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Blog5 Sept 2025

Nayara Energy: The Story of Operational Excellence in Global Tailwinds with Financial Snapshot Of FY2025

<h3>About the Company</h3> Brief History and Overview Nayara Energy, formerly Essar Oil, is an integrated downstream oil company operating across the hydrocarbon value chain. Acquired in 2016 by a consortium led by Rosneft, Trafigura, and UCP Investment Group, the company has since rebranded and expanded its refining, trading, retail, and petrochemical operations. It prioritizes health, safety, environment, and community well-being, embedding HSE across all activities. <h3>Business Model of Nayara Energy </h3> <ul data-spread="false"> <li> Core Operations: Refining crude into gasoline, diesel, jet fuel, polypropylene, and petrochemicals. FY25 crude processing: 20.49 MMT with 102.3% capacity utilization. </li> <li> Trading: Procured 146.4 MM BL of crude across 129 grades, engaging in both supply and global trading. </li> <li> Retail: ~6,683 outlets (~7% of India’s network), average throughput of 8.3 KL per outlet. </li> <li> Subsidiaries: <ul data-spread="false"> <li> Nayara Energy Singapore Pte Ltd (NESPL): Trading, sourcing, export placements. </li> <li> Coviva Energy Terminals Ltd: Developing SBM-2 at Deendayal Port. </li> </ul> </li> <li> Segments: Refining, trading, retail, institutional business, petrochemicals, sustainability (biofuels, renewables). </li> </ul> <h3>Industry Positioning of Nayara Energy Limited</h3> <ul data-spread="false"> <li> Contributes 8% of India’s refining capacity and 8% of polypropylene capacity. </li> <li> Specializes in processing ultra-heavy crudes (96.1% of input). </li> <li> Workforce: 55,000+ direct and indirect employees. </li> <li> Safety record: 25.12 million safe man-hours, TRIR of 0.058, outperforming industry averages. </li> </ul> <h3>Key Highlights of FY24-25 Nayara Energy Unlisted Shares</h3> <ul data-spread="false"> <li> HSE: Launched Nayara Energy HSE Management System; improved contractor safety and road risk management. </li> <li> Sustainability: 12.7% ethanol blending; solar at 1,000+ outlets; desalination, rainwater harvesting, waste management. </li> <li> IT: Cloud migration, cybersecurity upgrades, CTRM modernization, AI/analytics in HR and operations. </li> <li> Expansion: Commissioned polypropylene plant, progressing ethanol projects, SBM-2 setup. </li> </ul> <h3>Financial Performance Of Nayara Energy Unlisted Shares</h3> <h3>P&L Snapshot (₹ Cr):</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1757076008.jpg" alt="" width="658" height="474" /> <ol start="1" data-spread="false"> <li> Revenue Growth (YoY % Change): FY25 revenue declined 3.8% YoY from FY24 (₹155,091 Cr to ₹149,217 Cr), but grew 8.0% from FY23 (₹138,112 Cr). </li> <li> EBITDA, PAT, Margins: EBITDA fell 43.3% YoY to ₹11,187 Cr, with margins compressing to 7.50% due to lower gross margins (26.11% vs. 30.95%). PAT dropped 50.7% YoY to ₹6,079 Cr, with margins at 4.07%, reflecting higher costs or market pressures. </li> <li> EPS and Book Value: EPS halved to ₹40.33 from ₹81.75; book value implied from reserves and share capital growth (reserves up to ₹48,503 Cr from ₹41,984 Cr). </li> </ol> <h3>Cash Flow (₹ Cr):</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1757076139.jpg" alt="" width="628" height="445" /> Positive operational cash flow declined slightly YoY, indicating stable but pressured core operations. Investing outflows reduced (less capex), while financing outflows eased. Net positive in FY25 vs. negative in FY24, showing improved liquidity. <h3>Balance Sheet (₹ Cr):</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1757076165.jpg" alt="" width="801" height="510" /> <ul data-spread="false"> <li> Assets, Liabilities, and Equity Changes: Total assets dipped 2.6% YoY to ₹85,448 Cr, driven by lower investments; fixed assets rose 9.5% due to expansions. Borrowings increased 7.0%, but reserves grew 15.5%, boosting net worth. </li> <li> Debt/Equity Ratio, Net Worth, Reserves: D/E improved to 0.25 (low leverage); net worth strengthened with reserves at ₹48,503 Cr. </li> <li> Liquidity Position: Current ratio improved to 1.39 from 1.13, indicating better short-term solvency. </li> </ul> Post-buyback (after March 31, 2025), paid-up capital reduced to 148,83,90,808 shares of ₹10 each (₹1488 Cr total), following buyback of 21,70,347 shares (8.38% of offer) at ₹731/share for ₹158 Cr.   <h3>Segment Sales (₹ Cr):</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1757076186.jpg" alt="" width="581" height="412" /> <ol start="1" data-spread="false"> <li> Contribution of Different Business Segments: Manufactured goods dominate (90.6% of revenue in FY25), down 3.9% YoY. Traded goods (9.2%) fell 2.5%. Retail outlets grew 7.4% YoY, contributing 42% of sales, showing strong domestic consumer demand. Exports declined 8.8%, while institutional/petrochemical rose 14.1%. </li> <li> Regional or Product-Level Performance: Domestic segments (retail + oil companies + institutional) total ~74% of sales, up from FY24 mix. Retail strength aligns with 6,683 outlets; petrochemicals leverage 8% national capacity. </li> </ol> <h3>Management Discussion & Analysis on Nayara Energy Unlisted Shares</h3> <ul data-spread="false"> <li> Outlook: Growth in decarbonization, renewables, and efficiency amid evolving regulations (CCTS, 20% ethanol blending by 2025). </li> <li> Risks: Crude price volatility, evolving regulations, CSR execution delays. </li> <li> Roadmap: 7-pronged decarbonization (biofuels, hydrogen, CCU, renewables); strengthen HR, CSR, IT resilience, and governance. </li> </ul> <h3>Shareholding Pattern of Nayara Energy Unlisted Shares</h3> <ul data-spread="false"> <li> Rosneft Singapore Pte. Limited is the largest shareholder with a 49.13% stake. </li> <li> Kesani Enterprises Company Limited holds shares in two forms: <ul data-spread="false"> <li> Global Depositary Shares (GDS): 31.92% </li> <li> Equity Shares: 17.21% </li> </ul> </li> <li> The combined holding of Kesani Enterprises Company Limited is 49.13% (31.92% + 17.21%). </li> <li> Other shareholders hold a 1.73% stake in the company. </li> <li> Post-buyback equity: 148.83 Cr shares. </li> <li> Buyback at ₹731/share (~₹1,586 Cr) reduced minority holding. </li> </ul> <h3>Valuation Insights of Nayara Energy Unlisted Shares</h3> <ul data-spread="false"> <li> Implied Market Cap: ~₹134151 Cr (post-buyback @ ₹731/share). </li> <li> Valuation ratios: P/E 22.07x, P/B ~2.68, EV/EBITDA ~ 11.87 <h3>Peers Comparison</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1757076220.jpg" alt="" width="646" height="406" /></li> </ul> <h3>Future Outlook of Nayara Energy Unlisted Shares</h3> <ul data-spread="false"> <li> Opportunities: Ethanol expansion, petrochemicals, SBM-2, renewables, digitalization. </li> <li> Risks: Margin pressure, global crude volatility, regulatory shifts. </li> <li> Suitability: Attractive for HNIs/long-term investors seeking downstream oil + ESG exposure. </li> </ul> <h3>UnlistedZone View on Nayara Energy Unlisted Shares </h3> Thesis: Strong integrated model, ESG leadership, retail and petrochemical growth, Rosneft-backed stability. Risks: Earnings volatility, CSR execution gaps, heavy crude reliance. Call: Compelling long-term hold; undervalued vs peers; ideal for patient investors in India’s energy transition. For More Information Visit : <a href="https://unlistedzone.com/shares/buy-sell-share-price-essar-oil-limited-unlisted-shares/">UnlistedZone</a> 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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Blog4 Sept 2025

