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India's largest AMC is going public. The DRHP is filed, the regulator has given its nod, and the price band is expected by early July. 

There is a certain irony in how long this took.

SBI Mutual Fund has been collecting the savings of ordinary Indians since June 1987. That is before most of today's retail investors were born. For nearly four decades, it processed SIP mandates, ran government ETF programmes, managed pension money, and became the country's largest fund house — all without ever opening its books to public shareholders.

That changes now.

On 12 June 2026, SEBI issued its formal observation letter on the draft papers filed by SBI Funds Management Limited. In regulator language, "issuing observations" means approval to proceed. The company had submitted its Draft Red Herring Prospectus on 19 March 2026, and people tracking the offering say the Red Herring Prospectus and price band are likely by July 2–3, give or take market conditions. The IPO is expected to raise around ₹13,000 crore, and at the valuation being discussed — roughly ₹1.3 lakh crore — it would make SBI Mutual Fund the largest listed asset manager in the country, not just by AUM but by market capitalisation as well.

This would be the third SBI group entity to hit the exchanges, after SBI Cards and SBI Life Insurance. Both of those turned out to be significant listings. This one is bigger.

First, Understand What You're Actually Buying

A lot of people will hear "SBI Mutual Fund IPO" and think they're buying a piece of the mutual fund schemes themselves. They're not.

What's being offered are shares in SBI Funds Management Limited — the company that manages those schemes, charges the fees, and generates the profits. Think of it this way: when you invest in an SBI Mutual Fund scheme, your money goes into the fund. When you buy shares in this IPO, you're buying equity in the company that runs the fund and earns a management fee from it.

That distinction also explains why the entire offering is structured as an Offer for Sale. SBI (which holds 61.76%) is selling up to 12.83 crore shares. Amundi India Holding (which holds 36.26%) is selling up to 7.54 crore shares. Together, they're offering roughly 20.37 crore shares — about 10% of the company. Not a single fresh share is being issued.

This means SBIFML will receive no money from the IPO. Zero. The proceeds go entirely to the two promoters who are selling.

For investors, this is neither good nor bad on its own. It just means you're evaluating the company on what it already is — a mature, profitable, cash-generating business — not on what it plans to become with new capital. The question is purely one of price.

What the FY2026 Numbers Actually Say

The Annual Report 2025-26 is the most current audited picture of this business, and the numbers are worth looking at carefully.

Financial Performance — Consolidated (₹ in Cr) 

Revenue crossed ₹4,389 Cr last year. PAT came in at ₹3,067 Cr up just over 20% from the year before. What catches the eye, though, is the Return on Equity, it jumped from 33.77% in FY2025 to 43.02% in FY2026. For an asset management company at this scale, that is a genuinely strong number. It tells you that as AUM has grown, the business hasn't needed proportionally more capital to generate returns — it's running more efficiently, not less.

Management fees — the core of how an AMC makes money — grew 23.2% to ₹4,219 Cr. That roughly tracks the growth in assets managed, which is exactly how this model is supposed to work.

The AUM Position: India's Mutual Fund Industry

AUM & Business Scale (as of March 31, 2026)

Here's a number that puts things in perspective: the entire Indian mutual fund industry managed roughly ₹81.6 lakh crore as of May 2026. SBI MF's mutual fund QAAUM alone was ₹12,509 billion — which is about ₹12.5 lakh crore. That's roughly one-seventh of the entire industry, sitting in one place.

The second-largest AMC, ICICI Prudential, holds around 13.3% market share. SBI MF holds 15.4%. The gap looks modest in percentage terms, but in absolute AUM the difference is several lakh crore rupees.

Something else worth noting: unique investors grew from 14.67 million to 18 million in a single year. SBI MF added 5.3 million new investors in FY2026. That's not marketing, that's distribution at work — the SBI branch network doing what it does across every town in the country.

SIP Performance 

Monthly SIP flows rose from ₹32.52 billion to ₹40.59 billion — a 25% jump in a year. Monthly SIP transactions went from  ₹13.67 million to  ₹17.27 million. Think about what those numbers actually represent: tens of millions of people setting up automated monthly deductions from their bank accounts, trusting SBI MF to manage that money. They're not checking prices daily. They're not reacting to market moves. They just keep investing, month after month.

That predictability of cash flow is one of the most underrated aspects of this business. An AMC with a large SIP book has a revenue stream that doesn't disappear when markets correct. Fees still come in, even if NAVs fall.

The Company: Who Runs This, and Who Owns It

SBI Funds Management Limited was incorporated in 1992 and got SEBI's approval to act as investment manager to SBI Mutual Fund in 1993. The company went through its own ownership transitions — a Société Générale Asset Management stake in 2004 that eventually passed to Amundi — and is now a joint venture between two very different but complementary institutions.

State Bank of India needs no introduction. It's India's largest bank by every measure — advances, deposits, branch network. As of December 2025, it had total assets of ₹78,810 billion, 23,125 branches, and over 96.5 million customers. The YONO app alone has around 96 million users. That's the distribution backbone behind SBI Mutual Fund.

Amundi is less familiar to most Indian retail investors, but it's enormous globally — the largest asset manager in Europe, managing close to €2.4 trillion in assets. It brings investment process discipline, risk frameworks, and access to international institutional relationships. SBI MF manages India-focused mandates for institutional investors in Japan, Australia, and Korea, runs UCITS funds distributed across Europe, Middle East, and Southeast Asia, and provides advisory on India-related assets — all leveraging the Amundi relationship.

The company today manages 128 mutual fund schemes, holds 29.6% of India's passive (ETF + index) market — a position it has held since March 2021 — and is also India's largest PMS provider with 39% market share. The Specialised Investment Fund platform, a newer category, has SBI MF at 61% share.

