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Financial Performance (FY26 Numbers & Projections):
Total revenues from operations for Elofic Industries Limited in FY26 were ₹459.6 crore, showing only a slight rise of 2.1% from ₹450.1 crore in FY25. Total income was ₹487.0 crore. This was aided by a sharp increase in Other Income, which went up to ₹27.4 crore, from ₹11.5 crore in FY25 due to treasury and forex gains. EBITDA decreased by 19.7% to ₹89.7 crore from ₹111.7 crore. This led to a margin decrease of 5.3 percentage points to 19.5% from 24.8%. This decrease in operating margins was due to an increase in cost of raw materials from 43.3% to 46.4% of revenues and an increase in employee benefits expense to 15.6% of revenues from 13.6%. PBT dropped by 10.4% to ₹96.5 crore, but PAT remained nearly flat at ₹76.0 crore, down by 1.6% from ₹77.3 crore in the previous year. PAT margin was thus 16.5%. Bottom-line performance benefited from non-operating treasury gains and the reduction in the effective tax rate to 21.2%, from 28.3% in FY25. Looking ahead, management has announced a public target for growth to ₹700 crore in annual sales by FY28.

Operational Metrics:
Elofic is a 75-year-old producer of filters that generates about 85 million filters annually via six production units situated in Faridabad, Nalagarh, and Hosur. The sales of Elofic Company are made via three different channels: OEMs, domestic aftermarket, and export sales. The share of exports is equal to 45% and involves supplying US OEMs with the help of domestic US warehouses. The company's domestic operations comprise a huge network of more than 1,400 distributors and 55,000 dealers. In terms of financial position, Elofic has increased its total assets by 23% to ₹473.6 crore in FY26, where the increase was made via equity financing only without any increase in long-term debt. The total debt of the company is equal to about ₹3.1 crore in lease liabilities, leading to Debt-to-Equity ratio of approximately 0.01x. Due to efficient working capital management and quick payments of customers, trade receivables have decreased from ₹84.8 crore to ₹68.3 crore, contributing to cash and equivalents of ₹62.1 crore, which is 16 times higher than ₹3.8 crore in FY25.

Key Project Executions & Order Book:
Elofic is engaged in large domestic as well as foreign OEM associations with various automakers and engine makers like Tata Motors, Royal Enfield, General Motors, Maruti Suzuki, Kohler, and Action Construction Equipment (ACE). There has been a 69% growth in operating cash flows in comparison to the previous fiscal year, amounting to ₹78.2 crore as compared to ₹46.3 crore in FY25. The management has used this cash flow for setting records of capex spending, where FY26 capex amount is ₹119.3 crore, almost seven times higher than ₹17.5 crore in FY25.

Strategic Developments & Outlook:
The technological differentiation and premiumization strategy of Elofic is a long-term one in order to overcome the issue of pricing competition in the aftermarket sector. Elofic has an exclusive R&D center accredited by DSIR that owns nine patents and eleven patents are under application. In order to overcome the issue of fluctuation in prices of raw materials and margins in the domestic market, Elofic is utilizing its growing international network. The present stage of capex cycle of Elofic makes it poised for the future filtration demand from automotive, tractor, industrial, and transport sectors.

Versuni India: FY26 Financial & Operational Performance Analysis

Financial Performance (FY26 Numbers & Projections): Versuni India brought in revenue from operations of ₹2,173.11 crore in FY26, marking a solid 15.5% jump from ₹1,880.85 crore the previous year, with total income landing at ₹2,185.29 crore. EBITDA climbed 34.4% to ₹271.62 crore compared to ₹202.10 crore, pushing gross margins up to 43.5% from 40.3%. Profit Before Tax went up by 38.8% to ₹231.39 crore, while Profit After Tax followed closely with a 38.7% rise to reach ₹172.63 crore from ₹124.48 crore. That pushed the net profit margin to 7.90% and delivered an EPS of ₹30.01. A big chunk of this bottom line growth came down to a smart operational shift: cutting back on imported finished goods to build things locally at their Ahmedabad and Chennai facilities, alongside collecting cash from customers 20% faster. If you are looking at valuations with the share price sitting at ₹750, the stock trades at 25.0x reported FY26 earnings, or around 30.2x if you normalize those margins.

