<p><br></p><p>In India, the Inc42 tracker that lists new-age tech companies estimates the median time period taken by a startup to be listed at 11 years. This only applies to tech companies. Conventional manufacturers and industries such as the producers of electrical equipment generally remain privately owned for a long time before listing.</p><p>The same is happening in America too. The IPO data compiled by Jay Ritter over the years suggests that the average age of an organization when it went public has increased from 9.5 years between 1980 and 2019 to 10 in 2023, and 14 in 2024. The median age of a startup at the time of listing is estimated to be 13.5 years in 2024 according to University of Florida research.</p><p>It can therefore safely be said that the time period ranges between 10 to 14 years for growth organizations, with many exceptions.</p><h2>The Legal Minimum in India (The "Earliest You Can Go")</h2><p>Regulation acts as a floor but not a target. In accordance with my general understanding of SEBI and exchange regulations, please do confirm the rules prevailing now:</p><h3>SME Exchanges (NSE Emerge/BSE SME)</h3><p>Require at least:</p><ul><li><p><strong>3 years operating track record</strong></p></li><li><p><strong>Positive net worth</strong></p></li><li><p><strong>Operating profit (EBITDA) of at least ₹1 crore in 2 out of 3 previous years.</strong> This is the reason why many small-scale manufacturing concerns first come to these exchanges.</p></li></ul><h3>Main Exchange (BSE/NSE)</h3><p>As per the regulation prescribed by SEBI, mainboard listing requires more stringent requirements, which includes:</p><ul><li><p><strong>Three-year track record</strong></p></li><li><p><strong>Average Operating Profit of at least ₹15 crores during the preceding 3 years</strong></p></li><li><p><strong>Net Tangible Assets of at least least ₹3 crores in each of the preceding 3 years</strong></p></li><li><p><strong>Net Worth of at least ₹1 crore in each of the preceding 3 years</strong></p></li><li><p><strong>An alternative QIB route exists for loss-making companies.</strong> Under this route, the IPO must be conducted through a book-building process where at least 75% must be allocated to Qualified Institutional Buyers (QIBs).</p></li></ul><p>Moreover, the company should be a public limited company before coming to these exchanges under any route.</p><h2>Why the Wait Varies So Much</h2><ol><li><p><strong>Company stage:</strong> Companies list only once they have established revenue, profits or growth, and audited accounts. An immature company is simply not ready.</p></li><li><p><strong>Capital requirements:</strong> A manufacturer requiring funds for plant construction, debt redemption, or working capital, will list sooner than the one adequately funded by their sponsors.</p></li><li><p><strong>Availability of private capital:</strong> Availability of private equity and venture capital makes it easier for firms to remain private for longer periods. One factor behind the increasing ages of IPOs in the USA.</p></li><li><p><strong>Exits for investors:</strong> Investors in an investment-funded firm usually seek to exit within a set period for the fund, typically around 7 to 10 years, prompting the IPO.</p></li><li><p><strong>Market sentiment:</strong> Companies frequently seek an IPO when the market sentiment is good and valuations are high and wait when sentiment is poor. The Indian IPO boom in 2025 &amp; 2026 hastened many listings.</p></li><li><p><strong>Preparation:</strong> The company requires good accounts, profitable track record, corporate governance (independent directors, audit committee), and a merchant banker and lawyers. Preparation of an IPO generally takes between 6 to 18 months.</p></li></ol><h2>Typical Stages Before an IPO</h2><table><tbody><tr><th>Stage</th><th>Rough time from founding</th></tr><tr><td>Founding and proving the product</td><td>Years 0 to 3</td></tr><tr><td>Growth, funding rounds or bank borrowing</td><td>Years 3 to 8</td></tr><tr><td>Profitability and scale</td><td>Years 7 to 12</td></tr><tr><td>IPO preparation (audits, restructuring, bankers)</td><td>Last 1 to 2 years</td></tr><tr><td>Listing (Total timeline)</td><td>Typically years 8 to 15</td></tr></tbody></table><h2>For Small Manufacturers on the SME Platform</h2><p>However, small-scale industrial firms such as the producers of CT/PT within our sample of peers take a different approach. They may operate as privately-held corporations for 10 or 15 years or even longer, establishing themselves in terms of performance and utility approvals and then going public on an SME stock exchange. This can be seen from the case of Akanksha Power, which started its operations in 2008 and then expanded into manufacturing.</p><h2>Bottom Line</h2><p>Think of the timeline as a range, not a rule:</p><ul><li><p><strong>Fastest realistic timeline:</strong> about 3 to 5 years, for fast-growing companies that meet the track-record rules.</p></li><li><p><strong>Typical:</strong> about 8 to 15 years.</p></li><li><p><strong>Also common:</strong> 20 years or more for family-run industrial firms.</p></li></ul><p>The best indicator is not the age of the business but rather its preparedness, which means having a profitable business, good governance, an intended purpose for raising funds, and a receptive market for the IPO.</p><p></p>

median age of a startup at the time of listing is estimated to be 13.5 years in 2024

How Long Before an Unlisted Company Usually Goes for IPO?

