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Showing 12 of 1258 posts

Blog2 Dec 2025

Cheelizza’s Rights Issue: Should Shareholders Grab a Bigger Slice?

If you're an existing shareholder of Cheelizza Pizza India Limited, you’ve just been handed something interesting — a fresh rights issue served with a topping of expansion plans, discounted pricing, and a taste of opportunity. Let’s decode it clearly, just like a simple pizza order: no confusion, no extra fluff. <h3>A) What Is a Rights Issue? (Quick Refresher)</h3> A rights issue is when a company offers existing shareholders the chance to buy more shares at a discounted price, before offering them to outsiders. It’s the company’s way of saying: <blockquote> “You believed in us early — want more shares before everyone else?” </blockquote> For Cheelizza, this route raises funds without giving up too much control, keeping ownership within the current shareholder circle. <h3>B) Cheelizza’s Journey So Far</h3> Founded in 2013 with a single outlet in Kandivali (Mumbai), Cheelizza now operates 16 stores across Maharashtra and Gujarat. The company has scaled from: <ul data-spread="false"> <li> Monthly revenue: ~₹30 lakh (early days) </li> <li> Vision: 100+ stores within two years </li> <li> Goal: Build a global Indian vegetarian food brand </li> </ul> With a niche position in India’s veg-only quick service restaurant (QSR) space, Cheelizza is betting on rising demand for regional tastes and vegetarian comfort food. <h3>C) The Rights Issue — Key Terms</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1764655502.jpg" alt="" width="50%" /> Shareholders can also renounce their rights — meaning they can sell their entitlement instead of subscribing. <h3>D) Where Will The Money Go?</h3> The net proceeds are earmarked for: <ul data-spread="false"> <li> Working capital </li> <li> Setting up new outlets </li> <li> General corporate use </li> </ul> Simply put, the capital will fund aggressive expansion — the company wants to scale fast before competitors close the gap. <h3>E) Financial Snapshot</h3> Revenue growth shows momentum, but the bottom line remains in the red — a common pattern in early-stage QSR scaling. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1764655557.jpg" alt="" width="50%" /> Losses are driven by: <ul data-spread="false"> <li> Store expansion costs </li> <li> High rentals </li> <li> Marketing and branding </li> <li> Supply chain setup </li> </ul> In fast-scaling retail and F&B businesses, profitability generally comes after operational scale crosses a threshold — similar to brands like Wow! Momo, Biryani Blues, and Burger Singh in their early years. <h3>F) Should Shareholders Subscribe?</h3> As a shareholder, you have four options: <ol start="1" data-spread="false"> <li> Subscribe fully </li> <li> Subscribe partially </li> <li> Renounce your rights entitlement </li> <li> Apply for additional shares (if available) </li> </ol> A rights issue at a discount can help: <ul data-spread="false"> <li> Average down holding cost </li> <li> Increase ownership </li> <li> Support the brand’s growth phase </li> </ul> However, risks remain — losses continue, and execution in the QSR sector is capital-intensive and competitive. <h3>G) Industry Context</h3> India’s QSR market is expanding rapidly, with vegetarian offerings becoming a strong differentiator. With global chains largely non-vegetarian in positioning, Cheelizza is building a veg-only niche — a potentially scalable customer segment in India and abroad. <h3>Bottom Line</h3> Cheelizza isn’t just serving pizzas — it’s trying to build a scalable, vegetarian-first QSR ecosystem. The rights issue signals confidence, growth ambitions, and shareholder-first capital raising. For current shareholders, this issue represents: A chance to buy more equity at a lower price — if you believe the story is still early. The clock is ticking — the offer closes on 28 December 2025. <div><hr /></div> Disclaimer: UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog29 Nov 2025

