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According to sources close to the development, the public market debut could value the travel-tech unicorn at an estimated $7 billion to $8 billion.

The company got the approval from regulators after they secretly filed a Draft Red Herring Prospectus, or DRHP, back in December 2025. On December 20, 2025, special meeting, shareholder gave the company permission to raise up to ₹6,650 crore by selling new equity shares.

Next Steps and Market Timeline:
Now that SEBI has given the green light, PRISM's next step is to submit its updated draft prospectus, known as the UDRHP-1. As soon as this document is filed, which is expected to happen in early July, it will be made available to the public for a 21-day period, during which time anyone can review and comment on it. This is a required step, and after the comment period is over, PRISM will be able to move forward with its plans. The filing of the UDRHP-1 is a significant milestone, and it's likely that the company is working hard to get everything ready for the upcoming deadline.

The final launch date will ultimately hinge on prevailing market sentiments and institutional appetite. To steer the mega-issue, the company has lined up a heavyweight roster of book-running lead managers, including Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services.

Pivot to Premium and Stronger Financial Outlook:
The regulatory milestone comes on the back of notable operational shifts and an aggressive global footprint expansion spanning India, Europe, and the United States. PRISM has actively pivoted toward self-operated boutique hotels and premium hospitality tiers, notably through its Sunday Hotels and Palette Hotels brands.

The hospitality company has also recently made a move into India's growing spiritual tourism market, and has started offering high-end vacation rentals in the country by introducing its European brand, DanCenter, in Goa, which is known for its beautiful holiday homes.

Recently, Moody's - a well-known global ratings agency - gave its stamp of approval to PRISM's current path. They confirmed the company's B2 corporate family rating and said they expect things to stay stable. This is largely due to the company's efforts to cut costs, increase premium prices, and successfully bring its huge G6 Hospitality acquisition under its wing. Moody's thinks these moves will really pay off, predicting that PRISM's EBITDA will more than double by FY26 - reaching around $280 million, which is roughly ₹2,496 crore. This is a big jump and a good sign for the company's future.

In a bid to cement its corporate governance ahead of the public eye, PRISM also recently appointed former SEBI Chairman Ajay Tyagi to its board as an Independent Director.

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• Financial Performance (FY26 vs FY25): Hero FinCorp Limited reported steady financial growth during FY26, supported by continued expansion in its retail lending portfolio across vehicle finance, personal loans, MSME lending, and consumer finance segments. Total income increased to approximately ₹9,733 crore in FY26 from around ₹9,123 crore in FY25, reflecting growth in interest income and lending activities. Net interest income remained healthy, supported by a growing loan portfolio and stable yields. Profit Before Tax (PBT) improved to approximately ₹249 crore in FY26 compared to around ₹214 crore in FY25. Profit After Tax (PAT) increased to approximately ₹164 crore from around ₹146 crore in FY25, reflecting improved profitability despite elevated funding costs and provisioning requirements. The company's earnings growth was driven by business expansion, operating efficiency, and disciplined risk management.
• Operational Metrics (FY26 vs FY25): Operationally, Hero FinCorp continued to strengthen its position as one of India's leading retail-focused NBFCs. The company's loan portfolio expanded to approximately ₹53,423 crore in FY26 compared to around ₹47,731 crore in FY25, reflecting strong credit demand across vehicle finance, personal loans, and MSME lending segments. Total assets increased to approximately ₹60,192 crore from ₹54,714 crore in FY25, supported by sustained loan growth and improved business scale. Finance costs increased to approximately ₹3,308 crore compared to ₹3,401 crore in FY25, while impairment on financial instruments stood at around ₹2,494 crore. Asset quality remained stable with prudent provisioning coverage and controlled credit costs. The company maintained a diversified funding profile through bank borrowings, market instruments, securitization transactions, and debt capital markets, supporting long-term balance sheet growth.
• Key Ratios (FY26): Valuation and profitability indicators remained healthy during FY26. The company's Price-to-Book (P/B) Ratio stood at approximately 2.23x. Asset quality remained stable with Gross NPA at 4.23% and Net NPA at 1.79%, reflecting effective risk management despite operating in a large retail lending environment. The company maintained a healthy Net Interest Margin (NIM) of approximately 8.00%. Capitalization remained robust, with a Capital Adequacy Ratio (CAR/CRAR) of 16.8%, comfortably above regulatory requirements. Profitability metrics remained healthy with Return on Assets (ROA) of approximately 0.27% and Return on Risk-Weighted Assets (RORWA) of approximately 0.47%. These metrics highlight Hero FinCorp's strong balance sheet, resilient asset quality, adequate capitalization, and ability to generate sustainable earnings while maintaining prudent risk controls.
• Strategic Developments & Outlook: Hero FinCorp continues to leverage the strong ecosystem of the Hero Group while expanding its presence across retail lending, MSME finance, consumer loans, and digital lending platforms. The company remains focused on enhancing customer acquisition through technology-driven distribution channels, strengthening collections infrastructure, and improving operational efficiency. During FY26, Hero FinCorp maintained a strong liquidity profile and diversified funding base, supporting future growth initiatives. The company also continued investing in digital capabilities and analytics-led underwriting to improve customer experience and risk management. Looking ahead, Hero FinCorp is expected to benefit from increasing retail credit penetration, rising consumer spending, growing vehicle financing demand, and continued formalization of the MSME sector. While funding costs and credit costs may remain key monitoring factors, the company's scale, diversified product portfolio, strong parentage, and disciplined risk management framework are expected to support stable long-term growth and profitability.