<p><br></p><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Greenzo Energy India Ltd is a small green hydrogen equipment company whose unlisted shares are traded on the pre-IPO market. It provides a theme that is backed by policy support, yet it features low liquidity, stretched valuation, and weak disclosures. The following guide will discuss the business, the sector, the figures and the risks.</span></p><h2 style="line-height: 1.38"><span style="font-size:17px;color:#000000;background-color:transparent">What Greenzo does</span></h2><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">The official filings talk of a company that makes and assembles equipment for hydrogen production and their systems like compressors, dryers, storage tanks, and control panels. It is also into EPC services in solar and other renewable energy projects. The registry records show that the company was established as a private limited company in Delhi in </span><span style="font-size:14px;color:#2c2c2c;background-color:transparent">22 Nov, 2022.</span></p><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">The company has plans for a 250 MW electrolyser unit to be set up at Sanand, Gujarat. Its Phase-1 investment is approximately ₹100 crore. This is crucial because most of the growth narrative is based on a factory that hasn't been operational so far.</span></p><h3 style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent">The Jindal Stainless order</span></h3><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">The largest credibility the company holds is an order from Jindal Stainless. The scope includes the provision, installation and commissioning of a green hydrogen plant for Jindal Stainless at their Kalinga Nagar facility in Odisha, starting production at 0.47 KTPA that can scale up to 1.5 KTPA, and delivery in six months from the date of signing the contract. No financial information was provided by the company.&nbsp;</span></p><h3 style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent">The sector backdrop</span></h3><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Green hydrogen focuses on difficult-to-electrify sectors like steel, refining, and fertilisers. The National Green Hydrogen Mission has an outlay of ₹19,744 crore and intends to produce 5 million tonnes of green hydrogen per annum by 2030; however, only ₹292 crore was spent until August 2026. The mission has never actually spent ₹300 crore in any single financial year while needing around ₹4,750 crore per annum on average in order to utilise its outlay. Moreover, green hydrogen has not become cost-competitive in India, and the policy interventions currently being pursued do not aim at mass market adoption but at rewarding early adopters.</span></p><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">On the bright side, the commissioning of projects in the first tranche of the incentive scheme will start from August 2026, shifting electrolyser requirements from the tender stage to actual procurement. The same source highlights that international electrolyser companies are fiercely vying for India's pipeline, making life difficult for an unlisted newcomer among the well-capitalised competitors. Moreover, I could not verify whether <a target="_blank" href="https://www.planify.in/research-report/greenzo-energy-india-ltd/">Greenzo</a> won any manufacturing awards from the government.</span></p><h3 style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent">The financials</span></h3><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">These numbers have been derived from the aggregate platforms; please confirm these numbers from filings made to the MCA website. I could not locate audited FY26 numbers.</span></p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">Metric</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">FY24</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">FY25</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Revenue from operations</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹14.8 crore</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹15.97 crore</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Profit before tax</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹1.31 crore</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹1.94 crore</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA margin</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">about 8%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">about 6%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Fixed assets</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹5.27 crore</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹20.58 crore</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Cash from operations</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">- ₹5.89 crore</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">−₹44.54 crore</span></p></td></tr></tbody></table></div><p style="line-height:1.38"><span style="font-size:15px;color:#1155cc;background-color:transparent"><br></span><span style="font-size:15px;color:#000000;background-color:transparent">There are three significant things to note. Firstly, the size of revenue is minuscule relative to the pipeline of about ₹1,800 crore or above, making it crucial to convert the backlog into sales. Secondly, profits are not translating to cash since all the receivables, inventories, and advances have increased. Lastly, there is rapid capital expenditure for capacity expansion.</span></p><p style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent"><br><strong>Price and valuation​</strong></span><br><br><span style="font-size:15px;color:#000000;background-color:transparent">These numbers are indicative of 1.23 crore shares (according to my calculations). In terms of current valuations, this would mean that the market capitalization is close to ₹831 crore, which is more than 300 times the pre-tax profits for FY25. The market is valuing future orders and not current profitability.</span></p><h3 style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent">Bull case vs bear case</span></h3><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">The bull case:</span><span style="font-size:15px;color:#000000;background-color:transparent"> a significant, government-supported industry; a prestigious customer; a domestic technology approach which could aid in acquisition; a discounted price; and company estimates for earning ₹4,200 crore turnover by FY2029.</span></p><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">The bear case: Money coming through subsidies is slow-moving; only one flagship order has been independently verified; valuation is very high relative to historical profits; cash flow is extremely negative; and for the company to get to ₹4,200 crore from roughly ₹16 crore would be exceptional growth.<br><br></span><span style="font-size:17px;color:#000000;background-color:transparent"><strong>Key risks</strong></span></p><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent"><br>Execution becomes the largest risk as the plant has to be erected, and there need to be timely deliveries of the projects. Liquidity becomes the next risk factor because the share trades very rarely in the unlisted market. There is extremely poor liquidity associated with this company, making it risky for a smooth exit. Poor valuations, delays in policies, and poor disclosures add further to the risks involved. The brokers even differ on the type of electrolyser being alkaline or PEM, indicating that documents should always be trusted rather than broker presentations.</span></p><h3 style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent">How to buy or sell</span></h3><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">You verify the price and number of shares from the platform, submit your Client Master Report and PAN, and make payment via banking. The shares are expected to be delivered into your demat account within one day’s time. Shares acquired by the pre-IPO buyers will not be sold for six months following the IPO listing. Profits made from long-term investments on unlisted shares are taxable at 12.5%.<br><br></span><span style="font-size:17px;color:#000000;background-color:transparent"><strong>Before you invest</strong></span><br><br></p><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Check out the latest filings and charges registered &nbsp; on the MCA website, verify the commissioning of the Jindal factory, quote comparisons on at least two or three different platforms, and inquire about the holding structure and ESOP dilution.</span></p><h3 style="line-height:1.38"><span style="font-size:17px;color:#000000;background-color:transparent">Bottom line</span></h3><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Greenzo is a company that has a proven success story with actual clients as well as good policies, but low revenues, negative cash flows, a stretched valuation, and difficulty with exits mean that it is a speculation. If you decide to put your money there, it should be just a portion of your portfolio for more than five years.</span></p>

Greenzo Energy India Ltd is a small green hydrogen equipment company whose unlisted shares are traded on the pre-IPO market.

