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Blog11 Oct 2025

Groww’s ₹7,000 Crore IPO: India’s Hottest Fintech Play Heads to Dalal Street

<h2 data-pm-slice="1 1 []">Groww’s ₹7,000 Crore IPO: India’s Hottest Fintech Play Heads to Dalal Street</h2> By UnlistedZone  | 11 October 2025 Bengaluru-based brokerage platform Groww is gearing up for one of India’s most anticipated IPOs of the year, eyeing a massive ₹7,000-crore public issue in the first week of November 2025. The issue marks a significant milestone for India’s new-age fintech ecosystem, especially as the industry faces evolving regulatory scrutiny. <h3>A) IPO Details: A Mix of Fresh Issue and Offer for Sale</h3> According to banking sources, the Groww IPO will comprise: <ul data-spread="false"> <li> Total Issue Size: ₹7,000 crore </li> <li> Fresh Issue: ₹1,060 crore (infusion of new capital) </li> <li> Offer for Sale (OFS): ~₹5,940 crore, representing the exit or dilution of existing investors </li> </ul> Notably, the OFS will include up to 57.42 crore shares sold by early investors and stakeholders — among them Microsoft CEO Satya Nadella, who personally invested in Groww. The company is targeting a valuation of up to $8 billion (around ₹70,400 crore), positioning it as one of India’s most valuable fintech startups on the public markets. The price band is expected to be announced by end-October, with the issue likely opening for subscription in early November. <h3>B) Backed by Global Tech Icons</h3> Groww’s investor list reads like a who’s who of global finance and technology. Backed by Billionaire Satya Nadella and marquee investors such as: <ul data-spread="false"> <li> Billworths’s Garage Ventures (Parent) </li> <li> Matrix Partners, Ribbit Capital, and Sequoia Capital India (from earlier rounds) </li> </ul> The IPO’s book-running lead managers include Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors. <h3>C) Company Overview: India’s Fastest-Growing Retail Broker</h3> Founded in 2016 by former Flipkart executives Lalit Keshre, Harish Jain, Neeraj Singh, and Ishan Bansal, Groww has transformed the way Indians invest in equities, mutual funds, and ETFs. From being a simple mutual fund platform, it has evolved into a full-stack investment ecosystem with: <ul data-spread="false"> <li> Stock broking </li> <li> Mutual funds </li> <li> ETFs & IPOs </li> <li> F&O trading </li> <li> And digital gold </li> </ul> As of June 2025, Groww had 12.6 million active clients on the National Stock Exchange (NSE), commanding a 25.27% market share in the retail segment — a clear indicator of its leadership among India’s discount brokerages. <h3>D) Financial Performance: Consistent Growth Despite Market Volatility</h3> In the June 2025 quarter, Groww reported: <ul data-spread="false"> <li> Operating Revenue: ₹904 crore (down 0.6% YoY from ₹910 crore) </li> <li> Profit After Tax (PAT): ₹378 crore (up 12% YoY) </li> </ul> While revenue saw a slight dip due to lower trading volumes amid market volatility, profits rose on the back of higher efficiency and lower acquisition costs. <h3>E) Industry Backdrop: Navigating Regulatory Tightening</h3> Groww’s IPO arrives at a time when the stockbroking industry is under increasing regulatory oversight, particularly regarding Futures & Options (F&O) trading — an area the regulator views as high-risk for retail investors. Despite these headwinds, the company’s sustained profitability and expanding client base demonstrate its strong business fundamentals and operational resilience. <h3>F) Comparative Context: Among India’s Biggest IPOs of 2025</h3> The ₹7,000-crore issue will be among the top IPOs of the year, following: <ul data-spread="false"> <li> Tata Capital: ₹15,500 crore </li> <li> LG Electronics India: ₹11,600 crore </li> <li> HDB Financial Services: ₹12,500 crore </li> </ul> This positions Groww firmly among the heavyweights debuting on Indian bourses in 2025. <h3>G) Outlook: The Next Big Fintech Milestone</h3> Groww’s upcoming listing could serve as a bellwether for India’s fintech IPO wave, inspiring other startups in the financial services space to tap the capital markets. If successfully executed, this IPO will not only reward early backers like Nadella but also signal the maturity of India’s digital investing revolution — from startup garage to stock exchange. <blockquote> “Groww’s IPO isn’t just about capital — it’s about credibility. From disrupting traditional brokers to becoming India’s most trusted investing app, Groww now faces the ultimate market test: investor confidence.” </blockquote> <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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Blog10 Oct 2025

Revolutionizing India’s Agri Scene: NCDEX’s Game-Changing Vision

Imagine a future where farmers can hedge their crops against unpredictable weather or earn real money from eco-friendly practices. Sounds futuristic? Not anymore. In a recent Bloomberg TV interview, Dr. Arun Raste, Managing Director of the National Commodity & Derivatives Exchange (NCDEX), unveiled a bold blueprint that could transform India’s agri-economy. From weather derivatives to carbon credit trading and entry into equity derivatives, NCDEX is positioning itself as a multi-asset powerhouse, bridging agriculture, finance, and sustainability. For UnlistedZone investors, this vision represents not just innovation — but the birth of India’s next agri-fintech revolution. <h2 data-start="1168" data-end="1235">1) Weather Derivatives: Turning Climate Risk into Opportunity</h2> <h3 data-start="1237" data-end="1276"> a) What Are Weather Derivatives?</h3> Weather derivatives are financial instruments that help hedge against adverse weather conditions such as erratic rainfall, drought, heatwaves, or cold spells. Unlike traditional crop insurance, which pays out after verifying actual crop damage, weather derivatives are parametric — meaning payouts are linked directly to measurable weather data (like rainfall or temperature) reported by the India Meteorological Department (IMD). If weather conditions deviate from the agreed benchmark, the payout is automatic — no inspection, no delay. <h3 data-start="1846" data-end="1886"> b) How It Works — A Simple Example ?</h3> Let’s say a cotton farmer in Vidarbha fears below-average rainfall this season. <ul data-start="1974" data-end="2212"> <li data-start="1974" data-end="2037"> Contract Type: Rainfall Derivative (1 July – 31 August) </li> <li data-start="2038" data-end="2074"> Strike Level: 600 mm of rain </li> <li data-start="2075" data-end="2124"> Actual Rainfall Recorded: 420 mm (by IMD) </li> <li data-start="2125" data-end="2166"> Deviation: 180 mm below threshold </li> <li data-start="2167" data-end="2212"> Payout Formula: ₹100 per mm deviation </li> </ul> The farmer automatically receives ₹18,000 per hectare — without filing a claim. Similarly, an ice-cream manufacturer in Delhi can hedge against an unusually cold summer using temperature derivatives, which pay out when average temperature falls below a specified level. In short — farmers, food processors, and agri businesses can all manage climate volatility using weather-linked contracts. <h3 data-start="2641" data-end="2674"> c) Why It Matters for India ?</h3> India’s agriculture still depends on the monsoon for nearly 60% of its cropped area. A single bad season impacts not only farmers but also food prices, inflation, and supply chains. Weather derivatives provide: <ul data-start="2897" data-end="3176"> <li data-start="2897" data-end="2986"> Income Stability: Farmers can secure predictable returns even in adverse weather. </li> <li data-start="2987" data-end="3078"> Credit Confidence: Banks and NBFCs can lend more confidently when risks are hedged. </li> <li data-start="3079" data-end="3176"> Policy Support: Governments can use these contracts to complement crop insurance schemes. </li> </ul> Globally, weather derivatives have been used for years by companies trading on the Chicago Mercantile Exchange (CME). India’s entry into this space marks a major leap toward climate-resilient finance. <h2 data-start="3395" data-end="3452">2) Carbon Credit Trading: Monetizing Sustainability</h2> <h3 data-start="3454" data-end="3487">a) What Are Carbon Credits?</h3> A carbon credit is a tradable certificate representing one tonne of CO₂ (or equivalent greenhouse gas) prevented or removed from the atmosphere. Farmers or companies that adopt eco-friendly practices — such as renewable-powered irrigation, low-tillage farming, tree planting, or organic cultivation — can generate carbon credits. These credits can be sold to industries that emit greenhouse gases and want to offset their carbon footprint. <h3 data-start="3966" data-end="4010">b) How It Works — The Agricultural Way</h3> Suppose a farmer in Madhya Pradesh replaces diesel irrigation pumps with solar-powered ones. By reducing emissions, his project generates carbon credits that can be verified and registered on approved carbon registries. <ul data-start="4240" data-end="4457"> <li data-start="4240" data-end="4281"> 1 Credit = 1 Tonne of CO₂ avoided </li> <li data-start="4282" data-end="4351"> Market Price (Indicative): ₹400–₹800 per credit (varies globally) </li> <li data-start="4352" data-end="4457"> Credits can be traded on upcoming NCDEX carbon platforms or sold to corporations seeking offsets. </li> </ul> This means sustainable farming practices can now generate additional income, not just yield. <h3 data-start="4564" data-end="4599">c) Why Carbon Trading Matters ?</h3> India’s Net Zero 2070 commitment requires massive investments in emission reduction across sectors — including agriculture, which contributes around 18% of national greenhouse gas emissions. Through carbon credit trading: <ul data-start="4835" data-end="5056"> <li data-start="4835" data-end="4893"> Farmers earn more by adopting sustainable methods. </li> <li data-start="4894" data-end="4966"> Companies achieve compliance with ESG and decarbonization goals. </li> <li data-start="4967" data-end="5056"> India builds a domestic carbon market, reducing dependency on foreign registries. </li> </ul> This is where NCDEX steps in — to create transparent, standardized, and regulated carbon exchanges, allowing both farmers and corporations to participate in the green economy. <h2 data-start="5246" data-end="5296">3) Entering Equity Derivatives: The Big Leap</h2> NCDEX is now set to expand beyond commodities into equity derivatives, armed with ₹770 crore in fresh funding and SEBI’s approval. Dr. Raste noted that capturing even 1% market share in this segment could turn NCDEX profitable — transforming it from a niche agri-exchange into a multi-asset financial platform. This evolution parallels the global trajectory of exchanges like the CME Group, which started with grains and grew into a diversified powerhouse covering commodities, currencies, and equities. <h2 data-start="5844" data-end="5894">4) Myth-Busting: Derivatives Aren’t Gambling</h2> Dr. Raste was clear in his message — derivatives are not speculative tools, but risk management instruments. <blockquote data-start="6016" data-end="6112"> “Market volatility comes from weather and policy shocks, not from futures trading,” he said. </blockquote> NCDEX is running nationwide awareness campaigns to educate farmers, cooperatives, and agri startups about using derivatives for: <ul data-start="6249" data-end="6351"> <li data-start="6249" data-end="6278"> Locking in future prices. </li> <li data-start="6279" data-end="6310"> Reducing price uncertainty. </li> <li data-start="6311" data-end="6351"> Building predictable revenue models. </li> </ul> <h2 data-start="6358" data-end="6403">5) Building a Full-Stack Agri Ecosystem</h2> NCDEX’s strength lies in its integrated infrastructure, combining technology and transparency: <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1760089025.jpg" alt="" width="667" height="366" /></div> </div> This ecosystem enables a digital farm-to-market journey, aligning with the government’s Digital Agriculture Mission. <h2 data-start="6971" data-end="7022"> 6) Why This Matters for UnlistedZone Investors?</h2> <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1760089068.jpg" alt="" width="692" height="436" /></div> </div> <h2 data-start="7495" data-end="7519"> 7) Challenges Ahead</h2> While the vision is promising, execution will depend on: <ul data-start="7580" data-end="7744"> <li data-start="7580" data-end="7634"> Regulatory clarity on carbon credit ownership. </li> <li data-start="7635" data-end="7683"> Data integrity in IMD weather reporting. </li> <li data-start="7684" data-end="7744"> Farmer adoption and liquidity in derivative markets. </li> </ul> However, NCDEX’s innovation-first approach and public–private collaborations give it a strong foundation to overcome these barriers. <h2 data-start="7887" data-end="7910"> 8) The Bottom Line</h2> As Dr. Arun Raste aptly concluded: <blockquote data-start="7949" data-end="8001"> “It’s about resilient farms, not just products.” </blockquote> With weather derivatives, carbon credit trading, and multi-asset diversification, NCDEX is redefining how India’s farmers, financiers, and investors engage with risk and sustainability. For UnlistedZone readers and investors, this could be the beginning of a new agri-fintech era — where data, derivatives, and digital platforms cultivate not just crops, but capital.

