Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p>In a major leadership transition at API Holdings, the parent company of digital health unicorn <strong>PharmEasy</strong>, co-founder and CEO <strong>Siddharth Shah</strong> has stepped down from his executive position. <strong>Rahul Guha</strong>, who currently serves as CEO of Thyrocare and President of Operations at API, has been appointed the new <strong>Managing Director and CEO</strong> of API Holdings, effective <strong>August 27, 2025</strong>.</p> <p>This development comes amidst a broader reshuffle at API Holdings, following the exit of all other co-founders earlier this year.</p> <h3>A) The End of an Era: Last Co-Founder Steps Down</h3> <p>Siddharth Shah was the <strong>last remaining operational co-founder</strong> of API Holdings after <strong>Dharmil Sheth, Dhaval Shah, Harsh Parekh</strong>, and <strong>Hardik Dedhia</strong> exited their executive roles earlier in 2025. Shah will now take on the more strategic position of <strong>Vice Chairman</strong>, signaling a complete handover of daily operations to a professional leadership team.</p> <p>This marks a pivotal moment in the journey of PharmEasy, which once stood as one of India’s most promising health-tech unicorns.</p> <h3>B) Leadership Transition: Who is Rahul Guha?</h3> <p><strong>Rahul Guha</strong> has played a critical role in managing operations across API’s group companies. Currently leading <strong>Thyrocare</strong>, one of India’s top diagnostic chains acquired by PharmEasy in 2021, Guha also served as <strong>President of Operations at API Holdings</strong>, where he worked on driving operational efficiencies and synergies across business verticals.</p> <p>According to an internal communication reviewed by <strong>Moneycontrol</strong>, Guha will <strong>continue as CEO of Thyrocare</strong> while taking on the top job at API Holdings.</p> <h3>C) Why the Restructuring Now?</h3> <p>This leadership overhaul is part of a <strong>broader strategic reset</strong> triggered after a steep <strong>valuation markdown</strong> in 2024.</p> <ul data-spread="false"> <li> <p>In FY24, API Holdings revenue fell 15% YoY to INR 5564 Cr</p> </li> <li> <p>However, net losses were halved to 2533 Cr through aggressive cost-cutting</p> </li> <li> <p>PharmEasy’s valuation dropped from <strong>$5.6 billion to just $700 million</strong> during a $216 million down round led by Manipal Group’s Ranjan Pai, Prosus, and others in April 2024</p> </li> </ul> <p>This period also saw a <strong>freeze on the company’s long-planned IPO</strong>, which was initially filed in 2021 but later withdrawn in 2022.</p> <h3>D) Focus Ahead: Diagnostics, Profitability, IPO?</h3> <p>With Guha at the helm and Shah stepping into a strategic advisory role, the focus is now on:</p> <ul data-spread="false"> <li> <p><strong>Operational streamlining</strong> across verticals (pharmacy + diagnostics)</p> </li> <li> <p><strong>Improving unit economics</strong> and profitability</p> </li> <li> <p><strong>Potential revival of IPO plans</strong>, although a timeline has not yet been revealed</p> </li> </ul> <p>The dual leadership—Guha driving execution and Shah guiding vision—could help revive investor confidence and restore PharmEasy’s position in the Indian health-tech space.</p> <h3>E) UnlistedZone Insights</h3> <ol start="1" data-spread="false"> <li> <p><strong>Professionalization of leadership</strong> is a clear sign that PharmEasy is preparing for long-term sustainability and possibly revisiting IPO ambitions.</p> </li> <li> <p>The sharp <strong>valuation correction from $5.6B to $700M</strong> underlines investor caution and the need for solid financial performance before returning to public markets.</p> </li> <li> <p><strong>Guha’s operational experience</strong>, especially from Thyrocare, may help navigate the complex landscape of Indian healthcare and diagnostics more efficiently.</p> </li> </ol> <p> </p> <h3>Final Thoughts</h3> <p>PharmEasy’s leadership shakeup signals the end of its founding chapter and the beginning of a <strong>new, professionally managed era</strong>. As the company rebuilds after valuation turbulence and prepares for its next growth phase, all eyes will be on Rahul Guha’s ability to deliver results.</p> <p>For investors tracking the <strong>unlisted space</strong>, PharmEasy remains a key player to watch—especially if the company successfully reboots its IPO strategy in the coming years.</p> <h3><strong>Disclaimer :</strong> </h3> <p>UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor.All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice.Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility.UnlistedZone does not guarantee any returns and shall not be held liable for any losses incurred as a result of investment decisions taken based on the information provided.</p>
<h3><strong>A) Introduction: GH2 Solar Limited – Powering India's Green Energy Future</strong></h3> <p>Founded in 1995 and officially incorporated in March 2013 as a public entity, GH2 Solar Limited is a Noida-based renewable energy company transforming India’s clean energy landscape. With a workforce of approximately 54 employees as of April 2025, the company has established itself as a pioneer in solar EPC, commercial and industrial (C&I) open-access power solutions, green hydrogen production, and electrolyzer manufacturing.</p> <h3><strong>B) Business Overview and Services</strong></h3> <p>GH2 Solar delivers integrated renewable energy services tailored for industrial and commercial clients across India. Their expertise spans:</p> <ul data-spread="false"> <li> <p><strong>Solar EPC Projects</strong>: Custom installation and operation services</p> </li> <li> <p><strong>Open-Access Energy Models</strong>: Enabling bulk power procurement and cost-effective clean energy</p> </li> <li> <p><strong>Green Hydrogen Solutions</strong>: End-to-end systems including electrolyzer manufacturing and mobility applications</p> </li> <li> <p><strong>Flexible Financing</strong>: Models such as Power Purchase Agreements (PPA) and open-access for scalability</p> </li> </ul> <p>With a focus on turnkey project delivery, GH2 ensures seamless execution from design to commissioning, empowering clients to adopt sustainable solutions with ease.</p> <h3><strong>C) Leadership and Management Team</strong></h3> <ul data-spread="false"> <li> <p><strong>Anurag Jain</strong>, Founder & CEO, brings over 14 years of experience in the renewable energy space.</p> </li> <li> <p><strong>Kapil Agrawal</strong>, CFO, has 18+ years of financial leadership experience.</p> </li> <li> <p><strong>Anuj Mathur</strong>, Head of Green Hydrogen, boasts 22 years of experience and credentials from ISB and IIT BHU.</p> </li> <li> <p>The board also includes Aditi Jain, Vepul Jain, and other newly appointed directors in 2025.