OYO's Next Big Leap: IPO Plans, Bonus Shares, and a Governance Reset

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Blog20 Nov 2025

PPFAS Opens a New Gateway in GIFT City

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Blog20 Nov 2025

H1 FY26 Shows Care Health Is Growing… But Its Claims Are Growing Faster

India’s health insurance market is booming. More people are buying medical cover, hospitals are charging more than ever, and insurers are racing to grow. Right in the middle of this rush is Care Health Insurance (formerly Religare Health Insurance) — a company backed by Religare Enterprises, Union Bank of India and Corporation Bank. Care sells everything from basic health plans to maternity covers, personal accident, critical illness, travel plans and corporate group policies. And in the first half of FY26, the company clearly grew. But growth alone doesn’t decide the winner in health insurance. The real test is whether an insurer can pay its claims efficiently. <h3>Growth Is Coming In, But Carefully</h3> Between April and September 2025, Care earned ₹3,377 crore in premiums, compared to ₹3,137 crore in the same period last year. More people bought policies, distribution continued to work well, and demand is definitely not a problem. However, even while selling more, the company played safe. It passed a higher portion of risk to reinsurers — a move insurers generally take when they sense medical payouts are rising. In other words, Care grew, but didn’t want to keep all the risk on its books. One thing clearly worked in its favour — investment income. Thanks to high interest rates, Care earned ₹222 crore from interest and dividend income, up from ₹161 crore last year. This investment cushion actually rescued the company from a much worse bottom-line outcome. <h3>Hospitals Had Other Plans</h3> Hospitals are becoming expensive faster than insurers can adjust pricing. That reality hit Care hard. Claims rose sharply to ₹2,480 crore, compared to ₹2,043 crore a year ago. Meanwhile, other costs didn’t help much. Commission outgo stood at ₹627 crore, while fee and operating expenses were ₹573 crore. Add all this up and you get a painful number: Care reported an operating loss of nearly ₹70 crore in the first half of FY26. Last year, it was closer to a break-even number of ₹–3.58 crore. More business came in, but it got eaten up by medical bills. <h3>Profit Didn’t Just Fall… It Shrunk</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763639116.jpg" alt="" width="50%" /> The real squeeze becomes clear when you look at the core insurance business. Care’s operating profit from underwriting slipped into a deeper loss of ₹–70 crore, compared to a near breakeven ₹–3.58 crore last year. That means the company sold more policies, but medical payouts rose so sharply that the insurance business itself turned unprofitable. The only reason the bottom line didn’t look worse was other income, which stood at ₹88 crore, slightly higher than last year’s ₹80 crore. Thanks to that cushion, Care managed to report a PAT of ₹17 crore, though that still looks tiny when compared to ₹61 crore a year ago. In simple terms, profits didn’t decline because business was weak. They shrunk because hospitals got expensive. <h3>The Real Problem Isn’t Growth. It’s Inflation.</h3> Care is still selling policies, premiums are rising, and investment performance is strong. But the one metric that tells the whole truth — the combined ratio — is now above 1. That means Care is paying more in claims and expenses than it earns from underwriting. The business is surviving because investments are supporting it — which won’t always remain favourable. So the real question isn’t: “How fast can Care grow?” It is: “How quickly can Care control its medical payouts?” If the company tightens pricing, improves claims management and uses reinsurance more strategically, profitability can bounce back. Until then, the business will keep growing… just not profitably. Disclaimer: UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog19 Nov 2025

Berar Finance: Small-Town Lending, Big-Ticket Growth, and a Valuation Story the Market Can’t Ignore

Every lending business dreams of hitting the sweet spot: expanding the loan book, improving asset quality, and keeping profitability intact. Nagpur-based Berar Finance Limited, a 34-year-old NBFC, seems to be inching closer to that balance in H1 FY26. But what makes the story more compelling is not just what the balance sheet reveals… it’s how large investors are valuing the franchise differently from what near-term earnings suggest. Let’s break it down. <h3 class="article-editor-heading">The Bharat Lender That Grew Quietly</h3> Founded in 1990 by M. G. Jawanjal, Berar Finance built its business model around Tier-II and Tier-III India long before fintechs began pitching “Bharat” as the next big lending market. <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> 125 branches </li> <li class="article-editor-list-item"> Presence across Maharashtra, Gujarat, MP, Chhattisgarh, Telangana, Karnataka & Odisha </li> <li class="article-editor-list-item"> 2.55 lakh+ borrowers </li> <li class="article-editor-list-item"> 2,000+ employees </li> </ul> Two-wheeler financing remains its core, but Berar now lends across used cars, personal loans, and secured MSME credit, creating a diversified and less cyclical portfolio. <h3 class="article-editor-heading">H1 FY26 Financials: Growth, but With a Cost</h3> <figure class="article-editor-figure-image" data-id="aaeba3d3-bb5d-4b6f-ae52-dc88660582df"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763551025.jpg" alt="" width="50%" /></figure> <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> Revenue grew 17% YoY, supported by lending volume and fee income. </li> <li class="article-editor-list-item"> But higher borrowing costs compressed margins. </li> <li class="article-editor-list-item"> PAT slipped from ₹16 crore to ₹13 crore. </li> </ul> Interpretation: Berar is scaling responsibly, focusing on quality growth over chasing high spreads. <h3 class="article-editor-heading">A Cleaner Balance Sheet — and That’s the Real Story</h3> <figure class="article-editor-figure-image" data-id="9ada7382-319c-4e37-a092-36f45cd0bfba"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763551052.jpg" alt="" width="50%" /> <figcaption class="is-empty"></figcaption> </figure> Real highlight: Asset quality improvement. <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> GNPA: 5.72% → 4.52% </li> <li class="article-editor-list-item"> NNPA: 3.54% → 2.94% </li> </ul> For a two-wheeler & MSME heavy lender, this is a major shift. It reflects tighter underwriting and stronger collections — especially crucial as regulators get tougher on small-ticket lending. <h3 class="article-editor-heading">Valuation Twist: Private Investors Show High Conviction</h3> Berar Finance recently raised ₹140.76 crore via preferential allotment. Institutional investors paid ₹610.05 per share. With a book value of ₹224 (as of March 2025), the implied valuation is: <h3 class="article-editor-heading">P/B ≈ 2.72×</h3> That’s the kind of premium lenders earn when long-term investors believe: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> scalability is proven </li> <li class="article-editor-list-item"> asset quality is structurally improving </li> <li class="article-editor-list-item"> growth will compound without reckless lending </li> <li class="article-editor-list-item"> governance is tested and trusted </li> </ul> Simply put, investors are paying today for the Berar they believe will exist 3–5 years from now. <h3 class="article-editor-heading">UnlistedZone’s Take</h3> Berar Finance isn’t chasing flashy growth. It’s building a stable, risk-aware lending franchise for semi-urban India. Asset-quality trends are improving, revenue visibility is strengthening, and fresh equity has entered at a valuation that signals deep conviction. The market may take time to recognize this shift — institutional capital already has. The key challenge now? <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> maintain underwriting discipline </li> <li class="article-editor-list-item"> protect margins as borrowing costs rise </li> <li class="article-editor-list-item"> scale without compromising quality </li> </ul> Based on H1 FY26, Berar looks well-positioned. This is a business growing quietly, steadily — and with confidence from serious capital. <h3 class="article-editor-heading">Disclaimer</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog18 Nov 2025