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Blog10 Oct 2025

Bira 91 Faces Leadership Turmoil and Financial Crisis — Unlisted Share Price Crashes Nearly 70% in 3 Years

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Blog9 Oct 2025

Fractal Analytics Limited: FY2025 Company Report Analysis

<h3>Company Overview & Market Position of Fractal Analytics Unlisted Shares</h3> Fractal.ai, co-founded by Srikanth Velamakanni and Pranay Agrawal over 25 years ago, is a client-centric powerhouse in the AI space. Operating under two segments—Fractal.ai (core AI services and products) and Fractal Alpha (independent AI businesses)—the company integrates AI, engineering, and design (AED) to deliver outsized value. Its strategic intent? To become the most respected enterprise AI company globally. Identity: India's leading pure-play enterprise data, analytics, and AI (DAAI) company. Global Reach: 91.6% of FY2025 revenue came from clients outside India. Market Leadership: Recognized as a 'Leader' by Everest Group (2025) and Forrester (multiple times from 2017 to 2025). TAM: The DAAI market stood at US$143 billion (₹12 trillion) in FY2025 and is projected to grow to US$310 billion (₹23 trillion) by FY2030 (CAGR 16.7%). Growth vs Market: Fractal’s revenue CAGR of 18.0% (FY2023–FY2025) outperformed the global DAAI market CAGR of 11.0%. <a>Fractal.ai</a> operates as a leading global pure-play provider of data, analytics, and artificial intelligence (DAAI) solutions. Its business model is centered on delivering end-to-end AI transformation for large enterprises, leveraging deep industry expertise and a robust portfolio of proprietary AI products and services. <h3>1. Core Business Model & Strategy of Fractal Analytics Unlisted Shares</h3> <a>Fractal.ai</a>'s model is built on a dual-segment strategy that balances established service delivery with strategic innovation. a) <a>Fractal.ai</a> Segment (Core Business): This is the profitable, revenue-generating core of the company. It provides comprehensive AI solutions through a hybrid approach: <ul data-spread="false"> <li> AI Services: High-value consulting and custom implementation across the AI lifecycle, from strategy to deployment. </li> <li> AI Products: A suite of proprietary, agentic AI platforms under the Cogentiq brand, designed for specific enterprise functions (e.g., Cogentiq Business Insights for decision intelligence, Cogentiq CX for contact center optimization). </li> </ul> b) Fractal Alpha Segment (Strategic Incubator): This segment functions as an R&D and innovation engine focused on developing next-generation AI products and foundational models (e.g., <a>Kalaido.ai</a>, Vaidya.ai). It is strategically designed to operate at a loss, funding long-term growth and market expansion. Key Strategic Pillars: <ul data-spread="false"> <li> Client-Centricity: Focus on long-term partnerships with "Must-Win Clients" (MWCs)—large enterprises with significant revenue or market capitalization. </li> <li> Integrated Capabilities: Combines AI, Engineering, and Design (AED) to deliver solutions with high adoption and business impact. </li> <li> Innovation-Led Growth: Sustained investment in R&D (~5% of revenue) and strategic acquisitions to expand capabilities and market reach. </li> <li> Global Delivery: A predominantly international revenue base (91.6% from outside India) supported by partnerships with leading technology providers (e.g., Google Cloud, OpenAI). </li> </ul> <h3>2. Financial Performance (Fractal.ai Segment - Core Business)</h3> Core Segment: Main revenue driver and profitable business unit. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1760011267.jpg" alt="" width="732" height="465" /> Revenue by Industry (Cr) oF Fractal .ai  in FY 2025 <ul data-spread="false"> <li> CPG: 1062 (39.3%) </li> <li> TMT: 809 (29.9%) </li> <li> HLS: 375 (13.8%) </li> <li> BFSI: 298(11.0%) </li> <li> Others: 161 (6.0%) </li> </ul> Revenue by Geography (Cr) oF Fractal .ai  in FY 2025 Americas: 1799 (66.5%) <ul data-spread="false"> <li> Europe: 479 (17.7%) </li> <li> APAC & Others: 426 (15.8%) </li> </ul> <h3>3. Financial Performance (Fractal Alpha Segment)</h3> R&D and incubation arm, currently loss-making but improving. <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1760011299.jpg" alt="" width="706" height="386" /></h3> <h3>4. Client Base & Relationships of Fractal Analytics Unlisted Shares</h3> Marquee Clients: Citi, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle, Philips. Industry Penetration: Serves top-tier clients across industries (10 of top 20 CPG, 8 of top 20 TMT, 10 of top 20 HLS, etc.). Client Retention: Net Revenue Retention: 121.3% (FY25), 110.2% (FY24), 151.0% (FY23). Top 10 Clients: Contributed 53.8% of FY25 revenue; average relationship length 8+ years. NPS: 77 (consistently high satisfaction). <h3>5. Key Products & Platforms (Cogentiq Suite) of Fractal Analytics Unlisted Shares</h3> <ul data-spread="false"> <li> Cogentiq: Core agentic AI platform. </li> <li> Business Insights: Conversational data query platform. </li> <li> CX Suite: Virtual assistants and live call assist tools. </li> <li> Campaign Assist: AI-driven marketing personalization. </li> <li> Sales Assist: Sales intelligence for BFSI. </li> <li> Digital Commerce: Tools for e-commerce and digital marketing. </li> </ul> <h3>6. Innovation & Intellectual Property of Fractal Analytics Unlisted Shares</h3> R&D Investment: ₹144 Cr in FY25 (5.2% of revenue). Patents: 24 granted, 41 pending (as of Aug 2025). Key Innovations: <ul data-spread="false"> <li> Kalaido.ai (diffusion model for text-to-image) </li> <li> Vaidya.ai (medical multimodal foundation model) </li> <li> Project Ramanujan (reasoning models; Meta HackerCup winner) </li> <li> Fathom-R1-14B (open-source large reasoning model) </li> </ul> <h3>7. Human Resources & Culture of Fractal Analytics Unlisted Shares</h3> Headcount: 5,254 (March 2025). Selectivity: 1,514 hires from 195,707 applications (0.8% acceptance rate). Attrition: 16.3% (FY25). Culture: Certified "Great Place to Work" (India, 2018-2025; 6 other countries). Ratings: Glassdoor 4.2/5 (overall), 4.4/5 (culture & values). <h3>8. Growth Strategy of Fractal Analytics Unlisted Shares</h3> <ol start="1" data-spread="false"> <li> Expand and deepen "Must-Win Clients" (113 accounts). </li> <li> Strengthen AI research and innovation. </li> <li> Foster a top-tier work culture. </li> <li> Build partnerships (Google Cloud, OpenAI, C3 AI). </li> <li> Strategic acquisitions (₹5,581 million invested FY22–FY25 in Senseforth.ai, Neal Analytics, etc.). </li> </ol> <h3>9. Balance Sheet Analysis (in ₹ Cr) of Fractal Analytics Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1760011327.jpg" alt="" width="600" height="408" /> Key Takeaways: <ul data-spread="false"> <li> The company is growing its asset base significantly, with a 33% increase from 2023 to 2025. </li> <li> Growth is driven by increases in Investments, Other Assets, and Trade Receivables. </li> <li> CWIP increased 20x from 2023 to 2025, indicating major ongoing capital projects. </li> <li> The company is strengthening its equity base, with Reserves growing significantly. </li> <li> Borrowings were reduced in 2024 but saw a slight uptick in 2025. </li> </ul> <h3>10. Cash Flow Summary (in ₹ Cr) of Fractal Analytics Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1760011348.jpg" alt="" width="600" height="282" /> Highlights:  <ul data-spread="false"> <li> 2025 was a standout year: The company generated strong positive cash flow from operations (₹397 Cr). </li> <li> Investment is high: The company is consistently investing heavily in its future (negative investing cash flow), which aligns with the rising CWIP on the balance sheet. </li> <li> Financing is conservative: The company is a net repayer of debt and relies on its own operations and minor equity issuance for funding. </li> <li> Cash Balance: After a dip in 2024, the cash balance recovered to a healthy ₹275 Cr in 2025. </li> </ul> <h2>Conclusion </h2> <a href="https://fractal.ai/" target="_blank" rel="noopener noreferrer">Fractal.ai</a> has established a resilient and scalable business model. Its core <a href="https://fractal.ai/" target="_blank" rel="noopener noreferrer">Fractal.ai</a> segment is a high-growth, profitable engine, while the Fractal Alpha segment represents a strategic bet on future technology leadership. The company's focus on deep client relationships, integrated technical capabilities, and sustained innovation positions it to continue capitalizing on the expanding global DAAI market. <h2>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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Blog8 Oct 2025

