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<p>PXIL – Power Exchange India Limited – ek aisi company jo shayad headlines mein nahi hai, lekin India ke energy market mein ek silent revolution laane ki kshamta rakhti hai. Iss short mein jaaniye: PXIL ka business model IEX ke mukable mein PXIL kyun piche reh gaya Market decoupling reforms ka kya impact ho sakta hai Aur kyun Poonawalla Group jaise bade investors PXIL mein stake le rahe hain Kya PXIL ek future leader ban sakta hai power exchange market ka? Dekhiye poora video aur comment karke batayein: "PXIL – Follower or Future Leader?"</p>
<h2>A) About the Company</h2> <p><strong>Parry Agro Industries Ltd.</strong>, a Murugappa Group company, is one of India's top producers and exporters of premium orthodox, organic, and CTC teas. Headquartered in Coimbatore, the company owns and operates over <strong>3,200 hectares of tea estates</strong> across Tamil Nadu, Kerala, and Assam.</p> <p>With a strong focus on <strong>sustainability and export-grade quality</strong>, Parry Agro is a trusted supplier of <strong>bulk and specialty teas</strong> to both Indian and global markets — including Europe, North America, and the Middle East.</p> <h2>B) Business Model: How Parry Agro Makes Money</h2> <p>Parry Agro earns revenue primarily from the <strong>cultivation, processing, and export of tea</strong>, with an emphasis on:</p> <ul data-spread="false"> <li> <p><strong>Orthodox, Organic, and CTC Teas</strong>: High-grade and specialty teas grown in high-yield estates.</p> </li> <li> <p><strong>Export Revenue</strong>: A significant share of income is from international markets, offering better pricing and foreign exchange benefits.</p> </li> <li> <p><strong>Sustainable Certifications</strong>: Rainforest Alliance and Trustea certifications help attract ESG-aligned buyers.</p> </li> <li> <p><strong>Diversified Product Streams</strong>: The company reported ₹239.48 Cr revenue from product sales in FY25, which includes:</p> <ul data-spread="false"> <li> <p><strong>Tea</strong>: ₹237.27 Cr (vs. ₹223.83 Cr in FY24)</p> </li> <li> <p><strong>Pepper</strong>: ₹2.20 Cr (vs. ₹1.53 Cr in FY24)</p> </li> </ul> </li> <li> <p><strong>Other Operating Revenue</strong> (₹6.87 Cr in FY25 vs. ₹8.02 Cr in FY24):</p> <ul data-spread="false"> <li> <p>Sale of Tea Waste: ₹2.81 Cr</p> </li> <li> <p>Timber: ₹2.15 Cr</p> </li> <li> <p>Scrap: ₹0.41 Cr</p> </li> <li> <p>Subsidies: ₹0.16 Cr</p> </li> <li> <p>Income from Eco Ops: ₹0.34 Cr</p> </li> <li> <p>Export Benefits: ₹1.00 Cr</p> </li> </ul> </li> <li> <p><strong>Services Income</strong>: ₹2.89 Cr (almost flat YoY)</p> </li> </ul> <p>The company benefits from price premiums due to its <strong>sustainability practices and estate legacy</strong> within the Murugappa Group.</p> <h2>C) Products Offered</h2> <h3>Organic & Orthodox Teas</h3> <p>Parry Agro is a pioneer in organic cultivation using eco-sustainable methods, strict buffer zones, and no synthetic fertilizers. These teas are <strong>NOP and NPOP certified</strong> for export, especially to the US and EU.</p> <h3>Conventional Tea Cultivation</h3> <p>In addition to organic farming, Parry Agro also operates conventional tea estates under <strong>Trustea-compliant models</strong>, ensuring economic, agronomic, and environmental sustainability.</p> <h2>D) Financial Health Snapshot – FY 2025 vs. FY 2024</h2> <h3>1. Balance Sheet Highlights (₹ in Cr)</h3> <table> <tbody> <tr> <th style="text-align: center;">Key Metric</th> <th style="text-align: center;">FY25 (₹ Cr)</th> <th style="text-align: center;">FY24 (₹ Cr)</th> <th style="text-align: center;">Change</th> </tr> <tr> <td style="text-align: center;">Total Assets</td> <td style="text-align: center;">116.93</td> <td style="text-align: center;">113.88</td> <td style="text-align: center;">↑ 2.7%</td> </tr> <tr> <td style="text-align: center;">Fixed Assets</td> <td style="text-align: center;">60.02</td> <td style="text-align: center;">59.32</td> <td style="text-align: center;">↑ 1.2%</td> </tr> <tr> <td style="text-align: center;">Inventories</td> <td style="text-align: center;">32.72</td> <td style="text-align: center;">30.89</td> <td