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Blog20 Nov 2025

H1 FY26 Shows Care Health Is Growing… But Its Claims Are Growing Faster

India’s health insurance market is booming. More people are buying medical cover, hospitals are charging more than ever, and insurers are racing to grow. Right in the middle of this rush is Care Health Insurance (formerly Religare Health Insurance) — a company backed by Religare Enterprises, Union Bank of India and Corporation Bank. Care sells everything from basic health plans to maternity covers, personal accident, critical illness, travel plans and corporate group policies. And in the first half of FY26, the company clearly grew. But growth alone doesn’t decide the winner in health insurance. The real test is whether an insurer can pay its claims efficiently. <h3>Growth Is Coming In, But Carefully</h3> Between April and September 2025, Care earned ₹3,377 crore in premiums, compared to ₹3,137 crore in the same period last year. More people bought policies, distribution continued to work well, and demand is definitely not a problem. However, even while selling more, the company played safe. It passed a higher portion of risk to reinsurers — a move insurers generally take when they sense medical payouts are rising. In other words, Care grew, but didn’t want to keep all the risk on its books. One thing clearly worked in its favour — investment income. Thanks to high interest rates, Care earned ₹222 crore from interest and dividend income, up from ₹161 crore last year. This investment cushion actually rescued the company from a much worse bottom-line outcome. <h3>Hospitals Had Other Plans</h3> Hospitals are becoming expensive faster than insurers can adjust pricing. That reality hit Care hard. Claims rose sharply to ₹2,480 crore, compared to ₹2,043 crore a year ago. Meanwhile, other costs didn’t help much. Commission outgo stood at ₹627 crore, while fee and operating expenses were ₹573 crore. Add all this up and you get a painful number: Care reported an operating loss of nearly ₹70 crore in the first half of FY26. Last year, it was closer to a break-even number of ₹–3.58 crore. More business came in, but it got eaten up by medical bills. <h3>Profit Didn’t Just Fall… It Shrunk</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763639116.jpg" alt="" width="50%" /> The real squeeze becomes clear when you look at the core insurance business. Care’s operating profit from underwriting slipped into a deeper loss of ₹–70 crore, compared to a near breakeven ₹–3.58 crore last year. That means the company sold more policies, but medical payouts rose so sharply that the insurance business itself turned unprofitable. The only reason the bottom line didn’t look worse was other income, which stood at ₹88 crore, slightly higher than last year’s ₹80 crore. Thanks to that cushion, Care managed to report a PAT of ₹17 crore, though that still looks tiny when compared to ₹61 crore a year ago. In simple terms, profits didn’t decline because business was weak. They shrunk because hospitals got expensive. <h3>The Real Problem Isn’t Growth. It’s Inflation.</h3> Care is still selling policies, premiums are rising, and investment performance is strong. But the one metric that tells the whole truth — the combined ratio — is now above 1. That means Care is paying more in claims and expenses than it earns from underwriting. The business is surviving because investments are supporting it — which won’t always remain favourable. So the real question isn’t: “How fast can Care grow?” It is: “How quickly can Care control its medical payouts?” If the company tightens pricing, improves claims management and uses reinsurance more strategically, profitability can bounce back. Until then, the business will keep growing… just not profitably. Disclaimer: UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Video19 Nov 2025

SBI Mutual Funds IPO - Quick Breakdown!

Funds Management India ka largest AMC apna 10 percent stake IPO ke through bechne ja rahi hai. Valuation 1.2 lakh crore tak ja sakti hai aur listing H1 2026 mein expected hai.

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Blog19 Nov 2025

Berar Finance: Small-Town Lending, Big-Ticket Growth, and a Valuation Story the Market Can’t Ignore

