Blogs, insights, guides and videos on India's unlisted market — all in one place.
<h2><strong>Introduction</strong></h2> <p>The National Commodity & Derivatives Exchange Limited (NCDEX) has experienced substantial changes in its shareholding structure from March 31, 2024, to March 31, 2025. The surge in retail investors, the exit of venture capital funds, and several notable shifts in corporate and individual shareholder bases are key highlights. Additionally, a strategic investment from Share India Securities demonstrates growing confidence in NCDEX Unlisted Shares.</p> <h3>1. <strong>A Surge in Shareholders: From 25 to 7,563</strong></h3> <p>The number of shareholders in NCDEX Unlisted Shares has seen a dramatic increase, reflecting growing interest in commodity trading.</p> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755681234.jpg" alt="" width="60%" /></p> <p>This rise is largely driven by retail investors becoming more active in the market.</p> <h3>2. <strong>Retail Investors: A Massive Influx</strong></h3> <p>Retail investor participation has surged significantly, with thousands of small investors joining the market.</p> <p>This dramatic rise highlights the increasing appeal of NCDEX Unlisted Shares to smaller investors seeking to diversify their portfolios.</p> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755681294.jpg" alt="" width="60%" height="60%" /></p> <h3>3. <strong>Exit of Venture Capital Funds</strong></h3> <p>Venture capital funds have completely exited their holdings in NCDEX, marking a shift in the investor base.</p> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755682238.jpg" alt="" width="60%" height="60%" /></p> <p>The exit likely reflects a shift in institutional focus, with retail investors stepping in to fill the void. </p> <h3>4. <strong>Significant Sales by Individual and Corporate Shareholders</strong></h3> <p>Several large shareholders have reduced or sold portions of their holdings:</p> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755681553.jpg" alt="" width="60%" height="60%" /></p> <p>These sales could indicate concerns about the exchange's future growth prospects or may be part of strategic exits.</p> <h3>5. <strong>New Entrants and Corporate Expansion</strong></h3> <p>The shareholding pattern reveals significant interest from corporate investors and new individuals:</p> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755682054.jpg" alt="" width="60%" height="60%" /></p> <p>These new entrants suggest that corporate players are increasingly eyeing NCDEX Unlisted Shares.</p> <h3>6. <strong>Stability Among Institutional Shareholders</strong></h3> <p>Institutional investors have maintained their stakes, signaling continued confidence in NCDEX:</p> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755682076.jpg" alt="" width="60%" height="60%" /></p> <p>The stability among institutional investors underscores a positive outlook for NCDEX’s future growth.</p> <h3>7. <strong>Strategic Investment by Share India Securities</strong></h3> <p>Share India Securities has made a significant investment of ₹280 million (approximately ₹28 Cr) in NCDEX Unlisted Shares at ₹197 per share. This strategic move by a reputable financial entity is expected to drive increased interest from both retail and institutional investors.</p> <h3><strong>Conclusion: NCDEX’s Evolving Shareholding Landscape</strong></h3> <p>The changes in NCDEX's shareholder base reflect a transformation in ownership. While venture capital funds and large individual investors have reduced their stakes, the rise in retail investors and strategic backing from Share India Securities indicate a positive future for the exchange. Corporate investors such as Haldiram, along with stable institutional support, reinforce confidence in NCDEX’s long-term potential. With rising retail participation, NCDEX Unlisted Shares remain an attractive investment opportunity, indicating promising growth ahead.</p>
