Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p id="ember8691" class="ember-view reader-text-block__paragraph">ASK Group, one of India’s leading asset and wealth management firms, is preparing to hit the public markets through an IPO that could value the company at over <strong>$1.2 billion (~₹10,000 Cr)</strong>. The IPO will include both a strategic stake sale by current shareholders and fresh issue of equity.</p> <h2 id="ember8692" class="ember-view reader-text-block__heading-2">Blackstone's Partial Exit Through IPO</h2> <p id="ember8693" class="ember-view reader-text-block__paragraph">Private equity giant <strong>Blackstone</strong>, which owns a <strong>71% stake</strong> in ASK Group, is expected to offload about <strong>6% of its holding</strong> in the proposed IPO. The rest of the offering will consist of fresh equity issuance, helping the company raise capital for expansion and regulatory growth. Discussions are currently ongoing with investment bankers to finalize valuation and structure.</p> <p id="ember8694" class="ember-view reader-text-block__paragraph">Blackstone entered ASK Group in <strong>February 2022</strong> by acquiring a majority stake from <strong>Advent International</strong> and other sellers, including ASK’s senior leadership. Advent itself had acquired a 41% stake back in 2016 for $350 million — reflecting the steady appreciation in the company’s value over time.</p> <hr class="reader-divider-block__horizontal-rule" /> <h2 id="ember8695" class="ember-view reader-text-block__heading-2">A) Financial Snapshot (FY2024)</h2> <p id="ember8696" class="ember-view reader-text-block__paragraph">ASK Group’s financial performance underscores the confidence in its IPO prospects:</p> <ul> <li><strong>Revenue:</strong> ₹1,063 Cr</li> <li><strong>EBITDA:</strong> ₹471 Cr</li> <li><strong>PAT:</strong> ₹403 Cr</li> <li><strong>EPS (FY24):</strong> ₹47.78</li> <li><strong>ROE:</strong> 25.85%</li> <li><strong>P/E Ratio (based on unlisted price ₹1295):</strong> 27.1x</li> <li><strong>Book Value:</strong> ₹185.05</li> </ul> <p id="ember8697" class="ember-view reader-text-block__paragraph"></p> <p id="ember8698" class="ember-view reader-text-block__paragraph">Over the last 3 years, ASK has consistently grown revenue (CAGR ~8%) and profits, while maintaining robust EBITDA and PAT margins above 35%.</p> <div class="reader-image-block reader-image-block--full-width"> </div> <hr class="reader-divider-block__horizontal-rule" /> <h2 id="ember8700" class="ember-view reader-text-block__heading-2">B) Market Valuation & Unlisted Price</h2> <ul> <li><strong>Current Unlisted Market Price:</strong> ₹1,295 per share<br /><br /></li> <li><strong>52-Week High:</strong> ₹1,425<br /><br /></li> <li><strong>Market Cap (based on current unlisted price):</strong> ~₹10,923 Cr<br /><br /></li> <li><strong>Total Shares Outstanding:</strong> 8.43 Cr</li> </ul> <p id="ember8701" class="ember-view reader-text-block__paragraph"></p> <p id="ember8702" class="ember-view reader-text-block__paragraph">The current <strong>unlisted price aligns closely with the expected IPO valuation</strong>, suggesting there’s <strong>no discount in the secondary market</strong>. This indicates confidence in the listing price and strong pre-IPO investor interest.</p> <hr class="reader-divider-block__horizontal-rule" /> <h2 id="ember8704" class="ember-view reader-text-block__heading-2">C) AUM & Client Strength</h2> <p id="ember8705" class="ember-view reader-text-block__paragraph">ASK manages over <strong>₹74,000 Cr in AUM</strong> for more than <strong>20,000 clients</strong> globally. This includes a diverse base of high-net-worth individuals, family offices, and institutional clients. The firm’s consistent growth in AUM is driven by its deep advisory model, disciplined investment strategies, and client-first approach.</p> <hr class="reader-divider-block__horizontal-rule" /> <h2 id="ember8706" class="ember-view reader-text-block__heading-2">D) Regulatory Milestone</h2> <p id="ember8707" class="ember-view reader-text-block__paragraph">In March 2025, ASK received <strong>SEBI approval</strong> to launch its own <strong>mutual fund business</strong>, marking its formal entry into the retail investment segment. This not only broadens its asset base but also positions it to compete with larger AMCs like PPFAS, Motilal Oswal, and Edelweiss.