The Engine of Growth: How GFCL EV is Powering the EV Transition

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Blog4 Sept 2025

Kineco Group Expands Global Rail Presence with TRB Lightweight Structures Acquisition

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Blog3 Sept 2025

TRL Krosaki FY25 Results: Robust Profit Growth and Strong Dividend Payout

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Blog3 Sept 2025

Radhakishan Damani, Madhusudan Kela, and Kotak Bet on NCDEX: ₹770 Cr Raised as Exchange Eyes Equity Market Entry

The National Commodity & Derivatives Exchange Limited (NCDEX) has successfully raised ~₹770 crore through a preferential share issue, cementing its position as a key player in India’s commodity markets. This isn’t just another fundraising exercise—it reflects rising institutional confidence, marquee investor participation, and NCDEX’s ambitions to expand beyond commodities into equity products. <h2 data-start="722" data-end="759">A) The Fundraise at a Glance</h2> <ul data-start="761" data-end="894"> <li data-start="761" data-end="809"> Amount Raised: ₹7,700,004,155 (~₹770 Cr) </li> <li data-start="810" data-end="852"> Shares Allotted: 39,018,973 shares </li> <li data-start="853" data-end="894"> Average Price: ~₹197.34 per share </li> </ul> The allotment was backed by a mix of global funds, leading domestic institutions, and respected Indian investors, ensuring NCDEX’s capital base is both stronger and more diversified. <h2 data-start="1091" data-end="1138">B) Institutional Heavyweights on Board</h2> Some of the most respected financial names participated: <ul data-start="1200" data-end="1515"> <li data-start="1200" data-end="1242"> Globe Capital Market Ltd. – ₹51 Cr </li> <li data-start="1243" data-end="1294"> Billionbrains Garage Ventures Ltd. – ₹50 Cr </li> <li data-start="1295" data-end="1334"> Acacia Banyan Partners – ₹50 Cr </li> <li data-start="1335" data-end="1381"> Kotak Mahindra Life Insurance – ₹42 Cr </li> <li data-start="1382" data-end="1426"> Tower Research Ventures LLC – ₹34 Cr </li> <li data-start="1427" data-end="1471"> Share India Securities Ltd. – ₹28 Cr </li> <li data-start="1472" data-end="1515"> Kedia Securities Pvt. Ltd. – ₹10 Cr </li> </ul> Other prominent names include Zerodha-backed Rainmatter Capital, Citadel Securities, SMC Global Securities, and several venture funds—bringing both financial muscle and market credibility. <h2 data-start="1718" data-end="1770">C) Stalwarts from Dalal Street Join the Bet</h2> Adding even more weight, legendary Indian investors also took part: <ul data-start="1847" data-end="2123"> <li data-start="1847" data-end="1893"> Radhakishan S. Damani (DMart) – ₹25 Cr </li> <li data-start="1894" data-end="1927"> Ramesh S. Damani – ₹15 Cr </li> <li data-start="1928" data-end="1964"> Gopikishan S. Damani – ₹9 Cr </li> <li data-start="1965" data-end="2011"> Madhusudan Kela (MK Ventures) – ₹15 Cr </li> <li data-start="2012" data-end="2069"> Kanchan Sunil Singhania (Abakkus family) – ₹15 Cr </li> <li data-start="2070" data-end="2123"> Viral Amal Parikh (Ohm Stock Broker) – ₹15 Cr </li> </ul> When value investors and market veterans step in, it’s often a strong validation of long-term growth prospects. <h2 data-start="2245" data-end="2287">D) Why This Matters for Investors</h2> <ol data-start="2289" data-end="3013"> <li data-start="2289" data-end="2430"> Strengthened Capital Base – The ₹770 Cr infusion will help NCDEX upgrade technology, expand product offerings, and deepen liquidity. </li> <li data-start="2431" data-end="2580"> Institutional + HNI Confidence – The blend of global funds, domestic institutions, and iconic Indian investors provides unmatched stability. </li> <li data-start="2581" data-end="2717"> Affordable Entry Valuation – At ~₹197 per share, NCDEX remains attractive versus overheated valuations in other exchange plays. </li> <li data-start="2718" data-end="2868"> Macro Tailwinds – Rising commodity volatility, climate-linked agri disruptions, and India’s push for organized trading create fertile ground. </li> <li data-start="2869" data-end="3013"> Diversification Edge – Commodities often hedge against equity volatility and inflation, giving investors a unique asset class exposure. </li> </ol> <h2 data-start="3020" data-end="3067">E) Next Big Move – Equity Market Entry</h2> Beyond commodities, NCDEX is now preparing to launch equity market products, a development that could significantly broaden its role in India’s capital markets. This marks a strategic shift—from being seen primarily as an agri-commodity exchange to potentially emerging as a full-service exchange platform. Such a move could: <ul data-start="3408" data-end="3553"> <li data-start="3408" data-end="3452"> Attract new categories of investors, </li> <li data-start="3453" data-end="3487"> Diversify revenue streams, and </li> <li data-start="3488" data-end="3553"> Position NCDEX alongside established equity market exchanges. </li> </ul> <h2 data-start="3560" data-end="3587">F) The Bottom Line</h2> This landmark fundraise isn’t just about capital—it’s about credibility, vision, and market positioning. Backing from legends like Radhakishan Damani and Madhusudan Kela, combined with institutional anchors like Kotak and Rainmatter, signals strong faith in NCDEX’s trajectory. With a solid balance sheet, a diversified investor base, and plans to step into equities, NCDEX is no longer just a commodity story—it’s a broader India growth story in the making. 💡UnlistedZone Take: With marquee investors on board and fresh capital deployed for growth, NCDEX stands out as one of the most exciting unlisted opportunities today. Its expansion into equities could be a game-changer, offering early investors a chance to ride India’s evolving market infrastructure story. 🔗 For More Information: <a class="decorated-link cursor-pointer" href="https://unlistedzone.com/shares/national-commodity-derivatives-exchange-ncdex-limited-unlisted-shares/" data-start="4408" data-end="4550">UnlistedZone – NCDEX Unlisted Shares</a> Disclaimer: UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided is for educational purposes only. 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 risks including illiquidity and volatility.