Financial Performance (FY26 vs FY25):
​Schneider Electric President Systems Limited reported a mixed financial performance in FY26, with Total Income declining 15.9% year-on-year (YoY) to ₹391.39 crore, compared to ₹465.36 crore in FY25. The moderation in revenue reflects lower trading activity and normalization of market volumes compared to the elevated levels witnessed in the previous year. Profitability declined on a YoY basis primarily due to lower revenue from operations and compressed margins. Profit Before Tax (PBT) stood at ₹50.66 crore, compared to ₹65.16 crore in FY25, while Profit After Tax (PAT) came in at ₹37.73 crore, down from ₹48.03 crore in the corresponding year last year. The performance in FY26 was also marginally impacted by a non-recurring exceptional charge of approximately ₹1.36 crore relating to past service costs for statutory gratuity liabilities arising from newly notified labour codes. Excluding this exceptional item, the underlying earnings performance reflects the company's resilient business model in its product and systems segment for electricity distribution.

Operational Metrics (FY26 vs FY25):
The company’s operational performance remained resilient, with its primary operations continuing to drive the majority of revenues. Revenue from operations stood at ₹384.23 crore in FY26, compared to ₹456.99 crore in FY25, reflecting moderation in transaction-related income. Segment-wise, the company operates as a single primary business segment viz. product and systems for electricity distribution. Revenue from core sales and services generated ₹384.23 crore, compared to ₹456.99 crore in FY25. Other income (including finance income and miscellaneous gains) contributed ₹7.17 crore, slightly down from ₹8.38 crore in the previous year. Despite the decline in revenue, the company maintained tight operational efficiency with total expenses at ₹339.37 crore, compared to ₹400.20 crore in the corresponding year last year, indicating controlled cost expansion and reduced raw material consumption, which fell to ₹243.28 crore from ₹306.37 crore.

Strategic Developments & Outlook:
Schneider Electric President Systems Limited continues to position itself to benefit from structural growth in India’s electricity distribution and industrial infrastructure markets. The company's core product and system portfolios provide cross-market scale and business model resilience. Looking ahead, a major milestone includes filing a direct listing application to list the company's 1,20,96,000 equity shares on the Main Board of BSE Limited, for which it has already received an in-principle approval dated May 06, 2026. This structural transition, combined with a robust balance sheet featuring an enhanced cash cushion of ₹106.32 crore (up from ₹74.29 crore) and ongoing strategic market initiatives, is expected to support long-term earnings visibility and value creation for shareholders.

• Financial Performance (FY26 vs FY25): PharmEasy / API Holdings delivered a strong operational turnaround during FY26, supported by growth across its B2B distribution, B2C healthcare platform, and diagnostics businesses. Consolidated revenue increased to approximately ₹6,869 crore in FY26 compared to around ₹6,010 crore in FY25, reflecting healthy growth of 14.3% year-on-year. Gross margin improved significantly to nearly ₹1,363 crore from approximately ₹1,118 crore in FY25, with gross margin expanding to 19.8% from 18.6%. Operating efficiency improved materially, with operating expenses declining by 4.5% to around ₹1,288 crore despite higher scale of operations. Most notably, EBITDA witnessed a meaningful turnaround, moving from a loss of approximately ₹231 crore in FY25 to a profit of around ₹63 crore in FY26, supported by margin expansion, cost optimization, and improved operating leverage. Finance costs declined sharply to nearly ₹395 crore from about ₹490 crore in FY25, contributing to a significant narrowing of losses. Profit Before Tax (PBT) improved to a loss of approximately ₹388 crore compared to a loss of around ₹1,035 crore in FY25, reflecting continued progress toward profitability.
• Operational Metrics (FY26 vs FY25): Operationally, PharmEasy demonstrated strong performance across its key business verticals. The B2B distribution business reported revenue of approximately ₹4,089 crore in FY26, up 15.0% year-on-year, supported by strong demand, improved gross margins, and robust cost discipline. B2B EBITDA improved substantially from a loss of around ₹109 crore in FY25 to near breakeven profitability in FY26, while working capital days improved to 44 days. The B2C PharmEasy platform delivered revenue growth of 17.9%, reaching approximately ₹1,334 crore in FY26, with gross margins expanding to 25.7%. The B2C segment also recorded a strong profitability turnaround, with EBITDA margins improving significantly from -7.6% in FY25 to -3.0% in FY26, driven by operating leverage and optimization initiatives. Within diagnostics, Thyrocare continued to remain a strong growth engine, reporting revenue growth of 20.6% to approximately ₹829 crore in FY26, while EBITDA increased by 33.3% to around ₹280 crore, supported by sustained operating leverage and margin expansion. Working capital management also strengthened at the group level, with consolidated working capital days improving to 39 days compared to 40 days in FY25.
• Strategic Developments & Outlook: PharmEasy continued strengthening its position as one of India’s leading digital healthcare platforms through its integrated ecosystem spanning online pharmacy, diagnostics, pharma distribution, and hospital supply operations. The group maintained focus on optimizing costs, improving working capital discipline, enhancing operational controls, and strengthening profitability across business segments. The company’s B2C operations, led by the PharmEasy platform, continued to facilitate consumer access to pharmaceuticals, OTC products, diagnostics, teleconsultation, and healthcare services through a technology-enabled marketplace model, while B2B operations expanded pharmaceutical and medical supplies distribution capabilities across retailers, hospitals, clinics, and healthcare providers. Thyrocare maintained strong momentum through sustained diagnostics growth and improved EBITDA margins. Looking ahead, PharmEasy is expected to benefit from increasing digital healthcare adoption, rising healthcare spending, expansion of organized pharma distribution, and growing demand for diagnostics and preventive healthcare services. Continued focus on operating efficiency, margin improvement, and balance sheet discipline is likely to support the company’s ongoing path toward sustainable profitability and long-term growth.

