Financial Performance (FY26 Numbers):

The total revenue of Sun Drops Energia Limited was at ₹586.0 crore in FY26, registering a healthy increase of around 58.8% YoY as compared to ₹369.0 crore in FY25 (and a massive exponential growth from ₹4.79 crore in FY22). Turnkey EPC for CPP and utility-scale commercial solar make up the majority of revenue, along with growing annuity-based Independent Power Producers (IPP). The Net Profit (PAT) is ₹97.0 crore with Net Profit Margin at 16.55%, witnessing an increase of ~89.1% YoY from ₹51.3 crore in FY25. With the help of its increasing order book and IPO, the valuation of unlisted equity of Sun Drops Energia was about ₹1,995 crore (ranging from ₹230 per share).

Operational Metrics:

The company Sun Drops Energia works on an integrated "IPP + CPP Turnkey EPC" business model which enables the company to cover the entire life cycle of projects starting from acquisition of land, engineering and power evacuation infrastructure to procurement, commissioning and maintenance. The company has a clean and healthy balance sheet structure with the Debt to Equity ratio of only 0.16x for FY25, which signifies low leverage and absence of dependence on external financing even with fast pace of asset creation. Sound financial control is evident with the help of an Interest Coverage ratio of 15.68x (FY25) and a Current ratio of 3.36x (FY25), thereby leaving sufficient margin for working capital. The operating leverage is a result of standard engineering templates and centralized module procurement in the KP group environment.

Key Project Executions & Order Book:

It has developed a solid execution history in the areas of utility-scale solar and industrial microgrids, which entails developing and commissioning several interconnected grid-scale solar projects in high-irradiance belts of Gujarat and Maharashtra states under the framework of the Distributed Renewable Energy Bilateral Purchase (DREBP). It has quickly established itself as one of the major market leaders in the storage category by winning 565 MW / 1,130 MWh BESS standalone projects from Gujarat Urja Vikas Nigam Limited (GUVNL), which include 445 MW / 890 MWh project award and 120 MW / 240 MWh BESS Purchase Agreement (BESPA). Abroad, Sun Drops is developing solar and battery energy storage solution with the Fabtech Group and F+ Healthcare Technologies in UAE.

Strategic Developments & Outlook:

Sun Drops Energia is an incorporated firm established in Surat, Gujarat, in May 2019 and serving as one of the major subsidiaries of KPI Green Energy Limited. Sun Drops Energia is specially selected to act as the dedicated arm of the KP Group to develop utility BESS and clean energy hybrid systems. Currently, the firm is gearing up to go for its own independent Initial Public Offering (IPO) in FY27. Given that India is looking at 500 GW of non-fossil fuel capacity by 2030 and the mandatory inclusion of RTC renewable energy, Sun Drops Energia is one of the early players in the utility-scale BESS space.

Deal Structure and Capital Infusion

Inox Clean Energy Ltd., the renewable and clean energy platform of the INOXGFL Group, has raised a major ₹1,500 crore financing package from the Motilal Oswal Group via its alternative investments segment, MO Alternates. The deal has been executed in the form of Compulsorily Convertible Debentures (CCDs), providing a dual private credit structure that provides downside yield coverage with equity gains on listing. In terms of the arrangement, ₹1,000 crore has been raised upfront, whereas the rest of the ₹500 crore will be invested in future milestone-based tranches. The current funding round is an integral component of the firm's plan to prepare itself for an IPO in the coming 12 to 24 months.

Strategic Allocation and Capacity Expansion

The new investments will be deployed to fund organic capital expenditure and business acquisitions within Inox Clean Energy’s IPP business and solar equipment manufacturing segments. Regarding power generation, through Inox Neo Energies, Inox Clean Energy currently has a portfolio of about 3 GW and has set a target of increasing its portfolio to more than 6 GW by FY27, along with expanding into international markets such as Zimbabwe. At the same time, the investment will be utilized to fund its solar equipment manufacturing subsidiary, Inox Solar, which already has 3 GW of module manufacturing capability in Gujarat and an integrated 5 GW cell and module manufacturing facility under construction, apart from US-based manufacturing capabilities.

Institutional Backing and Valuation Momentum

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1. The Headline Numbers (Consolidated)

No exceptional items, one-off gains, or provision reversals sit in these numbers — the 34.9% PAT growth is a clean, operating-driven figure.

2. Where the Revenue Growth Actually Came From

*Off a very small base.

Fees & commission — the core, recurring AMC fee income — is doing almost all the heavy lifting, growing faster (38.0%) than total revenue (32.8%). The fair-value gains line, which is more market-dependent and lumpier, grew much slower. That's a healthier growth mix than if the reverse were true.

3. Cost Side — Expenses Are Growing, But Revenue Is Outrunning Them

*Off a small base.

