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BSE, founded in 1875, held the crown as Asia’s oldest exchange, rich in legacy and deeply trusted by generations of investors. For over a century, it ruled the Indian markets, setting benchmarks and shaping the contours of Indian finance.

But the winds began to shift in the early 2000s. NSE, born in 1992 with a technology-first approach, saw an opportunity to redefine the game. It introduced electronic trading, real-time price dissemination, and lower transaction costs, capturing the imagination of retail and institutional investors alike.

Over the last 2 years, this transformation has become starkly visible. NSE's equity and derivatives trading dominance became nearly absolute, with a 99.8% share in equity derivatives and over 94% share in the cash market. It was leading and setting global standards, ranking as the world’s largest derivatives exchange by contracts. An investment in NSE, through unlisted shares or proxies like exchange-traded products, would have yielded exceptional returns, driven by a 47% jump in FY25 PAT, a stellar ROE of 45%, and a consistent EBITDA margin of 74%, showcasing capital efficiency rarely seen in Indian financials.

However, some reasons why investors need to be cautious:

• ​IPO timeline has been pushed further as the SEBI highlighted certain gaps in the latest letter filed by the NSE for the issuance of NOC.
  
• The shareholding pattern as of 31st March 2025 shows an overall increase in the Public holdings by 7.8% major increase in holdings by AIFs(5.11%), and Resident Individuals(5.87%), and a sell-off by Non-public FDIs and FPIs worth 6% and 5% respectively, which indicates a shift towards increased public holdings.
  
• NSE's Q4 FY25 results show a sequential decline compared to Q3 FY25 in key trading metrics and associated revenue. Average Daily Volumes (ADVs) in the Cash Market declined by 8% Q-o-Q, Equity Futures ADTV declined by 6% Q-o-Q, and Equity Options (Premium Value) ADTV declined by 17% Q-o-Q in Q4 FY25. This led to a sequential decline in Transaction Charges (down 15% Q-o-Q) compared to BSE’s, transaction charges up by ~20% Q-o-Q.
  

Infomerics Ratings Update: 10-March-2025​

Financial Highlights

• Ratings Upgradation: CRISIL rating upgraded from BBB– to BBB, mirrored by Infomerics, bolstering financial flexibility.
  

Operational Highlights

• Heavy Structure Mill Expansion (March 2024): Successfully commissioned production at their new Heavy Structure Mill, focused on large-size structural steel sections. Increasing the total premise to 4 acres, with Unit 1 having been operational since 2018 on 2 acres.
• Enhanced Product Capacity: Added manufacturing capability for large steel sections—100–200 mm angles, channels, flats, rounds.

• Solar Captive Power Plant (April 2025): Secured land for a 3 MW solar installation, EPC work is in progress, with commissioning slated for September 2025 to reduce energy costs, boost uptime, and meet ESG objectives.

Future Outlook

• Order Book: ₹200 Cr+ confirmed, ensuring strong revenue visibility for FY26 and beyond.

• Engineering Integration: Actively progressing on Full merger of the engineering arm into core structural steel operations to unlock operational synergies and enhance efficiencies.

• Galvanising Unit: Preparing to launch a Galvanising Unit as part of their post-integration strategy. This will position them to offer end-to-end structural steel solutions and support margin improvement.

• Solar Commissioning: September 2025 target for captive power to stabilise energy costs.

Warren Buffett, after six decades as CEO, will step down from his role at Berkshire Hathaway by the end of 2025 but will continue to serve as chairman. The board of directors has officially approved Greg Abel, the current Vice Chairman overseeing non-insurance operations, as Buffett's successor in the CEO role.

Warren Buffett has been the guiding force behind Berkshire Hathaway, transforming it from a struggling textile company into a sprawling multinational holding company with interests spanning insurance, energy, railroads, and consumer goods. 

Buffett turned a failing textile mill into an $860 billion empire, with iconic stakes in Apple, Coca-Cola, and American Express.

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55 years at the helm - the longest-serving CEO in S&P 500 history.