</p> </li> </ul> <h3><strong>D) Strategic Projects & Milestones</strong></h3> <p>GH2 Solar has achieved notable success through key projects such as:</p> <ul data-spread="false"> <li> <p><strong>Green Hydrogen Demo Plant</strong>: Commissioned at V.O. Chidambaranar Port, Tamil Nadu</p> </li> <li> <p><strong>SECI Tender Win</strong>: Secured contract for 105MW electrolyzer manufacturing capacity</p> </li> <li> <p><strong>Recognition under SECI’s SIGHT Program</strong>: Cementing its place in India’s decarbonization journey</p> </li> </ul> <h3><strong>E) Financial Performance Snapshot (FY 2022–2024)</strong></h3> <p><strong>Profit & Loss Statement Highlights (INR Cr)</strong></p> <table> <tbody> <tr> <th style="text-align: center;"><strong>Particulars</strong></th> <th style="text-align: center;"><strong>2022</strong></th> <th style="text-align: center;"><strong>2023</strong></th> <th style="text-align: center;"><strong>2024</strong></th> </tr> <tr> <td style="text-align: center;">Revenue</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> </tr> <tr> <td style="text-align: center;">EBITDA</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> </tr> <tr> <td style="text-align: center;">EBIT</td> <td style="text-align: center;">0.84</td> <td style="text-align: center;">1.56</td> <td style="text-align: center;">5.39</td> </tr> <tr> <td style="text-align: center;">PAT</td> <td style="text-align: center;">0.585</td> <td style="text-align: center;">0.93</td> <td style="text-align: center;">3.46</td> </tr> <tr> <td style="text-align: center;">EPS (₹)</td> <td style="text-align: center;">153.95</td> <td style="text-align: center;">244.74</td> <td style="text-align: center;">10.03</td> </tr> <tr> <td style="text-align: center;">Gross Margin %</td> <td style="text-align: center;">15.31</td> <td style="text-align: center;">6.95</td> <td style="text-align: center;">23.3</td> </tr> <tr> <td style="text-align: center;">EBITDA Margin %</td> <td style="text-align: center;">5.49</td> <td style="text-align: center;">2.72</td> <td style="text-align: center;">8.45</td> </tr> <tr> <td style="text-align: center;">PBT Margin %</td> <td style="text-align: center;">4.59</td> <td style="text-align: center;">2.09</td> <td style="text-align: center;">7.7</td> </tr> <tr> <td style="text-align: center;">NPM %</td> <td style="text-align: center;">3.38</td> <td style="text-align: center;">1.51</td> <td style="text-align: center;">5.34</td> </tr> </tbody> </table> <p> </p> <p><strong>Balance Sheet Summary (INR Cr)</strong></p> <table style="width: 39.5106%;"> <tbody> <tr> <td style="width: 50.5722%; text-align: center;"><strong>Assets/Liabilities</strong></td> <td style="width: 16.6058%; text-align: center;"><strong>2022</strong></td> <td style="width: 16.6058%; text-align: center;"><strong>2023</strong></td> <td style="width: 16.6058%; text-align: center;"><strong>2024</strong></td> </tr> <tr> <td style="width: 50.5722%; text-align: center;">Total Assets</td> <td style="width: 16.6058%; text-align: center;">10.36</td> <td style="width: 16.6058%; text-align: center;">20.1</td> <td style="width: 16.6058%; text-align: center;">52.52</td> </tr> <tr> <td style="width: 50.5722%; text-align: center;">Trade Receivables</td> <td style="width: 16.6058%; text-align: center;">9.77</td> <td style="width: 16.6058%; text-align: center;">11.65</td> <td style="width: 16.6058%; text-align: center;">40.5</td> </tr> <tr> <td style="width: 50.5722%; text-align: center;">Share Capital</td> <td style="width: 16.6058%; text-align: center;">0.038</td> <td style="width: 16.6058%; text-align: center;">0.038</td> <td style="width: 16.6058%; text-align: center;">3.45</td> </tr> <tr> <td style="width: 50.5722%; text-align: center;">Reserves</td> <td style="width: 16.6058%; text-align: center;">2.62</td> <td style="width: 16.6058%; text-align: center;">3.55</td> <td style="width: 16.6058%; text-align: center;">3.59</td> </tr> <tr> <td style="width: 50.5722%; text-align: center;">Borrowings</td> <td style="width: 16.6058%; text-align: center;">1.6</td> <td style="width: 16.6058%; text-align: center;">3.71</td> <td style="width: 16.6058%; text-align: center;">5.85</td> </tr> </tbody> </table> <p> </p> <p><strong>Cash Flow Highlights (INR Lakhs )</strong></p> <table> <tbody> <tr> <td style="text-align: center;"><strong>Category</strong></td> <td style="text-align: center;"><strong>2022</strong></td> <td style="text-align: center;"><strong>2023</strong></td> <td style="text-align: center;"><strong>2024</strong></td> </tr> <tr> <td style="text-align: center;">Cash From Ops</td> <td style="text-align: center;">-3.5</td> <td style="text-align: center;">-177</td> <td style="text-align: center;">130</td> </tr> <tr> <td style="text-align: center;">Cash From Investing</td> <td style="text-align: center;">-41</td> <td style="text-align: center;">-11</td> <td style="text-align: center;">-248</td> </tr> <tr> <td style="text-align: center;">Cash From Financing</td> <td style="text-align: center;">42</td> <td style="text-align: center;">184</td> <td style="text-align: center;">394</td> </tr> <tr> <td style="text-align: center;">Net Cash Generated</td> <td style="text-align: center;">-2.5</td> <td style="text-align: center;">-4</td> <td style="text-align: center;">276</td> </tr> </tbody> </table> <h3> </h3> <h3><strong>F) Key Financial Ratios and Valuation Metrics</strong></h3> <ul data-spread="false"> <li> <p><strong>P/E Ratio</strong>: 68.24</p> </li> <li> <p><strong>P/B Ratio</strong>: 33.05</p> </li> <li> <p><strong>Debt to Equity Ratio</strong>: 0.83</p> </li> <li> <p><strong>ROE</strong>: 49.15%</p> </li> <li> <p><strong>Book Value</strong>: ₹16.64</p> </li> </ul> <p><strong>Shareholding & Equity Timeline:</strong></p> <ul data-spread="false"> <li> <p>31 March 2024: 4,58,000 shares</p> </li> <li> <p>4 April 2024: +1,82,000 shares @ ₹217/share = ₹3.94 Cr</p> </li> <li> <p>20 April 2025: +2,02,217 shares @ ₹217/share = ₹4.38 Cr</p> </li> <li> <p>14 Nov 2025: +4,47,950 shares @ ₹523/share = ₹23.42 Cr</p> </li> <li> <p><strong>Total Shares as of Nov 2025</strong>: 42,90,167</p> </li> <li> <p><strong>Market Cap</strong>: ₹236 Cr at ₹550/share</p> </li> </ul> <h3><strong>G) Strategic Strengths and Market Positioning</strong></h3> <p>GH2 Solar is positioned to ride India’s green hydrogen and renewable energy wave. Future expansions include:</p> <ul data-spread="false"> <li> <p><strong>Electrolyzer Manufacturing Facility</strong></p> </li> <li> <p><strong>Hydrogen Mobility Infrastructure</strong></p> </li> <li> <p><strong>C&I-Focused Open Access Projects</strong></p> </li> </ul> <p>With strong government alignment and private investor interest, GH2 Solar is uniquely equipped to drive India’s decarbonization goals.</p> <ul data-spread="false"> <li> <p><strong>Vertical Integration</strong>: Strong control over project quality and delivery timeline</p> </li> <li> <p><strong>Government Backing</strong>: Recognition by SECI ensures trust and scalability</p> </li> <li> <p><strong>Cost-Effective Service Delivery</strong>: Customized energy models for high-efficiency deployment</p> </li> <li> <p><strong>Targeted Focus on Industrial & Commercial Sector</strong>: Enhances revenue consistency and growth predictability</p> </li> </ul> <h3><strong>Conclusion: GH2 Solar – A Clean Energy Catalyst</strong></h3> <p>GH2 Solar is redefining renewable energy delivery in India through a blend of innovation, strategic partnerships, and robust project execution. As a SECI-recognized player with a strong valuation trajectory, the company is well-poised to lead India's transition to a cleaner, greener, and more self-reliant energy future.</p>
