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• Financial Performance (Q3 FY25 vs Q3 FY24) - PNB Finance & Industries reported a sharp decline in total revenue, which stood at ₹0.45 Cr in Q3 FY25, down 77.5% YoY from ₹2 Cr in Q3 FY24. This decline was mainly due to lower other income, as operational revenue remained minimal. Profit Before Tax (PBT) fell 91.0% YoY to ₹0.19 Cr, compared to ₹2.1 Cr in Q3 FY24, impacted by reduced dividend and interest income alongside higher employee benefit expenses. As a result, Profit After Tax (PAT) dropped 91.2% YoY to ₹0.15 Cr, down from ₹1.7 Cr in Q3 FY24. Earnings Per Share (EPS) (Basic & Diluted) declined significantly to ₹0.46 in Q3 FY25, compared to ₹5.40 in Q3 FY24, reflecting a 91.5% YoY drop.
  
  
• Nine-Months Performance (9M FY25 vs 9M FY24) - For the nine-month period ended December 31, 2024, PNB Finance & Industries reported total revenue of ₹10 Cr, marking a 7.6% YoY increase from ₹9 Cr in 9M FY24. The growth was primarily driven by other income, as core business operations remained subdued. PBT for 9M FY25 stood at ₹9 Cr, reflecting a 34.4% YoY increase from ₹7 Cr in 9M FY24, primarily due to controlled expenses. PAT also saw a 30.3% YoY rise, reaching ₹7 Cr, compared to ₹6 Cr in 9M FY24. EPS (Basic & Diluted) for 9M FY25 was ₹22.89, up 30.2% YoY from ₹17.57 in 9M FY24.
  
  
• Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24) - Net Profit Margin declined to 33.3% in Q3 FY25, down from 85.0% in Q3 FY24, reflecting reduced cost efficiency and lower revenue levels. Total Expenses stood at ₹0.27 Cr in Q3 FY25, registering a 4.8% YoY decrease from ₹0.35 Cr in Q3 FY24.
  
  
• Growth Outlook - PNB Finance & Industries witnessed a significant revenue decline in Q3 FY25, mainly due to lower other income, which negatively impacted profitability. The company also faced margin contraction, with cost inefficiencies contributing to the weaker financial performance. Given the lack of core revenue generation, sustaining profitability will depend on effective cost management and any potential improvement in business operations.

Kanara Consumer Products Ltd. has issued a Letter of Offer for a rights issue of equity shares to its existing shareholders.

Offer

• The company is offering 7,44,022 equity shares with a face value of ₹10 each at par, totaling ₹74,40,220, as approved by Board of Directors, in its meeting on January 16, 2025.
• The issue allows eligible shareholders to subscribe to 1 equity share for every 19 shares held as of the record date, February 21, 2025.

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Objects of the offer

• Following the divestment of its core Kurlon segment, the company is strategically expanding into the real estate and infrastructure sector, focusing on the development, acquisition, sale, and leasing of immovable properties, as well as the construction of warehouses, workshops, residential and commercial spaces, roads, tramways, and bridges.
• To support this diversification and fund its expansion, the company requires additional capital and has decided to offer shares to its existing shareholders through a Rights Issue.

According to Regulation 51 and Part B of Schedule III of the SEBI Listing Regulations, the company informed the exchange that Company’s Board of Directors has approved the following at their meeting on February 25, 2025:

• The Company will offer and issue equity shares with a face value of ₹10 each. This rights issue will raise up to ₹1,504 crore and is open to existing shareholders as of the record date, February 25, 2025.
  
  
• Tata Capital plans to launch an Initial Public Offering (IPO) of equity shares, with a face value of ₹10 each. This will include (i) a fresh issue of up to 23,00,00,000 (Twenty-three crore) equity shares, and (ii) an offer for sale of equity shares by some current eligible shareholders. This will depend on market conditions, necessary approvals, regulatory clearances, and other important considerations.
  

Notice is given to the Members of Kurlon Enterprise Limited that, in accordance with the Companies Act, 2013, applicable rules, MCA Circulars, and Secretarial Standards, approval is sought for the business outlined in the Postal Ballot Notice dated February 25, 2025. The resolution will be passed through remote e-voting, facilitated by NSDL, ensuring a secure electronic voting process for Members.

