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

Top 5 Performing Unlisted Shares of August 2026

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

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

<p style="text-align: justify">​<br><br>While other IPOs only promise investors, <a target="_blank" href="https://www.planify.in/research-report/esds-software-solutions-limited/">ESDS Software Solutions Limited</a> proved its worth when it went public on Dalal Street on September 4, 2026. The stock of the Nashik-based artificial intelligence-driven cloud services company was up by 76% at the time of listing. And even after that, it continued going up during the day and reached as high as 111%. For those investors who had been holding on to the shares of the company since before its listing – and some of them would have gained access to it via platforms such as Planify – this listing would not have been an exciting moment; rather, a reward for the decision that they had taken months, and sometimes years, back. This is the story of how ESDS became one of the most successful market debuts of 2026 despite being an unlisted company until then.</p><h2 style="text-align: justify">ESDS Software Solutions: The Pre-IPO Journey Behind a Standout Market Debut</h2><p style="text-align: justify">ESDS Software Solutions was founded in August 2005 and has spent over two decades creating the business that retail investors came to know about only when its IPO was launched. It provides end-to-end cloud infrastructure, managed services, data center operations, and software solutions using artificial intelligence to serve BFSI institutions, governments, and enterprises in India and beyond. The proprietary eNlight cloud infrastructure solution created by ESDS Software Solutions, which has both patent and auto-scalability capabilities, has served as the key differentiating factor for the company in the competition against big names such as AWS, Microsoft Azure, and Google Cloud, especially in segments like BFSI and government, where data sovereignty and compliance become as important as computational power. It operates from three centers located at Navi Mumbai, Nashik, and Bengaluru that cover 50,000 square feet area with a 10 Gbps connectivity speed backbone. The company has built the kind of business that needs huge infrastructural investments that usually remain private for a long period of time, and that's precisely why the pre-IPO shares of ESDS Software Solutions had already become a trade.</p><h2 style="text-align: justify">ESDS Software Solutions' IPO and Listing Day Performance</h2><p style="text-align: justify">The ESDS IPO worth ₹720 crores was a prime example of pent-up demand. The offering, which was only a fresh issue consisting of 1,67,83,216 shares, without any offer-for-sale component, commenced bidding on August 28, 2026, and ended on September 1, 2026, with a price range of ₹408-429 per share. Within a short while after the bidding closed, the issue had been oversubscribed 142.88 times: qualified institutional buyers applied for 275 times their allotted shares; non-institutional investors were 200 times their allotment, and retail investors were almost 41 times their allocation. Even before the commencement of bidding for the issue, ESDS had raised ₹216 crores through anchor investors.<br><br>This demand was quickly demonstrated right from the beginning. ESDS' listing prices were ₹757 at a 76.46% premium to the issue price of ₹429 on the NSE, and ₹746.30 at a 73.96% premium to its issue price on the BSE. This surge was far from over. During the very session, the scrip surged to its 20% upper circuit price of ₹908.40 on the NSE and ₹895.55 on the BSE, representing an increase of about 111.75% and 108.75%, respectively, in comparison with the issue price. At the end of the first day of listing, the market capitalization of ESDS had reached ₹10,647 crore on the NSE and ₹10,497 crore on the BSE, with an overall turnover of more than ₹1,461 crore.</p><h2 style="text-align: justify">The Pre-IPO Opportunity: How Planify Investors Accessed ESDS Early</h2><p style="text-align: justify">Even before ESDS had rung the stock exchange’s opening bell, its shares had been traded in the private market, the very platform where Planify thrives. ESDS made its first draft filing to go public in December 2021, but because of adverse market conditions at the time, the firm withdrew its offer, making it continue operating as a privately held business for several years until its public listing in 2026. Within this period, the platforms tracking privately-held companies — including Planify — have monitored ESDS as one of the prominent players in the pre-IPO cloud infrastructure segment, given its robust financial performance, strong ties with the government and BFSI sectors, and its recent IPO efforts following the hiring of DAM Capital Advisors as its book-running lead manager.<br><br>Pre-listed share prices of ESDS were offered in the range of ₹410 just before the official IPO application — a value which could be accessed by an investor using platforms such as Planify long before the pricing of ₹408–429 was decided for its IPO. And that is precisely the essence of pre-IPO investing: being able to invest in a company at a valuation that was privately negotiated instead of one that came at IPO day due to retail madness, and holding until the IPO happens. In the case of ESDS, the IPO price of ₹429 and further listing day gains were simply the next steps in a journey they had already started.</p><h2 style="text-align: justify">Listing Premium and Post-Listing Price Momentum</h2><p style="text-align: justify">However, the tale did not come to an end there. ESDS kept on getting buying interest even in the coming week and made new 20% upper circuits in various sessions during that period. By September 8, 2026, the stock managed to touch the price of ₹1,308.05, which was an increase of almost 205% compared to its ₹429 issue price, and marked a new 52-week high for the stock in that period. Nevertheless, the run continued for the stock: by September 9, with the announcement of a new ₹1.25 billion AI infrastructure deal and a "Buy" initiation from Choice Equity Broking at the price target of ₹1,550, the stock managed to make another upper circuit at the price of ₹1,438.85, which was beyond ₹15,300 crore in terms of market capitalization.<br><br>Let’s try to be more precise about the figures we’re talking about here. It wasn’t the 111% rise during the listing day, since that was the rise above the circuit limit on that one day, in contrast to the 76% gain on the day of listing; rather, it was the post-listing move that made it touch 205% and 235%. For investors assessing such results, it is all of this process starting from the issue price, then the listing price, and the days after listing that determines the actual returns, and one needs to keep in mind that when a stock goes up by three times in one week, it might just as well come down.</p><h2 style="text-align: justify">From Unlisted to NSE/BSE-Listed: ESDS' Growth Trajectory</h2><p style="text-align: justify">While it might seem like the positive investor sentiment stems from scarcity of IPOs, the real driver behind it is the accelerating performance of the core business itself. ESDS generated revenue of ₹376.64 crore in FY25 and increased it to ₹480.65 crore in FY26, showing a growth of 28% YoY. Even more impressively, the profitability of the company showed an even sharper improvement – from ₹55.61 crore in FY25 to ₹120.82 crore in FY26, which is a 117% increase and resulted in EPS of about ₹12 in FY26. This level of operating leverage – where profit grows almost five times faster than revenues – is exactly the tipping point when it comes to re-rating post-IPO.<br><br>The funds raised by the IPO will be used in furthering that process: growing data centre capacity to 14-20 MW in the next one to two years, developing cloud infrastructure with AI-driven GPUs to take advantage of increased enterprise AI workloads, and raising long-term working capital. Promoters Piyush Somani, Komal Somani, and the P.O. Somani Family Trust kept an overall stake of 45.78% before the IPO, resulting in an entrepreneur-owned, concentrated shareholder base that pre-IPO investors find attractive in that very way.</p><h2 style="text-align: justify">What This Means for Future Pre-IPO Opportunities on Planify</h2><p style="text-align: justify">The journey of ESDS — from its initial quotation of ₹410 as an unlisted stock to an immediate surge past 111% on its listing day and an additional jump above 200% within days — makes for an excellent example of why investors monitor the unlisted market in the first place. It was not a question of making a quick buck on IPO day but years of steady revenue growth and a credible cloud infrastructure business, together with some key tie-ups with the government and BFSI sector that investors identified as soon as the company got listed.<br><br>This is the type of story that platforms such as Planify are meant to bring out by spotting the fast-growing, well-managed private firms before the IPO launch renders them a rush to retail investors. It is not every IPO pre-list firm that will turn into another ESDS story, since subscription craze, stock price pop at listing, and sustained run-ups are not the norm. The shares are also not always without their risks, as unlisted stocks have different valuation and liquidity risks from listed ones on the NSE and BSE, but for those ready to do their homework on revenues and margins before the listing, ESDS is a good reminder of why there is a pre-IPO phase in the first place.<br></p>