style="text-align: center;">↑ 5.9%</td> </tr> <tr> <td style="text-align: center;">Total Current Liability</td> <td style="text-align: center;">42.13</td> <td style="text-align: center;">41.92</td> <td style="text-align: center;">↑ 0.5%</td> </tr> <tr> <td style="text-align: center;">Debt</td> <td style="text-align: center;">1.95</td> <td style="text-align: center;">2.12</td> <td style="text-align: center;">↓ 8.0%</td> </tr> <tr> <td style="text-align: center;">Total Equity</td> <td style="text-align: center;">68.54</td> <td style="text-align: center;">66.14</td> <td style="text-align: center;">↑ 3.6%</td> </tr> </tbody> </table> <h3>2. P&L Summary (₹ in Cr)</h3> <table> <tbody> <tr> <td style="text-align: center;">Metric</td> <td style="text-align: center;">FY25</td> <td style="text-align: center;">FY24</td> <td style="text-align: center;">Change</td> </tr> <tr> <td style="text-align: center;">Revenue from Operations</td> <td style="text-align: center;">246.35</td> <td style="text-align: center;">233.87</td> <td style="text-align: center;">↑ 5.3%</td> </tr> <tr> <td style="text-align: center;">Total Income</td> <td style="text-align: center;">248.44</td> <td style="text-align: center;">239.67</td> <td style="text-align: center;">↑ 3.7%</td> </tr> <tr> <td style="text-align: center;">Total Expenses</td> <td style="text-align: center;">250.35</td> <td style="text-align: center;">248.28</td> <td style="text-align: center;">↑ 0.8%</td> </tr> <tr> <td style="text-align: center;">Net Profit</td> <td style="text-align: center;">2.39</td> <td style="text-align: center;">-2.97</td> <td style="text-align: center;">Turnaround</td> </tr> <tr> <td style="text-align: center;">EBITDA</td> <td style="text-align: center;">-4.49</td> <td style="text-align: center;">-5.62</td> <td style="text-align: center;">↑ 20.3%</td> </tr> <tr> <td style="text-align: center;">EBITDA Margin</td> <td style="text-align: center;">-1.8%</td> <td style="text-align: center;">-2.4%</td> <td style="text-align: center;">+0.6pp</td> </tr> <tr> <td style="text-align: center;">Net Profit Margin</td> <td style="text-align: center;">1.0%</td> <td style="text-align: center;">-1.3%</td> <td style="text-align: center;">+2.3pp</td> </tr> <tr> <td style="text-align: center;">EPS (Basic)</td> <td style="text-align: center;">-7.24</td> <td style="text-align: center;">-24.30</td> <td style="text-align: center;">↑ 70.2%</td> </tr> </tbody> </table> <h3>3. Cash Flow Analysis (₹ in Cr)</h3> <table> <tbody> <tr> <td style="text-align: center;">Activity</td> <td style="text-align: center;">FY25 (₹ Cr)</td> <td style="text-align: center;">FY24 (₹ Cr)</td> <td style="text-align: center;">Comment</td> </tr> <tr> <td style="text-align: center;">Operating Cash Flow</td> <td style="text-align: center;">+2.39</td> <td style="text-align: center;">-6.85</td> <td style="text-align: center;">Turned positive</td> </tr> <tr> <td style="text-align: center;">Investing Cash Flow</td> <td style="text-align: center;">-1.95</td> <td style="text-align: center;">+8.17</td> <td style="text-align: center;">Capex-led outflow</td> </tr> <tr> <td style="text-align: center;">Net Change in Cash</td> <td style="text-align: center;">+0.40</td> <td style="text-align: center;">-0.40</td> <td style="text-align: center;">Positive swing</td> </tr> </tbody> </table> <h2>E) Valuation Analysis</h2> <table style="width: 18.5047%;"> <tbody> <tr> <td style="width: 47.471%; text-align: center;">Parameter</td> <td style="width: 52.6184%; text-align: center;">Value</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">Price per Share</td> <td style="width: 52.6184%; text-align: center;">₹1,740</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">Book Value</td> <td style="width: 52.6184%; text-align: center;">₹209.62</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">P/B Ratio</td> <td style="width: 52.6184%; text-align: center;">8.3x</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">P/E Ratio</td> <td style="width: 52.6184%; text-align: center;">273.8x</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">ROE</td> <td style="width: 52.6184%; text-align: center;">3.49%</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">Market Cap</td> <td style="width: 52.6184%; text-align: center;">₹654 Cr</td> </tr> <tr> <td style="width: 47.471%; text-align: center;">Debt-to-Equity</td> <td style="width: 52.6184%; text-align: center;">0.03</td> </tr> </tbody> </table> <ul data-spread="false"> <li> <p><strong>P/E Ratio</strong>: Market Cap ₹654 Cr ÷ Net Profit ₹2.39 Cr = <strong>273.8x</strong> — implies very high premium pricing.