Balaji Wafers: From “More Chips, Less Air” to a ₹35,000 Crore Crunch

For decades, Balaji Wafers has been one of those rare Indian brands that didn’t just sell snacks — it sold pride. Started in a Rajkot cinema canteen, the company became a regional cult brand before quietly emerging as one of India’s most profitable snack makers. Now, it’s in the headlines again — this time for a big-ticket deal. General Atlantic is reportedly acquiring a 7% stake in Balaji Wafers for ₹2,500 crore, valuing the company at roughly ₹35,700 crore. So what does this mean for Balaji, the snacking industry, and investors eyeing India’s next FMCG unicorn? Let’s break it down. <h3 data-start="853" data-end="911">A)  The Humble Beginnings — Rajkot’s Snack Revolution</h3> In the early 1980s, the Virani brothers — Chandubhai, Bhikhubhai, and Kanubhai — ran a small canteen inside Rajkot’s Astron Cinema. When people started asking for their wafers to take home, the brothers realised they were onto something big. By 1989, Balaji Wafers Pvt. Ltd. was born. Their success formula was simple — “Zyada Chips, Kam Hawa.” While multinational players like Pepsi’s Lay’s sold glamour and air-filled packs, Balaji doubled down on value and volume — <ul data-start="1408" data-end="1507"> <li data-start="1408" data-end="1425"> Heavier packs </li> <li data-start="1426" data-end="1444"> Local flavours </li> <li data-start="1445" data-end="1460"> Low pricing </li> <li data-start="1461" data-end="1507"> And mass appeal in Tier-2 and Tier-3 towns </li> </ul> They weren’t chasing cool; they were chasing consistency — and they won. <h3 data-start="1588" data-end="1625">B) The Rise of a Regional Giant</h3> Balaji focused on depth before width. It first conquered Gujarat, then slowly expanded to Maharashtra, Rajasthan, and Madhya Pradesh — regions with similar taste profiles. Over the years, it built a distribution network of over 1,200 dealers and 3 lakh retailers, all without celebrity endorsements or glitzy campaigns. And the numbers? They speak for themselves: <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"> </div> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763445202.jpg" alt="" width="50%" /></div> </div> That’s nearly 42% growth in profit YoY, and a 4-year CAGR of 45% — a phenomenal run for a family-run FMCG brand. Balaji’s EBITDA margin stands around 13-15%, comparable to listed peers like Bikaji Foods and Haldiram’s, proving it’s not just growing — it’s growing efficiently. <h3 data-start="2528" data-end="2568">C)  The Deal: Crunching the Numbers</h3> At ₹2,500 crore for a 7% stake, Balaji’s implied valuation comes to ₹35,714 crore. On FY24 financials: <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763441466.jpg" alt="" width="50%" /> <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"> </div> </div> <h3 data-start="2927" data-end="2973">D) Peer comparison — Bikaji Foods (listed):</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763441512.jpg" alt="" width="50%" /> <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1">So, Balaji is being valued at slightly lower multiples than Bikaji, despite being twice the size and more profitable — a sign that the deal leaves some upside for investors.</div> </div> <h3 data-start="3385" data-end="3439">E)  The Secret Ingredient — “Value in Every Bite”</h3> Balaji’s strategy has always revolved around one thing: the customer shouldn’t feel cheated. Where others gave air, Balaji gave quantity. Its flavours stayed rooted in Indian palates — Masala Masti, Tomato Twist, Chataka Pataka — the kind of names you see in local shops, not supermarket shelves. This “value-first” identity made Balaji a household name across small towns, schools, and highway dhabas — places where brand loyalty runs deep. Even as competitors fought on advertising, Balaji fought on trust. <h3 data-start="3973" data-end="3998"> So Why Sell Now?</h3> For years, Chandubhai Virani proudly said, “We don’t need outside investors.” So why a sale now — and why to General Atlantic? Three reasons stand out: <ol data-start="4160" data-end="4687"> <li data-start="4160" data-end="4307"> The Next Generation Effect: The younger Viranis want to take Balaji national — and that needs serious branding and marketing budgets. </li> <li data-start="4309" data-end="4521"> Competition is Heating Up: The ₹50,000 crore snack market is dominated by ITC, PepsiCo, Haldiram’s, and Bikaji. Competing nationally means big ad spends, pan-India logistics, and retail tie-ups. </li> <li data-start="4523" data-end="4687"> IPO Benchmarking: A 7% sale to a global PE player sets a valuation benchmark and helps Balaji prepare for a potential IPO over the next few years. </li> </ol> <h3 data-start="4694" data-end="4725"> What’s Next for Balaji</h3> Expect a shift from a regional powerhouse to a national FMCG challenger: <ul data-start="4802" data-end="5201"> <li data-start="4802" data-end="4898"> Aggressive branding – think celebrity tie-ups, sports sponsorships, and ATL advertising. </li> <li data-start="4899" data-end="4992"> New product categories – baked snacks, extruded corn products, and premium offerings. </li> <li data-start="4993" data-end="5076"> Tech-driven supply chains – to keep costs in check as it scales nationwide. </li> <li data-start="5077" data-end="5201"> Professionalisation – bringing corporate governance and analytics-led decision-making, hallmarks of PE-backed firms. </li> </ul> <h3 data-start="5208" data-end="5240">UnlistedZone’s Take</h3> <ul data-start="5242" data-end="5941"> <li data-start="5242" data-end="5423"> The ₹35,700 crore valuation translates to ~62× FY24 earnings, which may sound expensive, but reflects the brand’s consistency, distribution muscle, and growth potential. </li> <li data-start="5424" data-end="5557"> Unlike many legacy FMCG names, Balaji is still in its expansion phase — meaning double-digit growth could continue for years. </li> <li data-start="5558" data-end="5739"> The General Atlantic entry isn’t just about money — it’s about credibility and structure. It paves the way for an eventual IPO or secondary sale at higher multiples. </li> <li data-start="5740" data-end="5941"> For investors in India’s private market, Balaji’s story reinforces one lesson: great consumer brands take time, trust, and taste to build — but when they click, they create generational wealth. </li> </ul> <h3 data-start="5208" data-end="5240">Disclaimer :</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog18 Nov 2025