ESDS Software Solutions: From Pre-IPO Pick to 111% Stock Gains

<p style="text-align: justify"><span style="background-color: transparent;color: rgb(0, 0, 0);font-size: 15px">If you've been tracking the unlisted shares market for a while, Nayara Energy is one name that keeps coming up in investor conversations — and for good reason. It's not a startup chasing a first-time listing. It's a company that was once on the exchanges, walked away from them by choice, and has spent the years since building itself into India's largest private fuel retailer. That backstory is exactly what makes its unlisted share price worth understanding properly, rather than just glancing at a number on a broker's website.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">From Essar Oil to Nayara Energy: A Quick Recap</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">Notably, Nayara Energy hasn't always been Nayara Energy. It started off as Essar Oil, a listed corporation on the Indian stock market. In December 2015, the promoters of Essar Oil made the move to privatize the company via a leveraged buyout, acquiring the equity held by existing stockholders at ₹262.80 per share, which constituted an 80% premium above the regulatory floor value at the time. It continues to be one of the biggest voluntary delistings ever seen in India.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">The big shift in the company's ownership structure occurred in 2017, when the Russian oil giant, Rosneft; Trafigura, a leading commodities trading company; and UCP, another investment company, together bought out the entire company for a whopping $12.9 billion – which was at the time the largest foreign direct investment ever seen in the Indian downstream oil sector. The company's name was subsequently changed to Nayara Energy, and it has gone by that name and ownership structure ever since.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">What You're Actually Buying</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">The heart of the company is the Vadinar Refinery in Gujarat, which is considered to be among the technically advanced single-site refineries in India, with an annual throughput of approximately 20 million tonnes. That single facility accounts for close to 8% of India's total refining output, which gives you a sense of how much national infrastructure sits behind this one unlisted stock.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">On the retail side, Nayara has quietly become the largest private fuel retailer in the country, crossing 7,000 outlets and adding close to 500 new stations in the last year and a half alone — nearly one a day. That expansion isn't incidental. As the company’s ability to export to other nations becomes increasingly difficult due to sanctions, Nayara has shifted focus to India as its major growth driver.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">Where the Price Actually Stands</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">This is where things get genuinely interesting — and where investors need to slow down rather than take any single number at face value. Because Nayara isn't listed, there's no single "official" price the way there would be on the NSE or BSE. What exists instead is a patchwork of broker-quoted prices from unlisted share dealers, and depending on which platform you check, you'll see meaningfully different numbers.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">Through the middle of 2026, most dealer quotes have clustered somewhere in the ₹1,050–₹1,150 range, though the reported 52-week bands vary wildly from source to source — some show a low near ₹750 and a high above ₹1,700, others show a much tighter range. That spread isn't a data error; it's simply what happens in a market with no central order book, where each broker is quoting based on their own recent deal flow rather than a live, continuously matched price.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">The one number that carries real weight as a valuation anchor is the ₹731 per share buyback price Nayara offered minority and public shareholders in April–May 2025, when the company repurchased roughly ₹1,893 crore worth of shares. Because that price was set by the company itself, not by a broker trying to close a deal, it's arguably the most credible official reference point investors have — even though secondary-market quotes today sit well above it.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">The Sanctions Overhang You Can't Ignore</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">No honest discussion of Nayara's unlisted price can skip the geopolitics, because it's doing more to move this stock than almost anything happening inside the company. Rosneft holds a 49.13% stake, and that Russian ownership link is precisely why the EU folded Nayara into its 18th sanctions package in July 2025, followed by additional US restrictions. The practical fallout has been significant — Nayara has struggled to access routine banking services from major global institutions and has had to explore relationships with smaller Indian lenders like UCO Bank just to keep crude payments flowing.</span></p><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">There's a credible exit narrative running in parallel. Rosneft has reportedly been exploring a sale of its stake, unable to repatriate earnings under the current sanctions regime, with names like Reliance, Adani, and JSW floated as potential buyers in market reports. Nothing here is confirmed or officially announced, but for unlisted-share investors, this ownership overhang matters more than most quarterly numbers would — a change in majority ownership could reshape the sanctions risk, the IPO timeline, and the valuation story all at once.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">Is an IPO Actually Coming?</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">This is the question every Nayara shareholder eventually asks, and the honest answer is: nothing is confirmed. Market chatter has pointed to a possible listing in the 2026–2027 window, with speculative valuation figures in the ₹65,000–75,000 crore range floating around. But there's no SEBI filing, no formal draft prospectus, and no company statement committing to a timeline. If anything, the 2025 buyback — where Nayara chose to pay out minority shareholders directly rather than pursue a listing — reads as a company in no hurry to go public while sanctions-related uncertainty over its ownership remains unresolved.</span></p><h2 style="line-height: 1.38;text-align: justify"><span style="font-size:21px;color:#000000;background-color:transparent">What This Means If You're Considering Nayara Unlisted Shares</span></h2><p style="line-height: 1.38;text-align: justify"><span style="font-size:15px;color:#000000;background-color:transparent">A few things are worth holding onto before you act:</span></p><ul><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">You're buying into real, cash-generating infrastructure — a large operating refinery and a genuinely dominant retail network — not a pre-revenue pre-IPO story.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">Price discovery is fragmented. Always cross-check quotes across two or three dealers before transacting, and treat the ₹731 buyback price as your most reliable historical anchor rather than any single broker's live quote.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">The Rosneft ownership question is the single biggest swing factor. A confirmed stake sale — to an Indian buyer especially — could materially change both the sanctions risk and the eventual listing timeline.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">Liquidity is thin and lot sizes matter. Unlisted deals typically move in blocks of 100 shares (face value ₹10), so factor in that this isn't an instrument you can exit instantly the way you would a listed stock.</span></p></li><li style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent"><p style="line-height: 1.38;text-align: justify"><span style="background-color: transparent">There's no guaranteed listing horizon. Anyone buying purely on IPO speculation should be comfortable holding the position with no fixed timeline for liquidity.</span></p></li></ul><p style="line-height: 1.38;text-align: justify"><span style="font-size: 15px;color: rgb(0, 0, 0);background-color: transparent">Nayara remains one of the more substantial names in India's unlisted space — not because of hype, but because there's a genuinely large, strategically important business behind the stock. The opportunity is real, but so is the uncertainty tied to its ownership. Treat both with equal seriousness before you commit capital.</span></p><p></p><p style="text-align: justify"></p>