Operational Metrics: The business handles manufacturing and sales for small home appliances under the licensed Philips brand and their own Preethi brand, driven by a tight team of 1,353 employees. The public float is pretty tight at just 3.87%, leaving the Dutch parent company, Versuni Holding B.V., firmly in control with a 96.13% stake. Looking at the balance sheet, they are entirely debt-free and sitting comfortably on ₹410.43 crore in cash and deposits against a total equity base of ₹440.79 crore. Capital efficiency improved nicely as well, with Return on Equity moving from 36% to 43% and Return on Capital Employed ticking up from 39% to 44%. Reported operating cash flow shot up to ₹468.58 crore, though it is worth noting that more than half of that came from working capital adjustments, specifically a massive drop in traded goods inventory and stretched supplier payments.

Key Project Executions & Order Book: The big story on the ground this year was the deliberate pivot away from buying finished traded goods, which dropped 38.8%, in favor of ramping up raw material consumption by 93.2% to manufacture products locally across a combined 25,000 square metres of plant space. Product rollouts got a strong push across categories, highlighted by the Philips Airfryer seeing a 77% year-over-year surge, alongside the Preethi Zodiac and the newly launched OneChef appliance packing 33 functions. To keep their leadership secure in irons and air purifiers, they pushed ad spending up by 16.5% to ₹252.10 crore, which works out to 11.6% of revenue, while also rolling out a fresh ESOP scheme covering over 1.15 million options to keep key talent aligned.

Strategic Developments & Outlook: Moving forward, Versuni's playbook relies on capturing the remaining cost savings from local sourcing, with about 20% of their COGS import base still left to transition, giving them a realistic runway of another 200 to 300 bps in gross margin expansion. Even so, that eye-catching 38.7% profit spike is a one-time structural reset that is unlikely to repeat itself. On the flip side, you have to keep an eye on some genuine headwinds, including heavy related-party outflows of ₹164.23 crore heading back to the parent group via dividends, IT charges, and a 73% surge in Philips brand royalties. Toss in mounting E-waste liabilities, customer concentration where a single buyer accounts for 20% of revenue, and an upcoming Offer for Sale as the promoters look to offload a slice of that massive 96.1% holding, and you have got plenty to weigh against that valuation.

​Greenzo Energy India Limited (GEIL) is positioning itself as a key domestic supplier in India's green hydrogen sector by manufacturing equipment locally and providing complete engineering, procurement, and construction (EPC) solutions. To boost its production capacity, the company is setting up a new electrolyzer manufacturing facility in GIDC Sanand-II, Ahmedabad, with a capacity of 250 MW per year. This facility is designed under the Atmanirbhar Bharat initiative, and Greenzo's main products include local alkaline water electrolyzers with capacities between 150 kW and 5 MW, along with full Balance of Plant (BOP) systems. These solutions use up to 95% locally sourced components and proprietary Indian technology.

To support its growth, Greenzo has a strong project pipeline and order book exceeding ₹1,200 crore. This pipeline covers renewable energy and green hydrogen projects across India, Nepal, and Southeast Asia. Its active projects include notable commercial and industrial contracts, such as supplying a 1 MW alkaline electrolyzer to the Oswal Group, a 3 MW electrolyzer contract with Jindal Stainless Limited (JSL), a 30 Nm³/hr system for Felix Industries, and specialized units for Engineers India Limited (EIL). Designed to output high-pressure hydrogen directly at 30 bar, Greenzo's systems operate in a wide temperature range from -20°C to +60°C. These features help reduce capital costs by removing the need for external compression and allow for quick deployment in heavy industry decarbonization efforts.

​Ankur Jain, the founder and CEO of B9 Beverages, the parent company of craft beer brand Bira 91, has stepped down from the company's board and all executive roles, along with his family. His departure comes after a settlement deal with institutional investors and lenders. This agreement ends a lengthy two-year governance dispute involving nearly 30 stakeholders with conflicting financial interests. As part of the settlement, Jain and his family will give up their entire 17.8% equity stake in B9 Beverages and will no longer have operational control. In exchange, all active lawsuits and mutual claims will be withdrawn, and Jain is free from personal liabilities related to the corporate loans he had secured during the company's financial difficulties.