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Blog2 Sept 2025

Philips India Limited –FY25 Financial Performance Analysis

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Blog1 Sept 2025

India Expo Mart: Hidden Value Beyond Market Capitalization

<h2>Introduction</h2> India Exposition Mart Ltd. (IEML), widely known as India Expo Mart, is India’s premier integrated venue for exhibitions, conventions, and trade fairs. Located on the Greater Noida Expressway, it has become a magnet for both national and international exhibitions, including flagship events like the Auto Expo and IHGF Delhi Fair. Despite its strong operational performance, what truly sets IEML apart is its 58 acres of strategically located prime land. At current market rates, the land parcel alone is valued significantly higher than the company’s market cap—unveiling a classic hidden-value opportunity for long-term investors. <h2> History & Land Footprint</h2> Conceived in 2001 and operational since 2006, India Expo Mart was envisioned as a world-class exhibition facility to support Indian trade and commerce. <ul data-spread="false"> <li> Total Area: 58 acres (~2.53 million sq.ft). </li> <li> Facilities: 14 exhibition halls, a five-star hotel (ExpoInn), a business convention center, and over 785 permanent showrooms. </li> <li> Among the largest MICE (Meetings, Incentives, Conferences, Exhibitions) destinations in Asia. </li> </ul> <h2> Business Model of India Expo Mart</h2> India Expo Mart operates on a multi-revenue MICE model that makes it a resilient and diversified business: <h3>1. Venue Rentals</h3> <ul data-spread="false"> <li> Renting exhibition halls, conference rooms, and outdoor areas for events, expos, and conventions. </li> <li> Flagship events: Auto Expo, Renewable Energy India Expo, IHGF Delhi Fair, etc. </li> </ul> <h3>2. Proprietary Events</h3> <ul data-spread="false"> <li> Organizes its own high-margin events like: <ul data-spread="false"> <li> UP International Trade Show </li> <li> IndusFood Series </li> <li> April Fair Delhi </li> </ul> </li> </ul> <h3>3. Hospitality Services</h3> <ul data-spread="false"> <li> ExpoInn Suites & Convention: 134-room five-star hotel with banquet facilities and in-house restaurants. </li> <li> Additional benefit from the 1,400 hotel rooms within 5 km and 6,000 rooms within 40 minutes driving distance. </li> </ul> <h3>4. Permanent Marts</h3> <ul data-spread="false"> <li> 785+ showrooms leased to exporters, artisans, and trade bodies, creating recurring rental income. </li> </ul> <h3>5. Digital B2B Platform – ExpoBazaar</h3> <ul data-spread="false"> <li> E-commerce-style digital mart that connects Indian MSMEs and artisans with global buyers. </li> </ul> 👉 Diversified business segments ensure consistent cash flows and international visibility. <h2> Infrastructure & Features</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756717811.jpg" alt="" width="580" height="455" /> <h2> Financial Performance: FY25 vs FY24</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756717842.jpg" alt="" width="704" height="442" />  These numbers showcase strong operating leverage, profitability, and growth momentum. <h2> Market Cap vs Real Estate Value</h2> Let’s analyze the hidden value that makes India Expo Mart a standout asset: <ul data-spread="false"> <li> Market Cap: ~₹1,111 crore </li> <li> Land Area: 58 acres = 2.53 million sq.ft (0.25 crore sq.ft) </li> <li> Estimated Land Rate: ₹7,000/sq.ft (Greater Noida Expressway) </li> </ul> <blockquote> 💰 Implied Land Value = 0.25 crore sq.ft × ₹7,000 = ₹1,750 crore </blockquote> <h3> Insight:</h3> The market is undervaluing IEML by nearly ₹639 crore, which means investors are buying into the entire business operations—exhibitions, hotel, digital platform—for FREE. <h2>📍 Prime Location Advantage</h2> The real estate's premium comes from unmatched connectivity and infrastructure: <ul data-spread="false"> <li> Delhi Metro (Blue Line): Station at Knowledge Park-II connects directly to Delhi. </li> <li> Road Access: Adjacent to Noida-Greater Noida Expressway. </li> <li> Air Connectivity: <ul data-spread="false"> <li> 30 mins from upcoming Jewar Airport (India’s largest airport project). </li> <li> 90 mins from IGI Airport, Delhi. </li> </ul> </li> </ul> With UP’s infrastructure growth and India’s push for large-scale global trade expos, the demand for MICE infrastructure is poised to grow—and India Expo Mart is already built and operational. <h2> Strategic Insights for Investors</h2> <ul data-spread="false"> <li> Asset-Backed Investing: Investing in IEML is akin to buying undervalued real estate with an operationally cash-generating business. </li> <li> Dividend Potential: Strong EBITDA margins and recurring revenues provide room for future dividends. </li> <li> Digital Play: ExpoBazaar opens new revenue lines from cross-border e-commerce. </li> <li> Jewar Airport Proximity: Could re-rate real estate valuations in the next 3–5 years. </li> </ul> <h2> Key Risks to Watch</h2> While the story is compelling, investors should also consider: <ul data-spread="false"> <li> Event Seasonality: Revenue can be concentrated in peak event quarters. </li> <li> Competition: New MICE players in Delhi-NCR may impact rental rates. </li> <li> Macro Sensitivity: Dependent on government policies and international trade dynamics. </li> </ul> <h2>Conclusion</h2> India Expo Mart is a rare blend of operational excellence and undervalued real estate. At a time when the Indian markets are hunting for value amidst overvalued narratives, IEML stands tall with: <ul data-spread="false"> <li>  A 21.6% YoY revenue growth and 47% PAT growth in FY25. </li> <li> A 58-acre land bank in one of NCR’s most promising zones. </li> <li> A stable, diversified, MICE-led business model with digital upside. </li> <li> A market cap lower than its real estate value, creating a margin of safety. </li> </ul>  For long-term investors seeking growth with downside protection, India Expo Mart offers a compelling case of Value Hidden in Plain Sight.