</p> <hr class="reader-divider-block__horizontal-rule" /> <h2 id="ember8708" class="ember-view reader-text-block__heading-2">E) Legacy & Leadership</h2> <p id="ember8709" class="ember-view reader-text-block__paragraph">Founded in <strong>1983 by Asit and Sameer Koticha</strong>, ASK Group has built a solid legacy in India’s wealth management industry. Its evolution from boutique advisory to full-scale AMC demonstrates resilience, strategic adaptability, and visionary leadership.</p> <hr class="reader-divider-block__horizontal-rule" /> <h3 id="ember8710" class="ember-view reader-text-block__heading-3">Conclusion: IPO Outlook</h3> <p id="ember8711" class="ember-view reader-text-block__paragraph">ASK Group's IPO is expected to draw strong investor interest, especially given its:</p> <ul> <li>Stable and profitable business model</li> <li>Strong ROE and margins</li> <li>Strategic backing from Blackstone</li> <li>SEBI-approved retail expansion</li> <li>Consistent financial performance</li> </ul> <p id="ember8712" class="ember-view reader-text-block__paragraph"></p> <p id="ember8713" class="ember-view reader-text-block__paragraph">Investors in the unlisted space should note that current secondary market valuations already reflect the proposed IPO pricing, leaving <strong>limited upside before listing</strong> — but signaling <strong>confidence in post-listing strength</strong>.</p>
<div>Bharat Hotels Ltd. plans revival of listing strategy amid sector-wide bullishness</div> <div> </div> <div><strong>A) What Does Bharat Hotels Do?</strong></div> <div> </div> <div>Bharat Hotels Limited, operated under the Lalit Suri Hospitality Group, is one of India’s prominent luxury hospitality chains. It owns and operates hotels under the brand name The LaLiT, with a portfolio comprising:</div> <div><br /><strong>a)</strong> Luxury city hotels</div> <div><strong>b)</strong> Resort destinations</div> <div><strong>c)</strong> Mid-scale properties</div> <div> </div> <div>Led by Jyotsna Suri, the Chairperson and Managing Director, the group has positioned itself in the high-end hospitality segment, offering a blend of Indian heritage and contemporary luxury.</div> <div> </div> <div>⸻</div> <div> </div> <div><strong>B) Why Bharat Hotels Struggled Earlier?</strong></div> <div> </div> <div>In 2019, Bharat Hotels had filed a <strong>Draft Red Herring Prospectus (DRHP)</strong> with SEBI to raise ₹1,200 crore via IPO. However, the plan was eventually shelved due to:</div> <div><br /><strong>a) </strong>Turbulent market conditions</div> <div><strong>b)</strong> The Covid-19 pandemic that hit the hospitality and travel sectors hard</div> <div><strong>c)</strong> Internal assessment of timing and valuations</div> <div> </div> <div>Despite its operational scale, the company is entirely promoter-owned, limiting earlier institutional participation and possibly delaying public interest.</div> <div> </div> <div>⸻</div> <div><br /><strong>C) Capital Raised So Far</strong></div> <div> </div> <div>To manage capital requirements, the company took the private placement route:</div> <div><br />In FY23, it raised ₹1,100 crore via non-convertible debentures (NCDs), as per its 2024 annual report.</div> <div> </div> <div>⸻</div> <div> </div> <div><strong>D) IPO Plans Post-2026</strong></div> <div> </div> <div>Speaking to Business Standard, <strong>Jyotsna Suri confirmed that the group is actively considering an IPO after 2026</strong>. She stated:</div> <div> </div> <div>“We want to leverage what we’ve created as the company is entirely owned by the group.”</div> <div> </div> <div>While the exact quantum of fundraising is yet to be disclosed, market experts estimate a potential raise of over ₹1,500 crore, based on the asset class.</div> <div> </div> <div>This aligns with a broader trend of Indian hospitality brands entering the public markets to fuel growth and deleverage their balance sheets.</div> <div> </div> <div>⸻</div> <div> </div> <div><strong>E) Sectoral Context: Hospitality Boom</strong></div> <div> </div> <div>The timing seems strategic, given multiple recent IPOs in the sector:<br /><br /></div> <div><strong>a)</strong> Brookfield-backed Leela Hotels raised ₹3,500 crore via IPO this week.</div> <div><strong>b)</strong> Prestige Group’s hospitality arm filed DRHP for ₹2,700 crore.</div> <div><strong>c)</strong> Brigade Group is also planning to list its hospitality venture.</div> <div> </div> <div>Clearly, capital markets are becoming a preferred route for expansion and brand monetization in the hospitality sector.