This resolution is a significant turning point for Bira 91, which has struggled for the past two years with serious cash flow problems, a mounting debt of about ₹1,000 crore, and a complete halt in manufacturing. In FY24, the company reported a net loss of ₹748.8 crore on operating revenues of ₹638.5 crore. This led to unpaid vendor debts, delayed employee salaries, and loan defaults. With the governance issue resolved and obstacles at the founder level cleared, major investors such as Japan's Kirin Holdings and Peak XV Partners, along with lenders like Anicut Capital and Hero Corporate Services, are starting a full balance sheet cleanup and recapitalization plan.

The new management team's top priority will be to secure fresh capital to pay off outstanding taxes, settle employee back-pay, address vendor debts, and restart brewery operations within the next 3 to 6 months. Reflecting on his departure, Jain thanked the stakeholders and recognized that although the brand faced difficult times, the agreement allows Bira 91 to enter a new growth phase with new leadership, better financial management, and a restructured balance sheet.​

The NIM story is actually the single most important thing happening at HDFC Securities right now, because it reveals the company is quietly turning into a lending business wrapped around a broking franchise. Here's the fuller picture with more precise standalone numbers (₹ crore, replacing the earlier rounded figures).

Headline P&L (Standalone)

Consolidated PAT came in marginally lower at ₹296 cr, dragged by a ₹1 cr loss at the IFSC subsidiary on near-nil revenue.

Net Interest Margin

*NII = interest income less finance costs.

Two things jump out. First, interest income has overtaken brokerage fees as HDFC Securities' single largest revenue line for the first time — a structural shift, not a one-off. Second, despite interest income growing 49%, NII grew just 7%, because finance costs nearly doubled. The loan book (margin trading facility / client funding) itself expanded a sharp 41% in just one quarter — from ₹7,133 cr (31 Mar'26) to ₹10,081 cr (30 Jun'26) — funded increasingly through commercial paper (₹18,190 cr issued, ₹15,490 cr redeemed during the quarter) at rising rates (CP pricing moved from ~6.5% in April to ~8% by June). That's what's compressing NIM — the funding book is growing faster than the spread it earns.

Leverage & Balance Sheet KPIs

Not alarming for an NBFC-style book, but the leverage trajectory is steep enough to flag as a monitoring point — if CP rates keep climbing, finance costs eat further into NIM.

Peer Comparison — Q1 FY27 (₹ crore)

*Angel One's YoY jump flatters a weak base; sequentially PAT fell ~28% QoQ on IPL marketing spend. ICICI Securities' much higher operating margin reflects a more distribution/wealth-heavy, less lending-heavy mix — worth noting since HDFC Securities' growing loan book carries more balance-sheet risk than ICICI Sec's fee-led model.

Full KPI Checklist for This Business

Growth & scale: revenue growth, PAT growth, EPS growth, client base growth, branch/city footprint efficiency, digital transaction mix.
Margin quality (the new critical bucket): NIM on loan book, interest income vs fee income mix, NII growth vs interest income growth (spread compression signal), operating margin, net margin.
Balance sheet risk: loan book growth rate, debt-to-equity, interest coverage, debt/total assets, funding mix (CP vs debt securities vs equity).
Capital efficiency: RoE, book value per share growth, dividend payout (₹110/share interim paid this quarter, ₹197 cr total).
Peer positioning: revenue and margin versus ICICI Securities, Angel One, Motilal Oswal (yet to report Q1 FY27 as of writing).

Bottom line: the 28% PAT growth headline is real, but it's now being driven by balance-sheet expansion (margin lending) rather than broking volumes, and the NIM compression plus rising leverage are the numbers to watch into subsequent quarters — not red flags yet, but the trend line matters more than this quarter's print.

