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Blog30 Aug 2025

OYO IPO News | Business Model, Hotels vs Homes, Innov8 Growth & Financials

<h3>A) Introduction</h3> OYO (Oravel Stays Ltd.) is one of India’s most recognizable travel-tech and hospitality brands. Founded in 2013, the company grew rapidly by aggregating budget hotels across India, later expanding into Southeast Asia and other markets. Despite its meteoric rise, OYO faced challenges related to service quality, profitability, and over-expansion. However, the last two years mark a clear turnaround story for OYO. The company has restructured its operations, focused on high-margin segments, tightened cost control, and returned to profitability. Today, OYO is not just a budget accommodation provider—it is a diversified player spanning hotels, homes (vacation rentals), and co-working spaces under its Innov8 brand. With the much-anticipated OYO IPO  on the horizon, investors are tracking the company’s performance in the unlisted shares market and closely analyzing its quarterly financials. <h3>B) OYO’s Property Footprint</h3> OYO has built its presence across India and Southeast Asia (SEA), with India continuing to be its largest and most profitable market. <ul data-spread="false"> <li> Hotels: Rapidly scaling mid-premium and premium portfolio, moving beyond its early reliance on budget stays. </li> <li> Co-working (Innov8): Grew from 30 centers in June 2024 to 49 centers by July 2025, with presence in Delhi-NCR, Bengaluru, Hyderabad, and Mumbai. </li> </ul> This dual focus—accommodation plus workspaces—positions OYO uniquely among Indian startups, making it a rare company straddling both the hospitality and flexible real estate-tech industries. <h3>C) OYO Hotels vs OYO Homes</h3> 1. OYO Hotels <ul data-spread="false"> <li> Traditional hotel accommodation segment catering to business and leisure travelers. </li> <li> Q1 FY26 Performance: <ul data-spread="false"> <li> GBV: ₹5,939 Cr (+221% YoY) </li> <li> Revenue: ₹1,576 Cr (+58% YoY) </li> <li> Supply: 22,000 storefronts (+29% YoY) </li> </ul> </li> </ul> 2. OYO Homes <ul data-spread="false"> <li> Vacation rentals, homestays, and apartments (similar to Airbnb). </li> <li> Q1 FY26 Performance: <ul data-spread="false"> <li> GBV: ₹1,288 Cr (+16% YoY) </li> <li> Revenue: ₹443 Cr (+20% YoY) </li> <li> Supply: 124,000 properties (+44% YoY) </li> </ul> </li> </ul> Hotels remain the larger revenue driver, while Homes strategically diversify OYO’s customer base. <h3>D) OYO Owned vs Franchise-Owned Model</h3> <ul data-spread="false"> <li> Company-Serviced Properties: Directly managed mid-premium/premium hotels ensuring service consistency. </li> <li> Franchise-Owned Properties: Independently owned hotels/homes leveraging OYO’s branding, tech, and booking network. OYO earns commissions. </li> </ul> This asset-light model enables rapid scaling without heavy capital expenditure. <h3>E) Financial Performance: Q1FY26 vs Q1FY25</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756549062.jpg" alt="" width="624" height="489" /> <ul data-spread="false"> <li> Revenue: ₹2,019 Cr (+47% YoY) </li> <li> Adjusted EBITDA: ₹550 Cr (+231% YoY) </li> <li> PAT: ₹200 Cr (+135% YoY) </li> <li> GBV: ₹7,277 Cr (+145% YoY) </li> </ul> Strong topline growth combined with disciplined cost structures highlights a sustainable turnaround. <h3>F) Innov8: OYO’s Co-Working Subsidiary</h3> <ul data-spread="false"> <li> Expansion: 30 centers (Jun 2024) → 49 centers (Jul 2025). </li> <li> Q1 FY26 Financials: <ul data-spread="false"> <li> Revenue: ₹37 Cr (+55% YoY) </li> <li> EBITDA: ₹7.5 Cr (+189% YoY) </li> <li> EBITDA Margin: 25% </li> </ul> </li> </ul> Innov8 benefits from hybrid work demand, offering steady, high-margin growth. <h3>G) OYO IPO News: What Investors Should Watch</h3> <ul data-spread="false"> <li> Sustained Profitability: Maintaining margins across multiple quarters. </li> <li> Hotels vs Homes Balance: Hotels dominate, but Homes need stronger monetization. </li> <li> Innov8 Expansion: High-margin business with corporate clientele. </li> <li> IPO Valuation: Will depend on FY26 audited financials and growth trajectory. </li> </ul> <h3>Conclusion</h3> OYO’s journey from a cash-burning startup to a profitable hospitality and co-working leader reflects strategic restructuring and disciplined execution. <ul data-spread="false"> <li> Hotels: Driving revenue and GBV growth. </li> <li> Homes: Expanding alternative stay footprint. </li> <li> Innov8: High-margin growth engine. </li> <li> Financials: Strong YoY improvements across revenue, EBITDA, PAT, and GBV. </li> </ul> The OYO IPO 2026 represents a potential landmark in India’s startup ecosystem. With unlisted shares already in demand, the IPO could unlock significant value if OYO sustains its profitable momentum. In short, OYO’s turnaround story is one to watch closely—both for investors in the unlisted market today and for those eyeing its IPO in 2026.

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Blog27 Aug 2025

MSEI Raises ₹1000 Crore in Second Round: Can the Exchange Finally Deliver on Growth?