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• Over his 60-year tenure at Berkshire Hathaway, Warren Buffett, now at age of 94, has achieved a remarkable total return of 5,502,284% from 1964 through the end of 2024, averaging an annual return of 19.9%. ​

• Berkshire Hathaway's Class A shares have risen approximately 19% year-to-date, trading near all-time highs at $809,000.
  
  
• His astute investment strategies, grounded in value investing principles and a long-term perspective, have not only delivered exceptional returns for shareholders but have also shaped the very landscape of modern finance.​

• Buffett's folksy wisdom, delivered through his annual letters and public appearances, has garnered him a cult-like following and cemented his status as one of the most respected figures in the world.​

• Buffett’s recent shareholder remarks reaffirmed his optimism about the U.S. economy and criticized tariffs as disruptive, emphasizing that trade should foster shared prosperity, not conflict. Warren Buffett has openly criticized tariff policies, calling trade "not a weapon" and emphasizing that balanced global trade benefits everyone.

1. Increase in Inter-Corporate Investment Limit

• The company seeks shareholder approval to increase its investment limit in other companies up to ₹1,000 crore under Section 186 of the Companies Act, 2013.

• Purpose: To support future strategic investments and business growth.

• This replaces earlier resolutions and authorizes the Board (or committee) to execute this as required.

2. Raising Funds via Convertible Unsecured Loan

• Approval is sought to raise up to ₹500 crore as unsecured loans from directors (Mr. Eswara Rao Nandam and Mrs. Uma Nandam).

• These loans come with an option for conversion into equity shares, subject to certain conditions:

  • Conversion at lender’s discretion (especially in case of repayment default)

  • Shares to be allotted at a price decided at the time of conversion, complying with legal provisions

  • Converted equity shares will rank pari-passu with existing shares

🗓️ Meeting Details

• Date: Friday, 30th May 2025

• Time: 3:00 PM IST

• Mode: Video Conferencing (VC) / Other Audio-Visual Means (OAVM)

• E-voting: Available from 27th May (9:00 AM) to 29th May 2025 (5:00 PM)

Despite market volatility in early 2025, certain industries within India's SME sector have demonstrated remarkable resilience and growth. Notably, the engineering-construction, consumer food, and IT-software sectors have consistently outperformed, attracting significant investor interest. 

For instance, Desco Infratech Limited, operating in the engineering-construction domain, listed on April 1, 2025, and witnessed a strong listing day performance. Similarly, Shri Ahimsa Naturals Limited, a player in the consumer food industry, also debuted on April 1, 2025, with positive market reception. 

• TAC Infosec gained 993%, Identixweb Limited, representing the IT-software sector, listed on April 3, 2025, and showcased promising results, underscoring the sector's robust potential.
  
  
• Reflecting on 2024, the SME IPO landscape was equally vibrant. Companies like Refractory Shapes Ltd. achieved a staggering listing gain of 351.29%, while Divine Power Energy Ltd. offered gains of 226.63%.
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• HOAC Foods India Ltd. also made a notable entry, listing at ₹156, marking a 225% gain. These performances highlight the dynamic nature of the SME sector, with specific industries consistently delivering substantial returns. Investors and stakeholders should closely monitor these trends to capitalize on emerging opportunities within the SME space.

Financial Performance (Q4FY25 vs Q4FY24): In Q4FY25, Hero FinCorp reported a 10.5% YoY increase in total income to ₹2,518 Cr, up from ₹2,280 Cr in Q4FY24, driven primarily by higher revenue from operations. However, profitability deteriorated sharply, with Profit Before Tax (PBT) falling 63.0% to ₹81 Cr from ₹219 Cr, indicating significantly reduced operational leverage. Profit After Tax (PAT) dropped 69.7% to ₹41 Cr from ₹135 Cr, mainly due to increased finance costs and higher impairment charges on financial instruments. Correspondingly, Earnings Per Share (EPS) declined to ₹3.2 from ₹10.6.

