Blogs, insights, guides and videos on India's unlisted market — all in one place.
<p>In this video, we break down the complete 5-year price journey of Chennai Super Kings (CSK) unlisted shares from ₹70 levels in 2021 to around ₹260 in 2026. Understand the real story behind the rally, key phases like accumulation, breakout, consolidation, and what drove the massive valuation jump. </p>
<p>NCL Buildtek Ltd, part of the ₹3,000+ crore NCL Group, operates across windows, coatings, wall solutions, and services. The company continues to position itself as an integrated building materials player with a strong presence in CCGI technology and international collaborations.</p> <h2>9M FY26: Steady Growth, Softer Margins</h2> <h3>Revenue Performance</h3> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1771308940.jpg" alt="" width="50%" /></p> <p>Revenue from operations stood at ₹316 Cr in 9M FY26, compared to ₹289 in 9M FY25 — marking a ~9% year-on-year growth.</p> <p>Including other income of ₹3 Cr, total income came in at ₹319 Cr versus ₹290 Cr in the previous year.</p> <p>Topline growth remained stable, but profitability metrics reflected pressure.</p> <h2>Revenue Mix – Segment Contribution (9M FY26 vs 9M FY25)</h2> <p>Total Revenue: ₹316 Cr vs ₹289 Cr in 9M FY25</p> <ul data-spread="false"> <li> <p><strong>Windows:</strong> ₹163 Cr (~52%) vs ₹141 Cr (~49%)</p> </li> <li> <p><strong>Coatings:</strong> ₹79 Cr (~25%) vs ₹70 Cr (~24%)</p> </li> <li> <p><strong>Walls:</strong> ₹74 Cr (~23%) vs ₹77 Cr (~27%)</p> </li> <li> <p><strong>Services:</strong> ₹1 Cr (~0.3%) vs ₹2 =Cr (~0.6%)</p> </li> </ul> <h3>What This Means</h3> <p>The Windows segment continues to dominate the revenue mix, contributing more than half of total sales. Coatings and Walls together form nearly 48% of the business, providing diversification. Services remain insignificant in overall contribution.</p> <h2>Profitability Snapshot</h2> <h3><strong>Profitability Trends</strong></h3> <ul data-spread="false"> <li> <p><strong>PAT and Margins:</strong> Profit After Tax experienced a significant decline, dropping from <strong>32 Cr</strong> to <strong>4.3 Cr</strong>. Consequently, PAT Margins contracted sharply from <strong>11%</strong> to <strong>1%</strong>.</p> </li> <li> <p><strong>PBT Performance:</strong> Profit Before Tax decreased substantially from <strong>44 Cr</strong> (which was boosted by exceptional items in 9M FY 25) to <strong>6 Cr</strong> in 9M FY 26.</p> </li> <li> <p><strong>Cash Profit:</strong> Cash Profitability also saw a downturn, falling from <strong>53 Cr</strong> to <strong>16 Cr</strong>..</p> </li> </ul> <h2>Why Did Profits Fall Sharply?</h2> <p>The sharp fall in PBT and PAT is primarily attributable to the high base of exceptional income recorded in 9M FY25.</p> <p>During the previous year, the company booked one-time gains from the sale of its investment in NCL Veka, which materially inflated reported profitability.</p> <p>In 9M FY26, earnings reflect core operating performance without any such non-recurring support.</p> <p><strong>Revenue Growth</strong></p> <ul data-spread="false"> <li> <p>Revenue from Operations increased from <strong>289 Cr</strong> to <strong>316 Cr</strong>, indicating steady topline expansion.</p> </li> <li> <p>Total Income rose from <strong>290 Cr</strong> to <strong>319 Cr</strong>, supported by modest growth in other income.</p> </li> </ul> <h3><strong>Input Cost Pressure Weighs on Margins</strong></h3> <ul data-spread="false"> <li> <p><strong>Cost of Material</strong> rose sharply from <strong>156 Cr</strong> to <strong>187 Cr</strong>, outpacing revenue growth and compressing operating margins.</p> </li> <li> <p>Total Expenses increased from <strong>285 Cr</strong> in 9M FY25 to <strong>314 Cr</strong> in 9M FY26, largely driven by higher raw material costs.</p> </li> </ul> <h2>Operating Reality</h2> <p>Even at the operating level, EBITDA declined slightly from ₹23 Cr to ₹21 Cr, and margins compressed from 8% to 7%.