Planify Feed

Gensol Engineering Limited rose swiftly as one of India’s most ambitious renewable energy and electric mobility companies, propelled by the dynamic leadership of Anmol Singh Jaggi and Puneet Singh Jaggi. With a diversified business spanning solar EPC contracts, electric vehicle leasing, and the high-profile launch of BluSmart Mobility, Gensol projected itself as a champion of India’s clean energy future. 

For a time, its relentless growth, marquee client wins, and aggressive foray into green technologies marked it as a poster child for the country’s sustainable infrastructure revolution. However, behind this meteoric ascent, cracks emerged in the company’s governance framework. A SEBI probe detailing diversion of hundreds of crores in sanctioned loans, originally meant for EV procurement, revealed that those funds had instead been funnelled into luxury apartments, personal luxuries, and undisclosed related-party transactions.

This scandal not only triggered a regulatory maelstrom but also sent Gensol’s share price plummeting from its all-time highs, erasing over 85%-95% of investor value in less than a year. 

Gensol Engineering and the IREDA Connection: Loans, Defaults, and Legal Fallout

• Gensol Engineering’s troubles are not limited to internal mismanagement and market fallout; the company has also become emblematic of deeper risks within the infrastructure finance ecosystem. Crucial to its downfall was the relationship with the Indian Renewable Energy Development Agency (IREDA), a government lender tasked with supporting sustainable initiatives. 

• Gensol borrowed nearly ₹978 crore from IREDA and Power Finance Corporation (PFC), with over ₹663 crore earmarked specifically to finance the acquisition of electric vehicles for BluSmart Mobility. However, investigations revealed that only around 4,700 of the 6,400 planned vehicles were procured, with over ₹262 crore of sanctioned funds remaining unaccounted for and, as later confirmed, instead channelled into luxury expenditures and related-party transfers.

• In response, IREDA escalated matters by filing for insolvency against Gensol at the National Company Law Tribunal, seeking recovery of over ₹510 crore in unpaid debt and initiating concurrent legal action over alleged falsification of debt-servicing documents. 

• These actions not only mark one of the most prominent government pushbacks against corporate misconduct in the sector but also spotlight the systemic vulnerabilities in rapid capital deployment for India’s green ambitions. 

Frick India, a key player in the industrial refrigeration sector, has released its financial results for FY25. The latest numbers present a mixed performance—while the company saw a downturn in revenue, profitability, and earnings per share, it simultaneously reported growth in both total assets and shareholder equity.

• Revenue: The company generated ₹436.9 crores in revenue during FY25, which is 11.5% less than what it earned in FY24. This decline in revenue indicates a slowdown in sales or services, which could be due to reduced demand, increased competition, or operational disruptions.
• Profit After Tax: The net profit (after deducting all taxes) stood at ₹34.7 crores, a 18.1% decline from the same period last year. This decline is steeper than the revenue decline, suggesting that costs may not have been managed effectively, or there may have been extraordinary losses.
• Earnings Per Share (EPS): EPS has drastically fallen by 91.8%, implying a significant drop in shareholder returns. This was primarily due to the company issuing Bonus shares in the ratio 9:1, which increased the company's total O/S shares tenfold.
• Total Assets: The company’s total assets increased to ₹413.4 crores, representing a 6.3% growth over the previous year.
• Total Equity: Total shareholder equity rose by 12.5%, reaching ₹308 crores.

While Frick India faces short-term challenges in revenue and profitability, the growth in assets and equity suggests a focus on strengthening its long-term foundation—indicating cautious optimism for its future performance.

Financial Performance (FY25 vs FY24): Mohan Meakin delivered a strong top‐line performance in FY25, with consolidated revenue from operations rising 11.5% YoY to ₹2,151Cr—driven by its core alcoholic business, which grew 11.7% to ₹2,136 Cr (vs. ₹1,912 Cr in FY24)—while the non-alcoholic segment saw a 14.0% decline to ₹16 Cr (vs. ₹18 Cr). The alcoholic portfolio thus accounted for 99.3% of operating revenue (vs. 99.1% in FY24), underscoring its dominance, and total income (including other income) advanced 11.6% to ₹2,166 Cr.