Greenzo Energy Unlisted Shares: Renewable Sector Guide

<p>Quality Enviro Engineers Limited (QEE), established on May 6, 2016, and having its headquarters at Sahibabad, Ghaziabad, develops and produces municipal cleaning machinery, including sewer suction machines, road sweepers, anti-smog guns, sky lifts, water tankers, and vehicles. The company owns two factories in Ghaziabad with a total capacity of about 300 machines annually. Currently, the company is preparing for a SME IPO after its transformation from a private limited company and expansion of the board and authorized capital in 2026.<br><br>The following report is devoted to the presentation of the financial performance of Quality Enviro Engineers Limited for the year ending on March 31, 2026, relative to FY25, based on the annual report of the company. All amounts are stated in ₹ Crores. The year 2026 became another period of stable and profitable growth for QEE, since revenue increased by 22.3% to ₹63.0 Cr, while net profit increased by 28.2% to ₹5.0 Cr, completing a four-year period during which profit has grown faster than revenue. However, the operating cash flow remained negative for the second consecutive year, as growth was mainly funded through increasing inventory, receivables and short-term bank borrowing rather than internally generated cash.</p><p><br></p><h2>1. Revenue, EBITDA &amp; Net Profit Summary (₹ in Cr)</h2><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">Particulars</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">FY26</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">FY25</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">YoY Change</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Revenue</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">63.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">51.5</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">+22.3%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">6.69</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">5.97</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">+11.7%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA Margin</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">10.6%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">11.7%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">-1.0 pp</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Net Profit</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">5.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.9</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">+28.2%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">NP Margin</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">7.9%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">7.6%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">+0.4 pp</span></p></td></tr></tbody></table></div><p>Revenue growth witnessed a sharp uptick in FY26 following a bumpy ride over the previous three years (revenue was down in FY24). The growth in net profit outpaced that in revenue. In fact, net profit has been growing at around 25% per annum during FY23–FY26, compared to revenue that has grown by only 8%. However, some of the growth in profit in FY26 is accounted for by a once-off “balances written back” amounting to ₹70 lakhs within other income, and not within the business itself.</p><p><br></p><h2>2. Revenue Mix by Segment (₹ in Cr)</h2><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">Segment</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">FY26</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">FY25</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Machines manufactured</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">31.6</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">39.9</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Goods traded</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">8.6</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">1.1</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Services</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">22.8</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">10.3</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Rental</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">—</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">0.2</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Total</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">63.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">51.5</span></p></td></tr></tbody></table></div><div style="margin-left:0pt"><br>There was a significant change in the mix in the current fiscal year. The revenues from QEE’s own production machinery were down by 21%. At the same time, the revenues from services business nearly tripled and represent 36% of the total revenue, up from just 20% in the FY25. This is indicative of QEE's transition from machine sales to recurring operate-and-maintain business model.</div>

<h2>3. Valuation &amp; Key Ratios</h2><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">Metric</span></p></td><td><p style="line-height:1.38;text-align: center"><span style="font-size:15px;color:#000000;background-color:transparent">Value</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Indicative unlisted price (Sep 2026)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~₹118/share</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Implied market capitalisation</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~₹153 Cr</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">P/E (on FY26 profit)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">30.31x</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Promoter holding</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~72%</span></p></td></tr></tbody></table></div>

<p>On an indicative basis, QEE is priced at 30x of FY26 EPS – far from being a low valuation for a small and dependent on tenders contract company that consumes its working capital; however, perhaps justified by the fact that the profit-growth rate of ~25% will continue.</p><h2>Conclusion<span style="font-size: 24px">​</span></h2><p>QEE is a small family-run business, which has been enjoying a favorable policy environment with Swachh Bharat Mission 2.0, the ban on manual scavenging, and air quality initiatives in North India boosting its sales. Profit growth has been genuine and sustained, while the trend toward services-based income shows a business model that is becoming more sticky. The primary overhang is related to cash flow management issues, as seen from two consecutive years of negative operating cash flow, increased accounts receivables and inventory, as well as increasing use of short-term banking loans. The problem with the company is not about securing tenders but about collecting payments. Items of contingent nature to track are a pending dispute of ₹83 lakh with Kanpur Nagar Nigam, older GST demands pending appeal, and ₹7.7 Cr transferred into the personal account of the MD in FY26.</p><p><br></p><p><em>Source: Quality Enviro Annual report FY26</em></p>

revenue increased by 22.3% to ₹63.0 Cr, while net profit increased by 28.2% to ₹5.0 Cr