Every lending business dreams of hitting the sweet spot: expanding the loan book, improving asset quality, and keeping profitability intact. Nagpur-based Berar Finance Limited, a 34-year-old NBFC, seems to be inching closer to that balance in H1 FY26. But what makes the story more compelling is not just what the balance sheet reveals… it’s how large investors are valuing the franchise differently from what near-term earnings suggest. Let’s break it down. <h3 class="article-editor-heading">The Bharat Lender That Grew Quietly</h3> Founded in 1990 by M. G. Jawanjal, Berar Finance built its business model around Tier-II and Tier-III India long before fintechs began pitching “Bharat” as the next big lending market. <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> 125 branches </li> <li class="article-editor-list-item"> Presence across Maharashtra, Gujarat, MP, Chhattisgarh, Telangana, Karnataka & Odisha </li> <li class="article-editor-list-item"> 2.55 lakh+ borrowers </li> <li class="article-editor-list-item"> 2,000+ employees </li> </ul> Two-wheeler financing remains its core, but Berar now lends across used cars, personal loans, and secured MSME credit, creating a diversified and less cyclical portfolio. <h3 class="article-editor-heading">H1 FY26 Financials: Growth, but With a Cost</h3> <figure class="article-editor-figure-image" data-id="aaeba3d3-bb5d-4b6f-ae52-dc88660582df"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763551025.jpg" alt="" width="50%" /></figure> <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> Revenue grew 17% YoY, supported by lending volume and fee income. </li> <li class="article-editor-list-item"> But higher borrowing costs compressed margins. </li> <li class="article-editor-list-item"> PAT slipped from ₹16 crore to ₹13 crore. </li> </ul> Interpretation: Berar is scaling responsibly, focusing on quality growth over chasing high spreads. <h3 class="article-editor-heading">A Cleaner Balance Sheet — and That’s the Real Story</h3> <figure class="article-editor-figure-image" data-id="9ada7382-319c-4e37-a092-36f45cd0bfba"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763551052.jpg" alt="" width="50%" /> <figcaption class="is-empty"></figcaption> </figure> Real highlight: Asset quality improvement. <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> GNPA: 5.72% → 4.52% </li> <li class="article-editor-list-item"> NNPA: 3.54% → 2.94% </li> </ul> For a two-wheeler & MSME heavy lender, this is a major shift. It reflects tighter underwriting and stronger collections — especially crucial as regulators get tougher on small-ticket lending. <h3 class="article-editor-heading">Valuation Twist: Private Investors Show High Conviction</h3> Berar Finance recently raised ₹140.76 crore via preferential allotment. Institutional investors paid ₹610.05 per share. With a book value of ₹224 (as of March 2025), the implied valuation is: <h3 class="article-editor-heading">P/B ≈ 2.72×</h3> That’s the kind of premium lenders earn when long-term investors believe: <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> scalability is proven </li> <li class="article-editor-list-item"> asset quality is structurally improving </li> <li class="article-editor-list-item"> growth will compound without reckless lending </li> <li class="article-editor-list-item"> governance is tested and trusted </li> </ul> Simply put, investors are paying today for the Berar they believe will exist 3–5 years from now. <h3 class="article-editor-heading">UnlistedZone’s Take</h3> Berar Finance isn’t chasing flashy growth. It’s building a stable, risk-aware lending franchise for semi-urban India. Asset-quality trends are improving, revenue visibility is strengthening, and fresh equity has entered at a valuation that signals deep conviction. The market may take time to recognize this shift — institutional capital already has. The key challenge now? <ul class="article-editor-bullet-list"> <li class="article-editor-list-item"> maintain underwriting discipline </li> <li class="article-editor-list-item"> protect margins as borrowing costs rise </li> <li class="article-editor-list-item"> scale without compromising quality </li> </ul> Based on H1 FY26, Berar looks well-positioned. This is a business growing quietly, steadily — and with confidence from serious capital. <h3 class="article-editor-heading">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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Blog18 Nov 2025