<p><strong>Bengaluru-based seafood exporter Captain Fresh (Infifresh Foods)</strong> is gearing up to raise <strong>₹1,700 crore (~$200 million)</strong> through a <strong>fresh issue of shares</strong> in its forthcoming <strong>Initial Public Offering (IPO)</strong>. This move positions Captain Fresh among a growing list of <strong>B2B startups making their way to Indian stock markets</strong>, alongside peers like Zetwerk and Infra.Market.</p> <h2>A) Company Overview</h2> <ul data-spread="false"> <li> <p><strong>Incorporated:</strong> 2020, Bengaluru</p> </li> <li> <p><strong>Founder:</strong> Utham Gowda</p> </li> <li> <p><strong>Business Model:</strong> Technology-driven B2B platform for packaged seafood exports</p> </li> <li> <p><strong>Markets Served:</strong> India, Middle East, Europe, United States</p> </li> </ul> <p>Captain Fresh leverages a digital-first platform to streamline the seafood supply chain, linking Indian producers with domestic and global buyers. By focusing on efficiency, scale, and traceability, the company has rapidly carved out a niche in the packaged seafood export market.</p> <h2>B) Pre-IPO Fundraising</h2> <p>In <strong>January 2025</strong>, Captain Fresh raised <strong>₹250 crore in a pre-IPO round</strong>, attracting support from leading global and strategic investors such as:</p> <ul data-spread="false"> <li> <p><strong>Prosus Ventures</strong></p> </li> <li> <p><strong>Accel</strong></p> </li> <li> <p><strong>Tiger Global</strong></p> </li> <li> <p><strong>Strategic investors</strong> including Swiggy co-founder <strong>Sriharsha Majety</strong>, India Equity Partners’ chairman <strong>Sid Khanna</strong>, and <strong>Sunjay Kapur</strong> of Sona Comstar</p> </li> </ul> <p>The participation of such marquee names underscores <strong>strong investor confidence</strong> in the company’s growth trajectory and international scalability.</p> <h2>C) Financial Performance</h2> <ul data-spread="false"> <li> <p><strong>FY24 Operating Revenue:</strong> ₹1,395 crore (<strong>71% YoY growth</strong> from ₹817 crore in FY23)</p> </li> <li> <p><strong>Net Loss:</strong> Reduced to ₹229 crore in FY24 from ₹294 crore in FY23</p> </li> <li> <p><strong>Growth Drivers:</strong> Rising seafood demand in international markets such as the Middle East, Europe, and the US</p> </li> </ul> <p>Although the company remains loss-making, its <strong>robust revenue growth</strong> and <strong>narrowing losses</strong> signal improving operational leverage and a pathway toward long-term profitability.</p> <h2>D) IPO Details</h2> <ul data-spread="false"> <li> <p><strong>IPO Size:</strong> ₹1,700 crore</p> </li> <li> <p><strong>Type of Issue:</strong> 100% fresh equity issuance (no Offer-for-Sale component)</p> </li> <li> <p><strong>Objective of Fundraising:</strong> Expected to fuel business expansion, strengthen the supply chain, and enhance international market presence</p> </li> <li> <p><strong>Regulatory Status:</strong> Board approval secured; filings made with the Registrar of Companies</p> </li> </ul> <h2>E) Why This IPO Matters</h2> <p>Captain Fresh’s IPO is noteworthy for several reasons:</p> <ul data-spread="false"> <li> <p>It highlights the <strong>increasing maturity of India’s B2B startup ecosystem</strong>, with more companies accessing public markets.</p> </li> <li> <p>The company has demonstrated <strong>consistent revenue acceleration</strong> coupled with financial discipline.</p> </li> <li> <p>With a <strong>scalable model</strong> and diversified international demand, the growth potential in the packaged seafood sector remains substantial.</p> </li> </ul> <h2>Conclusion</h2> <p>While Captain Fresh is still in the red, the combination of <strong>high growth, marquee investor backing, and strategic global reach</strong> makes this IPO a compelling development for investors tracking India’s startup ecosystem. Market participants will closely observe how effectively the company deploys the ₹1,700 crore to achieve sustainable profitability.</p> <p><strong>Captain Fresh’s listing is not just an IPO — it is a signal of India’s rising influence in global B2B trade, powered by technology and innovation.</strong></p> <h3>Disclaimer</h3> <p>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 risks including illiquidity and volatility. UnlistedZone does not assure returns or accept liability for investment outcomes based on this report.</p>