Notably, Nayara Energy hasn't always been Nayara Energy. It started off as Essar Oil, a listed corporation on the Indian stock market.

Nayara Energy Unlisted Share Price: Complete Investor Guide

<p>Sterlite Electric (formerly Sterlite Power Transmission) is a power transmission products company that designs, manufactures and supplies overhead conductors, OPGW, EHV power cables, master system integration (MSI) services, and dark-fibre "Convergence" solutions. In October 2024 it demerged its transmission-asset ownership business (now Resonia), and FY26 is its first full year as a pure manufacturing/products company. It has filed a DRHP for an IPO.<br><br></p><p><strong>Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr, Consolidated, Continuing Operations)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th><th><div style="text-align: center"><strong>YoY change</strong></div></th></tr></thead><tbody><tr><td><div><strong>Revenue</strong>​</div></td><td><div style="text-align: center">6,254</div></td><td><div style="text-align: center">4,956</div></td><td><div style="text-align: center"><strong>+26.2%</strong></div></td></tr><tr><td><div><strong>EBITDA</strong></div></td><td><div style="text-align: center">491</div></td><td><div style="text-align: center">472</div></td><td><div style="text-align: center">+4.0%</div></td></tr><tr><td><div><strong>EBITDA Margin</strong></div></td><td><div style="text-align: center">7.85%</div></td><td><div style="text-align: center">9.53%</div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>Net Finance Cost</strong></div></td><td><div style="text-align: center">121</div></td><td><div style="text-align: center">155</div></td><td><div style="text-align: center">−21.9%</div></td></tr><tr><td><div><strong>Profit Before Tax</strong></div></td><td><div style="text-align: center">301</div></td><td><div style="text-align: center">262</div></td><td><div style="text-align: center">+14.9%</div></td></tr><tr><td><div><strong>Net Profit (PAT, continuing ops)</strong></div></td><td><div style="text-align: center">237</div></td><td><div style="text-align: center">183</div></td><td><div style="text-align: center"><strong>+29.5%</strong></div></td></tr><tr><td><div><strong>PAT attributable to shareholders</strong></div></td><td><div style="text-align: center">210</div></td><td><div style="text-align: center">–</div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>EPS (Basic &amp; Diluted)</strong></div></td><td><div style="text-align: center">14.57</div></td><td><div style="text-align: center">–</div></td><td><div style="text-align: center"><br></div></td></tr></tbody></table><p><br>Revenue grew 26.2% on strong conductor and cable demand, but EBITDA grew only 4% as raw-material costs (mostly aluminium) rose 48%, eating two-thirds of every revenue rupee versus 56% a year earlier. Most of the PAT growth came from a lower net finance cost, not operations. Note: the P&amp;L also shows a headline ₹746 crore figure driven by a ₹509 crore unrealised commodity-hedge gain sitting in Other Comprehensive Income — not operating profit, and expected to reverse against FY27 raw-material costs.<br><br></p><p><strong>Segment / Order Book Mix (₹ in Cr)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Platform</strong></div></th><th><div style="text-align: center"><strong>FY26 Revenue Share</strong></div></th><th><div style="text-align: center"><strong>Order Book</strong></div></th><th><div style="text-align: center"><strong>Order Book Share</strong></div></th></tr></thead><tbody><tr><td><div><strong>Overhead conductors &amp; OPGW</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">3,681</div></td><td><div style="text-align: center">56%</div></td></tr><tr><td><div><strong>Power cables</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">1,775</div></td><td><div style="text-align: center">27%</div></td></tr><tr><td><div><strong>MSI services</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">753</div></td><td><div style="text-align: center">11%</div></td></tr><tr><td><div><strong>Convergence (fibre)</strong></div></td><td><div style="text-align: center">—</div></td><td><div style="text-align: center">410</div></td><td><div style="text-align: center">6%</div></td></tr><tr><td><div><strong>Conductors + cables (₹ cr)</strong></div></td><td><div style="text-align: center">4,807 (77% of revenue)</div></td><td><div style="text-align: center"><br></div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>EPC (₹ cr)</strong></div></td><td><div style="text-align: center">1,164</div></td><td><div style="text-align: center"><br></div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>Convergence lease income (₹ cr)</strong></div></td><td><div style="text-align: center">119</div></td><td><div style="text-align: center"><br></div></td><td><div style="text-align: center">​</div></td></tr></tbody></table><p>Closing order book of ₹6,619 crore is about 1.06x FY26 revenue. Exports fell sharply to 7% of revenue (from 20% in FY25) even as new markets (UK, Nigeria, Oman, Nepal, Bhutan) opened up.