PPFAS: The Boutique AMC That’s Now Playing in the Big League

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Blog17 Nov 2025

NCDEX: Cash-Rich, Loss-Making, and Ready for Reinvention

The National Commodity & Derivatives Exchange (NCDEX) — once the face of India’s agri-commodity trading revolution — just released its H1 FY26 results. And the story is one of contrasts: revenues are flat, losses persist, but the company is armed with deep pockets and big ambitions. <hr data-start="660" data-end="663" /> <h3 data-start="665" data-end="736">1.The Numbers: A Business That’s Spending More Than It Earns</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763376484.jpg" alt="" width="50%" /> In the first half of FY26, NCDEX reported ₹39 crore in revenue, nearly flat compared to ₹37 crore in the same period last year. But here’s the catch — costs continue to climb. <ul data-start="927" data-end="1033"> <li data-start="927" data-end="963"> Employee expenses: ₹51 crore </li> <li data-start="964" data-end="1002"> Technology expenses: ₹23 crore </li> <li data-start="1003" data-end="1033"> Other costs: ₹16 crore </li> </ul> That takes total operating expenses to ₹90 crore, about 2.3× its revenue. The result? An EBITDA loss of ₹51 crore and an operating margin of –130.77%. And that impressive ₹236 crore profit in FY25? That wasn’t operational strength — it came from a one-time exceptional gain. Without it, NCDEX has been loss-making for multiple years. <hr data-start="1401" data-end="1404" /> <h3 data-start="1406" data-end="1452">2. Financial Fortitude: Cash Is King</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763376531.jpg" alt="" width="50%" /> Despite these losses, NCDEX remains financially rock-solid. It’s sitting on ₹700 crore in cash and another ₹308 crore in investments, taking its total assets to ₹1,309 crore. Shareholders’ equity has climbed to ₹863 crore, showing no immediate financial stress. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763376575.jpg" alt="" width="50%" /> But the problem is on the operations side — cash flow from operations turned negative (–₹100 crore) in H1 FY26, signalling that the company is using its reserves to sustain itself. In short: it’s cash-rich, but the business isn’t self-funding yet. <hr data-start="2000" data-end="2003" /> <h3 data-start="2005" data-end="2068">3. The Big Pivot: From Commodities to Capital Markets</h3> Now comes the strategic twist. Recently, NCDEX raised ₹770 crore from a clutch of investors — and it’s not just about plugging losses. The exchange is gearing up for a massive pivot into the equity and mutual-fund distribution space, an area currently dominated by BSE StAR MF and NSE NMF. That could explain the spike in employee and tech expenses — NCDEX is building the digital and regulatory backbone needed to enter new markets. It’s also seeking regulatory approval to launch equity trading, marking its transformation from a niche agri-exchange into a multi-asset market platform. <hr data-start="2699" data-end="2702" /> <h3 data-start="2704" data-end="2756">4. Beyond Borders: The Sri Lanka Expansion</h3> But NCDEX’s ambitions don’t stop at India’s borders. According to reports, it’s now eyeing a 20% stake in Sri Lanka’s first commodity exchange, bringing its exchange-building expertise to the island nation. For NCDEX, which faces stiff competition and flat trading volumes in India, this is both diversification and soft-power play — an attempt to become a regional exchange brand rather than just a domestic player. <hr data-start="3191" data-end="3194" /> <h3 data-start="3196" data-end="3224">5. The Big Picture</h3> At this point, NCDEX looks like a company in transition: <ul data-start="3286" data-end="3486"> <li data-start="3286" data-end="3342"> Financially healthy with ₹700 crore in reserves. </li> <li data-start="3343" data-end="3392"> Operationally weak with continued losses. </li> <li data-start="3393" data-end="3486"> Strategically ambitious, expanding into equities, mutual funds, and overseas markets. </li> </ul> If its diversification bet pays off, NCDEX could reinvent itself as India’s next multi-asset fintech exchange — bridging commodities, equities, and digital funds. But if execution falters, the heavy spending could turn into another cash-burn cycle. <hr data-start="3746" data-end="3749" /> <h3 data-start="3751" data-end="3773">UnlistedZone Take</h3> <ul data-start="3775" data-end="4142"> <li data-start="3775" data-end="3857"> The ₹770 crore fundraise signals that NCDEX is betting big on reinvention. </li> <li data-start="3858" data-end="3976"> Rising tech and employee costs aren’t inefficiency — they’re early-stage investment in its new business model. </li> <li data-start="3977" data-end="4053"> The Sri Lanka move hints at a global vision beyond agri-commodities. </li> <li data-start="4054" data-end="4142"> But without a clear turnaround in core trading volumes, profits will remain elusive. </li> </ul> In short — NCDEX today is not just surviving; it’s rebuilding its identity. Whether it becomes the next-gen exchange powerhouse or just a well-funded experiment will depend on how fast this transformation takes off. <h2 data-start="4144" data-end="4367">Disclaimer:</h2> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog17 Nov 2025

