Blogs, insights, guides and videos on India's unlisted market — all in one place.
<p>In what could be one of India’s biggest market events of the decade, SEBI chairman Tuhin Kanta Pandey has finally confirmed that the National Stock Exchange (NSE) is set to receive its long-pending No-Objection Certificate (NOC) for its IPO <strong>by the end of this month</strong>.</p> <p>If this happens, it will unblock an IPO that has been stuck for almost <strong>10 years</strong>, making it one of the most delayed public listings in Indian corporate history.</p> <h2><strong>A) Why NSE’s IPO Was Delayed for 10 Years</strong></h2> <p>NSE first filed its DRHP in <strong>December 2016</strong>. But what followed was a long list of compliance hurdles and regulatory scrutiny.</p> <h3><strong>Key Reasons for the Delay</strong></h3> <ul data-spread="false"> <li> <p>Co-location controversy and allegations of preferential access to algorithmic traders</p> </li> <li> <p>Governance lapses flagged by SEBI</p> </li> <li> <p>TAP (Trading Access Point) architecture and network concerns</p> </li> <li> <p>Multiple unsuccessful NOC attempts in 2019, 2020, and August 2024</p> </li> </ul> <p>NSE has since settled several major disputes, including a <strong>₹643 crore penalty</strong> for the co-location and connectivity issues.</p> <h2><strong>B) What SEBI Chairman Said</strong></h2> <p>SEBI chief Pandey stated in Chennai:</p> <blockquote> <p>“We will give the NOC to NSE by this month end. Listing and other procedures regarding the IPO will be taken care of by them.”</p> </blockquote> <p>This indicates regulatory closure and shifts the responsibility to NSE to resume listing procedures.</p> <h2><strong>C) Financial Performance Snapshot (₹ Crore)</strong></h2> <h3><strong><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1768207849.jpg" alt="" width="50%" /></strong></h3> <h3><strong>Valuation Metrics</strong></h3> <ul data-spread="false"> <li> <p>Market Cap: ₹5.01 lakh crore</p> </li> <li> <p>Estimated FY26 PAT: ~₹9814 crore</p> </li> <li> <p>P/E multiple (FY26E): ~51x</p> </li> </ul> <h2><strong>D) SEBI on SME IPOs and Finfluencers</strong></h2> <h3><strong>SME IPO Volatility</strong></h3> <p>SEBI clarified that it does not decide valuations. Its focus is only on ensuring robust disclosures. New advertisement norms now clearly label whether an IPO is SME or mainboard.</p> <h3><strong>Crackdown on Finfluencers</strong></h3> <ul data-spread="false"> <li> <p>Nearly <strong>100,000 videos removed</strong> for illegal stock tips</p> </li> <li> <p>AI tool <strong>Sudarshan</strong> deployed to scan influencer content</p> </li> <li> <p>Stricter norms for misleading financial promotions</p> </li> </ul> <h2><strong>E) Conflict of Interest Review Update</strong></h2> <p>SEBI’s high-level committee is still evaluating conflict of interest rules for officials. More discussions are ongoing regarding public disclosures and governance frameworks.</p> <h2><strong>Why This NSE IPO Matters</strong></h2> <h3><strong>For Investors</strong></h3> <ul data-spread="false"> <li> <p>Opportunity to invest in India’s largest exchange</p> </li> <li> <p>Exposure to a monopoly-like business model</p> </li> <li> <p>Strong profitability and high entry barriers</p> </li> </ul> <h3><strong>For the Market</strong></h3> <ul data-spread="false"> <li> <p>Increased transparency</p> </li> <li> <p>Stronger governance frameworks</p> </li> <li> <p>Potential to attract global institutional investors</p> </li> </ul> <h2><strong>Bottom Line</strong></h2> <p>After nearly a decade of delays, NSE’s IPO may finally be set in motion. With regulatory clearance likely this month and strong financials supporting the narrative, 2026 could witness one of the most significant listings in Indian market history.</p>