</p> <p>This suggests:</p> <ul data-spread="false"> <li> <p>Higher cost pressures</p> </li> <li> <p>Limited operating leverage</p> </li> <li> <p>Tight pricing environment in building materials</p> </li> </ul> <p>PAT margin at 1% highlights a thin earnings profile typical of competitive manufacturing businesses.</p> <h2>Financial Positioning Summary</h2> <p>✔ Revenue growth sustained (~9%)</p> <p>✔ Windows remains the anchor segment</p> <p>✔ Margins under slight pressure</p> <p>✔ No exceptional income support in FY26</p> <p>✔ Earnings reflect normalized operations</p> <h2>UnlistedZone Takeaway</h2> <p>NCL Buildtek’s 9M FY26 performance shows steady topline growth but compressed profitability. The absence of last year’s exceptional gain provides a cleaner picture of operational strength.</p> <p>Going ahead, margin expansion in the Windows segment and cost efficiency across coatings and walls will be critical for meaningful earnings growth.</p> <p>The business remains stable, but structural margin improvement will determine the next phase of value creation.</p>
<p>India’s leading commodity exchange is preparing for its biggest pivot yet.</p> <p>On 13th February 2026, NCDEX announced a long-term technology partnership with Tata Consultancy Services (TCS) as it gears up to enter the equity and equity derivatives segment — marking a strategic shift from being largely commodity-focused to becoming a multi-segment exchange.</p> <p>This isn’t a short-term experiment. It’s a 10-year technology alliance.</p> <h2>What’s Happening?</h2> <p>NCDEX has selected TCS after a four-month global evaluation process involving functional, technical, and governance assessments reviewed by Board-appointed committees.</p> <p>Under this agreement:</p> <ul data-spread="false"> <li> <p>TCS will deploy an enterprise-grade equity trading platform</p> </li> <li> <p>The system will support equity and equity derivatives</p> </li> <li> <p>The platform will be licensed for 10 years post go-live</p> </li> <li> <p>Architecture will focus on ultra-high performance and low latency</p> </li> </ul> <p>The stated vision: “Equity for Bharat.”</p> <h2>Why Is This a Big Deal?</h2> <p>NCDEX was established in 2003 and is known primarily as a SEBI-regulated commodity exchange, especially in agricultural products.</p> <p>By entering equities, it will move closer to competing with dominant players in India’s stock market infrastructure.</p> <p>This isn’t just expansion. It’s repositioning.</p> <p>Instead of being a niche commodity exchange, NCDEX aims to become a full-fledged multi-asset exchange, targeting:</p> <ul data-spread="false"> <li> <p>Retail investors</p> </li> <li> <p>Rural and semi-urban participants</p> </li> <li> <p>New-to-market households</p> </li> <li> <p>Derivatives traders</p> </li> </ul> <h2>What Will TCS Actually Build?</h2> <p>TCS will deploy a next-generation trading infrastructure powered by:</p> <ul data-spread="false"> <li> <p>TCS BaNCS</p> </li> <li> <p>Quartz platform</p> </li> <li> <p>World-class partner trading solutions</p> </li> </ul> <p>The platform promises:</p> <ul data-spread="false"> <li> <p>Multi-asset class support</p> </li> <li> <p>High throughput capacity</p> </li> <li> <p>Ultra-low latency</p> </li> <li> <p>Embedded regulatory compliance</p> </li> <li> <p>Scalable architecture for future growth</p> </li> </ul> <p>In simpler terms — this is infrastructure built to handle serious volume.</p> <h2>Why Technology Matters So Much in Exchanges</h2> <p>In stock exchanges, speed isn’t a luxury — it’s survival.</p> <ul data-spread="false"> <li> <p>Millisecond delays can cost traders money</p> </li> <li> <p>Surveillance systems must detect manipulation instantly</p> </li> <li> <p>Systems must scale without crashing during volatility</p> </li> </ul> <p>If NCDEX wants to attract serious liquidity in equities, its tech stack must match global standards. This partnership ensures that.