Bankers, Listing, and Registrar

Nine book running lead managers are handling this offering: Kotak Mahindra Capital, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors, and SBI Capital Markets. That's a large syndicate — a reflection of how significant this transaction is considered to be.

The shares will list on both BSE and NSE. The registrar is KFin Technologies.

The Valuation Debate

At around ₹1.3 lakh crore, the targeted valuation implies a P/E of roughly 51x on FY2026 earnings. HDFC AMC — currently the most premium-rated listed AMC in India — trades somewhere around 45–50x. So SBI MF is being priced at a premium to the premium.

In the pre-IPO grey market, unlisted shares have been changing hands at ₹850–870 per share, which implies a market cap of ₹1.75–1.80 lakh crore. Sources suggest the actual IPO price band will be about 20% below that grey market level, bringing the effective valuation closer to ₹1.3–1.4 lakh crore.

Whether that is fair depends on which lens you use.

If you look at earnings quality — an ROE of 43%, the lowest cost-to-income ratio in the top-10 AMC peer group at roughly 20.6% (FY2025), a PAT margin consistently around 60%, and management fees that have compounded at a strong rate — there's a reasonable case that the business deserves a premium.

If you look at risks — SEBI's new Mutual Funds Regulations effective April 2026 have introduced a Base Expense Ratio with revised fee caps, which will squeeze management fee income going forward; active equity scheme performance has been moderate relative to peers; and the SBI brand, while immensely valuable, is licensed rather than owned by SBIFML, meaning a royalty is paid to use it — the premium starts to feel a bit less comfortable.

Both views are legitimate. The truth probably sits somewhere between them.

Why This Matters to You as an Investor

There hasn't been a way for retail investors to directly own equity in India's dominant fund house. Until now.

The listed AMC universe has given partial exposure — HDFC AMC, Nippon Life India Asset Management, UTI AMC, Aditya Birla Sun Life AMC all trade on Indian exchanges. But none of them has 15.4% mutual fund market share. None manages ₹29,000 billion in total assets. And none comes with the SBI bank's distribution behind it.

What an AMC IPO essentially offers is access to a toll road. Every rupee that flows into SBI Mutual Fund's schemes — whether through SIPs, lump sums, institutional mandates, or EPFO flows into ETFs — earns a management fee for SBIFML. As AUM grows, those fees grow. And because the cost base doesn't grow at the same rate as AUM (that's the operating leverage), profits grow faster than revenue. The trajectory of the past three years — PAT growing from ₹1,340 crore in FY2023 to ₹3,067 crore in FY2026 — makes that dynamic visible.

India's mutual fund penetration is still low. Only about 4% of the population was a unique investor as of FY2025. As financial literacy improves and tier-2 and tier-3 cities deepen their participation — SBI MF's B30 MAAUM was ₹2,772 billion in FY2026, already 23% of its total MF MAAUM — the addressable opportunity keeps expanding. SBI MF is better positioned than almost anyone else to capture that expansion, simply because of where its distribution reaches.

What to Watch Before You Decide

The first week of July will matter a lot. When the price band lands, that's the moment to sit down and do the math: what P/E are you paying, how does it compare to HDFC AMC, and what growth rate in earnings do you need to justify that multiple over a five-year horizon?

Look at the anchor investor list when it's disclosed. If you see large domestic mutual funds and prominent FIIs allocating meaningful sizes, that's a signal. If the anchor book looks like it's been filled by friends and allies, that's a different signal.

And if you're a long-term investor — one who doesn't need to exit in six months — this is a business that genuinely compounds well. AUM grows, fees grow, margins expand, dividends come through. It's not exciting. But SBI MF has paid special interim dividends and interim dividends consistently, and the FY2026 dividend payments totalled over ₹55,000 million to shareholders. That kind of cash return speaks for itself.

Conclusion

SBI Mutual Fund's annual theme for FY2026 was "A Partner for Life." They chose those words deliberately — to describe not just their products but the kind of relationship they want with investors. Decades of SIPs. Retirement corpus. Children's education. The long arc of Indian household aspiration.

There's something almost fitting about the timing. After nearly four decades of managing other people's money, the company is finally ready to let the public manage a piece of it back.

Whether the price is right will depend on a number that isn't known yet. But the business underneath it is real, large, and deeply embedded in how India saves. That, at minimum, is worth understanding clearly.

Power Exchange India Limited (PXIL), India's second operational power electronic marketplace regulated by the CERC, is gaining significant attention in the unlisted market with an implied valuation of about ₹3,100 crore. Promoted by major players like NSE Investments, NCDEX, and Power Finance Corporation, the company runs a digital transaction platform where electricity and energy certificates are traded. This marketplace helps distribution companies (DISCOMs), large industrial units, independent power producers, and open-access consumers manage risk, improve short-term energy procurement, and achieve price discovery transparently and in real time.

PXIL’s operations center around a business model that relies on volume-based transaction fees. Unlike stock exchanges that charge based on trade value, PXIL imposes a flat transaction fee linked strictly to physical volume. This fee is typically set at ₹0.02 per kWh from both buyers and sellers for electricity and a fee of ₹10 per unit for Renewable Energy Certificates (RECs) and Energy Saving Certificates (ESCerts). PXIL diversifies its core transactional income with recurring revenue from new member registrations, annual subscription fees, software connectivity charges, and interest income from cash reserves. The exchange serves as a central counterparty that collects upfront margins and guarantees settlement, which eliminates counterparty credit risk. This structure provides significant operating leverage; once its digital platform infrastructure is established, incoming trading volumes contribute directly to profits with minimal additional costs.

