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Video25 Sept 2025

PPFAS vs SBI Mutual Fund | Q1FY26 Results & Valuation Comparison

PPFAS Mutual Fund, known for its conservative long-term approach, has posted strong Q1FY26 results with a 65% PAT margin. In this video, we compare its valuation with India’s biggest fund house, SBI Mutual Fund.

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Blog25 Sept 2025

Veeda Lifesciences FY25 Analysis: Strategic Shift Fuels Growth, But Profitability Takes a Hit

<h2>A) About the Company Veeda Lifesciences Unlisted Shares</h2> History & Overview: Veeda Clinical Research Limited was Incorporated on April 23, 2004, and headquartered in Ahmedabad, Gujarat, Veeda Clinical Research Limited transitioned into a public limited company in June 2021. In FY 2024–25, it underwent a strategic rebranding to Veeda Lifesciences, signaling a shift from being a generics-focused CRO to an innovation-driven global drug development partner. <h3>Business Model & Segments</h3> The company operates as a single segment CRO, with integrated services spanning: <ol start="1" data-spread="false"> <li> Clinical Trials – Phase I to Phase IV studies. </li> <li> Healthy Volunteer Studies (BA/BE) - Specializing in bioavailability (BA) and bioequivalence (BE) studies. </li> <li> Biopharma Services – biologics, large molecules, and bioanalytical services. </li> <li> Subsidiaries: <ul data-spread="false"> <li> Bioneeds India – preclinical research (99 experiment rooms). </li> <li> Health Data Specialists (Heads) – European CRO specializing in oncology. </li> </ul> </li> </ol> The company operates as a single, unified segment, with the Chief Operating Decision Maker (CODM) reviewing performance holistically. <h3>Industry Positioning:</h3> <ul data-spread="false"> <li> Among India’s largest independent full-service CROs. </li> <li> Operational footprint: 532 beds across 4 Ahmedabad facilities, 1 in Mehsana, 2 pre-clinical sites in Bangalore. </li> <li> Global client base in 27 countries, including Dr. Reddy’s, Mankind, Granules, and international pharma like Upsher-Smith (USA). </li> <li> Well-positioned in the global CRO market, which is benefiting from rising R&D outsourcing and demand for complex clinical trials. </li> </ul> <h2>B) Key Highlights of FY 2024-25 of Veeda Lifesciences Unlisted Shares</h2> <ol start="1" data-spread="true"> <li> Rebranding & Strategic Shift: <ul data-spread="false"> <li> Transition from Veeda Clinical Research Limited → Veeda Lifesciences. </li> <li> Reflects move towards being a global integrated partner using AI, technology, and real-world data. </li> </ul> </li> <li> Acquisition of Health Data Specialists (Heads): <ul data-spread="false"> <li> Established footprint in 25 locations across EU, North America, Asia-Pacific. </li> <li> Major driver of 57% revenue growth in FY25. </li> <li> Significantly boosted oncology and late-phase trial capabilities. </li> </ul> </li> <li> Infrastructure Investments: <ul data-spread="false"> <li> New bioanalytical & clinical facilities commissioned in Ahmedabad. </li> <li> Expanded capacity for complex studies. </li> </ul> </li> <li> Digital Transformation: <ul data-spread="false"> <li> Implemented CTMS (Octalsoft) and EDC (Medidata) systems. </li> <li> Strengthened cybersecurity & clinical data handling. </li> </ul> </li> <li> Regulatory Success: <ul data-spread="false"> <li> Passed inspections from US FDA, EMA, reinforcing compliance credentials. </li> </ul> </li> </ol> <h2>C) Financial Performance of Veeda Lifesciences Unlisted Shares</h2> <h3>P&L (₹ Cr) of Veeda Lifesciences Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758790835.jpg" alt="" width="654" height="470" /> <ul data-spread="false"> <li> Revenue:  57% YoY growth, primarily fueled by the acquisition of Heads. This reversed a previous dip and indicates strong top-line expansion.. </li> <li> EBITDA: 136% increase Operational performance improved significantly, showing the initial benefits of scale. </li> <li> EBITDA Margin: 20.5% vs. 13.7% vs. 25.2% → improved but below FY23 highs. </li> <li> PAT: ₹-67Cr vs. ₹-0.3 Cr vs. ₹42Cr → turned negative due to higher D&A (₹148 Cr) and finance costs (₹54 Cr). </li> <li> EPS: ₹-10.19 vs. ₹-0.04 vs. ₹8 → heavy dilution impact. </li> </ul> 👉 Analysis: Strong topline growth and operational leverage, but bottom line weakened due to post-acquisition costs, higher debt servicing, and depreciation. <h3>Balance Sheet (₹ Cr) of Veeda Lifesciences Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758790889.jpg" alt="" width="661" height="347" /> <ul data-spread="false"> <li> Total Assets: ₹1,863 Cr vs. ₹2,040 Cr (FY24) → down 8.7%. </li> <li> Fixed Assets: ₹582 Cr vs. ₹190 Cr → +206% (capex + acquisition impact). </li> <li> Borrowings: ₹406 Cr vs. ₹260 Cr → +56% , indicating debt was used to finance the