Employee costs (the biggest line) grew roughly in step with revenue, but "other expenses" — the catch-all operating cost bucket — barely moved (+1.9%). That's the main reason cost-to-income improved to 12.6% from 13.4%.

4. Tax Line

Current tax rose sharply, +53.6% (₹39.0 cr vs ₹25.4 cr), faster than profit growth. This was partly offset by a deferred tax credit of ₹0.30 cr this quarter vs a deferred tax charge of ₹4.13 cr a year ago, so net tax expense grew a more moderate 31.2% (₹38.7 cr vs ₹29.5 cr).

5. Below-the-Line / Notes Worth Knowing

• New subsidiary, fresh capital: PPFAS Asset Management Pvt Ltd incorporated a new wholly-owned subsidiary, PPFAS Pension Fund Managers Pvt Ltd, on 8 May 2026, and infused ₹60 crore of equity into it on 15 May 2026. It hasn't started full-scale operations yet, so no material P&L impact this quarter — but it's a capital commitment to a new business line.

• Unreviewed subsidiaries: Three smaller subsidiaries (PPFAS Alternate Asset Managers IFSC, PPFAS Trustee Company, PPFAS Pension Fund Managers) weren't directly reviewed by the auditor — their numbers rest on management certification. Combined, they contributed ₹1.39 cr of revenue and a net loss of ₹0.37 cr for the quarter, rolled into the consolidated figures.

• Dividend signal: The board has recommended ₹25/share for FY26, up from ₹15/share paid for FY25 — a 67% step-up, subject to shareholder approval at the AGM.

6. Standalone vs Consolidated

The gap is stark: consolidated PAT of ₹131.4 crore vs standalone PAT of just ₹3.09 crore. Parag Parikh Financial Advisory Services Ltd is essentially a holding company; almost all the fee-earning business (managing PPFAS Mutual Fund) sits inside its subsidiary, PPFAS Asset Management Pvt Ltd. The parent's standalone income is mostly portfolio management fees plus whatever dividend it receives from the subsidiary — and dividends are lumpy, not quarterly. In Q4 FY26 the parent received ₹25.01 crore in dividend income from PPFAS AMC (₹7/share), pushing that one quarter's standalone PAT up sharply. No such dividend landed in Q1 FY27, so standalone profit reverts to its normal, much smaller run-rate.

Anyone valuing PPFAS off standalone numbers alone will get a misleading picture — the consolidated numbers are the ones that reflect the actual business.

7. How This Stacks Up Against Peer AMCs (Q1 FY27, YoY)

PPFAS is the smallest of the four in absolute profit, but it's outgrowing all three listed peers on both revenue and profit — and it's doing so with a leaner cost structure (12.6% cost-to-income, among the tightest in the industry). For a business still building scale, that combination of high growth plus expanding margins is the more interesting story than the absolute size gap.

​

How the Share-Swap Deal Works

Shalimar Paints is set for a major transformation after its board approved a proposal to invest in its parent company, Hella Infra Market, which operates the Infra.Market building materials platform. The unusual part is that Shalimar will not pay cash for the investment. Instead, it will issue a large number of its own shares and compulsorily convertible preference shares (CCPS) to shareholders of Hella Infra Market.

In simple terms, Infra.Market is using Shalimar Paints, an already-listed company, as a route to the public markets. Under the proposed share-swap arrangement, shareholders of Hella Infra Market will hand over their shares and CCPS and receive newly issued securities of Shalimar Paints in return. After the transaction, Hella Infra Market could become an unlisted material subsidiary of Shalimar Paints, subject to shareholder and regulatory approvals.

This is why the transaction is being described as a potential reverse merger or backdoor listing. Instead of Infra.Market going through a conventional IPO, its shareholders could become major shareholders of the listed Shalimar Paints. If completed, the much larger building-materials business could effectively become the main operating business within the listed entity.

Deal Numbers

As part of the proposed non-cash share swap, Shalimar Paints plans to issue up to 41.70 crore equity shares worth ₹3,544.69 crore and 81.12 crore CCPS worth ₹6,895.22 crore, both priced at ₹85 per security. Together, the proposed swap securities are valued at around ₹10,440 crore.

Separately, Shalimar Paints has proposed a ₹1,000 crore QIP to raise fresh cash from institutional investors. It has also proposed a smaller preferential issue of around ₹105.86 crore to three investors.

The transaction would significantly increase Shalimar's share count and dilute existing shareholders. The exact impact will depend on the final swap ratio and the conversion terms of the CCPS.

What About Infra.Market's Valuation?

The ₹10,440 crore figure should not be treated as the valuation of the entire Infra.Market business. It represents the proposed consideration for the securities being exchanged in this transaction.