<br><br></p><p><strong>Key Balance Sheet Items (₹ in Cr, Consolidated)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th></tr></thead><tbody><tr><td><div><strong>Net worth</strong></div></td><td><div style="text-align: center">1,993</div></td><td><div style="text-align: center">1,434</div></td></tr><tr><td><div><strong>Gross borrowings</strong></div></td><td><div style="text-align: center">609</div></td><td><div style="text-align: center">327</div></td></tr><tr><td><div><strong>Cash + bank balances</strong></div></td><td><div style="text-align: center">1,402</div></td><td><div style="text-align: center">1,224</div></td></tr><tr><td><div><strong>Net cash</strong></div></td><td><div style="text-align: center">793</div></td><td><div style="text-align: center">896</div></td></tr><tr><td><div><strong>Inventories</strong></div></td><td><div style="text-align: center">552</div></td><td><div style="text-align: center">367</div></td></tr><tr><td><div><strong>Trade receivables</strong></div></td><td><div style="text-align: center">1,259</div></td><td><div style="text-align: center">1,082</div></td></tr><tr><td><div><strong>Contract assets (unbilled)</strong></div></td><td><div style="text-align: center">593</div></td><td><div style="text-align: center">254</div></td></tr><tr><td><div><strong>Acceptances (supplier credit)</strong></div></td><td><div style="text-align: center">1,476</div></td><td><div style="text-align: center">986</div></td></tr><tr><td><div><strong>Capital work-in-progress</strong></div></td><td><div style="text-align: center">311</div></td><td><div style="text-align: center">90</div></td></tr><tr><td><div><strong>Total assets</strong></div></td><td><div style="text-align: center">6,060</div></td><td><div style="text-align: center">4,259</div></td></tr></tbody></table><p>Net worth rose ₹559 crore, but only ₹237 crore of that is earned profit — the rest is largely the unrealised ₹509 crore hedge reserve. Working capital ballooned (net working capital up from ₹1,071 cr to ₹1,686 cr) as inventories, receivables and unbilled revenue all grew faster than sales, funded partly by stretching supplier credit.<br><br></p><p><strong>Cash Flow (₹ in Cr)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th></tr></thead><tbody><tr><td><div><strong>Operating cash flow</strong></div></td><td><div style="text-align: center">647</div></td><td><div style="text-align: center">359</div></td></tr><tr><td><div><strong>Capex</strong></div></td><td><div style="text-align: center">235</div></td><td><div style="text-align: center">298</div></td></tr><tr><td><div><strong>Dividend paid</strong></div></td><td><div style="text-align: center">12</div></td><td><div style="text-align: center">83</div></td></tr><tr><td><div><strong>Net change in cash</strong></div></td><td><div style="text-align: center">+102</div></td><td><div style="text-align: center">−65</div></td></tr></tbody></table><p>Operating cash flow nearly halved despite 30% profit growth, as the working-capital build absorbed cash. Free cash flow after capex was roughly ₹60 crore.<br><br></p><p><strong>Key Ratio Analysis (Consolidated)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th></tr></thead><tbody><tr><td><div><strong>EBITDA Margin</strong></div></td><td><div style="text-align: center">7.85%</div></td><td><div style="text-align: center">9.53%</div></td></tr><tr><td><div><strong>Net Profit Margin</strong></div></td><td><div style="text-align: center">3.79%</div></td><td><div style="text-align: center">3.69%</div></td></tr><tr><td><div><strong>Return on Equity (on closing equity)</strong></div></td><td><div style="text-align: center">~11.9%</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Return on Capital Employed</strong></div></td><td><div style="text-align: center">16.9%</div></td><td><div style="text-align: center">24.8%</div></td></tr><tr><td><div><strong>Debt-to-Equity Ratio</strong></div></td><td><div style="text-align: center">0.31x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Debt Service Coverage Ratio</strong></div></td><td><div style="text-align: center">0.84x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>P/E (indicative, ₹478/share)</strong></div></td><td><div style="text-align: center">~28x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>P/B (indicative)</strong></div></td><td><div style="text-align: center">~3.4x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>EV/EBITDA (indicative)</strong></div></td><td><div style="text-align: center">~12x</div></td><td><div style="text-align: center">–</div></td></tr></tbody></table><p>At the unlisted indicative price of ₹478 (market cap ~₹6,750 crore on a fully diluted 14.13 crore shares), Sterlite trades at roughly half of peer Apar Industries' earnings multiple (Apar: ~60x P/E, ~13x P/B). ROCE fell from 24.8% to 16.9% as capital deployed into the new Vadodara cable plant (₹311 crore CWIP) hasn't yet ramped into revenue. The ₹478 price sits almost exactly at the FY25 PE round price of ₹473, and a lender (PTC Cables) declined to exercise ₹270 crore of warrants at that same price in FY26.</p><p><br></p>