acquisition and expansion. </li> <li> Share Capital: ₹13.1 Cr vs. ₹13.6 Cr  </li> <li> Reserves: ₹849 Cr vs. ₹1,047 Cr → fell due to losses, directly impacted by the net loss of -67 Cr in FY25, which eroded retained earnings. </li> </ul> 👉 Analysis: Expanded asset base with stronger capital structure, but reserves erosion from losses. Debt remains moderate with Debt/Equity at 0.06. <h3>Cash Flow (₹ Cr) of Veeda Lifesciences Unlisted Shares</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758790917.jpg" alt="" width="589" height="263" /> <ul data-spread="false"> <li> CFO: ₹33.5 Cr vs. ₹58 Cr vs. ₹106 Cr → still positive despite PAT loss, which is a healthy sign. </li> <li> CFI: ₹-149.3 Cr vs. ₹-446 Cr vs. ₹-126 Cr → high investments in FY25. </li> <li> CFF: ₹91.4 Cr vs. ₹399 Cr vs. ₹-1 Cr → equity infusion and borrowings funded growth. </li> <li> Net Cash: -₹24.4 Cr vs. ₹11 Cr vs. ₹-21 Cr → slight cash burn due to expansion. </li> </ul> 👉 Analysis: Core ops remain cash-positive. Heavy capex/acquisition spend absorbed via financing inflows. <h2>D) Segment / Geography Analysis of Veeda clinical (Standalone)  of Veeda Lifesciences Unlisted Shares</h2> Revenue by Geography FY25 Vs FY24 (₹ Cr): <ul data-spread="false"> <li> India: ₹96 Cr (FY25) vs. ₹101 Cr (FY24) → slight decline. </li> <li> US: ₹36 Cr vs. ₹35Cr → marginal growth. </li> <li> Greece: ₹32 Cr vs. ₹47 Cr→ sharp decline. </li> <li> Ireland: ₹4 Cr vs. Nil → new addition. </li> <li> Others: ₹94 Cr vs. ₹92 Cr → stable. </li> <li> Total Revenue: ₹262 Cr vs. ₹275 Cr → down ~5%. </li> </ul> 👉 Observation: Global expansion balanced out India/Greece declines. Stronger diversification post-Heads acquisition. <h2>E) Ratio Analysis FY25 vs FY24  of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Current Ratio: 1.06 (FY25) vs. 1.08 (FY24) → liquidity dipped -1.8 % but remains healthy. </li> <li> Debt/Equity: 0.47 vs. 0.24 → decreased slightly  , due to debt raised and reserves cut out . </li> <li> ROE: -7.7% vs. -0.02% →  negative due to losses. </li> <li> Net Profit Margin: -10.98% vs. -0.08% → -99% change a heavy bottom-line drag. </li> <li> Trade Receivable Turnover: 4.43 vs. 4.10 → improved collection efficiency by 8%. </li> </ul> <h2>F) Shareholding Pattern of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Basil Private Ltd: 33.83% </li> <li> Bondway Investment Inc.: 19.20% </li> <li> Others (public & institutions): 46.97% </li> </ul> <h2>G) Valuation Insights (Unlisted Market) of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Price per Share: ₹465 </li> <li> Market Cap: ₹3059 Cr </li> <li> P/E Ratio: N/A (loss-making) </li> <li> P/B Ratio: 3.54 </li> <li> ROE: -7.77% </li> <li> Book Value per Share: ₹131.38 </li> </ul> <h2>H) Management Discussion & Analysis (MD&A) on Veeda Lifesciences Unlisted Shares</h2> Opportunities: <ul data-spread="false"> <li> Oncology, rare diseases, cell & gene therapy offer high-margin growth. </li> <li> AI-driven trial management will cut costs & time. </li> <li> Expanding global reach ensures diversified revenue base. </li> </ul> Risks: <ul data-spread="false"> <li> Integration risk of Veeda, Heads & Bioneeds. </li> <li> Margin pressure from high fixed costs. </li> <li> Competition with large multinational CROs. </li> </ul> Strategic Roadmap: <ul data-spread="false"> <li> Invest in AI, analytics, decentralized trials. </li> <li> Focus on end-to-end client partnerships. </li> <li> Strengthen presence in high-growth geographies & therapeutic areas. </li> </ul> <h2>I) Future Outlook (FY 2025-26) of Veeda Lifesciences Unlisted Shares</h2> <ul data-spread="false"> <li> Growth to be led by oncology, rare diseases, and biotherapeutics. </li> <li> Expect margin recovery as integration costs normalize. </li> <li> Plans to deepen strategic global partnerships with pharma companies. </li> <li> Will leverage AI, digital platforms & real-world data to enhance efficiency. </li> </ul> <h2>J) UnlistedZone View on Veeda Lifesciences Unlisted Shares</h2> Veeda Lifesciences is in the middle of a transformational growth cycle. FY25 was an investment-heavy year, showing robust revenue growth but subdued profitability. With a low debt-to-equity ratio, strong liquidity, and a growing global presence, it is structurally well-placed for long-term growth. Investment Thesis: <ul data-spread="false"> <li> Attractive for HNIs/long-term investors seeking exposure to India’s global CRO play. </li> <li> Short-term valuations appear stretched given losses, but medium-to-long-term value creation potential remains high. </li> </ul> Risks: <ul data-spread="false"> <li> Execution & integration challenges. </li> <li> Profitability turnaround remains critical. </li> <li> Global competition could limit pricing power. </li> </ul> <h3>Disclaimer :</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Video24 Sept 2025