PPFAS: The Boutique AMC That’s Now Playing in the Big League

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UZ Insight18 Nov 2025

MSEI: ₹1,240 Crore Raised… But the Turnaround Is Still Waiting

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Blog18 Nov 2025

Balaji Wafers: From “More Chips, Less Air” to a ₹35,000 Crore Crunch

For decades, Balaji Wafers has been one of those rare Indian brands that didn’t just sell snacks — it sold pride. Started in a Rajkot cinema canteen, the company became a regional cult brand before quietly emerging as one of India’s most profitable snack makers. Now, it’s in the headlines again — this time for a big-ticket deal. General Atlantic is reportedly acquiring a 7% stake in Balaji Wafers for ₹2,500 crore, valuing the company at roughly ₹35,700 crore. So what does this mean for Balaji, the snacking industry, and investors eyeing India’s next FMCG unicorn? Let’s break it down. <h3 data-start="853" data-end="911">A)  The Humble Beginnings — Rajkot’s Snack Revolution</h3> In the early 1980s, the Virani brothers — Chandubhai, Bhikhubhai, and Kanubhai — ran a small canteen inside Rajkot’s Astron Cinema. When people started asking for their wafers to take home, the brothers realised they were onto something big. By 1989, Balaji Wafers Pvt. Ltd. was born. Their success formula was simple — “Zyada Chips, Kam Hawa.” While multinational players like Pepsi’s Lay’s sold glamour and air-filled packs, Balaji doubled down on value and volume — <ul data-start="1408" data-end="1507"> <li data-start="1408" data-end="1425"> Heavier packs </li> <li data-start="1426" data-end="1444"> Local flavours </li> <li data-start="1445" data-end="1460"> Low pricing </li> <li data-start="1461" data-end="1507"> And mass appeal in Tier-2 and Tier-3 towns </li> </ul> They weren’t chasing cool; they were chasing consistency — and they won. <h3 data-start="1588" data-end="1625">B) The Rise of a Regional Giant</h3> Balaji focused on depth before width. It first conquered Gujarat, then slowly expanded to Maharashtra, Rajasthan, and Madhya Pradesh — regions with similar taste profiles. Over the years, it built a distribution network of over 1,200 dealers and 3 lakh retailers, all without celebrity endorsements or glitzy campaigns. And the numbers? They speak for themselves: <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"> </div> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763445202.jpg" alt="" width="50%" /></div> </div> That’s nearly 42% growth in profit YoY, and a 4-year CAGR of 45% — a phenomenal run for a family-run FMCG brand. Balaji’s EBITDA margin stands around 13-15%, comparable to listed peers like Bikaji Foods and Haldiram’s, proving it’s not just growing — it’s growing efficiently. <h3 data-start="2528" data-end="2568">C)  The Deal: Crunching the Numbers</h3> At ₹2,500 crore for a 7% stake, Balaji’s implied valuation comes to ₹35,714 crore. On FY24 financials: <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763441466.jpg" alt="" width="50%" /> <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1"> </div> </div> <h3 data-start="2927" data-end="2973">D) Peer comparison — Bikaji Foods (listed):</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763441512.jpg" alt="" width="50%" /> <div class="_tableContainer_1rjym_1"> <div class="group _tableWrapper_1rjym_13 flex w-fit flex-col-reverse" tabindex="-1">So, Balaji is being valued at slightly lower multiples than Bikaji, despite being twice the size and more profitable — a sign that the deal leaves some upside for investors.