Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
Cheelizza sold ₹22.65 crore of pizza in FY26 and grew 17%. It also ended the year with ₹9.54 lakh in the bank, a negative net worth, and twelve months of late loan payments. We read the annual report to find out who was actually paying the bills — and it wasn't the customers.
Cochin International Airport just reported its highest-ever profit — ₹527 crore at the group level, with a 55% dividend. But the growth came from a regulated tariff revision that expired on 31 March 2026, aircraft movements actually fell 3.9%, and passenger traffic grew at half the national rate. A look at how CIAL makes money, why the engine is sputtering, and what you're really paying for at 40x earnings.
In September 2025, thirty-two institutional allottees paid ₹10 a share for 63SATS Cybertech. Ten months later the unlisted market quotes ₹24 to ₹28. The company's own FY26 annual report explains what the business actually does, where ₹28 crore of marketing money went, and what book value per share really is.
Almost every chemical inside a lithium-ion battery comes from China. GFCL EV Products spent FY26 trying to change that.
Signify India's profit rose 38% — but ₹90.9 cr of it was one-time. Why the Philips lighting maker gave up its own factory, and what it cost.
boAt sold less in FY26 and still made 43% more profit. Impressive — until you notice where the money came from: a slashed ad budget, a smartwatch retreat, and fewer warranty claims. Now run those earnings through the market's arithmetic ahead of the IPO, and a company once marked near ₹11,000 crore starts looking like a ₹3,000 crore one
India Exposition Mart makes money selling empty space — 57 acres of it in Greater Noida, monetised six different ways. Now it's filed for an IPO. We go through the DRHP: how the business works, three years of P&L, balance sheet and cash flow, and why profits fell even as revenue grew 20%.
API Holdings could be debt-free within days. That clears the first of two conditions standing between PharmEasy and a reverse merger into Thyrocare — the second being profitability without leaning on Thyrocare's numbers. If both land, Thyrocare shareholders may wake up owning a piece of an e-pharmacy. Not everyone will want it.
Motilal Oswal has committed ₹1,500 crore to Inox Clean Energy, with ₹1,000 crore already paid in. The renewables platform will spend most of it buying rivals as it targets 10 GW of capacity by FY28.
PPFAS AUM grew 38% and profit 35% in Q1 FY27. But market share went flat, revenue yield broke a three-year trend, and the SIP book stopped growing.
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