Schneider Electric President Systems: Margins Shine Even as Revenues Slip

When you hear Schneider Electric, you usually think of a global powerhouse in energy management and automation. But one of its Indian subsidiaries, Schneider Electric President Systems Limited (SEPSL), has had a quieter — and more nuanced — six months. The company’s revenue slipped, but it also pulled off something few manufacturers manage in a slowdown: profit margins actually improved. Let’s unpack what happened. <h3 data-start="711" data-end="745">A Slowdown on the Top Line</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763365691.jpg" alt="" width="706" height="647" /> In the first half of FY26, SEPSL’s revenue from operations dropped from ₹238 crore to ₹187 crore — a 21% fall. It’s not entirely surprising. The company supplies precision enclosures, integrated infrastructure solutions, and customized cabinets for IT and industrial clients — segments that have seen a bit of post-COVID normalization. Orders have taken longer to close, and demand from certain export markets has softened. But while sales shrank, profits didn’t collapse — they got more efficient. <h3 data-start="1263" data-end="1295">The Profitability Puzzle</h3> How do you make less revenue but higher margins? Simple — you cut smarter. <ul data-start="1381" data-end="1575"> <li data-start="1381" data-end="1452"> Cost of materials fell sharply to ₹116 crore (from ₹170 crore). </li> <li data-start="1453" data-end="1508"> Gross margins expanded from 30.25% → 35.3%. </li> <li data-start="1509" data-end="1575"> Operating margins (EBITDA) improved from 9.7% → 11.8%. </li> </ul> In other words, SEPSL managed to squeeze more profit out of every rupee of sales by controlling input costs and streamlining operations. Even at the bottom line, PAT fell only slightly — ₹16 crore vs ₹18 crore last year — but net margin improved to 8.6%. For a manufacturing company, that’s a solid show of resilience. <h3 data-start="1917" data-end="1946">Cash: The Real Winner</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763365777.jpg" alt="" width="647" height="477" /> Here’s where things get interesting. In the same period last year, SEPSL was burning cash — operating cash flow was -₹22 crore. This year? It flipped to +₹31 crore. That’s a ₹53 crore turnaround. Better working-capital control, faster receivable collections, and leaner inventories helped the business turn its operations into a cash machine. As a result, cash reserves soared from ₹17 crore to ₹102 crore — a 6x jump. For a company with a ₹187 crore half-year revenue, that’s an enviable liquidity cushion. <h3 data-start="2491" data-end="2523">A Stronger Balance Sheet</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763365732.jpg" alt="" width="600" height="396" /> Even with slower sales, SEPSL’s net worth jumped from ₹170 crore to ₹216 crore, thanks to strong internal accruals. Total assets rose modestly to ₹305 crore, and inventory ticked up to ₹44 crore — possibly to support upcoming orders. In short, the company grew cautiously, avoided debt bloat, and fortified its balance sheet. <h3 data-start="2873" data-end="2902">So, What’s the Catch?</h3> Growth — or the lack of it. While efficiency metrics are great, SEPSL’s ability to expand topline again will determine its next phase. The industrial automation and infrastructure segments are cyclical; eventually, margin optimization runs out of road if volumes don’t bounce back. But for now, Schneider Electric’s Indian arm looks like a case study in discipline over expansion — protecting profitability even when the market slows. <h3 data-start="3354" data-end="3375">Finshots Take</h3> <ul data-start="3376" data-end="3629"> <li data-start="3376" data-end="3460"> Revenue fell, but margins rose — a classic example of good cost control. </li> <li data-start="3461" data-end="3542"> Cash flows turned positive, giving the company stronger footing for FY27. </li> <li data-start="3543" data-end="3629"> The next test? Reviving demand while keeping this new-found efficiency intact. </li> </ul> If SEPSL can pull that off, it’ll prove that even in manufacturing, less can sometimes be more. <h3 data-start="3354" data-end="3375">Disclaimer:</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog13 Nov 2025