PharmEasy ₹1700 Cr Loan Explained

PharmEasy raises ₹1,700 crore to repay its Goldman Sachs loan. Will this move stabilize the company and boost investor confidence? Watch the full story on UnlistedZone.

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Blog23 Sept 2025

Transline Technologies Limited: FY25 Annual Report Analysis

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Blog23 Sept 2025

ESDS Software Solution Limited: A Transformative Year and a Promising Future

<h3>Company Overview of ESDS unlisted Shares </h3> ESDS Software Solution Limited (formerly ESDS Software Solution Private Limited) was incorporated on August 18, 2005. Headquartered in Nashik, the company operates across four Indian cities—Nashik, Mumbai, Bengaluru, and Mohali—while extending its footprint across 19 nations in APAC, Europe, the Middle East, the Americas, and Africa. Founded by first-generation entrepreneur Piyush Somani, ESDS began as an outsourced hosting support provider, later transforming into a global web hosting and cloud solutions company. Today, ESDS is positioned as a challenger to global giants like AWS, Microsoft Azure, CtrlS, Sify, Netmagic, NextGen, Rackspace, and Alibaba. <h3>ESDS Business Segments: A Dual Engine for Growth</h3> <h3>1. Data Centre Services: The reliable foundation. Offers:</h3> <ul data-spread="false"> <li> Dedicated Hosting (full servers for clients) </li> <li> Colocation (housing client servers) </li> <li> Disaster Recovery Hosting (business continuity) </li> </ul> 2. Cloud Business: The growth engine. Built on the eNlight Cloud, India's first patented auto-scalable cloud. Its vast portfolio includes security tools (WAF, SIEM), management suites (eMagic), and specialized solutions (IoT, AI healthcare). Industries Served: Solutions are used across BFSI, Healthcare, Govt., eCommerce, Manufacturing, and 10+ other sectors. <h3>Subsidiaries Network of ESDS unlisted Shares </h3> <ul data-spread="false"> <li> Spochub Solutions Private Limited : Likely focuses on niche software product development or a specialized technology platform. </li> <li> ESDS Global Software Solution Inc. : Drives international market expansion, sales, and support for ESDS's software and cloud services. </li> <li> ESDS Cloud FZ LLC : Leads global cloud infrastructure and service delivery, supporting overseas data center and hosting operations. </li> </ul> <h2>The Engine of Growth: Innovation and Strategy</h2> ESDS's success is underpinned by its innovative technology stack, led by its crown jewel: the eNlight Cloud. <ul data-spread="false"> <li> Patented Technology: eNlight is India’s first and only cloud computing platform patented in the US and UK for its unique ability to auto-scale CPU and RAM in real-time without any downtime. This converts customer IT expenditure from a high capital outlay (CAPEX) into a flexible operational expense (OPEX). </li> <li> Comprehensive Product Suite: Beyond the core cloud, ESDS offers a wide array of products including: <ul data-spread="false"> <li> eMagic: Data center management suite. </li> <li> VTMscan & eNlight WAF: Security and vulnerability tools. </li> <li> eNlight IoT: An indigenous IoT platform. </li> <li> AA+: An AI/ML-based solution for detecting lung diseases from X-Rays. </li> </ul> </li> </ul> <h3>Key Performance Overview of FY 2024-25 of ESDS unlisted Shares </h3> FY 2024-25 was a landmark year for ESDS, marked by explosive growth, global expansion, and stronger financial discipline. <h4>Revenue Performance</h4> <ul data-spread="false"> <li> Total Revenue: Rose by 27% YoY, from ₹287 Cr (FY24) to ₹361 Cr (FY25).   </li> <li> Domestic Sales: Increased by 6%, reinforcing its dominance in India. </li> <li> International Revenue: Surged nearly 600%, from ₹15 Cr to ₹ 87 Cr. </li> </ul> Impact: International revenue contribution rose from 3.6% to 19.5%, establishing a new growth engine and diversifying geographic risks. <h4>Strengthened Financial Foundation</h4> <ul data-spread="false"> <li> Equity Infusions: Raised ₹76 Cr (Oct ’24) and ₹65.2 Cr (Feb ’25). </li> <li> Debt Reduction: Redeemed Non-Convertible Debentures (NCDs), significantly lowering debt and interest burden. </li> <li> Improved Collections: Customer collections rose 29% to ₹385.2 Cr, boosting liquidity and operational efficiency. </li> </ul> <h4>Strategic Expansion</h4> <ul data-spread="false"> <li> International Foray: Invested ₹38.6 Cr in ESDS Cloud FZ LLC, cementing its global ambitions. </li> <li> New Orders: Secured 116 new orders worth ₹42.5 Cr, adding visibility for future revenues. </li> <li> Marquee Clients: Acquired Honeywell Automation India Ltd. and Terumo India Pvt. Ltd., reinforcing market credibility. </li> <li> STPI Partnership: Generated 40 new contracts with TCV of ₹6 Cr and ACV of ₹5 Cr, adding valuable recurring revenue. </li> </ul> <h4>Profitability & Shareholder Value</h4> <ul data-spread="false"> <li> Shareholder Returns: Jumped from 6.45% (FY24) to 13.40% (FY25). </li> <li> Leverage: Debt-to-equity ratio improved from 0.66 to 0.15. </li> <li> Net Profit Margin (NPM): Rose from 4.75% to 15%. </li> <li> Return on Capital Employed (ROCE): Increased sharply to 24.73% (FY25) from 14.53% (FY24). </li> </ul> <h3>Key Financial Metrics (₹ in Cr) of ESDS unlisted Shares </h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758604892.jpg" alt="" width="654" height="483" /> Strong Revenue Growth : Revenue has increased consistently year-over-year, rising from ₹207 Cr in FY23 to ₹361 Cr in FY25, reflecting strong demand and successful business expansion. Remarkable Profitability Turnaround :The company shifted from a net loss of ₹23 v in FY23 to a profit of ₹56Cr in FY25, demonstrating significant operational improvements and cost management. Enhanced Operational Efficiency : EBITDA surged from ₹47 Cr in FY23 to ₹155 Cr in FY25, indicating better control over operating costs and higher profitability from core business activities. Improved Shareholder Value : Earnings per share (EPS) turned positive, rising from -₹2.48 in FY23 to ₹5.6 in FY25, showcasing increased returns for shareholders. Strengthened Financial Position : Total assets grew from ₹499 Cr in FY23 to ₹656 Cr in FY25, supported by a near-doubling of reserves (from ₹201 Cr to ₹408 Cr), highlighting retained earnings and financial stability. Positive Cash Flow Generation : After burning cash in FY23 and FY24, the company generated ₹61 Cr in net cash in FY25, with operating cash flow (CFO) also rising steadily, underscoring sustainable financial health. <h3>Geographic Performance of ESDS unlisted Shares </h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758604941.jpg" alt="" width="656" height="283" /> Insight: While India remains the core revenue contributor, international growth of 474% positions ESDS as a global player. <h3>IPO Plans of ESDS unlisted Shares </h3> <ul data-spread="false"> <li> Proposed Issue: Fresh issue of up to ₹600 Cr. </li> <li> Listing: To be listed on BSE and NSE. </li> <li> Regulatory Status: Awaiting SEBI clearance on DRHP; in-principle approvals received from both exchanges. </li> <li> IPO Costs: ₹46.12 Cr incurred up to March 31, 2025, shown under current assets. </li> </ul> <h3>Unlisted Market Valuation Insights of ESDS unlisted Shares </h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758605033.jpg" alt="" width="655" height="491" /> Interpretation: The high P/E and P/B ratios reflect strong investor confidence and growth expectations, while the low debt-to-equity and healthy ROE indicate financial strength and efficiency. <h3>Conclusion</h3> FY 2024-25 has been transformative for ESDS Software Solution Limited. With 600% growth in international revenues, strategic debt reduction, improved profitability, and marquee client wins, ESDS has built a strong foundation for long-term growth. Its innovative cloud offerings, strong financial discipline, and upcoming IPO make it a company to watch in India’s IT and cloud services landscape. <h3>Disclaimer :</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Video22 Sept 2025

NCL Buildtek - Turnaround Story or Bigger Challenges?