<h2><strong>Introduction: Why This Matters to You</strong></h2> <p>Imagine you are running a massive oil refinery in India. You import crude oil from Russia, refine it in India, and then sell the fuel to international buyers. Simple?</p> <p>Not anymore.</p> <p>Nayara Energy — one of India’s largest private oil refiners with over 20 million tonnes of capacity — is facing serious trouble because of <em>global politics</em>. And if you're an investor in the unlisted space, especially through platforms like UnlistedZone, this is your live case study on <strong>geopolitical risk</strong>, <strong>banking systems</strong>, and <strong>why due diligence is more than just reading numbers</strong>.</p> <p>Let’s break it down, simply, clearly, and with real-world perspective.</p> <div><hr /></div> <h2>A) How Nayara Energy’s Business Works: Crude to Cash</h2> <p>Before we understand the problem, let’s understand the business model in <strong>three easy steps</strong>:</p> <h3>1. <strong>Crude Oil Import from Russia</strong></h3> <ul data-spread="false"> <li> <p>Nayara buys <strong>crude oil</strong> from Russia.</p> </li> <li> <p>Russia gives a discount due to geopolitical isolation, making it attractive for Indian buyers.</p> </li> </ul> <h3>2. <strong>Refining in India</strong></h3> <ul data-spread="false"> <li> <p>The crude is brought to Nayara’s Vadinar refinery (Gujarat).</p> </li> <li> <p>It is refined into usable fuel — like petrol, diesel, aviation turbine fuel.</p> </li> </ul> <h3>3. <strong>Export of Refined Fuel</strong></h3> <ul data-spread="false"> <li> <p>A portion of this refined fuel is exported to countries like Oman, UAE, etc.</p> </li> <li> <p>These international buyers make <strong>payments in USD or Euro</strong> through global financial systems.</p> </li> </ul> <p>All these payments — for imports and exports — go through <strong>global banks</strong> like HSBC, Citi, Standard Chartered etc. That’s where the problem begins.</p> <div><hr /></div> <h2>B) The Root Problem: EU Sanctions on Russia</h2> <p>In July 2025, the <strong>European Union imposed new sanctions</strong> targeting companies that have Russian shareholding. Nayara Energy, where Russia’s <strong>Rosneft owns a 49% stake</strong>, was affected.</p> <p>Here’s what happened next:</p> <h3>Foreign Banks Stopped Supporting Transactions</h3> <ul data-spread="false"> <li> <p>Foreign banks <strong>refused to process payments</strong> for Nayara’s crude purchases from Russia.</p> </li> <li> <p>Insurance support for cargo shipments also <strong>got disrupted</strong>.</p> </li> <li> <p>Even payments <strong>from foreign buyers</strong> for refined exports started getting <strong>delayed</strong> or <strong>blocked</strong>.</p> </li> </ul> <p>Why?</p> <p>Because global banks feared <strong>secondary sanctions</strong> — a penalty for doing business with a Russia-linked entity.</p> <p>This means Nayara couldn’t:</p> <ul data-spread="false"> <li> <p>Pay Russia for crude on time</p> </li> <li> <p>Receive money for exports</p> </li> <li> <p>Insure its cargo smoothly</p> </li> </ul> <div><hr /></div> <h2>C) Enter UCO Bank: A Potential Desi Solution</h2> <p>Faced with this international block, Nayara turned to <strong>Indian financial channels</strong>. The idea? To use a bank with <strong>less exposure to global sanctions</strong>.</p> <h3>Why UCO Bank?</h3> <ul data-spread="false"> <li> <p><strong>UCO Bank is government-owned</strong>, with a relatively smaller international footprint.</p> </li> <li> <p>It had earlier handled <strong>oil trade with Iran</strong>, another country under Western sanctions.</p> </li> <li> <p>It already has a <strong>system for rupee-trade-based settlements</strong>.</p> </li> </ul> <p>Nayara is now in talks with the <strong>Finance Ministry</strong> and UCO Bank to:</p> <ul data-spread="false"> <li> <p>Process payments for Russian crude using <strong>INR-based settlements</strong></p> </li> <li> <p>Receive export payments from friendly countries via alternate channels</p> </li> </ul> <p><strong>Important</strong>: As of now, no final tie-up has happened. Discussions are in <strong>initial stages</strong>.</p> <div><hr /></div> <h2>D) How Will UCO Bank Help? A Simple Analogy</h2> <p>Let’s say:</p> <ul data-spread="false"> <li> <p>You’re trying to send money to your cousin who lives in a country that’s blocked on all major payment apps.</p> </li> <li> <p>But you have an old-school local courier guy who has previously delivered parcels in that region.</p> </li> </ul> <p>That courier is <strong>UCO Bank</strong>. Because it is <strong>not deeply linked with Western financial systems</strong>, it can work <strong>under the radar</strong> — using alternate mechanisms like:</p> <ul data-spread="false"> <li> <p><strong>Vostro Accounts</strong> (holding rupee balances of foreign banks)</p> </li> <li> <p><strong>INR-Ruble payment arrangements</strong></p> </li> <li> <p><strong>SWIFT alternatives like SPFS</strong> (Russia’s version of SWIFT)</p> </li> </ul> <p>These systems can help Nayara:</p> <ul data-spread="false"> <li> <p>Continue crude imports from Russia</p> </li> <li> <p>Sell refined fuel to markets not following EU sanctions</p> </li> <li> <p>Keep cash flow moving without using Western banks</p> </li> </ul> <div><hr /></div> <h2>E) Operational Adjustments Made by Nayara</h2> <p>Due to the payment and insurance disruptions:</p> <ul data-spread="false"> <li> <p>Nayara has <strong>cut refinery operations</strong> to 80% of capacity.</p> </li> <li> <p>Export logistics have been <strong>carefully managed</strong>, with the <strong>first post-sanction shipment sent to Oman</strong> (43,000 metric tons of gasoline).</p> </li> <li> <p>Meanwhile, Nayara is diversifying markets and exploring <strong>non-dollar payment systems</strong>.</p> </li> </ul> <div><hr /></div> <h2>F) <strong>Investor Insights: What Can You Learn from This?</strong></h2> <p>If you are an investor in <strong>pre-IPO</strong> or <strong>unlisted</strong> markets, here are your key takeaways:</p> <h3>1. <strong>Geopolitical Risk Is Real</strong></h3> <ul data-spread="false"> <li> <p>Even if a company performs well financially, <strong>ownership structure</strong> can invite international risk.</p> </li> <li> <p>Investors must check not just financials but also <strong>who owns the company</strong>.</p> </li> </ul> <h3>2. <strong>Alternative Systems Are Valuable</strong></h3> <ul data-spread="false"> <li> <p>Companies with <strong>access to flexible financial systems</strong> or <strong>government support</strong> are better placed to survive shocks.</p> </li> </ul> <h3>3. <strong>Valuation Pressure</strong></h3> <ul data-spread="false"> <li> <p>Due to uncertainty and perceived risk, companies like Nayara may face <strong>valuation discount</strong> in the unlisted space.</p> </li> <li> <p>Such factors must be considered before entering or exiting a position.</p> </li> </ul> <h3>4. <strong>Role of Policy and Diplomacy</strong></h3> <ul data-spread="false"> <li> <p>Indian government’s willingness to help Nayara shows that <strong>policy support can be a defensive moat</strong> for some companies.</p> </li> </ul> <div><hr /></div> <h2>Conclusion: A Case Study Every Investor Must Know</h2> <p>Nayara Energy is not just a company in trouble — it is a <strong>textbook example</strong> of how <strong>global events</strong> can ripple into your <strong>portfolio</strong>.</p> <p>Its current crisis teaches us:</p> <ul data-spread="false"> <li> <p>How the <strong>international financial system</strong> can choke operational cash flows</p> </li> <li> <p>Why <strong>local solutions</strong> like UCO Bank matter</p> </li> </ul>