<h2><strong>Company Overview</strong></h2> <p>Frick India Limited, incorporated in 1962 in collaboration with Frick Company USA, has grown into one of India’s largest equipment manufacturers and turnkey solution providers for industrial refrigeration and air-conditioning. With over 50 years of expertise, the company offers energy-efficient refrigeration systems, exports to 45+ countries, and operates from a 22-acre complex in Faridabad (Haryana). Its portfolio includes compressors, condensers, air handling units, ice-making equipment, blast freezers, chillers, and PUF panels. Additionally, Frick India provides single-source turnkey responsibility for refrigeration and air-conditioning projects and offers advanced solutions like the Frick India Energy Management System (FEMS).</p> <h2><strong>A) Financial Performance – Q1 FY26 vs Q4 FY25 & FY25</strong></h2> <p><strong><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755599739.jpg" alt="" width="800" height="674" /></strong></p> <h2><strong>B) Quarterly Analysis (Q1 FY26 vs Q4 FY25)</strong></h2> <ul data-spread="false"> <li> <p><strong>Revenue</strong> saw a significant decline from ₹136 Cr in Q4 FY25 to ₹75 Cr in Q1 FY26, reflecting seasonality and softer demand in the opening quarter.</p> </li> <li> <p><strong>EBITDA</strong> dropped sharply to ₹5 Cr (7% margin) compared to ₹18 Cr (13% margin) in the previous quarter, largely due to lower absorption of fixed costs on reduced revenues.</p> </li> <li> <p><strong>Profitability</strong> took a hit with PAT at just ₹3 Cr vs ₹12 Cr in Q4, pushing margins down to 3% from 9%. EPS also fell from ₹20.22 to ₹4.19.</p> </li> </ul> <h2><strong>C) Annual Comparison (Q1 FY26 vs FY25 Average)</strong></h2> <ul data-spread="false"> <li> <p>The company posted <strong>₹437 Cr revenue in FY25</strong>, with an <strong>EBITDA of ₹52 Cr</strong> (12% margin) and <strong>PAT of ₹35 Cr</strong> (8% margin).</p> </li> <li> <p>The Q1 FY26 performance, though weak, represents a softer start but may stabilize in subsequent quarters given the seasonal nature of refrigeration and project-based revenue cycles.</p> </li> </ul> <h2><strong>D) Key Takeaways for Investors</strong></h2> <ol start="1" data-spread="false"> <li> <p><strong>Seasonal Business Impact</strong> – Q1 generally tends to be weaker for capital goods and refrigeration players, with stronger traction expected in upcoming quarters.</p> </li> <li> <p><strong>Profitability Pressure</strong> – EBITDA and PAT margins have compressed sharply due to lower volumes, highlighting sensitivity to revenue fluctuations.</p> </li> <li> <p><strong>Exports & Turnkey Projects</strong> – With 45+ countries in its portfolio, international orders can be a key driver of growth in FY26.</p> </li> <li> <p><strong>Strong Legacy & Diversification</strong> – Despite quarterly volatility, Frick India maintains a strong product portfolio with long-term demand visibility in industrial refrigeration and cold-chain infrastructure.</p> </li> </ol> <p><strong>UnlistedZone View</strong><br />Frick India’s Q1 FY26 results reflect a weak start with margin compression and declining profitability. However, considering the company’s long-standing industry leadership, strong order book potential, and diversified presence across domestic and international markets, medium-to-long-term prospects remain intact. Investors in unlisted shares should closely monitor the upcoming quarters to see if the company regains profitability momentum and sustains healthy margins as seen in FY25.</p> <h3>Disclaimer : </h3> <p>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.</p>
<p>The Securities and Exchange Board of India (SEBI) has proposed major reforms to simplify IPO rules for India’s largest companies. These changes aim to make the Indian market more attractive for mega-unicorns and conglomerates, while also ensuring market stability and investor protection.</p> <h2>A) Key Highlights of the Proposal</h2> <h3>1. Revised IPO Size Requirements</h3> <ul data-spread="false"> <li> <p><strong>₹50,000 crore+ market cap companies</strong>: Minimum IPO dilution cut from <strong>10% to 8%</strong>.</p> </li> <li> <p><strong>₹1 lakh crore+ companies</strong>: Dilution requirement reduced from <strong>5–6% to 2.75%</strong>.</p> </li> <li> <p><strong>₹2 lakh crore+ mega-companies</strong>: Minimum dilution capped at <strong>2.5%</strong>.</p> </li> </ul> <h3>2. Extended Minimum Public Shareholding (MPS) Timeline</h3> <ul data-spread="false"> <li> <p><strong>₹50,000 crore+ firms</strong>: Timeline for achieving 25% public float extended from <strong>3 years to 5 years</strong>.</p> </li> <li> <p><strong>₹1 lakh crore+ companies</strong>: Extra flexibility if IPO float is under 15% at listing.</p> </li> <li> <p><strong>Phased dilution</strong>: Allowed to prevent sudden share oversupply in markets.