</div> <div> </div> <div>⸻</div> <div> </div> <div><strong>UnlistedZone View</strong></div> <div> </div> <div>Lalit Suri Hospitality Group is a well-established name in Indian luxury hospitality. The company’s clean promoter-led structure, premium asset base, and long operational history make it a strong candidate for institutional and retail investor interest once listed.</div> <div> </div> <div>Investors in the unlisted market should keep an eye on:<br /><br /></div> <div><strong>a)</strong> Potential pre-IPO placement opportunities post-2025</div> <div><strong>b)</strong> Developments in the hospitality sector IPO space</div> <div><strong>c)</strong> Asset monetization and management contract expansions by the Group</div> <div> </div> <div>⸻</div> <div> </div> <div>📌 Stay tuned with UnlistedZone for more insights into India’s growing unlisted hospitality giants.</div> <p> </p>
<p>National Stock Exchange (NSE), India’s premier stock exchange, has announced its audited financial results for the fiscal year ended March 31, 2025. The exchange reported another year of strong financial performance, driven by higher trading volumes, increased investor participation, and substantial non-operating income.</p> <p><strong>1. Key Financial Highlights (YoY Performance)</strong></p> <p>Total Revenue – NSE’s total revenue in FY25 increased by 15.98%, reaching ₹17,141 crore, up from ₹14,780 crore in FY24. This growth reflects continued traction in equity and derivative markets and expansion in data and analytics offerings.</p> <p>Total Expenses – Total expenses grew to ₹4,817 crore in FY25 (sum of employee benefit expenses, other expenses, and D&A), a rise of 31.52% from ₹3,608 crore in FY24. The increase reflects scaling operations, tech investments, and higher personnel-related costs.</p> <p><strong>2. EBITDA and Margins - </strong>EBITDA rose to ₹12,881 crore in FY25 from ₹11,611 crore in FY24, showing an increase of approximately 10.94%. However, the Operating Profit Margin (OPM) slightly declined from 78.56% in FY24 to 75.15% in FY25, indicating a moderate increase in operational costs, particularly in employee and other expenses.</p> <p><strong>3. Profit Before Tax (PBT) </strong>– PBT surged by 43.5%, climbing to ₹16,057 crore in FY25 from ₹11,184 crore in FY24. The growth was significantly supported by a sharp rise in other income, contributing to stronger pre-tax margins.</p> <p><strong>4. Profit After Tax (PAT) </strong>– PAT grew to ₹12,188 crore, marking an increase of 44.97% over ₹8,406 crore in FY24. This reflects solid profitability, improved operational leverage, and strategic efficiency in tax planning. The Net Profit Margin (NPM) rose from 56.87% to 71.1%, again supported by strong non-operating income.</p> <p><strong>5. Earnings Per Share (EPS) </strong>– EPS for FY25 stood at ₹49.24, a decline from ₹169.82 in FY24. The drop is due to changes in share capital structure, i.e. bonus issue in 4:1. </p> <p><strong>Strategic Outlook</strong></p> <p>NSE’s FY25 performance showcases its financial strength, market leadership, and adaptability to evolving market dynamics. The exchange continues to invest in cutting-edge infrastructure, strengthen its regulatory framework, and innovate across asset classes.</p> <p>With growing domestic retail participation, expanding global investor interest, and increasing focus on sustainable finance, NSE is well-positioned to maintain its growth trajectory in the coming fiscal years.</p>
<p>Hero FinCorp, the financial services arm of Hero MotoCorp, has received approval from the Securities and Exchange Board of India (SEBI) to launch its much-anticipated initial public offering (IPO). The total issue size is pegged at ₹3,668 crore, comprising a fresh issue of ₹2,100 crore and an offer for sale (OFS) worth ₹1,568 crore by existing shareholders.</p> <p>The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 31. As per the filing, the OFS will see participation from key investors including AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (represented by Vikas Srivastava), and Otter Ltd. Proceeds from the fresh issue will be utilized to bolster the company’s capital base and support future lending activities.</p> <p><strong>Company Overview</strong><br />Founded in December 1991 as Hero Honda FinLease Ltd, Hero FinCorp has evolved into a diversified non-banking financial company (NBFC) under the leadership of Abhimanyu Munjal. The company offers a wide range of financial products such as two-wheeler loans, affordable housing finance, education loans, and SME funding solutions.