Lords Mark Industries – Reverse Merger into Kratos Energy & Infrastructure Ltd. (KEIL): Impact on KEIL & Unlisted Lords Mark Investors

<h3 id="ember63" class="ember-view reader-text-block__heading-3">1. Background – What is KEIL?</h3> Kratos Energy & Infrastructure Ltd. (KEIL)is a small, financially distressed company listed on the Bombay Stock Exchange (BSE). In February 2024, KEIL initiated a Pre-Packaged Insolvency Resolution Process (PPIRP) under the Insolvency & Bankruptcy Code (IBC) to settle liabilities and bring in a strong strategic investor. Lords Mark Industries Pvt. Ltd. (LMI) — a diversified private company active in pharmaceuticals, renewable energy, defence, batteries, LED lighting, and packaging — emerged as the strategic investor and submitted a revival plan to acquire and merge with KEIL. <h3 id="ember67" class="ember-view reader-text-block__heading-3">2. NCLT Approval of Resolution Plan</h3> On 28 July 2025, the Mumbai Bench of NCLT approved the Final Base Resolution Plan jointly submitted by KEIL (Corporate Debtor) and LMI. The plan includes: <ul> <li>Full settlement of creditors (operational and financial, including SEBI-related dues).</li> <li>Change of control: Old promoters exit; a new board nominated by Lords Mark takes charge.</li> <li>Restructuring through a Reverse Merger — a corporate strategy where a private company merges into a listed shell.</li> </ul> <h3 id="ember71" class="ember-view reader-text-block__heading-3">3. Step 1 – Acquisition & Open Offer</h3> <ul> <li>Under SEBI (SAST) Regulations, any acquirer who takes more than 25% and control of a listed company must give public shareholders an exit opportunity through an open offer.</li> <li>To comply, Mr. Sachidanand Upadhyay (Director of LMI):</li> <li>Is purchasing the promoter’s 49% stake (4.90 lakh shares) in KEIL.</li> <li>Has launched a mandatory open offer to acquire up to 26% from the public at ₹30 per share.</li> </ul> Shareholder choice: <ul> <li>Tender shares → Exit at ₹30.</li> <li>Do not tender → Remain a KEIL shareholder in the new merged entity.</li> </ul> ⚠️ Important: Open offer does not cancel shares. It is simply a transfer of ownership. <h3 id="ember76" class="ember-view reader-text-block__heading-3">4. Step 2 – Reverse Merger Mechanics</h3> <ul> <li>After taking control, Lords Mark Industries Pvt. Ltd. will merge into KEIL (renamed Lords Mark India Ltd.).</li> <li>Swap ratio approved: 1 LMI share (FV ₹5) → 1.25 KEIL shares (FV ₹10)</li> <li>LMI ( Lords Mark Industries ) share base: 18 crore shares.</li> <li>New KEIL shares to be issued: 18Cr×1.25 = 22.5Cr.</li> <li>Existing KEIL shares: 0.10 Cr (10 lakh).</li> <li>Total post-merger KEIL shares: 22.60 Cr.</li> </ul> <h3 id="ember78" class="ember-view reader-text-block__heading-3">Post-Merger Ownership</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759917852.png" alt="" width="468" height="302" /> Key point: Existing KEIL shareholders — including the acquirer’s 75% — will together own less than 0.5% of the enlarged company after the new 22.5 Cr shares are issued. <h3 id="ember80" class="ember-view reader-text-block__heading-3">5. Valuation Impact – Sensitivity Scenarios</h3> Currently, KEIL trades at ₹638 per share with only 10 lakh shares outstanding → market cap ≈ ₹64 Cr. This price is on a tiny free float and ignores the massive dilution coming from the merger. Once the merger completes, total shares will rise to 22.60 Cr. Post-merger price will depend entirely on the market valuation of Lords Mark Industries. <div class="reader-image-block reader-image-block--full-width"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759917925.png" alt="" width="509" height="325" /></div> <div class="reader-image-block reader-image-block--full-width"> </div> <div class="reader-image-block reader-image-block--full-width"> Key insight: Today’s ₹638 is based on a tiny float; once 22.5 Cr new shares list, prices will mathematically adjust downward toward the ranges above. <h3 id="ember85" class="ember-view reader-text-block__heading-3">6. What Happens to KEIL Shareholders ( Listed Entity )</h3> <h3 id="ember86" class="ember-view reader-text-block__heading-3">Option A – Tender Shares in the Open Offer (₹30 per share)</h3> <ul> <li>Provides immediate cash exit for investors who prefer not to wait for the merger to complete.</li> <li>Eliminates the risk of heavy post-merger dilution, but also means you forgo any potential upside if the merged Lords Mark entity is later valued significantly higher.</li> </ul> <hr class="reader-divider-block__horizontal-rule" /> <h3 id="ember88" class="ember-view reader-text-block__heading-3">Option B – Retain KEIL Shares and Participate in the Merger</h3> <ul> <li>Your current KEIL shares will continue to exist but will be diluted to about 0.44% of the expanded company once 22.5 crore new shares are issued.</li> <li>At a post-merger valuation of ₹1,500–₹2,500 crore, the implied value per existing KEIL share would range from approximately ₹66 to ₹111.</li> <li>This may be appealing for investors who bought early at ₹30–₹40, but is highly unattractive for anyone entering now at ₹638, given the severe dilution.</li> <li>Note: The company will be required to restore the minimum 25% public shareholding (MPS) post-merger, likely through a large equity sale — which could put selling pressure on the stock and impact pricing.</li> </ul> <h3 id="ember90" class="ember-view reader-text-block__heading-3">7. Impact on Unlisted Lords Mark Investors</h3> Lords Mark Industries (LMI) currently trades in the unlisted market at a valuation of ~₹1,500 Cr. <ul> <li>Each unlisted LMI share (FV ₹5) will become 1.25 listed KEIL shares (FV ₹10) after the merger.</li> <li>If the listed company is valued at:</li> </ul> <ul> <li>₹1,500 Cr → ~₹66 per KEIL share → 1 LMI share = 1.25 × 66 = ~₹82.5</li> <li>₹2,000 Cr → ~₹88 per KEIL share → 1 LMI share = 1.25 × 88 = ~₹110</li> <li>₹2,500 Cr → ~₹111 per KEIL share → 1 LMI share = 1.25 × 111 = ~₹138.75</li> </ul> Takeaway: <ul> <li>If you are buying LMI in the unlisted market now (at implied ~₹83–₹100+), your post-listing value will depend directly on the market cap the listed entity achieves.</li> <li>A ₹1,500 Cr valuation gives ~₹82.5 per current LMI share — close to present unlisted prices.</li> <li>For upside, the merged company would need to list closer to ₹2,000–₹2,500 Cr or more.</li> </ul> <h3 id="ember96" class="ember-view reader-text-block__heading-3">8. Key Takeaways</h3> <ul> <li>Open offer (₹30) is a regulatory exit for KEIL public holders; no shares are cancelled.</li> <li>Reverse merger gives Lords Mark a fast track to listing without IPO.</li> <li>Existing KEIL shareholders will be diluted to <0.5% ownership after the 22.5 Cr share issuance.</li> <li>Current ₹638 KEIL price is speculative and will likely re-rate downward when the new 22.5 Cr shares list.</li> <li>Lords Mark unlisted investors:</li> </ul> <ul> <li>Will automatically become shareholders of the listed entity at 1:1.25 swap.</li> <li>Your real gain depends on the listed market cap:</li> <li>Today’s unlisted pricing already assumes a strong listed valuation; upside needs a higher post-listing m-cap.</li> </ul> <h3 id="ember99" class="ember-view reader-text-block__heading-3"> Bottom Line</h3> <ul> <li>KEIL minorities: if you entered early at ₹30–₹40, holding may still pay if Lords Mark commands a ₹2,000–₹2,500 Cr valuation; but at current ₹638, dilution risk is extreme.</li> <li>Unlisted Lords Mark buyers: will get listed shares automatically, but your return depends on the final listed valuation. At current private pricing, you need a strong listing premium (above ₹2,000 Cr) to see meaningful upside.</li> <li>Open offer @₹30 is a safe exit for KEIL public holders unwilling to take valuation and liquidity risk.</li> </ul> </div>