Sterlite Electric Limited – FY26 Results

<p><br></p><p>India’s indigenous defence push has added another milestone with the successful <strong>drop test of the Khagantak-243</strong>, a 300-kg class long-range glide bomb developed through a partnership between Nagpur-based defence startup <strong>JSR Dynamics</strong> and Bharat Electronics Limited (BEL). The trial was conducted from a <strong>Su-30MKI fighter aircraft</strong> and reportedly achieved all planned flight objectives. With a claimed stand-off range of around <strong>140–180 km</strong>, the weapon is designed to allow fighter aircraft to strike targets such as runways, bunkers and command centres from a safer distance</p><h2>How the Khagantak-243 Works</h2><p>Unlike conventional bombs, the Khagantak-243 does not use an engine. After being released from an aircraft at high altitude and speed, its wings and control surfaces allow it to <strong>glide towards its target using aerodynamic lift</strong>. The weapon combines an <strong>Inertial Navigation System (INS)</strong> with multi-GNSS for navigation, while an optional electro-optical/infrared seeker can further improve terminal accuracy. The reported accuracy is around <strong>10 metres without a seeker and under 5 metres with one</strong>, while the weapon carries a <strong>125-kg Mk-81 blast-fragmentation warhead</strong>.</p><h2>JSR Dynamics: From Defence Startup to Potential Manufacturer</h2><p>For JSR Dynamics, the test could represent an important step toward commercialisation. The company, founded in <strong>2018</strong>, has focused on developing defence technologies and remains in the <strong>pre-revenue stage</strong>. Under the Khagantak-243 programme, JSR Dynamics has worked on the aerodynamic airframe and control systems, while BEL has contributed the guidance electronics. The startup has reportedly raised around <strong>$19.2 million</strong>, with its January 2025 funding round taking place at <strong>₹6,514 per share</strong>. The company has attracted institutional and angel investors as it works toward bringing its products from development into production.</p><h2>The Investment Story: Trial Success Is Not Yet Revenue</h2><p>The successful trial is encouraging, but investors should be careful about what it actually means for JSR Dynamics. <strong>A successful defence test does not automatically translate into a government purchase order.</strong> The weapon may still require additional testing, validation and procurement approval before large-scale production begins. The key investment trigger will therefore be the transition from <strong>successful trials → qualification → government orders → production → revenue</strong>. If JSR Dynamics can successfully navigate that process, the company could potentially move from a pre-revenue defence startup to a significant domestic defence manufacturer.</p><h3>Bottom Line</h3><p>The Khagantak-243 test is an important <strong>technology validation milestone for JSR Dynamics and India's private defence ecosystem</strong>, but the real value creation will come only if the technology moves from testing to actual procurement. For investors, the story is therefore less about the successful drop test alone and more about whether it can lead to <strong>orders, production, and sustainable revenue growth</strong>. Until those milestones are achieved, JSR Dynamics remains a <strong>high-potential but high-execution-risk defence startup</strong>.</p>

India’s Khagantak-243: The Glide Bomb Test That Could Put JSR Dynamics on the Defence Map