Infra.Market was last valued at around ₹24,000-25,000 crore in private-market fundraising. The proposed transaction therefore appears broadly consistent with that valuation, although the final swap ratio will be based on valuation reports and remains subject to approvals.

The board has also discussed the possibility of unifying Shalimar Paints and Hella Infra Market at a later stage, although no formal merger has been completed yet. For now, the key development is the proposed share swap, which could give Infra.Market a route to the stock market without a conventional IPO.

Indian Potash Limited (IPL) operates as one of India's largest fertiliser importers and distributors, with its core business centered on sourcing and marketing Muriate of Potash, Di-Ammonium Phosphate, Sulphate of Potash, and Urea across the country - including remote and inaccessible regions - through an extensive network of Regional offices covering nearly every State capital. Its distribution model leans heavily on India's agricultural cooperative structure and direct farmer engagement, backed by nationwide farmer education initiatives, product literacy campaigns, and sales outreach programs run in multiple regional languages. Beyond its fertiliser trading and distribution mandate, IPL has diversified into allied agri and consumer businesses, including manufacturing of Cattle feed products, Milk and milk products, Sulphitation and refined Sugar, Distillery operations, and trading in Gold and other precious metals - giving the company a multi-segment revenue base anchored around, but not limited to, its position in India's fertiliser supply chain. The Company, incorporated and headquartered in Chennai, Tamil Nadu, also plays a quasi-strategic role in the sector given its past mandate for global tender-based procurement of key fertilisers on behalf of the industry, reflecting close alignment with government food-security and farmer-welfare objectives.

1. Revenue, EBITDA, Net Profit & EPS Summary (Rs in Cr)
​

Revenue surged ~57.6% YoY, driven largely by the trading (purchases of stock-in-trade) line rather than in-house manufacturing. Operating EBITDA grew more slowly at ~50.5%, and margin actually compressed slightly, as finance costs rose sharply alongside a much larger trading book. Consolidated net profit grew a more modest ~19.3%, diluting the consolidated margin even as absolute profit rose. EPS growth mirrors NP growth since the share count was unchanged.

2. Common-Size Statement 

Cost of goods sold (materials consumed + trading purchases, net of inventory movement) rose from ~83.3% to ~85.0% of revenue - the trading business scaled with a slightly thinner gross spread, largely because the mix shifted further toward lower-margin purchases of stock-in-trade (fertiliser trading) versus in-house materials consumption. Finance costs jumped from ~2.4% to ~3.6% of revenue, reflecting the much larger working-capital borrowings needed to fund the bigger trading book. Employee costs and other expenses improved slightly as a share of revenue, showing some operating cost leverage even as gross margin narrowed.

3. Key Balance Sheet Items (Rs in Cr)

4. Key Ratio Analysis

Net Profit Margin fell as consolidated profit grew more slowly than revenue. ROE held roughly steady (~14.5-14.7%) as equity grew broadly in line with profit, aided by strong retained earnings. Fixed asset turnover jumped sharply (~13.6x to ~17.7x), reflecting that revenue growth was driven almost entirely by trading volumes rather than fresh capex on plant and equipment. The Debt-to-Equity ratio nearly doubled (0.46x to 0.76x), the clearest signal that the FY26 growth was financed substantially through incremental borrowings, consistent with the working capital.

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For GalaxEye, Mission Drishti was supposed to be the moment when years of development translated into a working satellite in orbit. Instead, the Bengaluru-based space-tech startup lost communication with the spacecraft within weeks of its launch, leaving its core technology waiting for another chance to prove itself.

A different approach to Earth observation

Founded in 2021 by five IIT Madras alumni, GalaxEye is developing OptoSAR, a satellite technology that combines optical imaging with Synthetic Aperture Radar (SAR). Optical cameras produce familiar, high-quality images but can be affected by clouds and darkness. SAR uses microwave signals and can operate through clouds and at night, although its imagery is more difficult to interpret.

GalaxEye's idea is to combine both technologies on the same satellite and fuse the resulting data. The company plans to use this capability for applications including defence, agriculture, infrastructure, insurance and disaster management.

Mission Drishti changes the story

On 3 May 2026, GalaxEye launched Mission Drishti aboard a SpaceX Falcon 9. The approximately 190-kg satellite represented a major milestone for the company and was designed to demonstrate its OptoSAR technology in orbit. However, during the satellite's early orbital phase, a severe geomagnetic solar storm affected the spacecraft. According to GalaxEye's initial root-cause analysis, radiation from the storm likely damaged a critical onboard subsystem. Communication with Drishti became intermittent and eventually stopped. On 7 July, the company said the chances of recovering the satellite were low.