Metropolitan Stock Exchange of India (MSEI) has once again captured the market’s attention by successfully raising ₹1000 crore in its second round of capital infusion, as announced on August 26, 2025. This fresh fundraise comes just months after the Exchange had mobilized ₹240 crore in December 2024 from four investors. In total, ₹1240 crore has been raised within the last 6–8 months, signaling renewed confidence and high expectations from stakeholders. <h2 data-start="677" data-end="731">Background: The Rise and Fall of MSEI Share Price</h2> Back in December 2024, when MSEI raised ₹240 crore, the unlisted share price surged from ₹2 to ₹12, fueled by investor optimism around the Exchange’s entry into the Futures & Options (F&O) market. However, the excitement was short-lived. Soon after, SEBI introduced a regulatory change limiting weekly expiry contracts to only two days, a move that severely restricted smaller exchanges’ ability to capture trading volumes. With NSE and BSE already dominating the F&O segment, MSEI’s hopes of carving a significant niche weakened. The result? Heavy selling pressure drove MSEI’s unlisted share price back down, leaving investors disappointed. <h2 data-start="1403" data-end="1452">A Fresh Capital Boost: ₹1000 Crore Fundraise</h2> The latest ₹1000 crore capital raise is a turning point for MSEI. According to the official release: <ul data-start="1562" data-end="2020"> <li data-start="1562" data-end="1701"> Liquidity Boost: Funds will be used to deepen market liquidity in Equity Cash and subsequently in Derivatives Segments. </li> <li data-start="1702" data-end="1859"> Technology Focus: The Exchange is investing in a state-of-the-art data center, signaling its commitment to scalability, security, and innovation. </li> <li data-start="1860" data-end="2020"> Leadership Stability: Shareholders have also reappointed Ms. Latika S Kundu as Managing Director & CEO, further strengthening management continuity. </li> </ul> This is the largest capital infusion in MSEI’s history, potentially equipping it with the resources needed to finally compete with larger peers. <h2 data-start="2179" data-end="2229">The Big Question: Can MSEI Deliver This Time?</h2> With ₹1240 crore in fresh funding, MSEI now has the financial firepower it lacked for years. However, the key challenges remain: <ol data-start="2367" data-end="2784"> <li data-start="2367" data-end="2523"> F&O Segment Dominance: NSE and BSE together account for nearly all derivatives trading volumes. Breaking their duopoly will be extremely difficult. </li> <li data-start="2524" data-end="2639"> Regulatory Restrictions: SEBI’s cap on weekly expiry contracts limits opportunities for smaller exchanges. </li> <li data-start="2640" data-end="2784"> Revenue Generation: The biggest test for MSEI is whether new products can gain sufficient traction to generate meaningful revenues. </li> </ol> Despite these hurdles, the Exchange’s management indicated in yesterday’s briefing that new product launches could be expected in the coming months. This announcement has already sparked curiosity among investors tracking MSEI’s unlisted shares. <h2 data-start="3044" data-end="3110">Investor Outlook: What Could Trigger the Next Price Movement?</h2> The next major trigger for MSEI’s unlisted share price will depend on: <ul data-start="3190" data-end="3519"> <li data-start="3190" data-end="3314"> Product Launches: Which new trading products are introduced and how they differ from what NSE and BSE already offer. </li> <li data-start="3315" data-end="3415"> Market Reception: The volume of participation these products attract in their initial phase. </li> <li data-start="3416" data-end="3519"> Revenue Visibility: Investors will look for clear signs of monetization from these initiatives. </li> </ul> If MSEI can successfully roll out innovative products and gain market share, the share price could see a strong rebound. On the other hand, failure to execute could keep the stock under selling pressure. <h2 data-start="3737" data-end="3752">Conclusion</h2> MSEI’s fresh ₹1000 crore fundraise marks a critical inflection point for the Exchange. Together with the ₹240 crore raised earlier, the Exchange finally has the resources to invest in technology, liquidity, and product innovation. However, investors remain cautious. While MSEI’s past attempts to challenge NSE and BSE have struggled, this new phase backed by fresh capital could finally provide the much-needed breakthrough. For now, the market awaits MSEI’s next product launch, which could decide whether the Exchange remains on the sidelines or reemerges as a serious challenger in India’s financial markets. <h3 data-start="4194" data-end="4386">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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Blog27 Aug 2025

Himalayan Heli 4MFY26 Performance Update & IPO Plans | HHSL Unlisted Shares

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Blog26 Aug 2025

Maruti Suzuki Launches E-Vitara: A New Competitor in India’s EV Ecosystem – Impact on GFCL EV Unlisted Share

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Blog26 Aug 2025

Electrosteel Steels Ltd (Vedanta Star) – Financial Performance Review (FY2025)

Electrosteel Steels Ltd (ESL), now part of Vedanta Ltd through its subsidiary Vedanta Star, operates a 2.51 MTPA greenfield integrated steel plant at Siyaljori, Bokaro, Jharkhand. Despite Vedanta’s acquisition through NCLT in 2018, the company continues to face profitability challenges, although FY2025 shows some signs of operational improvement compared to earlier years. <h2>Revenue and Operating Performance</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756203913.jpg" alt="" width="647" height="484" /> <ul data-spread="false"> <li> Revenue dipped marginally, but profitability improved due to lower raw material costs. </li> <li> EBITDA more than doubled, showing better operating efficiency. </li> </ul> <h2>Profitability Pressures</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756204003.jpg" alt="" width="572" height="428" /> <ul data-spread="false"> <li> Net loss reduced significantly, from ₹967 crore in FY24 to ₹266 crore in FY25. </li> <li> EBIT loss narrowed, reflecting improving cost control, though still negative. </li> </ul> <h2>Balance Sheet & Leverage</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756204087.jpg" alt="" width="572" height="428" /> <ul data-spread="false"> <li> Borrowings reduced marginally, but reserves declined due to losses. </li> <li> Debt-to-equity ratio remains at moderate levels. </li> </ul> <h2>Cash Flows</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756204156.jpg" alt="" width="530" height="397" /> <ul data-spread="false"> <li> Cash flow from operations dropped, impacted by lower earnings. </li> <li> Higher capex spend and weaker cash generation led to a sharp fall in closing balance. </li> </ul> <h2>Key Ratios</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1756204241.jpg" alt="" width="522" height="420" /> <ul data-spread="false"> <li> Liquidity remains stressed with a very weak current ratio. </li> <li> ROE improved but is still negative, signaling continued shareholder value erosion. </li> </ul> <h3>Conclusion</h3> Electrosteel Steels continues to face operational and financial pressures, though FY2025 indicates early signs of stabilization with stronger EBITDA and reduced losses. However, persistent negative profitability, liquidity constraints, and weak return metrics underline significant risks. Any value unlocking depends heavily on Vedanta’s restructuring capabilities and an upturn in steel market dynamics. <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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Blog26 Aug 2025