Financially, the company has had a steady, albeit modest, year. Revenue from operations grew by a solid 12.1%, reaching ₹86.4 Cr in FY26 compared to ₹77.1 Cr in FY25. However, total income growth was a bit softer at 8.1%, climbing to ₹100.4 Cr in FY26 from ₹92.9 Cr in FY25. This slowdown was due to a decline in interest income from the company’s large cash reserves, while other income fell by 11.4% to ₹14.1 Cr. On the expense side, rising employee costs and taxes limited overall earnings growth, keeping total expenses at ₹50.7 Cr. As a result, Profit After Tax (PAT) showed a modest rise of 7.2%, reaching ₹37.0 Cr in FY26, up from ₹34.5 Cr in the previous fiscal year. This increase pushed its Earnings Per Share (EPS) up by 7.3% to ₹6.34, allowing the company to raise its dividend per share from ₹1.70 to ₹2.00.

The primary investment opportunity enhancing this price tag is the upcoming implementation of market coupling under India's power sector reforms. This regulatory change aims to centralize price discovery into a single national pool across all platforms, effectively breaking down the near-monopoly of Indian Energy Exchange (IEX). While the ₹3,100 crore valuation suggests a high multiple compared to its current trailing earnings (trading at a P/E of roughly 80x to 90x based on the FY26 EPS of ₹6.34), its backing by institutions, debt-free balance sheet, strong cash reserves, and the significant structural tailwinds of growing power demand in India make it an attractive high-growth option for long-term pre-IPO investors willing to navigate the regulatory changes.

Financial Performance (FY26 Provisional numbers vs FY25):

The total revenue of Quality Enviro Engineers Limited has been increasing consistently in FY26, with an increase of total revenue by 22.3%, with its value being ₹62.99 crore as compared to ₹51.52 crore in FY25. This was mainly due to efficient project execution along with expanding markets. EBITDA has also been increasing to ₹7.84 crore in FY26 from ₹6.41 crore in FY25, while the EBITDA margin has remained constant at 12.45%. Similarly, PAT has increased significantly from ₹3.93 crore in FY25 to ₹5.05 crore in FY26. The growth rate for revenue, EBITDA, and PAT has been consistent for the past two financial years, which is 22.3%, 22.3%, and 28.5%, respectively.

Operational Metrics (FY26 Provisional numbers vs FY25)

During FY26, Quality Enviro Engineers Limited increased its unit production to 204 from the previous fiscal year, thereby increasing the manufacturing capacity of the company by 8.5% on a year-over-year basis. The manufacturing capacity of the company stands at 320 units, implying a spare manufacturing capacity of 116 units. The company has scaled its operation on a significant note by increasing its employee strength by 86%, wherein it increased its employee strength to 156 from 84 in the FY26 fiscal year. It has been able to manage its liabilities and assets for its operational growth, whereby the total borrowings are approximately ₹20 crore against the fixed deposits of ₹13 crore. To fund further scaling, a banking limit enhancement of +₹10 crore is currently planned and in process.

Key Project Executions & Order Book (FY26 Provisional numbers)

Execution of projects as well as pipeline was strong during FY26 with the order book being at more than ₹14 crore and the bidding pipeline close to ₹40 crores. The main projects delivered during FY26 include delivery of 7 road sweeping machines worth ₹11.00 crore for Dhanbad Municipal Corporation and delivery of solar panel batteries & equipment worth ₹7.00 crore to RCRS Innovations Ltd that marks our strategic entry into the renewables space. Other important executions include fog cannon and desilting machine worth ₹5.70 crore in Uttar Pradesh, installation and commissioning worth ₹5.30 crore for TPS Infra, anti-smog gun, jetting machine & sprinklers worth ₹4.90 crore in Delhi. The ongoing projects in the order book include Delhi MCD (12 anti-smog guns worth ₹7.20 crore), Chandigarh (5 anti-smog guns worth ₹2.10 crore), and Belagavi (10 hopper tippers worth ₹1.30 crore).

Strategic Developments & Outlook

Quality Enviro Engineers Ltd. has remained a leading engineering firm specializing in infrastructural and sanitation related projects. The geographical presence of the firm has expanded to include Delhi, Chandigarh, Haryana, Uttar Pradesh, Manipur, and Vishakhapatnam. In addition to growing its main areas of specialization, which include anti-smog guns, sanitation equipment, jetting machines, and sprinklers, the firm has ventured into making new products including fire rescue vehicles and hopper tippers. Looking forward, the management has set revenue growth guidance of 40-50% year on year (YoY) for FY27 due to a stronger order pipeline and efficient fixed costs absorption. This comes from the commissioning of a new plant by the company.

​Renfra Energy Limited (CIN: U74999TN2017PTC119232) is a 2017-founded unlisted company incorporated in Chennai, Tamil Nadu. The company has successfully filed its Draft Red Herring Prospectus (DRHP). Renfra brands itself as a clean energy powerhouse with core competencies in Solar PV EPC, Wind Energy Solutions, Operation and Maintenance (O&M) and Commercial and Industrial (C&I) segments. The Public Issue comprises a Fresh Issue of up to ₹430.00 Crores and an Offer for Sale (OFS) of up to 47,94,800 Equity Shares, which is proposed to be listed on both the National Stock Exchange of India (NSE) and BSE Limited.

On the financial side ReNfra EnerGy has delivered an explosive profitability unlock with its move to a high-margin Material+Labour contract model that managed to grow its margins from 3% to 13%. The company recorded a strong growth of 104% Year-on-Year with total revenues of ₹1,040 Crores in FY26. Its Profit After Tax (PAT) has been on a steady upward trajectory over the last four fiscal years, growing from ₹28 Crores in FY23 to ₹45 Crores in FY24, ₹94 Crores in FY25 and over ₹150 Crores in FY26, which is a 60% YoY growth in the latest fiscal year. In addition, the company has a very decent and strong balance sheet with a low gearing ratio of below 0.5x.