Operational Metrics (FY25 vs FY24): Operationally, segment performance was sharply divergent: the alcoholic division’s double-digit growth not only fueled overall revenue expansion but also improved its share of revenue from operations from 99.1% to 99.3%, while the non-alcoholic line’s contraction reduced its contribution from 0.9% to 0.7%. This skewed mix, combined with disciplined cost control (expenses up 11.2% vs. revenue up 11.6%), supported margin gains—PBT margin expanded to 6.4% (vs. 5.9%) and net margin rose to 4.7% (vs. 4.4%). Finance costs eased to ₹0.7 Cr (vs. ₹0.8 Cr), further bolstering profitability.

Growth Outlook: Looking ahead, Mohan Meakin is well-positioned to leverage its alcoholic portfolio’s strong growth by continuing premiumization and targeted capacity investments, while addressing the non-alcoholic segment’s setback through innovation or selective rationalization. With a fortified balance sheet—total assets up 21.9% to ₹652 Cr, equity up 28.3% to ₹470 Cr, and debt-to-equity down to 0.4x—management has the financial flexibility to invest in brand-building and working capital optimization, aiming to sustain margin improvements and deliver balanced, profitable growth across both segments.
​

• Financial Performance (FY25 vs FY24): Reliance General Insurance delivered a solid financial performance in FY25, reflecting consistent growth across key metrics. Net Written Premium (NWP) increased by 6.5%, reaching ₹7,125 Cr compared to ₹6,687 Cr in FY24, supported by strong momentum in the marine segment (up 67.3% YoY) and miscellaneous insurance (up 6.3% YoY). Total revenue rose by 6.8%, amounting to ₹8,838 Cr versus ₹8,276 Cr in the previous year. The company also reported a 12.6% growth in Profit After Tax (PAT), which climbed to ₹448 Cr from ₹375 Cr in FY24. Correspondingly, Earnings Per Share (EPS) improved to ₹11.9, up from ₹10.8, in line with the overall profit trajectory.
• Operational Metrics & Key Ratios (FY25 vs FY24): In FY25, RGICL’s Expense of Management to Gross Direct Premium stood at 27.83%, nearly unchanged from 27.91% in FY24, reflecting continued cost efficiency. The Net Incurred Claims to Net Earned Premium ratio rose slightly to 82.63% in FY25 from 81.1% in FY24, indicating a modest uptick in claims intensity. The company maintained a Combined Ratio of 116.63% in FY25 (vs 115.38% in FY24), reflecting marginal stress on underwriting margins. Return on Net Worth (RoNW) improved slightly to 9.20% from 9.01%, supported by improved net profit and healthy solvency management. The Solvency Margin remained strong at 1.59x, well above the regulatory minimum of 1.50x, ensuring capital adequacy.
• Growth Outlook: With a strong FY25 performance and a 12.6% rise in net profit, Reliance General Insurance is poised for its next phase of growth. Backed by a ₹100 Cr capital infusion from its new promoter, IndusInd International Holdings Ltd (IIHL), the company is well-capitalized to expand its market presence. CEO Rakesh Jain highlighted FY25 as a turnaround year marked by disciplined execution and digital investments. RGICL now aims to tap into India’s underpenetrated non-life insurance market by leveraging technology, innovative products, and a customer-first approach. Aligned with IRDAI’s “Insurance for All by 2047” mission, RGICL is focused on expanding insurance access and sustaining profitable growth across segments.