</div> </div> <h3 data-start="3385" data-end="3439">E)  The Secret Ingredient — “Value in Every Bite”</h3> Balaji’s strategy has always revolved around one thing: the customer shouldn’t feel cheated. Where others gave air, Balaji gave quantity. Its flavours stayed rooted in Indian palates — Masala Masti, Tomato Twist, Chataka Pataka — the kind of names you see in local shops, not supermarket shelves. This “value-first” identity made Balaji a household name across small towns, schools, and highway dhabas — places where brand loyalty runs deep. Even as competitors fought on advertising, Balaji fought on trust. <h3 data-start="3973" data-end="3998"> So Why Sell Now?</h3> For years, Chandubhai Virani proudly said, “We don’t need outside investors.” So why a sale now — and why to General Atlantic? Three reasons stand out: <ol data-start="4160" data-end="4687"> <li data-start="4160" data-end="4307"> The Next Generation Effect: The younger Viranis want to take Balaji national — and that needs serious branding and marketing budgets. </li> <li data-start="4309" data-end="4521"> Competition is Heating Up: The ₹50,000 crore snack market is dominated by ITC, PepsiCo, Haldiram’s, and Bikaji. Competing nationally means big ad spends, pan-India logistics, and retail tie-ups. </li> <li data-start="4523" data-end="4687"> IPO Benchmarking: A 7% sale to a global PE player sets a valuation benchmark and helps Balaji prepare for a potential IPO over the next few years. </li> </ol> <h3 data-start="4694" data-end="4725"> What’s Next for Balaji</h3> Expect a shift from a regional powerhouse to a national FMCG challenger: <ul data-start="4802" data-end="5201"> <li data-start="4802" data-end="4898"> Aggressive branding – think celebrity tie-ups, sports sponsorships, and ATL advertising. </li> <li data-start="4899" data-end="4992"> New product categories – baked snacks, extruded corn products, and premium offerings. </li> <li data-start="4993" data-end="5076"> Tech-driven supply chains – to keep costs in check as it scales nationwide. </li> <li data-start="5077" data-end="5201"> Professionalisation – bringing corporate governance and analytics-led decision-making, hallmarks of PE-backed firms. </li> </ul> <h3 data-start="5208" data-end="5240">UnlistedZone’s Take</h3> <ul data-start="5242" data-end="5941"> <li data-start="5242" data-end="5423"> The ₹35,700 crore valuation translates to ~62× FY24 earnings, which may sound expensive, but reflects the brand’s consistency, distribution muscle, and growth potential. </li> <li data-start="5424" data-end="5557"> Unlike many legacy FMCG names, Balaji is still in its expansion phase — meaning double-digit growth could continue for years. </li> <li data-start="5558" data-end="5739"> The General Atlantic entry isn’t just about money — it’s about credibility and structure. It paves the way for an eventual IPO or secondary sale at higher multiples. </li> <li data-start="5740" data-end="5941"> For investors in India’s private market, Balaji’s story reinforces one lesson: great consumer brands take time, trust, and taste to build — but when they click, they create generational wealth. </li> </ul> <h3 data-start="5208" data-end="5240">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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Video17 Nov 2025