</p> </li> </ul> <h2>B) Why SEBI is Making These Changes</h2> <ul data-spread="false"> <li> <p><strong>Market Stability</strong>: Avoids flooding the market with shares that could hurt valuations.</p> </li> <li> <p><strong>Boost to Domestic IPOs</strong>: Encourages large Indian unicorns (e.g., NSE, Reliance Jio) to list at home instead of abroad.</p> </li> <li> <p><strong>Investor Protection</strong>: Ensures fair balance between corporate fundraising and safeguarding retail investors.</p> </li> </ul> <h2>D) Current vs Proposed Rules</h2> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755597629.jpg" alt="" width="800" height="747" /></p> <h2> Impact on the Industry</h2> <ul data-spread="false"> <li> <p><strong>For Companies</strong>: Eases pressure on large unlisted firms, making IPOs more viable.</p> </li> <li> <p><strong>For Markets</strong>: Supports smoother price action post-listing.</p> </li> <li> <p><strong>For Investors</strong>: Opens the door for blockbuster IPOs to stay in India.</p> </li> </ul> <h2>Expert View</h2> <blockquote> <p>“This recognizes the unique challenges of large-cap listings. The phased approach allows companies to raise capital without flooding the market.”</p> <p>— <em>Arka Mookerjee, Partner, JSA Advocates</em></p> </blockquote> <h3> Last Proposal Rules :</h3> <p>Under the <strong>2021 IPO rules</strong>, SEBI required:</p> <ul data-spread="false"> <li> <p>5% minimum IPO size for ₹1 lakh crore+ firms.</p> </li> <li> <p>25% public shareholding within 5 years of listing.</p> </li> </ul> <p>The latest discussion paper revises these norms and is open for **public comments until date.</p> <h2> E) Why This Matters for Investors</h2> <ul data-spread="false"> <li> <p>Expect <strong>more big-ticket IPOs</strong> in Indian markets.</p> </li> <li> <p>Reduced risk of <strong>post-listing price crashes</strong> due to controlled share supply.</p> </li> <li> <p>Balanced framework that supports both <strong>corporate growth</strong> and <strong>market confidence</strong>.</p> </li> </ul> <p> </p> <p><strong>Sources:</strong> SEBI Discussion Paper, Economic Times (Aug 2025), Industry Experts</p>
<h3>Company Overview</h3> <p>Studds Accessories Limited, founded in 1972, started its journey by manufacturing helmets in a small garage. Over the decades, it has grown into the <strong>world’s largest two-wheeler helmet manufacturer</strong>, producing more than <strong>7.5 million helmets and motorcycle luggage annually</strong> as of FY 2025.</p> <p>The company holds the <strong>unique distinction of being the only Indian helmet manufacturer with a European Safety Agency-certified lab</strong>, underscoring its commitment to global safety standards.</p> <h3>A) Operations & Market Reach</h3> <ul data-spread="false"> <li> <p><strong>Headquarters</strong>: Faridabad, India</p> </li> <li> <p><strong>Manufacturing Facilities</strong>: 4 state-of-the-art plants</p> </li> <li> <p><strong>Product Portfolio</strong>: 50+ products across 4 key verticals:</p> <ul data-spread="false"> <li> <p>Helmets</p> </li> <li> <p>Motorcycle Accessories</p> </li> <li> <p>Face Shields & Masks</p> </li> <li> <p>Bicycle Helmets</p> </li> </ul> </li> <li> <p><strong>Domestic Market Share</strong>: 27.4% in India</p> </li> <li> <p><strong>Global Footprint</strong>: Exports to 70+ countries worldwide</p> </li> </ul> <p>With a legacy of over <strong>52 years in safety gear manufacturing</strong>, Studds benefits from a robust dealer network and advanced R&D capabilities.</p> <h3>B) Financial Performance (₹ in Crores)</h3> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755604788.jpg" alt="" width="800" height="614" /></p> <p>📈 Studds reported a <strong>10% increase in revenue</strong> and a <strong>23% rise in net profit (PAT)</strong> in FY25 compared to FY24. This growth reflects not only strong demand for helmets and accessories but also better cost management, which led to margin expansion (EBITDA margin improved from 18% to 20%). EPS also rose to ₹17.7 from ₹14.54, showing stronger value creation for shareholders.</p> <h3>C) Ratio Analysis</h3> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755604886.jpg" alt="" width="800" height="364" /></p> <p>The ratios indicate <strong>healthy liquidity</strong> (Current Ratio 2.55), negligible debt (D/E 0.01), and steady improvement in margins. Both ROE and ROCE strengthened, reflecting higher profitability and efficient capital usage. These trends highlight Studds’ strong financial resilience and ability to sustain growth with minimal leverage.