India’s Agri Exchange (NCDEX) Wants a Slice of Your SIPs

<div class="relative basis-auto flex-col -mb-(--composer-overlap-px) [--composer-overlap-px:28px] grow flex overflow-hidden"> <div class="relative h-full"> <div class="flex h-full flex-col overflow-y-auto thread-xl:pt-(--header-height) [scrollbar-gutter:stable_both-edges]"> <div class="flex flex-col text-sm thread-xl:pt-header-height pb-25"> <article class="text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&:has([data-writing-block])>*]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" tabindex="-1" data-turn-id="3fa22b9e-39d7-4b46-ae11-0b575abfa00d" data-testid="conversation-turn-1" data-scroll-anchor="true" data-turn="assistant"> <div class="text-base my-auto mx-auto pb-10 [--thread-content-margin:--spacing(4)] thread-sm:[--thread-content-margin:--spacing(6)] thread-lg:[--thread-content-margin:--spacing(16)] px-(--thread-content-margin)"> <div class="[--thread-content-max-width:40rem] thread-lg:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn" tabindex="-1"> <div class="flex max-w-full flex-col grow"> <div class="min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal [.text-message+&]:mt-1" dir="auto" data-message-author-role="assistant" data-message-id="3fa22b9e-39d7-4b46-ae11-0b575abfa00d" data-message-model-slug="gpt-5"> <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[1px]"> <div class="markdown prose dark:prose-invert w-full break-words dark markdown-new-styling"> NCDEX’s Big Leap: From Grains to Gains The commodity exchange is stepping into the mutual fund playground. <h3 data-start="123" data-end="160">Wait… NCDEX and Mutual Funds?</h3> Yes, you read that right. The National Commodity & Derivatives Exchange (NCDEX) — the same platform that lets traders hedge wheat, pulses, or turmeric — now wants a piece of India’s ₹60 lakh crore mutual fund market. On November 12, the NCDEX board approved the launch of an electronic mutual fund distribution platform. All that’s left is the regulatory green light before it can go live. And when that happens, it’ll go head-to-head with two heavyweights — BSE StAR MF and NSE NMF, the twin giants that already handle almost every mutual fund order in India. <h3 data-start="752" data-end="809">But First — How Do These Platforms Actually Work?</h3> If you’ve ever invested in a mutual fund through Groww or Zerodha, chances are your transaction quietly passed through one of these two platforms in the background. Here’s what happens behind the scenes 👇 <h4 data-start="1021" data-end="1050">Step 1: Registration</h4> Before an investor can buy or sell a mutual fund, their distributor (or platform) has to register with the exchange’s mutual-fund segment. They upload investor details like PAN, bank account, and KYC. This creates an identification code — UCC (on BSE StAR MF) or IIN (on NSE NMF) — linking the investor to the system. <h4 data-start="1384" data-end="1418">Step 2: Placing the Order</h4> Next, the investor (or distributor on their behalf) selects a scheme — say, SBI Bluechip Fund – Direct Growth — chooses whether it’s a lump sum or a SIP, enters the amount, and submits the order. All orders before the day’s NAV cut-off (3 p.m. typically) are sent to the respective fund house. <h4 data-start="1726" data-end="1750">Step 3: Payment</h4> The investor transfers money to a clearing pool account managed by the exchange’s clearing corporation (ICCL for BSE, NSE Clearing for NMF). This eliminates the need to deal with multiple fund houses individually — a single, centralized payment route simplifies the process. <h4 data-start="2033" data-end="2059">Step 4: Allotment</h4> Once the money hits the pool account, the exchange forwards the confirmed orders to the AMCs. Units get allotted, and investors receive them either in Demat form or a physical folio. <h4 data-start="2252" data-end="2279">Step 5: Redemption</h4> Selling works the same way — investors place redemption orders, and the exchange credits the redemption proceeds directly to their bank account within the usual T+2 cycle. <hr data-start="2453" data-end="2456" /> <h3 data-start="2458" data-end="2489">Why Does NCDEX Want In?</h3> Because this is one of the fastest-growing financial distribution segments in India. <ul data-start="2582" data-end="2796"> <li data-start="2582" data-end="2709"> BSE StAR MF alone processed 12 crore + transactions last year and is adding more than a million orders every day. </li> <li data-start="2710" data-end="2796"> NSE NMF caters to institutional distributors and banks with deep integrations. </li> </ul> So NCDEX, after getting preliminary approval in August to launch equity products, now wants to leverage its tech and clearing backbone to enter this adjacent space. In simple terms: it wants to become the third digital highway for mutual-fund investing. <hr data-start="3063" data-end="3066" /> <h3 data-start="3068" data-end="3094">What Could Change?</h3> <ul data-start="3095" data-end="3486"> <li data-start="3095" data-end="3200"> More competition → Lower costs. AMCs and distributors might benefit from cheaper processing fees. </li> <li data-start="3201" data-end="3350"> Better reach. NCDEX already has a strong presence in rural and semi-urban India through agri networks — a big plus for mutual-fund inclusion. </li> <li data-start="3351" data-end="3486"> Faster innovation. More exchanges mean faster adoption of new features like real-time SIP tracking or digital mandate validation. </li> </ul> But it won’t be easy — the BSE and NSE platforms already have decade-long relationships with distributors and fintechs. <hr data-start="3613" data-end="3616" /> <h3 data-start="3618" data-end="3641">The Bottom Line</h3> NCDEX built its reputation trading grains — now it’s going after gains. By entering the mutual-fund distribution space, it’s aiming to diversify beyond commodities and tap India’s financialization wave. If executed well, this move could not only reshape NCDEX’s business model but also add a new competitive spark to how Indians buy mutual funds — faster, cheaper, and more accessible than ever before. </div> </div> </div> </div> </div> </div> </article> </div> </div> </div> </div>