</p> <p>However, the NBFC is currently navigating a challenging environment. During the first three quarters of FY25, loan write-offs surged by 80%, rising from ₹1,214.7 crore to ₹2,180.9 crore. The company sold over 2.95 lakh written-off loans with a book value of ₹1,874.73 crore but managed to recover only ₹49.85 crore. As of September 30, 2024, Hero FinCorp’s assets under management (AUM) stood at ₹53,642 crore.</p> <p><strong>FY25 Financial Performance</strong><br />Hero FinCorp reported a 15% increase in interest income in FY25, growing from ₹7,479 crore to ₹8,589 crore. Other income also saw a robust 49% jump, reaching ₹1,314 crore from ₹880 crore. However, these revenue gains were undermined by rising costs. Interest expenses rose to ₹3,827 crore from ₹3,097 crore, while operating expenses increased from ₹2,513 crore to ₹2,935 crore. Provisions and contingencies more than doubled, escalating over 67% to ₹2,884 crore from ₹1,722 crore.</p> <p>These mounting expenses took a toll on profitability. Net profit (PAT) declined sharply from ₹637 crore in FY24 to ₹110 crore in FY25. Likewise, earnings per share (EPS) plummeted from ₹50.16 to ₹8.63—an 82% drop, reflecting the strain on the company’s bottom line.</p> <p><strong>Valuation Snapshot</strong><br />Despite the decline in profitability, Hero FinCorp continues to command a strong market valuation. As of FY25, the company's market capitalization stands at ₹16,880.5 crore. Its Price-to-Earnings (P/E) ratio is an elevated 153.53, signaling investor optimism about future growth rather than current earnings. The Price-to-Book (P/B) ratio is 2.93, indicating that the stock trades at nearly three times its book value.</p> <p>On the flip side, the Return on Equity (ROE) has dropped to a modest 1.91%, pointing to reduced shareholder returns. The debt-to-equity ratio remains high at 8.33—characteristic of NBFCs—but it underscores the need for cautious monitoring of leverage levels as the company expands.</p>
<p>Frick India Limited, a leading industrial refrigeration and cooling solutions provider, has announced its audited financial results for the fiscal year ended March 31, 2025. The company reported solid year-on-year growth across all key financial parameters, driven by consistent market demand, operational efficiencies, and strong execution.</p> <p><strong>1. Key Financial Highlights (YoY Performance)</strong><br />Total Revenue – The total revenue of Frick India in FY25 increased 6.41%, rising to ₹134.69 crore compared to ₹126.58 crore in FY24. The growth reflects steady business momentum across product and service segments, including exports and turnkey solutions.</p> <p>Total Expenses – The company recorded total expenses of ₹121.32 crore in FY25, up 6.48% from ₹113.94 crore in FY24. Despite inflationary pressures, Frick India maintained disciplined cost controls to safeguard margins.</p> <p>Profit Before Tax (PBT) – PBT saw a healthy 7.90% growth, reaching ₹46.01 crore in FY25 as against ₹42.64 crore in the previous year. The increase was primarily attributed to higher operating income and improved productivity.</p> <p>Profit After Tax (PAT) – PAT climbed to ₹34.66 crore, a growth of 10.78% over ₹31.28 crore in FY24. The company’s ability to manage tax obligations efficiently further strengthened its bottom line.</p> <p>Earnings Per Share (EPS) – EPS for FY25 stood at ₹57.76, reflecting a 10.80% increase compared to ₹52.13 in FY24. This demonstrates consistent value creation for shareholders.</p> <p><strong>2. Strategic Outlook</strong><br />Frick India’s strong FY25 performance underscores its resilience and long-term vision in a competitive industrial landscape. The company continues to focus on innovation in sustainable refrigeration technologies, expansion into global markets, and strengthening its service and maintenance verticals.</p> <p>With a robust order book and increasing demand for energy-efficient solutions, Frick India is well-positioned to deliver continued growth in the upcoming fiscal years.</p>