NCDEX Steps Into Mutual Fund Space

<div id="shorts-panel-container" class="style-scope ytd-shorts"> <div id="anchored-panel" class="anchored-panel style-scope ytd-shorts"> <div id="content" class="style-scope ytd-engagement-panel-section-list-renderer"> <div id="items" class="style-scope ytd-structured-description-content-renderer"> <div id="snippet" class="style-scope ytd-text-inline-expander">NCDEX ne agri commodities se aage badhte hue mutual fund distribution platform ke liye board approval le liya hai. Ab BSE StAR aur NSE NMF ko ek naya competitor mil sakta hai. Execution abhi regulatory approval ka wait kar raha hai, lekin investors ke liye yeh ek important trend ban sakta hai.</div> <div id="source-attributions-wrapper" class="style-scope ytd-expandable-video-description-body-renderer"></div> </div> </div> <div id="footer" class="style-scope ytd-engagement-panel-section-list-renderer"></div> </div> </div> <div class="navigation-container style-scope ytd-shorts"> <div id="navigation-button-up" class="navigation-button style-scope ytd-shorts"> <div class="yt-spec-button-shape-next__icon" aria-hidden="true"> <div> </div> </div> </div> </div>

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Blog17 Nov 2025

Schneider Electric President Systems: Margins Shine Even as Revenues Slip

When you hear Schneider Electric, you usually think of a global powerhouse in energy management and automation. But one of its Indian subsidiaries, Schneider Electric President Systems Limited (SEPSL), has had a quieter — and more nuanced — six months. The company’s revenue slipped, but it also pulled off something few manufacturers manage in a slowdown: profit margins actually improved. Let’s unpack what happened. <h3 data-start="711" data-end="745">A Slowdown on the Top Line</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763365691.jpg" alt="" width="706" height="647" /> In the first half of FY26, SEPSL’s revenue from operations dropped from ₹238 crore to ₹187 crore — a 21% fall. It’s not entirely surprising. The company supplies precision enclosures, integrated infrastructure solutions, and customized cabinets for IT and industrial clients — segments that have seen a bit of post-COVID normalization. Orders have taken longer to close, and demand from certain export markets has softened. But while sales shrank, profits didn’t collapse — they got more efficient. <h3 data-start="1263" data-end="1295">The Profitability Puzzle</h3> How do you make less revenue but higher margins? Simple — you cut smarter. <ul data-start="1381" data-end="1575"> <li data-start="1381" data-end="1452"> Cost of materials fell sharply to ₹116 crore (from ₹170 crore). </li> <li data-start="1453" data-end="1508"> Gross margins expanded from 30.25% → 35.3%. </li> <li data-start="1509" data-end="1575"> Operating margins (EBITDA) improved from 9.7% → 11.8%. </li> </ul> In other words, SEPSL managed to squeeze more profit out of every rupee of sales by controlling input costs and streamlining operations. Even at the bottom line, PAT fell only slightly — ₹16 crore vs ₹18 crore last year — but net margin improved to 8.6%. For a manufacturing company, that’s a solid show of resilience. <h3 data-start="1917" data-end="1946">Cash: The Real Winner</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763365777.jpg" alt="" width="647" height="477" /> Here’s where things get interesting. In the same period last year, SEPSL was burning cash — operating cash flow was -₹22 crore. This year? It flipped to +₹31 crore. That’s a ₹53 crore turnaround. Better working-capital control, faster receivable collections, and leaner inventories helped the business turn its operations into a cash machine. As a result, cash reserves soared from ₹17 crore to ₹102 crore — a 6x jump. For a company with a ₹187 crore half-year revenue, that’s an enviable liquidity cushion. <h3 data-start="2491" data-end="2523">A Stronger Balance Sheet</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763365732.jpg" alt="" width="600" height="396" /> Even with slower sales, SEPSL’s net worth jumped from ₹170 crore to ₹216 crore, thanks to strong internal accruals. Total assets rose modestly to ₹305 crore, and inventory ticked up to ₹44 crore — possibly to support upcoming orders. In short, the company grew cautiously, avoided debt bloat, and fortified its balance sheet. <h3 data-start="2873" data-end="2902">So, What’s the Catch?</h3> Growth — or the lack of it. While efficiency metrics are great, SEPSL’s ability to expand topline again will determine its next phase. The industrial automation and infrastructure segments are cyclical; eventually, margin optimization runs out of road if volumes don’t bounce back. But for now, Schneider Electric’s Indian arm looks like a case study in discipline over expansion — protecting profitability even when the market slows. <h3 data-start="3354" data-end="3375">Finshots Take</h3> <ul data-start="3376" data-end="3629"> <li data-start="3376" data-end="3460"> Revenue fell, but margins rose — a classic example of good cost control. </li> <li data-start="3461" data-end="3542"> Cash flows turned positive, giving the company stronger footing for FY27. </li> <li data-start="3543" data-end="3629"> The next test? Reviving demand while keeping this new-found efficiency intact. </li> </ul> If SEPSL can pull that off, it’ll prove that even in manufacturing, less can sometimes be more. <h3 data-start="3354" data-end="3375">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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Blog17 Nov 2025