<p>Bharat Hotels Limited, incorporated in 1981, operates luxury hotels across India under <strong>The Lalit</strong> brand, spanning city hotels (Delhi, Mumbai, Bengaluru, Kolkata, Jaipur, Chandigarh), palaces (Udaipur, Srinagar) and resorts (Goa, Bekal, Khajuraho, Mangar). It also owns two commercial towers in Delhi (World Trade Centre and World Trade Tower). The company is unlisted, run by Chairperson Dr. Jyotsna Suri, and is majority owned by Deeksha Holding Limited (40.42%).<br><br></p><p><strong>Revenue, EBITDA, Net Profit &amp; EPS Summary (₹ in Cr, Standalone)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th><th><div style="text-align: center"><strong>YoY change</strong></div></th></tr></thead><tbody><tr><td><div><strong>Revenue</strong></div></td><td><div style="text-align: center">815.69</div></td><td><div style="text-align: center">841.90</div></td><td><div style="text-align: center"><strong>−3.1%</strong></div></td></tr><tr><td><div><strong>EBITDA</strong></div></td><td><div style="text-align: center">303.84</div></td><td><div style="text-align: center">367.62</div></td><td><div style="text-align: center"><strong>−17.3%</strong></div></td></tr><tr><td><div><strong>EBITDA Margin</strong></div></td><td><div style="text-align: center">37.2%</div></td><td><div style="text-align: center">43.7%</div></td><td><div style="text-align: center"><br></div></td></tr><tr><td><div><strong>Finance Costs</strong></div></td><td><div style="text-align: center">128.61</div></td><td><div style="text-align: center">181.25</div></td><td><div style="text-align: center">−29.0%</div></td></tr><tr><td><div><strong>Profit Before Tax</strong></div></td><td><div style="text-align: center">162.70</div></td><td><div style="text-align: center">162.92</div></td><td><div style="text-align: center">−0.1%</div></td></tr><tr><td><div><strong>Net Profit (PAT)</strong></div></td><td><div style="text-align: center">115.96</div></td><td><div style="text-align: center">92.97</div></td><td><div style="text-align: center"><strong>+24.7%</strong></div></td></tr><tr><td><div><strong>NP Margin (NPM)</strong></div></td><td><div style="text-align: center">14.2%</div></td><td><div style="text-align: center">11.0%</div></td><td><div style="text-align: center">​</div></td></tr></tbody></table><p>Revenue declined 3.1%, driven mainly by disruption at the Srinagar palace amid regional unrest. Yet PAT rose a strong 24.7% - not from operations, which actually deteriorated (EBITDA down 17.3%), but from a ₹52.6 crore cut in finance costs after refinancing debentures at better rates in January 2026. Operating performance weakened; profit improved purely on cheaper debt.<br><br></p><p><strong>Revenue Mix (₹ in Cr, Standalone)<br><br></strong></p><table><thead><tr><th><div>Particulars</div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>YoY change</strong></div></th></tr></thead><tbody><tr><td><div><strong>Room rentals</strong></div></td><td><div style="text-align: center">452.76</div></td><td><div style="text-align: center">−0.9%</div></td></tr><tr><td><div><strong>Food and beverage</strong></div></td><td><div style="text-align: center">235.21</div></td><td><div style="text-align: center"><strong>−6.3%</strong></div></td></tr><tr><td><div><strong>Liquor and wine</strong></div></td><td><div style="text-align: center">36.22</div></td><td><div style="text-align: center"><strong>−7.9%</strong></div></td></tr><tr><td><div><strong>Rent &amp; maintenance (towers)</strong></div></td><td><div style="text-align: center">29.54</div></td><td><div style="text-align: center">+4.6%</div></td></tr><tr><td><div><strong>Banquet &amp; equipment rentals</strong></div></td><td><div style="text-align: center">27.33</div></td><td><div style="text-align: center"><strong>−8.6%</strong></div></td></tr><tr><td><div><strong>Other services</strong></div></td><td><div style="text-align: center">25.94</div></td><td><div style="text-align: center">+7.8%</div></td></tr><tr><td><div><strong>Management &amp; consultancy fees</strong></div></td><td><div style="text-align: center">4.78</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Membership programm</strong></div></td><td><div style="text-align: center">3.29</div></td><td><div style="text-align: center"><strong>−53.7%</strong></div></td></tr></tbody></table><p>Rooms held roughly flat, but every discretionary spending line F&amp;B, liquor, banqueting, membership fell sharply. These carry high operating leverage on a fixed cost base, which explains most of the EBITDA decline.<br><br></p><p><strong>Key Balance Sheet Items (₹ in Cr, Consolidated)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th></tr></thead><tbody><tr><td><div><strong>Property, plant &amp; equipment</strong></div></td><td><div style="text-align: center">1,523.57</div></td><td><div style="text-align: center">1,560.03</div></td></tr><tr><td><div><strong>Capital work-in-progress</strong></div></td><td><div style="text-align: center">291.38</div></td><td><div style="text-align: center">287.99</div></td></tr><tr><td><div><strong>Goodwill</strong></div></td><td><div style="text-align: center">84.25</div></td><td><div style="text-align: center">84.25</div></td></tr><tr><td><div><strong>Cash and bank</strong></div></td><td><div style="text-align: center">78.40</div></td><td><div style="text-align: center">55.91</div></td></tr><tr><td><div><strong>Total assets</strong></div></td><td><div style="text-align: center">2,244.42</div></td><td><div style="text-align: center">2,249.14</div></td></tr><tr><td><div><strong>Total borrowings</strong></div></td><td><div style="text-align: center">775.30</div></td><td><div style="text-align: center">921.89</div></td></tr><tr><td><div><strong>Total equity</strong></div></td><td><div style="text-align: center">1,059.10</div></td><td><div style="text-align: center">944.59</div></td></tr></tbody></table><p><br>Debt fell ₹146.6 crore in one year, cutting gearing from 44.49% to 36.35%. But ₹278.72 crore of CWIP (largely the stalled Ahmedabad hotel) has sat idle over three years, with its land-allotment deadline already lapsed and an extension still pending.<br><br></p><p><strong>Key Ratio Analysis (Consolidated)<br><br></strong></p><table><thead><tr><th><div style="text-align: center"><strong>Particulars</strong></div></th><th><div style="text-align: center"><strong>FY26</strong></div></th><th><div style="text-align: center"><strong>FY25</strong></div></th></tr></thead><tbody><tr><td><div><strong>Net Profit Margin</strong></div></td><td><div style="text-align: center">13.1%</div></td><td><div style="text-align: center">9.4%</div></td></tr><tr><td><div><strong>Return on Equity</strong></div></td><td><div style="text-align: center">~11.5%</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>P/E</strong></div></td><td><div style="text-align: center">23.5x</div></td><td><div style="text-align: center">31.7x</div></td></tr><tr><td><div><strong>P/B</strong></div></td><td><div style="text-align: center">2.53x</div></td><td><div style="text-align: center">2.83x</div></td></tr><tr><td><div><strong>EV/EBITDA</strong></div></td><td><div style="text-align: center">9.5x</div></td><td><div style="text-align: center">–</div></td></tr><tr><td><div><strong>Debt-to-Equity (approx.)</strong></div></td><td><div style="text-align: center">0.73x</div></td><td><div style="text-align: center">0.98x</div></td></tr></tbody></table><p>At an indicative price of ₹367 (market cap ₹2,794.96 cr), Bharat Hotels trades at the lowest P/E and EV/EBITDA among luxury/upscale peers (Chalet, Ventive, Juniper, EIH) - but also has the lowest net margin in the group. The discount reflects a pending ₹1,063.75 crore NDMC claim on its flagship Delhi property (roughly equal to total equity), a leasehold-heavy asset base, and no daily liquidity as an unlisted stock.</p><p>​</p>