Quality Enviro Engineers Limited: FY26 Results

<p>Mohan Meakin Limited, established in 1855, headquartered at Mohan Nagar, Ghaziabad, is among India's earliest alcoholic beverage companies and manufacturer of Old Monk, which is considered the world's best selling dark rum. This company currently has four operational production units, including Solan Brewery (Himachal Pradesh), Kasauli Distillery, Bhankarpur (Punjab), and Mohan Nagar (Uttar Pradesh). Apart from this, it is also involved in the small-scale business of producing non-alcoholic foods and beverages, which include juices, cornflakes, wheat porridge, and vinegar. Since the liquor policies in India are controlled by state governments, Mohan Meakin relies to a large extent on licensed third parties for bottling its product. Shares of this company are listed on the Calcutta Stock Exchange, where there were no transactions during the year, and hence the pricing of shares is done in the grey market<br><br>This report contains an analysis of the financial performance of <a target="_blank" href="https://www.planify.in/research-report/mohan-meakin-share-price/">Mohan Meakin Limited</a> for the year ended March 31, 2026 vis-à-vis March 31, 2025. The year 2026 turned out to be a profitable one for the company with revenue from operations growing by a marginal 7.0% to ₹2,302 Cr while profit after tax increasing much faster at 52.7% to ₹157 Cr, driven by a massive swing in the excise duty expense line and a continuing shift in the revenue mix towards the sale of products in which the company did not invest in assets. This resulted in a substantial improvement in both the EBITDA margin (+2.6 pp) and the net profit margin (+2.0 pp). One interesting aspect about the company’s balance sheet is that it had almost no borrowings of ₹4.3 Cr against ₹398 Cr of cash, deposits and investments and was funded mainly by internal accruals.<br><br></p><h2>1. Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr)</h2><div><table><tbody><tr><td><div><strong>Particulars</strong></div></td><td><div>FY26</div></td><td><div>FY25</div></td><td><div>Y-o-Y change</div></td></tr><tr><td><div>Revenue from Operations</div></td><td><div>2,302</div></td><td><div>2,151</div></td><td><div>+7.0%</div></td></tr><tr><td><div>EBITDA (pre-exceptional)</div></td><td><div>219</div></td><td><div>149</div></td><td><div>+47.0%</div></td></tr><tr><td><div>EBITDA Margin</div></td><td><div>9.5%</div></td><td><div>6.9%</div></td><td><div>+2.6 pp</div></td></tr><tr><td><div>Profit Before Tax</div></td><td><div>209</div></td><td><div>138</div></td><td><div>+51.4%</div></td></tr><tr><td><div>Net Profit (PAT)</div></td><td><div>157</div></td><td><div>103</div></td><td><div>+52.7%</div></td></tr><tr><td><div>NP Margin (NPM)</div></td><td><div>6.8%</div></td><td><div>4.8%</div></td><td><div>+2.0&nbsp;</div></td></tr><tr><td><div>EPS (₹)</div></td><td><div>184.2</div></td><td><div>120.6</div></td><td><div>+52.7%</div></td></tr></tbody></table></div>

<p>There was a modest increase of 7.0% in revenues, but there was a much steeper increase of 47.0% in EBITDA and 52.7% in PAT, which indicates that there was a real change in the profit generating machine. As mentioned earlier in Section 2, a significant reason for this difference is related to accounting treatment, where revenue includes excise duty and excise expenses have dropped substantially in FY26.</p><h2>2. Revenue Mix &amp; Excise Reconciliation (₹ in Cr)<br></h2><p><span style="font-size: 19px">​2a. Revenue by source</span></p><div><table><thead><tr><th><div>Particulars</div></th><th><div>FY26 (₹ Cr)</div></th><th><div>FY26 (% of Rev)</div></th><th><div>FY25 (₹ Cr)</div></th><th><div>FY25 (% of Rev)</div></th></tr></thead><tbody><tr><td><div>Sale of manufactured goods</div></td><td><div>693</div></td><td><div>30.1%</div></td><td><div>991</div></td><td><div>46.0%</div></td></tr><tr><td><div>Sale of traded goods</div></td><td><div>1,520</div></td><td><div>66.0%</div></td><td><div>1,093</div></td><td><div>50.8%</div></td></tr><tr><td><div>Royalty income</div></td><td><div>57.7</div></td><td><div>2.5%</div></td><td><div>39.1</div></td><td><div>1.8%</div></td></tr></tbody></table></div><p><span style="font-size: 19px">​<br>2b. Excise duty reconciliation</span></p><table><thead><tr><th><div>Particulars</div></th><th><div>FY26 (₹ Cr)</div></th><th><div>FY25 (₹ Cr)</div></th><th><div>Change</div></th></tr></thead><tbody><tr><td><div>Revenue from operations (as reported)</div></td><td><div>2,302</div></td><td><div>2,151</div></td><td><div>+7.0%</div></td></tr><tr><td><div>Less: Excise duty (P&amp;L expense)</div></td><td><div>146</div></td><td><div>545</div></td><td><div>−73.2%</div></td></tr><tr><td><div>Revenue net of excise</div></td><td><div>2,156</div></td><td><div>1,606</div></td><td><div>+34.3%</div></td></tr></tbody></table>

<p><br></p><p>There was also some change in the composition of revenue towards the asset-light profile, with manufacturing done by the company coming down from 46.0% to 30.1% of revenues, while the procurement of the products from the independent bottlers went up from 50.8% to 66.0%, while royalty income – the most profitable source of revenues – grew the fastest at 47.6%. Given that the sales of the products are reported on an excise duty included basis (according to the company's accounting note), the manufactured and trade revenues contain excise duty whereas the royalty income does not, the shift in percentages should be seen as directional, not directly comparable. Additionally, when excluding the excise duty, the revenue growth comes in at 34.3%, not 7.0%, as the excise cost item dropped 73.2% year over year, a development which is not explained in the report but is reasonably related to higher volume of production through partnership facilities where the excise duty is paid by the bottlers, and not by Mohan Meakin.</p><h2>3. Key Ratio Analysis</h2><table><thead><tr><th><div>Ratio</div></th><th><div>FY26</div></th><th><div>FY25</div></th><th><div>YoY Change</div></th></tr></thead><tbody><tr><td><div>Net Profit Margin</div></td><td><div>6.8%</div></td><td><div>4.8%</div></td><td><div>+2.0 pp</div></td></tr><tr><td><div>Return on Equity (ROE)</div></td><td><div>28.6%</div></td><td><div>—</div></td><td><div>—</div></td></tr><tr><td><div>Segment margin — alcoholic business</div></td><td><div>9.8%</div></td><td><div>7.3%</div></td><td><div>+2.5 pp</div></td></tr><tr><td><div>Dividend payout ratio</div></td><td><div>~1.4%</div></td><td><div>—</div></td><td><div>—</div></td></tr><tr><td><div>Net cash / Net worth</div></td><td><div>~63%</div></td><td><div>~49%</div></td><td><div>+14 pp</div></td></tr></tbody></table>