NCDEX: Cash-Rich, Loss-Making, and Ready for Reinvention

The National Commodity & Derivatives Exchange (NCDEX) — once the face of India’s agri-commodity trading revolution — just released its H1 FY26 results. And the story is one of contrasts: revenues are flat, losses persist, but the company is armed with deep pockets and big ambitions. <hr data-start="660" data-end="663" /> <h3 data-start="665" data-end="736">1.The Numbers: A Business That’s Spending More Than It Earns</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763376484.jpg" alt="" width="50%" /> In the first half of FY26, NCDEX reported ₹39 crore in revenue, nearly flat compared to ₹37 crore in the same period last year. But here’s the catch — costs continue to climb. <ul data-start="927" data-end="1033"> <li data-start="927" data-end="963"> Employee expenses: ₹51 crore </li> <li data-start="964" data-end="1002"> Technology expenses: ₹23 crore </li> <li data-start="1003" data-end="1033"> Other costs: ₹16 crore </li> </ul> That takes total operating expenses to ₹90 crore, about 2.3× its revenue. The result? An EBITDA loss of ₹51 crore and an operating margin of –130.77%. And that impressive ₹236 crore profit in FY25? That wasn’t operational strength — it came from a one-time exceptional gain. Without it, NCDEX has been loss-making for multiple years. <hr data-start="1401" data-end="1404" /> <h3 data-start="1406" data-end="1452">2. Financial Fortitude: Cash Is King</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763376531.jpg" alt="" width="50%" /> Despite these losses, NCDEX remains financially rock-solid. It’s sitting on ₹700 crore in cash and another ₹308 crore in investments, taking its total assets to ₹1,309 crore. Shareholders’ equity has climbed to ₹863 crore, showing no immediate financial stress. <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1763376575.jpg" alt="" width="50%" /> But the problem is on the operations side — cash flow from operations turned negative (–₹100 crore) in H1 FY26, signalling that the company is using its reserves to sustain itself. In short: it’s cash-rich, but the business isn’t self-funding yet. <hr data-start="2000" data-end="2003" /> <h3 data-start="2005" data-end="2068">3. The Big Pivot: From Commodities to Capital Markets</h3> Now comes the strategic twist. Recently, NCDEX raised ₹770 crore from a clutch of investors — and it’s not just about plugging losses. The exchange is gearing up for a massive pivot into the equity and mutual-fund distribution space, an area currently dominated by BSE StAR MF and NSE NMF. That could explain the spike in employee and tech expenses — NCDEX is building the digital and regulatory backbone needed to enter new markets. It’s also seeking regulatory approval to launch equity trading, marking its transformation from a niche agri-exchange into a multi-asset market platform. <hr data-start="2699" data-end="2702" /> <h3 data-start="2704" data-end="2756">4. Beyond Borders: The Sri Lanka Expansion</h3> But NCDEX’s ambitions don’t stop at India’s borders. According to reports, it’s now eyeing a 20% stake in Sri Lanka’s first commodity exchange, bringing its exchange-building expertise to the island nation. For NCDEX, which faces stiff competition and flat trading volumes in India, this is both diversification and soft-power play — an attempt to become a regional exchange brand rather than just a domestic player. <hr data-start="3191" data-end="3194" /> <h3 data-start="3196" data-end="3224">5. The Big Picture</h3> At this point, NCDEX looks like a company in transition: <ul data-start="3286" data-end="3486"> <li data-start="3286" data-end="3342"> Financially healthy with ₹700 crore in reserves. </li> <li data-start="3343" data-end="3392"> Operationally weak with continued losses. </li> <li data-start="3393" data-end="3486"> Strategically ambitious, expanding into equities, mutual funds, and overseas markets. </li> </ul> If its diversification bet pays off, NCDEX could reinvent itself as India’s next multi-asset fintech exchange — bridging commodities, equities, and digital funds. But if execution falters, the heavy spending could turn into another cash-burn cycle. <hr data-start="3746" data-end="3749" /> <h3 data-start="3751" data-end="3773">UnlistedZone Take</h3> <ul data-start="3775" data-end="4142"> <li data-start="3775" data-end="3857"> The ₹770 crore fundraise signals that NCDEX is betting big on reinvention. </li> <li data-start="3858" data-end="3976"> Rising tech and employee costs aren’t inefficiency — they’re early-stage investment in its new business model. </li> <li data-start="3977" data-end="4053"> The Sri Lanka move hints at a global vision beyond agri-commodities. </li> <li data-start="4054" data-end="4142"> But without a clear turnaround in core trading volumes, profits will remain elusive. </li> </ul> In short — NCDEX today is not just surviving; it’s rebuilding its identity. Whether it becomes the next-gen exchange powerhouse or just a well-funded experiment will depend on how fast this transformation takes off. <h2 data-start="4144" data-end="4367">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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HL

Pre-IPO17 Nov 2025

How Lords Mark Is Using a Defunct Company to Go Public

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Video15 Nov 2025

Apollo Fashion Ka Split: ₹95 Crore Deal Ka Poora Breakdown

Apollo Green ne apni fashion division ko alag karke Apollo Fashion International banaya. Here’s a breakdown of the ₹95 crore deal details, asset transfer, promoter control, FY25 numbers, and current market valuation.