The company's mid to long term earnings visibility is well supported by a strong and active order book of over ₹900 Crores. This execution pipeline is further bolstered with a major ₹3,050 Crore Memorandum of Understanding (MOU) inked with the Government of Tamil Nadu. ReNfra EnerGy is a next-growth catalyst with plans to aggressively scale up its execution capacity from 300 MW to 13 GW by FY27. The growth will be propelled by a strategic push into the neighboring states of Karnataka and Andhra Pradesh, which is anticipated to generate a revenue CAGR of 73% over the next four years.

Details of the Issue to the Public

• Fresh Issue- Up to 270,000,000 Equity Shares of face value of ₹10 each for cash
• Listing- NSE and BSE

Objective of the Issue

• Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL. An aggregate amount of up to ₹275,000 million from the Net Proceeds is proposed to be utilized towards prepayment, in full or in part, of the principal amount outstandin of certain borrowings availed by Reliance Jio Infocomm Limited (RJJL).
• General corporate purposes, to be finalised upon the Issue determination of listed price. It includes purpose like- strategic initiatives, funding organic and inorganic growth opportunities, capital expenditure.

Business Model

Jio is built on core pillars of proprietary technology and phygital distribution capabilities enabling us to provide seamless connectivity and digital services to our customers. Its product portfolio includes multiple products offered to business and consumers.

Offerings to Consumers –

• Mobile and fixed digital connectivity, such as wireless and fixed broadband
• Digital services across entertainment, cloud gaming, cloud compute, cloud PC and storage, and smart home solutions
  through our own and third-party products
• Access to next generation AI-based products, such as AI assistants.

Offerings to Business –

• Enterprise-grade broadband and leased line-based connectivity
• Digital services such as cloud, productivity, unified communications platform, IoT, Managed Wi-Fi; private 5G and security solutions to digitise operations through our own and third-party products
• End-to-end managed information and communication services
• Access to next generation AI-based products, such as AI enterprise suite products.

Market Share

Since our launch in 2016, JIO has fundamentally reshaped digital connectivity for India, and created an all-internet protocol-led 4G network
for consumers to seamlessly access digital services. In Fiscal 2026, around 60% of India’s wireless data traffic was on our network, and as of March 31, 2026, we were the largest digital connectivity player, followed by Bharti Airtel40 at 35.13%, Vodafone Idea at 12.65%, and BSNL at 2.24%. Jio has successfully transformed India’s digital landscape over the past decade. Before Jio entered in the market in FY2016 average download speed was around 2.5 Mbps and one GB of data cost ₹228.0 thus average data usage per user was also just 0.2 GB per month. Now, in FY26 download speed reached to over 68 Mbps, data price have crashed to highly affordable ₹7.9 per GB, and average monthly usage per customer has expanded exponentially to 25.7 GB. Jio has total customer base of 524.4 million, making it market leader in both mobile and broadband, where it is 1.4 times the size of the Bharti Airtel. This massive user base show deep engagement, with average
per capita data consumption of 42.3 GB and 361.6 million monthly active users across its suite of applications.

Financial Performance Analysis

Financial Metrics:

Key Financial Ratios:

Performance Indicator:

• Jio’s Average Revenue Per Customer (ARPU) has increased from Rs. 181 in FY24 to Rs. 214 in FY26. In July 2024 Jio has raised its tariffs by 12-25% across different plans which added to the growth of ARPU. Moreover, in the same time period monthly data consumption for Jio’s customer also rise from 28.7 GB to 42.3 GB.
• Jio demonstrated robust financial growth during FY24- FY26, with revenue increasing Rs. 110,175.4 Cr. to Rs. 149,759.1 Cr. reflecting sustainable expansion in its telecom and digital service business. Net Profit has also increased from Rs. 21,434 Cr. to 30,052.7. With increase in the size of the business Jio has efficiently able to maintain its margin. It has strong EBITDA margin of around 50% and Net Profit margin at around 20%.
• Capital Expenditure has declined significantly from Rs. 53,606.7 Cr. in FY24 to Rs. 34,255.3 Cr. in FY25, resulting in reduction of Capex-Revenue ratio. The trend may suggest company has largely completed its major network and spectrum investments and subsequent required lower incremental investment. Reduction in capex also contributed to increase in Free Cashflow generation. FCF increased from Rs. 4054.9 Cr. in FY24 to Rs. 43301 Cr. in FY26.
• Total Debt level for the company has significantly increased from Rs. 67,110.9 Cr. in FY24 to Rs. 84,668.6 Cr. in FY25, leading to increase in Debt/Equity ratio and decline in interest coverage ratio. Company aim to use the net money raised through the IPO in repayment of debt.

​Care Health Insurance Limited, one of India's leading standalone health insurance providers, has officially opened its much-anticipated rights issue for existing shareholders. The company is aiming to raise nearly ₹150 crore through the issuance of 93,73,326 equity shares, strengthening its capital base and supporting future growth initiatives.

According to the Letter of Offer issued by the company, eligible shareholders will be able to subscribe to the rights issue in the ratio of 4 equity shares for every 425 fully paid-up equity shares held as of the record date, May 29, 2026. The issue is priced at ₹160 per share, comprising a face value of ₹10 and a premium of ₹150 per share. The total fundraising size stands at approximately ₹149.97 crore.