<p data-pm-slice="1 1 []">Reliance General Insurance, one of India's leading private sector general insurers, has reported strong performance in FY25, demonstrating its turnaround and robust fundamentals under the new ownership of IIHL (Hinduja Group). Here's a comprehensive look at its financial and operational metrics.</p> <div><hr /></div> <h3>A) Net Profit</h3> <ul data-spread="false"> <li> <p><strong>FY25:</strong> ₹315 crore</p> </li> <li> <p><strong>FY24:</strong> ₹280 crore</p> </li> <li> <p><strong>Growth:</strong> +12.5% YoY</p> </li> </ul> <p>This growth signals a sharp recovery post-acquisition, outpacing the general insurance industry average profit growth of 5.2%.</p> <p><strong>Insight:</strong> The boost in profitability can be attributed to operational efficiencies and capital support from IIHL.</p> <div><hr /></div> <h3>B) Premium Performance</h3> <ul data-spread="false"> <li> <p><strong>Gross Direct Premium (GDP):</strong> ₹12,548 crore</p> </li> <li> <p><strong>Growth:</strong> +7.4% YoY</p> </li> </ul> <p>Reliance General Insurance's premium growth outperformed the overall industry, showcasing its improved market positioning and product distribution.</p> <p><strong>Insight:</strong> Effective customer outreach and a stronger distribution network were key drivers.</p> <div><hr /></div> <h3>C) Revenue & Financials (All in ₹ Crore)</h3> <p><strong>FY25:</strong></p> <ul data-spread="false"> <li> <p>Revenue from Insurance: ₹8000cr</p> </li> <li> <p>Claims Settled: ₹5404cr</p> </li> <li> <p>Commission: ₹1112cr</p> </li> <li> <p>Operating Expense: ₹1298cr</p> </li> <li> <p>Operating Income: ₹185cr</p> </li> </ul> <p><strong>FY24:</strong></p> <ul data-spread="false"> <li> <p>Revenue from Insurance: ₹7384cr</p> </li> <li> <p>Claims Settled: ₹5158cr</p> </li> <li> <p>Commission: ₹877cr</p> </li> <li> <p>Operating Expense: ₹1348cr</p> </li> <li> <p>Operating Income: ₹0.25 cr</p> </li> </ul> <p><strong>Insight:</strong> Increased revenue and prudent claims management contributed to operational profitability.</p> <div><hr /></div> <h3>D) Balance Sheet Strength</h3> <ul data-spread="false"> <li> <p><strong>Net Worth:</strong> ₹3,429 crore (+10.2% YoY)</p> </li> <li> <p><strong>Solvency Ratio:</strong> 159% (Above 150% regulatory norm)</p> </li> </ul> <p><strong>Insight:</strong> The insurer has maintained a solid balance sheet, ensuring regulatory compliance and investor confidence.</p> <div><hr /></div> <h3>E) Capital Infusion</h3> <ul data-spread="false"> <li> <p>₹100 crore infused by IIHL in May 2025</p> </li> <li> <p>₹300 crore infused during the IBC process</p> </li> <li> <p><strong>Total Capital Raised:</strong> ₹400 crore</p> </li> </ul> <p><strong>Insight:</strong> These capital infusions have significantly improved solvency metrics and operating stability.</p> <div><hr /></div> <h3>F) Ownership Transition</h3> <ul data-spread="false"> <li> <p><strong>Acquired by:</strong> IIHL (Hinduja Group) in March 2025</p> </li> <li> <p><strong>Context:</strong> Post 3-year insolvency resolution via IBC</p> </li> <li> <p><strong>Current Holding Company:</strong> Industrial International Holdings Ltd</p> </li> </ul> <p><strong>Insight:</strong> The acquisition has brought in strategic direction and long-term capital to fuel growth.</p> <div><hr /></div> <h3>Final Takeaway</h3> <p>Reliance General Insurance's FY25 performance demonstrates a successful turnaround, driven by strategic ownership transition, disciplined underwriting, and strong financial fundamentals. With profitability rising, premium collections beating industry average, and a robust solvency buffer, the company is well-poised for sustainable long-term growth.</p>
<p>India’s premier stock exchange, the National Stock Exchange (NSE), has proposed a record settlement of $118 million to the Securities and Exchange Board of India (SEBI) in an attempt to resolve lingering regulatory disputes. This bold move is expected to unlock its stalled Initial Public Offering (IPO) plans, according to a source closely involved in the talks.</p> <p><strong>1. SEBI’s Deliberation in Progress</strong><br />SEBI is currently reviewing the proposal, and a decision is anticipated soon. Although the regulator hasn’t officially commented, insiders suggest that SEBI is leaning toward accepting the offer. If approved, NSE would receive a no-objection certificate — a crucial prerequisite for any company planning to go public in India.</p> <p><strong>2. Regulatory Roadblocks Since 2015</strong><br />NSE’s IPO journey has been delayed since 2015 due to allegations involving unfair access to its co-location servers by a few high-frequency trading firms. These violations led SEBI to shelve the IPO in 2016 and impose a six-month market access ban on the exchange, further complicating its capital market ambitions.