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Blog1 Sept 2025

Annual Report Analysis – Maharashtra Knowledge Corporation Limited (MKCL) FY 2024-25

<h3>About Maharashtra Knowledge Corporation Limited (MKCL)</h3> Established in 2001, Maharashtra Knowledge Corporation Limited (MKCL) is a pioneering public-private partnership (PPP) initiative led by the Government of Maharashtra. Its core mission is to foster a knowledge-driven society by delivering accessible IT literacy, digital skills training, eLearning solutions, and eGovernance services. MKCL expands its reach through joint ventures with other Indian state governments and international subsidiaries, while its courses are distributed via a widespread network of Authorized Learning Centers (ALCs). <h3>A) Business Model & Operations</h3> MKCL operates primarily in the digital education and governance space, with a focus on affordability and scalability. Key aspects include: <ul data-spread="false"> <li> Flagship Programs: ➤ MS-CIT (Maharashtra State Certificate in Information Technology): A widely recognised IT literacy course. ➤ KLiC (Krishi and Lokavidya Certification): Vocational skill development programs. </li> <li> Service Diversification: ➤ eGovernance solutions for government bodies. ➤ Digital transformation projects for educational institutions. </li> <li> Revenue Streams: ➤ Course fees from learners. ➤ Project-based revenue from government/digital initiatives. </li> </ul> <h3>B) Industry Positioning & Impact</h3> MKCL is a cornerstone of Maharashtra’s digital literacy movement, having trained millions of learners across the state. Its government-backed foundation, extensive network of learning centers, and focus on affordable education have solidified its role as a key player in India’s ed-tech and governance landscape. The company continues to leverage its partnerships and technological capabilities to drive sustainable social impact and expansion. <h2>C) MKCL Unlisted Share Key Highlights of the Year (FY 2024-25)</h2> <ul data-spread="false"> <li> Revenue Growth: Revenue from operations grew to ₹27,605.83 Lakhs, marking a +17.71% YoY increase. </li> <li> EBITDA Growth: EBITDA stood at ₹9,209.13 Lakhs, reflecting +5.47% YoY growth. </li> <li> Learner Base Expansion: MS-CIT attracted 7,98,647 learners, while KLiC courses added 1,11,232 learners in FY25. </li> <li> Segmental Shift: Greater contribution from AIC-BDP segment, accounting for 79% of revenues. </li> <li> Operational Cash Flow: Gross cash generated from operations was ₹2,463.87 Lakhs. </li> </ul> <h2>D) Financial Performance of MKCL Unlisted Share</h2> <h3>Revenue & Profitability</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756725637.jpg" alt="" width="620" height="430" /> <h3>Revenue & Profitability: Mixed Results</h3> <ul data-spread="false"> <li> Strong Revenue Growth: Revenue from operations showed consistent improvement, rising from ₹177 Cr in FY23 to ₹276 Cr in FY25, reflecting healthy top-line expansion. </li> <li> Declining Profitability: Despite revenue growth, margins contracted significantly: <ul data-spread="false"> <li> Gross Margin fell from 48.02% (FY23) to 37.68% (FY25) </li> <li> EBITDA Margin declined from 23.16% (FY23) to 16.67% (FY25) </li> <li> Net Profit Margin (NPM) dropped sharply to 11.69% in FY25 (from 29.04% in FY23) </li> </ul> </li> <li> PAT Volatility: Profit After Tax (PAT) peaked in FY24 (₹63.06 Cr) but nearly halved in FY25 (₹32.27 Cr), indicating potential cost inflation, one-time expenses, or competitive pressures. </li> </ul> <h3>Cash Flow Analysis</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756725605.jpg" alt="" width="610" height="515" /> <h3>Cash Flow & Liquidity: Concerns Emerge</h3> <ul data-spread="false"> <li> Operating Cash Flow (CFO) turned negative in FY25 (–₹36 Cr) after a strong FY24 (₹83 Cr), suggesting working capital challenges (e.g., rising receivables or inventory). </li> <li> Investing Cash Flow (CFI) shifted from outflow (–₹67 Cr in FY24) to inflow (₹47 Cr in FY25), likely due to asset sales or divestments. </li> <li> Closing Cash remained adequate at ₹24 Cr in FY25, but the volatility in CFO requires monitoring. </li> </ul> <h3>EPS & Book Value</h3> <ul data-spread="false"> <li> Face Value: ₹10 per share. </li> <li> Book Value per Share: ₹772.36. </li> <li> ROE: 5.21%. </li> </ul> <h2>Balance Sheet Strength</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756725581.jpg" alt="" width="608" height="513" /> <ul data-spread="false"> <li> Zero Debt: The company maintains a debt-free balance sheet with strong reserves (₹606 Cr in FY25). </li> <li> High Liquidity: Current ratio improved to 2.02 (FY25), indicating strong short-term financial health. </li> <li> Lower ROE: Return on Equity (ROE) stood at 5.21%, which is relatively modest given the high book value (₹772.36 per share), suggesting suboptimal utilization of equity. </li> </ul> <h2>E) Segment-Wise Analysis of MKCL Unlisted Share</h2> <h3>Revenue Contribution</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756725548.jpg" alt="" width="583" height="419" /> Segment-Wise Performance: Overdependence on Core Segment <ul data-spread="false"> <li> AIC-BDP Dominance: Contributed 75–79% of revenue, highlighting reliance on flagship programs. Growth here is driving overall revenue but may concentrate risk. </li> <li> Other Segments Stagnant: N-BDP, HETP, and eGov saw minimal growth or decline, indicating limited diversification success. </li> </ul> <h2>F) Management Discussion & Analysis (MD&A)</h2> <ul data-spread="false"> <li> Market Outlook: Growing demand for digital education and vocational skill training in India provides a strong tailwind. </li> <li> Risks: Heavy dependence on AIC-BDP segment; declining share of eGov projects; working capital volatility. </li> <li> Strategic Roadmap: Expansion of KLiC courses, entry into newer states, and diversification of product offerings (ILike initiative). </li> </ul> <h2>G) Shareholding Pattern MKCL Unlisted Share</h2> <ul data-spread="false"> <li> State Government: 37.13% </li> <li> Universities: 33.91% </li> <li> Indian Residents: 22.19% </li> <li> Others: 6.77% </li> </ul> <h2>H) Valuation Insights (Unlisted Market) of MKCL Unlisted Share</h2> <ul data-spread="false"> <li> Current Unlisted Price: ₹450 per equity share. </li> <li> Market Cap: ₹364 Cr. </li> <li> Valuation Ratios: <ul data-spread="false"> <li> P/E: 11.36. </li> <li> P/B: 0.58. </li> </ul> </li> </ul> <h2>I) Future Outlook of MKCL Unlisted Share</h2> <ul data-spread="false"> <li> Opportunities: <ul data-spread="false"> <li> Increasing demand for IT literacy and vocational skills. </li> <li> Potential to expand learner base across India. </li> <li> New initiatives like ILike can diversify revenue streams. </li> </ul> </li> <li> Challenges: <ul data-spread="false"> <li> Over-reliance on government support. </li> <li> Declining eGov contribution. </li> <li> Stagnant profitability growth despite revenue expansion. </li> </ul> </li> </ul> <h2>UnlistedZone View</h2> MKCL is a stable, debt-free, and cash-rich company with a strong legacy in IT education and governance solutions. However, its profit growth remains modest, and working capital fluctuations pose a risk. At a P/B of 0.58, the stock trades at a discount to its book value, making it attractive for value investors. MKCL is a Maharashtra-based public-private partnership with significant government and university shareholding. There is no confirmation of an upcoming IPO, and such entities often remain unlisted to fulfill their social objectives rather than pursue public markets. Typically, companies with this structure do not launch an IPO. <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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Blog1 Sept 2025