Bharat Hotels Limited – FY26 Results

<p><br></p><p>The Indian government's initiatives in renewable energy have made solar EPC companies some of the most talked about companies in the unlisted stocks market. One of the companies in discussion is Insolare Energy Limited. The following is an analysis of what the company is all about, how its unlisted stock market looks like, and some considerations when investing in the company.<br></p><h2>Who Is Insolare Energy?</h2><p>Started in the year 2009 and located in Ahmedabad, the company named <a target="_blank" href="https://www.planify.in/research-report/insolare-energy/">Insolare Energy</a> is an EPC company that provides services related to solar power projects such as rooftop, ground-mounted, floating solar, and solar parks to C&amp;I clients. In addition, the company has also been exploring in energy storage and green hydrogen.<br><br>Its EPC model is asset-light; it does not own and operate power plants but instead earns income from designing and executing power plant projects for its clients. This implies that the financial performance of the business is determined largely by the size of its order book and its speed and efficiency in execution. It has a presence in 19+ states and has installed over 500 MWp capacity, including an increasing O&amp;M portfolio.<br><br>Key difference: Insolare Energy (which is not publicly held, ISIN INE0TSJ01021) and Insolation Energy Limited (listed, BSE/NSE symbol: INA) are distinct entities. It’s very confusing to distinguish between the two due to the similarity in their name.</p><h2>What the Unlisted-Share Data Shows</h2><p>Numbers from unlisted share websites (they change often and differ by source, hence are only estimates and not precise figures):<br></p><ul><li>Suggested share price: approximately ₹165 per share as of early September 2026, between 52-weeks high/low of approximately ₹165 – ₹205<br></li><li>Face value: ₹2 per share<br></li><li>Income statement turnover: approximately ₹434 crore in FY25<br></li><li>Return on equity: approximately 11.21%<br></li><li>Common minimum number of lots: approximately 1,000 shares<br></li></ul><p>However, here is a warning about these figures: aggregators for unlisted shares use prices from the brokers' desks or OTC deals instead of using the order book of the exchange, and therefore, figures such as market capitalization to revenue ratios might not match between the various platforms. It is always advisable to confirm current figures through a broker.​<br></p><h2>How Buying Unlisted Shares Actually Works</h2><p>Unlisted stocks cannot be purchased from a conventional demat or trading app since these stocks aren’t listed. This is the common procedure on most apps:<br></p><ul><li>Confirm a trade at the agreed trading price with the broker or platform<br></li><li>Make KYC submission of PAN card, CMR, and cancelled cheque<br></li><li>Fund transfer through NEFT/RTGS/IMPS – cash is not accepted<br></li><li>The shares are credited to your demat account, generally within 24 hours of completion of fund transfer<br></li><li>The process for selling stocks works vice versa with the broker or platform as the opposite party</li></ul><p>Lock-in periods are important. Several platforms highlight the fact that in case of an initial public offering by Insolare Energy, stock purchased prior to the IPO would be under a lock-in period of six months following the date of listing.</p><h3>Why the Solar EPC Sector Is Attracting Interest</h3><p>​The following factors make some sense of the investor interest in unlisted solar EPC companies:<br></p><ul><li><strong>Policy push:</strong> India’s renewable energy capacity goals, the PM Surya Ghar program, C&amp;I open-access policy and states’ own solar policies continue to create a larger addressable market for the EPCs.<br></li><li><strong>Corporate decarbonization: </strong>The growing demand by manufacturing and corporate customers on sustainability fronts creates orders for rooftop and utility-scale solar.<br></li><li><strong>Moving to storage &amp; hydrogen: </strong>Companies diversifying themselves into energy storage solutions and green hydrogen are positioning for the next stage of the energy transition, although it is still an unproven revenue stream.</li><li><strong>Pre-IPO investment: </strong>Investors at times look into rapidly growing relevant sectors’ unlisted companies to invest in and gain value before their likely IPO, although there is no assurance that Insolare Energy might go public.</li></ul><h3><strong>Key Risks to Understand Before Investing</strong></h3><p>​<a target="_blank" href="https://www.planify.in/unlisted-shares/">Unlisted shares</a> are structurally distinct from listed stocks, and the dangers are very real:<br></p><ul><li><strong>Illiquidity: </strong>There are no order books for trading. Sale happens through finding a counterparty (usually the same broker that sold you those shares) and negotiating the price.</li><li><strong>Valuation opacity: </strong>Due to lack of disclosure requirements by exchanges, there is heavy reliance on broker's estimates as well as self-disclosures of the companies concerned.</li><li><strong>Listing risk: </strong>Investment in pre-IPO shares involves taking a view that listing will actually happen and will be done in a manner and at a valuation that is assumed by today's valuation of such stocks.</li><li><strong>EPC business-model risk: </strong>The asset-light EPC revenue is lumpy in nature and depends on winning orders, executing them and recovering cash flow - working capital risk is inherent in this model.</li><li><strong>Documentation &amp; regulatory risk: </strong>SEBI KYC requirements apply but the unlisted segment is much less regulated compared to listed one - take care while verifying credentials of your broker and genuineness of share transfers.</li><li><strong>Concentration Risk:</strong> Unlisted investments in solar EPC carries more concentrated policy and commodities risk (module pricing, import duties, etc.) compared to diverse portfolio.</li></ul><h2>Bottom Line</h2><p>Insolare Energy is a company that finds itself in the crossroads of two highly popular investment stories in recent times – solar growth in India and the buying of stocks of companies ahead of their initial public offerings. This may be true, but the important factors that matter to an EPC company like the order book, the execution capabilities, profit margins, and working capital must not be ignored.</p>

EPC company that provides services related to solar power projects such as rooftop, ground-mounted, floating solar, and solar parks to C&I clients.