India’s financial markets are entering unusual territory: rainfall may soon become a tradable asset.

A partnership between National Commodity & Derivatives Exchange Limited and India Meteorological Department is laying the foundation for India’s first weather derivatives ecosystem — a market designed to help businesses and farmers hedge against climate uncertainty.

The initiative is centered on rainfall-based derivative contracts that will use historical and real-time weather data provided by IMD. The goal is simple in theory but ambitious in practice: convert unpredictable weather into measurable financial risk.

Why This Matters

India’s economy remains deeply exposed to monsoon volatility. Delayed rains, heatwaves, floods, and uneven rainfall patterns affect everything from crop yields to logistics and power demand.

Traditional crop insurance often struggles with delayed payouts and verification bottlenecks. Weather derivatives attempt a different approach. Instead of assessing physical crop damage, payouts are linked directly to objective weather data — such as rainfall levels recorded by IMD stations.

That means:

• Faster settlement mechanisms
• Transparent triggers
• Market-based climate protection
• Reduced dependency on lengthy claims processes

For sectors like agriculture, transportation, construction, tourism, and energy, this could become a meaningful risk-management tool.

What Exactly Are Weather Derivatives?

Weather derivatives are financial contracts tied to weather variables like:

• Rainfall
• Temperature
• Humidity
• Wind speed

Globally, these instruments already exist in markets such as the US and Europe. Companies use them to offset losses caused by unusual weather patterns.

For example:

• A farmer can hedge against weak monsoon rainfall.
• A logistics company can offset disruptions caused by flooding.
• A power utility can manage revenue swings from temperature extremes.

Unlike insurance, these products don’t require proof of actual damage. Settlement depends entirely on predefined weather outcomes.

From MoU to Market Product

The NCDEX-IMD collaboration began with a landmark MoU signed in 2025. Since then, the initiative has moved from concept toward execution.

Now, India’s first exchange-traded weather derivative — called RAINMUMBAI — is set to launch as a SEBI-approved contract based on Mumbai rainfall data.

The contract is expected to:

• Use official IMD rainfall datasets
• Be cash-settled
• Help participants hedge monsoon-linked exposure
• Operate within a regulated derivatives framework

Mumbai was chosen because monsoon disruptions there have direct economic consequences across transport, finance, infrastructure, and supply chains.

A New Climate Economy Asset Class?

NCDEX has described weather derivatives as a step toward building a “climate-resilient rural economy.”

That may sound lofty, but the timing is notable. Climate volatility is becoming a financial variable, not just an environmental one.

As weather patterns grow harder to predict, markets are increasingly looking for tools that price climate risk directly. India entering the weather derivatives space signals that climate-linked finance is moving from policy discussion into actual market infrastructure.

Challenges Ahead

The idea is promising, but adoption won’t be automatic.

Some key hurdles include:

• Regulatory clarity and oversight
• Low awareness among farmers
• Complexity of derivative products
• Liquidity in early-stage contracts
• Trust in settlement mechanisms

Initially, participation may be dominated by institutional players rather than small farmers.

Still, if these products gain traction, India could eventually develop region-specific weather contracts aligned with crop cycles and local climate conditions.

And for the first time, the monsoon may become more than a seasonal event — it could become a financial instrument.

