace Digitek, and Vikram Solar are no longer just private growth stories they are now publicly listed companies with real market discovery.

• What makes this transition noteworthy is not just the listings, but the timing and scale at which these companies entered the markets. Many of them listed amid tight liquidity conditions, higher scrutiny on valuations, and sharper investor expectations yet managed to attract demand and deliver meaningful listing outcomes.​

• Performance across these listings was mixed, spanning strong debut gains, flat listings, and gradual post-listing upside.
  

For investors who accessed these names during the pre-IPO phase, the journey reflects something important:

Early conviction, when backed by strong business fundamentals and sector leadership, can translate into credible public-market performance.

​

Financial Performance (Q2 FY26 vs Q2 FY25): India First Life Insurance reported a weaker financial performance in Q2 FY26, with total revenue declining by 22.5% year-on-year (YoY) to ₹2,073.1 crore, compared to ₹2,673.8 crore in Q2 FY25. The decline reflects lower income generation during the quarter, likely impacted by moderation in premium inflows and investment-related income. Profit Before Tax (PBT) was lower during the quarter, translating into a decline in profitability. Profit After Tax (PAT) fell by 33.0% YoY to ₹15.3 crore from ₹22.8 crore in the same quarter last year. Earnings Per Share (EPS) declined by 33.3% YoY to ₹0.2, compared to ₹0.3 in Q2 FY25.

Operational Metrics (Q2 FY26 vs Q2 FY25): For the quarter ended September 30, 2025, India First Life Insurance reported total net benefits paid of Rs. 105,315.20 lakhs, representing an increase from the Rs. 83,366.32 lakhs paid in the corresponding quarter of the previous year. This total includes claims by death amounting to Rs. 19,295.82 lakhs (down from Rs. 19,524.71 lakhs in Q2 FY25) and a significant rise in claims by maturity, which reached Rs. 27,082.89 lakhs compared to Rs. 3,771.66 lakhs in Q2 FY25. Surrenders and withdrawals remained a major component of benefits at Rs. 58,049.26 lakhs, slightly up from Rs. 55,381.02 lakhs in the previous year.

Strategic Developments: During the quarter, the company continued to operate across both policyholders’ and shareholders’ accounts, maintaining focus on core life insurance offerings. While near-term performance was impacted by lower revenue and profitability, the company’s business remains supported by its diversified product mix and long-term insurance liabilities. Going forward, performance is expected to remain linked to premium growth trends, claims experience, and investment income performance.

​

Financial Performance (Q2 FY26 vs Q2 FY25): PPFAS reported a robust financial performance in Q2 FY26, with total revenue increasing by 23.4% year-on-year (YoY) to ₹143 crore, compared to ₹116 crore in Q2 FY25. The growth was primarily driven by an increase in fees and commission income from its asset management business. Profit Before Tax (PBT) rose significantly by 37.2% YoY to ₹123.8 crore from ₹90.2 crore in the same quarter last year. Profit After Tax (PAT) grew by 39.6% YoY to ₹92.7 crore, compared to ₹66.5 crore in Q2 FY25. Earnings Per Share (EPS) also saw a substantial increase, rising to ₹120.5, from ₹86.7 last year.

Operational Metrics (Q2 FY26 vs Q2 FY25):Operational performance demonstrated strong efficiency and margin expansion during the quarter. The net profit margin improved to 65.3% in Q2 FY26 from 57.3% in Q2 FY25, reflecting better cost leverage. Total expenses for the quarter stood at ₹19.2 crore, managed effectively against the rising revenue base. The company remains debt-free with only lease liabilities on the books, maintaining a robust balance sheet. The company’s consolidated net worth surged to ₹828.5 crore, up 55.4% YoY from ₹533.2 crore in September 2024, highlighting significant internal accruals and financial strength.

​​

Strategic Developments: During the period, the company paid a final dividend of ₹11.54 crore for the previous financial year, underscoring its commitment to shareholder returns. A key accounting policy change was implemented, shifting the depreciation method for Property, Plant, and Equipment from Written Down Value (WDV) to the Straight Line Method (SLM) to align with group policies. The company continues to distinguish its "Core" operating performance by excluding unrealized mark-to-market gains on investments, which stood at ₹30 crore for the half-year, ensuring a transparent view of business health. 

Financial Performance (Q2 FY26 vs Q2 FY25): Acko General Insurance Ltd reported a marginally weaker topline performance in Q2 FY26, with revenue declining by 0.9% year-on-year (YoY) to ₹547.0 crore, compared to ₹552.0 crore in Q2 FY25. Despite the slight drop in revenue, profitability improved sharply during the quarter, with Profit After Tax (PAT) turning positive at ₹22.8 crore versus a loss of ₹86.1 crore in the same period last year, reflecting a 126.4% YoY improvement. Earnings Per Share (EPS) also improved significantly to ₹0.16 in Q2 FY26 from a negative ₹0.32 in Q2 FY25, marking a 150.0% YoY increase, indicating a strong turnaround in operating and underwriting performance.

Operational Metrics (Q2 FY26 vs Q2 FY25): Operational performance reflected better cost management and underwriting efficiency during the quarter. The solvency ratio stood at 2.29 times, well above the regulatory requirement, compared to 2.43 times in Q2 FY25. The net retention ratio remained stable at 76.17% compared to 74.83% in the previous year.

Strategic Developments: During the quarter, Acko continued its focus on product diversification, launching new retail and group health products such as Acko Health II and Acko 360 Protect. The company maintained a digital-first approach, with Direct Business (Online) contributing significantly to the total premium of ₹62,167 lakhs for the quarter. Despite higher claims reported in some segments, the claims settlement ratio remained a priority, and the reduction in management expenses to gross premium ratio (35.93% vs 52.63%) supports long-term sustainability.