</p> </li> <li> <p><strong>ROE</strong>: Net Profit ₹2.39 Cr ÷ Equity ₹68.54 Cr = <strong>3.49%</strong> — remains on the lower side.</p> </li> <li> <p><strong>Debt-to-Equity</strong>: ₹1.95 Cr ÷ ₹68.54 Cr = <strong>0.03</strong> — indicates almost debt-free status.</p> </li> </ul> <p>The stock appears <strong>overvalued based on earnings</strong>, but scarcity, group brand, and ESG factors may justify the steep valuation.</p> <h2>F) Investment Rationale</h2> <ul data-spread="false"> <li> <p><strong>Group Backing</strong>: Stable governance as part of the Murugappa Group.</p> </li> <li> <p><strong>Premium Estate Portfolio</strong>: High-yield gardens in regions like Assam, Kerala, and Nilgiris.</p> </li> <li> <p><strong>Export Orientation</strong>: Diversified global markets help de-risk from domestic cycles.</p> </li> <li> <p><strong>Sustainability Advantage</strong>: Certifications boost ESG investment appeal.</p> </li> <li> <p><strong>Favorable Demand Trends</strong>: Rising consumption of premium and organic teas globally.</p> </li> </ul> <h2>Conclusion: On the Road to Recovery?</h2> <p>Despite still being in the red, <strong>Parry Agro Industries Ltd. has demonstrated solid financial improvements in FY25</strong>, including:</p> <ul data-spread="false"> <li> <p>Returned to net profit from prior year losses</p> </li> <li> <p>EBITDA margin improved significantly</p> </li> <li> <p>Operating cash flow turned positive</p> </li> </ul> <p>The business is stabilizing its financials while investing in growth. With a strong brand legacy, sustainable cultivation practices, and improving efficiency, <strong>Parry Agro appears poised for a potential turnaround</strong>, provided macro conditions remain favorable.</p> <h2>Disclaimer:</h2> <p>UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility. UnlistedZone does not guarantee any returns and shall not be held liable for any losses incurred as a result of investment decisions taken based on the information provided.</p> <p> </p>
<p>Once known primarily as a reliable infrastructure provider for India’s telecom sector, <strong>Pace Digitek</strong> is undergoing a <strong>massive transformation</strong>. From laying OFC cables and setting up telecom towers across regions, the company is now gearing up for the <strong>next big leap</strong>—<strong>Battery Energy Storage Systems (BESS)</strong> manufacturing.</p> <p>At the heart of this transformation lies its key subsidiary, <strong>Lineage Powertech Pvt Ltd</strong>, and a new <strong>5 GWh capacity manufacturing facility in Bidadi, Bengaluru</strong>.</p> <div><hr /></div> <h2>A) <strong>The Beginning: A Telecom Backbone Builder</strong></h2> <p>Pace Digitek’s legacy lies in building the invisible backbone of India’s digital economy. From <strong>installation of telecom towers</strong>, <strong>fiber optic cable networks</strong>, to <strong>managed services</strong>, the company has been a silent enabler of India’s 4G and now 5G rollout.</p> <p>But as the <strong>telecom infrastructure sector matures</strong> and growth slows, the company took a bold call—<strong>diversify into green energy</strong>.</p> <div><hr /></div> <h2>B) <strong>The Turning Point: Acquisition of Lineage Powertech</strong></h2> <p>Recognizing the opportunities in clean energy and power storage, Pace Digitek acquired <strong>Lineage Powertech</strong>, a technology firm with focus on energy systems. This acquisition paved the way for entering the <strong>Battery Energy Storage Systems (BESS)</strong> segment—a high-growth sector expected to expand at <strong>25–30% CAGR</strong> globally.</p> <div><hr /></div> <h2>C) <strong>5 GWh BESS Manufacturing Facility – A Game Changer</strong></h2> <p>In April 2025, <strong>Lineage commissioned its 5 GWh BESS manufacturing plant in Bidadi, Karnataka</strong>.