• Financial Performance (FY26 vs FY25): National Stock Exchange of India Limited (NSE) delivered strong operational and earnings performance during FY26, supported by healthy activity across trading, clearing, and data services businesses. Consolidated revenue from operations stood at approximately ₹16,601 crore in FY26 compared to around ₹17,141 crore in FY25. Despite a marginal moderation in topline, profitability remained robust with Profit Before Tax (PBT) from continuing operations at nearly ₹13,896 crore versus ₹15,475 crore in FY25. Profit After Tax (PAT) for FY26 came in at approximately ₹10,302 crore compared to around ₹12,188 crore in FY25. The decline in profitability was primarily attributable to exceptional regulatory-related provisions and settlement expenses linked to SEBI matters, rather than weakness in core operations. Excluding these one-time impacts, NSE’s core earnings profile continued to remain strong, supported by high operating leverage and strong market participation.
• Operational Metrics (FY26 vs FY25): Operationally, NSE maintained leadership across India’s capital market infrastructure ecosystem with continued strength in trading and clearing activities. Trading segment revenue stood at approximately ₹15,044 crore in FY26, while clearing services contributed around ₹1,762 crore. Segment profitability remained healthy, with trading segment profit exceeding ₹9,151 crore during FY26. Total expenses increased to around ₹6,000 crore from approximately ₹4,806 crore in FY25, largely due to higher regulatory provisions, technology investments, employee costs, and operating expenses. Other expenses increased sharply to nearly ₹3,790 crore, mainly reflecting provisions related to ongoing SEBI settlement matters. Cash and cash equivalents rose significantly to over ₹32,261 crore as of March 31, 2026, highlighting strong liquidity and balance sheet strength. Total assets expanded to around ₹87,937 crore compared to ₹69,467 crore in FY25, supported by growth in financial assets and settlement-related balances.
• Strategic Developments & Outlook: NSE continued to strengthen its position as India’s leading exchange platform through expansion in trading infrastructure, clearing operations, data analytics, index licensing, and digital market ecosystem capabilities. The exchange also focused on strengthening its regulatory compliance framework following ongoing SEBI proceedings related to colocation, dark fibre, and governance matters. During FY26, NSE recognized a provision of approximately ₹1,391 crore toward settlement applications filed with SEBI, reflecting a proactive approach toward resolution of legacy regulatory matters.

The company also continued investing in technology infrastructure, risk management systems, and market ecosystem expansion, while benefiting from increasing retail participation and strong growth in India’s capital markets. NSE recommended a final dividend of ₹35 per equity share for FY26, including a special one-time dividend component, reflecting strong cash generation capabilities. Looking ahead, NSE is expected to benefit from sustained growth in India’s financial markets, rising derivatives participation, increased institutional activity, and expanding digital adoption. While regulatory and compliance-related costs may continue to influence near-term profitability, the exchange’s dominant market position, scalable operating model, strong liquidity profile, and diversified revenue streams are expected to support stable long-term earnings growth and margin resilience.

Financial Performance (FY26 vs FY25): IKF Finance Limited reported strong financial growth during FY26, supported by expansion in its lending portfolio across commercial vehicle finance, MSME lending, and affordable housing finance segments. Total income increased significantly to approximately ₹908 crore in FY26 compared to around ₹660 crore in FY25, reflecting robust growth in interest income and loan book expansion. Interest income alone rose sharply to nearly ₹855 crore from approximately ₹618 crore in FY25, indicating strong disbursement momentum and improving scale of operations. Profit Before Tax (PBT) stood at around ₹221 crore in FY26 versus approximately ₹145 crore in FY25, reflecting healthy earnings growth despite elevated credit costs and operating expenses. Profit After Tax (PAT) increased strongly to approximately ₹165 crore compared to around ₹108 crore in FY25, demonstrating improved profitability and operational leverage as the company scaled its financing business.

Operational Metrics (FY26 vs FY25): Operationally, IKF Finance continued to strengthen its position as a growing NBFC focused on retail and SME-oriented lending. The company’s loan book expanded substantially, with loans increasing to nearly ₹5,791 crore in FY26 from around ₹4,514 crore in FY25, reflecting strong credit demand and business expansion across key segments. Total assets grew significantly to approximately ₹6,757 crore compared to around ₹5,012 crore in FY25, supported by increased borrowings and improved liquidity position. Finance costs rose to around ₹417 crore from approximately ₹332 crore in FY25, in line with balance sheet expansion and higher funding requirements. Impairment on financial instruments increased to nearly ₹84 crore versus approximately ₹40 crore in FY25, reflecting higher provisioning requirements amid rapid portfolio growth. Employee benefit expenses also increased to around ₹141 crore from ₹110 crore, indicating continued investments in branch expansion, manpower, and operational infrastructure. Despite higher provisioning, asset quality remained relatively stable, with Gross Stage-3 assets at approximately 2.52% and Capital Adequacy Ratio improving to around 27.34% in FY26 from 20.86% in FY25, highlighting strengthening balance sheet resilience.