<p>The ROE of 28.6% and the margin improvement in the core alcoholic segment from 7.3% to 9.8% indicate that capital efficiency is indeed on the right track, helped by the shift in revenues towards royalties and concentrates. Nevertheless, the company has not been able to convert capital efficiency into money for the shareholders: out of a profit of ₹157 Cr in FY26, the management suggested paying dividends at the rate of ₹2.50 per share, or a total amount of ~₹2.13 Cr, which represents a payout ratio of about 1.4%.</p><h2>4. Valuation Snapshot<br></h2><table><thead><tr><th><div>Metric</div></th><th><div>Value</div></th></tr></thead><tbody><tr><td><div>Shares outstanding</div></td><td><div>85.08 lakh</div></td></tr><tr><td><div>EPS (FY26)</div></td><td><div>₹184.2</div></td></tr><tr><td><div>Book value per share</div></td><td><div>₹735.9</div></td></tr><tr><td><div>Indicative unlisted price</div></td><td><div>₹2,300–2,600</div></td></tr><tr><td><div>P/E (at ~₹2,450)</div></td><td><div>~13.3x</div></td></tr><tr><td><div>P/B</div></td><td><div>~3.3x</div></td></tr><tr><td><div>Net cash per share</div></td><td><div>~₹463</div></td></tr></tbody></table><p><br>As there are no share quotations on the Calcutta Stock Exchange in FY26, price discovery takes place in the unlisted market where the last trades would indicate a market capitalization of about ₹2,000–2,200 Cr. The company trades at a P/E ratio of about 13.3 and Price/Book ratio of 3.3 on the basis of an indicative price of ₹2,450. Once adjusted for the net cash of ₹463 per share, the operating business gets a valuation multiple of 11x of earnings, which is a substantial discount as compared to that of listed liquor companies due to lack of liquidity, absence of analyst coverage, related party components in earnings, and extremely low dividends.<br></p>

Mohan Meakin Limited - FY26 Results

<p><br></p><p>India’s concerted efforts towards reaching 500 GW of non-fossil fuel capacity by 2030 have led to considerable investor interest in the unlisted/ pre-listed renewable energy sector. One of the newer firms in this sector is Apollo Green Energy Limited (AGEL), an EPC and green infrastructure company founded by the Kanwar family (Apollo Group).<br>The following analysis looks at the movement of AGEL's unlisted shares and its financial results for the years leading up to this analysis.</p><h2>Apollo Green Energy Overview &amp; Key Metrics</h2><p>Previously known as Apollo International Limited, AGEL has shifted its focus in terms of core operations from their traditional trading business to utility solar EPC, BESS (battery energy storage system), green hydrogen projects, and transmission lines.</p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent"><strong>Parameter</strong></span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent"><strong>Details / Value</strong></span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">ISIN Code</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">INE838A01015</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Current Unlisted Price Range</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹65 – ₹75 per share</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Face Value</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹10.00 per share</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">52-Week Range</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹50.00 – ₹210.00</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Estimated Market Cap</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~₹270 Cr – ₹350 Cr</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Price-to-Earnings (P/E)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~10x – 15x</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Price-to-Book (P/B)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~0.40x – 0.45x</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Debt-to-Equity</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~0.76x</span></p></td></tr></tbody></table></div>

<h2><strong>Multi-Year Financial Performance (FY22 – FY25)</strong></h2><p>AGEL saw an immense increase in the execution of projects in FY24, while FY25 saw a slowdown due to delays in completing orders, which is normal in the infrastructure EPC sector.</p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Metric (₹ Cr)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY22</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY23</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY24</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">FY25</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Revenue from Operations</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹852.4</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹790.8</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹1,268.4</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹857.4</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹102.2</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹58.9</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹106.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹73.9</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">EBITDA Margin (%)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">12.0%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">7.4%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">8.4%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">8.6%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Profit After Tax (PAT)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹25.5</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹28.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹38.6</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹33.7</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Net Profit Margin (%)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.0%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.5%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.0%</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">3.9%</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Earnings Per Share (₹)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹22.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹13.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹20.0</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹5.0*</span></p></td></tr></tbody></table></div>

<h2><strong>Peer Comparison: Valuation &amp; Multiples</strong></h2><p>Examining listed rivals in the same industry, such as solar EPC, green infrastructure, and renewable installations, may help determine whether <a target="_blank" href="https://www.planify.in/research-report/apollo-green-energy-limited/">Apollo Green Energy's</a> valuation in the unlisted market is appropriate:</p><div style="margin-left:0pt"><table><tbody><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Company</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listing Status</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">P/E Ratio</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">P/B Ratio</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Revenue Scale</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Primary Business</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Apollo Green Energy</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Unlisted</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~10.3x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~0.42x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹840 Cr+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Solar EPC, BESS, Green Infra</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Sterling and Wilson Renewable</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listed (NSE/BSE)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~35x – 45x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~4.5x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹3,000 Cr+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Pure-play Solar EPC</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Tata Power Solar</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listed (Tata Power)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~30x – 35x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~3.8x</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Conglomerate</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Integrated Renewables &amp; EPC</span></p></td></tr><tr><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Waaree Renewable Technologies</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Listed (NSE/BSE)</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~60x+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">~25x+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">₹1,000 Cr+</span></p></td><td><p style="line-height:1.38"><span style="font-size:15px;color:#000000;background-color:transparent">Solar EPC &amp; Power Plants</span></p></td></tr></tbody></table></div>

<p><strong>Valuation Takeaway:</strong> In the private sector, Apollo Green is trading at a significant discount relative to its listed EPC competitors (P/E of ~13x against industry P/E medians exceeding 35x-40x). Such a discount is attributed to risks associated with liquidity of privately-held stock,&nbsp;as well as execution variability and relatively low EBITDA margins of mid-tier contractors.<br></p>