Reliance General Insurance FY25 Performance & Product Portfolio Breakdown

Reliance General Insurance, one of India’s leading private general insurers, continues to expand its presence across multiple insurance segments, catering to individuals, corporates, and SMEs. Backed by a diverse product portfolio, the company has demonstrated resilience and growth in FY25 despite sectoral challenges. <h3>A) Reliance General Insurance – Financial Performance (FY23–FY25)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756710556.jpg" alt="" width="646" height="503" /> The company’s Gross Written Premium has grown steadily over the three years, crossing ₹12,500 crore in FY25. However, the loss ratio rose to 83% in FY25, indicating higher claims pressure compared to FY24. <h3>B) Reliance General Insurance – FY25 Gross Written Premium (GWP) Contribution by Segment</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756710593.jpg" alt="" width="556" height="436" /> <blockquote> *Others include liability, engineering, shopkeepers’ package, group mediclaim, home, and travel insurance policies. </blockquote> <h3>C) Product-Wise Breakdown & Offerings</h3> <h4>1. Motor Insurance – 37.11% GWP Contribution</h4> Reliance General’s motor portfolio remains its largest revenue generator. <ul data-spread="false"> <li> Car Insurance: Third-party, own damage, and comprehensive coverage with add-ons like Zero Depreciation, Engine Protector, and Roadside Assistance. </li> <li> Two-Wheeler Insurance: Protection against damages, theft, and third-party liabilities. </li> <li> Commercial Vehicle Insurance: Tailored for trucks, buses, cabs, and goods carriers. </li> </ul> <h4>2. Health Insurance – 18.02% GWP Contribution</h4> The health insurance segment continues to expand, driven by rising healthcare costs and demand for comprehensive coverage. <ul data-spread="false"> <li> Retail Health Plans: Health Infinity, Health Gain, and Arogya Sanjeevani. </li> <li> Critical Illness Insurance: Lump-sum payouts for specified illnesses. </li> <li> Super Top-Up Plans: Extended protection beyond base policy limits. </li> <li> Group Mediclaim Policies: Comprehensive coverage for corporates and SMEs. </li> </ul> <h4>3. Fire Insurance – 8.87% GWP Contribution</h4> <ul data-spread="false"> <li> Coverage against fire and special perils for offices, factories, warehouses, and residential properties. </li> <li> Decline of ~5% in FY25, aligned with industry-wide slowdown in fire premiums. </li> </ul> <h4>4. Marine Insurance – 1.09% GWP Contribution</h4> <ul data-spread="false"> <li> Protection for goods and cargo in transit (air, sea, or road). </li> <li> Growth in FY25 due to increased corporate trade activity. </li> </ul> <h4>5. Travel, Home & Other Corporate Insurance – 34.90% GWP Contribution</h4> <ul data-spread="false"> <li> Travel Insurance: International, domestic, student, and senior citizen plans. </li> <li> Home Insurance: Covers structure and contents against natural disasters, burglary, and fire. </li> <li> Liability Insurance: Professional indemnity and directors & officers (D&O) liability cover. </li> <li> Engineering Insurance: Contractor’s All Risk (CAR), Erection All Risk (EAR), and machinery breakdown policies. </li> <li> SME/Shopkeeper Policies: Bundled solutions for small businesses. </li> </ul> <h3>D) Financial Ratios & Competitor Benchmarking (FY25)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756711383.jpg" alt="" width="800" height="509" /> <h3>Peer Analysis of General Insurance Companies (FY25)</h3> <h3>Reliance General Insurance</h3> <ul data-spread="false"> <li> GWP: ₹12,548 crore, 3Y CAGR: 9.38% → steady but not industry-leading growth. </li> <li> Combined Ratio: 117.22% → indicates underwriting losses; expenses + claims exceed premiums. </li> <li> Loss Ratio: 83% → relatively high, showing large claims burden. </li> <li> Valuation (M.Cap/GWP): 1.21x → fairly priced vs peers, but weaker profitability metrics compared to ICICI Lombard or Go Digit. </li> </ul> <h2>ICICI Lombard General Insurance</h2> <ul data-spread="false"> <li> GWP: ₹28,258 crore, 3Y CAGR: 10.40%. </li> <li> Combined Ratio: 120.8% → one of the highest, showing poor underwriting profitability. </li> <li> Loss Ratio: 70.6% → better claims management compared to Reliance, but higher commissions push up combined ratio. </li> <li> Valuation (M.Cap/GWP): 3.31x → premium valuation due to strong brand, scale, and diversified business despite weaker near-term ratios. </li> </ul> <h2>The New India Assurance Company Ltd</h2> <ul data-spread="false"> <li> GWP: ₹43,618 crore, 3Y CAGR: 3% → sluggish growth. </li> <li> Combined Ratio: 116.78% → loss-making at the underwriting level. </li> <li> Valuation (M.Cap/GWP): 0.72x → trades at a discount due to PSU nature, low growth, and weaker underwriting efficiency. </li> </ul> <h2>Star Health and Allied Insurance</h2> <ul data-spread="false"> <li> GWP: ₹17,553 crore, 3Y CAGR: 15.37% → strong growth, largely from health insurance focus. </li> <li> Combined Ratio: 101.10% → close to breakeven, better underwriting than most peers. </li> <li> Loss Ratio: 70.3% → manageable claims profile. </li> <li> Valuation (M.Cap/GWP): 1.46x → moderate valuation reflecting growth and improving efficiency. </li> </ul> <h2>Go Digit General Insurance</h2> <ul data-spread="false"> <li> GWP: ₹10,282 crore, 3Y CAGR: 26.17% → fastest-growing player. </li> <li> Combined Ratio: 109.30% → still loss-making, but relatively better than Reliance or ICICI Lombard. </li> <li> Loss Ratio: 72.8% → efficient compared to Reliance. </li> <li> Valuation (M.Cap/GWP): 3.19x → richly valued, reflecting investor confidence in its tech-driven growth model. </li> </ul> <h2>General Insurance Corporation of India (GIC Re)</h2> <ul data-spread="false"> <li> GWP: ₹41,153 crore, 3Y CAGR: 3.17%. </li> <li> Combined Ratio: 108.81% → underwriting losses, but better than ICICI Lombard and Reliance. </li> <li> Loss Ratio: 88.4% → highest claims burden among peers. </li> <li> Valuation (M.Cap/GWP): 1.60x → reasonable given scale, but growth remains muted. </li> </ul> <h2> Key Takeaways</h2> <ol start="1" data-spread="false"> <li> Growth Leaders: <ul data-spread="false"> <li> Go Digit (26.17% CAGR) and Star Health (15.37% CAGR) are expanding fastest. </li> <li> Reliance and ICICI Lombard are mid-tier growth. </li> <li> New India Assurance and GIC Re are laggards (~3% CAGR). </li> </ul> </li> <li> Profitability (Combined Ratio): <ul data-spread="false"> <li> Best: Star Health (101.1%) → closest to breakeven. </li> <li> Moderate: Go Digit (109.3%), GIC Re (108.8%). </li> <li> Weak: ICICI Lombard (120.8%), Reliance (117.2%), New India (116.8%). </li> </ul> </li> <li> Valuation (M.Cap/GWP): <ul data-spread="false"> <li> Highest: ICICI Lombard (3.31x) and Go Digit (3.19x), reflecting strong investor confidence. </li> <li> Mid-range: Star Health (1.46x), GIC Re (1.60x). </li> <li> Lowest: New India (0.72x) due to PSU discount. </li> <li> Reliance: 1.21x → trades below Star and Digit due to underwriting weakness. </li> </ul> </li> </ol> <h3> Conclusion:</h3> <ul data-spread="false"> <li> Reliance General Insurance: Mid-sized player, but weaker underwriting and high loss ratio keep valuations subdued. </li> <li> Best Positioned for Growth: Go Digit (fastest growth, rich valuation) and Star Health (focused niche, near breakeven). </li> <li> Premium Valuation Despite Weakness: ICICI Lombard trades at high multiples due to brand, scale, and investor confidence. </li> <li> PSU Drag: New India and GIC Re suffer from low growth and weak underwriting, hence discounted valuations. </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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Blog1 Sept 2025