Strategic Developments & Outlook: IKF Finance continues to benefit from structural growth opportunities in India’s retail lending and MSME financing ecosystem, particularly in underserved semi-urban and rural markets. The company remains focused on commercial vehicle finance, construction equipment finance, MSME lending, and affordable housing finance through its subsidiary IKF Home Finance Limited. During FY26, IKF Finance strengthened its subsidiary ownership structure by increasing its stake in IKF Home Finance to 100%, reinforcing its long-term focus on the housing finance segment.

​Key Ratios (FY26):
Valuation and profitability indicators remained healthy during FY26. The company's Price-to-Book (P/B) Ratio stood at 2.06x, reflecting investor confidence in its growth prospects and franchise strength. Asset quality remained stable with Gross NPA at 2.52% and Net NPA at 1.69%, indicating effective credit risk management despite rapid portfolio expansion. The company maintained a strong Net Interest Margin (NIM) of 8.50%, supported by its high-yield retail lending portfolio. Capitalization remained robust, with a Capital Adequacy Ratio (CAR) of 27.34%, significantly above regulatory requirements and providing ample capacity for future growth. Profitability metrics remained healthy, with Return on Assets (ROA) at 2.80% and Return on Risk-Weighted Assets (RORWA) at 2.38%, reflecting efficient utilization of both total assets and risk-adjusted capital. These metrics highlight IKF Finance's strong balance sheet position, resilient asset quality, and ability to generate sustainable earnings while maintaining prudent risk management standards.

The company also continued expanding through co-lending partnerships, with cumulative co-lending disbursements crossing approximately ₹532 crore during FY26, supporting diversification of funding sources and scalable loan growth. Strong liquidity coverage ratio of nearly 496% and improved net worth of approximately ₹1,896 crore provide additional financial flexibility for future expansion. Looking ahead, IKF Finance is expected to benefit from rising credit penetration, increasing formalization of MSMEs, infrastructure-led economic activity, and growing demand for vehicle and affordable housing finance. While higher credit costs and funding expenses may continue to influence near-term margins, sustained loan growth, improving operational scale, stronger capitalization, and disciplined risk management are expected to support stable long-term earnings growth and enhanced profitability.

Financial Performance for Q4 FY26:

​SK Finance Limited reported an improvement in financial performance in FY26, with Total Income increasing to ₹767.34 Cr , compared to ₹646.37 Cr in FY25, reflecting a 18% year-on-year (YoY) growth. This increase was mainly driven by higher interest income and a rise in net gains on the de-recognition of financial instruments. Profitability also improved during the year, with Profit Before Tax (PBT) at ₹217.34 Cr versus ₹178.85 Cr in FY25 , while Profit After Tax (PAT) stood at ₹163.33 Cr, up from ₹141.61 Cr in the previous year. Unlike some cases where profits are impacted by one-time items, the growth here reflects robust operational expansion, indicating a healthy earnings environment.

Operational Metrics: (Q4FY26 vs Q4FY25)

Operationally, SK Finance Limited remained resilient with substantial expansion in its primary business lines, posting Total Revenue from Operations at ₹766.26 Cr in FY26 compared to ₹643.66 Cr in FY25. The revenue mix showed a steady shift, where interest income grew to ₹631 Cr from ₹566 Cr , supported by expanding lending activities, while fees and commission income increased to ₹489 Cr from ₹36 Cr. Other income streams decreased to ₹1.08 Cr from ₹2.7 Cr. On the cost side, total expenses increased to ₹549.99 Cr from ₹467.51 Cr , driven by a rise in finance costs to ₹283 Cr and higher impairment provisions on financial instruments which rose to ₹48 Cr, indicating necessary cost expansion aligned with rapid loan book growth.

Strategic Developments & Outlook

SK Finance Limited continues to expand its market footprint as a Non-Banking Financial Company (NBFC) registered under the 'Middle Layer' scale-based regulations of the RBI. It maintains strong risk governance, reporting a Capital to Risk-Weighted Assets Ratio (CRAR) of 25.41% and a highly stable liquidity profile with a Liquidity Coverage Ratio (LCR) of 167.01%. 
​
Key Ratios (FY26):
SK Finance Limited maintained a healthy financial and risk profile during FY26. The company's Price-to-Book (P/B) Ratio stood at 2.20x, reflecting positive market valuation relative to its book value. Asset quality remained manageable with Gross NPA at 4.34% and Net NPA at 2.83%, demonstrating the company's ability to manage credit risk despite operating in higher-yield lending segments. Profitability indicators remained strong, with a Net Interest Margin (NIM) of 10.41%, highlighting the strength of its lending franchise and yield generation capabilities. The company maintained a robust capital position, with a Capital Adequacy Ratio (CAR) of 25.41%, providing adequate capital buffers to support future business growth and absorb potential credit risks. Operational efficiency and profitability remained healthy, with Return on Assets (ROA) at 2.65% and Return on Risk-Weighted Assets (RORWA) at 2.76%, reflecting effective utilization of both total assets and risk-adjusted capital. Overall, these metrics underscore SK Finance's strong capitalization, sustainable profitability, and balanced approach to growth and risk management.