<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander"><span id="snippet-text" class="style-scope ytd-text-inline-expander"><span id="plain-snippet-text" class="style-scope ytd-text-inline-expander">Inox Clean Energy is making a bold leap with a massive ₹2,750 crore fundraise at a ₹50,000 crore valuation. Backed by global investors, the company is rapidly scaling renewable power and solar manufacturing, positioning itself as a future clean energy giant even before its IPO.</span></span></div> <div id="source-attributions-wrapper" class="style-scope ytd-expandable-video-description-body-renderer"></div> </div> </div> <div id="footer" class="style-scope ytd-engagement-panel-section-list-renderer"></div> </div> </div> <div class="navigation-container style-scope ytd-shorts"> <div id="navigation-button-up" class="navigation-button style-scope ytd-shorts"> <div class="yt-spec-button-shape-next__icon" aria-hidden="true"> <div> </div> </div> </div> </div>
<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander"><span id="snippet-text" class="style-scope ytd-text-inline-expander"><span id="plain-snippet-text" class="style-scope ytd-text-inline-expander">MSEI has announced a Liquidity Enhancement Scheme to address its long-standing liquidity issues and rebuild investor confidence. This step aims to enable smoother trading, reduce volatility, and lay the foundation for a possible revival of the exchange.</span></span></div> <div id="source-attributions-wrapper" class="style-scope ytd-expandable-video-description-body-renderer"></div> </div> </div> <div id="footer" class="style-scope ytd-engagement-panel-section-list-renderer"></div> </div> </div> <div class="navigation-container style-scope ytd-shorts"> <div id="navigation-button-up" class="navigation-button style-scope ytd-shorts"> <div class="yt-spec-button-shape-next__icon" aria-hidden="true"> <div> </div> </div> </div> </div>
<p>India wants to become a serious player in high-value aerostructures — the stuff that goes into aircraft wings, UAV frames, satellite components, and next‑gen defence platforms. Singularity AMC has now invested $11.14 million (nearly ₹100 crore) into Lohia Aerospace Systems, signalling strong private‑capital confidence in India’s aerospace manufacturing capability.</p> <h2>A) What Lohia Aerospace Makes</h2> <p>Lohia Aerospace manufactures advanced composite materials, high‑precision aerostructures, and systems for aircraft, UAVs, defence platforms, satellites, and mobility applications. They supply directly to global OEMs.</p> <p>Their portfolio includes:</p> <ul data-spread="false"> <li> <p>Aircraft composite parts</p> </li> <li> <p>UAV and drone airframes</p> </li> <li> <p>Passenger‑to‑Freighter conversion components</p> </li> <li> <p>Business jet structural components</p> </li> <li> <p>Space and communication composite structures</p> </li> <li> <p>Automotive and mobility composites</p> </li> </ul> <h2>B) Why Singularity AMC Invested</h2> <h3>1. Rising Industry Opportunity</h3> <p>India’s aerospace and defence market is valued at $27.4 billion and is expected to reach $54.4 billion by 2033 at a 7% CAGR. Demand for composite materials is accelerating globally as platforms shift from metal to lightweight, high‑strength composites.</p> <h3>2. Lohia’s Strategic Advantage</h3> <p>Lohia Aerospace has vertically integrated operations, deep engineering capability, advanced manufacturing systems, and a strong export track record. With a training and R&D ecosystem spanning India and Israel, the company possesses scalable talent and process strength.</p> <h2>C) Management Perspective</h2> <p>Anurag Lohia (MD) sees the investment as a milestone that accelerates global expansion, strengthens product offerings, and aligns with the Aatmanirbhar Bharat mission. Singularity AMC’s leadership highlights Lohia’s precision manufacturing and strong quality focus as key reasons for backing the company.