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Blog6 Oct 2025

RRP S4E Innovation Ltd. — Redefining India’s Electro-Optics Frontier

In the rapidly evolving defense technology landscape, RRP S4E Innovation Pvt. Ltd. has emerged as a specialized force in electro-optic systems, serving the Indian Army and other strategic clients. The company’s expertise spans repair, maintenance, and upgradation of precision optical devices, complemented by pioneering innovation in nano spectrometry, vacuum systems, and elemental analysis. Positioned among the top three electro-optics firms in India, it differentiates itself through technological excellence and cost leadership—offering products nearly 30% more affordable than competitors. <ul data-spread="false"> <li> Manufacturing Capacity: 25,000 units per month with a diverse product line including reflex sights, telescopic sights, thermal imaging systems, AI-based fencing, radiation detectors, and drones. </li> <li> Diversification: Expanded into drone camera production for remote operations and environmental technologies like air purifying devices to fight urban pollution. </li> <li> Global Reach: Secured international orders from the UK, USA, and other regions through strategic partnerships. </li> <li> Leadership: Founded by Padma Shri awardee Rajendra Chodankar (2021–22), emphasizing client-centric and innovation-driven growth. </li> <li> Financial Growth: Strong order book exceeding ₹100 crore and preparing for a major IPO, reflecting solid investor confidence and ambitious expansion plans. </li> </ul> <h3>Detailed Product Portfolio</h3> 1. Reflex Sights – Designed for rapid target acquisition using illuminated reticles, enabling shooters to aim with both eyes open while maintaining high situational awareness. 2. Telescopic Sights – Precision optical devices offering long-range accuracy, widely used in military, hunting, and sports applications, featuring adjustable crosshairs for windage and elevation. 3. Thermal Sights – Infrared-based imaging systems that detect heat signatures, ensuring clear visuals even in total darkness, fog, or smoke—ideal for tactical and surveillance use. 4. II Tube-Based Sights (Image Intensification) – Night vision devices that amplify ambient light for enhanced clarity in low-light environments, vital for military and search operations. 5. Long Range Cameras – High-resolution imaging systems capable of capturing visuals across several kilometers, integrating optical zoom and thermal sensors for surveillance, border security, and reconnaissance. RRP S4E Innovation Ltd. stands as a symbol of India’s growing self-reliance in defense technology, blending indigenous innovation with global standards to empower both national security and industrial advancement. <h3>Financial Performance Summary FY2023 Vs FY2024 </h3> RRP S4E Innovation delivered a stellar financial performance in FY24, marked by significant growth in revenue and profitability. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759904423.jpg" alt="" width="647" height="435" /> Analysis: The company achieved, rising from ₹31 crore in FY23 to ₹41 crore in FY24. Despite higher operating expenses, profit before tax surged 43%, while net profit jumped over 50%, underscoring strong operational efficiency and scalability. <ul data-spread="false"> <li> Strong 32% growth in Revenue : Revenue from Operations increased significantly from ₹31 Cr in FY23 to ₹41 Cr in FY24. </li> <li> Higher Profitability: Profit Before Tax (PBT) saw robust growth OF 43%, rising from ₹11 Cr to ₹16 Cr. </li> <li> Improved Bottom Line: Net Profit After Tax (PAT) also grew healthily from ₹9 Cr to ₹13 Cr. </li> <li> Controlled Expenses: While Total Expenses increased from ₹20 Cr to ₹25 Cr, this was in line with the higher scale of operations, as profits grew at a faster rate. </li> </ul> <h2>Balance Sheet Snapshot</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759904476.jpg" alt="" width="550" height="428" /> Interpretation: <ul data-spread="false"> <li> Strengthened Equity: Reserves & Surplus grew substantially from ₹56 Cr to ₹100 Cr, boosting Total Shareholders’ Funds from ₹63 Cr to ₹108 Cr. </li> <li> Reduced Debt: Long-Term Borrowings decreased from ₹17 Cr to ₹11 Cr, indicating improved financial leverage and lower interest obligations. </li> <li> Asset Growth: Total Assets expanded significantly from ₹97 Cr to ₹133 Cr, reflecting company growth and investment. </li> <li> Key Asset Increases: <ul data-spread="false"> <li> Tangible Assets increased slightly (₹33 Cr to ₹34 Cr), showing stable capital investment. </li> <li> Inventories rose (₹23 Cr to ₹26 Cr), likely to support higher sales. </li> <li> Trade Receivables The company’s trade receivables stand at ₹34 crore against revenue of ₹41 crore, which is significantly high. This indicates that a large portion of the sales remains uncollected, leading to stretched working capital and putting pressure on cash flows from operations. </li> </ul> </li> </ul> <h2>Cash Flow Statement</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759904525.jpg" alt="" width="576" height="349" /> Analysis: <ul data-spread="false"> <li> Negative Operating Cash Flow: Cash Flow from Operations (CFO) was negative and worsened from -₹2 Cr in FY23 to -₹12 Cr in FY24, indicating core business activities consumed more cash than they generated. </li> <li> Investment Continues: Cash Flow from Investing (CFI) was negative in both years (-₹18 Cr in FY23 and -₹6 Cr in FY24), showing ongoing investment in assets, though at a lower rate in FY24. </li> <li> Financing as Key Source: Cash Flow from Financing (CFF) was strongly positive (₹18 Cr in FY23 and ₹20 Cr in FY24), meaning the company relied on external funding (like loans or equity) to fund its operations and investments. </li> <li> Marginal Cash Increase: Despite operational cash burn, the strong financing inflow led to a net increase in cash of ₹2 Cr in FY24, a reversal from the net decrease of ₹2 Cr in FY23. </li> </ul> <h2>Valuation & Unlisted Market Metrics </h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759904572.jpg" alt="" width="557" height="370" /> Insight: At a P/E ratio of 26.3 and P/B ratio of 2.55, RRP S4E Innovation’s valuation reflects strong investor confidence and sustained market optimism, supported by consistent profitability and strategic growth prospects ahead of its IPO. <h2>Conclusion</h2> RRP S4E Innovation Ltd. stands at the intersection of technology, defense, and innovation, driving India’s self-reliance in electro-optic and surveillance systems. With a visionary founder, diversified product line, growing international footprint, and consistent financial strength, the company is poised to emerge as a key force in India’s defense-tech ecosystem. As it prepares to go public, RRP S4E represents a blend of innovation, credibility, and national purpose—a true embodiment of “Make in India” excellence. <h2>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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Blog4 Oct 2025

Indian Potash Limited — Detailed Annual Report analysis (FY24-25)