</p> <h3>D) Cash Flow Analysis (₹ in Crores)</h3> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755604939.jpg" alt="" width="800" height="306" /></p> <p> While operating cash flows fell slightly due to higher working capital requirements, the company increased its investment spending significantly (₹49 Cr vs ₹18 Cr), indicating capacity expansion and R&D initiatives. Financing outflows reduced, suggesting lower debt repayments compared to last year. Overall, Studds maintained a positive net cash flow.</p> <h3>E) Investment Outlook for Unlisted Investors</h3> <p>Studds Accessories Limited showcases a strong growth trajectory, backed by:</p> <ul data-spread="false"> <li> <p>Leadership position in the helmet industry (domestic & global)</p> </li> <li> <p>Rising exports contributing to diversification</p> </li> <li> <p>Expanding margins and efficient capital structure</p> </li> <li> <p>Strong dealer network and brand recognition</p> </li> </ul> <p>With improved profitability, low leverage, and consistent demand for two-wheeler safety gear, <strong>Studds unlisted shares present an attractive investment opportunity</strong> for long-term investors.</p> <p>Stay updated with UnlistedZone for more insights on Studds Accessories Limited and other unlisted market opportunities.</p> <h3>Disclaimer :</h3> <p>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.</p>
<p>Bira’s parent company B9 Beverages Limited is gearing up for a major financial reshuffle in its upcoming EGM. From reclassifying share capital to paying BCG via debentures, raising funds through OCDs, and converting ₹100 Cr debt into equity — this move could strengthen the balance sheet. 👉 Will execution make this restructuring sustainable? Is this a key step toward Bira’s IPO journey?</p>
<p>Tata Capital, the financial services arm of the Tata Group, has consistently positioned itself as one of India’s leading diversified financial services companies. With offerings spanning retail, corporate, and infrastructure financing, as well as wealth management and advisory solutions, Tata Capital plays a pivotal role in India’s growing credit ecosystem. Its focus on customer-centric financial products, strong risk management, and backing of the Tata brand has enabled it to scale across market cycles.</p> <h3>Q1 FY26 Performance Highlights</h3> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755521302.jpg" alt="" width="800" height="673" /></p> <p>Tata Capital has delivered a robust performance in the first quarter of FY26, reflecting steady loan growth, efficient cost management, and strong profitability. Below is a snapshot of the company’s financials:</p> <h3>Key Takeaways for Investors</h3> <ol start="1" data-spread="true"> <li> <p><strong>Revenue Momentum:</strong> Revenue from operations stood at ₹7,665 crore in Q1 FY26, up from ₹6,546 crore in Q1 FY25 – an impressive <strong>17% YoY growth</strong>.</p> </li> <li> <p><strong>Profitability Surge:</strong> PAT came in at ₹1,041 crore, more than <strong>doubling YoY</strong> from ₹472 crore in Q1 FY25. PAT margins expanded significantly from 7% last year to 14% this quarter.</p> </li> <li> <p><strong>Stable Net Interest Income (NII):</strong> NII was at ₹2,866 crore compared to ₹2,454 crore in Q1 FY25, reflecting healthy loan book growth and interest spreads, though slightly lower than the previous quarter due to interest cost pressure.</p> </li> <li> <p><strong>Provisions Under Control:</strong> Provisions stood at ₹909 crore, lower than last year’s ₹960 crore, showing improved asset quality and effective credit monitoring.</p> </li> <li> <p><strong>Operational Efficiency:</strong> Operating expenses remained well-managed at ₹1,335 crore, down from ₹1,413 crore in Q1 FY25, highlighting cost discipline.</p> </li> </ol> <h3>Investor View</h3> <p>Tata Capital has delivered a strong start to FY26 with solid revenue growth, margin expansion, and improved asset quality. The company’s ability to scale profitably while maintaining risk discipline is encouraging for long-term investors. With India’s credit demand on the rise and Tata Capital’s diversified financial services platform, the outlook remains promising.</p> <p>For investors in the unlisted space, Tata Capital continues to stand out as a high-quality play within the NBFC sector, backed by the trust and governance of the Tata brand.</p> <h3><strong>Disclaimer :</strong></h3> <p>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.</p>