</p> <p>This facility is designed to produce:</p> <table style="width: 101.026%;"> <tbody> <tr> <th style="text-align: center; width: 29.8547%;">Component</th> <th style="text-align: center; width: 34.3895%;">Type</th> <th style="text-align: center; width: 35.6492%;">In-house / Outsourced</th> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Battery Packs</strong></td> <td style="text-align: center; width: 34.3895%;">LFP and NMC chemistries</td> <td style="text-align: center; width: 35.6492%;">✅ In-house</td> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Battery Management Systems</strong></td> <td style="text-align: center; width: 34.3895%;">Monitoring, protection, communication</td> <td style="text-align: center; width: 35.6492%;">✅ Integration In-house; sourcing chips</td> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Containerized BESS Units</strong></td> <td style="text-align: center; width: 34.3895%;">50kWh to 1MWh scalable systems</td> <td style="text-align: center; width: 35.6492%;">✅ In-house design</td> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Thermal Management Systems</strong></td> <td style="text-align: center; width: 34.3895%;">Cooling, ventilation</td> <td style="text-align: center; width: 35.6492%;">✅ Integrated with external parts</td> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Battery Cells</strong></td> <td style="text-align: center; width: 34.3895%;">Lithium-ion based</td> <td style="text-align: center; width: 35.6492%;">❌ Sourced from China/Korea/India</td> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Software / EMS</strong></td> <td style="text-align: center; width: 34.3895%;">Energy management software</td> <td style="text-align: center; width: 35.6492%;">✅ Partially in-house; partially licensed</td> </tr> <tr> <td style="text-align: center; width: 29.8547%;"><strong>Testing & Certification</strong></td> <td style="text-align: center; width: 34.3895%;">Safety, thermal, endurance</td> <td style="text-align: center; width: 35.6492%;">✅ In-house + external NABL labs</td> </tr> </tbody> </table> <p>The goal is to <strong>own the entire value chain from pack assembly to system integration</strong>, while gradually reducing dependence on foreign cells and control software.</p> <div><hr /></div> <h2>D) <strong>How BESS Can Transform Pace Digitek</strong></h2> <ul data-spread="false"> <li> <p><strong>Higher Margin Business</strong>: BESS projects command better pricing and margins.</p> </li> <li> <p><strong>New Market Verticals</strong>: Energy, EV infra, commercial & industrial clients, data centers, DISCOMs.</p> </li> <li> <p><strong>Tender Participation</strong>: Rising interest in grid-scale BESS tenders (SECI, NTPC, etc.).</p> </li> <li> <p><strong>Brand Transition</strong>: From infra service vendor to a <strong>cleantech OEM</strong>.</p> </li> <li> <p><strong>Cross-Sell Potential</strong>: Telecom clients like Jio, Airtel, BSNL may become BESS clients.</p> <h2><strong>What is BESS and Why It Matters?</strong></h2> <p><strong>Battery Energy Storage Systems (BESS)</strong> are industrial-grade batteries that store energy and discharge when needed—essential for modern renewable-powered grids.</p> <h3>🌍 <strong>Key Applications:</strong></h3> <ul data-spread="false"> <li> <p>Renewable energy storage</p> </li> <li> <p>Grid balancing</p> </li> <li> <p>Mission-critical backup</p> </li> <li> <p>EV charging infra</p> </li> <li> <p>Industrial energy efficiency</p> </li> </ul> </li> </ul> <div><hr /></div> <h2>E) <strong>Business Model & Revenue Streams of Pace Digitek</strong></h2> <h3><strong>1. Business Model: Integrated Infrastructure Solutions</strong></h3> <p>Pace Digitek operates as a full-service provider in telecom and energy infrastructure, offering:</p> <p><strong>Core Services:</strong></p> <ul data-spread="false"> <li> <p><strong>Power Management Systems</strong>: For telecom towers.</p> </li> <li> <p><strong>Optic Fiber Laying</strong>: High-speed fiber networks.</p> </li> <li> <p><strong>Renewable Energy Solutions</strong>: Green energy project implementation.