NCL Buildtek, a trusted name in the building materials sector, has shown a mixed performance over the past three years. While revenue has been declining, margins have recovered strongly. However, rising expenses and exceptional items have impacted profitability. The big question is—can the company achieve a turnaround through its core operations, or will the challenges deepen further?

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Blog22 Sept 2025

Groww IPO Analysis: A Deep Dive into the Business Model, Financials, and Market Position

<h2>A) About the Company </h2> As of June 30, 2025, Groww is identified as India's largest and fastest-growing digital investment platform by active users on NSE. Founded in 2016 by four ex-Flipkart employees: Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh. They aimed to simplify investing, which they found to be complex and expensive in India. Core Business: A direct-to-customer digital investment platform offering an app and website for investing in stocks, IPOs, derivatives, bonds, and mutual funds. It follows a technology-first, customer-centric approach. <h2>B) Business Model of Groww Unlisted Shares </h2> Groww’s business model is anchored on two primary drivers: <ol start="1" data-spread="false"> <li> Active Users: Growth is fueled by acquiring new transacting users and retaining existing customers. </li> <li> ARPU (Average Revenue Per User): Increased through: <ul data-spread="false"> <li> Product Attach: Customers start with one product (e.g., stocks or mutual funds) and gradually adopt more. </li> <li> User Activity: Revenue generation through transactions and Assets Under Management (AUM). </li> </ul> </li> </ol> <h3>a) Product Adoption (as of June 30, 2025)</h3> <ul data-spread="false"> <li> Only Stocks: 48.4% of users </li> <li> Stocks + 1 other product: 38.3% </li> <li> Stocks + 2 or more products: 13.3% </li> </ul> This indicates that nearly 52% of users diversify beyond stocks, highlighting effective cross-sell and deepening engagement. <h3>b) Revenue Streams of Groww Unlisted Shares </h3> Groww's revenue is primarily derived from five sources: <ol start="1" data-spread="false"> <li> Brokerage & Transaction Fees: From trading in stocks, IPOs, and derivatives. </li> <li> Distribution Fees: Commissions from selling mutual funds and bonds. </li> <li> Margin Trading: Interest income from loans provided for leveraged trades. </li> <li> Personal Loans: Income from lending services. </li> <li> Other Value-Added Services: Revenue from premium features and partner products. </li> </ol> <h3>c) User Segments & Growth of Groww Unlisted Shares </h3> <ul data-spread="false"> <li> Aspirational Users: Have assets less than ₹2.5 million, a median age of ~30, and tend to start with small investments, upgrading over time. </li> <li> Affluent Users: Have assets of ₹2.5 million or more, a median age of ~40, and contribute to higher revenue. Their share of total assets grew to 33.18% in June 2025 from 20.34% in FY23. </li> <li> Multi-Product Users: As of June 2025, 5.70 million users used more than one product on the platform. </li> <li> Growth: <ul data-spread="false"> <li> Active Users: Grew at a CAGR of 52.74% from FY23 to June 2025. </li> <li> Total Customer Assets: Grew at a 91.09% CAGR from FY23 to FY25. </li> <li> Organic Growth: Over 80% of customers are acquired via referrals and word of mouth. </li> </ul> </li> </ul> <h3>d) Contribution of New Users to Customer Assets</h3> <ul data-spread="false"> <li> FY23: 16.07% </li> <li> FY24: 20.42% </li> <li> FY25: 15.80% </li> </ul> New cohorts continue to add meaningful contributions to total customer assets, showing a strong funnel of fresh investors. <h2>C) Platform Operational KPIs of Groww Unlisted Shares </h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758792871.jpg" alt="" width="600" height="320" /> Key Takeaway: Active user base has expanded at a 5-year CAGR of ~48%, while customer assets grew nearly 5.5x between FY23 and FY25. <h2>D) Financial Metrics of Groww Unlisted Shares </h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758792903.jpg" alt="" width="600" height="392" /> *FY24 EBITDA impacted by ₹1,339.68 Cr exceptional tax liability due to US outbound merger. <h2>E) Balance sheet Strength and Cash flow Analysis</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758792925.jpg" alt="" width="509" height="540" /> <ul data-spread="false"> <li> Strength & Growth: The balance sheet shows explosive growth in scale (Total Assets), a massively strengthened equity base (Share Capital + Reserves), and improved short-term liquidity (Current Ratio). The company has grown significantly without taking on excessive debt (Low D/E Ratio). </li> <li> Major Concern: The most critical finding is the severe negative Cash Flow from Operations (CFO). This indicates that although the company is reporting profits (evident from growing reserves), it is not collecting cash from its customers efficiently. This could be due to: <ul data-spread="false"> <li> Aggressive sales growth leading to high receivables. </li> <li> Large increases in inventory holdings. </li> <li> The nature of long-term projects where revenue is booked before cash is received. </li> </ul> </li> <li> Strategy: The company