The failure does not necessarily mean OptoSAR itself did not work. The bigger problem is that the mission ended before GalaxEye could fully demonstrate the technology and generate commercially useful imagery.

GalaxEye responds with StarOps

Rather than abandoning its approach, GalaxEye has moved to strengthen its spacecraft capabilities. On 10 August 2026, the company announced the acquisition of StarOps, a Bengaluru-based spacecraft engineering company with roots in TeamIndus. StarOps brings expertise in propulsion, avionics, flight computing, guidance and navigation, structures and mission operations. It has also developed satellite bus platforms in the 50 kg, 150 kg and 250 kg categories, with more than 66% indigenisation.

The acquisition is significant because the satellite's payload is only one part of the system. Power, communications, computing, navigation and thermal systems are equally important for keeping the payload operational. GalaxEye has said it plans to build two new OptoSAR satellites within 24 months.

The valuation question

GalaxEye has reportedly raised around ₹212 crore since inception, while its latest funding rounds implied a valuation of approximately ₹489 crore. The company also raised around ₹93 crore during 2026, including a ₹49.29 crore allotment in June. For investors, however, the important question is the price being paid today. The source notes that GalaxEye shares have reportedly traded in the unlisted market at around three times the latest primary valuation. That means investors are potentially paying a significant premium before the company's technology has been fully proven in orbit.

What happens next?

GalaxEye now faces a clear sequence of milestones: build the next satellite, successfully launch and commission it, demonstrate OptoSAR's capabilities and convert the resulting data into commercial contracts. The StarOps acquisition may strengthen the company's engineering capabilities, but it cannot eliminate execution risk. For GalaxEye, the next satellite will therefore be more than another mission. It will be the company's next opportunity to move from technological promise to technological proof.

Garuda Aerospace is an Indian drone technology company that designs, manufactures and operates drones across agriculture, defence, surveillance, infrastructure and industrial applications. Founded in 2015, the company has expanded from agricultural drone solutions into higher-value defence and industrial applications. It is also moving towards the public markets, having received SEBI’s final observation for its proposed IPO on 5 August 2026, bringing the company closer to a potential listing.

Business Model

Garuda follows an integrated model covering drone manufacturing, Drone-as-a-Service (DaaS) and pilot training. It manufactures drones and also provides drone-based services to customers that do not want to own the equipment. Its applications range from agricultural spraying and mapping to defence surveillance, inspection and logistics.

Its portfolio has increasingly shifted beyond agriculture towards defence and industrial drones, including surveillance, swarm and cargo-delivery platforms.

Financial Performance

IPO: Issue Size and Use of Funds

Garuda Aerospace had confidentially filed for a proposed ₹1,000 crore IPO in April 2026. The issue structure reported at the time consisted of a ₹750 crore fresh issue and ₹250 crore OFS. Following SEBI approval in August 2026, reports indicate the fresh issue component could be up to ₹750 crore, with the final issue structure and price band to be announced later.

Object of the fresh issue:

• Research & Development for advanced drone technologies.
• Expansion of manufacturing capabilities and facilities.
• Development of new drone platforms and related technology.

Key Investors

• Venture Catalysts – Invested ₹100 crore in Series B funding in April 2025 at a reported $250 million valuation.
• Narotam Sekhsaria Family Office – Led a $1 million funding round in June 2025.
• We Founder Circle – Participated in the June 2025 funding round.
• MS Dhoni – Strategic investor and prominent backer of the company.

Recent Strategic Moves

Garuda has been accelerating its move into defence drones. In August 2025, it inaugurated a dedicated defence drone facility in Chennai and launched five new UAV platforms aimed at battlefield and disaster-response applications.

The company has also been increasing production capacity and R&D spending, with the June 2025 funding round intended to take annual production from around 8,000 drones to 12,000–15,000 units and expand its international presence.

Conclusion

Garuda Aerospace is transitioning from an agriculture-focused drone company into a broader defence and industrial drone technology player. Its profitability, growing manufacturing capabilities and upcoming IPO provide a platform for expansion, while the increasing focus on defence applications could become an important growth driver going forward.

Madhur Iron and Steel is in the business of manufacturing and trading of a wide range of structural steel products, including Angles, Channels, Mild Steel (MS) Sections, and Flats & Rods. The Company primarily operates under a business-to-business (B2B), order-based model, supplying products to institutional customers. The Company is engaged in the manufacture of re-rolled structural steel products, including Angles, Channels and other similar products. Upon manufacture, such structural steel products are either sold directly to customers or, depending on customer specifications, further processed through fabrication to convert them into finished, application ready products. Its products cater to diverse end-use industries, such as railway electrification, state electricity boards, power and energy infrastructure, telecom tower manufacturing, automotive and ancillary units, offshore structure fabrication, construction and real estate, general engineering, auto body manufacturing, and other related industries.