Financial Performance (FY25 vs FY24): Hero FinCorp posted a strong 18.5% YoY growth in total income to ₹9,903 Cr in FY25, up from ₹8,360 Cr, supported by rising interest income, gains on financial instruments, and other fee-based revenues. However, this revenue growth did not translate into profitability. PBT declined sharply by 73.3% to ₹256 Cr from ₹961 Cr, largely due to higher borrowing costs and elevated credit provisions. As a result, PAT contracted 82.7% to ₹110 Cr, compared to ₹637 Cr in FY24. EPS stood at ₹8.6, significantly lower than ₹50.0 in the previous year, reflecting a steep erosion in bottom-line performance.

Operational Metrics (FY25 vs FY24): The net profit margin dropped to 4.5% in FY25, from 11.8% in FY24, underscoring cost and efficiency pressures. Gross NPA (GNPA) rose to 5.05% from 4.35%, indicating worsening asset quality. Similarly, Net NPA increased to 2.30% from 2.07%, raising asset quality concerns. The Provision Coverage Ratio (PCR) remained healthy at 55.8%, offering a cushion against potential stress. The loan book grew by 7.9% to ₹53,815 Cr, up from ₹49,880 Cr, reflecting moderate growth in disbursements. Total assets increased 12.9% YoY to ₹60,042 Cr, while total equity marginally declined to ₹5,761 Cr from ₹5,772 Cr, owing to lower retained earnings.

Strategic Developments: FY25 proved to be a challenging year for Hero FinCorp. Although the company grew its total assets and loan book, it struggled to keep profits and loan quality strong. Higher borrowing costs and more money set aside for bad loans reduced overall profits. The increase in bad loans (NPAs) shows that the company may need to improve how it checks borrowers and recovers dues. Still, Hero FinCorp continued to set aside enough funds to cover potential loan losses and kept its lending growth steady. Going forward, the company will likely need to focus more on cutting costs, managing risks better, and improving loan repayments.

Financial highlights:National Stock Exchange (NSE) showcased a strong financial and operational performance in FY25, underpinned by its diversified business model. Consolidated total income rose 17% YoY to ₹19,177 crore, driven by a 16% increase in revenue from operations and a 23% rise in other income. Operating EBITDA grew 28% YoY to ₹12,647 crore with a robust margin of 74%. Profit After Tax surged 47% to ₹12,188 crore, reflecting gains from discontinued operations and investment divestitures. Despite Q4 headwinds with a 13% YoY revenue decline, the full-year performance demonstrated resilience across core trading, listing, and data services.

Operational Developments: Operationally, NSE retained its leadership with 94.6% market share in the cash market and 99.9% in equity futures, while derivative volumes continued to dominate globally. Passive investing gained further traction, with 73% of total industry AUM in equity and debt linked to Nifty indices. However, Q4 FY25 saw pressure from subdued market activity, with transaction charges down 15% QoQ and trading volumes in equity options and currency derivatives falling 17% and 22% QoQ, respectively. Still, segments like data center services (+30% YoY) and index licensing (+23% YoY) showed promising growth, reflecting diversification benefits.

Future Outlook: Looking ahead, NSE’s strategic focus on expanding its clearing and settlement services, tech infrastructure, and passive investment products positions it well for long-term growth. Investments in market education (14,670 investor programs), technology (₹1,012 crore in FY25), and a solid ₹12,083 crore core SGF corpus underscore its commitment to market stability. The exchange’s strong financial health, demonstrated by 45% ROE, ₹122.64 book value/share, consistent cash flow, and regulatory and digital transformation tailwinds, supports a positive outlook, barring short-term volume volatility.

Notice of Postal Ballot:

Voting Starts on: Tuesday, May 06, 2025 at 9.00 A.M. (IST)

Voting Ends on: Wednesday, June 04, 2025 at 5.00 P.M. (IST)

This is to inform all shareholders that a resolution is proposed to be passed by the equity shareholders of the company through postal ballot only by way of a remote e-voting process. Instructions for remote e-voting will be sent through electronic mode to those members whose email addresses are registered with the registrar and transfer agent.