<h1 data-pm-slice="1 1 []"><strong>Introduction</strong></h1> <p>Imagine Marketing Limited, known for its consumer electronics brand <strong>boAt</strong>, was one of the most talked-about startups in India’s D2C space. In 2022, the company was valued at nearly <strong>₹10,000 crore (~$1.2 billion)</strong>, driven by strong growth in audio products and wearables.</p> <p>Fast forward to FY2025, the narrative has shifted. <strong>Revenue has fallen for three consecutive years</strong>, with a steep drop in the wearables segment. As boAt heads toward an IPO, investors face important questions about whether such a valuation can be sustained.</p> <div><strong>A) Financial Performance Snapshot</strong></div> <div> </div> <table> <tbody> <tr> <th style="text-align: center;">Financial Year</th> <th style="text-align: center;">Revenue (₹ Cr)</th> <th style="text-align: center;">PBT (₹ Cr)</th> <th style="text-align: center;">PAT (₹ Cr)</th> <th style="text-align: center;">EPS (₹, fully diluted)</th> </tr> <tr> <td style="text-align: center;">2024-25</td> <td style="text-align: center;">3,089</td> <td style="text-align: center;">83</td> <td style="text-align: center;">64</td> <td style="text-align: center;">4.26</td> </tr> <tr> <td style="text-align: center;">2023-24</td> <td style="text-align: center;">3,121</td> <td style="text-align: center;">-70</td> <td style="text-align: center;">-53</td> <td style="text-align: center;">-3.57</td> </tr> <tr> <td style="text-align: center;">2022-23</td> <td style="text-align: center;">3,284</td> <td style="text-align: center;">-135</td> <td style="text-align: center;">-101</td> <td style="text-align: center;">-10.46</td> </tr> </tbody> </table> <p>Although FY2025 marks a return to profitability, the declining revenue trend remains a red flag.</p> <div><strong>B) Revenue Breakdown: Wearables Dragging Growth</strong></div> <p><strong>By Segment (FY2025 vs FY2024)</strong></p> <ul data-spread="false"> <li> <p>Audio: ₹2,586 crore (up from ₹2,459 crore)</p> </li> <li> <p>Wearables: ₹320 crore (down sharply from ₹536 crore)</p> </li> <li> <p>Others: ₹154 crore (up from ₹105 crore)</p> </li> </ul> <p>The <strong>wearables category declined over 40% YoY</strong>, impacting overall topline momentum.</p> <div><strong>C) Equity Structure and Dilution Risk</strong></div> <p>As of March 31, 2025:</p> <ul data-spread="false"> <li> <p>Equity shares: 9.61 crore</p> </li> <li> <p>Series A CCPS: 5,10,000 shares (1:1 conversion)</p> </li> <li> <p>Series B CCPS: 17,269 shares (convertible into 2000 equity shares each)</p> </li> <li> <p>Series C CCPS: 66,57,791 shares (conversion ratio linked to next funding round)</p> </li> </ul> <p>If Series C converts at even a <strong>1:1 ratio</strong>, total shares could rise to ~14 crore, diluting EPS significantly.</p> <div><strong>D) Valuation Scenarios Based on FY25 PAT of ₹64 Cr</strong></div> <div> </div> <table> <tbody> <tr> <td style="text-align: center;">Share Price (₹)</td> <td style="text-align: center;">Market Cap (₹ Cr)</td> <td style="text-align: center;">P/E Ratio</td> </tr> <tr> <td style="text-align: center;">500</td> <td style="text-align: center;">7,000</td> <td style="text-align: center;">109</td> </tr> <tr> <td style="text-align: center;">700</td> <td style="text-align: center;">9,800</td> <td style="text-align: center;">153</td> </tr> <tr> <td style="text-align: center;">1,000</td> <td style="text-align: center;">14,000</td> <td style="text-align: center;">218</td> </tr> </tbody> </table> <p>Given this, even applying a 60x P/E multiple , the valuation would be around ₹4,000 crore — translating to ~₹300 per share for 14 crore shares.</p> <div><strong>Last Funding Round Price</strong></div> <p>The last funding round was priced at <strong>₹741 per share</strong>. IPO pricing above this will require clear growth visibility and margin improvements.</p> <div><strong>Key Investor Concerns</strong></div> <ul data-spread="false"> <li> <p>Declining revenue for three straight years</p> </li> <li> <p>Sharp slowdown in wearables</p> </li> <li> <p>Dilution risk from Series C CCPS</p> </li> <li> <p>High P/E multiples relative to growth prospects</p> </li> <li> <p>Minimal overseas revenue contribution</p> </li> </ul> <div><strong>Conclusion</strong></div> <p>While boAt has returned to profitability, sustaining its <strong>₹10,000 crore+ valuation</strong> will be difficult without reviving growth, especially in wearables. Investors may demand either a <strong>discount to the last funding round price of ₹741</strong> or strong growth signals before justifying a premium.</p>