SK Finance Shelves IPO Plans: What Went Wrong and What Investors Should Know

TPG Inc.-backed SK Finance Ltd., a Jaipur-based non-banking financial company (NBFC), has decided to shelve its proposed initial public offering (IPO) after failing to attract adequate investor demand. Despite reducing the offer size and valuation, the deal could not move forward, raising questions about market appetite for NBFC listings at current valuations. For investors, especially those tracking opportunities in the unlisted market, the episode provides useful insights into both SK Finance’s business and the broader shadow banking sector in India. <h2 data-start="875" data-end="914">SK Finance IPO – The Original Plan</h2> <ul data-start="916" data-end="1351"> <li data-start="916" data-end="1007"> Draft Filing: SK Finance filed its Draft Red Herring Prospectus (DRHP) in May 2024. </li> <li data-start="1008" data-end="1102"> SEBI Approval: Received in August 2024, valid for 12 months (set to expire this week). </li> <li data-start="1103" data-end="1253"> Proposed Fundraise: Initially targeted ₹2,200 crore, later downsized to ₹1,600 crore (~$183 million) due to lack of investor interest. </li> <li data-start="1254" data-end="1351"> Book Running Lead Managers: Kotak Mahindra Capital, Jefferies, Motilal Oswal, and Nomura. </li> </ul> Despite these efforts, the offering could not garner sufficient demand, forcing the company to put the IPO on hold. If SK Finance chooses to revive the plan later, it will need to refile with SEBI. <h2 data-start="1563" data-end="1589">Why Did the IPO Fail?</h2> <ol data-start="1591" data-end="2493"> <li data-start="1591" data-end="1779"> Weak Investor Demand: Even after lowering the size and valuation, investors did not show enough appetite, reflecting concerns about sector risks and company-specific fundamentals. </li> <li data-start="1781" data-end="1970"> Valuation Concerns: Reports suggested that the proposed valuations were considered aggressive compared to listed NBFC peers, especially given SK Finance’s scale and portfolio risk. </li> <li data-start="1972" data-end="2291"> Shadow Banking Risks: Indian NBFCs face inherent risks due to their borrower profile. SK Finance primarily lends to customers with low income or limited credit history, such as vehicle financing borrowers and small ticket loan seekers. While this is a profitable niche, it carries higher default risks. </li> <li data-start="2293" data-end="2493"> Macro Headwinds: With interest rates elevated and competition rising, investors remain cautious about NBFC IPOs unless the company demonstrates strong profitability and asset quality metrics. </li> </ol> <h2 data-start="2500" data-end="2535">SK Finance – Business Overview</h2> <ul data-start="2537" data-end="3030"> <li data-start="2537" data-end="2641"> Backers: Supported by marquee investors including TPG Inc. and Norwest Venture Partners. </li> <li data-start="2642" data-end="2759"> Core Focus: Vehicle financing and small ticket loans targeted at borrowers outside the formal banking system. </li> <li data-start="2760" data-end="2876"> Business Model: Provides loans at relatively higher interest rates, compensating for the higher credit risk. </li> <li data-start="2877" data-end="3030"> Key Risk: The same business model makes the company more vulnerable to defaults, especially during economic downturns or when liquidity tightens. </li> </ul> <h2 data-start="3037" data-end="3072">Shadow Banking Sector in India</h2> Shadow banks, or NBFCs, play a critical role in financial inclusion by serving customers who lack access to traditional banks. However: <ul data-start="3212" data-end="3491"> <li data-start="3212" data-end="3265"> They often operate with higher lending rates. </li> <li data-start="3266" data-end="3326"> This makes borrowers more prone to repayment stress. </li> <li data-start="3327" data-end="3491"> For investors, NBFCs carry systemic risks, as defaults in this sector can spill over into the wider financial system, as seen in past NBFC liquidity crises. </li> </ul> In this context, SK Finance’s failure to attract IPO demand underscores investor caution around NBFCs without a differentiated edge or robust credit performance track record. <h2 data-start="3676" data-end="3708">What It Means for Investors</h2> <ol data-start="3710" data-end="4626"> <li data-start="3710" data-end="3978"> Unlisted Market Opportunity: Investors holding or eyeing SK Finance unlisted shares should be aware that the IPO delay may keep the stock illiquid in the near term, but it could also present a lower entry point if the company continues to build scale. </li> <li data-start="3980" data-end="4172"> Valuation Reset: The lack of IPO demand suggests that when SK Finance returns to the market, it may need to come at a more reasonable valuation, potentially making it more attractive. </li> <li data-start="4174" data-end="4413"> Sectoral Red Flag: The episode highlights broader caution for NBFCs. Listed players with stronger balance sheets (Bajaj Finance, Shriram Finance, Muthoot Finance) are still in favor, but mid-tier NBFCs must prove their resilience. </li> <li data-start="4415" data-end="4626"> Long-Term Potential: Backing from institutional investors like TPG and Norwest shows confidence in the business model, but execution and asset quality will decide the company’s eventual IPO success. </li> </ol> <h2 data-start="4633" data-end="4648">Conclusion</h2> SK Finance’s decision to shelve its IPO after cutting valuation and offer size is a telling sign of the cautious sentiment toward NBFCs in India’s public markets. While the company continues to expand in the vehicle financing and small-ticket loan segments, the risks inherent to shadow banking make investors wary at aggressive valuations. For those tracking SK Finance unlisted shares, the near-term outlook may remain subdued, but a more attractive valuation reset in the future could open up fresh opportunities once the company strengthens its fundamentals and refiles its IPO. <h3 data-pm-slice="1 1 []">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 Aug 2025