<h2>​​<strong>Core Growth Drivers</strong></h2><ul><li><strong>Backward Integration: </strong>The firm intends to develop a 500 MW solar modules production unit in the state of Madhya Pradesh. The formation of captive production will insulate margins from foreign modules price fluctuations.<br></li><li><strong>Diversification Beyond Pure Solar: </strong>Apart from solar parks, AGEL is making its way into waste-to-energy plants (such as the 25 MW plant at Gurugram/Faridabad), FGD facilities, and regional water management.<br></li><li><strong>Robust Public and Private Order Pipeline: </strong>AGEL has an active EPC order book of more over ₹3,000–₹3,500 crore, which includes utility projects with Adani Green in Khavda, IOCL, and NHPC (200 MW Patepur and 40 MW solar facilities). The management has stated that they hope to grow this portfolio to ₹10,000 crore.</li></ul><h2>Key Investment Risks</h2><ul><li><strong>Revenue Patches and Execution Delays:</strong> Infrastructure and EPC companies are vulnerable to extended billing cycles, right-of-way issues, and contractual delays. This is demonstrated by the dramatic 32% decline in FY25 revenue.<br></li><li><strong>IPO Compliance Challenges: </strong>Private companies planning for an IPO come under the scanner. Any news report of past compliance audits, investigations of the enforcement directorate in former executives of the firm may delay the IPO process.<br></li><li><strong>Working Capital Intensity &amp; Leveraging: </strong>The ability to service the debt will depend on the receipt of project receivables, with a debt to equity ratio of about 1.40x and significant liquidity locked in performance bank guaranties and working capital requirements.<br></li><li><strong>Liquidity Risk: </strong>Unlisted stock of a pre-IPO company has the strictest lock-in period (usually 6 months to one year after the IPO for pre-IPO investors under SEBI guidelines) and lacks the liquidity of listed stock.</li></ul><h2>The Bottom Line</h2><p>AGEL gives you direct access to India’s clean energy transformation at valuation multiples that are far lower than those of its listed peers. While the company’s pipeline of orders worth ₹3,500+ crore does give a clear picture on the revenue front, for investors who wish to invest in the company in the pre-listing phase, they need to weigh the upside against their working capital needs and other post-listing considerations.</p>

AGEL has shifted its focus in terms of core operations from their traditional trading business to utility solar EPC, BESS (battery energy storage system), green hydrogen projects, and transmission lines.

