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In 2015, two friends, Aman Gupta and Sameer Mehta, looked at India’s youth and saw one thing missing — affordable, stylish sound. What began as a small D2C experiment soon became boAt, a brand that turned earphones into a fashion statement.

• Today, boAt’s parent, Imagine Marketing Ltd, has filed its Updated DRHP with SEBI for a ₹1,500 crore IPO, trimmed from the earlier ₹2,000 crore plan.
• The issue comprises a fresh issue of ₹500 crore and an Offer-For-Sale (OFS) of ₹1,000 crore. This listing marks a key moment: from a digital born brand dominating Indian personal audio to a public‐market entity with governance and liquidity in full focus.

Market Leadership & Scale: boAt claims approximately a 25% market share by value and 34% by volume in India’s branded personal audio segment for FY25.  

Its affordable yet aspirational branding has made it one of India’s fastest-growing consumer electronics brands — a key moat against global competitors like Noise and OnePlus.

In FY25, it posted revenue of ~₹3,070.38 crore and turned profitable with net profit of ~₹61.08 crore, a turnaround after previous losses. In the first quarter of FY26, the company reported operating revenue of Rs 628 crore and a net profit of Rs 21.35 crore.

Diversified Portfolio & Channel Reach: The brand’s product range spans audio (earphones, speakers), wearables (smartwatches, rings), and charging solutions. On the distribution front, about 70.5% of sales were through online channels and ~29.5% through offline in FY25, plus over 12,000 offline retailers across India. 

The brand is a lifestyle icon, but its real test is profit sustainability.

Margins remain thin in a market crowded by Noise, OnePlus, and Fire-Boltt.
However, boAt’s local manufacturing, brand loyalty, and youth connect give it a moat most rivals dream of.

The upcoming IPO isn’t just a market event for Lenskart.com; it’s a statement. CEO and co-founder Peyush Bansal has repeatedly emphasised that this is “not an exit event” but a fresh beginning.

As the company seeks to raise capital and expand its investor base, the emotional stake remains with its promoters, signalling long-term commitment rather than a cash-out.

Lenskart has evolved from a purely online eyewear startup into a consumer-tech ecosystem that spans manufacturing, retail and global distribution. With a profit in FY25 and revenues in the multiple-thousands of crores, the business model now hinges on sustainable growth, not just scale.

This IPO isn’t about “growth at all costs”  it’s about converting that growth into durability, in a sector where many once flamed out.

On the financials, the story is turning more compelling:

• FY25 revenue reached ~₹6,652 crore (up ~22.5 % year-on-year) and profit came in at ~₹297 crore — a meaningful swing from the ~₹10 crore loss in FY24.

• The fund-raise proceeds are earmarked for several growth levers: ~₹273 crore for new company-owned stores, ~₹591 crore for lease/rent payments tied to expansion, ~₹213 crore for technology & cloud infrastructure, and ~₹320 crore for brand marketing.

However — this is not a no-brainer. The valuation implied (~US$8 billion / ~₹70,000 crore) demands sustained execution across physical stores, supply-chain integration, and global markets. With large shareholders such as SoftBank Vision Fund, Temasek Holdings-US and Kedaara Capital participating or exiting via OFS, investor sentiment will lean heavily on clarity around margins and growth-durability

• From a small unit in Faridabad to the world’s largest helmet manufacturer by volume: Studds Accessories has redefined India’s manufacturing edge.

• As it opens its ₹455 crore IPO on October 30, the company isn’t just listing shares; it’s listing decades of trust built on safety, innovation, and brand power.

• With presence in 70+ countries and capacity to produce over 9 million helmets annually, Studds has turned “Make in India” into a global reality.

• Behind the visors lies a sharp financial story revenue up 10.4% YoY to ₹583.8 crore, and profit surging 21.7% to ₹69.6 crore in FY25.

• The dual-brand strategy of Studds and SMK continues to capture both mass and premium riders, fueling strong demand at home and abroad. 

• The issue, priced between ₹557–₹585 per share and Currently, the GMP of studds accessories IPO is 9%-10%.