</p> <p><strong>3. Partial Settlements Already Made</strong><br />This is not the first time NSE has made amends. In October, the exchange paid $75 million to settle one of the multiple regulatory cases linked to preferential access. The current $118 million proposal is designed to comprehensively close all outstanding issues with the regulator.</p> <p><strong>4. Leadership and Regulatory Engagement</strong><br />Momentum for a resolution picked up after SEBI’s newly appointed chairman, Tuhin Kanta Pandey, confirmed that the regulator is working collaboratively with NSE to address the bottlenecks affecting its IPO. His statement last week sparked renewed optimism around the long-delayed listing.</p> <p><strong>5. CEO Confirms Outstanding Issues</strong><br />During its recent earnings call, NSE CEO Ashish Kumar Chauhan disclosed that SEBI had flagged four pending concerns, including unresolved legal matters. He reiterated the exchange’s commitment to resolve these quickly and meet regulatory expectations in full.</p> <p><strong>6. Investor Confidence Remains Strong</strong><br />Despite the regulatory hurdles, investor confidence in NSE remains unshaken. With heavyweight backers like Life Insurance Corporation of India and the Canada Pension Plan Investment Board, the exchange has seen its private market valuation jump from $36 billion to $50 billion over recent months.</p> <p><strong>7. New Investment Vehicles Eyeing NSE</strong><br />Reflecting this bullish sentiment, US-based Drew Investments is reportedly creating a special purpose vehicle (SPV) to invest in NSE shares, pricing them in the range of ₹1,550 to ₹1,700 per share (approximately $18.50 to $20.20 per share). This move suggests strong investor anticipation for the exchange’s eventual public debut.</p> <p><strong>8. Final Word: Listing Path Hinges on SEBI’s Nod</strong><br />As SEBI prepares to deliver its verdict, the fate of India’s largest exchange IPO hangs in the balance. A favorable decision would mark the end of nearly a decade-long regulatory standoff and could usher NSE into the capital markets with full investor backing and renewed credibility.</p>
<p data-pm-slice="1 1 []">The National Commodity & Derivatives Exchange (NCDEX), India’s leading agri-commodity exchange, has released its consolidated financial results for FY25. On the surface, the reported net profit of ₹234 crore may look encouraging for investors exploring opportunities in the unlisted space. However, a closer analysis reveals that this impressive number is not a reflection of operational excellence but rather a result of one-time exceptional gains from asset divestments.</p> <h3>Operational Weakness Persists</h3> <p>In FY25, NCDEX reported revenue from operations of ₹122 crore, down from ₹136 crore in FY24. This 10% decline highlights the exchange's ongoing struggle to:</p> <ul data-spread="false"> <li> <p>Attract meaningful trading volumes,</p> </li> <li> <p>Compete effectively with MCX in the commodity derivatives market, and</p> </li> <li> <p>Deepen participation from both institutional and retail investors.</p> </li> </ul> <p>Despite continued investments in new contracts and technology, NCDEX’s revenue base remains fragile. The weak market depth and limited product traction have restrained the platform’s ability to scale sustainably.</p> <h3>Reported Profit Driven by One-Time Gains</h3> <p>The net profit of ₹234 crore in FY25 was not earned through core operations but was generated through the sale of strategic investments. Two major divestments during the year included:</p> <h4>a) National E-Repository Ltd (NERL)</h4> <ul data-spread="false"> <li> <p><strong>Stake Sold</strong>: 16.22%</p> </li> <li> <p><strong>Shares Sold</strong>: 1,31,41,000</p> </li> <li> <p><strong>Amount Realised</strong>: ₹27 crore</p> </li> <li> <p><strong>Per Share Sale Price</strong>: ₹20.54</p> </li> <li> <p><strong>Current Unlisted Market Price</strong>: ₹56</p> </li> </ul> <p><strong>NERL Business Model</strong>: NERL is one of two licensed electronic repositories under WDRA. It facilitates electronic Negotiable Warehouse Receipts (eNWRs), digitizing agri-commodity storage and trade. NERL earns through storage registry fees and integrations with exchanges and stakeholders in the agri-market ecosystem.</p> <p><strong>Valuation Insight</strong>: The divestment was carried out at less than 40% of the prevailing unlisted market price, raising questions about value realization for NCDEX shareholders.