</p> <h2>Financial Snapshot</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1767871118.jpg" alt="" width="50%" /></p> <p>Lohia Aerospace has grown rapidly:</p> <ul data-spread="false"> <li> <p>Revenue rose from ₹4 crore in FY22 to ₹64 crore in FY24.</p> </li> <li> <p>EBITDA turned positive at ₹3 crore in FY24.</p> </li> <li> <p>Cash flows improved significantly.</p> </li> <li> <p>PAT remains negative due to expansion and debt servicing.</p> </li> </ul> <h2>D) Competitive Landscape (FY 2024 Financials)</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1767871147.jpg" alt="" width="50%" /></p> <p>Against peers like Kineco Aerospace (₹175 crore revenue, ₹27 crore EBITDA), Lohia is smaller but scaling quickly with stronger export alignment.</p> <h2>E) Valuation Explained</h2> <p>As of March 2024, Lohia Aerospace had 2.50 crore shares outstanding.</p> <p>In November 2025, the company issued an additional 45.77 lakh shares. This issuance comprised two components:</p> <ol start="1" data-spread="false"> <li> <p><strong>32.9 lakh shares</strong> were issued as part of a debt-to-equity conversion, with shares being transferred to promoters.</p> </li> <li> <p><strong>12.8 lakh shares</strong> were issued through a rights offering.</p> </li> </ol> <p>Consequently, the total number of outstanding shares increased to <strong>2.957 crore</strong>.</p> <p>The last round valued the company at ₹122 per share, implying a pre‑money valuation of roughly ₹361 crore.</p> <p>Investors are effectively valuing the company at over 6x FY24 revenue, indicating confidence in long‑term export‑driven scaling rather than current profits.<br /><strong><br />Singularity AMC has invested approximately ₹100 crore in Lohia Aerospace, though the specific valuation and issue price of the transaction remain undisclosed.</strong></p> <h2>F) The Big Picture</h2> <ol start="1" data-spread="false"> <li> <p>India is pushing to become a global hub for aerospace composites.</p> </li> <li> <p>Private capital is entering the sector aggressively.</p> </li> <li> <p>Lohia Aerospace is emerging as a credible international supplier with deep technical competency.</p> </li> </ol> <p>The investment positions Lohia as a key player in India’s aerospace manufacturing landscape, ready to ride the next decade of defence and aviation growth.</p>
<p>Spray Engineering Devices Limited has over one hundred patents and a strong order book, yet its cash flow remains under pressure. This deep dive explains how long receivable cycles, retention money, and steel price volatility squeeze margins despite strong technology and demand tailwinds from ethanol blending and energy efficiency.</p>
<h3>Who Is Maxvalue Credit and Investments?</h3> <p>Maxvalue Credit and Investments Limited is a <strong>non-banking financial company (NBFC)</strong> focused on retail and small-ticket lending, primarily across southern India.</p> <p>The company offers a diversified loan portfolio that includes:</p> <ul data-spread="false"> <li> <p><strong>Auto Loans</strong></p> </li> <li> <p><strong>Gold Loans</strong></p> </li> <li> <p><strong>Trader & MSME Loans</strong></p> </li> <li> <p><strong>Microfinance Loans</strong></p> </li> </ul> <p>Alongside lending, Maxvalue also provides <strong>investment products</strong> to its investors in the form of <strong>fully secured Non-Convertible Redeemable Debentures (NCDs)</strong> and <strong>Subordinated Debt</strong>, strictly in line with regulations prescribed by the <strong>Reserve Bank of India (RBI)</strong> and the <strong>Companies Act, 2013</strong>.</p> <p>In simple terms, Maxvalue borrows money at regulated costs, lends it across secured and semi-secured products, and earns the spread—while maintaining capital buffers well above regulatory thresholds.</p> <h2>Safe on Capital, Soft on Profits — What’s Really Going On?