Financial Performance (FY26 Numbers):
​63SATS Cybertech generated about ₹87 crores in revenue from operations in FY26. This shows a significant 24 times increase from a small base of about ₹3.6 crores in FY25. The company is currently operating at a loss and has a negative book value because it spends a lot to develop its full-stack capabilities across various business lines. Looking ahead, the company aims for a full-year FY27 revenue target of ₹350 crores. In February 2026, a Series B funding round raised ₹245 crores from notable investors like Mathew Cyriac and Mukul Agarwal, leading to a post-money valuation of ₹1,161 crores.
​
Operational Metrics:
63SATS acts as a full-stack cybersecurity company organized into three separate business segments that serve different consumer groups. The company focuses on three main offerings: CSF (Cyber Security Force), which provides threat detection and anti-Pegasus mobile defense for businesses; Cyberdome, which offers military-grade protection for government and critical infrastructure; and CYBX, a consumer security super-app. On the consumer front, the CYBX app has surpassed 2 million downloads and converted over 3.25 lakh users into paying subscribers. Growth benefits from regulatory changes like India's DPDP Act, prompting the company to provide specialized compliance-as-a-service offerings.

Key Project Executions & Order Book:
By the first quarter of FY27, the company reported a clear committed order book of around ₹288 crores, covering about 82% of its full-year FY27 revenue target. Of that total, ₹100 crores has already been billed. The company's list of enterprise clients includes high-profile corporations and defense entities in India, such as the Indian Navy, ICICI Securities, Adani Ports, Bharat Forge, Raymond, Marico, Lupin, and others across banking, defense, and manufacturing.

Strategic Developments & Outlook:
63SATS is taking advantage of strong trends like India's data localization rules, the DPDP Act, and a growing preference for "India-first" sovereign security infrastructure. Under the leadership of Chairman Lt Gen M. U. Nair (Retd.), who is India's former National Cyber Security Coordinator, the company is well-positioned to secure sensitive government and critical defense contracts. The future plan emphasizes high-margin, scalable intellectual property products, particularly their AI-powered security operations tool and dedicated "cybersecurity for AI" frameworks to boost profitability as they move beyond their current investment phase.

Financial Performance (FY26 Numbers & Projections):
​ESDS Software Solution Limited generated total revenue of ₹472 cr from operations in FY26. This shows a compound annual growth rate (CAGR) of 28.4% from ₹286 crores in FY24. EBITDA jumped to ₹239 crores in FY26, reflecting a CAGR of 53.5%, and the EBITDA margin increased to 50.8%. Profit After Tax (PAT) rose dramatically at a CAGR of 197.9%, reaching ₹120 crores in FY26, which resulted in a PAT margin of 25.6%. This increase in margin was due to careful management of staff, productivity improvements driven by AI, and a focus on higher-margin accounts. Looking ahead, a significant global deal with Sharon AI, valued at about $1.95 billion over five years, provides substantial visibility. Upcoming revenue is expected to reach ₹1,927 crores in FY27 and exceed ₹3,800 crores annually from FY28 through FY31, while maintaining Gross Margins of 37%.

Operational Metrics:
ESDS operates an integrated full-stack cloud, managed services, and software platform. As of March 31, 2026, the company expanded its network to five operational data centers serving 2,516 customers in total. The Net Revenue Retention (NRR) rate is strong at about 95.46%. Revenue from existing clients makes up 73.0%, while new customers account for 27.0%. By sector, revenue comes primarily from Enterprises (55.1%), followed by Government (27.4%) and Banking, Financial Services, and Insurance (BFSI) (17.5%). The service mix includes Managed Services (41.2%), Infrastructure as a Service (IaaS) (43.9%), and Software as a Service (SaaS) (14.9%). ESDS has a secure balance sheet, with a debt-to-equity ratio of -2.13x and ₹1250 crores in cash available for its ongoing AI development. The company currently has a domestic capacity of approximately 8.9 MW across Nashik, Mumbai, Bengaluru, Noida, and Mohali.

Key Project Executions & Order Book:
The company has a strong domestic order book of ₹980 crores, with 70% set to be monetized within the next three years. The near-term conversion pipeline includes ₹339 crores for FY27, ₹215 crores for FY28, and ₹140 crores for FY29. Notable institutional clients using ESDS platforms include Canara Robeco Mutual Fund, the Indian Institute of Banking & Finance (IIBF), Indian Oil Skytanking, Balmer Lawrie & Co. Ltd., and Kolhapur District Central Co-operative Bank. On the AI infrastructure side, the company generated ₹75 crores in technical design and GPUaaS revenue in FY26. To mitigate risks, ESDS received ₹1,187 crores in upfront customer advances to fully fund the infrastructure build.