Special Business:

• Approval for related party transactions between Kurlon Enterprise Limited and its holding company, Sheela Foam Limited, for an amount up to ₹1,000 crore in the financial year 2025-26. These transactions will be conducted at arm’s length and in the ordinary course of business, as per agreed terms.​
  

The remote e-voting facility will be accessible during the following period:

​National Securities Depository Limited (NSDL), India's pioneering electronic securities depository, is set to launch its IPO in March 2025, aiming to raise approximately ₹3,000 crore. This move positions NSDL as a compelling investment opportunity in the financial sector.

NSDL vs. CDSL: A Comparative Overview:

India's depository landscape is primarily dominated by two entities: NSDL and Central Depository Services Limited (CDSL). CDSL has gained significant traction due to partnerships with brokers like Zerodha, Groww, and Upstox, leading to higher retail participation. A surge in retail investors has boosted transaction volumes, increasing fee-based revenue. With a growing user base, CDSL benefits from lower costs per account, improving operational efficiency and profit margins.

Both NSDL and CDSL play crucial roles in India's financial system, but each has distinct strengths:

• Market Presence: NSDL dominates in asset custody with ₹400+ lakh crore under management, preferred by institutions. CDSL, with 11.6 crore retail accounts, thrives on transaction volumes.
  
  
• Profitability & Growth: CDSL boasts higher margins due to cost efficiency and retail-driven revenues, while NSDL’s institutional focus ensures steady long-term income but lower profit margins.
  
  
• Liquidity & Growth Potential: NSDL has stronger foreign investor ties, but CDSL’s partnerships with online brokers give it a growing retail edge. With its growing retail base and partnerships with popular online brokers, CDSL enjoys more liquidity and is well-positioned to benefit from the increasing retail investor participation in the market.

NSDL Financial Performance: FY22 to FY24

Over the past three fiscal years, NSDL has demonstrated robust financial growth:

The Bottom Line:

Given the higher liquidity, better P/E ratio, and strong retail participation, CDSL emerges as the more appealing option for investors seeking short-term growth and stability. While NSDL offers long-term institutional-backed stability, CDSL’s liquidity and expanding retail market make it a more dynamic and accessible choice for a broader range of investors.

(Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice)

​NCL Buildtek reported a decline in revenue from ₹105.34 Cr in Q3 FY24 to ₹97.07 Cr in Q3 FY25, reflecting a slowdown in business performance. Despite this, PAT saw an exceptional surge from ₹3.04 Cr in Q3 FY24 to ₹57.47 Cr in Q3 FY25, likely due to one-time gains rather than core operational growth. The revenue dip suggests demand or operational efficiency challenges, while the PAT spike highlights possible non-recurring income sources impacting overall financial trends.

Urban Tots has issued a Postal Ballot Notice informing shareholders about an upcoming e-voting process for a special resolution.

Key Highlights:

• Purpose: Approval for issuing 6,00,000 equity shares preferentially via private placement to two investors.
• Valuation & Pricing: Shares are valued at ₹90 per share (₹1 face value + ₹89 premium), as per a valuation report by a registered valuer.
• Investment Amount: The total funds raised would be ₹5.4 crore.
• Voting Process: Conducted via e-voting through NSDL from Feb 21, 2025, to March 22, 2025.
• Scrutinizer: M/s. Chandrasekaran Associates appointed to oversee the process.
• Allotment Timeline: Shares must be allotted within 12 months from the resolution date.

The document includes detailed voting instructions, procedural guidelines, financial disclosures, and regulatory compliance requirements.

• Financial Performance (Q3 FY25 vs Q3 FY24): Ramaraju Surgical Cotton Mills reported total revenue of ₹105 Cr in Q3 FY25, registering a 16.9% YoY growth from ₹90 Cr in Q3 FY24. This increase was primarily driven by higher sales of products. However, the company reported a loss before tax of ₹(21) Cr, compared to a loss of ₹(13) Cr in Q3 FY24, widening by 64.7% YoY due to increased expenses, particularly in cost of materials and power & fuel. Similarly, Profit After Tax (PAT) stood at ₹(16) Cr, a decline from ₹4 Cr in Q3 FY24.
  