• Financial Performance (FY25 vs FY24): Axis Max Life Insurance demonstrated a solid financial performance in FY25. Gross Written Premium (GWP) rose by 12.5% to ₹33,223 Cr from ₹29,529 Cr in FY24, driven by growth across segments. The company’s consolidated revenue (excluding investment income) grew by 12% to ₹32,620 Cr, while total revenue including investment income reached ₹46,497 Cr. Profit before tax increased 19.5% to ₹448 Cr (from ₹375 Cr), and net worth surged by 53.2% to ₹6,124 Cr. The company reported a Value of New Business (VNB) of ₹2,107 Cr, up 6.8%, although the New Business Margin (NBM) declined slightly to 24.0% from 26.5%. AUM witnessed a robust growth of 16.1%, reaching ₹1,75,072 Cr from ₹1,50,836 Cr, supported by strong inflows and market performance. The solvency ratio improved markedly to 201% from 172%, indicating strong capital adequacy and financial resilience.
• Operational Metrics (FY25 vs FY24): Operationally, Axis Max Life continued to strengthen its fundamentals. Individual Adjusted First Year Premium (FYP) climbed 19.6% to ₹8,329 Cr, outperforming private industry growth. Policies sold increased to 794,000, up 11.1% YoY and the Individual Sum Assured for new business grew by a significant 31.3% to ₹3,83,670 Cr. Persistency ratios improved notably—25th month persistency rose by 380 bps to 74%, reflecting stronger customer retention. The Retail Protection and Health APE (Annualized Regular Premium) rose by 35% to ₹896 Cr, and Rider APE grew more than 300%, improving the Rider Attachment Ratio to 43% (vs 34% in FY24). Operational efficiency also improved with the policyholder expense-to-GWP ratio reducing to 13.6% from 13.8%. The company further strengthened its distribution network by onboarding 44 new partners and maintained leadership in the online insurance space with Rank #1 in both Protection and Savings.
• Future Outlook: Axis Max Life is well-positioned for steady growth by leveraging digital technology, a strong financial base, and diverse sales channels. It aims to accelerate growth in online/direct sales, protection, health insurance, and retirement products. Key focuses include improving customer retention, using AI for policy and claims processing, and launching flexible plans like Smart Term Plan Plus and market-linked ULIPs. Management targets nearly tripling key business areas in five years while maintaining strong profitability.

• Financial Performance (FY25 vs FY24): NSDL reported a total income of ₹1,535 crore in FY25, registering a year-on-year (YoY) growth of 12.4% compared to ₹1,367 crore in FY24. This growth was primarily driven by a strong performance across all business segments, especially in depository services (₹619 crore) and banking services (₹720 crore), which witnessed YoY revenue increases of 33.2% and 28.4%, respectively. Other income also supported the topline with an 18.0% increase to ₹115 crore. On the profitability front, NSDL's profit before tax (PBT) stood at ₹453 crore, a significant increase of 27.7% from ₹355 crore in the previous year. After accounting for tax expenses, net profit rose 24.6% to ₹343 crore from ₹275 crore in FY24. The earnings per share (EPS) improved correspondingly to ₹17.2 from ₹13.8, indicating enhanced shareholder returns.
• Operational Metrics (FY25 vs FY24): NSDL demonstrated strong operational efficiency in FY25, with the net profit margin improving to 22.4% from 20.1% in FY24, reflecting better cost control and revenue growth. Total expenses grew at a modest pace, with employee benefit expenses increasing by 12.4% year-on-year to ₹139 crore, while other operating expenses rose by 5.0% to ₹891 crore. Despite the rise in expenses, the company’s EBITDA increased by 28.2% to ₹491 crore from ₹382 crore in FY24, driven by higher income and improved operational productivity. The EBITDA margin also strengthened to 32.0%, up from 28.0% in the previous year, indicating enhanced operating leverage. NSDL continues to maintain a very high interest coverage ratio, highlighting its low dependence on debt and strong ability to meet finance costs comfortably.
• Karvy Case Impact: ​The key concern is the ongoing legal case related to Karvy Stock Broking Ltd. In December 2023, the Securities Appellate Tribunal (SAT) directed SEBI, NSE, and NSDL to allow lenders like Axis Bank to invoke pledged shares held in Karvy’s demat accounts, or compensate them for their losses with interest—estimated dues being around ₹1,435 crore. NSDL, along with SEBI and NSE, has challenged this order in the Supreme Court, which has granted interim relief as of January 2024. The matter is now scheduled for hearing on July 15, 2025. NSDL maintains that its actions were in line with SEBI’s regulatory directions and supervised by NSE, and based on legal advice, has not made any financial provision for the case, as liability (if any) is currently uncertain. Looking ahead, NSDL’s focus on expanding its fintech and banking-related services, along with cost efficiency, is expected to support continued growth. Regulatory changes and reforms in India’s financial markets will also play a key role in shaping its future performance.
  