<p>The <strong>Finance Ministry and SEBI</strong> are currently in advanced talks to <strong>curb speculative trading in the options market</strong>, a move that could directly impact the National Stock Exchange (NSE). One major reform under consideration is the <strong>complete discontinuation of weekly expiry contracts</strong>, including those for <strong>Nifty 50</strong> — currently the only index with such an option on NSE.</p> <p>This initiative builds upon a major regulatory step SEBI took last year, which already impacted NSE’s derivatives volumes.</p> <div><hr /></div> <h2>A) Event 1: SEBI’s 2024 Rule — One Index, One Weekly Expiry</h2> <p>On <strong>November 20, 2024</strong>, SEBI implemented a rule that <strong>limited weekly derivatives contracts to only one benchmark index per exchange</strong>.</p> <p>What changed?</p> <ul data-spread="false"> <li> <p><strong>Bank Nifty</strong>, <strong>FinNifty</strong>, and <strong>Midcap Nifty</strong> all lost their weekly expiries.</p> </li> <li> <p>Only <strong>Nifty 50</strong> retained the right to continue weekly options.</p> </li> <li> <p>The rest shifted to <strong>monthly expiries</strong>, typically on the last Thursday of each month.</p> </li> </ul> <p>This was aimed at <strong>reducing intraday volatility</strong> and discouraging speculative frenzy in short-dated options.</p> <div><hr /></div> <h2>B) Event 2: SEBI Now Plans Full Ban on Weekly Expiry</h2> <p>Now in 2025, SEBI is reportedly planning the next phase of reform:</p> <ul data-spread="false"> <li> <p><strong>Completely end weekly options contracts</strong>, including Nifty 50.</p> </li> <li> <p>Introduce <strong>bi-monthly or monthly expiries</strong> instead.</p> </li> <li> <p><strong>Lower margin requirements</strong> in the cash segment.</p> </li> <li> <p>Recommend <strong>reduction in Securities Transaction Tax (STT)</strong> to promote delivery-based equity trading.</p> </li> </ul> <p>The idea is simple: <strong>shift market participation from speculative trades to long-term equity ownership.</strong></p> <div><hr /></div> <h2>C) NSE’s Revenue Model: Derivatives Drive the Engine</h2> <p>Over <strong>60–70% of NSE’s revenues</strong> come from <strong>transaction charges</strong>, with derivatives (especially weekly options) being the biggest contributors.</p> <p>The following impacts are anticipated:</p> <ul data-spread="false"> <li> <p><strong>Reduced trading volumes in derivatives</strong> if weekly options are completely banned.</p> </li> <li> <p><strong>Fall in transaction fees</strong>, which will weigh on short-term earnings.</p> </li> <li> <p>Lower volatility may reduce speculative arbitrage, impacting high-frequency trading activity.</p> </li> </ul> <p>So yes — in the <strong>short term</strong>, this is <strong>negative for NSE’s topline</strong>.</p> <div><hr /></div> <h2>D) Long-Term Positive: Boosting the Cash Market</h2> <p>SEBI’s reform package isn’t just about restrictions. It also includes <strong>pro-market initiatives</strong>:</p> <ul data-spread="false"> <li> <p><strong>Lowering STT</strong> on delivery trades makes cash investments more cost-effective.</p> </li> <li> <p><strong>Reducing margins</strong> in the cash segment encourages broader participation.</p> </li> <li> <p>Less speculation could boost <strong>confidence among long-term investors and institutions</strong>.</p> </li> </ul> <p>This shift could help NSE:</p> <ul data-spread="false"> <li> <p>Diversify revenue from derivatives to equity trading.</p> </li> <li> <p>Increase IPO listings and related income.</p> </li> <li> <p>Expand its data and analytics offerings.</p> </li> </ul> <div><hr /></div> <h2>E) What Should Unlisted NSE Shareholders Do?</h2> <table style="width: 68.8595%; height: 73.3333px;"> <tbody> <tr style="height: 18.3333px;"> <th style="text-align: center; width: 16.4317%; height: 18.3333px;">Timeline</th> <th style="text-align: center; width: 28.0834%; height: 18.3333px;">Impact on NSE</th> <th style="text-align: center; width: 55.4198%; height: 18.3333px;">Implication for Unlisted Investors</th> </tr> <tr style="height: 36.6667px;"> <td style="text-align: center; width: 16.4317%; height: 36.6667px;">Short-Term</td> <td style="text-align: center; width: 28.0834%; height: 36.6667px;">Revenue dip from options ban</td> <td style="text-align: center; width: 55.4198%; height: 36.6667px;">Possible correction in unlisted share valuation</td> </tr> <tr style="height: 18.3333px;"> <td style="text-align: center; width: 16.4317%; height: 18.3333px;">Long-Term</td> <td style="text-align: center; width: 28.0834%; height: 18.3333px;">Balanced, diversified revenue model</td> <td style="text-align: center; width: 55.4198%; height: 18.3333px;">Likely stable and sustainable growth</td> </tr> </tbody> </table> <p>So, if there's a temporary valuation dip in the unlisted space, it might just be the <strong>right time to accumulate NSE shares</strong>.</p> <div><hr /></div> <h2>F) Final Thoughts</h2> <p>SEBI’s move to end weekly options expiry is a <strong>structural reform</strong>. While it may <strong>dampen NSE’s income temporarily</strong>, it paves the way for a <strong>more mature and fundamentally driven equity market</strong>. Investors in NSE’s unlisted shares should closely watch how the cash market volumes evolve in response.</p>
<p>Explanantion with proper context and a Q&A format: <strong>Market Coupling in Power Sector: Industry Flags Execution Risks</strong></p> <div><hr /></div> <h2>1) Context: What Is Market Coupling in Power Sector?</h2> <p>In India, electricity is traded on three main exchanges:</p> <ul data-spread="false"> <li> <p><strong>IEX (Indian Energy Exchange)</strong> – has ~90% market share.</p> </li> <li> <p><strong>PXIL (Power Exchange India Ltd.)</strong></p> </li> <li> <p><strong>HPX (Hindustan Power Exchange)</strong></p> </li> </ul> <p>Currently, buyers and sellers choose which exchange to trade on. But there's a problem: <strong>IEX has all the liquidity</strong>, so naturally, everyone prefers it. The newer exchanges struggle.</p> <p>To solve this, the government proposed <strong>market coupling</strong> — where a central system will collect all bids from all exchanges, match the best buy/sell offers, and declare a <strong>single price</strong> for electricity across India.</p> <p>This system is designed to improve:</p> <ul data-spread="false"> <li> <p><strong>Transparency</strong></p> </li> <li> <p><strong>Price discovery</strong></p> </li> <li> <p><strong>Fair competition</strong></p> </li> </ul> <div><hr /></div> <h2>2) Q&A: Challenges in Implementing Market Coupling</h2> <div><hr /></div> <h3><strong>Q1: What is market coupling trying to solve?</strong></h3> <p><strong>Problem:</strong> All buyers go to IEX because it has more sellers, and vice versa. New exchanges can’t grow.</p> <p><strong>Solution</strong>: Pool all trades in one place (like UPI for power), and let a neutral operator match the best rates - regardless of which exchange you placed the order on.</p> <div><hr /></div> <h3><strong>Q2: Sounds good. So why is the industry worried?</strong></h3> <p>The industry - especially <strong>IEX and big participants -</strong> are worried about <strong>how</strong> this will be implemented. Concerns include:</p> <div><hr /></div> <h3><strong>Q3: Who will run this central system?</strong></h3> <p><strong>Challenge</strong>: The current proposal gives control to the <strong>Grid Controller of India Ltd.</strong> (state-owned). Exchanges fear this may lead to:</p> <ul data-spread="false"> <li> <p><strong>Conflict of interest</strong></p> </li> <li> <p><strong>Slow response time</strong></p> </li> <li> <p><strong>Lack of commercial innovation</strong></p> </li> </ul> <p>They want a <strong>neutral, independent operator</strong>, not a government body.