<h3>Company Overview</h3> Indian Potash Limited (IPL) is a premier fertilizer company and a pivotal player in India's agricultural ecosystem, with a core purpose of ensuring the availability and balanced use of plant nutrients nationwide. Originally focused on potash, IPL has strategically diversified into a multi-nutrient fertilizer player and is aggressively expanding into adjacent agri-businesses like sugar, distilleries, and dairy to de-risk its core operations and enhance profitability. With a vast distribution network, the company is committed to promoting the ideal NPK use ratio of 4:2:1 for soil health, supporting India's food security by enhancing agricultural productivity across even the most remote areas at affordable costs. <h2>A) Outlook & Prospects for FY 2025-26</h2> <ul> <li>Favorable Monsoon: The India Meteorological Department (IMD) forecast of above-normal rainfall (105% of LPA) is expected to boost agricultural output and rural demand, directly benefiting fertilizer consumption.</li> <li>Government Support: Continued Minimum Support Price (MSP) announcements are likely to sustain farmer incomes and fertilizer demand.</li> <li>Sugar Division Upside: Firm domestic sugar prices and the removal of the cap on sugar diversion for ethanol are expected to enhance profitability.</li> <li>New Revenue Streams: The newly commissioned distillery in Odisha and the acquired sugar mills in Gujarat are poised to contribute a full year of revenue in FY26, enhancing overall profitability.</li> <li>Subsidy Dependency: Timely payment of subsidies from the government remains critical for the company's liquidity and credit profile.</li> </ul> <h2> B) Detailed Business Model</h2> IPL operates through multiple, interconnected business segments, employing a hybrid model that combines trading, manufacturing, and service provision.   <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759552073.jpg" alt="" width="800" height="527" /> <h2>C) Detailed Revenue Streams</h2> IPL's revenue is diversified across its business segments, with the core fertiliser business contributing the bulk of the turnover, while other segments and non-operational income drive profitability. <h3>3.1. Primary Revenue Stream: Product Sales</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759552183.jpg" alt="" width="785" height="449" /> <ul> <li style="font-weight: 400;" aria-level="1">Note on Urea: The company also handles canalized Urea imports on behalf of the Department of Fertilizers (DOF). While the gross value of these sales (₹5,222 Cr in FY25) is high, only the net margin is reported in revenue, keeping the reported turnover lower than the actual scale of operations.</li> </ul> <h3>3.2. Margin Structure within Fertiliser Sales</h3> A critical aspect of IPL's revenue quality is the margin difference between product types: <ul> <li style="font-weight: 400;" aria-level="1">Private Label / In-House Products: IPL earns significantly higher margins on products where it has control over the brand and supply chain.</li> <li style="font-weight: 400;" aria-level="1">Traded Third-Party Products: Lower margins on products that are purely distributed.</li> <li style="font-weight: 400;" aria-level="1">FY25 Strategy Success: The conscious shift towards Complex Fertilisers (which likely have a higher proportion of in-house blends) was a key reason the Fertiliser segment's operating income jumped to ₹997 Cr in FY25 from ₹355 Cr in FY24, despite a slight drop in revenue.</li> </ul> <h3>3.3. Secondary Revenue Streams</h3> <ul> <li style="font-weight: 400;" aria-level="1">Subsidy Income: Government reimbursements under NBS policy; critical for product viability</li> <li style="font-weight: 400;" aria-level="1">Dividend Income: ₹1,040 Cr from associate companies (mainly JPMC, Jordan) - largest profit driver</li> <li style="font-weight: 400;" aria-level="1">Other Income: ₹205 Cr from treasury operations and bank interest</li> </ul> <h3>3.4. Future Revenue Streams (Commissioned in FY25)</h3> <ol> <li style="font-weight: 400;" aria-level="1">Grain-Based Distillery (Odisha): Commissioned in March 2025, this 190 KLPD plant will contribute a full 12 months of revenue from ethanol sales in FY26.</li> <li style="font-weight: 400;" aria-level="1">Acquired Sugar Mills (Gujarat): The three mills acquired on a long-term lease will add significantly to the sugar division's revenue and profit in FY26.</li> </ol> <h2>E) Financial Performance Summary (2022-2025)</h2> <ol> <li> <h3> Profit & Loss Statement (Values in ₹ Crores, unless specified)</h3> </li> </ol> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759552253.jpg" alt="" width="710" height="451" /> Key Observations: <ul> <li style="font-weight: 400;" aria-level="1">Volatile Revenue: Revenue peaked in 2023 and then normalized in 2024-25.</li> <li style="font-weight: 400;" aria-level="1">Margin Recovery: After a dip in 2023-24, EBITDA Margin and Net Profit Margin recovered strongly in 2025, reaching their highest levels in the period.</li> <li style="font-weight: 400;" aria-level="1">High Other Income: A significant portion of PBT comes from "Other Income" (e.g., ₹2,172 Cr in 2025), which is substantially higher than the operating profit (EBIT), indicating major income from investments or other non-operational sources.</li> </ul> <h3> Segment-Wise Performance</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759552290.jpg" alt="" width="802" height="302" /> <h3>3. Balance Sheet Highlights</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759552319.jpg" alt="" width="583" height="617" /> Key Observations: <ul> <li style="font-weight: 400;" aria-level="2">Strong Equity Base: Reserves have grown consistently, indicating retained profits.</li> <li style="font-weight: 400;" aria-level="2">High Investments: A large part of the asset base is in "Investments," which aligns with the high other income noted in the P&L.</li> <li style="font-weight: 400;" aria-level="2">Working Capital Management: Significant fluctuations in Trade Receivables and Inventory suggest varying sales cycles and inventory management strategies year-on-year.</li> </ul> <h3>4. Cash Flow Statement (Values in ₹ Crores)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759552350.jpg" alt="" width="585" height="442" /> Key Observations: <ul> <li style="font-weight: 400;" aria-level="1">Operational Turnaround: CFO turned positive in FY25 after a significant outflow in FY24, reflecting improved working capital management and profitability.</li> <li style="font-weight: 400;" aria-level="1">Investment Mode: Negative CFI in FY25 reflects capital expenditure in new projects (distillery, acquisitions).</li> </ul> <h2>F) Valuation and Unlisted Market Insights </h2> Market Cap: ₹3,250 crores <ul> <li aria-level="1">Unlisted Share Price: ₹3,250 per equity share</li> </ul> <ul> <li aria-level="1">P/E Ratio: 5.6  , P/B Ratio: 0.82  , Debt to Equity: 0.46</li> </ul> <ul> <li aria-level="1">ROE: 14.67%</li> </ul> <ul> <li aria-level="1">Book Value: ₹3,962.49</li> </ul> <ul> <li aria-level="1">Face Value: ₹10</li> </ul> <h2>G) Strength , Growth & Risk Factors  : </h2> <h3>Strengths</h3> <ul> <li style="font-weight: 400;" aria-level="1">Strong ROE of 14.67%</li> <li style="font-weight: 400;" aria-level="1">Low P/E ratio of 5.6</li> <li style="font-weight: 400;" aria-level="1">Healthy Debt-to-Equity of 0.46</li> <li style="font-weight: 400;" aria-level="1">Attractive P/B ratio of 0.82</li> <li style="font-weight: 400;" aria-level="1">Market leader in fertilizer sector</li> <li style="font-weight: 400;" aria-level="1">Successful diversification into sugar & distillery</li> </ul> <h3>Growth Drivers </h3> <ul> <li style="font-weight: 400;" aria-level="1">Above-normal monsoon forecast (105% LPA)</li> <li style="font-weight: 400;" aria-level="1">Government MSP support for crops</li> <li style="font-weight: 400;" aria-level="1">New distillery & sugar mills becoming operational</li> <li style="font-weight: 400;" aria-level="1">Shift to high-margin complex fertilizers</li> <li style="font-weight: 400;" aria-level="1">Strong dividend income from associates (₹1,040 Cr)</li> </ul> RisKS factors  <ul> <li style="font-weight: 400;" aria-level="1">Dependence on government subsidy policies</li> <li style="font-weight: 400;" aria-level="1">Global fertilizer price volatility</li> <li style="font-weight: 400;" aria-level="1">Forex fluctuation risk (₹54 Cr loss in FY25)</li> <li style="font-weight: 400;" aria-level="1">Strong competition in fertilizer sector</li> <li style="font-weight: 400;" aria-level="1">Sugar division yield fluctuations</li> <li style="font-weight: 400;" aria-level="1">Integration risks of new acquisitions</li> </ul> <h3>Conclusion</h3> Indian Potash Limited has evolved from a traditional fertilizer importer into a sophisticated, diversified agri-business conglomerate. Its business model is a blend of core commodity trading, strategic market development, and vertical integration. While the fertilizer business provides the scale, its calibrated approach and diversification into sugar, distillery, and dairy are building a more resilient and profitable enterprise. The company's future growth is firmly tied to its ability to navigate government policies, leverage its new distillery and sugar assets, and continue its advocacy for balanced fertilization, which sustains long-term demand for its products. 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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Blog1 Oct 2025

Infra.Market Confidentially Files for Rs 5,000 Crore IPO – A Deep Dive

India’s infrastructure and construction boom has created fertile ground for companies like <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a>, a Bengaluru-based unicorn in the building materials space. In its latest move, the company has confidentially filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise around Rs 5,000 crore ($563 million) through an initial public offering (IPO). The issue will be split equally between fresh equity shares and an offer-for-sale (OFS) by existing investors, according to sources familiar with the matter. This balanced structure ensures capital infusion for growth while also offering partial exits to investors. <h3 class="article-editor-heading">A) Why Infra.Market is Going Public Now</h3> <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> Final Private Fundraise: <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a> raised Rs 731.58 crore (about $83 million) in a Series G funding round, valuing it at Rs 24,600 crore ($2.8 billion). </li> <li class="article-editor-list-item"> Key Investors in Series G: Led by Nikhil Kamath’s family office NKSquared (Rs 200 crore). Co-founders Souvik Sengupta and Aaditya Sharda invested Rs 250 crore, and Rs 280 crore came from Accel, Tiger Global, Nexus Ventures, and Evolvence. </li> <li class="article-editor-list-item"> Promoter Stake Increase: Founders boosted their combined stake to ~30%, officially classifying them as promoters before IPO. </li> <li class="article-editor-list-item"> Additional Fundraising: Earlier in the year, the company raised $120 million from marquee investors and secured $150 million in debt funding from Mars Growth Capital. </li> <li class="article-editor-list-item"> Strategic Intent: The IPO aims to leverage India’s infrastructure growth and provide exits for long-standing backers. </li> </ul> <h3 class="article-editor-heading">Financial Performance</h3> <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a> has been posting strong growth over the last few years: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> FY24 Revenue: Rs 14,530 crore (up 23% YoY) </li> <li class="article-editor-list-item"> FY24 Net Profit: Rs 378 crore (2.4X jump from FY23) </li> <li class="article-editor-list-item"> FY25 (estimates): Rs 18,000 crore in revenue, Rs 1,500 crore EBITDA, and Rs 300 crore PAT </li> </ul> Comparatively, its peers in the competitive construction B2B space are also scaling rapidly: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> OfBusiness: Rs 19,296 crore revenue in FY24 </li> <li class="article-editor-list-item"> Zetwerk: Rs 14,436 crore </li> <li class="article-editor-list-item"> Moglix: Rs 4,964 crore </li> </ul> <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a>’s profitability trajectory and growth momentum make it a compelling IPO candidate. <h3 class="article-editor-heading">Infra.Market: Business & Revenue Model Data</h3> <h3 class="article-editor-heading">Business Model & Offerings</h3> Founded in 2016 by Sengupta and Sharda, <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a> provides end-to-end construction materials solutions across more than 15 categories including: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> Concrete </li> <li class="article-editor-list-item"> Steel </li> <li class="article-editor-list-item"> Walling solutions </li> <li class="article-editor-list-item"> Tiles </li> <li class="article-editor-list-item"> Paints </li> <li class="article-editor-list-item"> Electricals </li> </ul> The company operates through a wide network of 250+ manufacturing units and 10,000 retail touchpoints across India, catering to both institutional clients (B2B) and retail outlets (B2R). Its product portfolio spans private label brands such as RDC Concrete, Million Tiles, and Shalimar Paints. Vertical Integration & "House of Brands": <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> Approach: Not just a marketplace; owns a portfolio of brands and controls production. </li> </ul> Strategic acquisitions have also been central to <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a>’s growth: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> 2021: Acquired RDC Concrete and Shalimar Paints </li> <li class="article-editor-list-item"> 2022: Acquired 57% stake in Emcer Tiles </li> <li class="article-editor-list-item"> 2023: Bought majority stake in Metro Group (ceramic tiles) in a Rs 200 crore share swap deal </li> </ul> Today, <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a> is the second-largest player by revenue in India’s ready-mix concrete (RMC) segment and also holds significant capacity in AAC blocks and flooring tiles.Core Strategy: Hybrid, omnichannel presence underpinned by a “House of Brands” strategy. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759323177.jpg" alt="" width="791" height="403" /> <h3 class="article-editor-heading">Revenue Model</h3> Primary Source: Over 96% of operating income comes from the sale of construction materials. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759323525.jpg" alt="" width="790" height="512" /> <h3 class="article-editor-heading">The Confidential Filing Route</h3> <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a> has chosen SEBI’s confidential filing mechanism, introduced in November 2022, for mainboard issuers. This allows companies to keep sensitive financial and strategic details private until closer to listing. If required, companies can even withdraw plans without making details public — a flexibility not available in the standard DRHP route. Several other new-age companies have adopted this route recently, including PhonePe, Meesho, Groww, PhysicsWallah, Shiprocket, boAt, Oyo, and Swiggy. <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a>’s decision signals its intent to remain discreet until the right market conditions align for listing. <h3 class="article-editor-heading">The Road Ahead</h3> <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a> has raised over $700 million to date from marquee investors such as Tiger Global, Accel, Nexus, Evolvence, Nikhil Kamath, Ashish Kacholia, Abhijit Pai, Sumeet Kanwar, Capri Global, and Foundamental GmbH. With the IPO, it aims to strengthen its balance sheet, fund expansion, and further cement its leadership in India’s construction materials sector. As India continues to push large-scale infrastructure development, <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a>’s positioning as a tech-enabled building materials marketplace gives it an edge. With robust growth, profitability, and strong investor backing, the company is poised to make one of the most closely watched public debuts in the infrastructure space this year. In Summary: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> IPO size: Rs 5,000 crore (equal split between fresh issue & OFS) </li> <li class="article-editor-list-item"> Recent valuation: $2.8 billion according to Last Funding Round  Current Unlisted Valuation : Rs 22671 Cr </li> <li class="article-editor-list-item"> FY24 financials: Revenue Rs 14,530 crore | PAT Rs 378 crore </li> <li class="article-editor-list-item"> Backed by: Accel, Tiger Global, Nexus Ventures, Evolvence, Nikhil Kamath, others </li> <li class="article-editor-list-item"> Business: Construction materials marketplace + private label manufacturing </li> <li class="article-editor-list-item"> Route: Confidential DRHP filing with SEBI </li> </ul> <a class="article-editor-link article-editor-link" href="http://infra.market/" rel="noopener noreferrer">Infra.Market</a>’s IPO journey will be a bellwether for India’s infrastructure-linked unicorns looking to tap public markets. Investors and industry watchers will keenly follow how it leverages its scale and profitability in an increasingly competitive ecosystem. <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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Blog30 Sept 2025