​1. Revenue, EBITDA, Net Profit & EPS Summary (₹in Cr)

Revenue grew 301% YoY, and EBITDA grew faster, pointing to modest operating leverage. Net profit rose 32%, slightly ahead of revenue growth, while EPS grew a slower 19% because the equity share capital base itself nearly doubled during the year. Company has issued 1,48,92,273 bonus shares in FY26.

2. Common-Size Statement

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3. Key Balance Sheet Items

4. Key Ratio Analysis

ROE improved as profit growth (32%) outpaced the 26% growth in the equity base from retained earnings and bonus issue. The Debt-to-Equity ratio rose as borrowings were drawn up faster than equity to fund working capital requirements. Fixed asset turnover improved, consistent with revenue growing faster than the property, plant and equipment base.

1. Business Overview

Goodluck Defence and Aerospace Ltd. (GDAL), a subsidiary of Goodluck India Ltd., is expanding its presence in India's defence manufacturing sector. The company was established in 2023 and operates a facility in Sikandrabad, Uttar Pradesh, where it manufactures 155mm artillery shell bodies. Unlike complete ammunition manufacturers, GDAL focuses on the forged-steel shell body, while explosive filling and fuzes are handled separately. The company's facility has received the required defence manufacturing approvals and quality certification.

The business is benefiting from rising global demand for artillery ammunition following the Russia-Ukraine conflict and increased defence spending across several countries. GDAL currently has an annual capacity of around 1.5 lakh shells and plans to increase this to 4 lakh shells, supported by a planned expansion. The company has also secured a domestic order of around ₹255 crore for 155mm long-range empty shells, strengthening visibility for the business.

2. Business Performance

GDAL generated ₹46 crore of revenue and ₹29 crore of EBITDA in FY26, translating into an EBITDA margin of around 63%. However, management has cautioned that this unusually high margin is not sustainable because the plant was operational for only part of the year. It expects a more normalised EBITDA margin of around 30–35% as production scales up.

For FY27, management has guided for ₹250–300 crore of revenue from the defence business, with the existing capacity expected to operate at around 75–80% utilisation. This would represent more than five times FY26 revenue at the lower end of the guidance. To support longer-term growth, GDAL's board on August 6, 2026, approved a proposal to raise ₹283.5 crore through the issue of up to 75.6 lakh shares at ₹375 each to 38 non-promoter investors. The proceeds will be used mainly for capacity expansion, working capital and general corporate purposes.

The company plans to invest around ₹400 crore in expansion, taking annual shell-making capacity from 1.5 lakh to 4 lakh units. The fundraise therefore comes at a crucial stage as GDAL attempts to convert strong current demand into a much larger defence business.

3. Conclusion

Goodluck Defence is rapidly transforming Goodluck India's traditional engineering capabilities into a high-growth defence business. Strong artillery demand, a sizeable order pipeline and planned capacity expansion provide significant growth potential. However, the company still needs to prove that it can achieve its FY27 revenue guidance and sustain the targeted 30–35% EBITDA margin as operations mature.

Madhur Iron & Steel (India) Limited is preparing to enter the capital markets with its proposed Mainboard IPO. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on January 23, 2026, with the filing subsequently published by SEBI on February 6, 2026. The proposed IPO comprises a fresh issue of up to 1 crore equity shares, with no Offer for Sale component.

Business Model

Company is engaged in the manufacturing and trading of a wide range of structural steel products, including Angles, Channels, Mild Steel (MS) Sections, and Flats & Rods. The Company primarily operates under a business-to-business (B2B), order-based model, supplying products to institutional customers. The Company is engaged in the manufacture of re-rolled structural steel products, including Angles, Channels and other similar products. Upon manufacture, such structural steel products are either sold directly to customers or, depending on customer specifications, further processed through fabrication to convert them into finished, application ready products. Its products cater to diverse end-use industries, such as railway electrification, state electricity boards, power and energy infrastructure, telecom tower manufacturing, automotive and ancillary units, offshore structure fabrication, construction and real estate, general engineering, auto body manufacturing, and other related industries.

Product Portfolio

1.  Structural Steel Products - Angles, channel, section flats and roads
2. Engineered Products- Transmission Line Towers, 
3. Trading of steel products like billets, blooms, and plates.

Object of the Issue

1. Repayment/ prepayment, in full or in part, of certain borrowings and accrued interest thereon availed by the Company
2.  Financing the capital expenditure requirements. 
3. Funding for working capital requirements and General Corporate purposes.

Financial Performance

Key Performance Indicator

At the end of FY26, Transline had ₹13 lakh in the bank, not ₹13 crore! In the same fiscal year, it had made a profit after tax of ₹70.28 crore on revenues of ₹488.46 crore, registering a growth of 32%. Both the statements are correct, and both point to the reason why the company is planning an IPO.