<p>Discover UnlistedZone’s latest feature – the FY25 Results Filter! Now you can instantly find companies with updated FY25 financial results without wasting time searching. In this quick demo, we’ll show you how to use the filter, see the latest performers, and make smarter investing decisions in seconds.</p>
<h3>A) Business Model: A Legacy Brewery with Diversified Offerings</h3> <p>Mohan Meakin Limited is one of India’s oldest and most respected beverage companies, tracing its roots back to 1855 with the establishment of a brewery in Kasauli by Edward Dyer. Over the decades, the company evolved through mergers, expansions, and modernizations, eventually emerging as a diversified player in alcoholic beverages, non-alcoholic drinks, and related industries. Its flagship brands such as Old Monk rum, Lion beer, and Solan No. 1 whisky hold iconic status in India and abroad. The company operates a robust manufacturing and distribution network, strategically located to leverage optimal brewing conditions and meet domestic as well as international demand.</p> <h3>B) Q1 FY26 Financial Performance</h3> <p><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1755086315.jpg" alt="" width="600" height="480" /></p> <h3>C) Detailed Key Highlights</h3> <ol start="1" data-spread="true"> <li> <p><strong>Stable Revenue Despite Marginal Decline</strong><br />The company reported total income from operations of ₹319.36 Crore, a slight drop of 0.76% compared to ₹321.80 Crore in Q1 FY25. This indicates resilience in maintaining sales volumes despite seasonal variations in demand.</p> </li> <li> <p><strong>Significant Profitability Growth</strong><br />Net Profit After Tax surged to ₹22.17 Crore, marking a robust 62.14% YoY increase from ₹13.68 Crore . This growth is attributed to cost optimization measures, better production efficiencies, and a favorable product mix.</p> </li> <li> <p><strong>Enhanced Shareholder Returns</strong><br />EPS rose sharply from ₹16.08 in Q1 FY25 to ₹26.06 in Q1 FY26, reflecting strong earnings growth and improved returns for investors.</p> </li> <li> <p><strong>Operational Efficiency Gains</strong><br />Despite a sequential revenue drop from Q4 FY25, the company managed to sustain high margins, highlighting operational discipline and effective cost control strategies.</p> </li> <li> <p><strong>Strong Balance Sheet Position</strong><br />The equity base remains at ₹4.25 Crore with substantial reserves of ₹465.92 Crore, providing financial stability and capacity for future investments.</p> </li> </ol> <h3>D) Historical Legacy and Market Position</h3> <p>With a legacy of over 160 years, Mohan Meakin has navigated multiple market cycles and industry shifts, consistently adapting to consumer preferences. Its heritage brands, coupled with modern manufacturing practices, keep it competitive in both domestic and international markets.</p> <p>For More Information Visit : <a href="https://unlistedzone.com/shares/mohan-meakin-limited-share-price-buy-sell-mohan-meakin-unlisted-shares/">UnlistedZone</a></p> <h3>Conclusion</h3> <p>Mohan Meakin Limited’s Q1 FY26 results showcase a strong start to the fiscal year with significant profitability gains. The company’s focus on cost control, operational efficiency, and brand strength positions it well to capitalize on seasonal demand peaks and sustain long-term growth.</p> <p><strong>Disclaimer:</strong> <em>UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared is solely for educational and informational purposes. This article does not constitute any buy/sell recommendation or financial advice. Investors should conduct their own due diligence or consult a SEBI-registered advisor before making investment decisions. Investments in unlisted and pre-IPO shares are subject to market and liquidity risks.</em></p>
Indicative prices, company research and your enquiries — in your pocket. Get price notes on the names you follow and reach our team from anywhere.