The rights issue opened on June 17, 2026, and will remain open until June 24, 2026. Existing shareholders can apply either through the Composite Application Form (CAF) provided by the company or through the Registrar's Web-based Application Platform (R-WAP), subject to eligibility conditions.

The company has stated that the primary objective of the fundraising exercise is to support future business expansion and strengthen its regulatory solvency position. In the insurance sector, maintaining adequate solvency margins is crucial for ensuring financial stability and meeting regulatory requirements set by the Insurance Regulatory and Development Authority of India (IRDAI).

Industry observers believe the capital infusion could help Care Health Insurance further enhance its market presence, invest in technology-driven initiatives, expand distribution networks, and capitalize on the growing demand for health insurance products across India. The Indian health insurance market has witnessed significant growth in recent years, driven by rising healthcare costs, increased awareness about health coverage, and growing penetration in tier-2 and tier-3 cities.

Shareholders who wish to participate in the rights issue are advised to carefully review the offer document, application procedures, and eligibility criteria before making an investment decision. The company has also provided facilities for renunciation and additional share applications in accordance with the terms of the issue.

With the rights issue now underway, investors and market participants will closely monitor subscription levels, which could provide insights into shareholder confidence in Care Health Insurance's long-term growth prospects and strategic direction.

The usual way to get on the stock market is pretty straightforward: you build a company get investment bankers file a lot of paperwork do an Initial Public Offering and wait for the market to open.. Onix Renewable Limited is doing things differently. They are using a backdoor method to get listed on the stock market. Onix Renewable Limited is merging with Eureka Industries, which is already listed on the stock market. This way Onix Renewable Limited can avoid all the hassle and cost of doing an Initial Public Offering.

The people who already own shares of Onix Renewable Limited will get one share of the merged entity. This is a good deal for them because they will not lose any value. The people who own shares of Eureka Industries will have to give up some of their shares (only 1 of every 15 shares retained as equity, remaining 14 converted to 0.01% preference shares). Because Onix brings a massive 12.96 crore outstanding shares to the table compared to Eureka's modest 87.5 lakh shares, Onix's unlisted shareholders are positioned to become the dominant, controlling owners of the newly listed company.

Onix Renewable Limited is in the energy business, which is really growing in India. By using this backdoor method Onix Renewable Limited can get on the stock market faster than if they did a traditional Initial Public Offering. A traditional Initial Public Offering can take a time sometimes up to a year. Onix Renewable Limited can now raise money on the stock market. The company is doing really well financially. Onix Renewable Limiteds revenue has grown from Rs 351.6 crore to Rs 1,012 crore in FY25. They are also making a lot of profit Rs 112 crore. This will help Eureka Industries, which has been struggling and it will also make Onix Renewable Limited look more credible and visible to investors.

• Financial Performance (FY26 vs FY25): ICL Fincorp reported steady growth in FY26, with total income rising to approximately ₹243.7 crore from ₹191.7 crore in FY25, driven by expansion in its lending book and operating income. Profit before tax increased to ₹6.6 crore from ₹5.1 crore, while profit after tax improved to ₹4.3 crore from ₹2.4 crore, reflecting stronger profitability and scale benefits. The year-on-year growth was approximately 27.1% in total income, 29.4% in PBT, and 79.2% in PAT, showing a meaningful improvement in earnings momentum. The company’s performance was supported by higher lending activity, disciplined cost management, and continued expansion across its financing business.
• Operational Metrics (FY26 vs FY25): Operationally, ICL Fincorp expanded its loan portfolio to approximately ₹957.50 crore in FY26 from ₹657.33 crore in FY25, a rise of about 45.7%, indicating strong credit demand and business growth. Total assets increased to ₹1,214.7 crore from ₹852.91 crore, reflecting the larger balance sheet and scaling of the lending franchise. Finance costs increased to ₹101.24 crore from ₹71.75 crore, while impairment on financial instruments was ₹1.75  crore versus ₹1.7 crore in FY25. The company continued to fund growth through a diversified liability mix including debt securities, borrowings, subordinated liabilities, and equity support.
• Key Ratios (FY26):Valuation, profitability, and asset-quality indicators remained broadly stable in FY26. The Debt-Equity Ratio stood at 5.88x, while the Total Debt to Total Assets ratio was 0.79x. Asset quality remained controlled, with Stage 3 Loan Assets to Gross Loan Assets at 0.56%, Net Stage 3 Loan Assets to Gross Loan Assets at 0.49%, and Provision Coverage Ratio at 12.53%. Capitalization remained healthy, with Capital Adequacy Ratio at 19.84%, and profitability metrics showed a Net Profit Margin of 1.3% and Earnings Per Share of ₹0.69.
• Strategic Developments & Outlook: ICL Fincorp continues to operate as a financing-focused NBFC with a strong presence in retail and secured lending, supported by ongoing balance-sheet expansion and funding diversification. The company also reported strong compliance around its debt securities, with asset cover certification confirming100 security coveragefor the secured NCDs reviewed in the PDF. Going ahead, growth will likely be driven by continued loan-book expansion, better operating leverage, and improved collection efficiency, though funding costs and credit costs remain important monitoring factors. The company’s improved profitability, stronger capital position, and growing scale indicate a stable operating trajectory.

Introducing GFCL EV Products Limited - a wholly-owned subsidiary of Gujarat Fluorochemicals Limited, one of the renowned entities under the umbrella of INOX Group. GFCL EV has successfully managed to raise more than ₹2,246 crore by concentrating on producing specialty chemicals in the battery stack rather than entering into the already saturated cell assembly industry. The production of these chemicals demands significant process understanding and expertise. Most of the players who are trying to diversify from China into other regions find themselves trapped due to the fact that they are still dependent on China for their raw material. However, GFCL can easily evade this predicament with the help of its parent company, which has years of experience in manufacturing Anhydrous Hydrofluoric Acid, Lithium Fluoride, and phosphorus pentafluoride.