The Business
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Transline builds and runs security and identity infrastructure for institutions that can't afford failure - cameras, biometrics and AI for police stations, railways and smart cities, delivered as one accountable contract rather than four separate vendors. Incorporated in 2001, the company has spent 25 years working its way into some of the most sensitive corners of Indian public infrastructure: Aadhaar enrolment for UIDAI, biometric attendance systems for a state judiciary, and large-scale deployments across PSUs, Railways and Police departments, serving 250+ clients through 8+ proprietary platforms.

The Revenue Mix
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In the revenue profile, the truth comes out. The solutions business, which includes hardware and integration, accounts for 77% of the revenues but only 26% of the segment profit, at a meagre margin of 9.2%. While the services business contributes only 23% of the revenues, it accounts for 74% of the profits and is growingalmost twiceas fast.

This is a structural problem, not one of accounting trickery. In FY25 and FY26, the company has made a profit of ₹118.6 crore while burning through ₹87 crore in operational cash, resulting in a difference of ₹200 crore. The amount of unbilled revenue, receivables, retention of money, and inventory has come toapproximately equala year's worth of sales at the top line. This has resulted in growth which has been external, via borrowings, capital raise in FY25, and now a DRHP approved by SEBI in January 2026.

The Valuation Question

At an indicative price of ₹168 a share, the stock is trading at 21x FY26 earnings —not unreasonable at 45% profit growth, but the market is paying for accounting profit without generating cash yet. If the company can bridge the gap in the form of billed and collected milestones or if the company is unable to bridge it via raising more capital, then we will know it from FY27 cash flow.

Business Overview

Krasny Defence Technologies Ltd. (KDTL) is a niche defence engineering and lifecycle support company serving the Indian Navy, Indian Coast Guard, defence shipyards and Russian defence OEMs. Established in 1995, the company specializes in ship refits, repairs, lifecycle support, supply of defence spares, shipbuilding support and indigenous defence products under the Make in India initiative. Over three decades, KDTL has built strong customer relationships and technical expertise, enabling it to secure repeat defence contracts. CRISIL noted that the company reported revenue of ₹107 crore in FY2025 and had an order book of ₹712 crore as of September 2025, providing healthy medium-term revenue visibility.

Business Model

KDTL follows an asset-light, engineering-led business model focused on providing lifecycle support and specialized engineering services rather than manufacturing defence platforms. The company undertakes naval ship refits, repairs, equipment overhaul, wiring, cabling, fabrication and supplies Russian-origin defence spares while also developing indigenous products under the Make in India initiative. It collaborates with Russian and Indian defence partners through strategic joint ventures, allowing it to leverage technology and customer access without significant capital investment. Its diversified offerings, niche product portfolio and long-standing relationships with defence customers have enabled the company to maintain healthy operating margins of around 20% while expanding into new business segments.

Business Moat

• ​Strong Regulatory Approvals
  
• Long-standing Customer Relationships
  
• Niche Product Portfolio
  
• Asset-Light Business Model 
  

​Key Business Partners & Joint Ventures

• Indian Navy – Ship refits, repairs, lifecycle support and defence equipment supply.
• Indian Coast Guard – Vessel maintenance and repair contracts.
• Zvezda Shipbuilding Complex (Russia) – Shipbuilding support and engineering services.
• Russian Defence OEMs – Technology collaboration and supply of defence equipment and spares.
• Avrora Scientific & Production Association – Submarine control systems and sensors.
• Paras Defence – Electro-optics, radar and navigation equipment.
• Keltron – Indigenous sonar and radar development under the Make in India initiative.

Financial Performance

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NSE's June 2026 quarter results dropped on July 30, 2026, and there's a lot more texture here than "profit up 7%." Let's unpack it properly.

1. The headline numbers (Consolidated)

At first glance, a 6.7% profit growth on 13% revenue growth looks like margins are slipping. They're not — the gap is almost entirely a base-effect quirk, which is worth explaining in any write-up so readers don't draw the wrong conclusion.

2. Why "6.7%" is the wrong number to anchor on

Last year's Q1 (June 2025) carried a ₹112.04 crore one-off gain tucked into "discontinued operations" — proceeds from NSE's education-business subsidiary (NAL Academy) selling its stake in TalentSprint. That gain inflated the year-ago base.

Strip out discontinued operations and compare the core, continuing business:

• Q1 FY27 continuing-ops PAT: ₹3,122 cr
• Q1 FY26 continuing-ops PAT: ₹2,812 cr
• Real growth: 11%

That 11% is the number that actually reflects how the core exchange business performed. The 6.7% headline is just an artifact of comparing against a quarter that had an unusual boost baked in.