Financial Performance (FY25 vs FY24)

• In FY25, BVG India Limited delivered robust growth in revenue and profitability. Total Income rose 16.7% YoY to ₹3,319.54 crore in FY25 from ₹2,844.85 crore in FY24, driven by strong performance in its facility management and emergency response services verticals. Revenue from Operations increased 16.3% YoY to ₹3,301.80 crore from ₹2,839.38 crore, reflecting healthy execution across both public and private sector contracts.
• Profitability showed consistent improvement — Profit Before Tax (PBT) grew 15.0% YoY to ₹260.95 crore compared to ₹226.93 crore in FY24, while Profit After Tax (PAT) rose 24.6% YoY to ₹207.21 crore from ₹166.22 crore last year.
• EBITDA stood at ₹364.14 crore in FY25, up from ₹347.04 crore in FY24, implying an EBITDA margin of 11.0%, compared to 12.2% in FY24, reflecting moderate cost inflation during expansion. Net Profit Margin improved marginally to 6.7% from 6.5%, underlining effective cost management and operating leverage.
• The company maintained a healthy balance sheet with a Return on Capital Employed (ROCE) of 19.37% and Return on Equity (ROE) of 17.44% in FY25, indicating continued financial strength and efficient capital utilization.

Strategic Developments

• Business Diversification: Expanded its presence in emergency medical response, mobile veterinary services, and infrastructure facility management across national highways and airports.
• Technology Enablement: Introduced AI-based solutions like BVG Lens (workforce management) and Optick (AI attendance and compliance) to enhance productivity and service quality.
• Subsidiary Growth: Subsidiaries such as BVG Security Services and BVG Skill Academy contributed strongly to overall performance.
• Human Capital Development: Strengthened its training ecosystem through collaboration with NSDC, and launched BVG Global Skillforge Solutions for international skill placements.

IPO Update

• BVG India Limited, backed by private equity firm 3i Group, has re-filed its Draft Red Herring Prospectus (DRHP) with SEBI after four years, aiming to raise funds via an Initial Public Offering (IPO).
• As per the latest DRHP, the company plans to raise ₹300 crore through a fresh issue of shares and an offer-for-sale (OFS) of up to 2.85 crore shares by existing shareholders. Major selling shareholders include Promoter Hanmantrao Gaikwad and investors Strategic Investments FM (Mauritius) Alpha and Strategic Investments FM (Mauritius) B, affiliates of the 3i Group.
• Earlier, BVG India had filed its DRHP in September 2021 for a smaller issue size (₹200 crore fresh issue and 16.98 lakh shares OFS), which was later returned by SEBI in March 2023. Promoters currently hold 58.74% of the company, while public shareholders — led by Strategic Investments Alpha (21.89%) — own the remaining 41.26%.

Outlook

• BVG India concluded FY25 with its highest-ever total income and profit, driven by expanding service offerings, efficient operations, and steady demand across facility and emergency management services. With investments in technology, workforce skilling, and diversification across infrastructure and healthcare projects, the company is well-positioned to capture long-term opportunities in India’s organized facility management and integrated service outsourcing market.
• The upcoming IPO is expected to further strengthen its balance sheet, enhance visibility, and provide liquidity to early investors — positioning BVG India for the next phase of growth and market leadership.

Gujarat outpaced all states in the number of SME IPOs, with 31 companies debuting on BSE SME and NSE Emerge, edging past Maharashtra (28 listings) and Delhi (20). While Gujarat’s issuers mobilised around ₹1,206 crore (₹501 crore via BSE SME + ₹705 crore via NSE Emerge), Maharashtra led in total capital raised with ₹1,843 crore. 

What explains Gujarat’s dominance in listing count? 

Gujarat’s lead in listings reflects both entrepreneurial depth and awareness of capital markets.

One key factor is the maturation of its SME and industrial ecosystem. The state has long been a manufacturing and export hub, with a strong base across chemicals, pharmaceuticals, engineering, textiles, and more. That gives local firms both operational scale and familiarity with capital markets. 

Local merchant bankers and advisory networks have also played a key role in guiding SMEs through the IPO process.

• However, the growing enthusiasm for SME listings brings both opportunities and caution. Analysts note that while IPO activity reflects confidence and maturity among small businesses, sustainability beyond listing remains the real test. Many issues have seen significant post-listing volatility, with performance hinging on promoter integrity, governance standards, and sector resilience.