Strategic Developments & Outlook:
ESDS acted quickly to benefit from India’s data localization rules, the DPDP Act 2023, and MeitY/STQC cloud empanelment standards. The company runs two distinct operations under its sovereign cloud platform: community clouds for regulated sectors (Engine 1) and high-growth, dedicated AI infrastructure SPVs (Engine 2). The outlook includes 8,192 contracted NVIDIA B300 GPUs expected to go live in October 2026, plus an additional 16,000 GPUs in advanced discussions, bringing total committed capacity to about 24,000 GPUs. To support this scale, ESDS plans to expand its liquid-cooled domestic data center capacity to around 37.8 MW by FY30, featuring a new 20 MW site in Sahibabad. Globally, the company has grown its presence to 60 MW of offshore IT load capacity across Australia and the Nordics, with 20 MW already operating in Australia.

Financial Performance (FY26 Numbers & Projections):

The total revenue for ExperientialEtc reached ₹3.3 crore in Financial Year 2026. Immersive tech makes up most of this revenue. Eighty percent comes from content (Anamorphic/3D), and the remaining twenty percent is from software and tech solutions. The company showed strong profitability, with a net profit of ₹1.46 crore and a net profit margin of 44.2%, leading in the industry. Looking ahead, management set ambitious revenue growth targets, projecting ₹7.5 crores for FY27, ₹16 crores for FY28, and ₹25 crores for FY29. Following this trend, the company’s valuation rose to ₹50 crore in 2026, up from ₹3.5 crore in 2021 and 2022. This increase was supported by institutional and HNI investors, including StartupLanes, Snard, We Founder Circle, India Accelerator, IVY Growth, and Planify Capital. To strengthen its global market leadership, the firm is seeking to raise ₹1.5 crores.

Operational Metrics:

ExperientialEtc maintains a very lean cost structure with fixed expenses limited to just ₹8 lakhs per month. This setup gives the business great operational scalability. The main operational model works on a "Produce in India, Sell Globally" system, keeping production costs low while allowing for high margins. Operations are efficient due to proprietary mathematical templates designed for various screen curvatures (L-shape, U-shape, Curved), which ensure reliable scaling of forced-perspective visual illusions without manual calibration errors. Instead of paid marketing, the brand relies on strong organic search results, ranking No. 1 on Google in India and appearing on the first page globally for key phrases like "Top Anamorphic Agency" and "Top 3D Billboard Agency." Globally, its organic search presence ranks in the Top 2 to 5 in the Middle East, Top 5 to 10 in Europe, Top 3 to 10 in Asia-Pacific, and Top 3 to 7 in Africa. The current investment ask allocates 40% of funds to global sales and business development, 30% to talent and technology infrastructure (GPUs and senior VFX leads), 20% to marketing and SEO defense, and 10% to scaling operations.

Key Project Executions & Order Book:

The company has a strong delivery record, successfully completing over 750 campaigns across more than 75 technologies for over 250 brands, generating over 500 million total impressions. It has delivered impressive "stop-and-stare" anamorphic visual assets for leading enterprises around the world. The company’s ongoing projects include strong international client partnerships and retainer agreements. One notable timeline features a 6-month partnership with Magnate Ventures in Kenya to distribute localized anamorphic content across several African screen networks.

Strategic Developments & Outlook:

Originally founded as a 360° tech-activation agency between 2017 and 2022, specializing in holograms, AR/VR, and projection mapping, ExperientialEtc successfully pivoted in 2023 to focus solely on premium CGI and Anamorphic 3D content engines. The brand gained national credibility and recognition after appearing in Season 1 of Shark Tank India. To drive global expansion, the firm secured key international partnerships, working with HIT Ltd in Japan for access to premium media networks, teaming up with Adintime in Hong Kong to tap into APAC markets, and forming a joint venture called "Crea8Xp" in the US and Philippines to enable global scalability of content. As the agency moves into a later phase of commercial expansion, it is focusing on high-margin, physics-heavy simulations (hyper-realistic fire, water, and fluid dynamics) for major international screens. These projects command contract sizes ranging from ₹10L to ₹35L or more per deployment. This strategy positions the agency well to capture a global 3D display market projected to reach a total addressable market of $510.91 billion by 2030.

​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.