Mohindra Fasteners Limited (MFL) Comprehensive Analysis of FY24-2025 Annual report

Mohindra Fasteners Limited (MFL), a manufacturer of high-tensile fasteners, faced a challenging FY 2024–25, with revenues declining by ~6.9% and profits dropping ~7.6% YoY, primarily due to weakening export markets. Despite global headwinds, the company maintained resilient profitability, underpinned by cost control, stable raw material prices, and operational efficiencies. Exports contribute ~70% of revenues, but dependency on international markets has exposed MFL to risks from inflation, tariffs, geopolitical tensions, and logistics disruptions. Management is actively rebalancing toward domestic sales, leveraging its BIS certification and foraying into the industrial after-market segment. <h2> A) Company Overview of Mohindra Fasteners Unlisted Shares</h2> <ul data-spread="false"> <li> Business: Manufacturer of High Tensile Fasteners used in automotive and engineering sectors. </li> <li> Established: 1997 </li> <li> Employees: ~400 </li> <li> Listing: Metropolitan Stock Exchange of India (MSEI) – Unlisted in public markets. </li> <li> Clients: <ul data-spread="false"> <li> OEM: Hero MotoCorp Ltd. </li> <li> Tier-1 vendors: Supplying to Maruti Suzuki, Hyundai India, and Tata Motors. </li> </ul> </li> <li> Manufacturing Base: 3 plants located on Delhi–Rohtak Road, Haryana. </li> </ul> <h2>B) Key Highlights FY 2025 Of Mohindra Fasteners Unlisted Shares</h2> <h4>1.  Financial Performance (FY 2024-25)</h4> <ul data-spread="false"> <li> Revenue from Operations: ₹165 Crores (Previous Year: ₹177 Crores) - a decrease of ~6.9%. </li> <li> Net Profit Before Tax: ₹20 Crores (Previous Year: ₹2 Crores) - a decrease of ~7.6%. </li> <li> Reason for Decline: Primarily due to a substantial drop in export sales </li> </ul> <h4>2. Strategic Initiatives & Future Outlook</h4> <ul data-spread="false"> <li> Domestic Market Growth: Actively taking steps to increase domestic sales to create a healthier balance with exports. </li> <li> BIS Certification: A key achievement that helps compete against cheap, low-quality imports. </li> <li> New Business Segment: Started selling in the industrial after-market segment on an all-India basis. </li> <li> Internal Improvements: <ul data-spread="false"> <li> New ERP system implementation. </li> <li> Replacing old equipment and building a new warehouse. </li> <li> Standardizing processes for future operational efficiency. </li> </ul> </li> <li> Joint Venture (JV): KK Mohindra Fastenings Pvt. Ltd. (Pune-based JV with Germany's Keller & Kalmbach) is progressing, with efforts to add new customers and leverage BIS requirements. </li> </ul> <ol start="3" data-spread="false"> <li> Quality & Compliance </li> </ol> <ul data-spread="false"> <li> Certifications: Holds BIS, ISO 9001:2015, IATF 16949:2016, ISO 14001:2015 (Environment), and ISO 45001:2018 (Safety). </li> </ul> <h2>C) Financial Performance Analysis (₹ Crores) of Mohindra Fasteners Unlisted Shares</h2> <h3>3.1 Revenue Trend</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759225711.jpg" alt="" width="660" height="220" /> 📉 Insight: <ul data-spread="false"> <li> Domestic Sales (29% of Revenue): ₹51 Crores (slight decrease from ₹52 Crores). <ul data-spread="false"> <li> Customers: Hero MotoCorp Ltd and Tier-1 vendors for Maruti Suzuki, Hyundai, and Tata Motors. </li> <li> Raw Materials: Prices stabilized and followed a downward trend; supply was good. </li> </ul> </li> <li> Export Sales (71% of Revenue): ₹114 Crores (down from ₹125 Crores). <ul data-spread="false"> <li> Reasons for Decline: <ul data-spread="false"> <li> High inflation and economic slowdown in Western economies. </li> <li> Impact of new tariffs from the Trump administration (US). </li> <li> Geopolitical issues: Ukraine/Russia war, Israel-Palestine conflict, and Houthi attacks in the Red Sea disrupting shipping. </li> </ul> </li> <li> Future Hope: New German government's €500 billion infrastructure plan. </li> </ul> </li> </ul> <h3>3.2 Profitability Insights of Mohindra Fasteners Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759225831.jpg" alt="" width="663" height="391" /> Overall Profitability: Stable but Stagnant Flat Bottom Line: PAT has been stuck at ₹15-16 Crores for three years. Peak & Decline: FY24 was the best year (₹27 Cr EBITDA, ₹16 Cr PAT), but FY25 saw a drop in operational profit (EBITDA down to ₹23 Cr). Resilient Margins: Margins (OPM ~14%, NPM ~9%) were defended in FY25, showing good cost control. ✅ Margins remain robust despite revenue decline → strong cost control & lower raw material prices. <h3>3.3 Balance Sheet Snapshot of Mohindra Fasteners Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759225852.jpg" alt="" width="588" height="440" /> Aggressive Growth & Investment: Significant ₹9 Crore increase in Fixed Assets in FY25. This represents Capex in new machinery & plant to expand capacity. Strong Internal Finances: This expansion is being healthily funded primarily from internal profits, not debt. This is evidenced by a steady ₹24 Crore growth in Reserves & Surplus over three years (from ₹89 Cr to ₹113 Cr), while Borrowings remained flat at ₹37-38 Cr. Potential Working Capital Pressure: A note of caution is the increase in Inventory to ₹32 Cr in FY25. This build-up could indicate preparation for future sales growth, but it also warrants monitoring for any signs of slowing inventory turnover. <h3>3.4 Cash Flow Analysis  FY23- FY25 in Cr </h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759225909.jpg" alt="" width="582" height="398" /> Negative investing CF → heavy capex (new warehouse, equipment). 💡 Operations still generating positive cash to partly fund investments. <h3>3.5 Key Ratios</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759225942.jpg" alt="" width="628" height="355" /> <h2>D) Dividend & Valuation Insights of  Mohindra Fasteners Unlisted Shares</h2> <ul data-spread="false"> <li> FY24 Dividend Paid: ₹5/share (50%) </li> <li> FY25 Recommended: ₹4.5/share (45%) → reduced due to weaker results. </li> <li> Share Capital: No change; no DVRs or sweat equity. </li> <li> Market Data (Unlisted): <ul data-spread="false"> <li> Price: ₹295/share </li> <li> Market Cap: ₹174 Cr </li> <li> Valuation Ratios: P/E of 11.59, P/B of 1.35, Debt/Equity of 0.32. </li> </ul> </li> </ul> <h2> E) Governance & Management</h2> <ul data-spread="false"> <li> Board Changes: <ul data-spread="false"> <li> Appointed: Mr. Vivek Arora (Independent Director) </li> <li> Resigned: Mr. Vinod Kumar (Independent Director, tenure completed) </li> </ul> </li> <li> Key Management Personnel: <ul data-spread="false"> <li> Mr. Deepak Arnneja (MD & CEO) </li> <li> Mr. Ravinder Mohan Juneja (MD) </li> <li> Mr. Sunil Mishra (CFO) </li> </ul> </li> </ul> <h2>F) Industry Analysis – Fasteners Sector</h2> <h3>India</h3> <ul data-spread="false"> <li> Market Size (2025E): ₹7,706 billion </li> <li> CAGR: 6.5–7% </li> <li> Growth Drivers: <ul data-spread="false"> <li> Automotive & construction boom </li> <li> Government’s Make in India push </li> <li> Infrastructure investments, urbanization </li> </ul> </li> <li> Challenges: <ul data-spread="false"> <li> Price volatility in raw materials </li> <li> Lack of product differentiation </li> <li> Digital adoption gaps & supply chain inefficiencies </li> </ul> </li> <li> Key Players: Deepak Fasteners, TorqBolt, Jyoti Engineering, Big Bolt Nut, Kova Fasteners, Kaloti Group, Singhania International, etc. </li> </ul> <h3>Global</h3> <ul data-spread="false"> <li> Market Size: $85.8 Bn (2023) → projected $125.9 Bn (2032). </li> <li> CAGR: 4.3–4.6% (2024–32). </li> <li> Regional Split: Asia-Pacific holds ~36% share (2023), expected to reach 45.5% by 2025. </li> <li> Drivers: <ul data-spread="false"> <li> Infrastructure & industrialization </li> <li> EVs & aerospace demand for lightweight fasteners </li> <li> Smart fasteners & additive manufacturing </li> </ul> </li> <li> Challenges: <ul data-spread="false"> <li> Fluctuating input costs </li> <li> Supply chain disruptions </li> <li> Competition from alternative joining technologies (welding, ahesives) </li> </ul> </li> </ul> <h3>Key Opportunities & Threats of Mohindra Fastners Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1759225982.jpg" alt="" width="658" height="373" /> <h2>G) Final Conclusion</h2> Mohindra Fasteners Limited is a financially stable, moderately growing, and strategically agile company in the high-tensile fastener industry. Despite FY25 revenue and profit pressures, MFL has maintained healthy profitability, low debt, and consistent shareholder returns. The near-term challenge remains export dependency, but management’s push towards domestic expansion, operational improvements, and diversification (after-market, JV) provides strong growth levers. With supportive industry tailwinds in India and globally, MFL is well-positioned for long-term, sustainable growth. <h2>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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Blog29 Sept 2025