</h2> <p>At first glance, this NBFC looks safe. Capital adequacy is strong, branches are spread across four southern states, and gold loans now dominate the portfolio. But dig deeper into the numbers, and a more nuanced story emerges—one of shrinking income, stressed asset quality in key segments, and profitability under pressure.</p> <h3> Income Is Falling—and Fast</h3> <p>Total income declined sharply:</p> <ul data-spread="false"> <li> <p><strong>FY23:</strong> ₹136.7 crore</p> </li> <li> <p><strong>FY25:</strong> ₹104.7 crore</p> </li> </ul> <p>That’s a ~23% drop in just two years.</p> <p>The core reason? <strong>Interest income</strong>, which fell from ₹117.2 crore to ₹88.6 crore. While fee-based income did grow (₹7.8 crore → ₹9.8 crore), it wasn’t enough to offset the fall in lending income.</p> <p><strong>Translation:</strong> The lending book is either shrinking, yielding less, or both.</p> <h3><strong>Revenue from Operations (₹ Cr)</strong></h3> <p><strong><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1767702726.jpg" alt="" width="50%" /></strong></p> <h3><strong>Loan Portfolio / AUM (₹ Cr)</strong></h3> <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1767702579.jpg" alt="" width="50%" /></h3> <h3>Profitability & Margin Snapshot (FY23–FY25)</h3> <p><strong><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1767702553.jpg" alt="" width="50%" /></strong></p> <p><strong>What this reveals:</strong></p> <ul data-spread="false"> <li> <p>NII peaked in FY24 but slipped in FY25 as loan growth slowed.</p> </li> <li> <p>NIM expansion in FY24 was driven by lower funding costs; FY25 shows margin compression despite cheaper borrowings.</p> </li> <li> <p>Operating margins remain healthy, but they cannot fully offset falling revenues.</p> </li> <li> <p>Asset quality deterioration in FY25 (GNPA & NNPA) directly explains the sharp drop in PAT.</p> </li> </ul> <h3>Profits: From Recovery to Regression</h3> <p>After years of losses, the company finally turned profitable in FY24 with a <strong>PAT of ₹10 crore</strong>. But the relief was short-lived.</p> <ul data-spread="false"> <li> <p><strong>FY24 PAT:</strong> ₹10.4 crore</p> </li> <li> <p><strong>FY25 PAT:</strong> ₹3.7 crore</p> </li> </ul> <p>Margins compressed sharply:</p> <ul data-spread="false"> <li> <p><strong>Net Profit Margin:</strong> 8% → 3.8%</p> </li> </ul> <p>So while the company stayed in the black, profitability weakened significantly.</p> <h3>Cost Control Helped—But Not Enough</h3> <p>There is one positive: operating discipline.</p> <p>Between FY22 and FY25:</p> <ul data-spread="false"> <li> <p>Employee expenses fell from ₹36 crore to ₹33 crore</p> </li> <li> <p>Other expenses nearly halved from ₹58 crore to ₹26 crore</p> </li> <li> <p>Finance costs dropped sharply from ₹96 crore to ₹39 crore</p> </li> </ul> <p>Despite this, profits still fell—highlighting that <strong>revenue pressure, not costs, is the real issue</strong>.</p> <h3>Loan Book: Safer Mix, Smaller Size</h3> <p>Total AUM shrank:</p> <ul data-spread="false"> <li> <p><strong>FY24:</strong> ₹438 crore</p> </li> <li> <p><strong>FY25:</strong> ₹390 crore</p> </li> </ul> <p>But the composition improved:</p> <ul data-spread="false"> <li> <p><strong>Gold Loans:</strong> 50% of Advances </p> </li> <li> <p><strong>Vehicle Loans:</strong> 27% </p> </li> <li> <p><strong>Microfinance:</strong> 16% </p> </li> </ul> <p>The strategy is clear: shift toward secured, lower-risk lending—even if it means slower growth.</p> <h3>The Real Red Flag: Asset Quality</h3> <p>Gross NPAs stand at <strong>₹37.1 crore</strong>, or <strong>9.5% of whole loan book</strong>—high for comfort.</p> <p>The stress is concentrated:</p> <ul data-spread="false"> <li> <p><strong>Vehicle loans:</strong> GNPA of 23.1%</p> </li> <li> <p><strong>Microfinance:</strong> GNPA of 17.4%</p> </li> </ul> <p>Gold loans, however, remain extremely stable.</p> <p>The legacy vehicle and microfinance book is hurting returns and absorbing provisions.