• Growth Outlook: NSDL enters FY26 with strong momentum, backed by ₹260 Crore+ in annual profit and a debt-free balance sheet. With over 3.4 Crore+ active demat accounts and ₹400 Lakh Crore+ in AUM (Assets under management), it remains a market leader in India’s depository infrastructure. Rising retail investor participation and increasing digital adoption in financial services are expected to boost demand for its core offerings. Depository and issuer services, which together contributed more than 85% of revenue, will likely remain the main growth engines. Though database services saw muted growth, they provide a stable income stream. NSDL’s strong cash position gives it headroom to invest in tech, scale new services, and tap into emerging fintech and regulatory opportunities.

• Financial Performance (FY25 vs FY24): Arohan Financial Services reported a total revenue of ₹1,695 Cr in FY25, reflecting a modest 3.7% year-on-year (YoY) growth from ₹1,635 Cr in FY24. The growth was primarily supported by an 11.6% increase in interest income, which rose to ₹1,582 Cr from ₹1,418 Cr. However, overall revenue expansion was tempered by a sharp 42.8% decline in fee and commission income, which fell to ₹97 Cr from ₹169 Cr, alongside a 71.7% drop in income from derecognition of financial instruments, which decreased to ₹12 Cr. Total expenses surged 27.3% YoY to ₹1,557 Cr, up from ₹1,222 Cr in the previous year, largely driven by a 122.5% increase in impairment on financial instruments, which rose to ₹398 Cr from ₹179 Cr. Finance costs also climbed to ₹632 Cr from ₹592 Cr. As a result, Profit Before Tax (PBT) declined sharply by 66.5% YoY to ₹138 Cr, compared to ₹412 Cr in FY24. Profit After Tax (PAT) dropped 65.1% YoY to ₹110 Cr, down from ₹314 Cr in the prior year. Correspondingly, Earnings Per Share (EPS) also fell significantly to ₹10.0 (basic) from ₹26.6 in FY24.
• Operational Metrics & Key Ratios (FY25 vs FY24): Arohan Financial Services saw a decline in profitability, with the Net Profit Margin falling to 6.5% in FY25 from 19.2% in FY24. Asset quality weakened during the year — Gross NPA increased to 2.77% from 1.67%, and Net NPA rose to 0.47%, compared to almost zero last year. However, the company improved its risk coverage, with the Provision Coverage Ratio (PCR) rising to 83.42%, showing a good buffer for possible loan losses. The Capital Adequacy Ratio (CAR) remained strong at 34.09%, reflecting a healthy capital position. The loan book declined by 13.8% year-on-year, from ₹6,616 Cr in FY24 to ₹5,705 Cr in FY25, mainly due to the impact of earlier regulatory restrictions.
• Growth Outlook: Arohan Financial Services faces challenges in the near term due to declining profitability, rising NPAs, and a shrinking loan book. The sharp fall in fee income and higher impairment costs have impacted earnings. However, the strong capital base (CAR of 34.09%) and high provision coverage (PCR of 83.42%) provide a cushion for recovery. With regulatory restrictions now lifted, the company can focus on rebuilding its loan portfolio. Going forward, growth will depend on improving asset quality, controlling costs, and restoring customer confidence.

B9 Beverages Limited (Bira 91) has announced a Rights Issue to raise up to ₹100.75 crore, offering 31,00,000 equity shares at ₹325 per share (face value ₹10, premium ₹315). The Rights Issue is open to existing shareholders in the ratio of 1 new share for every 7 shares held as of the record date, May 16, 2025. The issue opens on May 27, 2025, and closes on June 16, 2025.