3. Where the revenue growth came from (segment-wise)

Trading is still the dominant engine — it's roughly 85% of segment revenue — but the "Others" bucket (data feeds, data terminals, index licensing) is the fastest grower by a wide margin, even if it's small in absolute terms. That's a bucket worth watching over the next few quarters since it's the more diversified, less market-volume-dependent part of NSE's business.

Segment profit tells a similar story — Trading segment result was ₹2,960 cr vs ₹2,599 cr, Clearing was ₹317.4 cr vs ₹303.4 cr, and Others jumped to ₹106 cr vs ₹71.1 cr (+49%), so profitability is actually growing faster than revenue in the smaller segments.

4. Cost side — expenses grew, but not alarmingly

Total expenses rose 11.3% YoY, slightly faster than total income (9.5%) but slower than core operating revenue (13.1%). The main movers:

• Employee benefits expense: ₹242.6 cr vs ₹197.6 cr (+22.8%) — the biggest percentage jump, partly tied to the new Labour Code transition (more on that below)
• Regulatory fees: ₹188.3 cr vs ₹169.9 cr (+10.9%)
• Depreciation: ₹162.5 cr vs ₹150.1 cr (+8.3%)
• Other expenses: ₹578.6 cr vs ₹535 cr (+8.1%)

Nothing here looks like a red flag — it's a business scaling its cost base roughly in line with growth, not overspending.

5. Two "exceptional items" worth knowing about

These sit below operating profit and are one-offs, so they don't reflect the ongoing business, but they explain some of the swing between PBT lines:

• Profit on sale of investment in associates: ₹20.3 cr gain — from partial stake sales in Indian Gas Exchange (IGX) by NSE Investments Ltd, done to meet shareholding-norm requirements, not a strategic exit
• Impact of new Labour Code: ₹48.3 cr reversal of provision (a gain) — this relates to gratuity accounting changes under India's new labour codes that kicked in this year

Together these added about ₹68.6 cr to pre-tax profit, on top of the operating performance.

6. The SEBI settlement — the real story behind the story

NSE's board approved paying ₹714.7 crore to close out the Colocation and Dark Fibre cases with SEBI — disputes that have been running since 2019, through SEBI's Whole-Time Member orders, Adjudicating Officer orders, SAT appeals, and Supreme Court proceedings. The total settlement is ₹1,491.2 crore, of which NSE had already deposited ₹776.5 crore earlier; this payment closes the gap.

Why this matters for anything investor-facing: NSE had already provisioned ₹1,391.2 crore for this in FY26, so the P&L hit isn't sitting in this quarter — the cash settlement is largely pre-funded. What it does do is remove a near-decade-old regulatory overhang right as NSE moves toward its IPO, which is likely to matter more to unlisted-market sentiment than the quarter's actual profit number.

7. Standalone vs Consolidated — the associate/subsidiary gap

• Standalone PAT: ₹2,634.8 cr vs ₹2,408.61 cr (+9.4%)
• Consolidated PAT: ₹3,120.08 cr vs ₹2,923.85 cr (+6.7%)

The ~₹485 crore gap between standalone and consolidated comes from subsidiaries (NSE Clearing, NSE Indices, NSE Data & Analytics, etc.) and NSE's share of profit from associates like NSDL — a reminder that a meaningful chunk of NSE's overall earnings power sits outside the parent entity, in the ecosystem it has built around itself.

Zepto's road to the stock market just got a detour. The quick commerce company has decided to lay aside its IPO plans for the time being and is instead lining up a pre-IPO round of more than ₹1,000 crore, according to reports citing people familiar with the matter.

The money is expected to come largely from names already on Zepto's cap table. Glade Brook Capital, General Catalyst, Goodwater Capital, and Nexus Venture Partners are all said to be in the mix. There's some disagreement in reports about whether this will be a purely domestic affair or include foreign investors too, but the broader picture is clear: this is existing money coming back in, not new investors being courted. SEBI rules allow companies to raise up to 20% of their proposed fresh issue this way, with whatever's raised getting adjusted against the IPO's fresh issue later.

So why the sudden change of plan? It really comes down to money, specifically how much Zepto is actually worth.

Institutional investors, mutual funds and insurers among them, have apparently been pushing back hard on valuation. Word is they're valuing the company somewhere between $2.5 and 3 billion, which is a pretty brutal haircut from where things stood just weeks earlier, when foreign institutional investors were reportedly working off a $4.5 billion pre-money number, pointing to something like $5.1 billion post-money. 