Whereas most of the global firms choose only one niche for their operations, either the manufacture of anodes or electrolytes, GFCL EV Products Limited is focusing on creating an entire ecosystem within itself. They aim at covering around 70% of the economic value within the Lithium Iron Phosphate battery cells by developing battery salts (LiPF₆, NaPF₆, LiFSI), customized electrolytes, performance additives, LFP cathode materials, natural graphite anodes, as well as binders (PVDF, PTFE).

As a start-up with a high degree of industrial capital requirement, GFCL EV is operating in an aggressive phase of investing where the total capex required is ₹6,000 crore by FY28. Due to the nature of such an investment phase, it recorded FY26 sales of ₹33 crore and a loss of ₹98 crore in the same period. However, the company got validation in the form of a ₹430 crore investment by the International Finance Corporation of the World Bank Group after going through rigorous due diligence procedures. The critical breakthrough for GFCL was during their May 2026 earning call when the management disclosed that their LiPF₆ manufacturing capacity had been sold out to various foreign manufacturers and commercial shipment was underway. The management also predicts achieving quarterly sales in excess of ₹100 crore by the end of FY27 leading to an annualized run rate of over ₹400 crore.

Though GFCL seems on track, there is no denying the challenges of dominating the industry as a newcomer. The first of these bottlenecks is the long customer qualification process lasting between 9 and 12 months, which can delay sales. GFCL EV is a risky yet time-intensive investment that depends on a diversified global supply chain, sometimes known as the "China Plus One" strategy. India stands to become more than an integral supplier of automotive batteries for the West through this investment because, if it succeeds, India will be an indispensable strategic ally to the Western electric vehicle supply chain.

Financial Performance (FY26 vs FY25):
​Frick India Limited reported a mixed financial performance in FY26, with Total Income increasing 8.6% year-on-year (YoY) to ₹486.20 crore, compared to ₹447.63 crore in FY25. The growth in revenue reflects an expansion in operations, with revenue from operations rising to ₹476.53 crore from ₹436.94 crore in the previous fiscal year. Profitability, however, declined on a YoY basis primarily due to compressed margins and an elevated cost environment. Profit Before Tax (PBT) stood at ₹26 crore, compared to ₹46 crore in FY25, while Profit After Tax (PAT) came in at ₹19 crore, down from ₹34 crore in the corresponding year last year. The standalone performance in FY26 was also impacted by a non-recurring exceptional charge of approximately ₹3.22 crore relating to past service costs for statutory gratuity and compensated absences arising from newly notified labor codes.

Operational Metrics (FY26 vs FY25):
The company’s operational performance remained resilient, with its primary operations continuing to drive the majority of revenues. Revenue from operations stood at ₹476.53 crore in FY26, compared to ₹436.94 crore in FY25, reflecting a steady growth in transaction-related income. Segment-wise, the company operates as a single primary business segment viz. manufacture, supply and execution of Industrial Refrigeration and Air conditioning systems. Core sales and operations generated ₹476.53 crore, compared to ₹436.94 crore in FY25. Other income contributed ₹9.67 crore, slightly down from ₹10.68 crore in the previous year. Despite the increase in revenue, the company witnessed a significant expansion in total expenses, which rose to ₹455.73 crore, compared to ₹401.44 crore in the corresponding year last year. This was driven heavily by increased material consumption, as the cost of materials consumed expanded to ₹355.77 crore from ₹287.66 crore. Employee benefit expenses also climbed moderately to ₹68.53 crore from ₹63.27 crore.

Strategic Developments & Outlook:
Frick India Limited continues to position itself to benefit from structural growth in industrial infrastructure and manufacturing. The company's core refrigeration portfolio provides cross-market scale and business model resilience. Looking ahead, a major milestone includes navigating the integration of the New Labour Codes framework, for which the company has already recorded its estimated impacts. This structural transition, combined with a robust balance sheet featuring a consolidate total equity baseline of ₹327 crore (up from ₹308 crore) and an ongoing final dividend declaration of ₹0.40 per equity share, is expected to support long-term earnings visibility and value creation for shareholders.

For a massive breakthrough in India’s renewable industry, Inox Clean Energy, part of the INOXGFL Group, has purchased a whopping 6 GW renewable portfolio from Vena Energy India for a total sum of about ₹6,000 crore ($715 million). This acquisition will help Inox Clean take a big step towards becoming one of the world leaders in the production of clean energy.

In particular, the portfolio consists of 1.2 GW of currently active green projects, 1.8 GW projects being commissioned soon, and a 3 GW pipeline of future projects. All these projects, however, have already signed power purchase agreements for at least 20 years with leading state-owned organizations such as SECI and GUVNL and various corporates.

The acquisition is a perfect fit for Inox Clean Energy’s goals. Specifically, the company aims at reaching the 10 GW capacity of generation in the field of green energy and 11 GW of solar module manufacturing by the end of 2028. As was stated by Devansh Jain, the Executive Director of the INOXGFL Group, this is the crucial element for building a truly large and integrated platform for renewable energy.

To say Inox has been on a shopping spree lately would be an understatement. Over the last ten months, they have been snatching up green energy companies worldwide including Boviet Solar in the US, Vibrant Energy, SunSource Energy, and SkyPower. With the parent group already backing four publicly traded companies, this rapid expansion looks like a clear sign that Inox Clean is setting the stage for its own stock market debut later this year.