</p> <h2>The Strategic Angle: “Equity for Bharat”</h2> <p>NCDEX’s differentiation strategy is clear:</p> <p>Instead of fighting only for urban traders, it plans to leverage:</p> <ul data-spread="false"> <li> <p>Its strong rural footprint</p> </li> <li> <p>Agricultural ecosystem linkages</p> </li> <li> <p>Financial literacy initiatives</p> </li> <li> <p>Integrated subsidiaries including clearing, repository, spot trading, and research arms</p> </li> </ul> <p>The ambition is to channel household savings from India’s hinterland into regulated equity markets.</p> <p>If executed well, this could widen market participation beyond metro cities.</p> <h2>About the Tech Partner</h2> <p>TCS is one of India’s largest IT services companies:</p> <ul data-spread="false"> <li> <p>Founded in 1968</p> </li> <li> <p>Part of the Tata Group</p> </li> <li> <p>5,80,000+ employees</p> </li> <li> <p>Presence in 55 countries</p> </li> <li> <p>FY25 revenue: $30+ billion</p> </li> </ul> <p>It has deep experience in market infrastructure technology, making it a logical choice for mission-critical exchange systems.</p> <h2>What Could This Mean for the Indian Market?</h2> <p>If NCDEX successfully launches equities:</p> <ul data-spread="false"> <li> <p>Competition among exchanges could increase</p> </li> <li> <p>Fee structures may evolve</p> </li> <li> <p>Product innovation may accelerate</p> </li> <li> <p>Rural investor onboarding could deepen</p> </li> </ul> <p>However, success depends on:</p> <ul data-spread="false"> <li> <p>Liquidity capture</p> </li> <li> <p>Broker participation</p> </li> <li> <p>Regulatory alignment</p> </li> <li> <p>Seamless go-live execution</p> </li> </ul> <h2>UnlistedZone-Style Takeaway</h2> <p>NCDEX isn’t just upgrading its tech. It’s upgrading its identity.</p> <p>From being India’s leading agri-commodity exchange, it now wants to become a multi-asset powerhouse under the banner of “Equity for Bharat.”</p> <p>The 10-year partnership with TCS signals seriousness.</p> <p>Now the real test begins — execution, liquidity, and investor adoption.</p> <p>If NCDEX pulls this off, India’s exchange landscape may quietly become a lot more competitive.</p> <p> </p>
<p>Midland Microfin Limited operates at the core of India’s rural financial inclusion ecosystem, delivering small-ticket credit solutions to underserved communities. The company currently serves over 10.78 lakh beneficiaries across 1,05,351 villages in 16 states and 2 Union Territories, supported by 618 branches and a loan portfolio exceeding ₹2,000 crore.</p> <p>Despite its expanding footprint and stable operational metrics, profitability declined sharply in 9M FY26, with earnings reducing by nearly half year-on-year.</p> <h2>A) Business Model: Diversified Rural Lending Platform</h2> <p>Midland’s strategy centers on livelihood financing and inclusive growth through a combination of direct lending and Business Correspondent (BC) partnerships. This structure enables geographic expansion while maintaining a relatively capital-efficient model.</p> <h3>Product Portfolio Overview</h3> <ul data-spread="true"> <li> <p><strong>Livelihood & Business Loans:</strong> ₹11K–1.5L (12–36 months)<br />Targeted at micro-entrepreneurs and rural women-led enterprises.</p> </li> <li> <p><strong>Social & Sanitation Loans:</strong> ₹715–30K (2–18 months)<br />Designed to support essential needs including clean energy, sanitation, and community welfare.</p> </li> <li> <p><strong>Ajeevika (NSFDC) Loans:</strong> ₹11K–60K (24 months)<br />Focused on income generation for SC/ST and backward class beneficiaries.</p> </li> <li> <p><strong>Education Loans:</strong> ₹11K–80K (12–36 months)<br />Supporting post-secondary and higher education requirements.</p> </li> <li> <p><strong>BC Products (ICICI, SIDBI):</strong> ₹11K–1.5L (24 months)<br />Delivered through institutional partnerships to enhance reach.</p> </li> <li> <p><strong>Dairy Loans:</strong> ₹75K–1.5L (24 months, insured)<br />Facilitating asset-backed rural income generation.