• For investors, rigorous due diligence remains non-negotiable; assessing business models, track record, balance sheet health, sector cyclicality, and promoter credentials. Meanwhile, regulators too must keep refining norms (e.g. disclosure standards, minimum performance thresholds) to ensure that the SME IPO boom builds trust and resilience, not speculative froth.

Eyewear unicorn Lenskart founded by Peyush Bansal,  is back in the headlines this time, for drawing two prominent investors ahead of its IPO. Billionaire Radha Kishan Damani, founder of DMart, and SBI Mutual Funds are reportedly set to invest ₹100 crore each through a secondary share purchase, valuing the company at nearly $5–6 billion.

• The deal comes as Lenskart gears up for its SEBI-approved IPO, which includes a ₹2,150 crore fresh issue and an offer-for-sale by existing investors like SoftBank and Kedaara Capital.

• Over the years, Lenskart has built a formidable omnichannel presence with 2,000+ stores across India and an expanding global footprint in the Middle East and Southeast Asia. After turning profitable in FY25 with revenues crossing ₹6,600 crore, the company is showing what few startups have managed: consistent scale with improving margins.

Financial Performance (FY25 vs FY24)

• In FY25, Madhur Iron & Steel (India) Limited demonstrated strong growth and improved profitability. Total Income rose 42.3% YoY to ₹341.42 Cr in FY25 from ₹239.94 Cr in FY24, driven by increased sales of both manufactured and traded goods. Profitability improved significantly — Profit Before Tax (PBT) increased 45.2% YoY to ₹25.14 Cr versus ₹17.27 Cr last year.
• Net Profit (PAT) jumped 51.1% YoY to ₹18.53 Cr, compared to ₹12.23 Cr in FY24, reflecting robust operational execution and effective cost management.
  
• Madhur Iron & Steel sustained operational efficiency during its expansion phase. EBITDA (calculated as PBT + Depreciation + Finance Cost) grew to ₹33.72 Cr, implying an EBITDA margin of ~9.9%, compared to ~9.5% in FY24.
• Net Profit Margin improved to 5.4% from 5.1%, highlighting better cost control and operational leverage. The company’s Return on Capital Employed (ROCE) stood at 34.09% in FY25, down from 50.63% in FY24, primarily due to increased capital deployment in ongoing expansion projects.

Strategic Developments

• Corporate Restructuring: The company transitioned from a Private Limited to a Public Limited entity in July 2024, enhancing its corporate governance and market presence.
• Capital Expansion: The company significantly bolstered its equity base through a 1:1 bonus issue and fresh equity issuance, increasing paid-up capital from ₹6.62 Cr to ₹14.89 Cr.
• Product & Market Diversification: Revenue from traded goods saw a substantial increase, contributing ₹99.35 Cr in FY25 compared to ₹29.94 Cr in FY24, indicating a strategic shift toward trading alongside manufacturing.
• Capacity Enhancement: Continued investment in Property, Plant & Equipment (PPE) and Capital Work-in-Progress (CWIP) reflects ongoing capacity expansion and modernization efforts.

Outlook

• Madhur Iron & Steel closed FY25 with its highest-ever profit, supported by increased production, trading activities, and strategic capital infusion. The company is well-positioned to leverage its expanded capital base and ongoing capacity enhancements.
• With a focus on scaling both manufacturing and trading operations, Madhur Iron & Steel aims to strengthen its market presence while maintaining a disciplined approach to profitability and financial stability.
  

Financial Performance (FY25 vs FY24)

• In FY25, Quality Enviro Engineers Private Limited delivered exceptional growth momentum. Total Income surged 30.3% YoY to ₹52.89 Cr in FY25 from ₹40.51 Cr in FY24, driven by strong growth in both product sales and service revenue. Profitability improved dramatically — Profit Before Tax (PBT) increased 116.4% YoY to ₹8.91 Cr versus ₹4.14 Cr last year.
• Net Profit (PAT) jumped 130.3% YoY to ₹6.57 Cr, compared to ₹2.86 Cr in FY24, reflecting superior operational execution and significant revenue scaling.
  