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• Financial Performance (FY26 vs FY25): Hero FinCorp Limited reported steady financial growth during FY26, supported by continued expansion in its retail lending portfolio across vehicle finance, personal loans, MSME lending, and consumer finance segments. Total income increased to approximately ₹9,733 crore in FY26 from around ₹9,123 crore in FY25, reflecting growth in interest income and lending activities. Net interest income remained healthy, supported by a growing loan portfolio and stable yields. Profit Before Tax (PBT) improved to approximately ₹249 crore in FY26 compared to around ₹214 crore in FY25. Profit After Tax (PAT) increased to approximately ₹164 crore from around ₹146 crore in FY25, reflecting improved profitability despite elevated funding costs and provisioning requirements. The company's earnings growth was driven by business expansion, operating efficiency, and disciplined risk management.
• Operational Metrics (FY26 vs FY25): Operationally, Hero FinCorp continued to strengthen its position as one of India's leading retail-focused NBFCs. The company's loan portfolio expanded to approximately ₹53,423 crore in FY26 compared to around ₹47,731 crore in FY25, reflecting strong credit demand across vehicle finance, personal loans, and MSME lending segments. Total assets increased to approximately ₹60,192 crore from ₹54,714 crore in FY25, supported by sustained loan growth and improved business scale. Finance costs increased to approximately ₹3,308 crore compared to ₹3,401 crore in FY25, while impairment on financial instruments stood at around ₹2,494 crore. Asset quality remained stable with prudent provisioning coverage and controlled credit costs. The company maintained a diversified funding profile through bank borrowings, market instruments, securitization transactions, and debt capital markets, supporting long-term balance sheet growth.
• Key Ratios (FY26): Valuation and profitability indicators remained healthy during FY26. The company's Price-to-Book (P/B) Ratio stood at approximately 2.23x. Asset quality remained stable with Gross NPA at 4.23% and Net NPA at 1.79%, reflecting effective risk management despite operating in a large retail lending environment. The company maintained a healthy Net Interest Margin (NIM) of approximately 8.00%. Capitalization remained robust, with a Capital Adequacy Ratio (CAR/CRAR) of 16.8%, comfortably above regulatory requirements. Profitability metrics remained healthy with Return on Assets (ROA) of approximately 0.27% and Return on Risk-Weighted Assets (RORWA) of approximately 0.47%. These metrics highlight Hero FinCorp's strong balance sheet, resilient asset quality, adequate capitalization, and ability to generate sustainable earnings while maintaining prudent risk controls.
• Strategic Developments & Outlook: Hero FinCorp continues to leverage the strong ecosystem of the Hero Group while expanding its presence across retail lending, MSME finance, consumer loans, and digital lending platforms. The company remains focused on enhancing customer acquisition through technology-driven distribution channels, strengthening collections infrastructure, and improving operational efficiency. During FY26, Hero FinCorp maintained a strong liquidity profile and diversified funding base, supporting future growth initiatives. The company also continued investing in digital capabilities and analytics-led underwriting to improve customer experience and risk management. Looking ahead, Hero FinCorp is expected to benefit from increasing retail credit penetration, rising consumer spending, growing vehicle financing demand, and continued formalization of the MSME sector. While funding costs and credit costs may remain key monitoring factors, the company's scale, diversified product portfolio, strong parentage, and disciplined risk management framework are expected to support stable long-term growth and profitability.

According to sources close to the development, the public market debut could value the travel-tech unicorn at an estimated $7 billion to $8 billion.

The company got the approval from regulators after they secretly filed a Draft Red Herring Prospectus, or DRHP, back in December 2025. On December 20, 2025, special meeting, shareholder gave the company permission to raise up to ₹6,650 crore by selling new equity shares.

Next Steps and Market Timeline:
Now that SEBI has given the green light, PRISM's next step is to submit its updated draft prospectus, known as the UDRHP-1. As soon as this document is filed, which is expected to happen in early July, it will be made available to the public for a 21-day period, during which time anyone can review and comment on it. This is a required step, and after the comment period is over, PRISM will be able to move forward with its plans. The filing of the UDRHP-1 is a significant milestone, and it's likely that the company is working hard to get everything ready for the upcoming deadline.

The final launch date will ultimately hinge on prevailing market sentiments and institutional appetite. To steer the mega-issue, the company has lined up a heavyweight roster of book-running lead managers, including Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services.

Pivot to Premium and Stronger Financial Outlook:
The regulatory milestone comes on the back of notable operational shifts and an aggressive global footprint expansion spanning India, Europe, and the United States. PRISM has actively pivoted toward self-operated boutique hotels and premium hospitality tiers, notably through its Sunday Hotels and Palette Hotels brands.

The hospitality company has also recently made a move into India's growing spiritual tourism market, and has started offering high-end vacation rentals in the country by introducing its European brand, DanCenter, in Goa, which is known for its beautiful holiday homes.

Recently, Moody's - a well-known global ratings agency - gave its stamp of approval to PRISM's current path. They confirmed the company's B2 corporate family rating and said they expect things to stay stable. This is largely due to the company's efforts to cut costs, increase premium prices, and successfully bring its huge G6 Hospitality acquisition under its wing. Moody's thinks these moves will really pay off, predicting that PRISM's EBITDA will more than double by FY26 - reaching around $280 million, which is roughly ₹2,496 crore. This is a big jump and a good sign for the company's future.

In a bid to cement its corporate governance ahead of the public eye, PRISM also recently appointed former SEBI Chairman Ajay Tyagi to its board as an Independent Director.