</p> <h4>b) Power Exchange India Ltd (PXIL)</h4> <ul data-spread="false"> <li> <p><strong>Stake Sold</strong>: 16.01%</p> </li> <li> <p><strong>Shares Sold</strong>: 93,63,287</p> </li> <li> <p><strong>Amount Realised</strong>: ₹156 crore</p> </li> <li> <p><strong>Per Share Sale Price</strong>: ₹166.58</p> </li> <li> <p><strong>Recent Funding Price</strong>: ₹265</p> </li> <li> <p><strong>Current Unlisted Market Price</strong>: ₹345</p> </li> </ul> <p><strong>PXIL Business Model</strong>: PXIL is one of two licensed power exchanges in India. It facilitates trading of Day-Ahead Markets (DAM), Term-Ahead Contracts, and Renewable Energy Certificates (RECs).</p> <p><strong>Recent Institutional Investment</strong>: Notably, Norwest Venture Partners recently acquired a 5% stake in PXIL, reinforcing the institutional faith in India’s clean energy infrastructure and the rising relevance of transparent, technology-driven power markets.</p> <p><strong>Valuation Insight</strong>: NCDEX exited at a price far below the recent funding round and unlisted market levels, indicating a significant discount in valuation.</p> <h3>The Bigger Picture</h3> <p>While NCDEX has managed to post a headline profit, the performance of its core trading platform continues to deteriorate. Without the one-time exceptional items, NCDEX would have recorded a significant operational loss in FY25.</p> <p>Moreover, the sale of high-potential assets like NERL and PXIL, both aligned with long-term structural trends in AgriTech and Clean Energy, may weaken NCDEX’s future growth prospects and strategic positioning.</p> <h3>Final Take: A Value Trap in Disguise?</h3> <p>For investors in the unlisted space, NCDEX’s FY25 numbers should be read with caution. The apparent profitability masks fundamental issues in the exchange's operational performance. Divestments at undervalued prices might offer temporary relief but do little to build long-term shareholder value.</p> <p>Until core trading volumes revive and deeper structural reforms are undertaken, NCDEX risks being a value trap disguised as a turnaround.</p>
<p>Sterlite Electric Ltd, previously known as Sterlite Power Transmission Limited, has concluded FY'25 on a high note by securing orders worth ₹2,400 crore in the fourth quarter alone — the highest for any quarter during the fiscal year. This milestone brings the company’s total order book for FY'25 to a robust ₹7,500 crore, underscoring its growing dominance in the transmission infrastructure segment, both within India and in international markets.</p> <p><strong>1. Diverse Portfolio Fuels Growth</strong></p> <p>The company’s latest wins span across high-performance conductors, power cables, Optical Ground Wire (OPGW), and cutting-edge EPC services. Sterlite Electric has placed strong emphasis on projects that support India’s push toward green energy transmission, while also making strategic gains in global markets such as the Americas, European Union, Africa, and the Middle East.</p> <p><strong>2. CEO Highlights Global Demand Surge</strong></p> <p>Reshu Madan, CEO of Sterlite Electric Ltd, expressed pride in the Q4 performance, calling it a reflection of the rising global demand for sustainable transmission infrastructure. “Sterlite Electric remains at the forefront of enabling renewable energy integration into power grids. Our presence is expanding globally, reinforcing our role as a reliable partner for energy players worldwide,” he stated.</p> <p><strong>3. High-Performance Conductors & OPGW: Strong Traction</strong></p> <p>In its High-Performance Conductors and OPGW verticals, Sterlite Electric landed key orders for TBCB projects and EPC conductor supply linked to renewable energy evacuation. There has also been sustained demand for 96F and 144F OPGW cables from PGCIL and various state utilities. On the international front, the OPGW segment has gained significant ground in Europe and the Middle East.</p> <p><strong>4. Power Cable Business Grows Across Categories</strong></p> <p>The Power Cables division continued its momentum with contracts in MV, HV, and EHV segments from metro projects, Discoms, state-run utilities, and power producers. The company also made inroads in Southeast Asia with a 132 kV smart cable project, while expanding its base in Africa and Asia with repeat orders — including a landmark 220 kV smart cable order from India’s top private power distributor.