</p> <div><hr /></div> <h3><strong>Q4: Will it affect the business model of exchanges like IEX?</strong></h3> <p>Yes.</p> <ul data-spread="false"> <li> <p>Currently, exchanges make money from <strong>high trading volumes</strong>.</p> </li> <li> <p>If all trades are pooled and matched centrally, <strong>liquidity is no longer an edge</strong>.</p> </li> <li> <p>IEX fears it may lose its dominance, and <strong>revenues could fall</strong>.</p> </li> </ul> <div><hr /></div> <h3><strong>Q5: Are there international examples of this?</strong></h3> <p>Yes, Europe uses market coupling for cross-border electricity trade. But:</p> <ul data-spread="false"> <li> <p>Those are <strong>mature, digitally advanced markets</strong>.</p> </li> <li> <p>India still has <strong>transmission bottlenecks</strong>, <strong>data latency</strong>, and <strong>state-level complications</strong>.</p> </li> </ul> <p>So <strong>copy-pasting the model may not work</strong> without groundwork.</p> <div><hr /></div> <h3><strong>Q6: What's the risk for investors and consumers?</strong></h3> <ul data-spread="false"> <li> <p>If poorly implemented, it may <strong>disrupt power availability or pricing</strong> in short-term markets.</p> </li> <li> <p>For companies like <strong>IEX</strong>, it could <strong>impact growth and profitability</strong>.</p> </li> <li> <p>For new players like PXIL and HPX, it’s a <strong>potential game-changer</strong>, but only if execution is clean.</p> </li> </ul> <div><hr /></div> <h2>Bottom Line</h2> <p>Market coupling <strong>can democratize power trading</strong> in India — making it fairer, more efficient, and technology-driven.</p> <p>But for it to succeed:</p> <ul data-spread="false"> <li> <p>Governance must be <strong>transparent and independent</strong>.</p> </li> <li> <p>Implementation must be <strong>technically sound and phased</strong>.</p> </li> <li> <p>Concerns of dominant players like IEX must be <strong>acknowledged but not allowed to block reform</strong>.</p> </li> </ul>
<h2><strong>1. BUSINESS OVERVIEW</strong></h2> <p>Axles India Limited, a joint venture between Wheels India( 9.51% ), Sundaram Finance (38.32% ), and Dana Holding Corporation (USA)(48.33%), is a prominent manufacturer of axle housings for medium and heavy commercial vehicles (M&HCVs). With two manufacturing facilities in Sriperumbudur and Cheyyar (Tamil Nadu), the company has a production capacity of 280,000 axle housings annually. Serving leading OEMs like Tata Motors, Ashok Leyland, Daimler India, and export clients including Dana USA and Volvo Asia, Axles India stands as a vital supplier in the commercial vehicle component space.</p> <h2><strong>2. FINANCIAL PERFORMANCE</strong></h2> <table> <tbody> <tr> <th>Metric</th> <th>FY22</th> <th>FY23</th> <th>FY24</th> <th>FY25</th> </tr> <tr> <td>Revenue (₹ Cr)</td> <td>569</td> <td>746</td> <td>854</td> <td>841</td> </tr> <tr> <td>EBITDA (₹ Cr)</td> <td>54</td> <td>85</td> <td>129</td> <td>101</td> </tr> <tr> <td>EBITDA Margin (%)</td> <td>9.49</td> <td>11.39</td> <td>15.11</td> <td>12.01</td> </tr> <tr> <td>PAT (₹ Cr)</td> <td>34</td> <td>53</td> <td>86</td> <td>69</td> </tr> <tr> <td>PAT Margin (%)</td> <td>5.98</td> <td>7.1</td> <td>10.07</td> <td>8.2</td> </tr> <tr> <td>EPS (₹)</td> <td>13.34</td> <td>20.79</td> <td>33.74</td> <td>27.07</td> </tr> <tr> <td>Gross Margin (%)</td> <td>36.38</td> <td>35.92</td> <td>32.55</td> <td>43.04</td> </tr> </tbody> </table> <h2><strong>3. BALANCE SHEET STRENGTH</strong></h2> <table> <tbody> <tr> <td>Metric</td> <td>FY22</td> <td>FY23</td> <td>FY24</td> <td>FY25</td> </tr> <tr> <td>Total Assets (₹ Cr)</td> <td>371</td> <td>416</td> <td>518</td> <td>519</td> </tr> <tr> <td>Trade Receivables (₹ Cr)</td> <td>174</td> <td>215</td> <td>202</td> <td>191</td> </tr> <tr> <td>Inventory (₹ Cr)</td> <td>104</td> <td>123</td> <td>210</td> <td>179</td> </tr> <tr> <td>Borrowings (₹ Cr)</td> <td>58</td> <td>54</td> <td>82</td> <td>50</td> </tr> <tr> <td>Reserves (₹ Cr)</td> <td>150</td> <td>186</td> <td>249</td> <td>282</td> </tr> </tbody> </table> <h2><strong>4. CASH FLOW ANALYSIS</strong></h2> <table> <tbody> <tr> <td>Metric</td> <td>FY22</td> <td>FY23</td> <td>FY24</td> <td>FY25</td> </tr> <tr> <td>Cash Flow from Ops (₹ Cr)</td> <td>13</td> <td>18</td> <td>32</td> <td>118</td> </tr> <tr> <td>Cash Flow from Investing</td> <td>-10</td> <td>-14</td> <td>-31</td> <td>-33</td> </tr> <tr> <td>Cash Flow from Financing</td> <td>-19</td> <td>-15</td> <td>3</td> <td>-4</td> </tr> <tr> <td>Net Cash Generated (₹ Cr)</td> <td>-16</td> <td>-11</td> <td>4</td> <td>19</td> </tr> </tbody> </table> <h2><strong>5. RATIO ANALYSIS (FY22–FY25)</strong></h2> <table> <tbody> <tr> <td>Ratio</td> <td>FY22</td> <td>FY23</td> <td>FY24</td> <td>FY25</td> </tr> <tr> <td>Debt to Equity</td> <td>0.27</td> <td>0.23</td> <td>0.25</td> <td>0.16</td> </tr> <tr> <td>Return on Equity (%)</td> <td>17.2</td> <td>21.0</td> <td>28.5</td> <td>22.44</td> </tr> <tr> <td>Return on Capital Employed (ROCE %)</td> <td>14.5</td> <td>18.1</td> <td>24.8</td> <td>20.2</td> </tr> <tr> <td>EPS (₹)</td> <td>13.34</td> <td>20.79</td> <td>33.74</td> <td>27.07</td> </tr> <tr> <td>Current Ratio</td> <td>2.14</td> <td>2.20</td> <td>2.11</td> <td>2.28</td> </tr> </tbody> </table> <h2><strong>6. VALUATION ANALYSIS(FY25)</strong></h2> <table> <tbody> <tr> <td>Metric</td> <td>Value</td> </tr> <tr> <td>Market Cap (₹ Cr)</td> <td>1,912</td> </tr> <tr> <td>Share Price (₹)</td> <td>750</td> </tr> <tr> <td>Book Value (₹)</td> <td>124.55</td> </tr> <tr> <td>P/E Ratio</td> <td>27.71</td> </tr> <tr> <td>P/B Ratio</td> <td>6.02</td> </tr> <tr> <td>EV/EBITDA </td> <td>18.9</td> </tr> </tbody> </table> <h3><strong>Insights:</strong></h3> <ul data-spread="false"> <li> <p><strong>Strong Earnings Base:</strong> EPS has grown consistently over the years, peaking in FY24 at ₹33.74. Even with a slight drop to ₹27.07 in FY25, it reflects a resilient earnings base.</p> </li> <li> <p><strong>Efficient Capital Utilization:</strong> ROE and ROCE show the company is efficiently using shareholders’ capital and total capital employed, with ROE peaking at 28.5% in FY24.</p> </li> <li> <p><strong>Deleveraging:</strong> The debt-to-equity ratio dropped from 0.27 in FY22 to just 0.16 in FY25, indicating a strong balance sheet and reduced interest burden.</p> </li> <li> <p><strong>Strong Liquidity Position:</strong> The current ratio has remained above 2x across all years, suggesting sufficient liquidity to meet short-term obligations.</p> </li> <li> <p><strong>Valuation Multiples:</strong> With a P/E of 27.71 and P/B of 6.02, the stock commands premium valuations, likely reflecting investor confidence in future growth and stability.</p> </li> <li> <p><strong>Stable Gross Margins:</strong> Despite fluctuations in revenue, gross margins have held strong, reaching 43% in FY25 — a sign of improving cost efficiencies or favorable product mix.</p> </li> </ul> <p><br /><strong>CONCLUSION</strong><br />Axles India Limited continues to deliver robust performance, backed by a solid business model and strategic joint ventures. With strong profitability, healthy balance sheet metrics, and consistent cash flows, the company remains well-positioned in the commercial vehicle components space. Its valuations reflect investor optimism, supported by low debt, strong margins, and a diversified client base in both domestic and export markets.</p> <p> </p> <p><strong>DISCLAIMER</strong><br />UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor.All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice.Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility.UnlistedZone does not guarantee any returns and shall not be held liable for any losses incurred as a result of investment decisions taken based on the information provided.</p>