About BIRA 91

Founded in 2012, Bira 91 has become one of the fastest-growing beer brands globally, known for its innovative, flavorful beers and strong presence in over 1,000 Indian towns and 24 countries. The company operates five breweries across India and has diversified into “Beyond Beer” products, including ciders and cocktail seltzers. Bira 91 also owns “The Beer Café” and operates over 50 pubs and taprooms nationwide. The company’s products have won multiple global awards, including four Gold Medals at the 2024 World Beer Awards in London.

Financial Snapshot

• FY24 Revenue:₹5,548 million
• FY24 Loss:₹6,435 million (reflecting ongoing investments in growth and expansion).
• Strong backing: Supported by global and domestic investors such as Kirin Holdings, Peak XV (formerly Sequoia Capital India), Sofina, Tiger Pacific, and MUFG Bank.
  

​Shareholding Impact

Upon full subscription, total outstanding equity shares will increase from 2,18,30,168 to 2,49,30,168. The Rights Issue will help Bira 91 reinforce its market position and fund its next phase of growth

The lasting impact of the Shark Tank India show resonates through its cumulative investment footprint that exceeds ₹290 crore over four seasons. This remarkable inflow of funds has helped hundreds of startups transition from ideas to impactful businesses, creating a ripple effect throughout India’s entrepreneurial landscape. 

• The sharks were catalyst for growth including - Aman Gupta, Namita Thapar, Peyush Bansal, Anupam Mittal, Vineeta Singh, Ritesh Agarwal, Amit Jain, Kunal Bahl, Azhar Iqubal, Ashneer Grover, Deepinder goyal, Radhika Gupta, Ronnie Screwvala, Ghazal Alagh. 
  
• Beyond just the numbers, the show has democratized access to venture capital and mentorship, catalyzing innovation and growth in sectors ranging from consumer goods to technology. 
  
• Collectively, the sharks’ investments symbolize the growing confidence and maturity of India’s startup ecosystem, a trend that continues to empower entrepreneurs across the nation.
  

• Financial Highlights: In FY25, the company delivered diluted financial performance, recording a 7.7% year-on-year decline in revenue to ₹9,238.6 crore. PAT also declined 7.4% to ₹104 crore. The company's Gross Written Premium grew by 3.5%, surpassing ₹7,218 Cr for the first time since inception. This was driven by strong growth in New Business Premiums.
  
• Operational Developments: IndiaFirst Life expanded its digital transformation efforts with the launch of several technological innovations. These include enhanced digital self-service options, improving efficiency, and customer satisfaction. The Net Promoter Score (NPS) rose from 42 in FY24 to 44 in FY25, driven by improvements in customer interaction. The introduction of the IVA (IndiaFirst Virtual Assistant) chatbot and a revamped website with an intuitive design boosted customer engagement and operational efficiency.
• Future Outlook: Looking ahead, IndiaFirst Life is well-positioned to capitalize on India's growing insurance market. With the IRDAI's "Insurance for All by 2047" vision, the company aims to increase its distribution reach through bancassurance partnerships and further develop its non-bancassurance channels. India’s favorable demographic trends, including a young population with increasing income levels, are expected to drive demand for insurance products, providing IndiaFirst Life with ample growth opportunities.
  

• Financial Overview: In H1 FY25, PPFAS Asset Management reported robust financial performance. Revenues from operations increased to ₹214.4 crore, up from ₹128.5 crore in H1 FY24, supported by higher average AUM and a steady stream of management fees. The PAT margin expanded to ~62%, aided by prudent cost management. Profit after tax (PAT) rose to ₹132.9 crore compared to ₹76.5 crore in the previous quarter, reflecting strong operational leverage.