</p> <p><strong>5. Advanced EPC Services Fuel Innovation</strong></p> <p>Sterlite Electric’s Specialized EPC Services division bagged contracts from top state utilities to upgrade and reconductor transmission lines using advanced ACCC technology. These projects not only enhance capacity but also support India’s broader push toward a low-carbon power sector, reflecting Sterlite’s commitment to innovation-driven energy transition.</p> <p><strong>6. Global Vision, Local Impact</strong></p> <p>The company’s sustained performance and strategic order wins underline its commitment to providing integrated, technologically advanced solutions for a decarbonizing world. Sterlite Electric's ability to scale sustainable power infrastructure positions it as a pivotal player in India's clean energy ambitions and the global transmission landscape.</p>
<p>SEBI Chairman Tuhin Kanta Pandey has indicated that the long-pending initial public offering (IPO) of the National Stock Exchange (NSE) is finally on a path toward resolution. Speaking at the ASSOCHAM 16th Capital Market Conference on May 22, Pandey stated that the outstanding concerns are being actively addressed and a formal nod is likely soon. “We will go ahead with it shortly,” he affirmed, underlining the regulator’s confidence in a positive outcome.</p> <p><strong>1. NSE-SEBI Engagement Gathers Momentum</strong><br />When probed about the IPO timeline, Pandey noted that both SEBI and NSE are in advanced stages of discussions, resolving key concerns collaboratively. “They are working through the issues. I am hopeful this will be resolved soon so we can move forward,” he said, reinforcing hopes of a long-awaited breakthrough in the IPO journey of one of India’s most prominent financial institutions.</p> <p><strong>2. Multiple Hurdles Addressed Over the Years</strong><br />This is not the first time NSE has sought clearance from SEBI for its public listing. The exchange submitted its IPO prospectus back in December 2016. Since then, NSE has repeatedly reached out to the regulator seeking a No Objection Certificate (NOC), with earlier requests made in November 2019, twice during 2020, and again in August 2024. Each of these attempts faced regulatory hurdles, delaying the process.</p> <p><strong>3. Fresh Response to SEBI Observations</strong><br />In March this year, NSE submitted another formal request for an NOC, addressing previous concerns raised by SEBI in February. These included matters related to technology systems, governance structures, the role and remuneration of key management personnel (KMP), the ownership and operations of the clearing corporation, and unresolved legal issues, particularly the infamous co-location case.</p> <p><strong>4. Co-location Case No Longer a Major Obstacle</strong><br />One of the most significant challenges in NSE’s IPO journey has been the co-location controversy, which raised serious questions about the exchange's governance practices. However, SEBI has recently closed proceedings against former NSE officials involved in the matter. This regulatory development has significantly eased the path for NSE’s listing efforts.</p> <p><strong>5. Investor Base Hits Landmark Milestone</strong><br />The NSE recently surpassed a major milestone, with its shareholder count crossing the one lakh mark. This makes it one of the largest unlisted companies in India in terms of investor participation. Interestingly, this figure outpaces the investor base of many already-listed companies, further highlighting the market's growing interest in NSE's eventual public debut.</p> <p><strong>6. IPO Prospects and Market Impact</strong><br />NSE’s initial IPO plan, filed with SEBI in 2016, targeted a fundraise of approximately ₹10,000 crore. The stock exchange remains highly sought after in the unlisted market, with its shares actively traded in the grey market. Once listed, NSE will follow in the footsteps of its main rival, BSE (Bombay Stock Exchange), which went public in 2017 and became India’s first listed stock exchange.</p> <p><strong>Final Word: IPO Roadmap Close to Clarity</strong><br />According to Pandey, SEBI and NSE are on track to finalize a roadmap that resolves lingering concerns. Discussions around technology, governance, ownership patterns, and litigation appear to be progressing positively. With momentum picking up and confidence building among stakeholders, the long-delayed NSE IPO seems finally poised to become a reality in the near future.</p>
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