GH2 Solar Limited – 13th AGM and Fundraise via Private Placement

<h2>Introduction</h2> GH2 Solar Limited (formerly GH2 Solar Pvt. Ltd.), one of India’s emerging players in the renewable energy and green hydrogen space, has announced its 13th Annual General Meeting (AGM) scheduled for August 27, 2025. The company is seeking shareholder approval on multiple strategic fronts, including: <ul data-spread="false"> <li> Adoption of FY25 financial statements </li> <li> Reappointment of director(s) </li> <li> Fundraise through private placement </li> <li> Issue of bonus shares </li> <li> Enhancement of remuneration for key managerial personnel </li> <li> Approval for sale, lease, or disposal of assets as per business requirements </li> </ul> The highlight of the AGM is the company’s proposed fundraise of nearly ₹59 crore through a private placement to scale operations and strengthen working capital. <h2>Business Overview</h2> Founded in 2013, GH2 Solar started as a solar EPC solutions provider and has since transformed into an integrated clean energy company with strong focus on: <ul data-spread="false"> <li> EPC Services – Rooftop, ground-mounted, hybrid, and turnkey renewable projects </li> <li> Electrolyser Manufacturing – Awarded 105 MW capacity under SECI PLI Scheme with subsidies of ₹147 crore </li> <li> Green Hydrogen Production – Secured incentives for a 10,500 MT per annum facility under India’s SIGHT Scheme </li> <li> Green Ammonia & Battery Storage – Long-term roadmap includes green ammonia production and BESS (Battery Energy Storage Systems) </li> </ul> With a robust ₹600 crore order book and marquee clients across PSU and private sectors, GH2 Solar has positioned itself as one of India’s first movers in green hydrogen EPC and manufacturing. <h2>Key Details of Fundraise (Private Placement)</h2> <ul data-spread="false"> <li> Objective: To raise growth capital for scaling up hydrogen production and electrolyser manufacturing, as well as meeting working capital needs. </li> <li> Fundraise Amount: ₹58.93 crore </li> <li> Equity Shares: Up to 6,32,064 shares </li> <li> Face Value: ₹10 per share </li> <li> Issue Price: ₹932.36 per share (including premium of ₹922.36) </li> <li> Category of Allottees: Non-promoter investors – including individuals, HUFs, corporates, and private funds. </li> <li> Notable Allottees: Dr. Faruk Patel (86,009 shares), GrowMo360 Meridian Fund, Dovetail Global Fund, Aarth AIF, LC Infra Projects, Vijay Kumar Jain (each 54,006 shares), VKP Investment Services, V2K Hospitality, among others. </li> <li> Promoter Participation: Promoters will not participate, ensuring equity dilution without loss of control. </li> </ul> <h2>Bonus Issue Announcement</h2> <ul data-spread="false"> <li> Ratio: 3:1 (i.e., 3 new fully paid-up equity shares for every 1 existing share held) </li> <li> Record Date: To be determined by the Board of Directors. </li> </ul> This move will significantly enhance liquidity and broaden the retail investor base, while maintaining promoters’ control. <h2>Pre and Post Shareholding Pattern</h2> <table style="width: 41.3856%; height: 53.3845px;"> <tbody> <tr style="height: 16.4615px;"> <th style="width: 32.7568%; height: 16.4615px; text-align: center;">Category</th> <th style="width: 30.6109%; height: 16.4615px; text-align: center;">Pre-Issue (%)</th> <th style="width: 33.2906%; height: 16.4615px; text-align: center;">Post-Issue (%)</th> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.7568%; height: 18.4615px; text-align: center;">Promoters</td> <td style="width: 30.6109%; height: 18.4615px; text-align: center;">76.57</td> <td style="width: 33.2906%; height: 18.4615px; text-align: center;">66.74</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.7568%; height: 18.4615px; text-align: center;">Non-Promoters</td> <td style="width: 30.6109%; height: 18.4615px; text-align: center;">23.43</td> <td style="width: 33.2906%; height: 18.4615px; text-align: center;">33.26</td> </tr> </tbody> </table> The fundraise will reduce promoter holding by ~10% but diversify the investor base. Importantly, there will be no change in management control. <h2>Valuation Basis</h2> The issue price of ₹932.36 per share has been determined on the basis of a Valuation Report dated March 31, 2025, prepared by CA Mohit Jain, IBBI Registered Valuer. The valuation reflects GH2’s strong positioning in the hydrogen EPC and electrolyser manufacturing space. Financial Performance <table> <tbody> <tr> <td style="text-align: center;">Particulars</td> <td style="text-align: center;">FY22</td> <td style="text-align: center;">FY23</td> <td style="text-align: center;">FY24</td> <td style="text-align: center;">FY25</td> </tr> <tr> <td style="text-align: center;">Revenue (₹ Cr)</td> <td style="text-align: center;">17.31</td> <td style="text-align: center;">61.72</td> <td style="text-align: center;">64.77</td> <td style="text-align: center;">212.09</td> </tr> <tr> <td style="text-align: center;">EBITDA (₹ Cr)</td> <td style="text-align: center;">0.95</td> <td style="text-align: center;">1.68</td> <td style="text-align: center;">5.47</td> <td style="text-align: center;">28.38</td> </tr> <tr> <td style="text-align: center;">EBITDA Margin (%)</td> <td style="text-align: center;">5.5</td> <td style="text-align: center;">2.7</td> <td style="text-align: center;">8.5</td> <td style="text-align: center;">13.4</td> </tr> <tr> <td style="text-align: center;">PAT (₹ Cr)</td> <td style="text-align: center;">0.59</td> <td style="text-align: center;">0.93</td> <td style="text-align: center;">3.46</td> <td style="text-align: center;">20.07</td> </tr> <tr> <td style="text-align: center;">Net Profit Margin (%)</td> <td style="text-align: center;">3.4</td> <td style="text-align: center;">1.5</td> <td style="text-align: center;">5.3</td> <td style="text-align: center;">9.5</td> </tr> </tbody> </table> Analysis: <ul data-spread="false"> <li> Revenues grew 12x in FY25 compared to FY24, driven by strong order book execution. </li> <li> PAT crossed ₹20 crore in FY25, reflecting operational scale. </li> <li> Margins expanded sharply with EBITDA at 13.4% and NPM at 9.5%, showcasing improved cost efficiencies. </li> </ul> <h2>Future Outlook</h2> <ul data-spread="false"> <li> Electrolyser Expansion: State-of-the-art plant in Rajasthan with 105 MW annual capacity (expandable to 500 MW). </li> <li> Hydrogen Production: Commissioning of 10,500 MT per annum facility over 36 months, supported by incentives. </li> <li> Green Ammonia: Plans for 50–100 TPD green ammonia facility by FY27. </li> <li> IPO Plans: GH2 Solar aims for a listing by FY26–27, leveraging its first-mover advantage in hydrogen EPC and electrolyser manufacturing. </li> </ul> <h2>UnlistedZone View</h2> GH2 Solar is positioning itself as a key player in India’s green hydrogen ecosystem, with EPC execution and manufacturing strengths. The recent fundraise via private placement and 3:1 bonus issue not only strengthen the balance sheet but also reward existing shareholders. With revenues surpassing ₹200 crore in FY25 and profitability improving meaningfully, the company is entering a high-growth trajectory. Backed by strong government policies for hydrogen, GH2 Solar stands out as a potential pre-IPO opportunity for investors seeking exposure to India’s energy transition theme. <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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Blog22 Aug 2025