Anugraha Valve Castings Limited (AVCL) – Comprehensive Analysis of FY 2024-2025 Annual Report

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Blog26 Sept 2025

Berar Finance Limited – Comprehensive Financial & Business Analysis Report

<h3>A)  Company Overview & Business Model</h3> Berar Finance Limited is a Non-Banking Financial Company (NBFC) categorized under the Middle Layer as per RBI’s Scale-Based Regulation. Its core business revolves around asset financing, with a primary focus on two-wheeler loans. The company’s target market lies in the semi-urban and rural areas of Central & Western India. Berar Finance began its journey as a personal loan provider in Maharashtra and has since evolved into a deposit-taking NBFC. <h3>Operational & Business Data</h3> <ul data-spread="false"> <li> Disbursement Growth: Disbursements increased by 22.67% in FY 2024-25. </li> <li> Customer Base: Serves a growing base of approximately 2.94 lakh (294,000) customers. </li> <li> Branch Network (as of March 31, 2025): <ul data-spread="false"> <li> Total Branches: 134 branches + 1 Head Office. </li> <li> State-wise Distribution: Maharashtra (41), Madhya Pradesh (24), Chhattisgarh (24), Telangana (17), Gujarat (8), Karnataka (7), Odisha (13). </li> </ul> </li> <li> Recent Expansion (Post-March 31, 2025): Opened 27 new branches, taking the total count to 162 branches. Expansion focused on Andhra Pradesh (9), Odisha (8), Jharkhand (3), Chhattisgarh (3), Gujarat (2), Maharashtra (1), Telangana (1). </li> </ul> <h3>Business Operations & Market Position</h3> <ul data-spread="false"> <li> Products: Two-wheeler loans (mainstay), Vehicle refinance, Used car loans, Personal loans, MSME loans, LAP </li> <li> Customer Base: 2.55+ lakh customers </li> <li> Branches: 115+ (expanding to 162 in 2025) </li> <li> Geography: Central & Western India, rural/semi-urban focus </li> <li> Milestones: <ul data-spread="false"> <li> Shifted from franchise → direct branch model </li> <li> Raised equity from institutional investors </li> <li> FY24 disbursements: ₹957 Cr </li> <li> AUM (2025): ₹1,383 Cr </li> </ul> </li> </ul>   B)  Financial Performance Analysis (2022–2025) <h4>Profit & Loss Statement (₹ Cr)</h4> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758889429.jpg" alt="" width="657" height="464" /> Key Profitability Insights: <ul data-spread="false"> <li> PAT Margin improved from 8.2% (2023) to 11.9% (2025) </li> <li> Interest Spread consistently 40–42% </li> <li> Cost-to-Income ratio improved from 33.5% → 31.2% </li> </ul> <h3>Segment/Division-Wise Analysis</h3> <ul data-spread="false"> <li> Product-Wise Revenue Contribution: <ul data-spread="false"> <li> Two-wheeler loans dominate the portfolio. </li> <li> Secured MSME loans and LAP showing growth. </li> </ul> </li> <li> Geographic Performance: <ul data-spread="false"> <li> Strong presence in Maharashtra, MP, Chhattisgarh, Telangana, Gujarat, Karnataka, and Odisha. </li> <li> Recent expansion into Andhra Pradesh and Jharkhand. </li> </ul> </li> </ul> <h3>C) Balance Sheet Analysis (2022–2025)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758889475.jpg" alt="" width="652" height="510" /> <h4>D)  Key Financial Ratios & Metrics</h4> <h4>Asset Quality</h4> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758889516.jpg" alt="" width="650" height="287" /> <h4>Profitability & Returns</h4> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758889552.jpg" alt="" width="643" height="284" /> <h4>Capital Adequacy & Liquidity</h4> <ul data-spread="false"> <li> CAR (2025): 24.95% (vs RBI requirement: 15%) ✅ </li> <li> LCR (2025): 104.5% (requirement: 100%) ✅ </li> <li> Debt/Equity (2025): 3.1x ⚠️ </li> </ul> <h3>E)  Cash Flow Analysis (₹ Cr)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758889590.jpg" alt="" width="651" height="309" /> Observation: Persistent negative operating cash flow → reflects high working capital needs due to aggressive advances growth. <h3>F)  Shareholding Pattern (2025)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758889624.jpg" alt="" width="649" height="360" /> 👉 Institutional Holding: 45.37% → Strong investor confidence <h3>G)  Market Valuation & Metrics (Unlisted) </h3> <ul data-spread="false"> <li> Market Cap: ₹278 Cr </li> <li> Price per Share: ₹225 </li> <li> P/E Ratio: 8.67 (sector avg: 15–20x) </li> <li> P/B Ratio: 0.82 (<1 → undervalued) </li> <li> Book Value per Share: ₹273.43 </li> <li> Debt/Equity: 3.1x </li> </ul> <h3> H) Management Discussion & Analysis (MD&A)</h3> <ul data-spread="false"> <li> Market Outlook: Management is optimistic about rural credit demand, supported by improving rural sentiment, easing inflation, and government focus on financial inclusion. </li> <li> Risks & Challenges: <ul data-spread="false"> <li> Asset quality volatility (GNPA: 4.43% in FY2025). </li> <li> Rising borrowing costs. </li> <li> Dependence on economic cycles affecting rural income. </li> </ul> </li> <li> Strategic Roadmap: <ul data-spread="false"> <li> Continue branch expansion in untapped regions. </li> <li> Enhance digital capabilities for better customer acquisition and service. </li> <li> Diversify product mix to reduce reliance on two-wheeler loans. </li> </ul> </li> </ul> <h3>I)  Risk Assessment</h3> ✅ Strengths <ul data-spread="false"> <li> Strong CAR (24.95%) & liquidity </li> <li> Rural/semi-urban stronghold </li> <li> Diversified loan book </li> <li> Institutional investor backing </li> </ul> ⚠️ Concerns <ul data-spread="false"> <li> Volatile GNPA (2.8–4.7%) </li> <li> Negative operating cash flows </li> <li> High leverage (3.1x D/E) </li> <li> Heavy reliance on two-wheeler financing </li> </ul> 🚀 Opportunities <ul data-spread="false"> <li> Rural credit under-penetrated </li> <li> Strong vehicle financing demand </li> <li> Geographic expansion & digital lending </li> </ul> <h3>J) Growth Outlook & Strategy</h3> <ul data-spread="false"> <li> Positive Indicators: <ul data-spread="false"> <li> Advances growth accelerating (+24.7% in 2025) </li> <li> ROE improving to 9.8% </li> <li> Meets all RBI regulatory requirements </li> </ul> </li> <li> Strategic Focus Areas: <ul data-spread="false"> <li> Branch expansion (162 by 2025) </li> <li> Product diversification </li> <li> Asset quality stabilization </li> <li> Digital adoption & cost optimization </li> </ul> </li> </ul> <h3>K) Investment Rationale</h3> Bull Case: <ul data-spread="false"> <li> Low P/E (8.7) vs sector (15–20x) </li> <li> P/B < 1 (undervalued) </li> <li> Strong AUM growth trajectory </li> <li> Rural-focused growth aligned with govt policies </li> </ul> Bear Case: <ul data-spread="false"> <li> Asset quality volatility </li> <li> Negative cash flows </li> <li> High leverage </li> <li> Rising competition in vehicle financing </li> </ul> <h3>L)  Conclusion</h3> Berar Finance is showing strong growth fundamentals with accelerating loan book, improving ROE, and a clear rural-focused strategy. However, asset quality volatility and negative operating cash flows remain red flags. Valuation looks attractive (P/E 8.7, P/B 0.82) and institutional backing provides comfort. If asset quality stabilizes, stock re-rating potential is high. <h3>L)  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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Blog25 Sept 2025

Veeda Lifesciences FY25 Analysis: Strategic Shift Fuels Growth, But Profitability Takes a Hit