Description of the Resolution:

• Appointment of Shri.A.Shidambaranathan (DIN: 02904738) as a Non-Executive Independent Director of the Bank

Remote e-voting Instructions at glance

The Board of Directors have appointed Shri.M.Alagar, (Membership No. 7488) (CP No. 8196), partner of M/s.M.Alagar & Associates, Practicing Company Secretaries to act as the scrutinizer, for conducting the Postal Ballot process in a fair and transparent manner.

The resolution, if passed by requisite majority by remote e-voting, shall be deemed to have been passed on the last date of e-voting i.e., Wednesday, June 04, 2025. The results of e-voting will be announced on or before Friday, June 06, 2025, and will be displayed on the Bank’s website www.tmb.in under ‘Investors Relations’ section and on the website of the NSDL i.e., www.evoting.nsdl.com. The results will simultaneously be communicated to the Stock Exchanges i.e., BSE Limited and National Stock Exchange of India Limited.

In a significant move underscoring corporate governance and regulatory compliance, Vijay Shekhar Sharma, the founder and CEO of Paytm, has voluntarily surrendered 21 million employee stock options (ESOPs) valued at approximately ₹1,800 crore. 

• This decision comes in the wake of scrutiny from the Securities and Exchange Board of India (SEBI) regarding the allocation of ESOPs to major shareholders, which is restricted under Indian regulations.

• However, this technical reclassification triggered regulatory questions from SEBI regarding the legitimacy of ESOP allocations to someone with promoter influence. In response to these concerns and the ensuing show-cause notices, Sharma chose to voluntarily surrender his 21 million ESOPs. 

• Following this, however, sentiment stabilized, with shares closing up almost 3% on the day of the formal announcement—an implicit acknowledgment that investors appreciated the clarity and finality a settlement brings, and recognized the founder’s willingness to absorb personal losses in the interest of restoring trust.

Oravel Stays Ltd. will convene its 1st Extraordinary General Meeting (EGM) for FY26 through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) on Thursday, May 22, 2025, at 5:00 PM IST, to consider and transact the following special business matters:

Special Business(es):

• Appointment of Mr. Ankit Tandon as the Manager of the Company for a term of five years effective from January 1, 2025.
• Amendment of the Articles of Association of the Company by adopting a revised and restated set of Articles.
• To propose and allot equity shares through a private placement:
  
  • Issuance and allotment of up to 28,58,082 equity shares of face value Rs. 1/- each at an issue price of Rs. 57.09/-, aggregating up to Rs. 16,31,67,902, on a private placement basis to the shareholders of Key Flickers Pty. Ltd., Unit 3, 55 Pyrmont Bridge Road, Pyrmont NSW 2009, Australia, for consideration other than cash as part of the acquisition consideration under the share purchase agreement between the Company and the shareholders of the Target Company.
    

The Company has fixed Thursday, May 15, 2025 as the cut-off date for determining the eligibility of members to vote at the EGM. The remote e-voting period will commence on Monday, May 19, 2025 at 9:00 AM (IST) and will conclude on Wednesday, May 21, 2025 at 5:00 PM (IST).

Ather Energy’s IPO isn’t just about raising capital – it could be a milestone moment for India’s EV ecosystem as its Founders and early investors are set to see windfall gains from this listing. 

• While the company is yet to turn profitable, the IPO has turned into a golden exit for early believers — from marquee VCs like Tiger Global to IITM Incubation Cell. Founders Tarun Mehta and Swapnil Jain are cashing out a total of 19.6 lakh shares between them – 9.8 lakh each. With a weighted average acquisition cost of just Rs 21.09 per share, the duo is looking at over 15x returns.

• Founded in 2013, the Bengaluru-based Ather Energy designs and manufactures electric scooters along with supporting infrastructure such as charging networks and smart software solutions, positioning itself as more than just a vehicle maker but a comprehensive mobility solutions provider. 