InCred Holdings Limited – Financial Performance Metrics (FY 2024-25)

InCred Holdings Limited is an Indian financial services holding company with a vision to make finance accessible and efficient. Its core strategy involves leveraging advanced technology and analytics to offer tailored products like personal, education, home, and small business loans through its main, wholly-owned subsidiary, InCred Financial Services Limited (IFSL). The company's structure was solidified by a strategic merger with KKR India Financial Services, which unified its ownership. For the fiscal year 2024-25, InCred Financial Services, the operating subsidiary, delivered a robust financial performance, characterized by strong growth and stable profitability. <h3>A) Financial Performance Metrics (₹ in Crore)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755856714.jpg" alt="" width="833" height="833" /> Financial Performance Discussion: <ul data-spread="false"> <li> Interest Income: Increased by 42% YoY to ₹1,693 Cr due to strong loan growth across retail and SME segments. </li> <li> Net Interest Income: Jumped 44%, showing effective cost of funds management and lending spread control. </li> <li> Operating Expenses: Rose 41% to ₹571 Cr, mainly due to business expansion and higher employee & technology costs. </li> <li> Provisions: ₹188 Cr versus a write-back last year, driven by higher NPAs recognition, impacting profitability but reflecting conservative risk management. </li> <li> Profit Growth: Despite higher costs and provisions, PBT rose 27% and PAT grew 21%, showing resilience in earnings. </li> <li> Revenue Diversification: Insurance commission income grew over 3x, reducing dependence on pure lending income. </li> </ul> Overall, the company displayed robust topline momentum, efficient cost management, and consistent profitability. <h3>C) Ratio Analysis</h3> <ul data-spread="false"> <li> GNPA (Gross NPA): Slightly lower at  1.94% vs 2.1% last year, mainly due to loan book expansion and marginal rise in stressed accounts. </li> <li> NNPA (Net NPA): Decreased  sharply from 2.1% to 0.72%, reflecting lower  provisioning requirements and better results of having stricter recognition of bad loans. </li> <li> NIM (Net Interest Margin): Stable at 10.15%, showing consistent lending spreads and efficient interest income management. </li> <li> ROE (Return on Equity): Declined to 9.12% from 9.81% as higher provisions and expenses reduced overall profitability on shareholder equity. </li> <li> ROA (Return on Assets): Dropped to 2.90% from 3.50% due to increased provisioning impact on net income relative to asset base. </li> <li> Cost-to-Income Ratio: Improved slightly to 3.04% vs 3.14%, supported by operational efficiencies and better income growth despite business expansion. </li> </ul> Overall, ratios reflect solid profitability with manageable risk levels, though rising NPAs highlight the need for stronger asset quality monitoring. <h3>D) Valuation Insights</h3> <ul data-spread="false"> <li> Market Cap: ₹10,590 Cr </li> <li> Current Price: ₹165 </li> <li> P/B Ratio: 3.13 </li> <li> Book Value (per share): ₹58.74 </li> </ul> Insight: The valuation suggests the market price is significantly higher than its book value, often seen in companies with strong intangible assets (brand, tech capabilities) or high future profit potential. <h3>E) Other Operational Highlights</h3> <ul data-spread="false"> <li> Loan Book Size: Exceeds ₹10,000 Cr </li> <li> Recent Investment: ₹250 Cr from Kamath Brothers (Nikhil & Nithin of Zerodha) </li> </ul> <h3>F) Major Strategic Milestones (Journey to IPO)</h3> <ul data-spread="false"> <li> 2022: Merged with KKR India Financial to strengthen its lending business. </li> <li> 2023: Achieved Unicorn status after a $60 Mn funding round. </li> <li> 2024: Expanded into new businesses: <ul data-spread="false"> <li> Entered retail broking by acquiring Stocko. </li> <li> Entered the gold loan sector via a deal with TruCap. </li> </ul> </li> <li> 2025: Secured a significant ₹250 Cr pre-IPO investment from the Kamath brothers. </li> </ul> <h3>Conclusion</h3> InCred Financial Services has demonstrated robust growth in FY 2024-25, with significant expansion in interest income and net interest margins. Despite increased provisioning and higher operating costs, the company has sustained healthy profitability. With efficient capital utilization, diversified lending portfolio, and strategic backing from marquee investors, InCred is well-positioned for its upcoming IPO and long-term growth in the NBFC sector. <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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Blog21 Aug 2025