• Operational developments: The fund continued to stick to value investing principles, making careful decisions about adding or selling stocks based on their value and potential for growth. In the domestic market, it focused on sectors that show steady growth, such as financials and consumer services. The team managed global investments wisely and used hedging strategies to control risks from currency fluctuations. The fund’s approach involved low turnover in its equity portfolio, showing a commitment to a buy-and-hold strategy. The Asset Management Company (AMC) noted a conservative approach to debt and maintained cash holdings to ensure liquidity and seize future opportunities. The company saw an increase in investor accounts for its main funds: Parag Parikh Flexi Cap Fund, Parikh Conservative Hybrid Fund, and Parikh Tax Saver Fund, which helped grow its assets under management (AUM). The focus stayed on consistent fund performance, sticking to value investing, and being transparent with investors.

• Future Outlook: PPFAS anticipates volatility due to global macro uncertainties but remains optimistic about long-term equity returns, emphasizing fundamentals-driven stock selection and downside protection. With SEBI’s regulatory tightening and shifts in investor behavior, the fund expects consolidation in the AMC industry, likely benefiting differentiated players like itself. Its commitment to a client-first philosophy, skin-in-the-game ethos, and fiduciary responsibility is set to drive sustainable growth. Looking ahead, rising investor participation in mutual funds, increasing SIP inflows, and heightened financial literacy are expected to support continued growth. The management plans to enhance digital capabilities and expand investor outreach while maintaining its value-centric approach. With strong economic fundamentals in India, PPFAS is well-positioned for growth in equity markets, bolstered by an experienced fund management team and conservative risk management practices.

• Financial Highlights: DSE Estates Limited (formerly Delhi Stock Exchange Ltd.) reported a strong financial performance in FY24, with standalone gross income increasing by 26% YoY to ₹4.7 Cr, and consolidated income rising to ₹8.4 Cr. Standalone profit after tax (PAT) surged by 59% to ₹1.9 Cr, while consolidated PAT more than tripled to ₹4.6 Cr. This growth was driven by improved income from investments and effective cost control. The company has demonstrated a remarkable financial turnaround over the last six years, with standalone PAT growing by over 300% and consolidated PAT rising by over 850% since FY2017–18. During the year, DSE Estates also continued its recovery efforts, realizing ₹1.9 Cr in income tax refunds and ₹3.2 Cr from SEBI and brokers, and maintained a healthy liquid fund position of ₹67.59 Cr.

• Operational Developments: On the operational front, the company focused on asset recovery and legal settlements. It successfully regained possession of key properties, including flats in Laxmi Nagar and a long-disputed commercial unit at DSE Chambers, following a favorable court ruling. Legal efficiency has been a strategic advantage, with 22 court cases decided in DSE’s favor since 2018, including 5 in the last year alone. The company also transitioned smoothly from a stock exchange entity to a real estate-focused enterprise by amending its name and corporate charter. Its 100% subsidiary, Delstox Stocks and Shares Ltd., showed stellar growth, with PAT increasing to ₹2.7 Cr from ₹24 lakh in the prior year. This subsidiary continues to offer trading and depository services, expanding the operational base.

• Future outlook: Looking ahead, DSE Estates plans to enhance shareholder value through strategic capital restructuring and further consolidation of reserves. The company has proposed reclassifying ₹51.36 crore from the Capital Reserve to the General Reserve, enabling broader utilization flexibility. Management has also filed a petition with the National Company Law Tribunal (NCLT) for minor capital reduction and member register rectification. While no dividend is proposed for FY24, the firm remains focused on preserving liquidity, unlocking asset value, and maintaining compliance with evolving regulatory standards. The operational trajectory suggests a cautious but strategically aligned future, underpinned by strong governance, legal clarity, and stable cash generation.