• Quality Enviro Engineers demonstrated remarkable operational efficiency and financial health. EBITDA (calculated as PBT + Depreciation + Finance Cost) grew to ₹9.89 Cr, implying an EBITDA margin of ~18.7%, a substantial improvement from ~12.8% in FY24.
• Net Profit Margin more than doubled, improving to 12.5% from 7.0%, highlighting powerful operating leverage and cost management. The company’s liquidity strengthened significantly, with Cash & Cash Equivalents growing to ₹13.15 Cr from ₹3.44 Cr. However, Return on Capital Employed (ROCE) requires a detailed calculation from the notes for a precise YoY comparison.

Strategic Developments

• Capital & Ownership Restructuring: The company significantly bolstered its equity base, increasing its Subscribed Capital by 38.7% through a fresh issuance of shares. This was complemented by a massive infusion into Reserves & Surplus, which grew from ₹8.98 Cr to ₹29.01 Cr, enhancing the company's net worth and financial stability.
• Strategic Capacity & Asset Building: A major investment was made in Property, Plant & Equipment, which increased nearly fourfold from ₹0.99 Cr to ₹3.67 Cr. This includes a substantial Capital Work-in-Progress (Building of ₹231.37 Lakhs), indicating strategic expansion of physical infrastructure and production capacity.
• Business Mix Diversification: The company successfully diversified its revenue streams, with Revenue from Services more than doubling to ₹10.49 Cr from ₹5.0 Cr. This strategic shift towards high-margin services alongside product sales contributed significantly to the improved profitability.
• Strengthened Lender Confidence: The company secured a large Cash Credit facility (₹834.88 Lakhs), indicating strong banking relationships and confidence in its business model and growth prospects.

Outlook

• Quality Enviro Engineers closed FY25 with its highest-ever profit and revenue, underpinned by strategic capital infusion, asset expansion, and a successful diversification of its business model.
• The company is exceptionally well-positioned to leverage its strengthened balance sheet and expanded operational capacity.
• With a sharp focus on scaling both its product and high-margin service segments, Quality Enviro Engineers is poised for sustained growth while maintaining a disciplined and highly profitable operational framework.

Financial Performance (FY25 vs FY24): Bolzen & Mutter Limited delivered a robust performance in FY25 with total income rising 117.2% YoY to ₹79 Cr, up from ₹36 Cr in FY24. The sharp revenue growth was driven by higher operational income from its core business, which grew 115.0% YoY to ₹78 Cr.

Total expenses surged 123.2% YoY to ₹74 Cr, primarily led by a steep increase in material consumption (+150.1% YoY), employee costs (+173.1% YoY), and other expenses (+39.4% YoY).

Despite the cost escalation, Profit Before Tax (PBT) grew 54.3% YoY to ₹498.2 Cr, reflecting strong operating leverage and scale benefits.After accounting for taxes and deferred tax adjustments, Profit After Tax (PAT) rose 63.1% YoY to ₹3.7 Cr, compared to ₹2.2 Cr in FY24. Earnings per share (EPS) increased to ₹14.9 from ₹9.1, a healthy 63.1% YoY growth, reflecting solid bottom-line expansion.

Operational Metrics (FY25 vs FY24): Total assets nearly doubled (+133.2% YoY) to ₹36 in FY25 from ₹15 Cr in FY24, driven by higher plant & equipment and receivables, suggesting expansion in capacity and scale.
The loan book (long-term + short-term borrowings) expanded sharply by 181.5% YoY to ₹19 Cr, indicating aggressive leveraging to fund business growth.

Trade payables also rose 88.3% YoY to ₹5 Cr, suggesting higher procurement activity and scaling up of operations. However, this has also elevated working capital intensity.

The company’s net profit margin declined slightly to 4.6% in FY25 from 6.1% in FY24, reflecting strong revenue growth offset by higher input costs and interest burden

Strategic Developments: FY25 marked a transformative year for Bolzen & Mutter, with rapid revenue expansion supported by scaling in manufacturing and operations. However, the aggressive rise in borrowings (+135%) indicates dependence on external leverage, which could pressure margins and liquidity if not managed prudently.

While profitability improved materially, the significant jump in total liabilities suggests higher financial risk. The absence of visible credit stress (no NPAs reported) is positive, but the company must ensure prudent capital allocation and tighter working capital management.