As Infra. Market prepares for its ₹5,000 crore IPO, it is currently raising a final ₹500 crore (Series H) at a valuation of ₹25,000 crore ($3 billion). While the company continues to dominate the B2B construction material space, a closer look at the balance sheet reveals a complex financial story.

1. Explosive Revenue, Shifting Strategy

The company has successfully transitioned from a simple trading platform to a high-margin business.

• Revenue Growth: Revenue has nearly tripled over the last three years, estimated to cross ₹20,000 crore in FY26. In FY25 company did revenue of Rs Rs 18,472 cr.

• Margin Expansion: Gross margins have more than doubled (from roughly 10% to 26% from FY22 to FY25). This is because the company is focusing more on its own private labels and branded products rather than just acting as a middleman for other brands.

2. The Profitability Paradox

Despite the massive jump in sales, the "bottom line" tells a different story. In FY25, net profit actually fell from ₹378 crore to ₹220 crore, even though revenue grew by thousands of crores.

• The Culprit: Surging finance costs (interest payments) and depreciation. As the company builds more physical infrastructure and takes on debt to fuel growth, its interest expenses nearly doubled to ₹805 crore.

• Operational Costs: Scaling a logistics-heavy business has caused "other expenses" to skyrocket from ₹269 crore in FY22 to over ₹2,600 crore in FY25 in just three years.

3. The Pre-IPO Outlook

The current fundraise shows "steady confidence" rather than a massive valuation jump—the valuation only increased by about 1.6% compared to the previous round.

• New Investors: Prominent HNI investor Ashish Kacholia has joined the cap table, and the founders are also investing their own money, which is seen as a strong vote of confidence.

• The Valuation Gap: At a ₹25,000 crore valuation, the company is trading at roughly 77x its projected FY26 earnings. This is considered a "premium" price, meaning investors are paying for future growth potential rather than current profits.

Financial Performance (FY26 vs FY25): SBI General Insurance reported strong growth in scale during FY26, with Gross Written Premium (GWP) rising to approximately ₹9,710 crore, compared to around ₹8,300 crore in FY25, reflecting healthy double-digit growth driven by expansion across motor, health, and crop insurance segments. However, profitability remained under pressure, highlighting a divergence between growth and earnings. Profit Before Tax (PBT) stood at around ~₹710 crore in FY26 compared to ~₹675 crore in FY25, showing only modest improvement despite strong premium growth. Profit After Tax (PAT) came in at approximately ~₹552 crore, indicating limited earnings expansion relative to revenue growth. This reflects higher claims ratios and underwriting pressures, particularly in segments like health and motor, along with elevated operating costs. Unlike cases where profitability is impacted by one-offs, the relatively muted profit growth here suggests structural margin pressure inherent in the general insurance business, especially during phases of aggressive expansion.

Operational Metrics (FY26 vs FY25): Operationally, SBI General Insurance demonstrated robust business momentum, with premium income growth supported by diversification across product lines including motor, health, fire, and crop insurance. The company’s underwriting performance showed resilience, though claims incurred increased significantly to ~₹7,660 crore in FY26 from ~₹7,256 crore in FY25, reflecting higher loss ratios. Commission expenses rose to ~₹1,560 crore from ~₹1,038 crore, indicating higher distribution costs and expansion in agency/broker channels, while operating expenses also increased in line with business growth.

Strategic Developments & Outlook: SBI General Insurance continues to benefit from structural tailwinds in India’s non-life insurance sector, including rising insurance penetration, regulatory push, and increasing awareness across retail and rural markets. Its strong parentage from the SBI group provides deep distribution reach and customer access, particularly through bancassurance channels. The company is increasingly focusing on product diversification (health, crop, SME insurance) and digital capabilities, which are expected to enhance scalability and operational efficiency over time. Additionally, growth in investment income and better risk pricing could support margin improvement going forward. Looking ahead, while premium growth is expected to remain strong, near-term profitability may continue to be influenced by claims experience, competitive pricing, and expense ratios. Over the long term, sustained scale, improved underwriting discipline, and technology-driven efficiencies should support gradual margin expansion and stable earnings growth.

Financial Performance (Q3 FY26 vs Q3 FY25): API Holdings reported a significant improvement in financial performance in Q3 FY26, driven by better cost control and improving unit economics. Revenue growth remained healthy, with the company reporting ~14–15% year-on-year (YoY) growth in 9M FY26, indicating steady demand across its platforms. At the same time, profitability saw a sharp turnaround at the operating level, with EBITDA turning positive (~₹29 crore) compared to a loss of ~₹148 crore in the previous year, marking a major shift from cash burn to cost discipline. However, despite this improvement, profitability at the net level remains under pressure, as Profit Before Tax (PBT) is still negative (~₹351 crore vs ~₹566 crore loss earlier) due to high finance costs and debt burden. This shows that while core operations are improving, overall profitability is still impacted by legacy costs and interest expenses.