Versuni India Home Solutions Ltd. (Unlisted Shares) – Products, IPO Plans, Financials & Valuation

<h1 data-pm-slice="1 1 []">Versuni India Home Solutions Ltd. (Unlisted Shares) – Products, IPO Plans, Financials & Valuation</h1> <h2> Introduction</h2> Versuni India Home Solutions Limited (formerly Philips Domestic Appliances India Ltd.) is a leading consumer appliance company with a strong presence in India and across global markets. With household names like Philips and Preethi, the company has become a trusted partner in millions of kitchens and homes. As the company gears up for its Initial Public Offering (IPO), Versuni’s unlisted shares are increasingly attracting investor attention. In this article, we cover its business model, product portfolio, financial performance, IPO plans, and valuation outlook. <h2> Business Model</h2> Versuni follows a house-of-brands strategy in the consumer appliance segment, built around innovation, sustainability, and customer-centric design. Brand Portfolio <ul data-spread="false"> <li> Philips: Kitchen electronics, coffee machines, air purifiers, and garment care appliances. </li> <li> Preethi: A leading Indian kitchen brand for 40+ years, offering mixer grinders, gas stoves, cookers, and coffee makers. </li> </ul> Sustainability Initiatives <ul data-spread="false"> <li> 100% clean energy usage. </li> <li> Zero landfill discharge. </li> <li> Recycling of plastic, paper, wood, and metal. </li> <li> Strong focus on reducing CO₂ emissions. </li> </ul> Right to Repair Versuni empowers consumers by providing genuine spare parts, tools, and repair guides, ensuring a longer lifecycle of products. Product Innovation <ul data-spread="false"> <li> Philips Airfryers (NAF240, HD9285, OAC220) </li> <li> Philips Garment Steamers (STE1000 Series) </li> <li> Philips Air Purifiers (AC2990, AC3212, AC3221, AC4231) </li> <li> Preethi Zodiac Mixer Grinder – India’s highest-selling mixer grinder </li> </ul> Strategic Growth Drivers <ul data-spread="false"> <li> Expansion across categories and geographies. </li> <li> Optimized capacity utilization to improve margins. </li> <li> Focus on premiumization of product portfolio. </li> </ul> <h2> Products Portfolio</h2> Versuni’s portfolio spans across home and kitchen categories: <ul data-spread="false"> <li> Kitchen Electronics: Mixer grinders, gas stoves, coffee makers, cookers. </li> <li> Airfryers: Flagship Philips range, a bestseller in urban households. </li> <li> Garment Care: Irons and steamers designed for modern lifestyles. </li> <li> Air Purifiers: High-performance solutions to tackle urban pollution. </li> <li> Home Care: Smart appliances for simplifying household tasks. </li> </ul> <h2>Segment-Wise Analysis (FY24 vs FY25)</h2> Revenue from External Customers <ul data-spread="false"> <li> FY24: ₹1,702 Cr </li> <li> FY25: ₹1,838 Cr </li> <li> YoY Growth: ~8% driven by strong Indian demand. Overseas sales dipped slightly. </li> </ul> Assets <ul data-spread="false"> <li> FY24: ₹736 Cr </li> <li> FY25: ₹825 Cr </li> <li> Observation: Strengthened asset base indicates business expansion. </li> </ul> Capital Expenditure (Capex) <ul data-spread="false"> <li> FY24: ₹47 Cr </li> <li> FY25: ₹20 Cr </li> <li> Observation: Reduced capex as the company optimized existing capacity. </li> </ul> <h2> Financial Performance (FY24 & FY25)</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756723036.jpg" alt="" width="654" height="366" /> <h3> Key Insights</h3> <ul data-spread="false"> <li> Revenue Growth: 8% YoY in FY25, defying concerns of flat performance. </li> <li> Profitability: PAT improved to ₹125 Cr, showing consistency. </li> <li> Margins: EBITDA margin sustained at ~10%. </li> </ul> <h3> Shareholding & Equity Structure</h3> <ul data-spread="false"> <li> Equity Shares Outstanding: 5.75 Cr shares (Face Value ₹10 each). </li> <li> The equity base remained unchanged between FY24 and FY25. </li> </ul> <h3>IPO Plans</h3> <ul data-spread="false"> <li> On August 6, 2024, Versuni’s board approved its IPO proposal. </li> <li> The IPO will include: <ul data-spread="false"> <li> Fresh Issue – New shares for growth capital. </li> <li> Offer for Sale (OFS) – Partial exit for existing shareholders. </li> </ul> </li> <li> The Draft Red Herring Prospectus (DRHP) is expected to be filed soon. Listing will depend on market conditions and SEBI approval. </li> </ul> <h3>Why Investors Are Eyeing Versuni’s Unlisted Shares</h3> <ul data-spread="false"> <li> Iconic Brands: Philips & Preethi command household trust. </li> <li> Sustainability Edge: 100% clean energy, ESG-focused operations. </li> <li> Steady Growth: ₹1,881 Cr revenue with strong profitability. </li> <li> IPO Trigger: Likely listing will unlock higher valuations. </li> </ul> <h3>Peer Comparison Group:</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756723011.jpg" alt="" width="616" height="492" /> Discussion on Peer Comparison Versuni is currently trading at a discount compared to its listed peers. While Havells, Crompton, and TTK Prestige command P/E multiples ranging between 40–68x, Versuni is valued at ~43.72x on FY25 earnings. This gap suggests significant upside potential upon listing. Its strong brand equity (Philips and Preethi), consistent margins (~10% EBITDA), and ESG initiatives make it competitive in the premium appliance space. Moreover, with a diversified portfolio and expanding asset base, Versuni is well-positioned to narrow the valuation gap post-IPO. <h3> Conclusion</h3> With revenue of ₹1,881 Cr and PAT of ₹125 Cr in FY25, the company is well-placed for an IPO. For investors, its unlisted shares provide an early opportunity to participate in India’s growing consumer appliance story before the valuation re-rating at listing. The attractive valuation gap compared to peers makes Versuni’s unlisted shares an appealing pre-IPO investment opportunity. <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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Blog1 Sept 2025