Going forward, Bolzen & Mutter’s focus should be on: Strengthening balance sheet health by optimizing debt levels, Improving cost efficiency to sustain margins, and Enhancing operational cash flow to fund future expansion internally.

​Urban Tots has delivered a strong financial performance in FY25, showcasing impressive growth across all key metrics.

• Revenue: The company’s total revenue rose by 58% year-on-year to ₹125.3 crore in FY25, as compared to ₹79.5 crore in FY24, reflecting sustained demand and operational expansion.
• Profitability & EPS: Profitability also strengthened, with PAT increasing by 59% to ₹11.31 crore in FY25, as compared to ₹7.10 crore in FY24, and EPS improving by 59% to ₹2.03 in FY25 compared to ₹1.28 in FY24, underscoring efficient cost management and enhanced margins. 
• Assets & Equity: On the balance sheet front, total assets grew by 33% to ₹112.78 crore in FY25, as compared to ₹84.92 crore worth of assets in FY24, while total equity increased by 31% to ₹46.38 crore. In FY24, the total equity of the company stood at ₹35.32 crore. This increase highlights a robust financial position and continued business scalability.
  

Overall, Urban Tots demonstrated strong growth momentum and solid fundamentals, reinforcing its trajectory of consistent performance and value creation.

From the telecom towers that keep us connected to the energy storage systems powering India’s green ambitions — Pace Digitek Limited has quietly built the invisible backbone of modern infrastructure. Now, the Bengaluru-based engineering and technology company is taking a bold step into the public markets with its initial public offering (IPO), aiming to fuel its next phase of growth.

Pace Digitek Ltd, a leading multi-disciplinary solutions provider in telecom, ICT, and renewable energy infrastructure, is set to raise ₹819.15 crore through its IPO. The offering consists entirely of a fresh issue of up to 3.74 crore equity shares, priced in the band of ₹208–₹219 per share. The issue opens on September 26, 2025, and closes on September 30, 2025.

At the upper price band, Pace Digitek will command a post-issue market capitalization of ~₹4,727 crore. The proceeds will primarily fund capital expenditure for subsidiary Pace Renewable Energies Pvt. Ltd., which is developing Battery Energy Storage Systems (BESS) for a 750 MW / 1,500 MWh project awarded by MSEDCL, along with general corporate purposes.

Investors can bid for a minimum of 68 shares, with retail and institutional categories structured in line with SEBI norms:

• QIBs: up to 50%

• NIIs: at least 15%

• Retail: at least 35%

• Employee reservation: ₹20 million with a ₹20 discount per share

Founded in 2007 by technocrat Maddisetty Venugopal Rao, Pace Digitek began as a telecom power systems firm and has since evolved into a diversified engineering group with operations spanning India, Africa, and Myanmar. The company provides turnkey telecom tower and fiber network solutions, ICT infrastructure, solarization, and grid-scale energy storage systems.

Through its subsidiary Lineage Power Pvt. Ltd., the company operates a 5 GWh/year Battery Energy Storage manufacturing plant — among India’s largest — marking its strong push into the renewable energy sector.

As of July 2025, the company’s order book stood at ₹7,633.6 crore, with ₹3,570 crore from telecom and ₹4,063 crore from energy projects, giving it multi-year revenue visibility.

Financial Highlights

Pace Digitek’s numbers underscore its growth momentum:

• FY25 Revenue: ₹2,438.8 crore (up 385% vs FY23)

• FY25 EBITDA: ₹505.1 crore (EBITDA margin 20.7%)

• FY25 PAT: ₹279.1 crore (PAT margin 11.4%)

• ROCE: 37.9% | ROE: 23.1%

• Debt-to-Equity: 0.13x

The company’s earnings have grown rapidly — PAT CAGR of 310% between FY23–FY25 — reflecting strong operational leverage and efficient capital allocation.

Sector Tailwinds

India’s telecom and renewable energy sectors are witnessing unprecedented growth:

• Massive 4G and 5G rollout across India, driving demand for telecom infrastructure and fiber networks

• Government-backed push toward energy storage and solarization, with national BESS capacity expected to reach 38.6 GW (201.5 GWh) by 2032

• Rising need for grid stability and decentralized energy bolstering demand for advanced BESS solutions

With its dual focus on telecom modernization and green energy transformation, Pace Digitek aims to bridge the digital divide and energize India’s renewable transition — inviting investors to be part of a company that literally powers connectivity and sustainability.