Operational Metrics (Q3 FY26 vs Q3 FY25):  Operationally, API Holdings showed clear improvement across all business segments, reflecting tighter cost control and better efficiency. The company operates through three key segments—B2B (distribution), B2C (PharmEasy), and Diagnostics (Thyrocare)—each playing a different role in the business model. The Diagnostics segment continued to be the strongest performer, delivering 20%+ growth and strong profitability, acting as the core profit engine. The B2B segment turned EBITDA positive in Q3 FY26, marking a key milestone after consistent losses, while the B2C segment saw narrowing losses, with EBITDA margins improving significantly due to reduced marketing and delivery costs. At a broader level, operational efficiency improved meaningfully, with working capital days reducing from ~50 to ~40 days, indicating better cash management and faster conversion cycles. Overall, the company has moved from aggressive spending to controlled and efficiency-driven operations.

Strategic Developments & Outlook: API Holdings is undergoing a clear strategic shift from growth-at-all-costs to profitability-focused growth, with strong emphasis on cost control, working capital efficiency, and sustainable margins. The company’s structure is becoming more balanced, where Diagnostics (Thyrocare) drives profits, while B2B stabilizes and B2C gradually improves. Looking ahead, continued improvement in operating efficiency and reduction in finance costs will be key to achieving full profitability. While EBITDA positivity is an important milestone, net profitability will depend on managing debt and interest costs effectively. With improving margins across segments and disciplined execution, API Holdings is positioning itself for a more sustainable and scalable business model in the long term.

​Inox Clean Energy is set to acquire US-based Boviet Solar in a deal that could assign an enterprise value of approximately $750 million (around ₹7,000 crore). The move is aimed at establishing the privately owned Noida-based renewable energy company’s presence in the United States, according to people familiar with the development.

Boviet Solar, headquartered in San Jose, California, ranks among the top 10 solar equipment makers in the US. The acquisition comes as its parent company, Chinese diversified industrial group Ningbo Boway Alloy Material, undergoes a strategic review of its US business due to "ongoing trade and policy challenges" and changes to US subsidy eligibility.

To address these challenges, Inox Clean Energy sees this as a strategic opportunity to tap into the US market for residential, commercial, and industrial solar energy installations. The deal would significantly expand its international footprint, moving beyond its established operations in India.

The acquisition could significantly improve Inox's manufacturing capabilities and global reach. By integrating a top-tier US manufacturer, Inox Clean Energy which operates through subsidiaries Inox Neo Energies and Inox Solar aims to scale its solar cell and module capacity to meet growing global demand. 

For InoxGFL Group, this is a major step toward diversification and global leadership. While the group already has a strong presence in wind energy and fluorochemicals, acquiring a major US solar player opens a massive new revenue stream in one of the world's largest renewable energy markets.

However, the deal is still subject to the finalization of terms and potential regulatory scrutiny. Multiple Chinese-linked solar firms have recently sold US assets due to tightened "Foreign Entity of Concern" guidelines, which restrict access to clean energy tax credits for companies with certain international ties.

In conclusion, Inox Clean Energy’s bid for Boviet Solar is a bold global expansion move that could position the Indian firm as a major player in the American renewable energy landscape. If successful, it has the potential to transform Inox into a vertically integrated global solar powerhouse.

Financial Performance (FY26 vs FY25): HDFC Securities reported a moderation in financial performance in FY26, with Total Income declining to ₹3,110crore, compared to ₹3,265 crore in FY25, reflecting a ~4.7% year-on-year (YoY) decline. This decline was mainly due to lower trading activity and normalization of market volumes, particularly in the derivatives segment following regulatory changes. Profitability also declined during the year, with Profit Before Tax (PBT) at ₹1,237 crore versus ₹1,496 crore in FY25, while Profit After Tax (PAT) stood at ₹929 crore, down from ₹1,125 crore in the previous year. Unlike some cases where profits are impacted by one-time items, the decline here reflects a core business slowdown driven by market conditions, indicating a more normalized earnings environment.

Operational Metrics (FY26 vs FY25): ​Operationally,HDFC Securities remained resilient despite pressure on brokerage income, with Revenue from Operations at ₹3,107.5 crore in FY26 compared to ₹3,263.8 crore in FY25. The revenue mix showed a clear shift, where fees and commission income declined to ₹1,515.8 crore from ₹1,744.2 crore, impacted by lower trading volumes, while interest income increased to ₹1,497.9 crore from ₹1,418.3 crore, supported by growth in margin trading and lending activities. Other income streams remained stable, helping offset some of the decline in brokerage revenue. On the cost side, total expenses increased to ₹1,873.1 crore from ₹1,768.7 crore, indicating controlled cost expansion aligned with business growth, although margins saw some moderation due to revenue pressure.