Nayara Energy Sanctions: Navigating a Shadowy Survival

<h2>Introduction</h2> Nayara Energy, one of India’s largest private refiners and partly owned by Russia’s Rosneft, is facing a critical test of survival. One month after being hit by European Union (EU) sanctions, the company is struggling to operate normally and has been forced to rely on a shadow network of vessels — often referred to as the “dark fleet.” With its refinery at Vadinar accounting for nearly 8% of India’s total refining capacity, the developments around Nayara are not just a corporate issue but a matter of national energy security. <h2>A) Impact of EU Sanctions</h2> The EU sanctions, aimed at curbing Moscow’s oil revenues, have directly affected Nayara due to its Rosneft shareholding. <ul data-spread="false"> <li> Trade Isolation: Long-standing trade partners and shipping companies have distanced themselves from Nayara. </li> <li> Refinery Slowdown: Reduced access to logistics has forced Nayara to cut refinery run rates. </li> <li> Supply Concentration: Since late July, Nayara has been sourcing only Russian Urals crude, significantly narrowing its supply chain. </li> </ul> <h2>B) The “Dark Fleet” Strategy</h2> To keep crude flowing and refined products moving, Nayara has turned to less conventional shipping methods. <ul data-spread="false"> <li> Sanctioned Tankers: Vessels such as the EU-blacklisted Lenro and Next are now transporting crude oil and finished products for the company. </li> <li> Coastal Runs Approved: The Lenro, despite being on the EU sanctions list, has already made at least three domestic voyages after approval from New Delhi. </li> <li> Operational Risks: These vessels often operate with switched-off tracking systems and obscure ownership structures, raising transparency and compliance concerns. </li> </ul> <h2>C) Government Response</h2> The Indian government has stepped in to ensure domestic fuel security is not jeopardized. <ul data-spread="false"> <li> Official Clearance: At least one sanctioned vessel, the Lenro, has been cleared for domestic operations to help Nayara move cargoes. </li> <li> Energy First Approach: This approval highlights India’s stance that national energy security outweighs compliance with international sanctions. </li> </ul> <h2>D) Russia’s Assurance</h2> Moscow has pledged continued support to Nayara: <ul data-spread="false"> <li> A Russian trade official in New Delhi assured that crude supplies to Nayara will not face disruption. </li> <li> He emphasized the existence of “special mechanisms” designed to bypass transaction restrictions and tariffs. </li> <li> This ensures that India’s imports of Russian oil are expected to remain at current levels. </li> </ul> <h2>E) Key Snapshot: Nayara Energy Situation</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755766577.jpg" alt="" width="650" height="626" /> <h2>Investor Takeaways</h2> For UnlistedZone readers and market watchers, the Nayara Energy situation underscores several critical themes: <ol start="1" data-spread="false"> <li> Sanctions Create Grey Markets: Companies adapt by moving into opaque, high-risk trading channels like the dark fleet. </li> <li> National Interest Over Alliances: India’s clearance of sanctioned vessels signals a clear priority on energy security over Western sanctions compliance. </li> <li> High Operational Risk: Heavy reliance on a single crude source (Urals) and sanctioned logistics channels leaves Nayara vulnerable. </li> <li> Market Sensitivity: Any prolonged disruption at Nayara could cause short-term volatility in India’s fuel supply and refining margins. </li> </ol> <h2>Conclusion</h2> Nayara Energy’s troubles highlight the growing intersection of geopolitics and energy markets. With EU sanctions cutting off traditional trade partners, the company has been forced into the shadows, relying on sanctioned tankers and Russian crude to survive. India’s willingness to support Nayara despite international pressure underlines a clear priority: domestic energy stability comes first. For investors, this case serves as a reminder that global sanctions often reshape, rather than halt, trade flows — creating new risks, shadow networks, and market realignments.   Stay connected with UnlistedZone for more insights into how global developments impact India’s unlisted market ecosystem. <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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Blog21 Aug 2025

IPL Advertising Shock: Impact of the New Online Gaming Bill on CSK Unlisted Shares

<h2 data-pm-slice="1 1 []">Introduction</h2> The Promotion and Regulation of Online Gaming Bill, 2025, recently passed in the Lok Sabha, is set to reshape the Indian Premier League (IPL) ecosystem. By banning advertisements and sponsorships from real money gaming (RMG) and fantasy sports platforms, the bill directly impacts the Board of Control for Cricket in India (BCCI) and IPL franchises, including Chennai Super Kings (CSK). For investors tracking CSK unlisted shares, this development is highly significant as IPL revenues are deeply linked to advertising and sponsorship deals. Let’s break down the bill’s key provisions, its impact on gaming companies, IPL revenues, and CSK’s valuation outlook. <h2>A) What is the New Online Gaming Bill, 2025?</h2> The Promotion and Regulation of Online Gaming Bill, 2025, is designed to regulate online money-based games, covering fantasy sports platforms like Dream11, My11Circle, and Real Cricket. Key Provisions: <ul data-spread="false"> <li> Complete ban on advertising and sponsorships by RMG/fantasy sports companies across TV, OTT, print, outdoor, WhatsApp, and social media influencers. </li> <li> Non-compliance may result in fines up to ₹50 lakh or imprisonment up to two years. </li> </ul> <h4>B) Impact on Online Gaming Companies</h4> <ul data-spread="false"> <li> Dream11 and peers spend nearly ₹2,000 crore annually on IPL advertising, accounting for 40% of total ad revenues in IPL 2025. </li> <li> These companies sponsor multiple franchises, including KKR, LSG, Punjab Kings, SRH, and Gujarat Titans. </li> <li> With the ban, their biggest branding channel disappears, forcing them to slash marketing spends. </li> </ul> <h2>C) Ripple Effect on IPL Revenues</h2> <ol start="1" data-spread="true"> <li> Advertising Loss: <ul data-spread="false"> <li> IPL recorded total ad spends of ₹5,000 crore in 2025, of which ₹2,000 crore came from online gaming/fantasy sports. </li> <li> Experts estimate a loss of ₹3,000–4,500 crore in digital spends due to this bill. </li> </ul> </li> <li> Sponsorship Loss for Franchises: <ul data-spread="false"> <li> Teams like CSK benefit directly from shirt sponsorships, associate partnerships, and digital tie-ups. </li> <li> Fantasy sports exits will push franchises to scout for new sponsors in FMCG, fintech, and consumer tech sectors, though these may not pay equally high premiums. </li> </ul> </li> <li> Media Rights & Valuations: <ul data-spread="false"> <li> BCCI’s media rights in 2025 were valued at ₹9,678 crore, boosted by gaming ads. </li> <li> Reduced ad demand could lower broadcaster earnings and affect the overall IPL ecosystem. </li> </ul> </li> </ol> <h2>D) What It Means for CSK Unlisted Shareholders</h2> <ul data-spread="false"> <li> Short-Term Pressure: Sponsorship inflows may dip in FY26 if Dream11 and similar brands exit, creating topline pressure for CSK. </li> <li> Valuation Check: CSK unlisted shares trade at a premium in the grey market due to brand strength and steady IPL cash flows. A dip in league-wide revenues could trigger short-term volatility. </li> <li> Long-Term Neutral to Positive: <ul data-spread="false"> <li> IPL remains India’s largest sporting property with unmatched fan engagement. </li> <li> Sponsorship gaps will likely be filled by fintech, e-commerce, consumer goods, and new-age digital brands. </li> <li> CSK’s strong fan base, merchandise sales, and stadium revenues reduce dependency on ad money. </li> </ul> </li> </ul> <h2>E) Investor Takeaway</h2> The Online Gaming Bill, 2025 is a short-term disruptor for IPL revenues but does not undermine CSK’s long-term growth trajectory. <ul data-spread="false"> <li> Investors in CSK unlisted shares should prepare for short-term volatility until sponsor replacements stabilize. </li> <li> CSK’s brand equity, consistent performance, and diversified revenue streams (ticketing, merchandise, and digital rights) ensure strong fundamentals. </li> <li> For long-term investors, this development may be a buy-on-dip opportunity rather than a structural risk. </li> </ul> <h2>Bottom Line</h2> While the Online Gaming Bill, 2025 may dim IPL’s advertising revenues temporarily, CSK unlisted shares remain resilient backed by strong fundamentals and brand loyalty. For investors, the short-term disruption could open the door for attractive entry points in this marquee franchise. <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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Blog21 Aug 2025