funded its activities and cash shortfall in FY25 primarily by issuing new shares and taking on some debt, rather than from its own operating cash flow. </li> </ul> <h2>F) Segment Performance of Groww Unlisted Shares </h2> <h3>1. Stocks</h3> <ul data-spread="false"> <li> Active Users: 10.07 Mn in FY25 → 10.28 Mn (Q1 FY26) </li> <li> Average Daily Turnover: ₹9,171.94 Cr in FY25→ ₹10,673.99 Cr (Q1 FY26) </li> <li> Assets: ₹97,640 Cr in FY25 → ₹1,13,997 Cr (Q1 FY26) </li> </ul> <h3>2. Derivatives</h3> <ul data-spread="false"> <li> Active Users: Stable at 1.40 Mn </li> <li> Premium Turnover: ₹7,847 Cr in FY25 → ₹9,277 Cr (Q1 FY26) </li> </ul> <h3>3. Consumer Credit</h3> <ul data-spread="false"> <li> Partner Disbursements: ₹14,286 Cr in FY25, but only ₹315 Cr in Q1 FY26 </li> <li> Groww Creditserv Disbursements: ₹1,261 Cr in FY25 → ₹249 Cr in Q1 FY26 </li> </ul> <h3>4. Margin Trading Facility (MTF)</h3> <ul data-spread="false"> <li> Users: 0.04 Mn (FY25) → 0.06 Mn (Q1 FY26) </li> <li> MTF Book: ₹602 Cr in FY25 → ₹1,036 Cr in Q1 FY26 </li> </ul> <h3>5. Mutual Funds</h3> <ul data-spread="false"> <li> Active Users: 8.37 Mn in FY25 → 8.74 Mn (Q1 FY26) </li> <li> Assets: ₹1,13,016 Cr in FY25 → ₹1,39,544 Cr in Q1 FY26 </li> <li> SIP Inflows: ₹34,028 Cr in FY25 → ₹10,020 Cr in Q1 FY26 </li> </ul> <h3>6. Broking Services</h3> <ul data-spread="false"> <li> Transacting Users: 13.52 Mn in FY25 → 6.12 Mn in Q1 FY26 (seasonal dip) </li> <li> Orders: 181.99 Cr in FY25 → 37.86 Cr in Q1 FY26 </li> </ul> <h2>AMC (Asset Management Business) of Groww Unlisted Shares </h2> <ul data-spread="false"> <li> Acquired Groww AMC in May 2023 </li> <li> First NFO launched Oct 2023 </li> <li> As of June 30, 2025: 30 products (11 active funds, 19 passive funds) </li> <li> Active Investors: 0.04 Mn (Jun 2023) → 1.03 Mn (Jun 2025) </li> <li> AUM: ₹7,068 Cr (Mar 2024) → ₹25,199 Cr (Jun 2025) </li> </ul> <h2>H) Recent Developments in Groww Unlisted Shares </h2> <ul data-spread="false"> <li> Entered SPAs to acquire Finwizard Technology Pvt. Ltd. for ₹961 Cr (pending approvals) </li> <li> Finwizard business includes: mutual funds distribution, insurance, stock broking, and tax filing services </li> </ul> <h2>I) IPO Highlights of Groww Unlisted Shares </h2> <ul data-spread="false"> <li> Offer Size: ₹1,060 Cr </li> <li> OFS Shares: 7.62 Cr </li> <li> Total Shares: ~599.84 Cr </li> <li> Promoter Holding: 26.64% </li> <li> Promoters: Lalit Keshre, Harsh Jain, Ishan Bansal, Neeraj Singh </li> </ul> <h3>Use of Proceeds of Groww IPO </h3> <ul data-spread="false"> <li> Cloud Infrastructure: ₹152.5 Cr </li> <li> Brand & Marketing: ₹225.0 Cr </li> <li> NBFC Capital: ₹205.0 Cr </li> <li> M&A/Acquisitions: ₹117.5 Cr </li> <li> Balance for general corporate purposes </li> </ul> <h2>J) Peer Comparison (FY25) of Groww Unlisted Shares</h2> <h2><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758541815.jpg" alt="" width="676" height="292" /></h2> Despite lower revenue than Angel One, Groww commands a premium valuation due to higher profitability, rapid growth, and strong brand equity. <h2>Valuation & Outlook of Groww Unlisted Shares </h2> <ul data-spread="false"> <li> Expected Valuation: ₹60,000–68,000 Cr ($7–8 Bn) </li> <li> Estimated Price/Share: ₹100–114 </li> <li> Implied P/E: 33–37x </li> </ul> <h2>Core Competitive Strengths of Groww Unlisted Shares </h2> <ul data-spread="false"> <li> Strong Brand Recall: Most searched broker on Google Trends in FY25, with over 80% of customer acquisition being organic. </li> <li> Pan-India Reach: Active users are present across 98% of India's pin codes, with approximately 81% of users from outside the top 6 metro cities. </li> <li> High Engagement: Users spend an average of 65+ minutes daily, with a DAU/MAU ratio of ~56%. </li> <li> Strong Retention: The platform has a 77.7% retention rate over 3 years, which rises to 88.5% for users with two or more products. </li> <li> Market Share Gains: Added 40.08% of new NSE users in Q3 FY25. </li> </ul> <h2>Conclusion</h2> Groww’s IPO is underpinned by explosive growth, diversified product adoption, profitability, and scalability. With: <ul> <li style="font-weight: 400;" aria-level="1">Strong active user growth (14 Mn+)</li> <li style="font-weight: 400;" aria-level="1">Expanding customer assets (₹2.6 Lakh Cr)</li> <li style="font-weight: 400;" aria-level="1">Profitable business model with 59% EBITDA margins</li> <li style="font-weight: 400;" aria-level="1">Rapidly growing AMC and MTF businesses</li> </ul> It positions itself as a high-growth fintech leader. While valuations appear premium compared to peers, the scale of opportunity in India’s retail investing market justifies the pricing. For investors seeking exposure to India’s fintech growth story, Groww IPO offers a compelling long-term bet. <h3>Disclaimer:</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Video18 Sept 2025

CSK Financial Story

Chennai Super Kings, one of the most iconic IPL teams, has seen strong financial growth in recent years. While margins have faced some pressure, the franchise is expanding beyond IPL with overseas teams and its cricket academy, building new and sustainable revenue streams. With its strong brand value and diversification, CSK’s long-term outlook remains solid.