Annual Report Analysis – ASK Investment Managers Limited FY 2025

<h1 data-pm-slice="1 1 []">Annual Report Analysis – ASK Investment Managers Limited FY 2025</h1> <h2>About the Company</h2> ASK Investment Managers Limited (ASK IM), part of the ASK Group, is one of India’s leading asset and wealth management firms. With over 45 years of legacy, the company operates as a pure-play wealth advisor, focusing on annuity-driven revenue instead of transactional broking or lending. ASK follows an advice-led, open architecture business model, catering to both domestic and international investors. Its product portfolio spans asset management, wealth advisory, real estate funds, long-short strategies, and international UCITS platforms. The company has a strong global presence with offices in 25+ locations across India and hubs in Singapore, GIFT City, Dublin UCITS, and DIFC Dubai. <h2>Business Model Of ASK Investments Unlisted Share</h2> <ul data-spread="false"> <li> Core Operations: Asset & wealth management, real estate & long-short funds, and financial product distribution. </li> <li> Revenue Model: <ul data-spread="false"> <li> 95% annuity-based sticky income (advisory fees, management fees). </li> <li> Distribution through 600+ domestic distributors and a global network. </li> <li> No broking/lending, ensuring predictable revenue. </li> </ul> </li> <li> Ownership: Backed by a global private equity manager; management & employees own ~15% via ESOPs. </li> <li> Management Team: <ul data-spread="false"> <li> CEO with 15+ years tenure, senior management average tenure 15+ years, industry experience ~25 years. </li> </ul> </li> </ul> <h2>Key Highlights of FY 2025 ASK Investments Unlisted Share</h2> <ul data-spread="false"> <li> Launched DIFC Wealth Office (Dubai International Financial Centre). </li> <li> Received in-principle approval for a Mutual Fund license. </li> <li> Real Estate & Long-Short Funds AUM surged 122% YoY to ₹6,072 Cr. </li> <li> UCITS International AUM crossed US$100 Mn. </li> <li> Client base expanded to 3,600+ wealth families & ~18,000 asset management folios. </li> <li> ASK Foundation impact: ~8,500 households benefitted, 33% women employees, 45% renewable energy usage. </li> </ul> <h2>Financial Performance (Consolidated) of ASK Investments Unlisted Share</h2> <h3>Profit & Loss (₹ Cr)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756708183.jpg" alt="" width="667" height="442" /> Despite a marginal decline in topline, ASK improved its bottom line due to lower tax expense and higher profitability from wealth distribution. <h3>Cash Flow (₹ Cr)</h3> <ul data-spread="false"> <li> CFO: ₹211 Cr (vs ₹511 Cr in FY24, due to working capital changes). </li> <li> Capex: ₹17 Cr. </li> <li> Dividends Paid: ₹223 Cr. </li> <li> Net Change in Cash: -₹16 Cr (ending balance ₹128 Cr). </li> </ul> <h3>Balance Sheet Strength (₹ Cr)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756708232.jpg" alt="" width="632" height="495" /> <h2>Segment-Wise Revenue (₹ Cr)</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756708260.jpg" alt="" width="644" height="505" /> Commentary: <ul data-spread="false"> <li> Distribution fees grew sharply (57%), showing traction in wealth advisory. </li> <li> Sponsor contribution declined, impacting revenue mix. </li> <li> NBFC-based income strong at 55% growth. </li> </ul> <h2>Management Discussion & Analysis (MD&A) of ASK Investments Unlisted Share</h2> <ul data-spread="false"> <li> Market Outlook: India’s financial savings growth (SIP inflows of ₹25,926 Cr/month) presents strong tailwinds for wealth managers. </li> <li> Risks: Dependence on affiliated bank for distribution may pose conflict of interest. Regulatory changes in asset management fees can also impact revenue. </li> <li> Strategy: Expanding global presence (DIFC, UCITS, GIFT City), scaling mutual fund business (approval in progress), and strengthening wealth distribution. </li> </ul> <h2>Valuation Insights of ASK Investments Unlisted Share (Unlisted Market)</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756708296.jpg" alt="" width="574" height="450" /> Relative Positioning: <ul data-spread="false"> <li> Valuations in line with top-tier listed AMCs (HDFC AMC trades ~30x P/E).. </li> </ul> <h2>Peer Analysis Comparison of Ask Unlisted Share</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756708331.jpg" alt="" width="781" height="517" /> Client Focus vs. Scale: 360 ONE serves a tiny, ultra-wealthy clientele with enormous assets, leading to the highest profitability (59% margin). Motilal Oswal uses a volume model with millions of clients, resulting in the highest revenue. <ul data-spread="false"> <li> High-Performing Sector: All three show stellar margins and returns (RoE), proving the wealth management business in India is highly lucrative. </li> <li> Valuation Difference: The market values these strong performers differently. ASK's high "% of AUM" valuation suggests investors see major growth potential, while 360 ONE's large size commands the highest absolute market value. </li> </ul> <h2>Future Outlook ASK Investments Unlisted Share</h2> <ul data-spread="false"> <li> Mutual Fund launch to diversify earnings and attract retail SIP flows. </li> <li> Global wealth hubs expansion (DIFC, Singapore, Dublin) to add HNI & NRI clients. </li> <li> Digital platforms to strengthen distribution efficiency. </li> <li> Risks include market volatility, regulatory fee caps, and competition from large AMCs/wealth managers. </li> </ul> <h2>UnlistedZone View on ASK Investments Unlisted Share</h2> ASK Investment Managers is a high-quality, annuity-driven wealth & asset management business with: ✅ Strong governance & professional management. ✅ Sticky revenue (95% annuity). ✅ High profitability with PAT margins >40%. ✅ Expansion into mutual funds & global hubs adding growth levers. Risks: Dependence on markets, sponsor contribution decline, working capital fluctuations. Investment Thesis: <ul data-spread="false"> <li> Attractive for HNIs & long-term investors seeking exposure to India’s wealth management growth story. </li> <li> At ₹1,275/share, valuations appear fair (P/E ~25x, in line with listed peers). </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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Blog30 Aug 2025