Signify Innovations India Limited (Unlisted) – FY25 Financial Performance Detailed Analysis

<h2>Company Overview</h2> Signify Innovations (earlier known as Philips Lighting) has been an industry leader for over a century. The company has consistently pioneered lighting solutions that go beyond simple illumination. Today, it focuses on connected lighting, energy-efficient LEDs, and the digital integration of lighting systems across homes, offices, and cities. With this shift, Signify is not just a lighting company but a digital solutions provider that connects people, devices, and environments. <h3>A) Balance Sheet Analysis (₹ Crore)</h3> <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755778896.jpg" alt="80%" width="551" height="457" /></h3> <ul data-spread="false"> <li> Total Assets declined by ₹82 crore, largely due to a sharp fall in non-current assets, especially financial assets and property, plant & equipment. This signals asset rationalization or possible divestments. </li> <li> Equity fell by ₹119 crore, highlighting higher dividend payouts and reduced reserves. </li> <li> Liabilities rose slightly, with current liabilities up by ₹46 crore, reflecting increased operational borrowings and trade payables. </li> <li> Cash Reserves dropped significantly from ₹458 crore to ₹362 crore, indicating higher outflows despite strong operating cash generation. </li> <li> Notably, assets worth ₹106 crore and liabilities of ₹35 crore were classified as “held for sale,” which suggests restructuring or planned divestment of certain units. </li> </ul> <h3>B) Profit & Loss Performance (₹ Crore)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755779001.jpg" alt="" width="677" height="451" /> <ul data-spread="false"> <li> Revenue grew by 1% YoY to ₹3,114 crore, showing stability despite macroeconomic challenges. </li> <li> Expenses increased marginally, driven by raw material costs (₹334 crore vs ₹228 crore in FY24) and higher employee expenses (₹626 crore vs ₹577 crore in FY24). However, a reduction in traded goods purchases and controlled overheads helped offset the cost surge. </li> <li> PAT remained steady at ₹270 crore, showcasing resilience in profitability. </li> <li> Margins were well managed, with PAT margins at 8.7%, only marginally lower than last year’s 8.8%. This demonstrates consistent operational efficiency. </li> </ul> <h3>Why Signify (Philips Lighting) Revenue Isn't Growing Significantly</h3> <ul data-spread="false"> <li> Severe Price Competition: The LED lighting market has become a commodity business. This means products are largely the same, so companies compete mostly on price, destroying profit and revenue value. </li> <li> Cheap Alternatives: The market is flooded with low-cost, non-branded products from the unorganized sector and imports. Price-sensitive customers choose these over branded products like Philips. </li> <li> Decline of Old Technology: Revenue from the conventional lighting business (like CFL bulbs) is falling rapidly as everyone switches to LEDs. This decline offsets growth in other areas. </li> <li> Market Saturation: The initial wave of consumers replacing all their old lights with basic LEDs is over. The market is now highly competitive with lower margins. </li> </ul> In short: The core business of selling basic lights is shrinking due to price wars and competition. Their modest 1.5% growth only came from their new, high-value services and smart lighting products, which were just enough to balance out the decline. <h2> Revenue Breakdown by Contract Type (In crore) </h2> <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755779039.jpg" alt="" width="588" height="505" /></h3> <h2>Revenue Breakdown by Geography (In Crore)</h2> <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755779063.jpg" alt="" width="603" height="470" /></h3> <h3>C) Cash Flow Analysis (₹ Crore)</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755779097.jpg" alt="" width="635" height="533" /> <ul data-spread="false"> <li> Operating Cash Flow rose to ₹366 crore from ₹325 crore, driven by better working capital management. This reflects strong underlying cash generation capacity. </li> <li> Investing Activities saw higher outflows at ₹28 crore due to capex and limited asset sales. </li> <li> Financing Activities had the biggest impact: dividend payouts surged to ₹388 crore (from ₹360 crore in FY24), and lease/interest payments also increased. This resulted in heavy outflows, pulling down cash balances. </li> <li> The net cash decline of ₹213 crore highlights that although the company generates healthy operating cash, aggressive capital distribution and liabilities management weigh on reserves. </li> </ul> <h3>D) Ratio Analysis</h3> <h3><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755779125.jpg" alt="" width="612" height="514" /></h3>   <ul data-spread="false"> <li> ROE (55%) surged significantly, driven by stable profits on a smaller equity base (due to high dividends). This indicates attractive returns for shareholders but also shows reduced reinvestment into the business. </li> <li> ROCE (69%) further underscores efficient capital deployment, making Signify one of the stronger performers in its segment. </li> <li> Debt-Equity Ratio increased from 24% to 29%, a manageable level but indicative of rising leverage. </li> <li> Liquidity Position remains robust with a current ratio of 12, suggesting a strong buffer to meet short-term obligations. </li> </ul> <h3>Valuation Insights and Unlisted Market History</h3> Current Price : 1275 M.Cap: 7333 Cr P/E : 27.2x  Interpretation : The valuation at 27x p/e looks high considering there is no growth in the business from last 3 Years. <h3>Unlisted Price Journey</h3> <ol start="1" data-spread="false"> <li> 2021: <ul data-spread="false"> <li> Price started near ₹600. </li> <li> Sharp rise to ₹1000+ in the same year. </li> </ul> </li> <li> 2022: <ul data-spread="false"> <li> Fluctuations in ₹1100–₹1250 zone. </li> <li> One dip, then recovery. </li> <li> Dividend (D) payout/announcement marked. </li> </ul> </li> <li> 2023: <ul data-spread="false"> <li> Strong rally → crossed ₹1500, touched nearly ₹1600. </li> <li> Dividend (D) again around mid-2023. </li> </ul> </li> <li> 2024: <ul data-spread="false"> <li> Price touched its peak near ₹1800. </li> <li> Sharp fall to ~₹1200 by year end. </li> </ul> </li> <li> 2025: <ul data-spread="false"> <li> Consolidation phase → stayed between ₹1200–₹1400. </li> <li> Corporate action (C) in mid-2025. </li> <li> Presently at ₹1275. </li> </ul> </li> </ol> <h3>Conclusion</h3> Signify Innovations India Limited delivered a steady FY25 performance with stable revenue, resilient profitability, and strong returns on capital. The company’s ability to maintain PAT at ₹270 crore despite higher input costs demonstrates effective cost management. Cash flows from operations remain strong, though aggressive dividend payouts and liabilities management have reduced reserves. From an investor’s perspective, the company stands out due to: <ul data-spread="false"> <li> Strong ROE and ROCE showcasing profitability and efficiency. </li> <li> Stable PAT margins despite inflationary pressures. </li> <li> Robust liquidity position, even with declining cash reserves. </li> </ul> However, rising leverage and continuous depletion of equity through dividends could be areas of caution. In the long run, Signify’s focus on connected and digital lighting solutions, coupled with its innovation-driven approach, positions it well for growth in both consumer and professional lighting markets. Overall, Signify Innovations remains a solid player in the unlisted market, balancing steady financial performance with promising future potential. For more Information Visit : <a href="https://unlistedzone.com/shares/signify-innovations-previously-phillips-lighting-india-unlisted-shares/">UnlistedZone</a> <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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Blog20 Aug 2025