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Financial Performance

Indofil Industries delivered strong growth momentum. Consolidated Total Income rose 9.6% YoY to ₹3,419 Cr in FY25 from ₹3,119 Cr in FY24, supported by a healthy mix of domestic and international demand. Profitability improved sharply — Profit Before Tax (PBT) increased 42.6% YoY to ₹519 Cr versus ₹364 Cr last year. Net Profit (PAT) jumped 36.1% YoY to ₹382 Cr, compared to ₹281 Cr in FY24, reflecting robust operational execution and cost discipline

Operational Metrics

Indofil sustained efficiency at scale. EBITDA grew to ₹636 Cr, implying an EBITDA margin of ~18.6%, compared with ~15.8% in FY24. Net Profit Margin improved to 11.2% from 9.0%, highlighting operating leverage benefits. Contribution from overseas subsidiaries and joint ventures (notably Indo Baijin Chemicals) added strength, with JVs contributing ₹70.5 Cr profit to the consolidated bottom line. Return on Capital Employed (ROCE) improved to 19.2%, up from 14.9%, underscoring better capital efficiency

Strategic Developments

FY25 was marked by a balanced performance across geographies:

• Latin America remained the growth anchor (49% of business, +10.5% YoY).
• Europe (19% of business) and North America (+61% YoY) supported strong export momentum.
• APAC & MEA contributed 26%, aided by partnerships and specialty product traction

Product portfolio expansion continued with new launches in fungicides (e.g., Motive), insecticides (Alecto, Ceasmite), and herbicides, coupled with rising demand for non-Mancozeb molecules (Phenylamides, SDHIs, Cyanoacetamide-oxime). The company also enhanced Innovative Solutions capacity by 20,000 MT to support the specialty chemicals business

Financial Performance (FY25 vs FY24): API Holdings posted a modest 3.8% YoY growth in total income to ₹5,980 Cr in FY25, up from ₹5,759 Cr in FY24, driven largely by revenue from operations which increased to ₹5,872 Cr (+3.7% YoY). However, the revenue expansion was offset by cost pressures. Total expenses rose to ₹7,209 Cr, almost flat (-0.6% YoY) compared to ₹7,255 Cr in FY24, but remained structurally higher than income, leading to continued operating losses.
Loss before exceptional items and tax stood at ₹1,220 Cr, a marginal improvement versus ₹1,495 Cr in FY24 (narrowing by 18.5% YoY). Exceptional losses of ₹296 Cr in FY25 (vs ₹977 Cr in FY24) further weighed on earnings. As a result, PAT stood at -₹1,572 Cr, compared to -₹2,534 Cr in FY24, indicating a reduction in net losses by 37.9% YoY.
On the balance sheet front, total assets contracted by 16.8% YoY to ₹6,977 Cr from ₹8,390 Cr in FY24, reflecting lower cash balances and a reduction in current assets. Total equity improved by 26.4% YoY to ₹3,272 Cr (vs ₹2,588 Cr), aided by capital infusion despite continuing losses. Borrowings fell sharply to ₹2,234 Cr from ₹4,098 Cr (-45.5% YoY), improving leverage.

Operational Metrics (FY25 vs FY24): Net margin improved to -26.3% in FY25 from -44.1% in FY24, reflecting better cost absorption despite remaining loss-making.
Finance costs declined significantly by 30.5% YoY to ₹506 Cr, in line with lower borrowings.
Employee benefit expenses increased 29.9% YoY to ₹908 Cr, suggesting continued investment in workforce and expansion.
Cash & cash equivalents dropped 63.7% YoY to ₹119 Cr (vs ₹328 Cr), signaling reduced liquidity.
Goodwill impairment was lower at ₹175 Cr (vs ₹583 Cr in FY24), reducing the exceptional drag on bottom line.