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Blog13 Nov 2025

India’s Agri Exchange (NCDEX) Wants a Slice of Your SIPs

<div class="relative basis-auto flex-col -mb-(--composer-overlap-px) [--composer-overlap-px:28px] grow flex overflow-hidden"> <div class="relative h-full"> <div class="flex h-full flex-col overflow-y-auto thread-xl:pt-(--header-height) [scrollbar-gutter:stable_both-edges]"> <div class="flex flex-col text-sm thread-xl:pt-header-height pb-25"> <article class="text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&:has([data-writing-block])>*]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]" dir="auto" tabindex="-1" data-turn-id="3fa22b9e-39d7-4b46-ae11-0b575abfa00d" data-testid="conversation-turn-1" data-scroll-anchor="true" data-turn="assistant"> <div class="text-base my-auto mx-auto pb-10 [--thread-content-margin:--spacing(4)] thread-sm:[--thread-content-margin:--spacing(6)] thread-lg:[--thread-content-margin:--spacing(16)] px-(--thread-content-margin)"> <div class="[--thread-content-max-width:40rem] thread-lg:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn" tabindex="-1"> <div class="flex max-w-full flex-col grow"> <div class="min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal [.text-message+&]:mt-1" dir="auto" data-message-author-role="assistant" data-message-id="3fa22b9e-39d7-4b46-ae11-0b575abfa00d" data-message-model-slug="gpt-5"> <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[1px]"> <div class="markdown prose dark:prose-invert w-full break-words dark markdown-new-styling"> NCDEX’s Big Leap: From Grains to Gains The commodity exchange is stepping into the mutual fund playground. <h3 data-start="123" data-end="160">Wait… NCDEX and Mutual Funds?</h3> Yes, you read that right. The National Commodity & Derivatives Exchange (NCDEX) — the same platform that lets traders hedge wheat, pulses, or turmeric — now wants a piece of India’s ₹60 lakh crore mutual fund market. On November 12, the NCDEX board approved the launch of an electronic mutual fund distribution platform. All that’s left is the regulatory green light before it can go live. And when that happens, it’ll go head-to-head with two heavyweights — BSE StAR MF and NSE NMF, the twin giants that already handle almost every mutual fund order in India. <h3 data-start="752" data-end="809">But First — How Do These Platforms Actually Work?</h3> If you’ve ever invested in a mutual fund through Groww or Zerodha, chances are your transaction quietly passed through one of these two platforms in the background. Here’s what happens behind the scenes 👇 <h4 data-start="1021" data-end="1050">Step 1: Registration</h4> Before an investor can buy or sell a mutual fund, their distributor (or platform) has to register with the exchange’s mutual-fund segment. They upload investor details like PAN, bank account, and KYC. This creates an identification code — UCC (on BSE StAR MF) or IIN (on NSE NMF) — linking the investor to the system. <h4 data-start="1384" data-end="1418">Step 2: Placing the Order</h4> Next, the investor (or distributor on their behalf) selects a scheme — say, SBI Bluechip Fund – Direct Growth — chooses whether it’s a lump sum or a SIP, enters the amount, and submits the order. All orders before the day’s NAV cut-off (3 p.m. typically) are sent to the respective fund house. <h4 data-start="1726" data-end="1750">Step 3: Payment</h4> The investor transfers money to a clearing pool account managed by the exchange’s clearing corporation (ICCL for BSE, NSE Clearing for NMF). This eliminates the need to deal with multiple fund houses individually — a single, centralized payment route simplifies the process. <h4 data-start="2033" data-end="2059">Step 4: Allotment</h4> Once the money hits the pool account, the exchange forwards the confirmed orders to the AMCs. Units get allotted, and investors receive them either in Demat form or a physical folio. <h4 data-start="2252" data-end="2279">Step 5: Redemption</h4> Selling works the same way — investors place redemption orders, and the exchange credits the redemption proceeds directly to their bank account within the usual T+2 cycle. <hr data-start="2453" data-end="2456" /> <h3 data-start="2458" data-end="2489">Why Does NCDEX Want In?</h3> Because this is one of the fastest-growing financial distribution segments in India. <ul data-start="2582" data-end="2796"> <li data-start="2582" data-end="2709"> BSE StAR MF alone processed 12 crore + transactions last year and is adding more than a million orders every day. </li> <li data-start="2710" data-end="2796"> NSE NMF caters to institutional distributors and banks with deep integrations. </li> </ul> So NCDEX, after getting preliminary approval in August to launch equity products, now wants to leverage its tech and clearing backbone to enter this adjacent space. In simple terms: it wants to become the third digital highway for mutual-fund investing. <hr data-start="3063" data-end="3066" /> <h3 data-start="3068" data-end="3094">What Could Change?</h3> <ul data-start="3095" data-end="3486"> <li data-start="3095" data-end="3200"> More competition → Lower costs. AMCs and distributors might benefit from cheaper processing fees. </li> <li data-start="3201" data-end="3350"> Better reach. NCDEX already has a strong presence in rural and semi-urban India through agri networks — a big plus for mutual-fund inclusion. </li> <li data-start="3351" data-end="3486"> Faster innovation. More exchanges mean faster adoption of new features like real-time SIP tracking or digital mandate validation. </li> </ul> But it won’t be easy — the BSE and NSE platforms already have decade-long relationships with distributors and fintechs. <hr data-start="3613" data-end="3616" /> <h3 data-start="3618" data-end="3641">The Bottom Line</h3> NCDEX built its reputation trading grains — now it’s going after gains. By entering the mutual-fund distribution space, it’s aiming to diversify beyond commodities and tap India’s financialization wave. If executed well, this move could not only reshape NCDEX’s business model but also add a new competitive spark to how Indians buy mutual funds — faster, cheaper, and more accessible than ever before. </div> </div> </div> </div> </div> </div> </article> </div> </div> </div> </div>

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