NCDEX Unlisted Shares: Shareholding Pattern Analysis, Retail Investor Growth, and Strategic Investments

<h2>Introduction</h2> The National Commodity & Derivatives Exchange Limited (NCDEX) has experienced substantial changes in its shareholding structure from March 31, 2024, to March 31, 2025. The surge in retail investors, the exit of venture capital funds, and several notable shifts in corporate and individual shareholder bases are key highlights. Additionally, a strategic investment from Share India Securities demonstrates growing confidence in NCDEX Unlisted Shares. <h3>1. A Surge in Shareholders: From 25 to 7,563</h3> The number of shareholders in NCDEX Unlisted Shares has seen a dramatic increase, reflecting growing interest in commodity trading. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755681234.jpg" alt="" width="60%" /> This rise is largely driven by retail investors becoming more active in the market. <h3>2. Retail Investors: A Massive Influx</h3> Retail investor participation has surged significantly, with thousands of small investors joining the market. This dramatic rise highlights the increasing appeal of NCDEX Unlisted Shares to smaller investors seeking to diversify their portfolios. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755681294.jpg" alt="" width="60%" height="60%" /> <h3>3. Exit of Venture Capital Funds</h3> Venture capital funds have completely exited their holdings in NCDEX, marking a shift in the investor base. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755682238.jpg" alt="" width="60%" height="60%" /> The exit likely reflects a shift in institutional focus, with retail investors stepping in to fill the void.   <h3>4. Significant Sales by Individual and Corporate Shareholders</h3> Several large shareholders have reduced or sold portions of their holdings: <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755681553.jpg" alt="" width="60%" height="60%" /> These sales could indicate concerns about the exchange's future growth prospects or may be part of strategic exits. <h3>5. New Entrants and Corporate Expansion</h3> The shareholding pattern reveals significant interest from corporate investors and new individuals: <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755682054.jpg" alt="" width="60%" height="60%" /> These new entrants suggest that corporate players are increasingly eyeing NCDEX Unlisted Shares. <h3>6. Stability Among Institutional Shareholders</h3> Institutional investors have maintained their stakes, signaling continued confidence in NCDEX: <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755682076.jpg" alt="" width="60%" height="60%" /> The stability among institutional investors underscores a positive outlook for NCDEX’s future growth. <h3>7. Strategic Investment by Share India Securities</h3> Share India Securities has made a significant investment of ₹280 million (approximately ₹28 Cr) in NCDEX Unlisted Shares at ₹197 per share. This strategic move by a reputable financial entity is expected to drive increased interest from both retail and institutional investors. <h3>Conclusion: NCDEX’s Evolving Shareholding Landscape</h3> The changes in NCDEX's shareholder base reflect a transformation in ownership. While venture capital funds and large individual investors have reduced their stakes, the rise in retail investors and strategic backing from Share India Securities indicate a positive future for the exchange. Corporate investors such as Haldiram, along with stable institutional support, reinforce confidence in NCDEX’s long-term potential. With rising retail participation, NCDEX Unlisted Shares remain an attractive investment opportunity, indicating promising growth ahead.

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