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<p style="text-align: justify">​<br><br>The Indian Unlisted market had an eventful year, and the month gone by was no different either. SEBI's efforts to legitimize <a target="_blank" href="https://www.planify.in/pre-ipo/">pre-IPO</a> trading, a steady flow of DRHPs, and retail channels making transactions in such names very easy are leading to better volume in the secondary. In light of all this, here are the five names that caught my eye because of their price action during the last month. These are a combination of true pre-IPO stories, speculative plays around exchange infrastructure, and one compounder with a solid fundamentals story.</p><h2 style="text-align: justify">1. Matrix Gas &amp; Renewables - Up 57.9%</h2><p style="text-align: justify">This month's leader, <a target="_blank" href="https://www.planify.in/research-report/matrix-gas-renewables/">Matrix Gas &amp; Renewables</a>, holds a sizable edge over others. Formed in 2022 and incorporated in Ahmedabad, Matrix functions as a natural gas aggregator, supplying and marketing natural gas, regasified LNG, and LNG cargoes to industries and commercial clients in the states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Himachal Pradesh, Uttarakhand, and Uttar Pradesh. Besides this core business, Matrix has been expanding into a parallel growth opportunity in green hydrogen and green ammonia, including manufacture of electrolysers and EPC/BOO projects.<br><br>Rallying in price this month, the stock follows in line with a renewed pre-IPO buzz – it has already filed draft documents for a listing on the NSE Emerge and has earlier secured funding from a range of investors including Ashneer Grover (co-founder, BharatPe) and other venture and family office funds. However, there is a history of sharp corrections here too – the stock has declined over 50% from its all-time high seen in April 2025 on account of IPO pricing being lower than expected in the grey markets. Promoter linkages to the Gensol Group are another key element to keep in mind.</p><h2 style="text-align: justify">2. Indian Commodity Exchange (ICEX) - Up 40.8%</h2><p style="text-align: justify">​<a target="_blank" href="https://www.planify.in/research-report/indian-commodity-exchangeicex/">ICEX</a> is the derivatives exchange for commodities and the direct competitor of the publicly listed Multi Commodity Exchange (MCX). It provides for futures trading in the sphere of bullion, energy, metals, and agri-commodities. The shareholders include prominent institutional entities like MMTC, Indian Potash, and Kribhco, along with private investors, which adds some credibility to ICEX as an exchange, a quality that is somewhat uncommon for small unlisted exchanges. ICEX has experienced some problems in its business operations, including multi-year trading suspensions in the past. However, it has been trying lately to position itself as an IPO candidate due to increased interest in exchanges as infrastructure from retail clients (the same trend has fueled NSE and <a target="_blank" href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">MSEI unlisted stocks</a> this year).<br><br>The 40.8% increase this month seems to be primarily driven by the aforementioned IPO speculation rather than any particular financial event — financials of ICEX have been little known to date, which should be noted. Furthermore, commodity exchanges are essentially volume-dependent, and there cannot be any simple transfer from NSE and MCX performance to ICEX. It is a company for investors who can support the IPO hypothesis with no clear financial visibility.</p><h2 style="text-align: justify">3. API Holdings (PharmEasy) - Up 34.6%</h2><p style="text-align: justify">​<a target="_blank" href="https://www.planify.in/research-report/pharmeasy-share-price/">PharmEasy</a>, which owns one of India's largest digital pharmacies and health tech platforms, is showing another step in its comeback story. This company had to face a big decrease in its valuation several years ago because of a tough financing environment and the negative effect of the Thyrocare acquisition, but since then, the firm has been slowly recovering through better margin control and reduction in losses. This month's development looks like it is connected with growing expectations about the IPO attempt and investors' preparation for a potential filing.<br><br>The business model is strong enough from a structural point of view – there are a lot of opportunities for PharmEasy as the penetration level of organized pharmacies and the diagnostics market in India is still relatively low despite the country's population and the way healthcare expenditure will evolve. However, the re-rating of this stock looks like it is happening way faster than any IPO filing, and the history of high expenses of the company makes IPO price one of the most important factors here.</p><h2 style="text-align: justify">4. Frick India - Up 24.5%</h2><p style="text-align: justify">In terms of the fundamentals story, there is one name which stands out: <a target="_blank" href="https://www.planify.in/research-report/frick-india-limited/">Frick India</a>. This firm is India's largest producer of industrial refrigeration and air-conditioning equipment and traces its roots back to a technical cooperation from 1962 between Frick Company, USA, and itself. It provides a complete range of services from design, production, installation, and after-sales servicing. The main market for the firm lies in dairy and food industries, as well as cold chain logistics. Given the fact that India is the largest producer of milk and a significant exporter of fruits and vegetables, it representsa very good business opportunity.<br><br>While the other stocks mentioned above are largely a product of speculative activities of their owners, the growth in Frick India shares is based on actual positive results in revenues and profits of the company, along with rising EPS and dividends paid regularly. Thus, for those who are afraid of pure IPO speculation, this company can be seen as the best alternative among the firms listed here.</p><h2 style="text-align: justify">5. Sunday Proptech - Up 23.4%</h2><p style="text-align: justify">Coming up fifth place on our list is the relatively small-cap <a target="_blank" href="https://www.planify.in/research-report/sunday-proptech-share-price/">Sunday Proptech</a>, which has been seeing some pickup in activity on the secondary market this month. It’s certainly part of a trend toward growing interest in real-estate technology and fractional-ownership platforms, a sector which has gained increasing traction among Indian retail and HNI investors as SEBI seeks to regulate fractional real estate ownership. On the other hand, when compared with the other companies mentioned on this list, information available on Sunday Proptech is relatively scarce.<br><br>This may be considered a blessing and a curse. While it certainly could suggest undervaluation in this case if the company is performing well, it does leave investors with much less to go on when valuing the stock’s current price action.</p><h3 style="text-align: justify">The Takeaway</h3><p style="text-align: justify">The leaderboard for the month gives a decent idea of the current state of sentiment in the Indian private equity market: real IPO stories backed by filings (Matrix Gas, PharmEasy), an overvalued infrastructure-for-exchange concept without any known fundamentals (ICEX), an earnings-backed compounding story (Frick India), and a niche player that fits into a wider market theme (Sunday Proptech). The key thing to keep in mind is that private shares are priced through low-volume negotiated trades in secondary markets, not via ongoing price discovery on exchanges, which means that any monthly change in prices, positive or negative, is usually more pronounced than what one might see in a listed security. Any potential investor interested in any of these companies should take their performance in the month as a directional hint, at best, and dig deeper into the financials and backgrounds of these companies before committing any money.<br></p>