<h2>About the Company:</h2> <p>A One Steels India Limited (ASIPL), established in Southern India, is a backward-integrated steel manufacturer with six plants across Karnataka and Andhra Pradesh. The company produces a wide range of steel products including TMT bars, pipes, coils, and sponge iron. ASIPL also utilizes 84–87% renewable energy in its operations and boasts a robust network of over 1,200 retail outlets. The company is now heading towards a ₹650 crore IPO (₹600 crore fresh issue + ₹50 crore OFS), aiming to fund expansion, green energy initiatives, and debt reduction. The increasing reliance on clean energy and regional dominance in Southern India positions ASIPL as a key player to watch in the mid-tier steel segment.</p> <h2>1. Total Shares Outstanding (Latest)</h2> <p>As per latest disclosures: <strong>6,84,67,532 equity shares</strong><br />(Source: DRHP)</p> <h2>2. Current Market Price (Unlisted)</h2> <p><strong>₹385 per share</strong> (as per unlisted market rates)</p> <h2>3. Estimated Current Valuation</h2> <p><strong>Valuation = Total Shares × Price per Share</strong><br />= 6,84,67,532 × ₹385<br />= <strong>₹2,636 crore</strong></p> <h2>A) FY24 Financial Performance</h2> <ul data-spread="false"> <li> <p><strong>Revenue</strong>: ₹3,834 Cr</p> </li> <li> <p><strong>PAT</strong>: ₹38 Cr</p> </li> <li> <p><strong>Implied P/E Ratio</strong>: ₹2,636 Cr ÷ ₹38.91 Cr = <strong>~67.75x</strong></p> </li> <li> <p><strong>EBITDA Margin</strong>: 5.18%</p> </li> <li> <p><strong>PAT Margin</strong>: 1.01%</p> </li> <li> <p><strong>ROCE</strong>: 10.45%</p> </li> <li> <p><strong>ROE</strong>: 9.42%</p> </li> <li> <p><strong>Debt-to-Equity Ratio</strong>: 2.34</p> </li> </ul> <h2>B) FY25 Projections (Based on 3M FY25 Annualized)</h2> <ul data-spread="false"> <li> <p><strong>Revenue (Annualized)</strong>: <strong>₹3,818 Cr</strong></p> </li> <li> <p><strong>PAT (Annualized)</strong>: <strong>₹64 Cr</strong></p> </li> <li> <p><strong>Forward P/E Ratio</strong>: <strong>~40.73x</strong></p> </li> </ul> <h2>C) Valuation Growth Snapshot</h2> <table> <tbody> <tr> <th style="text-align: center;"><strong>Date</strong></th> <th style="text-align: center;"><strong>Type</strong></th> <th style="text-align: center;"><strong>Amount Raised</strong></th> <th style="text-align: center;"><strong>Valuation</strong></th> <th style="text-align: center;"><strong>Implied Price/Share</strong></th> </tr> <tr> <td style="text-align: center;">Dec 2015</td> <td style="text-align: center;">Rights Issue</td> <td style="text-align: center;">₹2 crore</td> <td style="text-align: center;">₹9 crore</td> <td style="text-align: center;">₹100</td> </tr> <tr> <td style="text-align: center;">Mar 2021</td> <td style="text-align: center;">Rights Issue</td> <td style="text-align: center;">₹27.52 crore</td> <td style="text-align: center;">₹894 crore</td> <td style="text-align: center;">₹688</td> </tr> <tr> <td style="text-align: center;">Jun–Jul 2024</td> <td style="text-align: center;">Private Placement</td> <td style="text-align: center;">₹24.72 crore</td> <td style="text-align: center;">₹1,711 crore</td> <td style="text-align: center;">₹250.00</td> </tr> <tr> <td style="text-align: center;">Current (2025)</td> <td style="text-align: center;">Unlisted Market</td> <td style="text-align: center;">—</td> <td style="text-align: center;">₹2,636 crore</td> <td style="text-align: center;">₹385.00</td> </tr> </tbody> </table> <h2>Peer Comparison (FY24–25)</h2> <table> <tbody> <tr> <td style="text-align: center;"><strong>Company</strong></td> <td style="text-align: center;"><strong>Revenue (₹ Cr)</strong></td> <td style="text-align: center;"><strong>EBITDA Margin</strong></td> <td style="text-align: center;"><strong>PAT Margin</strong></td> <td style="text-align: center;"><strong>ROCE</strong></td> <td style="text-align: center;"><strong>D/E Ratio</strong></td> <td style="text-align: center;"><strong>Market Cap (₹ Cr)</strong></td> <td style="text-align: center;"><strong>P/E</strong></td> </tr> <tr> <td style="text-align: center;">A One Steels India Ltd (FY24)</td> <td style="text-align: center;">3,834</td> <td style="text-align: center;">5.18%</td> <td style="text-align: center;">1.01%</td> <td style="text-align: center;">10.45%</td> <td style="text-align: center;">2.34</td> <td style="text-align: center;">2,636</td> <td style="text-align: center;">67.75x</td> </tr> <tr> <td style="text-align: center;">Jai Balaji Industries (FY25)</td> <td style="text-align: center;">6,351</td> <td style="text-align: center;">~13.6%</td> <td style="text-align: center;">8.78%</td> <td style="text-align: center;">36.10%</td> <td style="text-align: center;">0.26</td> <td style="text-align: center;">10,336</td> <td style="text-align: center;">18.6x</td> </tr> <tr> <td style="text-align: center;">Shyam Metallics & Energy (FY25)</td> <td style="text-align: center;">15,945</td> <td style="text-align: center;">12.30%</td> <td style="text-align: center;">6.00%</td> <td style="text-align: center;">12.00%</td> <td style="text-align: center;">0.07</td> <td style="text-align: center;">27,342</td> <td style="text-align: center;">29.7x</td> </tr> <tr> <td style="text-align: center;">MSP Steel & Power (FY25)</td> <td style="text-align: center;">2,844</td> <td style="text-align: center;">4.61%</td> <td style="text-align: center;">-0.98%</td> <td style="text-align: center;">6.23%</td> <td style="text-align: center;">0.27</td> <td style="text-align: center;">1,974</td> <td style="text-align: center;">Loss</td> </tr> </tbody> </table> <h2>Conclusion</h2> <p>At ₹385 per share, <strong>A One Steels India Limited</strong> commands a valuation of <strong>₹2,636 crore</strong> in the unlisted market, which appears relatively high for a commodity-based business. The company is trading at a <strong>trailing P/E of ~67.75x</strong> based on FY24 earnings and a <strong>forward P/E of ~40.7x</strong> based on FY25 projections. While PAT margins remain thin, ASIPL’s consistent revenue traction, proactive adoption of renewable energy, and its regional dominance present a case for long-term potential. However, elevated leverage and premium valuation compared to listed peers warrant investor caution. With the upcoming IPO, investor interest will hinge on pricing and growth execution.</p> <blockquote> <p><strong>Disclaimer:</strong> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared is for educational and informational purposes only. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions.</p> </blockquote>
