Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
A Pune company watched a quarter of its revenue disappear in FY26 — and posted the biggest profit in its 25-year history. Maharashtra Knowledge Corporation owns no classrooms, employs no teachers, and earns more from its bank account than from its actual business. Here's how that works, and what could break it.
India is minting ultra-rich people faster than almost anywhere on earth. So why did one of the country's oldest wealth managers just watch its profit fall 78%? The answer sits in a gap between where ASK's assets are growing and where its fees actually come from.
Every front-wheel-drive car carries four constant velocity joints, and a fair number of them come from a 41-year-old company in Faridabad. GKN Driveline India posted 26% profit growth in FY26 — but domestic sales didn't grow at all, and half its revenue rides on a single customer.
Last year it sold ₹2,052 crore of railway wagons and out-earned both Titagarh and Jupiter Wagons. It was the only one of the three to generate positive free cash flow. And it trades at one-seventh their valuation. So is Hindusthan Engineering a bargain, or is there something in the footnotes? We opened the annual report.
The cover of NCL Buildtek's FY26 annual report says "Driven by Growth." Page 5 says the priority is restoring profitability. Line up four years of segment data and you see why: ₹100 crore of CCGI and AAC blocks revenue disappeared, was replaced by commodity uPVC, and the profit pool collapsed.
The IAF just drop-tested the Khagantak-243 — a 300-kg indigenous glide bomb with a 180 km range, built by Nagpur startup JSR Dynamics. No revenue yet, $19.2M raised, last round at ₹6,514/share. Here's the full story of the weapon and the bet behind it.
Until 2024, Sterlite Electric built and owned transmission lines. Then it sold that business, kept the factories, and became a supplier to the very developers it used to bid against. FY26 was its first full year in that role: revenue up 26%, profit up 30%, a new 550 kV cable plant, and a balance sheet that looks far richer than it is — thanks to a ₹509 crore hedge gain that isn't really profit. With an IPO filed and the unlisted market pricing the stock at ₹478, almost exactly where private-equity investors bought in eighteen months ago, we walk through the business, the numbers, the shareholding, and what has to go right from here.
Bharat Hotels runs some of India's most recognisable hotel addresses and earned ₹114 crore last year. Profit rose 25% — but EBITDA fell 17%, and the entire improvement came from cheaper debt rather than better operations. Meanwhile its flagship Delhi property faces a municipal claim roughly equal to the company's net worth. A look at what the FY26 annual report actually discloses, and what it doesn't.
Ticker Limited wants to be India's affordable Bloomberg. Over four years it raised roughly ₹237 crore from shareholders — and ended up earning less than it started with. Its core market data business shrank 26%, losses doubled,and its raw material spend halved. A look at what the annual reports actually show, and whether the product still has a market.
Garuda Aerospace's FY26 Annual report card comes in two halves. Revenue up 67%, profit up 41%, and a real move into defence. Then there's ₹234 crore stuck with customers, two straight years of negative operating cash flow, and ₹2.4 crore in the bank. At ₹438, the market is pricing only the first half.
In October 2025, investors valued Zepto at $7 billion. Nine months later, India's biggest mutual funds said $2.5–3 billion. Nothing had gone wrong in between — revenue had doubled. Here's what they saw in the FY26 numbers that the venture capitalists didn't.
The 120-year-old Bombay Store just crossed ₹100 crore in revenue, with profit up 18% and debt down sharply. But dig two years back and profit has barely moved. Here's what the FY26 annual report actually says — and what ₹470 a share implies.
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