• The upcoming IPO aims to fund Ather's expansion plans, including setting up a new manufacturing facility, research and development, and debt repayment. Notably, major shareholder Hero MotoCorp, holding around a 40% stake, will not be selling any shares in this offering.

• Ather's decision to proceed with the IPO at a reduced valuation of ~ $1.4 billion, down from an earlier target of $2.5 billion, reflects a strategic move to attract investors amid market volatility. The company has also reduced the fresh share issuance by 15%, and key investors like GIC and Tiger Global have halved their share offerings. 
  

• The proposed initial public offering (IPO) of  Ather Energy comprises a fresh issue of equity shares aggregating to ₹2,626 crore, in addition to an offer for sale (OFS) of 1.1 crore equity shares by existing promoters and shareholders. Participants in the OFS include current investors such as the National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd, IITM Incubation Cell, IITMS Rural Technology and Business Incubator, as well as promoters Mr. Tarun Sanjay Mehta and Mr. Swapnil Babanlal Jain, who will be divesting part of their holdings.
  
  
• Proceeds from the IPO will be allocated as follows:₹927.2 crore towards the establishment of a manufacturing facility for electric two-wheelers in Maharashtra, ₹40 crore for debt repayment, ₹750 crore for investment in research and development initiatives, and ₹300 crore for marketing and promotional activities. These allocations are scheduled to be utilised over the fiscal years 2026 through 2028.
  
  
• Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are acting as the book running lead managers for the offering. Link Intime India Private Limited has been appointed as the registrar to the issue.

Did you hear the headlines about the SME stock that got listed  just nine months ago and delivered stunning ~260% returns  - a multi-bagger? 

The stock we’re talking about is Sathlokhar Synergy's E&C Global Limited, listed on the NSE SME platform in August 2024. Since then, it has delivered a stunning ~260% return to its IPO investors from the listing price. The company's SME issue, opened on July 30, 2024 and closed on August 2, 2024, was priced at ₹140 per share and witnessed a phenomenal demand. The current market price of the stock is  ₹505 per share. It’s just one example of how SME IPO’s no longer fly under the radar.

The year 2024 was historic for the Indian IPO market, with 91 companies launching mainboard IPO’s and collectively raising Rs 1.6 lakh crore. 

But 2025 hasn’t carried the same momentum.

The year 2025 started strong for SME IPO’s. In January and February alone, 20 SME companies launched their IPO’s. Investors were excited, and many of these IPO’s saw high demand.

But by March, the pace slowed down. Only 6 SME IPOs came to the market that month, raising around ₹170 crore. Even with the slowdown, SME’s raised nearly ₹1,980 crore in the first three months of the year. 

Market volatility has led to a slowdown in IPO activity. According to Prime Database, 26 domestic companies that have received SEBI approval are yet to enter the primary market in the first six months of the current financial year. These companies aim to raise Rs 72,000 crore through IPOs.

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So, we looked at the most valued SME IPO’s between January and March 2025, and broke them down into three categories:

• The ones that saw massive investor demand (highest subscription),

• The ones that give investors strong returns (post-listing performance),

• The ones that commanded premium valuations (high P/E multiples).

Disclaimer:   High subscription doesn’t always mean high returns. And a high P/E doesn’t guarantee strong fundamentals. But put together, they offer a powerful view of what investors are chasing — growth, momentum, or value.