<p><strong>A One Steels India Limited (ASIPL)</strong>, founded in <strong>2012</strong>, is a <strong>Southern India-based steel manufacturer</strong> with <strong>6 plants</strong> (5 in Karnataka, 1 in Andhra Pradesh). Its <strong>fully integrated operations</strong>—from iron ore to finished products—give it a <strong>cost and quality edge</strong>. The company makes <strong>TMT bars, coils, pipes, and sponge iron</strong>, and is expanding into <strong>stainless steel</strong>.</p> <p>With <strong>84-87% green energy use</strong>, <strong>1,200+ retail outlets</strong>, and <strong>top-5 rank in South India</strong>, ASIPL is now preparing for a <strong>₹650 crore IPO</strong> (₹600cr fresh issue + ₹50cr OFS) to grow further. <strong>A strong, efficient player</strong> in India's steel sector.</p> <h3><strong>A) Market Position (FY24) & Sustainability Initiatives</strong></h3> <ul data-spread="false"> <li> <p><strong>Top 5</strong> crude steel producers in Southern India</p> </li> <li> <p><strong>Market Share:</strong> 0.27% of India's total crude steel output</p> </li> <li> <p><strong>~1%</strong> share in the domestic pipe segment (CRISIL Report)</p> </li> <li> <p><strong>USP:</strong> Only player in the region offering diversified steel and industrial products under one brand</p> </li> <li> <p><strong>Renewable Energy Use:</strong> 84–87% from solar, wind, and Wi-RBs</p> </li> <li> <p><strong>Certifications:</strong> CII Green Product Certification for Fe550 D CRS TMT bars</p> </li> <li> <p>Upcoming Projects: 10 MW Wi-RB Power Plant & 300,000 MTPA Iron Ore Beneficiation Plant (by FY26)</p> </li> </ul> <h3><strong>B) Product Portfolio</strong></h3> <p>A One Steels India Limited (ASIPL) manufactures a diverse range of <strong>steel products across four key categories</strong>. The company produces high-grade <strong>TMT bars (Fe 550D CRS, Fe 500D CRS, Fe 550 CRS)</strong> under its long steel segment. Its <strong>flat steel portfolio includes HR/CR coils, HR/CR pipes and galvanized pipes</strong>. For industrial applications, ASIPL offers <strong>MS billets, sponge iron, met coke, ferro silicon and silicon manganese.</strong> The company is currently <strong>developing stainless steel wire rods at its Koppal facility, marking its entry into premium steel products.</strong> This vertically integrated product range enables ASIPL <strong>to serve construction, infrastructure and industrial sectors with comprehensive steel solutions</strong> while maintaining strict quality control across all manufacturing stages.</p> <p><strong>Product-Wise Revenue Split</strong></p> <table> <tbody> <tr> <td style="text-align: center;">Product</td> <td style="text-align: center;">3M FY25</td> <td style="text-align: center;">FY24</td> <td style="text-align: center;">FY23</td> <td style="text-align: center;">FY22</td> </tr> <tr> <td style="text-align: center;">Pipes & Tubes</td> <td style="text-align: center;">21.77%</td> <td style="text-align: center;">18.92%</td> <td style="text-align: center;">16.54%</td> <td style="text-align: center;">19.83%</td> </tr> <tr> <td style="text-align: center;">TMT Bars</td> <td style="text-align: center;">32.12%</td> <td style="text-align: center;">29.18%</td> <td style="text-align: center;">30.30%</td> <td style="text-align: center;">26.94%</td> </tr> <tr> <td style="text-align: center;">Sponge Iron</td> <td style="text-align: center;">12.96%</td> <td style="text-align: center;">12.74%</td> <td style="text-align: center;">14.23%</td> <td style="text-align: center;">18.54%</td> </tr> </tbody> </table> <h3><strong>C) Manufacturing & Logistics</strong></h3> <ul data-spread="false"> <li> <p><strong>Plants:</strong> Gauribidanur, Bellary (2 units), Koppal, Chikkantapur (Karnataka), and Hindupur (Andhra Pradesh)</p> </li> </ul> <p><strong>Geographical Revenue Split</strong></p> <table style="width: 45.0115%; height: 166.154px;"> <tbody> <tr style="height: 36.9231px;"> <td style="width: 32.1064%; height: 36.9231px; text-align: center;">State</td> <td style="width: 18.0238%; height: 36.9231px; text-align: center;">3M FY25</td> <td style="width: 15.0691%; height: 36.9231px; text-align: center;">FY24</td> <td style="width: 15.0691%; height: 36.9231px; text-align: center;">FY23</td> <td style="width: 15.0691%; height: 36.9231px; text-align: center;">FY22</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.1064%; height: 18.4615px; text-align: center;">Karnataka</td> <td style="width: 18.0238%; height: 18.4615px; text-align: center;">55.15%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">50.31%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">55.08%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">50.86%</td> </tr> <tr style="height: 36.9231px;"> <td style="width: 32.1064%; height: 36.9231px; text-align: center;">Andhra Pradesh</td> <td style="width: 18.0238%; height: 36.9231px; text-align: center;">10.34%</td> <td style="width: 15.0691%; height: 36.9231px; text-align: center;">12.81%</td> <td style="width: 15.0691%; height: 36.9231px; text-align: center;">10.06%</td> <td style="width: 15.0691%; height: 36.9231px; text-align: center;">8.35%</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.1064%; height: 18.4615px; text-align: center;">Tamil Nadu</td> <td style="width: 18.0238%; height: 18.4615px; text-align: center;">4.84%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">7.24%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">10.02%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">9.97%</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.1064%; height: 18.4615px; text-align: center;">Maharashtra</td> <td style="width: 18.0238%; height: 18.4615px; text-align: center;">7.61%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">6.50%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">4.71%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">6.85%</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.1064%; height: 18.4615px; text-align: center;">Telangana</td> <td style="width: 18.0238%; height: 18.4615px; text-align: center;">6.65%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">6.13%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">9.16%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">10.24%</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 32.1064%; height: 18.4615px; text-align: center;">Others</td> <td style="width: 18.0238%; height: 18.4615px; text-align: center;">15.41%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">17.01%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">10.98%</td> <td style="width: 15.0691%; height: 18.4615px; text-align: center;">13.73%</td> </tr> </tbody> </table> <ul data-spread="false"> <li> <p><strong>Backward Integration:</strong> Iron ore → Sponge Iron → MS Billets → TMT Bars, Coils, Pipes</p> </li> <li> <p><strong>Subsidiary:</strong> Vanya Steels Private Limited (Sponge iron production at Koppal)</p> </li> <li> <p><strong>Logistics:</strong> Access to ports (Emore, Mangalore, Mormugao) and railway siding under development at Koppal</p> </li> </ul> <h3><strong>D) Distribution Network Growth</strong></h3> <table> <tbody> <tr> <td style="text-align: center;">Particulars</td> <td style="text-align: center;">3M FY25</td> <td style="text-align: center;">FY24</td> <td style="text-align: center;">FY23</td> <td style="text-align: center;">FY22</td> </tr> <tr> <td style="text-align: center;">Distributors</td> <td style="text-align: center;">82</td> <td style="text-align: center;">87</td> <td style="text-align: center;">68</td> <td style="text-align: center;">36</td> </tr> <tr> <td style="text-align: center;">Direct Retail Channels</td> <td style="text-align: center;">748</td> <td style="text-align: center;">1,222</td> <td style="text-align: center;">907</td> <td style="text-align: center;">886</td> </tr> <tr> <td style="text-align: center;">Institutional Customers</td> <td style="text-align: center;">36</td> <td style="text-align: center;">45</td> <td style="text-align: center;">36</td> <td style="text-align: center;">34</td> </tr> </tbody> </table> <ul data-spread="false"> <li> <p><strong>Retail Network:</strong> 1,222+ direct sales points (as of June 2024)</p> </li> <li> <p><strong>Distributors:</strong> 