</p> <h3>Physical Footprint</h3> <p>The company operates <strong>139 branches</strong>, largely concentrated in:</p> <ul data-spread="false"> <li> <p>Kerala (78)</p> </li> <li> <p>Karnataka (50)</p> </li> </ul> <p>Plus:</p> <ul data-spread="false"> <li> <p>8 microfinance hubs</p> </li> <li> <p>7 auto loan hubs</p> </li> </ul> <p>This southern focus aligns well with gold-loan-led lending.</p> <h3>The UnlistedZone Take</h3> <p>This is a classic case of <strong>stability over speed</strong>.</p> <p>The NBFC is deliberately shrinking risky portfolios, cutting costs, and leaning into gold loans. That makes the balance sheet safer—but also caps growth and profitability in the near term.</p> <p>If asset quality in vehicle and microfinance loans improves, earnings could stabilise. If not, expect profits to remain muted despite strong capital buffers.</p> <p><strong>Safe? Yes.</strong><br /><strong>High-growth? Not yet.</strong></p>
<p>Boundless Capital has made a minority investment in JSR Dynamics, an Indian defence-tech company building precision-guided munitions and airborne weapon systems. With strong leadership, in-house IP, marquee partnerships, and a growing defence order book, JSR is well placed to ride India’s Atmanirbhar Bharat defence push.</p> <h2>The News</h2> <p>Boundless Capital has announced a minority investment in <strong>JSR Dynamics Private Limited</strong>, a fast-growing Indian defence company focused on advanced airborne weapon systems and precision-guided munitions.</p> <p>The investment will primarily support:</p> <ul data-spread="false"> <li> <p>Expansion of manufacturing capacity (capex)</p> </li> <li> <p>Development of new, next-generation defence products</p> </li> </ul> <p>This marks another deal where Boundless is backing a mission-critical business at a key inflection point.</p> <h2>Who Is JSR Dynamics?</h2> <p>JSR Dynamics is headquartered in <strong>Nagpur, Maharashtra</strong>, with advanced manufacturing infrastructure, including a <strong>newly commissioned plant in Yelahanka (Bengaluru)</strong>.</p> <p>The company designs and manufactures high-end defence solutions such as:</p> <ul data-spread="false"> <li> <p><strong>Long Range Glide Bombs (LRGBs)</strong></p> </li> <li> <p><strong>Range Extension Kits</strong></p> </li> <li> <p><strong>Lightweight Cruise Missiles</strong></p> </li> <li> <p><strong>Loitering Munitions</strong></p> </li> </ul> <p>In short: these are the kinds of systems that modern air forces use for precision strikes with minimal collateral damage.</p> <h2>Leadership That Matters</h2> <p>JSR is led by <strong>Air Marshal (Retd) Shirish B. Deo</strong>, former Vice Chief of the Indian Air Force.</p> <p>Why this is important:</p> <ul data-spread="false"> <li> <p>Deep understanding of operational defence requirements</p> </li> <li> <p>Strong credibility with armed forces and policymakers</p> </li> <li> <p>Ability to bridge the gap between battlefield needs and indigenous R&D</p> </li> </ul> <p>Defence is a trust-driven sector—and leadership like this materially lowers execution risk.</p> <h2>Strong Moats: IP + Partnerships</h2> <p>JSR Dynamics isn’t just assembling products—it owns <strong>in-house intellectual property</strong>.</p> <p>It also has strategic partnerships with:</p> <ul data-spread="false"> <li> <p><strong>Bharat Electronics Limited (BEL)</strong></p> </li> <li> <p><strong>IIT Madras</strong></p> </li> <li> <p><strong>Munitions India Limited</strong></p> </li> <li> <p><strong>Indian Armed Forces</strong></p> </li> </ul> <p>These relationships strengthen both product development and order visibility, which is critical in defence manufacturing.