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Blog18 Sept 2025

PharmEasy’s Fresh Debt Raise: A Deeper Look into the ₹1,700 Crore Move

<h3>Introduction</h3> PharmEasy, one of Mumbai’s leading health-tech unicorns, has taken a decisive financial step by raising ₹1,700 crore in a debt round. The capital will primarily be used to repay a costly Goldman Sachs loan, underscoring the company’s efforts to balance between aggressive expansion and financial discipline. This development reflects both the challenges and strategic pivots shaping PharmEasy’s journey in India’s digital healthcare ecosystem. <h3>A) What Happened So Far: PharmEasy’s Debt Journey</h3> <ol start="1" data-spread="true"> <li> 2021 – Thyrocare Acquisition PharmEasy borrowed ₹2,200 crore from Kotak Mahindra Bank to acquire Thyrocare, marking a major push into diagnostics. This debt was intended to be repaid with proceeds from an initial public offering (IPO), but the company was unable to launch its public listing. </li> <li> May 2022 – Goldman Sachs Refinance The company refinanced its Kotak loan with a ₹2,700 crore Goldman Sachs loan. However, this came at high interest and strict covenants. </li> <li> June 2023 – Covenant Breach PharmEasy breached some financial covenants on the Goldman Sachs loan but continued servicing repayments, avoiding default. </li> <li> April 2024 – Valuation Haircut The company raised ~$216 million in equity but faced a dramatic ~90% valuation cut, dropping from $5.6 billion to just ~$710 million. </li> <li> September 2025 – Latest Debt Raise PharmEasy issued 1,700 non-convertible debentures (NCDs) worth ₹10 lakh each to raise ₹1,700 crore. <ul data-spread="false"> <li> 360 One led with ₹1,231 crore </li> <li> Micro Labs added ₹210 crore </li> <li> MVS Ventures, Bennett Coleman, and Alkram Ventures contributed the rest These funds will clear the Goldman Sachs loan, easing cash flow pressures. </li> </ul> </li> </ol> <h3>B) Why This Matters</h3> <ol start="1" data-spread="true"> <li> Cost of Borrowing and Liquidity Pressure PharmEasy’s repeated reliance on high-cost debt highlights its liquidity struggles. The new round may reduce immediate risks but interest obligations remain a concern. </li> <li> Valuation Erosion A ~90% drop in valuation signals investor caution. Growth projections and profitability timelines are under sharper scrutiny. </li> <li> Leadership and Operational Shifts With leadership churn and slower revenue growth, the company’s operational execution is under the spotlight. FY25 revenue remained flat at ~₹5664 crore, but losses narrowed by 105% (from ₹5211 crore in FY24 to ₹2533 crore in FY25), suggesting some progress in cost control. </li> </ol> <h3>C) Risks to Watch</h3> <ul data-spread="false"> <li> High interest costs even after refinancing </li> <li> Dependence on external funding to sustain operations </li> <li> Flat revenue growth, which could offset progress in reducing losses </li> </ul> <h3>D) What This Means Going Forward</h3> <ul data-spread="false"> <li> Retiring the Goldman Sachs loan could free up cash flow and improve margins. </li> <li> If PharmEasy demonstrates growth in FY26, investor confidence may strengthen. </li> <li> Likely shift towards conservative strategies, focusing on profitability and unit economics rather than rapid expansion. </li> </ul> <h3>Conclusion</h3> PharmEasy’s latest ₹1,700 crore debt raise is more than a financial transaction — it represents a turning point. The company is moving from aggressive expansion to capital efficiency and disciplined operations. Whether this strategic pivot sparks a sustainable turnaround remains uncertain, but it is a critical step towards stabilizing India’s most prominent health-tech unicorn. <h3>Dislaimer:</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 Sept 2025

Indofil Industries FY25 Results | Strong Growth Story

Indofil Industries ne FY25 me solid performance dikhayi — revenue 9.5% upar, profit 36% jump, margins improve, aur debt reduce! Agro & Specialty Chemicals ke strong business ke saath, company likh rahi hai ek growth story.

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Blog17 Sept 2025

NCL Buildtek Ltd.: Navigating Challenges, Driving Growth, and Building for the Future