Go back further and the gap looks even wider. Fund managers are said to be holding out for pricing 30-40% below Zepto's last valuation of $7 billion, set when the company raised $450 million back in October 2025. Part of the resistance, apparently, is that investors don't think Zepto should be priced in the same league as Swiggy or Eternal (Zomato's parent). Unlike those two, Zepto has no food delivery arm, it's quick commerce only, so the comparison doesn't quite hold up in their eyes.

None of this is entirely new territory for Zepto. The company first talked about going public back in 2025 but backed off when markets turned choppy and the valuation math got messy. Since then, it's done the groundwork you'd expect from a company serious about listing, moving its base from Singapore to India and building up its domestic shareholding, and had even gotten as far as receiving SEBI's observation letter on May 8.

For now though, that process is on ice. Zepto hasn't responded to questions about the fundraise, its valuation, or when, or if, the IPO timeline gets revived.

India holds somewhere between ₹50–60 lakh crore of household wealth in gold. Weddings, festivals, emergencies — for generations, that wealth has moved through jewellers, chits and hand-written ledgers, with almost no digital infrastructure behind it.

India Gold Metaverse (IGM) is trying to build that missing infrastructure. Despite the name, there's no VR headset involved — it's four connected businesses:

• Elanzia — a marketplace linking jewellers and bullion dealers
• RamMudra — blockchain-backed digital gold and coins
• GoldSense — an AI-based purity-verification engine
• BullionX — an institutional trading and settlement platform

Revenue is meant to come from commissions, trading spreads, vaulting fees, software licensing and gold-backed lending — an ecosystem play, not a single product. The company is mentored by Jignesh Shah, founder of 63 Moons, a name with real weight in Indian exchange-building circles.

Then came the headline: ₹300 crore raised, with marquee names attached — Ashish Kacholia, along with the Jagdish Master, Waaree, Ravi Sheth and Anuj Sheth family offices, in a transaction run by Pantomath. For an unlisted company with sub-₹10 crore revenue, that's a very loud number. So it's worth checking against the paper trail.

What the filing actually shows

Every Indian company issuing new shares has to file Form PAS-3 with the Registrar of Companies — and that filing doesn't do adjectives. IGM's PAS-3, for an allotment dated 2 May 2026, shows:

Not ₹300 crore. ₹200.91 crore, at ₹21 a share.

That's not a contradiction — it's a timing gap, and there are two straightforward reasons for it. One, MCA filings run on their own clock. Large rounds are routinely allotted in tranches, each with its own PAS-3 filed weeks later. IGM has already expanded its authorised capital from ₹108 crore to ₹153 crore, well beyond what's been issued so far — a sign it's making room for more allotments. Two, an announcement isn't a wire transfer. Round sizes get declared when terms are signed; the cash can follow over months. So the ₹300 crore figure is very likely genuine — it's just not yet fully verifiable, which is different from being untrue.

The number that actually deserves attention: price, not size

Three prices exist for the same stock, within weeks of each other:

Kacholia and the family offices came in at ₹21. The unlisted market today is quoting ₹25 — a 19% premium over what the informed, anchor money paid, and a 28% premium over the independent valuer's fair value, in the space of a few weeks.

Sometimes that kind of premium is earned — smart money moves early and the market re-rates around it. Sometimes it's simply the cost of arriving after the story has already been packaged and sold.

Running the scale math

• Paid-up capital before the round: ₹92.10 crore (92.10 crore shares)
• New shares issued: 9.57 crore → roughly 9.4% dilution
• Post-money at the round price of ₹21: ~₹2,135 crore
• Implied market cap at the unlisted price of ₹25: ~₹2,542 crore

If the full ₹300 crore eventually lands at ₹21, dilution rises to roughly 13.5% and post-money moves to about ₹2,234 crore. Either way, the unlisted market is currently pricing in close to ₹400 crore of value that no investor in this actual round paid for.

A two-and-a-half-year-old company, still building, with revenue that barely registers — which is normal for infrastructure at this stage. It just means investors buying at ₹25 in the unlisted market are paying a ~₹2,500 crore valuation for a plan, in a market with no daily price discovery and lot sizes as small as 5,000 shares.

The takeaway

There's a genuine thesis here: India's gold trade is fragmented, under-digitised, and enormous in scale, and the people backing IGM are far from naive. But in the unlisted market, the story almost always arrives before the paperwork — and that gap is exactly where retail investors tend to get priced badly.

Three checks worth applying to any unlisted "mega-round" headline:

1. How much has actually landed, not how much was announced — tranches are normal, but assuming they're all in is not.
2. What price the informed money paid, not the price you're being quoted today.
3. Wait for the filing. PAS-3 doesn't do storytelling — press releases do.

As of now, what's verifiable is ₹200.91 crore, at ₹21 per share, allotted 2 May 2026, on record with the MCA. The rest is announcement, not confirmation — and if it shows up in a later filing, that's worth tracking, not assuming.