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Blog12 Nov 2025

Ramaraju Cotton Mills H1 FY2026 Detailed Financial Performance Analysis

Ramaraju Cotton Mills Limited, a part of the Ramco Group, operates in textiles, surgical products, and renewable energy through windmills. The company’s H1 FY2026 results show a significant operational turnaround, marked by improved margins, strong cash flows, and better cost efficiency despite continued losses at the bottom line. Below is a comprehensive breakdown of performance across segments and financial parameters. <h3>1. Revenue Performance</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1762932071.jpg" alt="" width="776" height="481" /> Detailed Analysis: <ul data-spread="false"> <li> Topline Growth: The company’s total income from operations grew 16% YoY, from ₹174 crore in H1 FY2025 to ₹202 crore in H1 FY2026. The increase is primarily driven by higher realizations and demand recovery in the textile segment, which contributes about 89% of total revenue. </li> <li> Textile Segment: Revenue rose by 20% YoY, reflecting higher export orders and stable yarn demand. Better product mix and pricing helped margins. </li> <li> Surgical Segment: Marginal dip in surgical revenue (₹26 crore vs ₹27 crore) indicates stagnation in this division. However, it remains a stable contributor with consistent margins. </li> <li> Wind Energy Segment: Revenue improved slightly to ₹8 crore from ₹7 crore last year, aided by improved power generation efficiency. </li> </ul> <h2>2. Profitability Analysis</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1762932110.jpg" alt="" width="726" height="507" /> Detailed Analysis: <ul data-spread="false"> <li> EBITDA Improvement: The company achieved a massive improvement in EBITDA, increasing more than 8x YoY to ₹33 crore. This surge reflects strict cost discipline, optimized raw material procurement, and better realization in the textile segment. </li> <li> Margin Expansion: EBITDA margins jumped to 16.3% from 2.3% a year earlier, signaling a turnaround in core operations. </li> <li> Net Losses: Despite better operating results, the company recorded a net loss of ₹25 crore, mainly due to high interest expenses and depreciation. However, the loss margin narrowed slightly compared to H1 FY2025. </li> <li> Cost Structure: Raw material cost to sales ratio declined, showing improved efficiency. Power costs from in-house windmills also provided cost savings. </li> </ul> <h3>3. Balance Sheet Position</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1762932150.jpg" alt="" width="697" height="432" /> Detailed Analysis: <ul data-spread="false"> <li> Asset Base: Fixed assets declined marginally, indicating limited capital expenditure. The company continues to operate efficiently with its existing manufacturing base. </li> <li> Debt and Leverage: Debt levels remain high at ₹423 crore. With equity down to ₹211 crore, the debt-to-equity ratio is around 2.0x, indicating financial leverage pressure. </li> <li> Working Capital: Inventory levels have stabilized at ₹121 crore, suggesting better inventory management and supply chain control. </li> <li> Equity Decline: The fall in equity reflects cumulative losses, but improved operations can help gradual recovery. </li> </ul> <h3>4. Cash Flow Analysis</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1762932198.jpg" alt="" width="710" height="440" /> Detailed Analysis: <ul data-spread="false"> <li> Operational Cash Flow Surge: CFO rose sharply to ₹34 crore, reflecting better operating efficiency, strong working capital control, and improved collection cycles. </li> <li> Investing Activity: Minimal capital investment in H1 FY2026 indicates cautious capex strategy amid recovery. </li> <li> Financing Activity: Outflow of ₹29 crore primarily relates to repayment of borrowings and interest payments. </li> <li> Liquidity Position: Closing cash balance improved to ₹7 crore, compared to ₹1 crore at the end of FY2025 — signaling improved liquidity. </li> </ul> <h3>5. Segment Outlook and Future Prospects</h3> <ul data-spread="false"> <li> Textile Division: Expected to benefit from steady demand in both domestic and export markets, though global cotton price volatility may impact short-term profitability. </li> <li> Surgical Segment: Stable, low-risk business expected to maintain consistent contribution. Potential to expand margins through higher value-added products. </li> <li> Windmill Operations: Renewable energy continues to support the company’s cost structure by reducing dependence on external power sources. </li> </ul> <h3>6. Key Ratios and Highlights</h3> <ul data-spread="false"> <li> EBITDA Margin: 16.3% (vs 2.3% YoY) </li> <li> PAT Margin: -12.4% (vs -12.6% YoY) </li> <li> Debt-to-Equity Ratio: ~2.0x </li> <li> Operating Cash Flow Growth: 750% YoY </li> <li> Revenue Growth: 16% YoY </li> </ul> <h3>7. Investment Perspective for UnlistedZone Readers</h3> <ul data-spread="false"> <li> Operational Recovery in Progress: The company’s sharp margin improvement and strong CFO indicate a turnaround at the operational level. </li> <li> Leverage Concerns Remain: High debt and interest costs continue to affect net profitability. Debt reduction remains a key focus area. </li> <li> Improving Efficiency: Better cost control, stable inventory, and improved power efficiency through windmills enhance competitiveness. </li> <li> Positive Liquidity Trend: Rising cash reserves and strong CFO improve short-term financial stability. </li> </ul> <h3>Conclusion</h3> Ramaraju Cotton Mills has demonstrated a strong operating turnaround in H1 FY2026, with significant improvement in margins and cash flows. Although profitability remains negative due to financial leverage, the company’s fundamentals have strengthened. If margin momentum sustains and debt reduction follows, Ramaraju could enter a phase of consistent profitability in the coming quarters. For investors in the unlisted market, this performance highlights an improving business trajectory. Continued focus on efficiency, deleveraging, and export recovery will be the key drivers for long-term value creation.   <h3>Disclaimer</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog12 Nov 2025