Strategic Developments & Outlook: HDFC Securities continues to benefit from structural growth in India’s capital markets, driven by increasing retail participation and long-term financialization trends. The company is gradually transitioning towards a more diversified business model, balancing brokerage income with interest-based income and digital platform services, which enhances stability in earnings. Looking ahead, its strong brand, large customer base, and backing from the HDFC group position it well to capture future growth opportunities as trading volumes improve. Continued focus on technology, customer engagement, and product diversification is expected to support long-term earnings visibility and sustainable value creation.

National Stock Exchange of India (NSE) is planning a major expansion beyond its core stock market business by entering coal trading. The exchange aims to launch a new platform, the National Coal Exchange of India, to bring more structure and transparency to how coal is bought and sold in the country.

Coal remains the main source of energy in India, contributing to nearly 70% of the country’s electricity generation. Despite this importance, the coal market is still largely unorganized, with pricing often dependent on long-term contracts and auctions. This has led to inefficiencies, where auction prices can sometimes be 30–40% higher than standard prices.

To address this, NSE plans to invest around ₹100 crore in setting up the new exchange, where it is expected to hold about a 60% stake. The platform will allow buyers and sellers to trade coal digitally through standardized contracts, similar to how stocks and commodities are traded on exchanges.

The move could significantly improve price transparency and efficiency in the coal market. With a centralized trading system, industries such as power, steel, and cement would benefit from clearer price discovery and easier access to coal supplies. It could also reduce dependence on imports—India currently imports around 60–75 million tonnes of coal annually.

For NSE, this is also a strategic step toward diversification. While it already generates strong revenues from financial markets, entering the commodity space opens up a new avenue for long-term growth.

However, the plan is still in the early stages. The exchange needs regulatory approvals, infrastructure setup, and participation from key industry players before trading can begin.

In conclusion, NSE’s entry into coal trading is a forward-looking move that could modernize one of India’s most important but fragmented markets. If successful, it has the potential to make coal trading more transparent, efficient, and market-driven.

“NSE’s ₹100 crore bet on coal trading could reshape India’s energy market by bringing transparency and better pricing.”

The recent partial repayment of debt by API Holdings, the parent company of PharmEasy, marks a modest but noteworthy step in addressing its financial obligations. The company has repaid approximately 10%—around ₹120 crore—of its ₹1,200 crore Non-Convertible Debenture (NCD) liability, which is secured against its majority stake in Thyrocare Technologies. While this development signals intent and some improvement in liquidity, it does little to resolve the broader structural concerns surrounding the company’s financial position.

The origins of this situation lie in the liquidity pressures faced by API Holdings over the past few years. In response to tightening capital markets and delayed public listing plans, the company pledged approximately 60.93% of its stake in Thyrocare as collateral to raise funds. This move, although necessary at the time, introduced significant risk, as such a large promoter pledge is often interpreted by markets as a sign of financial strain. The pledged shares effectively became a safeguard for lenders, giving them the right to liquidate holdings in the event of default.

Despite the recent repayment, a crucial aspect remains unchanged: none of the pledged shares have yet been released. This is particularly important because the scale of the pledge continues to cast a shadow over Thyrocare’s stock. High promoter pledging is widely regarded as a red flag, primarily due to the risk of forced selling. Should API Holdings fail to meet its repayment obligations, lenders could offload these shares into the open market, potentially triggering a sharp decline in stock price and eroding investor confidence.

The situation also reflects a broader trend within India’s startup ecosystem, where companies that expanded aggressively during periods of abundant capital are now navigating a more constrained financial environment. PharmEasy’s acquisition of Thyrocare in 2021, valued at approximately ₹4,546 crore, was emblematic of that earlier phase of high valuations and rapid growth. However, subsequent market corrections, coupled with operational losses and delays in its initial public offering, have placed considerable strain on the company’s balance sheet.

In contrast, Thyrocare itself continues to demonstrate operational resilience. The diagnostics company remains profitable and generates steady cash flows, underscoring the inherent strength of its business model. This divergence between the financial health of the parent company and the operational stability of its subsidiary creates a complex dynamic for investors. While the underlying asset remains fundamentally sound, the overhang from promoter-level financial stress continues to weigh on market sentiment.

Looking ahead, the key indicators to monitor include further reductions in the NCD liability and, more importantly, the gradual release of pledged shares. A meaningful decline in promoter pledge levels would signal improved financial stability and could help restore investor confidence. Until such progress is evident, however, the stock is likely to remain under pressure.

In conclusion, while the initial repayment by API Holdings represents a step in the right direction, it is insufficient to alter the broader risk profile. The persistence of a substantial pledged stake ensures that uncertainty remains a defining feature of the investment narrative. As such, the current situation can best be understood as incremental progress rather than a definitive resolution.