<h2>A) About the Company Veeda Lifesciences Unlisted Shares</h2> History & Overview: Veeda Clinical Research Limited was Incorporated on April 23, 2004, and headquartered in Ahmedabad, Gujarat, Veeda Clinical Research Limited transitioned into a public limited company in June 2021. In FY 2024–25, it underwent a strategic rebranding to Veeda Lifesciences, signaling a shift from being a generics-focused CRO to an innovation-driven global drug development partner. <h3>Business Model & Segments</h3> The company operates as a single segment CRO, with integrated services spanning: <ol start="1" data-spread="false"> <li> Clinical Trials – Phase I to Phase IV studies. </li> <li> Healthy Volunteer Studies (BA/BE) - Specializing in bioavailability (BA) and bioequivalence (BE) studies. </li> <li> Biopharma Services – biologics, large molecules, and bioanalytical services. </li> <li> Subsidiaries: <ul data-spread="false"> <li> Bioneeds India – preclinical research (99 experiment rooms). </li> <li> Health Data Specialists (Heads) – European CRO specializing in oncology. </li> </ul> </li> </ol> The company operates as a single, unified segment, with the Chief Operating Decision Maker (CODM) reviewing performance holistically. <h3>Industry Positioning:</h3> <ul data-spread="false"> <li> Among India’s largest independent full-service CROs. </li> <li> Operational footprint: 532 beds across 4 Ahmedabad facilities, 1 in Mehsana, 2 pre-clinical sites in Bangalore. </li> <li> Global client base in 27 countries, including Dr. Reddy’s, Mankind, Granules, and international pharma like Upsher-Smith (USA). </li> <li> Well-positioned in the global CRO market, which is benefiting from rising R&D outsourcing and demand for complex clinical trials. </li> </ul> <h2>B) Key Highlights of FY 2024-25 of Veeda Lifesciences Unlisted Shares</h2> <ol start="1" data-spread="true"> <li> Rebranding & Strategic Shift: <ul data-spread="false"> <li> Transition from Veeda Clinical Research Limited → Veeda Lifesciences. </li> <li> Reflects move towards being a global integrated partner using AI, technology, and real-world data. </li> </ul> </li> <li> Acquisition of Health Data Specialists (Heads): <ul data-spread="false"> <li> Established footprint in 25 locations across EU, North America, Asia-Pacific. </li> <li> Major driver of 57% revenue growth in FY25. </li> <li> Significantly boosted oncology and late-phase trial capabilities. </li> </ul> </li> <li> Infrastructure Investments: <ul data-spread="false"> <li> New bioanalytical & clinical facilities commissioned in Ahmedabad. </li> <li> Expanded capacity for complex studies. </li> </ul> </li> <li> Digital Transformation: <ul data-spread="false"> <li> Implemented CTMS (Octalsoft) and EDC (Medidata) systems. </li> <li> Strengthened cybersecurity & clinical data handling. </li> </ul> </li> <li> Regulatory Success: <ul data-spread="false"> <li> Passed inspections from US FDA, EMA, reinforcing compliance credentials. </li> </ul> </li> </ol> <h2>C) Financial Performance of Veeda Lifesciences Unlisted Shares</h2> <h3>P&L (₹ Cr) of Veeda Lifesciences Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758790835.jpg" alt="" width="654" height="470" /> <ul data-spread="false"> <li> Revenue:  57% YoY growth, primarily fueled by the acquisition of Heads. This reversed a previous dip and indicates strong top-line expansion.. </li> <li> EBITDA: 136% increase Operational performance improved significantly, showing the initial benefits of scale. </li> <li> EBITDA Margin: 20.5% vs. 13.7% vs. 25.2% → improved but below FY23 highs. </li> <li> PAT: ₹-67Cr vs. ₹-0.3 Cr vs. ₹42Cr → turned negative due to higher D&A (₹148 Cr) and finance costs (₹54 Cr). </li> <li> EPS: ₹-10.19 vs. ₹-0.04 vs. ₹8 → heavy dilution impact. </li> </ul> 👉 Analysis: Strong topline growth and operational leverage, but bottom line weakened due to post-acquisition costs, higher debt servicing, and depreciation. <h3>Balance Sheet (₹ Cr) of Veeda Lifesciences Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758790889.jpg" alt="" width="661" height="347" /> <ul data-spread="false"> <li> Total Assets: ₹1,863 Cr vs. ₹2,040 Cr (FY24) → down 8.7%. </li> <li> Fixed Assets: ₹582 Cr vs. ₹190 Cr → +206% (capex + acquisition impact). </li> <li> Borrowings: ₹406 Cr vs. ₹260 Cr → +56% , indicating debt was used to finance the acquisition and expansion. </li> <li> Share Capital: ₹13.1 Cr vs. ₹13.6 Cr  </li> <li> Reserves: ₹849 Cr vs. ₹1,047 Cr → fell due to losses, directly impacted by the net loss of -67 Cr in FY25, which eroded retained earnings. </li> </ul> 👉 Analysis: Expanded asset base with stronger capital structure, but reserves erosion from losses. Debt remains moderate with Debt/Equity at 0.06. <h3>Cash Flow (₹ Cr) of Veeda Lifesciences Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758790917.jpg" alt="" width="589" height="263" /> <ul data-spread="false"> <li> CFO: ₹33.5 Cr vs. ₹58 Cr vs. ₹106 Cr → still positive despite PAT loss, which is a healthy sign. </li> <li> CFI: ₹-149.3 Cr vs. ₹-446 Cr vs. ₹-126 Cr → high investments in FY25. </li> <li> CFF: ₹91.4 Cr vs. ₹399 Cr vs. ₹-1 Cr → equity infusion and borrowings funded growth. </li> <li> Net Cash: -₹24.4 Cr vs. ₹11 Cr vs. ₹-21 Cr → slight cash burn due to expansion. </li> </ul> 👉 Analysis: Core ops remain cash-positive. Heavy capex/acquisition spend absorbed via financing inflows. <h2>D) Segment / Geography Analysis of Veeda clinical (Standalone)  of Veeda Lifesciences Unlisted Shares</h2> Revenue by Geography FY25 Vs FY24 (₹ Cr): <ul data-spread="false"> <li> India: ₹96 Cr (FY25) vs. ₹101 Cr (FY24) → slight decline. </li> <li> US: ₹36 Cr vs. ₹35Cr → marginal growth. </li> <li> Greece: ₹32 Cr vs. ₹47 Cr→ sharp decline. </li> <li> Ireland: ₹4 Cr vs. Nil → new addition. </li> <li> Others: ₹94 Cr vs. ₹92 Cr → stable. </li> <li> Total Revenue: ₹262 Cr vs. ₹275 Cr → down ~5%. </li> </ul> 👉 Observation: Global expansion balanced out India/Greece declines. Stronger diversification post-Heads acquisition. <h2>E) Ratio Analysis FY25 vs FY24  of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Current Ratio: 1.06 (FY25) vs. 1.08 (FY24) → liquidity dipped -1.8 % but remains healthy. </li> <li> Debt/Equity: 0.47 vs. 0.24 → decreased slightly  , due to debt raised and reserves cut out . </li> <li> ROE: -7.7% vs. -0.02% →  negative due to losses. </li> <li> Net Profit Margin: -10.98% vs. -0.08% → -99% change a heavy bottom-line drag. </li> <li> Trade Receivable Turnover: 4.43 vs. 4.10 → improved collection efficiency by 8%. </li> </ul> <h2>F) Shareholding Pattern of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Basil Private Ltd: 33.83% </li> <li> Bondway Investment Inc.: 19.20% </li> <li> Others (public & institutions): 46.97% </li> </ul> <h2>G) Valuation Insights (Unlisted Market) of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Price per Share: ₹465 </li> <li> Market Cap: ₹3059 Cr </li> <li> P/E Ratio: N/A (loss-making) </li> <li> P/B Ratio: 3.54 </li> <li> ROE: -7.77% </li> <li> Book Value per Share: ₹131.38 </li> </ul> <h2>H) Management Discussion & Analysis (MD&A) on Veeda Lifesciences Unlisted Shares</h2> Opportunities: <ul data-spread="false"> <li> Oncology, rare diseases, cell & gene therapy offer high-margin growth. </li> <li> AI-driven trial management will cut costs & time. </li> <li> Expanding global reach ensures diversified revenue base. </li> </ul> Risks: <ul data-spread="false"> <li> Integration risk of Veeda, Heads & Bioneeds. </li> <li> Margin pressure from high fixed costs. </li> <li> Competition with large multinational CROs. </li> </ul> Strategic Roadmap: <ul data-spread="false"> <li> Invest in AI, analytics, decentralized trials. </li> <li> Focus on end-to-end client partnerships. </li> <li> Strengthen presence in high-growth geographies & therapeutic areas. </li> </ul> <h2>I) Future Outlook (FY 2025-26) of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Growth to be led by oncology, rare diseases, and biotherapeutics. </li> <li> Expect margin recovery as integration costs normalize. </li> <li> Plans to deepen strategic global partnerships with pharma companies. </li> <li> Will leverage AI, digital platforms & real-world data to enhance efficiency. </li> </ul> <h2>J) UnlistedZone View on Veeda Lifesciences Unlisted Shares</h2> Veeda Lifesciences is in the middle of a transformational growth cycle. FY25 was an investment-heavy year, showing robust revenue growth but subdued profitability. With a low debt-to-equity ratio, strong liquidity, and a growing global presence, it is structurally well-placed for long-term growth. Investment Thesis: <ul data-spread="false"> <li> Attractive for HNIs/long-term investors seeking exposure to India’s global CRO play. </li> <li> Short-term valuations appear stretched given losses, but medium-to-long-term value creation potential remains high. </li> </ul> Risks: <ul data-spread="false"> <li> Execution & integration challenges. </li> <li> Profitability turnaround remains critical. </li> <li> Global competition could limit pricing power. </li> </ul> <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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