<h3>A) About the Company</h3> NCL Buildtek Ltd., part of the prestigious ₹3,000 crore NCL Group, is a 30+ year legacy brand in the building materials sector. Originally known as NCL Alltek & Seccolor Ltd., the company was rebranded to represent its expanded portfolio as a one-stop-shop for construction solutions. It operates 17 manufacturing units across India and is a pioneer in putty and Colour Coated Galvanized Iron (CCGI) technology in India. The company’s business is segmented into four key verticals: <ul data-spread="false"> <li> NCL Windoors: Manufacturing of CCGI, uPVC, Aluminium windows & doors, Colour-Coated GI Windows & Doors and ABS doors through international collaborations. </li> <li> NCL Coatings: Manufacturing of wall putties, paints, emulsions and textures. </li> <li> NCL Wall Solutions: Production of Aerated Autoclaved Concrete (AAC) blocks, dry-mix mortars, and tile adhesives. </li> <li> NCL Services: Providing services to buildings and manufacturing units. </li> </ul> <h3>International Partnerships </h3> Coatings: ICP, Sweden for putties, textures, and paints. Windows & Doors: CCGI Steel: Secco, Italy uPVC: VEKA AG, Germany High-End Aluminium: SCHÜCO, Germany ABS Doors: KOS <h3> B) Key Highlights of the Year</h3> <ul data-spread="false"> <li> Challenging Macro Environment: FY25 was a tough year due to general elections, state-level transitions in key markets (Andhra Pradesh and Telangana), liquidity constraints, and extended monsoons. </li> <li> Strategic Expansions: The company successfully commissioned its new Steel Doors manufacturing facility in Q4 FY25. </li> <li> Exceptional Growth in New Verticals: The Aluminium business grew 125% YoY, and the Tile Adhesives business grew over 85% YoY, albeit from a small base. </li> <li> Legacy Product Decline: The CCGI and AAC Blocks divisions witnessed significant declines of 30% and 20% YoY, respectively, impacting overall revenue. </li> </ul> <h3>C) Financial Performance Analysis </h3> <h4>Profit & Loss Statement (₹ in Crores)</h4> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758099009.jpg" alt="" width="704" height="507" /> A year of contrasting performance. Revenue declined due to market headwinds, but bottom-line profitability surged to record levels, driven by exceptional other income. Key Observations: <ol start="1" data-spread="false"> <li> Top-Line Pressure: Revenue fell consistently (₹450Cr → ₹404Cr), reflecting a tough market for building materials. </li> <li> Core Operating Weakness: EBITDA and Operating Profit Margin (OPM) declined in FY25, indicating profitability from main business activities was squeezed. </li> <li> Bottom-Line Strength: Despite operational challenges, Net Profit (PAT) more than doubled in two years (₹19Cr → ₹44Cr), and Net Profit Margin (NPM) hit 10.89%, primarily due to a large, one-off ₹48Cr other income. </li> <li> Improved Financial Health: The company reduced its debt, leading to a lower finance cost (₹17Cr → ₹13Cr), strengthening the balance sheet. </li> <li> Shareholder Value: Earnings Per Share (EPS) grew dramatically to ₹38.26, making the stock more attractive. </li> </ol> <h4>Balance Sheet (₹ in Crores)</h4> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758099959.jpg" alt="" width="667" height="551" /> The company demonstrates strong asset growth and improving financial stability, with significant expansion in fixed assets and reserves, while effectively reducing its debt burden. Key Observations: <ol start="1" data-spread="false"> <li> Strategic Expansion & Growth: <ul data-spread="false"> <li> Fixed Assets increased steadily (154 → 185 Cr), indicating ongoing investment in production capacity and new facilities (e.g., Steel Doors plant). </li> <li> Total Assets grew significantly (399 Cr → 463 Cr), reflecting the company's expansion. </li> </ul> </li> <li> Strengthening Financial Foundation: <ul data-spread="false"> <li> Reserves saw substantial growth (158 Cr → 220 Cr), showcasing strong profit retention and a healthier equity base. </li> <li> Total Equity increased markedly (169.5 Cr → 231.5 Cr), improving the company's ability to absorb shocks. </li> </ul> </li> <li> Prudent Debt Management: <ul data-spread="false"> <li> Borrowings were consistently reduced (95 Cr → 85 Cr), indicating a deliberate strategy to lower financial leverage and risk. </li> </ul> </li> <li> Working Capital Build-Up: <ul data-spread="false"> <li> Inventory levels rose (59 Cr → 76 Cr), likely in anticipation of future demand or due to slower sales, requiring monitoring. </li> </ul> </li> </ol> <h4>Cash Flow Statement (₹ in Crores)</h4> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758100008.jpg" alt="" width="615" height="438" /> The company demonstrates strong and stable operational cash generation, with a major strategic shift in investment activity in FY2025, funded internally and through reduced debt. Key Observations: <ol start="1" data-spread="false"> <li> Operational Stability (CFO): <ul data-spread="false"> <li> Cash Flow from Operations (CFO) remained strong and consistent (₹39-40 Cr) in FY23 and FY24. </li> <li> A slight dip to ₹34 Cr in FY25 is minor and still reflects a healthy ability to generate cash from core business. </li> </ul> </li> <li> Strategic Shift in Investment (CFI): <ul data-spread="false"> <li> FY23 & FY24: CFI was negative (-5 Cr, -15 Cr), indicating moderate capital expenditure (e.g., setting up new plants). </li> <li> FY25: CFI surged to +₹42 Cr. This is a major reversal, strongly suggesting the sale of a significant asset or investments, not just reduced capex. This is the primary source of the large "Other Income" on the P&L. </li> </ul> </li> <li> Consistent Financial Strategy (CFF): <ul data-spread="false"> <li> Cash Flow from Financing is consistently negative (~ -26 Cr to -29 Cr). This is a positive sign, showing the company is consistently repaying debt (as seen in the balance sheet) and paying dividends, not relying on external borrowing. </li> </ul> </li> <li> Cash Position: <ul data-spread="false"> <li> The net result was a massive increase in the closing cash balance (₹12 Cr → ₹59 Cr), significantly strengthening the company's liquidity position. </li> </ul> </li> </ol> <h3>C) Segment Reporting</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758100047.jpg" alt="" width="629" height="474" /> <ul data-spread="false"> <li> Key Observations: <ol start="1" data-spread="false"> <li> Revenue Decline: Total revenue dropped to ₹407 Cr (-7.3%), reflecting tough market conditions. <ul data-spread="false"> <li> Walls (AAC Blocks) was the worst hit, down -18.8% to ₹103 Cr. </li> <li> Windows revenue fell a moderate -5% to ₹203 Cr. </li> <li> Coatings (Putties/Paints) was the sole bright spot, growing +3.1% to ₹99 Cr. </li> </ul> </li> <li> Profitability Collapse: Total Profit Before Tax (PBT) halved (-47.9%) to ₹12 Cr. This severe drop is primarily attributed to the steep decline in the profitable Walls segment, which eroded overall earnings. </li> </ol> </li> </ul> <h3>D) Analytical Ratios</h3> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758100104.jpg" alt="" width="717" height="324" /> <h3>E) Valuation Insights (Unlisted Market)</h3> <ul data-spread="false"> <li> Current Unlisted Share Price: ~ ₹236 per share (Estimated based on P/B and disclosed Book Value) </li> <li> Market Capitalization: ~ ₹272 Crores </li> <li> P/E Ratio: 6.18x (FY25 EPS) </li> <li> P/B Ratio: 1.13x (Book Value: ₹208.73 per share) </li> <li> Debt-to-Equity: 0.37 (Very healthy) </li> <li> Return on Equity (ROE): 19.01% (Boosted by one-time income) </li> </ul> <h3>F) Management Discussion & Analysis (MD&A)</h3> <ul data-spread="false"> <li> Outlook: Management expects a revival in construction activity in Andhra Pradesh, which should stabilize the AAC Blocks business. The long-term transition from CCGI to uPVC/Aluminium is acknowledged. </li> <li> Strategy: The focus remains on scaling new growth verticals (Aluminium, Steel Doors, Tile Adhesives) to achieve profitability and compensate for the decline in legacy products. </li> <li> Risks: The business remains susceptible to regional political stability, liquidity in the real estate sector, and monsoon patterns. </li> <li> Focus Areas: Aluminium, Steel Doors, and Tile Adhesives. </li> <li> Expansion: New steel doors manufacturing facility commissioned in Q4 FY25 with a growing order pipeline. </li> <li> Challenges in FY25: Multi-dimensional headwinds including elections, delayed policies, liquidity issues, and extended monsoons — particularly affecting Andhra Pradesh and Telangana. </li> </ul> <h3>G) UnlistedZone View</h3> NCL Buildtek is a well-established player with a strong brand and distribution network. Its efforts to transform its product portfolio away from legacy systems are timely. A healthy, debt-free balance sheet with a large cash pile provides it with resilience and the ability to invest in growth. The current valuation is reasonable for a long-term investor betting on a construction cycle recovery and the success of its new verticals. <h3>Conclusion: </h3> NCL Buildtek faced a challenging FY2025 with revenue down 7% due to market headwinds impacting key segments. However, strong cost control, reduced debt, and a one-time gain drove a 63% surge in profit to ₹44 Cr. The company strengthened its balance sheet, boosting cash reserves to ₹59 Cr, and successfully grew new verticals like Aluminium (+125%). Financially robust and trading at reasonable valuations, it is positioned for recovery, making it a compelling option for long-term investors. <h3>Disclaimer:</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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Blog16 Sept 2025