SK Finance Limited: Strong Growth, Soft Margins — The Balancing Act

In the world of lending, growth and prudence rarely walk hand in hand. Yet, SK Finance Limited seems determined to prove otherwise. The Jaipur-based NBFC, known for its strong presence in vehicle and MSME lending, has clocked an impressive first half in FY 2026 — a period marked by both opportunity and margin pressure. <h3>Financial Performance H1 FY26 Vs H1 FY25</h3> <h3 data-start="404" data-end="434"> </h3> <h3 data-start="404" data-end="434"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763008779.jpg" alt="" width="715" height="708" />Riding the Credit Boom</h3> SK Finance’s loan book has ballooned 49% YoY, touching ₹ 16,029 crore. This isn’t a one-off spurt. The company has built its strength where others hesitate — semi-urban and rural India. Its bread and butter? Used-vehicle financing and MSME loans — segments still underserved by traditional banks but booming with credit demand. Such rapid expansion shows how deep-rooted distribution and localized underwriting can deliver growth even in tightening liquidity conditions. <hr data-start="924" data-end="927" /> <h3 data-start="929" data-end="965">Topline Up, Margins Squeezed</h3> Revenue from operations jumped 19.6% YoY to ₹ 1,349 crore, thanks to higher disbursements. But here’s the flip side — finance costs rose 21%, eating into spreads. Net Interest Income grew 13%, but the Net Interest Margin fell sharply from 10.5% to 7.9%. Higher borrowing costs, a competitive lending environment, and limited ability to hike lending rates have all conspired to compress margins — a theme playing out across the NBFC sector. <hr data-start="1432" data-end="1435" /> <h3 data-start="1437" data-end="1478">Still Managing to Deliver Profits</h3> Despite cost pressure, SK Finance’s Profit After Tax grew 21% YoY to ₹ 179 crore. How? Operational discipline. The company’s cost control, digitisation of collections, and strong recovery mechanism cushioned the hit. The ROE slipped slightly to 9.8%, but profitability in absolute terms improved. In other words — even if margins are thinning, the pie itself has gotten much bigger. <hr data-start="1888" data-end="1891" /> <h3 data-start="1893" data-end="1935">Asset Quality: Stable Under Stress</h3> Rapid growth often hides bad loans — but not here. GNPA stands at 4.77% (almost flat YoY) and NNPA at 3.27%. For an NBFC expanding its loan book by nearly 50%, that stability is noteworthy. Collateral-backed lending and early delinquency tracking have helped, though asset quality remains higher than that of larger, more diversified peers. <hr data-start="2302" data-end="2305" /> <h3 data-start="2307" data-end="2349">Returns — Moderate, Yet Consistent</h3> ROA of 2.2% and ROE near 10% position SK Finance among well-managed mid-tier NBFCs. As its asset base compounds, margins may stabilise and lift these ratios further. But investors should note — growth can’t indefinitely outrun cost of funds. Future profitability hinges on lowering borrowing costs through securitisation, co-lending, and institutional debt diversification. <hr data-start="2744" data-end="2747" /> <h3 data-start="2749" data-end="2773">Challenges Ahead</h3> <ul data-start="2774" data-end="3044"> <li data-start="2774" data-end="2863"> Rising Cost of Funds: The biggest headwind; rate hikes continue to pressure NIMs. </li> <li data-start="2864" data-end="2941"> Competitive Intensity: NBFCs and fintechs are crowding rural lending. </li> <li data-start="2942" data-end="3044"> Regulatory Scrutiny: RBI’s tighter norms on provisioning and leverage could weigh on earnings. </li> </ul> <hr data-start="3046" data-end="3049" /> <h3 data-start="3051" data-end="3080">Opportunity Landscape</h3> <ul data-start="3081" data-end="3355"> <li data-start="3081" data-end="3168"> Tier-III & Tier-IV Expansion: Credit penetration in smaller towns is still low. </li> <li data-start="3169" data-end="3261"> Digital Underwriting: AI-driven scoring and predictive recovery models can cut NPAs. </li> <li data-start="3262" data-end="3355"> MSME Lending: SK’s regional presence positions it perfectly for cluster-based growth. </li> </ul> <hr data-start="3357" data-end="3360" /> <h3 data-start="3362" data-end="3409">UnlistedZone View — Growth with Caution</h3> SK Finance’s H1 FY 2026 report is a mix of strong momentum and prudent execution. It’s expanding faster than peers, keeping credit quality in check, and digitising its backbone. However, margin compression due to high borrowing costs is a near-term concern. For investors in the unlisted space, SK Finance remains a structurally strong growth story — but not a risk-free one. Sustained discipline in underwriting and liability management will be key to long-term value creation. <hr data-start="3911" data-end="3914" /> Bottom Line: SK Finance is doing what every NBFC dreams of — growing aggressively without losing control. If it can keep that balance, it’s not just scaling a loan book — it’s compounding trust.

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