82</p> </li> <li> <p><strong>Institutional Clients:</strong> 35+ (Notables: Sobha Ltd., NCC, Amara Raja Infra, Zetwerk, Casa Grande)</p> </li> <li> <p><strong>Key Markets:</strong> Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra</p> </li> </ul> <h3>E) Financial Performance Highlights </h3> <table style="width: 49.9592%;"> <tbody> <tr> <td style="text-align: center; width: 36.6756%;"><strong>Particulars ( in cr )</strong></td> <td style="text-align: center; width: 15.9249%;"><strong>3M FY25</strong></td> <td style="text-align: center; width: 15.9249%;"><strong>FY24</strong></td> <td style="text-align: center; width: 15.9249%;"><strong>FY23</strong></td> <td style="text-align: center; width: 15.9249%;"><strong>FY22</strong></td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">Revenue (from ops)</td> <td style="text-align: center; width: 15.9249%;">954</td> <td style="text-align: center; width: 15.9249%;">3,834</td> <td style="text-align: center; width: 15.9249%;">3,163</td> <td style="text-align: center; width: 15.9249%;">2,756</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">EBITDA</td> <td style="text-align: center; width: 15.9249%;">63</td> <td style="text-align: center; width: 15.9249%;">198</td> <td style="text-align: center; width: 15.9249%;">238</td> <td style="text-align: center; width: 15.9249%;">184</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">EBITDA Margin (%)</td> <td style="text-align: center; width: 15.9249%;">6.69%</td> <td style="text-align: center; width: 15.9249%;">5.18%</td> <td style="text-align: center; width: 15.9249%;">7.53%</td> <td style="text-align: center; width: 15.9249%;">6.68%</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">PAT</td> <td style="text-align: center; width: 15.9249%;">16</td> <td style="text-align: center; width: 15.9249%;">38</td> <td style="text-align: center; width: 15.9249%;">97</td> <td style="text-align: center; width: 15.9249%;">100</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">PAT Margin (%)</td> <td style="text-align: center; width: 15.9249%;">1.70%</td> <td style="text-align: center; width: 15.9249%;">1.01%</td> <td style="text-align: center; width: 15.9249%;">3.09%</td> <td style="text-align: center; width: 15.9249%;">3.65%</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">Operating Cash Flow</td> <td style="text-align: center; width: 15.9249%;">-96.56</td> <td style="text-align: center; width: 15.9249%;">325.40</td> <td style="text-align: center; width: 15.9249%;">-319.50</td> <td style="text-align: center; width: 15.9249%;">-51.93</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">Net Debt</td> <td style="text-align: center; width: 15.9249%;">1,026</td> <td style="text-align: center; width: 15.9249%;">992</td> <td style="text-align: center; width: 15.9249%;">1,054</td> <td style="text-align: center; width: 15.9249%;">418</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">Debt Equity Ratio</td> <td style="text-align: center; width: 15.9249%;">1.76</td> <td style="text-align: center; width: 15.9249%;">2.34</td> <td style="text-align: center; width: 15.9249%;">2.96</td> <td style="text-align: center; width: 15.9249%;">1.62</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">ROCE (%)</td> <td style="text-align: center; width: 15.9249%;">2.97</td> <td style="text-align: center; width: 15.9249%;">10.45</td> <td style="text-align: center; width: 15.9249%;">13.64</td> <td style="text-align: center; width: 15.9249%;">22.23</td> </tr> <tr> <td style="text-align: center; width: 36.6756%;">ROE (%)</td> <td style="text-align: center; width: 15.9249%;">3.03</td> <td style="text-align: center; width: 15.9249%;">9.42</td> <td style="text-align: center; width: 15.9249%;">29.42</td> <td style="text-align: center; width: 15.9249%;">47.89</td> </tr> </tbody> </table> <h3><strong>F) Peer Comparison</strong></h3> <table> <tbody> <tr> <td style="text-align: center;">Companies</td> <td style="text-align: center;"><strong>Revenue (in cr)</strong></td> <td style="text-align: center;"><strong>EBITDA Margins</strong></td> <td style="text-align: center;"><strong>PAT Margins</strong></td> <td style="text-align: center;"><strong>ROCE</strong></td> <td style="text-align: center;"><strong>D/E Ratio</strong></td> <td style="text-align: center;"><strong>MCap (in cr)</strong></td> <td style="text-align: center;"><strong>P/E</strong></td> </tr> <tr> <td style="text-align: center;">A-One Steels India Limited(FY24)</td> <td style="text-align: center;">3,834.21</td> <td style="text-align: center;">5.18%</td> <td style="text-align: center;">1.01%</td> <td style="text-align: center;">10.45</td> <td style="text-align: center;">2.34</td> <td style="text-align: center;">2636</td> <td style="text-align: center;">67.75</td> </tr> <tr> <td style="text-align: center;">Jai Balaji Industries Ltd.(FY25)</td> <td style="text-align: center;">6351</td> <td style="text-align: center;">~13.6%</td> <td style="text-align: center;">8.78%</td> <td style="text-align: center;">36.10%</td> <td style="text-align: center;">0.26</td> <td style="text-align: center;">10,336</td> <td style="text-align: center;">18.6</td> </tr> <tr> <td style="text-align: center;">Shyam Metallics and Energy Ltd(FY25)</td> <td style="text-align: center;">15945</td> <td style="text-align: center;">12.30%</td> <td style="text-align: center;">6%</td> <td style="text-align: center;">12%</td> <td style="text-align: center;">0.07</td> <td style="text-align: center;">27342</td> <td style="text-align: center;">29.7</td> </tr> <tr> <td style="text-align: center;">MSP Steel and Power Limited(FY25)</td> <td style="text-align: center;">2844</td> <td style="text-align: center;">4.61%</td> <td style="text-align: center;">-0.98%</td> <td style="text-align: center;">6.23%</td> <td style="text-align: center;">0.27</td> <td style="text-align: center;">1974</td> <td style="text-align: center;">in loss</td> </tr> </tbody> </table> <h3><strong>G) IPO Details</strong></h3> <ul data-spread="false"> <li> <p><strong>DRHP Filed:</strong> December 30, 2024</p> </li> <li> <p><strong>IPO Size:</strong> ₹650 crore (Fresh Issue: ₹600 crore + OFS: ₹50 crore)</p> </li> <li> <p><strong>Proposed Listing:</strong> BSE & NSE</p> </li> <li> <p>Objects of the Offer</p> </li> </ul> <table> <tbody> <tr> <td style="text-align: center;"><strong>Particulars</strong></td> <td style="text-align: center;"><strong>Amount (₹ Cr)</strong></td> </tr> <tr> <td style="text-align: center;">Expansion of Koppal facility via Vanya Steels Private Limited</td> <td style="text-align: center;">344.37</td> </tr> <tr> <td style="text-align: center;">Investment in solar power via Group Captive Companies</td> <td style="text-align: center;">40</td> </tr> <tr> <td style="text-align: center;">Pre-payment / repayment of borrowings</td> <td style="text-align: center;">100</td> </tr> <tr> <td style="text-align: center;">General Corporate Purposes</td> <td style="text-align: center;">-</td> </tr> </tbody> </table> <p><strong><br />Conclusion</strong> With its deep-rooted backward integration, expanding distribution network, and strong regional market presence, A One Steels India Limited is positioning itself as a rising force in India's steel sector. The upcoming IPO provides an opportunity for investors to tap into the growing infrastructure and steel demand in Southern India.</p> <p><strong>Disclaimer:</strong> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk.</p>
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