Top 5 Performing Unlisted Shares of August 2026

<p style="text-align: justify">On 11 September 2026, Metropolitan Stock Exchange (MSE) announced that its Electronic Bond Platform (EBP) had processed a tokenised corporate bond for IIFL Finance, under SEBI and RBI's new "Demat 2.0" pilot — launched jointly by SEBI Chairman Tuhin Kanta Pandey and RBI Governor Sanjay Malhotra at the Global Fintech Fest.</p><p style="text-align: justify">If you track MSE's unlisted shares, this read like the breakthrough moment. It isn't — or at least, not on its own. Here's why, and what actually matters instead.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>First, what is an EBP — and why does it exist?</strong></p><p style="text-align: justify">When a company wants to raise ₹50–500 crore through bonds, it usually doesn't do a public issue — it places the bonds privately with a handful of institutional investors. Before 2016, this happened over phone calls between the CFO and a few fund managers, with no visibility into who got what price. SEBI's Electronic Book Provider (EBP) framework put this process on a public screen instead: issuers notify the market, investors bid, and the system allots bonds to the lowest-cost bidders first.</p><p style="text-align: justify">Since May 2025, using an EBP is mandatory for any private bond placement of ₹20 crore or more (down from ₹50 crore) — and since well over 90% of India's corporate bond issuance is private placement, this isn't a niche rule. NSE, BSE and MSE have all held this EBP licence since it launched on 1 July 2016.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>What Demat 2.0 actually changes</strong></p><p style="text-align: justify">On 10 September 2026, SEBI and RBI launched a regulatory sandbox pilot to test tokenised corporate bonds. Three issuances have gone through so far, totalling ₹1,025 crore:</p><table><thead><tr><th><div style="text-align: justify">Issuer</div></th><th><div style="text-align: justify">Date</div></th><th><div style="text-align: justify">Amount</div></th><th><div style="text-align: justify">Investors</div></th></tr></thead><tbody><tr><td><div style="text-align: justify">REC Limited</div></td><td><div style="text-align: justify">7 Sept</div></td><td><div style="text-align: justify">₹500 cr</div></td><td><div style="text-align: justify">18</div></td></tr><tr><td><div style="text-align: justify">Larsen &amp; Toubro</div></td><td><div style="text-align: justify">9 Sept</div></td><td><div style="text-align: justify">₹500 cr</div></td><td><div style="text-align: justify">4</div></td></tr><tr><td><div style="text-align: justify">IIFL Finance</div></td><td><div style="text-align: justify">9 Sept</div></td><td><div style="text-align: justify">₹25 cr</div></td><td><div style="text-align: justify">1</div></td></tr></tbody></table><p style="text-align: justify">The bidding process, the ₹20 crore threshold, the ISIN, and the bond's legal character are all unchanged — SEBI has been explicit that tokenisation doesn't create a new asset class or a safer instrument. What changes is what happens <em>after</em> allotment: the bond exists as a digital token on a ledger owned by India's depositories, settlement runs through RBI's wholesale CBDC (e₹), and both legs — cash and securities — settle atomically, on the same day, instead of the usual T+2. Coupons and redemptions can eventually be automated through smart contracts.</p><p style="text-align: justify">Crucially, this back-end upgrade was handed to <strong>NSE, BSE and MSE simultaneously.</strong> MSE facilitating the IIFL deal is a genuine first — but it's not an exclusive technological edge. Secondary trading and retail access are both still pending, with no date announced, and only 23 investors have participated across all three deals so far.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>So why is this MSE news at all, if the tech is shared?</strong></p><p style="text-align: justify">Because the real story sitting underneath the press release is what's happened to MSE's balance sheet over the last 20 months — and it's a much bigger deal than one ₹25 crore bond.</p><p style="text-align: justify">MSE has held its EBP licence since 2016. In FY26, its entire operating revenue was <strong>₹3.4 crore</strong>, against a net loss of <strong>₹25.8 crore</strong> (an improvement from ₹34.2 crore the year before, but still a loss). For a decade, NSE built commanding share in this business — it now holds roughly 95% of the debt RFQ market — while MSE barely registered. That wasn't a technology gap or a regulatory gap; MSE always had the same licence NSE did. It was a resourcing gap: a loss-making exchange simply couldn't afford to hire and retain the relationship bankers that bond issuers actually pick platforms based on.</p><p style="text-align: justify">That constraint has now changed dramatically. Over two rounds:</p><ul><li><strong>December 2024 / January 2025:</strong> MSE raised <strong>₹238 crore</strong>, with Billionbrains Garage Ventures (Groww's parent), Rainmatter Investments (Zerodha founders' fund), Share India Securities and Securocorp Securities India each taking roughly equal stakes at ₹2/share, pegging MSE's valuation near ₹1,200 crore.</li><li><strong>August 2025:</strong> MSE raised a further <strong>₹1,000 crore</strong>, this time from a much broader consortium — Peak XV Partners, Trust Investment Advisors, Jainam Broking, Monarch Networth, and several other brokers and funds.</li></ul><p style="text-align: justify"><strong>Total raised: roughly ₹1,238–1,240 crore</strong> — about <strong>365 times MSE's annual operating revenue.</strong> Total equity jumped from ₹396.69 crore in FY25 to ₹1,369.29 crore in FY26. MSE's stated priority for this capital is to deepen liquidity in its equity cash segment first, then derivatives — the bond platform isn't even the headline use of funds. But it does mean MSE can now afford the one thing it never could before: a real relationship-driven debt capital markets desk, without betting the company on it.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>Why Zerodha and Groww specifically matter here</strong></p><p style="text-align: justify">A ₹59.5 crore cheque each is small change for either firm. The more interesting angle is what they represent: between Zerodha's roughly 6.5 million and Groww's roughly 13 million active investors, MSE's cap table now includes two of India's largest retail distribution networks.</p><p style="text-align: justify">That matters because Demat 2.0's later phases are explicitly aimed at retail access to corporate bonds — and tokenisation makes fractionalising a bond into small, retail-sized tickets technically straightforward. If and when that phase arrives, distribution reach — not exchange infrastructure — decides who actually gets those bonds in front of retail investors. Two of India's biggest brokers already sit on MSE's shareholder register.</p><p style="text-align: justify">There's also a credibility effect that's easy to underrate: a bond arranger deciding whether to route a deal through MSE is implicitly asking "will this platform still be relevant in three years?" A decade of losses made that a fair question. Backers like Rainmatter, Groww's parent, and Peak XV Partners change that calculus.</p><p style="text-align: justify">One more detail worth flagging: <strong>Trust Investment Advisors — the arranger on the very IIFL tokenised bond in the press release — was also one of the 29 investors in MSE's August 2025 fundraise.</strong> That's not proof of anything improper; arrangers investing in exchange platforms they work with isn't unusual. But it's a clean illustration of exactly the dynamic described above — capital and relationships arriving together.</p><p style="text-align: justify"><strong><br></strong></p><p style="text-align: justify"><strong>What this doesn't mean</strong></p><ul><li>Capital buys hiring capacity, not a decade of trust. Treasurers who've routed every bond issue through NSE since 2018 don't switch platforms because a new VP joined MSE.</li><li>The bond desk may stay a secondary priority — MSE's own language points to the equity cash segment and derivatives as the primary use of the new capital.</li><li>Demat 2.0 is still a sandbox pilot: no secondary trading yet, no retail access yet, and no announced timeline for either.</li><li>NSE isn't standing still — it received the same infrastructure on the same day and can match fee cuts easily out of its existing scale.</li></ul><p style="text-align: justify"><strong>What to actually track over the next few quarters:</strong> EBP results are published publicly by every exchange. The number that matters isn't the press release — it's how many bond issues, month over month, start landing on MSE's platform versus NSE's and BSE's, and whether MSE visibly builds out a debt capital markets team. Everything else is narrative.</p><p style="text-align: justify"><br></p>

MSE just facilitated India's first tokenised corporate bond. The headline isn't the real story — the balance sheet is.

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