Insolare Energy Unlisted Shares: A Solar Sector Investment Guide

<p style="text-align: justify">​<br><br>In the case of the delisting of a listed company, the question that comes up in the minds of investors is where their investments go from there. The good thing about the delisting of the stock is that the delisting process does not imply any loss of ownership rights; it just makes it difficult for the investors to sell or buy the stocks through the <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">NSE</a> or BSE platforms.<br><br>The process of delisting implies that the listed stock will become an unlisted stock overnight. After completion of the SEBI delisting process, the shares will no longer appear on the exchanges' order books, price discovery will become very hard, and liquidity will be seriously reduced. The shareholder retains all his rights but faces difficulty in selling his stock since he will have to find the buyer himself.</p><h2 style="text-align: justify">Voluntary vs. Compulsory Delisting</h2><table><tbody><tr><td><div style="text-align: center"><strong>Aspect</strong><br></div></td><td><div style="text-align: center"><strong>Voluntary Delisting</strong><br></div></td><td><div style="text-align: center"><strong>Compulsory Delisting</strong><br></div></td></tr><tr><td><div style="text-align: center">Who initiates<br></div></td><td><div style="text-align: center">Promoter/acquirer, by choice<br></div></td><td><div style="text-align: center">Stock exchange or SEBI, as a penalty<br></div></td></tr><tr><td><div style="text-align: center">Price discovery<br></div></td><td><div style="text-align: center">Reverse book building (shareholders bid an exit price)<br></div></td><td><div style="text-align: center">Independent valuer fixes a fair value<br></div></td></tr><tr><td><div style="text-align: center">Promoter's obligation<br></div></td><td><div style="text-align: center">Must acquire shares at the discovered price if the 90% threshold is met<br></div></td><td><div style="text-align: center">Must acquire public shares within 3 months at the valuer's price​<br></div></td></tr><tr><td><div style="text-align: center">Exit window<br></div></td><td><div style="text-align: center">At least 1 year post-delisting, at the discovered price<br></div></td><td><div style="text-align: center">Similar exit rights, though enforcement can be slower<br></div></td></tr><tr><td><div style="text-align: center">If threshold not met<br></div></td><td><div style="text-align: center">Offer fails; tendered shares are returned, company stays listed<br></div></td><td><div style="text-align: center">Not applicable — compulsory delisting proceeds regardless<br></div></td></tr></tbody></table><p><br></p><h2 style="text-align: justify">How the Two Routes Actually Differ</h2><p style="text-align: justify">A voluntary delisting process, on the contrary, would be relatively favorable for the investors. The corporation conducts a reverse book-building in which the public shareholders offer the price they demand for their departure from the business. In case the promoter fails to get over 90% of the shareholding (inclusive of their own holding), the offer fails, and the corporation continues its listing while the tendered shares are returned. Since a September 2024 SEBI amendment, frequently traded companies also have a second voluntary route available: a fixed price process, where the promoter sets an exit price upfront at a minimum 15% premium to the floor price, instead of leaving price discovery to reverse book building. This gives promoters a faster, more predictable alternative in cases where the stock is liquid enough for the floor price to be a reliable benchmark.</p><p style="text-align: justify"><br>In compulsory delisting, however, the situation differs. It is a process conducted due to the regulatory requirements of the government and is initiated by non-compliance, suspension, or exchange action. Here, an independent valuer fixes the fair value of shares instead of the market value. The promoter is obliged to buy back the public shareholding at such valuation within three months.</p><h3 style="text-align: justify">What This Means for Shareholders</h3><p style="text-align: justify">A few practical points worth flagging for anyone holding shares through a delisting event:<br><br>1. <strong>You don't lose ownership — </strong>shares stay in your demat account and continue to carry dividend and voting rights until you sell them.<br><br>2. <strong>A mandatory exit window applies —</strong> SEBI requires the acquirer to keep the exit offer open for at least one year after delisting, accepting shares at the discovered/fair price even if you missed the initial bidding window.<br><br>3. <strong>Tendering is a taxable sale —</strong> capital gains tax applies when you exit through the delisting offer, with holding-period rules under the Income Tax Act determining whether it's short-term or long-term.<br><br>4. <strong>After the one-year window, liquidity dries up fast —</strong> your only route becomes the over-the-counter (OTC) or unlisted shares market, where pricing is opaque, counterparties are harder to find, and trades can take weeks or months to close.<br><br>5. <strong>Relisting is possible but not immediate —</strong> SEBI mandates a minimum three-year cooling-off period (Regulation 40) before a delisted company can approach the markets again, and any relisting is treated as a fresh IPO-style process.</p><h3 style="text-align: justify">If You Choose to Hold Rather Than Tender</h3><p style="text-align: justify">If you decide not to tender during the exit window — for whatever reason, be it a disagreement regarding valuation or simply being oblivious to the whole process — your shares will not be rendered worthless; however, they will be much more difficult to turn into money. After one year of the mandated waiting period is up, the way of getting rid of your <a target="_blank" href="https://www.planify.in/unlisted-shares/">unlisted shares</a> is a private sale through OTC platforms that specialize in unlisted scrips. Such platforms exist and provide actual buyers' interest; however, price visibility will be considerably reduced from what you had on an exchange, and the settlement time frame will increase tremendously from your usual market sell order.</p><p style="text-align: justify"><br>When assessing the decision to either tender right away, wait through the window period, or just ignore the whole thing, there are usually three main factors that play into the final decision. These factors include your belief about the company's fundamental value (as the promoters often take their companies off listing due to perceived undervaluation), the liquidity premium you are ready to forego, and the tax effectiveness of the exit strategy. Investors believing in the future of a company, especially in the case of a delisting for restructuring or capital reorganization rather than financial distress, tend to lean toward holding on rather than tendering, betting that a future relisting or buyback will fetch a better price than the current exit offer.</p><h2 style="text-align: justify">The Bottom Line</h2><p style="text-align: justify">The delisting process is more of a shift of venue than the end. The money does not evaporate; it just gets shifted from the liquid environment of exchanges to the illiquid environment of private deals, with SEBI rules guaranteeing a safe exit for you.<br></p>

What Happens to Unlisted Shares After a Company Gets Delisted?

Read in-depth articles on unlisted shares, pre-IPO companies and IPOs. Get company results analysis, valuation insights and investor guides on Planify.

Discover. Learn. Stay Ahead.