Capgemini Technology Services India Ltd. – Unlisted Shares Insight Report

<h2>About the Company</h2> Capgemini Technology Services India Limited (formerly known as IGATE Global Solutions) is the Indian subsidiary of Capgemini SE, France, a global leader in consulting, technology, and digital transformation. <ul data-spread="false"> <li> Brief History & Overview: Capgemini entered India through acquisitions (Kanbay, IGATE) and gradually became one of the largest offshore delivery hubs for the group. It operates across application development, consulting, digital transformation, AI, and cloud solutions. </li> <li> Business Model: The company works primarily as the offshore IT & consulting arm of its parent. Services include IT services, application outsourcing, consulting, and BPO. India acts as the execution backbone, while revenues are largely generated from global clients. </li> <li> Industry Positioning: Within India’s IT services landscape, Capgemini stands alongside Infosys, Wipro, TCS, Cognizant, Accenture as a strong global IT vendor with significant market presence. </li> </ul> <h2>Key Highlights of the Year of Capgemini Technology Unlisted Shares</h2> <ul data-spread="false"> <li> Revenue crossed ₹29,000 Cr in FY25 with consistent profitability. </li> <li> Maintained double-digit margins (EBITDA ~16%, PAT ~12%) despite industry headwinds. </li> <li> Dividend payout in FY25 led to higher financing outflows. </li> <li> Strengthened digital capabilities with investments in AI, Cloud, and Cybersecurity centers. </li> </ul> <h2>Financial Performance (₹ in Cr.) of Capgemini Technology Unlisted Shares</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758019840.jpg" alt="" width="747" height="432" /> Insight: Profitability is consistent, aided by strong cost management and efficient offshore delivery. <h2>Cash Flow Statement (₹ in Cr.) of Capgemini Technology Unlisted Shares</h2> <h2><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758019871.jpg" alt="" width="675" height="361" /></h2>   Insight: Company continues to be a strong free cash flow generator. <h2>Balance Sheet Strength (₹ in Cr.) of Capgemini Technology Unlisted Shares</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758019908.jpg" alt="" width="668" height="362" />Insight: Debt-free operations with strong reserves highlight balance sheet strength. <h2>Segment / Geography-Wise Analysis of Capgemini Technology Unlisted Shares</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758019946.jpg" alt="" width="637" height="394" /> Insight: Over 80% revenues come from Europe & America, highlighting global dependence. <h2>Management Discussion & Analysis (MD&A) on Capgemini Technology Unlisted Shares </h2> <ul data-spread="false"> <li> Outlook: Global clients are focusing on cost optimization + digital transformation, supporting offshore demand. </li> <li> Risks: Currency volatility, US/Europe slowdown, rising attrition in IT sector. </li> <li> Strategy: Investment in AI, cloud computing, and cybersecurity to capture next-gen IT spending. </li> </ul> <h2>Shareholding Pattern (FY25) of Capgemini Technology Unlisted Shares</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758020083.jpg" alt="" width="600" height="333" /> Insight: Strong promoter backing ensures stability and alignment with global strategy. <h2>Peer Comparison (FY25) of Capgemini Technology Unlisted Shares</h2> <img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1758020033.jpg" alt="" width="661" height="240" /> Insight: Though smaller in size, Capgemini trades at attractive valuations with comparable margins. <h2>Valuation Insights of Capgemini Technology Unlisted Shares </h2> <ul data-spread="false"> <li> Market Cap (Unlisted): ~₹66,378 Cr </li> <li> P/E Ratio: 17.96 </li> <li> P/B Ratio: 3.27 </li> <li> ROE: 18.22% </li> <li> Debt to Equity: 0 </li> <li> Book Value per Share: ₹3,363 </li> </ul> Insight: Attractive valuations with strong ROE and zero debt make Capgemini a stable unlisted investment. <h2>Future Outlook of Capgemini Technology Unlisted Shares</h2> <ul data-spread="false"> <li> Growth Opportunities: Rising global demand for AI, cloud, and digital consulting. </li> <li> Management Guidance: Focus on cost optimization + new digital capabilities. </li> <li> Industry Tailwinds: Global digital transformation spending remains strong. </li> <li> Headwinds: Macroeconomic slowdown in US/Europe and pricing pressure. </li> </ul> <h2>UnlistedZone View </h2> Capgemini Technology Services India Ltd. is a debt-free, cash-generating IT services giant backed by strong promoter ownership. With steady margins, healthy ROE, and attractive valuations, it is well-suited for HNIs and long-term investors seeking stable returns in the Indian unlisted IT space. <h3>Disclaimer :</h3> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information provided on our platform is strictly for educational and informational purposes. We do not offer investment advice or stock recommendations. Investors are advised to conduct their own due diligence or consult a SEBI-registered advisor. Investments in unlisted and pre-IPO shares are subject to market risks including illiquidity and volatility. UnlistedZone does not assure any returns or accept liability for investment outcomes based on this report.

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