  
• Nine-Months Performance (9M FY25 vs 9M FY24): For the nine-month period ended December 31, 2024, total revenue stood at ₹281 Cr, up 4.9% YoY from ₹267 Cr in 9M FY24. However, the company posted a loss before tax of ₹(48) Cr, compared to a loss of ₹(40) Cr in 9M FY24, reflecting continued cost pressures. Similarly, PAT stood at ₹(38) Cr, deteriorating from ₹(31) Cr in 9M FY24.
  
  
• Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24):
  
  Segment-wise performance:
  
  Textiles segment revenue stood at ₹93 Cr, increasing 21.3% YoY from ₹77 Cr. However, the segment reported a loss before finance cost & tax of ₹(17) Cr, compared to a loss of ₹(8) Cr in Q3 FY24.
  
  Surgical segment revenue came in at ₹13 Cr, Declining by 2.7% YoY from ₹14 Cr. The segment posted a profit before finance cost & tax of ₹4 Cr, improving from ₹3.5 Cr in Q3 FY24.
  
  Wind mills revenue stood at ₹10.23 Cr, almost flat YoY. The segment reported a profit of ₹0.70 Cr, compared to ₹0.29 Cr in Q3 FY24.
  
  
• Cost Analysis: Raw material costs increased 17.7% YoY to ₹60 Cr.
  Finance costs stood at ₹8.6 Cr, declining 4.2% YoY from ₹9 Cr.
  
  
• Growth Outlook: Ramaraju Surgical Cotton Mills witnessed steady revenue growth, primarily driven by the textile and surgical segments. However, higher raw material costs and energy expenses have put pressure on margins, leading to widening losses. The company’s focus on cost management and operational efficiencies will be crucial in the coming quarters to restore profitability.
  

​Bira 91 has delivered an impressive performance in Q3 FY25, showcasing robust growth and operational efficiency despite earlier disruptions.

Key Financial Highlights (Q3 FY25 vs Q3 FY24)

• Volume Sold: 632,000 cases, marking a 48% YoY increase 
  
  
• Gross Revenue:₹99 Cr, up 53% YoY
  
  
• Net Revenue:₹68 Cr, growing by 42% YoY
    
• Gross Margins: 68%, an 8% improvement over last year
  
  
• EBITDA:₹(71) Cr, improving by 49.5% YoY
  
  
• Expansion of Pubs and Taprooms: Growing from 37 locations to 53 in FY24, with projections to reach 63 by FY26.

Operational Highlights

• Award Recognition: Secured 9 awards at the World Beer Awards 2024, including 4 Gold Medals, strengthening Bira 91’s position as a global premium beer brand.
  
  
• Distribution Expansion: Distribution levels have returned to pre-disruption highs, with access across 30,000 stores nationwide.
  
  
• Cost Optimization: Achieved a 27% reduction in fixed costs through strategic efficiency measures and operational discipline.
  
  
• Margin Improvement: Gross margins stabilized at 66% in H1FY25, reflecting a significant 7% YoY improvement.
  

Strategic Growth Initiatives

• Pub & Taproom Expansion: Rapid growth with 63 active locations by FY25, aiming to become India’s largest pub chain.
  
  
• Technology Integration: Strengthened organizational capabilities through tech-driven cost controls and improved sales execution.
  
  
• Policy Tailwinds: Favorable regulatory changes in key markets such as Delhi, Uttar Pradesh, Telangana, Odisha, and Andhra Pradesh are expected to drive volume growth in FY26.
  

Future Outlook

• ​IPO Preparation: Bira 91 is on track for a potential listing by CY26, backed by strong growth momentum and improving financials.
  
  
• Partnerships: Strengthened ties with major distribution partners to enhance market reach in key territories like Delhi, Uttar Pradesh, and Maharashtra.
  
  
• Capital Raise: Plans for a Series E round ($50 million+) and issuance of NCDs worth ₹1000 Mn in early FY26.
  

Imagine investing in a company whose valuation jumps 201% in just two years, making it one of the top 10 most valuable private companies in India. That’s exactly what’s happening with the National Stock Exchange (NSE)—a financial powerhouse that has left its competitors in the dust.

A few years ago, BSE Ltd., India’s oldest stock exchange, still commanded attention in the markets. But quietly and steadily, NSE built itself into an undisputed leader.  By Q3 FY25, NSE controlled an astonishing 99.9% of the equity options market, 94% of the cash market, and 93% of currency derivatives, making it the undisputed leader in India’s financial landscape. As NSE gears up for its highly anticipated IPO, investors are watching closely—because opportunities like this don’t come around often.