</p> <h2>The Order Book Story</h2> <p>JSR already has a <strong>robust and diversified order book</strong>, spanning:</p> <ul data-spread="false"> <li> <p><strong>DRDO programs</strong></p> </li> <li> <p><strong>ISRO-linked initiatives</strong></p> </li> <li> <p><strong>Indian Navy and Air Force contracts</strong></p> </li> </ul> <p>Add to that:</p> <ul data-spread="false"> <li> <p><strong>iDEX awards</strong> (government-backed defence innovation programs)</p> </li> <li> <p>Strong contract wins and growth momentum</p> </li> </ul> <p>This signals not just R&D success—but actual commercial and strategic adoption.</p> <h2>Why This Deal Makes Sense Now</h2> <p>India’s defence ecosystem is undergoing a structural shift:</p> <ul data-spread="false"> <li> <p>Rising defence budgets</p> </li> <li> <p>Clear policy push for <strong>Atmanirbhar Bharat</strong></p> </li> <li> <p>Reduced reliance on imports</p> </li> <li> <p>Preference for indigenous, IP-led platforms</p> </li> </ul> <p>JSR Dynamics sits right at the intersection of these tailwinds.</p> <p>Boundless Capital’s investment is effectively a bet on:</p> <ul data-spread="false"> <li> <p>India’s long-term defence indigenisation story</p> </li> <li> <p>A scaled-up domestic supplier of advanced weapon systems</p> </li> </ul> <h2>A Quick Look at the Financial Reality</h2> <p>While JSR’s strategic positioning and order momentum are strong, its financials tell an important early-stage story.</p> <p>Over FY22–FY24, reported <strong>revenue from core operations remains negligible</strong>, reflecting that the company is still transitioning from development and prototyping into scaled execution.</p> <p>That said, operating performance has been improving:</p> <ul data-spread="false"> <li> <p><strong>EBITDA has turned positive and expanded sharply</strong>, rising from a modest ₹6 Lakhs in FY22 to ₹768 Lakhs in FY23 and ₹870 La khsin FY24, indicating better cost absorption and operating leverage as programs progress.</p> </li> <li> <p><strong>EBIT moved from negative territory in FY22 to positive in FY23 and FY24</strong>, though it is still not consistently strong enough to absorb finance costs and depreciation on its own.</p> </li> </ul> <p>The more revealing piece is <strong>Other Income</strong>.</p> <p>In FY24, other income (₹1,080 Lakhs) exceeded EBITDA (₹870 Lakhs). Without this, profits before tax would have been deeply negative. In FY22 and FY23 as well, other income played a meaningful role in offsetting weak or early-stage operating profits and finance costs.</p> <p>This suggests that:</p> <ul data-spread="false"> <li> <p>The current bottom line is <strong>heavily supported by non-operating income</strong> (such as interest income, grants, investments, or one-offs).</p> </li> <li> <p>Core defence manufacturing operations are <strong>still in the ramp-up phase</strong>, not yet mature enough to independently sustain profitability.</p> </li> </ul> <p>This is typical for defence-tech companies ahead of large-scale production—but it also explains why fresh capital for capex and execution matters now.</p> <h2>The UnlistedZone Take</h2> <p>Defence-tech is no longer just a public-sector story.</p> <p>Private players like JSR Dynamics—with strong leadership, proprietary technology, and real orders—are emerging as critical pillars of India’s defence modernisation.</p> <p>Boundless Capital’s minority investment looks less like a financial punt and more like a strategic alignment with a company building for national importance.</p> <p><strong>Bottom line:</strong> As India arms itself for the future, companies like JSR Dynamics are quietly becoming indispensable.</p>
<p>Madhur Iron and Steel is gearing up for an IPO, backed by strong growth in power transmission infrastructure. With rising revenues, improving margins, and alignment with India’s long term grid expansion and renewable energy push, the company’s public market debut is worth tracking in the unlisted space.</p>
Indicative prices, company research and your enquiries — in your pocket. Get price notes on the names you follow and reach our team from anywhere.