</p> </li> </ul> <p>This diversified product mix reduces concentration risk while reinforcing Midland’s rural development positioning.</p> <h2>B) Financial Performance: 9M FY26 vs 9M FY25</h2> <h2>Income Statement Overview</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770960739.jpg" alt="" width="50%" /></p> <p>While overall revenue remained broadly stable, margin compression and elevated costs materially impacted profitability.</p> <h2>C) Drivers of Profit Decline</h2> <h3>1. Portfolio Growth with Margin Compression</h3> <p>The loan book expanded from ₹2,221 crore in 9M FY25 to ₹2,403 crore in 9M FY26, reflecting approximately 8% growth. However, Net Interest Margin declined from 10.81% to 9.99%, indicating pressure on lending spreads despite portfolio expansion. Yield compression appears to have offset the benefits of balance sheet growth.</p> <h2>2. Operating Cost Escalation</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770960817.jpg" alt="" width="50%" /></p> <p>Operating expenses increased significantly, primarily driven by workforce expansion, branch scaling, and associated administrative costs. The anticipated operating leverage from scale has yet to fully materialize.</p> <h2>3. Higher Provisioning Despite Stable Asset Quality</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770960844.jpg" alt="" width="50%" /></p> <p>Asset quality indicators remained stable year-on-year. Nevertheless, provisions increased to ₹70 crore, reflecting either a more conservative stance or precautionary buffers amid sector-wide uncertainties.</p> <h2>D) Valuation Overview Unlisted Market</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1770960899.jpg" alt="" width="50%" /></p> <p>At 1.5x book value, Midland trades at a moderate valuation relative to the sector. While the franchise demonstrates steady portfolio growth and stable asset quality, earnings recovery will depend on margin stabilization and improved cost efficiencies going forward.</p> <h3>UnlistedZone Takeaway</h3> <p>Midland Microfin reflects a business where operational stability coexists with earnings pressure. The platform remains structurally sound, but near-term profitability has weakened due to margin compression and cost escalation.</p> <p><strong>Key Positives:</strong></p> <ul data-spread="false"> <li> <p>Continued loan book expansion</p> </li> <li> <p>Stable GNPA and NNPA levels</p> </li> <li> <p>Strong institutional partnerships (ICICI, SIDBI, NSFDC)</p> </li> <li> <p>Moderate valuation at 1.5x book</p> </li> </ul> <p><strong>Key Monitorables:</strong></p> <ul data-spread="false"> <li> <p>Stabilization in Net Interest Margins (NIM)</p> </li> <li> <p>Control over operating expense growth</p> </li> <li> <p>Disciplined and calibrated provisioning</p> </li> </ul> <p>If spreads normalize and operating leverage begins to reflect scale benefits, profitability recovery could be meaningful. Until then, Midland remains a fundamentally stable yet margin-pressured rural lending play, where execution over the next few quarters will determine earnings trajectory.</p>
<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander"><span id="snippet-text" class="style-scope ytd-text-inline-expander"><span id="plain-snippet-text" class="style-scope ytd-text-inline-expander">Midland Microfin’s Q3 FY26 shows improved profitability and stable asset quality, but nine-month numbers remain under pressure. Is this the start of a turnaround or just operational stabilisation?</span></span></div> <div id="source-attributions-wrapper" class="style-scope ytd-expandable-video-description-body-renderer"></div> </div> </div> <div id="footer" class="style-scope ytd-engagement-panel-section-list-renderer"></div> </div> </div> <div class="navigation-container style-scope ytd-shorts"> <div id="navigation-button-up" class="navigation-button style-scope ytd-shorts"> <div class="yt-spec-button-shape-next__icon" aria-hidden="true"> <div> </div> </div> </div> </div>
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