The Numbers Tell the Story

From FY22 to FY24, NSE’s financial performance has been nothing short of spectacular:

At a valuation of ₹4.7 lakh crore, NSE is now leagues ahead of BSE Ltd., which has struggled to keep pace. But what’s fueling this phenomenal growth?

Why NSE is the Hottest Investment Bet?

• Unshakable Market Dominance: NSE doesn’t just lead; it controls India’s trading landscape. With near-monopoly status in the derivatives market and cutting-edge tech infrastructure, it’s the exchange of choice for traders and institutions alike.
  
  
• Strategic Vision: NSE continues to innovate with new financial products, faster trading systems, and deeper penetration into India’s rapidly growing investment ecosystem.
  
  
• The Big IPO Buzz: NSE’s much-anticipated IPO could unlock further value, as the company is expected to sell a 10% stake, making it one of the biggest market events in recent years.
  
  

The Bottom Line: For investors, NSE isn’t just another stock—it’s a gateway to India’s financial future. With its impeccable track record, market dominance, and upcoming IPO, NSE stands out as one of the most exciting investment opportunities in the country today.

NCL Buildtek experienced a decline in revenue in 9M FY25, dropping from ₹105.34 Cr. in 9M FY24 to ₹97.07 Cr., indicating a slowdown in business momentum. However, PAT surged significantly from ₹3.04 Cr. to ₹57.47 Cr., likely due to exceptional gains or one-time income rather than operational growth. The revenue decline suggests potential challenges in demand or efficiency, despite the sharp increase in profitability.

Lenskart, founded by Peyush Bansal in 2010, has become India's leading eyewear retailer with a strong omni-channel presence.

With over 2,000 stores in India and international markets like Singapore and Dubai, the company blends online and offline shopping for a seamless customer experience. Its state-of-the-art manufacturing facility in Rajasthan produces 5 crore glasses annually, reinforcing its supply chain strength.

Lenskart has raised $200 million in secondary investment from Temasek and Fidelity Management & Research Company (FMR) in June 2024 at a valuation of $5 billion. Following this transaction, Lenskart has attracted close to $1 billion in capital over the last 18 months.

The company aims to expand globally and invest in innovation. With Kotak Mahindra Bank and Morgan Stanley managing the IPO, Lenskart is set to redefine the eyewear industry.

• Financial Performance (Q3 FY25 vs Q3 FY24): National Securities Depository Limited (“NSDL”) reported total revenue of ₹391 Cr in Q3 FY25, reflecting a YoY growth of 16.2% from ₹337 Cr in Q3 FY24. This change was primarily driven by increase in revenue from depository service and banking services by y-o-y increase of 26.4% & 9.6% respectively. Profit Before Tax (PBT) stood at ₹110 Cr, marking a YoY increase of 34.3% from ₹82 Cr in Q3 FY24, mainly due to increased revenue. Profit After Tax (PAT) came in at ₹86 Cr, registering a 29.8% rise from ₹66 Cr in Q3 FY24. Earnings Per Share (EPS) for the quarter was ₹4.3, compared to ₹3.3 in Q3 FY24.
• Nine-Months Performance (9M FY25 vs 9M FY24): For the nine-month period ended December 31, 2024, NSDL recorded a total revenue of ₹1,141 Cr, up 13.3% YoY from ₹1,008 Cr in 9M FY24. PBT for 9M FY25 stood at ₹343 Cr, reflecting a 36.1% YoY increase from ₹252 Cr in 9M FY24. Similarly, PAT was ₹260 Cr, showing a 32.7% rise/drop from ₹196 Cr in 9M FY24.
• Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24): Net Profit Margin increased to 21.9% in Q3 FY25, up from 19.6% in Q3 FY24. NSDL became India's first securities depository to reach ₹500 lakh cr. in assets held in custody as of September 2024.
• Growth Outlook: NSDL’s growth outlook remains strong, driven by robust performance in its depository and banking services. The company’s market leadership, coupled with the milestone of ₹500 lakh crore in assets under custody, positions it well for future expansion. The upcoming IPO, approved by SEBI, will increase visibility and offer liquidity through the sale of shares by existing stakeholders, although NSDL will not receive any proceeds from the offering. This move is expected to enhance investor confidence and attract institutional interest, providing a solid foundation for continued growth and market presence.