• Financial Performance (FY25 vs FY24): Satya Microcapital reported a 3.2% YoY decline in total income to ₹1,245 Cr in FY25 from ₹1,287 Cr in FY24, primarily due to a sharp fall in fee and commission income (down 34.7%) and fair value gains. Interest income grew modestly by 1.9% to ₹1,041 Cr. However, rising impairment charges and operating costs weighed heavily on profitability. Profit before tax (PBT) plunged into the red, reporting a loss of ₹67 Cr compared to a profit of ₹165 Cr in FY24. Consequently, the company posted a net loss of ₹51 Cr in FY25, reversing from a profit of ₹123 Cr in the prior year. Earnings per share (EPS) dropped significantly to ₹ (7.74) from ₹19.70, reflecting severe pressure on the bottom line.
• Operational Metrics (FY25 vs FY24): Net Profit Margin deteriorated sharply to -4.1%, compared to 9.6% in FY24, highlighting challenges in managing credit quality and operating expenses. Gross NPA (GNPA) improved to 1.22% from 2.16%, indicating a reduction in stressed assets on a gross level. Net NPA (NNPA) also improved to 0.42%, down from 0.99%, suggesting better provisioning and recovery efforts. Provision Coverage Ratio (PCR) increased to 65.4% from 54.5%, offering a stronger buffer against asset quality stress. The loan portfolio contracted by 24.7% YoY to ₹3,729 Cr from ₹4,955 Cr. Total assets declined by 6.4% to ₹5,641 Cr from ₹6,024 Cr. Net worth also fell to ₹959 Cr from ₹1,016 Cr, owing to the reported loss.
• Strategic Developments: FY25 was a challenging year for Satya Microcapital. Despite maintaining decent interest income and improving its asset quality metrics (GNPA and NNPA), the company suffered from high finance costs and impairment losses, leading to a net loss. The reduction in the loan book indicates a cautious lending approach, possibly due to tighter underwriting norms or subdued demand. Going forward, Satya Microcapital needs to stabilize its loan growth, optimize cost structures, and strengthen credit underwriting to return to profitability. Continued focus on recoveries, credit discipline, and operating efficiency will be crucial for a turnaround in FY26.

📈 Top Performer Among 400+ Equity Strategies
VentureX led all PMS & AIF strategies tracked by PMS Bazaar in April, posting an impressive 15.8% monthly return — more than 2x the benchmark.

🏆 Outshining the AIF Universe
While top AIF performers delivered 5–9% returns, VentureX surged ahead with market-leading alpha, thanks to its focused SME investment strategy.

🚀 What Drove the Performance?
✅ Focus on high-growth, scalable SMEs
✅ Early-stage access to pre-IPO & newly listed companies
✅ Thesis-driven selection framework
✅ Strong fundamentals & governance

💼 About VentureX
Launched in Jan 2025 | ₹125 Cr+ committed capital
An SME-focused AIF targeting long-term value creation through disciplined investing.

📌 Key Takeaway
VentureX is setting a new benchmark in India’s AIF landscape — combining agility, focus, and execution to deliver real differentiation and results.

• Exceptional Revenue Growth: Revenue from operations surged by 33.90%, reaching ₹233.6Cr in FY25. This reflects robust contract acquisition and timely execution across infrastructure and hydropower projects.
• Remarkable Net Profit Growth: Profit After Tax (PAT) grew by an impressive 88.11%, totaling ₹26.3Cr, with the PAT margin improving to 11.27%. This underscores the company’s strong bottom-line performance and effective tax planning.
• Operational Excellence: The results stem from successful execution of key projects such as the Kwar Hydroelectric Power Project and Jaunpur Water Supply Infrastructure. These milestones highlight Delta Galaxy’s capability in delivering complex, large-scale infrastructure work.
  Strategic Financial Management: Timely fund deployment and a disciplined business model ensured optimal use of resources. The company continues to follow a model where project payments are received in full upon delivery, minimizing debt exposure.
• Vision-Driven Leadership: Under the leadership of a seasoned team with backgrounds in technology, law, and engineering, the company has maintained a sharp focus on innovation and sustainability. This is aligned with Delta Galaxy’s mission to provide high-impact EPC solutions.
• Optimistic Growth Outlook: With projected revenues of ₹620 crores by 2028, Delta Galaxy is on a trajectory of exponential growth. Continued investment in government contracts and hydropower initiatives will be key drivers.