Strategic Developments:
FY25 marked a year of stabilization for API Holdings. While revenue growth remained modest, the company succeeded in narrowing losses meaningfully through reduced exceptional charges and deleveraging of its balance sheet. The decline in borrowings and finance costs points to conscious efforts to strengthen financial stability.
However, profitability remains elusive as cost structures (employee and other operating expenses) continue to run ahead of revenue. The contraction in total assets, largely due to lower cash balances, underscores the need for fundraising and efficient working capital management to support operations.
Going forward, the company’s path to profitability will hinge on scaling revenues meaningfully while keeping expense growth in check, further optimizing financing costs, and monetizing its digital healthcare ecosystem. The demonstrated ability to narrow net losses in FY25 provides some comfort, but sustained execution will be critical before an IPO or external fundraise can be justified.

Financial Performance

TRL Krosaki Refractories delivered record results, with Total Income rising 4.3% YoY to ₹2,625 Cr in FY25 from ₹2,516 Cr in FY24, driven by higher domestic demand and efficiency gains despite softer exports. Profitability accelerated sharply — Profit Before Tax (PBT) grew 40% YoY to ₹433 Cr versus ₹309 Cr last year. Net Profit (PAT) jumped 42% YoY to ₹342 Cr from ₹241 Cr in FY24, marking the highest-ever profit in the company’s history.

Operational Metrics

Operational performance was resilient. EBITDA improved to ₹363 Cr, reflecting a margin of 13.8%, up from 13.1% in FY24, aided by cost control and product mix optimization. Net Profit Margin rose to 13.0% from 9.6%, underscoring efficiency gains. Contribution from value-added segments like Flow Control (+12% YoY) and Dolomite refractories remained strong. Export revenue softened (₹297 Cr vs ₹321 Cr in FY24), but domestic growth offset the decline

Strategic Developments

FY25 was transformational for TRL Krosaki:

• Completed Phase II expansion of the Taphole Clay Plant and capacity expansion of the RH Snorkel Plant, reducing import dependency
• Modernised the Monolithics Plant at Belpahar, boosting automation and efficiency .
• Strengthened international presence in Europe, North America, Africa, and Southeast Asia, with 30% YoY growth overseas
• Retail MSME & Channel Business touched ₹431 Cr sales (+18% YoY), emerging as a key growth driver
• Maintained market dominance in Dolomite refractories (70% share) and expanded into cement rotary kilns from its Gujarat operations.

Financial Performance (FY25 vs FY24): Capgemini reported steady growth in FY25 versus FY24, with consolidated revenue rising 4.6% to ₹29,068 Cr from ₹27,786 Cr. Profitability improved as PBT increased 10.2% to ₹4,727 Cr from ₹4,291 Cr, while Net Profit (PAT) grew 11.3% to ₹3,613 Cr from ₹3,246 Cr. EPS strengthened to ₹609.6 (basic & diluted) from ₹547.6 in FY24. Margins expanded modestly as operating leverage offset higher employee costs, enabling the group to maintain robust profitability.

Operational Metrics (FY25 vs FY24): Operating expenses rose, with employee benefit costs increasing to ₹21,293 Cr from ₹20,450 Cr, and other expenses inching up to ₹2,979 Cr from ₹2,942 Cr. Finance costs were marginally higher at ₹69.5 Cr versus ₹63.2 Cr, while depreciation moderated to ₹935 Cr from ₹1,004 Cr. Net margins improved to 12.4% in FY25 from 11.7% in FY24, while EBITDA margin edged up to nearly 19.7% from 19.3%, reflecting cost discipline despite wage inflation. Balance sheet remained strong, with total assets at ₹24,556 Cr (vs ₹25,104 Cr) and equity at ₹19,832 Cr (vs ₹20,710 Cr). Cash & cash equivalents stood at ₹1,802 Cr versus ₹1,772 Cr, supported by liquidity from operations, though current investments declined due to higher dividend payouts.

Strategic Developments: Capgemini continued to strengthen its capabilities and market positioning. The Americas and Rest of World regions led revenue growth, while India showed a marginal decline. The Group pursued selective disposals and completed acquisitions in AI and digital engineering to enhance offerings. Share-based payment expenses rose to ₹291 Cr, reflecting continued workforce investment. A dividend of ₹45 per share (FV ₹10) amounting to ₹4,505 Cr was paid in FY25, alongside share buybacks to enhance shareholder returns. Sustainability remained central, with increased renewable energy sourcing and progress on carbon reduction targets, while India continued to serve as the largest global delivery hub with stable utilization.