• Financial Performance (Q3 FY25 vs Q3 FY24): KLM Axiva Finvest Limited reported a total income of ₹88 Cr in Q3 FY25, marking a 5.0% YoY growth from ₹83 Cr in Q3 FY24. This was driven by a rise in interest income, which increased 5.2% YoY to ₹839.61 Cr from ₹798.39 Cr in Q3 FY24. On the cost front, finance costs surged by 17.2% YoY to ₹48 Cr from ₹41, reflecting higher borrowing expenses. Employee expenses grew 9.2% YoY to ₹19 Cr from ₹17 Cr, while other expenses declined 17.6% YoY to ₹15 Cr from ₹18 Cr. Profit Before Tax (PBT) stood at ₹2 Cr, down 58.7% YoY from ₹6 Cr due to increased costs. Profit After Tax (PAT) was ₹90 lacs, registering a 78.9% YoY decline from ₹4 Cr in Q3 FY24. Earnings Per Share (EPS) for the quarter was ₹0.04, down significantly from ₹0.21 in Q3 FY24.
  
  
• Nine-Months Performance (9M FY25 vs 9M FY24): For the nine-month period ended December 31, 2024, KLM Axiva’s total income stood at ₹252 Cr, up 9.1% YoY from ₹231 Cr in 9M FY24. Interest income grew 9.8% YoY to ₹246 Cr, while other income declined 13.3% YoY to ₹6 Cr. Despite revenue growth, PBT declined 6.2% YoY to ₹15 Cr from ₹16 Cr, impacted by rising finance costs. PAT stood at ₹11 Cr, down 3.5% YoY from ₹12 Cr in 9M FY24. EPS for 9M FY25 was ₹0.50, compared to ₹0.57 in the previous year.
  
  
• Operational Metrics & Key Ratios (Q3 FY25 vs Q3 FY24): The debt-to-equity ratio rose to 6.03x, reflecting higher leverage. The net profit margin declined to 4.45% from 5.14%, indicating profitability pressures. Gross Non-Performing Assets (GNPA) increased to 2.08% from 1.63%, while Net NPA (NNPA) also rose to 1.07% from 0.65%, signaling heightened asset risk. Meanwhile, the Capital Adequacy Ratio (CRAR - Tier I) stood at 15.72%, suggesting adequate capital buffers.
  
  
• Growth Outlook: KLM Axiva continued to achieve steady revenue growth, driven by higher interest income. However, rising borrowing costs and operational expenses significantly impacted profitability, leading to a contraction in net profit margins and EPS. While asset quality remains a focus, elevated leverage presents ongoing challenges. Moving forward, effectively managing cost pressures and maintaining loan book quality will be critical. Despite these headwinds, a stable CRAR and controlled NPA levels provide some resilience against market volatility. Enhancing cost efficiency and diversifying funding sources could help the company navigate the upcoming quarters more effectively.

Notice of postal ballot

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Notice is given according to the Companies Act, 2013, and related rules and standards for holding general meetings and postal ballot processes through electronic voting. The resolutions listed below will be voted on by the members of the company (as of the cut-off date) through postal ballot only via remote e-voting. An explanatory statement that explains these resolutions and their reasons is included in this notice of postal ballot.

• ​To approve material-related party transactions with HDFC Bank Limited for FY26
  

​Members of the company are requested to approve the board of directors to enter into or continue arrangements, agreements, or transactions with HDFC Bank for FY26. These may include continuing or renewing existing contracts or establishing new ones. The total of these transactions could exceed 10% of the company’s consolidated annual turnover or Rs. 1,000 crores, whichever is lower, as stated in our last audited financial statements. However, all transactions must occur at arm’s length and in the ordinary course of our business.

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• ​To approve material related party transactions with HDFC life insurance company limited for FY26
  

​The board can enter into or continue arrangements with HDFC life, including renewing or modifying earlier agreements or making new ones. These transactions may exceed 10% of the company's annual consolidated turnover or rs. 1,000 crores, whichever is lower. However, all transactions must be conducted at arm’s length and in the regular course of the company’s business.

Remote E-voting instructions at glance