FY25 Results Season | Unlisted Companies Screener – Find Best Pre-IPO Stocks

<h2 data-start="293" data-end="310">A) Introduction</h2> The financial year 2024–25 (FY25) has concluded, and most unlisted companies have started declaring their results. For investors tracking the pre-IPO and unlisted shares market, this is a crucial time. FY25 numbers give us insights into how these companies are performing across revenue growth, profitability, and valuations before they enter the IPO race. At UnlistedZone, we have already updated FY25 data for more than 50 leading unlisted companies on our platform. But raw numbers alone don’t give clarity. That’s why our Unlisted Shares Screener allows you to apply smart filters like Market Cap, P/E ratio, P/B ratio, 3-Year Revenue Growth, and 3-Year PAT Growth to identify companies that are both performing well and available at attractive valuations. In this blog, we’ll walk you through: <ul data-start="1139" data-end="1394"> <li data-start="1139" data-end="1189"> Why FY25 results matter for unlisted investors </li> <li data-start="1190" data-end="1230"> How to use the Screener step by step </li> <li data-start="1231" data-end="1283"> The key filters that make stock selection easier </li> <li data-start="1284" data-end="1331"> Practical examples of insights you can draw </li> <li data-start="1332" data-end="1394"> How investors can leverage this tool to spot winners early </li> </ul> <h2 data-start="1401" data-end="1452">B) Why FY25 Results Matter in the Unlisted Market?</h2> For listed companies, quarterly results are available on exchanges and tracked by analysts. But in the unlisted space, reliable financial data is hard to find. That’s why annual numbers—especially FY25 results—are critical for three reasons: <ol data-start="1703" data-end="2109"> <li data-start="1703" data-end="1829"> Performance Visibility: Investors can see which companies have maintained growth momentum and which have slowed down. </li> <li data-start="1830" data-end="1958"> Valuation Benchmarking: Metrics like P/E and P/B help assess if a stock is undervalued or overvalued relative to peers. </li> <li data-start="1959" data-end="2109"> IPO Preparation: Many unlisted companies plan to go public in the next 12–24 months. Their FY25 results will form the basis of IPO valuation. </li> </ol> For example, companies like Tata Capital, NSE, HDFC Securities, and Inox Clean Energy have reported FY25 results, giving investors clarity before IPO plans materialize. <h2 data-start="2292" data-end="2347">C) Step-by-Step: How to Use the UnlistedZone Screener</h2> Here’s a simple guide to navigating the Screener for maximum benefit: <h3 data-start="2422" data-end="2454">Step 1: Go to the Screener</h3> Visit the UnlistedZone Screener page 👉 <a class="decorated-link cursor-pointer" href="https://unlistedzone.com/screener" data-start="2495" data-end="2565">https://unlistedzone.com/screener</a>. <h3 data-start="2570" data-end="2603">Step 2: Select FY25 Results</h3> On the filter panel, choose: <ul data-start="2635" data-end="2689"> <li data-start="2635" data-end="2669"> Filter Category: Results </li> <li data-start="2670" data-end="2689"> Select FY25 </li> </ul> This action will instantly show you the list of companies where FY25 financials have already been updated. <h3 data-start="2801" data-end="2837">Step 3: Apply Advanced Filters</h3> Now that you have the FY25 updated list, you can narrow down by: <ul data-start="2905" data-end="3309"> <li data-start="2905" data-end="2985"> Market Cap (₹ Cr): Identify small, mid, and large pre-IPO opportunities. </li> <li data-start="2986" data-end="3041"> P/E Ratio: Helps compare valuation with growth. </li> <li data-start="3042" data-end="3137"> P/B Ratio: Useful for financial and NBFC companies where book value is a key benchmark. </li> <li data-start="3138" data-end="3228"> 3-Year Revenue Growth (%): Filter companies that have consistently grown top-line. </li> <li data-start="3229" data-end="3309"> 3-Year PAT Growth (%): Spot companies with strong bottom-line expansion. </li> </ul> <h2 data-start="3316" data-end="3345">D) Why These Filters Matter?</h2> <h3 data-start="3347" data-end="3366">1. Market Cap</h3> Market cap gives the size of the company. For instance: <ul data-start="3425" data-end="3655"> <li data-start="3425" data-end="3500"> Large caps like NSE India provide stability and industry dominance. </li> <li data-start="3501" data-end="3575"> Mid caps like Inox Clean Energy offer growth with manageable risk. </li> <li data-start="3576" data-end="3655"> Small caps like Boat can give high returns but carry higher volatility. </li> </ul> <h3 data-start="3657" data-end="3675">2. P/E Ratio</h3> The Price-to-Earnings ratio tells you if a company is cheap or expensive relative to its earnings. <ul data-start="3777" data-end="3919"> <li data-start="3777" data-end="3840"> A low P/E with high growth may indicate undervaluation. </li> <li data-start="3841" data-end="3919"> A very high P/E could mean overpricing unless growth is extraordinary. </li> </ul> <h3 data-start="3921" data-end="3939">3. P/B Ratio</h3> Especially relevant for banks, NBFCs, and financials. A P/B close to 1 means you’re buying near book value. Higher ratios require strong return ratios to justify. <h3 data-start="4110" data-end="4140">4. 3-Year Revenue Growth</h3> This shows whether a company’s business model is scaling. For example, Inox Clean Energy reported a 352% growth—signaling momentum. <h3 data-start="4284" data-end="4310">5. 3-Year PAT Growth</h3> Net profit growth shows operational efficiency and margin expansion. Companies that grow profits faster than revenue are usually well-managed. <h2 data-start="4466" data-end="4506">E) Examples of Insights from FY25 Data</h2> Here’s how an investor can use the Screener for real analysis: <ul data-start="4574" data-end="5131"> <li data-start="4574" data-end="4706"> NSE India Limited (M.Cap ₹5.1 Lakh Cr): P/E of 42.14 with consistent revenue and PAT growth. A stable blue-chip pre-IPO bet. </li> <li data-start="4707" data-end="4854"> Tata Capital (M.Cap ₹3.2 Lakh Cr): High P/E of 87.75, but strong 44% 3Y revenue growth. Reflects investor confidence in financial services. </li> <li data-start="4855" data-end="5015"> Inox Clean Energy (M.Cap ₹44,953 Cr): P/E of 1650 sounds high, but revenue growth of 352% highlights extraordinary expansion in the green energy sector. </li> <li data-start="5016" data-end="5131"> Boat (M.Cap ₹18,695 Cr): High P/E at 306, but negative revenue growth shows investors must tread carefully. </li> </ul> By combining filters, you can shortlist companies that are high growth + reasonable valuation—the sweet spot for unlisted investing. <h2 data-start="5278" data-end="5305">F) Benefits for Investors</h2> <ol data-start="5307" data-end="5657"> <li data-start="5307" data-end="5407"> Save Time: No need to go through each company’s annual report. The data is already updated. </li> <li data-start="5408" data-end="5483"> Custom Insights: Apply only the filters relevant to your strategy. </li> <li data-start="5484" data-end="5558"> Early Identification: Spot outperformers before they come to IPO. </li> <li data-start="5559" data-end="5657"> Comparison Tool: Compare companies within the same sector (e.g., NSE vs HDFC Securities). </li> </ol> <h2 data-start="5664" data-end="5679">G) Conclusion</h2> The FY25 results season has opened up a great opportunity for investors in unlisted markets. With over 50 companies already updated on UnlistedZone, the Screener tool gives you a structured way to cut through the noise and focus on companies that matter. By applying smart filters like Market Cap, P/E, P/B, 3Y Revenue Growth, and 3Y PAT Growth, you can identify companies that are not only performing strongly but are also available at good valuations. 👉 Start exploring now: <a class="decorated-link cursor-pointer" href="https://unlistedzone.com/screener" data-start="6181" data-end="6239">UnlistedZone Screener</a> Whether you are an HNI investor, a family office, or a retail participant in pre-IPO markets, this is the time to deep-dive into FY25 results and position yourself ahead of upcoming IPOs.

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