• Financial Performance (Q4FY25 vs Q4FY24): In the fourth quarter of FY25, HDFC Securities reported a drop in total income, which fell by 13.9% to ₹742 Cr from ₹862 Cr in the same quarter last year. This was mainly due to lower earnings from fees and commissions. The company's Profit Before Tax (PBT) was ₹332 Cr, down 21.7% from ₹423 Cr in Q4 FY24. Profit After Tax (PAT) also declined by 21.0%, reaching ₹251 Cr compared to ₹318 Cr a year ago. Earnings per share (EPS) dropped by 29.2% to ₹141.3 from ₹199.6, mainly because of the profit dip and increase in number of shares due to employee stock options.
• Financial Performance (FY25 vs FY24): Despite a weaker Q4, the company did well overall in FY25. Total income for the year grew by 22.7%, reaching ₹3,265 Cr, up from ₹2,661 Cr in FY24. This was supported by higher interest income and better gains from financial assets. Profit Before Tax (PBT) for the year was ₹1,496 Cr, a 17.7% increase from ₹1,271 Cr last year. Net profit (PAT) also grew by 18.3%, reaching ₹1,125 Cr from ₹951 Cr. EPS for the full year rose by 6.8%, from ₹597.4 to ₹637.8, showing stable earnings despite more shares being issued.
• Operational Metrics (FY25 vs FY24): The company’s profit margins declined in Q4. Net profit margin dropped sharply to 8% in Q4 FY25 from 37% in Q4 FY24, mainly due to lower revenue and relatively higher costs. Operating margin also fell slightly to 46% from 49%, indicating some pressure on operating efficiency. For the full year FY25, margins were more stable. The net profit margin was 34%, compared to 36% in FY24, showing only a slight dip despite higher employee and finance costs. Operating margin remained steady at 46%, reflecting strong cost control and consistent operating performance throughout the year. Additionally, the company significantly improved its balance sheet strength by reducing its debt-to-equity ratio from 4.70x to 2.37x. This means the business is now relying more on its own funds and much less on borrowed money, which is a positive sign of financial discipline and lower risk.
• Strategic Developments: In FY25, HDFC Securities took some important steps to grow its business. The company launched its wholly-owned subsidiary HDFC Securities IFSC Ltd in GIFT City, enhancing its global capabilities. It also granted 3.34 lakh ESOPs and allotted 1.19 lakh equity shares under stock options, supporting employee retention and motivation. The company paid four interim dividends totaling ₹89.8 Cr during the year, underlining its commitment to shareholder returns. Moreover, the securities premium rose significantly from ₹235.2 Cr to ₹1,319.2 Cr YoY, indicating strong capital inflows. The company also managed ₹38,422 Cr in commercial paper issuances and redeemed ₹40,250 Cr, showcasing active liquidity and treasury management.
  

Financial Performance: As of FY24, Ikeda Limited showcased a sharp financial upturn, underpinned by robust topline growth and improving profitability. Revenue from operations surged nearly 2x from ₹25.11 Cr in FY23 to ₹50.39 Cr in FY24 (annualized trend), reflecting the company’s successful customer acquisition and growing traction in digital financial services. The company turned the corner on profitability, with PAT margins reaching 8% and Return on Capital Employed (ROCE) standing at 24%, indicating efficient asset utilization. The EBITDA margin also saw an expansion, suggesting better cost controls and operating leverage.

Operational developments: Operationally, Ikeda transformed its business model into a scalable fintech platform delivering services like AePS, micro-ATMs, money transfers, and bill payments through its “FINKEDA” app. The backend is driven by Aadhaar-enabled biometric authentication and API integrations with banks and UPI systems. The retailer-led distribution network enables a wide rural and semi-urban reach. During FY24, the company fortified its leadership bandwidth, inducted a professional CFO, expanded the Board with independent directors, and initiated partnerships with regulated entities like Paytm Payments Bank to comply with RBI norms and enhance transaction capabilities. Furthermore, positive cash flows from operations in Q1 FY25 highlight improved working capital discipline and greater monetization of services.

Future Outlook: Looking forward, Ikeda plans to leverage IPO proceeds to deepen tech infrastructure, enhance cybersecurity, and scale distribution in Tier 2–3 cities. With India’s fintech ecosystem expected to surpass $150 billion by FY25, Ikeda is strategically positioned to capitalize on the rising demand for real-time, low-cost financial services. However, competitive intensity, regulatory risks, and cybersecurity challenges warrant continuous investment in compliance, innovation, and data protection. Sustainable value creation will depend on Ikeda’s ability to drive user engagement, maintain retailer trust, and build differentiated service offerings amidst rapid digital transformation. The strategic blend of technology, distribution, and financial prudence will determine its trajectory in India’s evolving fintech landscape.