Financial Performance (FY26 vs FY25):
​Schneider Electric President Systems Limited reported a mixed financial performance in FY26, with Total Income declining 15.9% year-on-year (YoY) to ₹391.39 crore, compared to ₹465.36 crore in FY25. The moderation in revenue reflects lower trading activity and normalization of market volumes compared to the elevated levels witnessed in the previous year. Profitability declined on a YoY basis primarily due to lower revenue from operations and compressed margins. Profit Before Tax (PBT) stood at ₹50.66 crore, compared to ₹65.16 crore in FY25, while Profit After Tax (PAT) came in at ₹37.73 crore, down from ₹48.03 crore in the corresponding year last year. The performance in FY26 was also marginally impacted by a non-recurring exceptional charge of approximately ₹1.36 crore relating to past service costs for statutory gratuity liabilities arising from newly notified labour codes. Excluding this exceptional item, the underlying earnings performance reflects the company's resilient business model in its product and systems segment for electricity distribution.

Operational Metrics (FY26 vs FY25):
The company’s operational performance remained resilient, with its primary operations continuing to drive the majority of revenues. Revenue from operations stood at ₹384.23 crore in FY26, compared to ₹456.99 crore in FY25, reflecting moderation in transaction-related income. Segment-wise, the company operates as a single primary business segment viz. product and systems for electricity distribution. Revenue from core sales and services generated ₹384.23 crore, compared to ₹456.99 crore in FY25. Other income (including finance income and miscellaneous gains) contributed ₹7.17 crore, slightly down from ₹8.38 crore in the previous year. Despite the decline in revenue, the company maintained tight operational efficiency with total expenses at ₹339.37 crore, compared to ₹400.20 crore in the corresponding year last year, indicating controlled cost expansion and reduced raw material consumption, which fell to ₹243.28 crore from ₹306.37 crore.

Strategic Developments & Outlook:
Schneider Electric President Systems Limited continues to position itself to benefit from structural growth in India’s electricity distribution and industrial infrastructure markets. The company's core product and system portfolios provide cross-market scale and business model resilience. Looking ahead, a major milestone includes filing a direct listing application to list the company's 1,20,96,000 equity shares on the Main Board of BSE Limited, for which it has already received an in-principle approval dated May 06, 2026. This structural transition, combined with a robust balance sheet featuring an enhanced cash cushion of ₹106.32 crore (up from ₹74.29 crore) and ongoing strategic market initiatives, is expected to support long-term earnings visibility and value creation for shareholders.

• Financial Performance (FY26 vs FY25): PharmEasy / API Holdings delivered a strong operational turnaround during FY26, supported by growth across its B2B distribution, B2C healthcare platform, and diagnostics businesses. Consolidated revenue increased to approximately ₹6,869 crore in FY26 compared to around ₹6,010 crore in FY25, reflecting healthy growth of 14.3% year-on-year. Gross margin improved significantly to nearly ₹1,363 crore from approximately ₹1,118 crore in FY25, with gross margin expanding to 19.8% from 18.6%. Operating efficiency improved materially, with operating expenses declining by 4.5% to around ₹1,288 crore despite higher scale of operations. Most notably, EBITDA witnessed a meaningful turnaround, moving from a loss of approximately ₹231 crore in FY25 to a profit of around ₹63 crore in FY26, supported by margin expansion, cost optimization, and improved operating leverage. Finance costs declined sharply to nearly ₹395 crore from about ₹490 crore in FY25, contributing to a significant narrowing of losses. Profit Before Tax (PBT) improved to a loss of approximately ₹388 crore compared to a loss of around ₹1,035 crore in FY25, reflecting continued progress toward profitability.
• Operational Metrics (FY26 vs FY25): Operationally, PharmEasy demonstrated strong performance across its key business verticals. The B2B distribution business reported revenue of approximately ₹4,089 crore in FY26, up 15.0% year-on-year, supported by strong demand, improved gross margins, and robust cost discipline. B2B EBITDA improved substantially from a loss of around ₹109 crore in FY25 to near breakeven profitability in FY26, while working capital days improved to 44 days. The B2C PharmEasy platform delivered revenue growth of 17.9%, reaching approximately ₹1,334 crore in FY26, with gross margins expanding to 25.7%. The B2C segment also recorded a strong profitability turnaround, with EBITDA margins improving significantly from -7.6% in FY25 to -3.0% in FY26, driven by operating leverage and optimization initiatives. Within diagnostics, Thyrocare continued to remain a strong growth engine, reporting revenue growth of 20.6% to approximately ₹829 crore in FY26, while EBITDA increased by 33.3% to around ₹280 crore, supported by sustained operating leverage and margin expansion. Working capital management also strengthened at the group level, with consolidated working capital days improving to 39 days compared to 40 days in FY25.
• Strategic Developments & Outlook: PharmEasy continued strengthening its position as one of India’s leading digital healthcare platforms through its integrated ecosystem spanning online pharmacy, diagnostics, pharma distribution, and hospital supply operations. The group maintained focus on optimizing costs, improving working capital discipline, enhancing operational controls, and strengthening profitability across business segments. The company’s B2C operations, led by the PharmEasy platform, continued to facilitate consumer access to pharmaceuticals, OTC products, diagnostics, teleconsultation, and healthcare services through a technology-enabled marketplace model, while B2B operations expanded pharmaceutical and medical supplies distribution capabilities across retailers, hospitals, clinics, and healthcare providers. Thyrocare maintained strong momentum through sustained diagnostics growth and improved EBITDA margins. Looking ahead, PharmEasy is expected to benefit from increasing digital healthcare adoption, rising healthcare spending, expansion of organized pharma distribution, and growing demand for diagnostics and preventive healthcare services. Continued focus on operating efficiency, margin improvement, and balance sheet discipline is likely to support the company’s ongoing path toward sustainable profitability and long-term growth.