</p> </li> </ul> <p><strong>Market Segments Served:</strong></p> <ul data-spread="false"> <li> <p>Telecom Operators</p> </li> <li> <p>Government Electrification Projects</p> </li> <li> <p>Private Infra Developers</p> </li> </ul> <h3><strong>2. Revenue Model: Diversified Income Streams</strong></h3> <table style="width: 50.2628%;"> <tbody> <tr> <td style="text-align: center; width: 29.052%;">Revenue Source</td> <td style="text-align: center; width: 70.988%;">Description</td> </tr> <tr> <td style="text-align: center; width: 29.052%;">Product Sales</td> <td style="text-align: center; width: 70.988%;">Power & renewable energy products</td> </tr> <tr> <td style="text-align: center; width: 29.052%;">Project Implementation</td> <td style="text-align: center; width: 70.988%;">OFC & infra-based project income</td> </tr> <tr> <td style="text-align: center; width: 29.052%;">O&M Services</td> <td style="text-align: center; width: 70.988%;">Recurring income from long-term maintenance contracts</td> </tr> </tbody> </table> <div><hr /></div> <h2>F) Financial Summary Snapshot Of Pace Digitek (2022–2024)</h2> <table style="width: 50.3879%; height: 167.154px;"> <tbody> <tr style="height: 18.4615px;"> <td style="width: 22.4728%; text-align: center; height: 18.4615px;">Metric</td> <td style="width: 25.6141%; text-align: center; height: 18.4615px;">2023</td> <td style="width: 24.6476%; text-align: center; height: 18.4615px;">2024</td> <td style="width: 27.3056%; text-align: center; height: 18.4615px;">6M FY25</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.4728%; text-align: center; height: 18.4615px;"><strong>Revenue (₹ Cr)</strong></td> <td style="width: 25.6141%; text-align: center; height: 18.4615px;">503.19</td> <td style="width: 24.6476%; text-align: center; height: 18.4615px;">2434.4</td> <td style="width: 27.3056%; text-align: center; height: 18.4615px;">1188.3</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.4728%; text-align: center; height: 18.4615px;"><strong>PAT (₹ Cr)</strong></td> <td style="width: 25.6141%; text-align: center; height: 18.4615px;">16.15</td> <td style="width: 24.6476%; text-align: center; height: 18.4615px;">229</td> <td style="width: 27.3056%; text-align: center; height: 18.4615px;">152</td> </tr> <tr style="height: 19.4615px;"> <td style="width: 22.4728%; text-align: center; height: 19.4615px;"><strong>EBITDA (₹ Cr)</strong></td> <td style="width: 25.6141%; text-align: center; height: 19.4615px;">39.7</td> <td style="width: 24.6476%; text-align: center; height: 19.4615px;">423</td> <td style="width: 27.3056%; text-align: center; height: 19.4615px;">300</td> </tr> <tr style="height: 36.9231px;"> <td style="width: 22.4728%; text-align: center; height: 36.9231px;"><strong>Net Profit Margin (%)</strong></td> <td style="width: 25.6141%; text-align: center; height: 36.9231px;">3.29%</td> <td style="width: 24.6476%; text-align: center; height: 36.9231px;">9.44%</td> <td style="width: 27.3056%; text-align: center; height: 36.9231px;">12.79%</td> </tr> <tr style="height: 36.9231px;"> <td style="width: 22.4728%; text-align: center; height: 36.9231px;"><strong>Cash from Operations (₹ Cr)</strong></td> <td style="width: 25.6141%; text-align: center; height: 36.9231px;">-43.7</td> <td style="width: 24.6476%; text-align: center; height: 36.9231px;">213.9</td> <td style="width: 27.3056%; text-align: center; height: 36.9231px;">-530.8</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.4728%; text-align: center; height: 18.4615px;"><strong>Closing Cash (₹ Cr)</strong></td> <td style="width: 25.6141%; text-align: center; height: 18.4615px;">-51.3</td> <td style="width: 24.6476%; text-align: center; height: 18.4615px;">8.54</td> <td style="width: 27.3056%; text-align: center; height: 18.4615px;">132.7</td> </tr> </tbody> </table> <div><hr /></div> <h2>G) <strong>Unlisted Market Price Movement</strong></h2> <h3>Price Journey Summary:</h3> <ul data-spread="false"> <li> <p><strong>Jan 2025</strong>: Price stable around ₹240–₹245.</p> </li> <li> <p><strong>Feb 2025</strong>: Major spike to <strong>₹300+</strong> following news of the <strong>BESS facility announcement</strong>.</p> </li> <li> <p><strong>Late Feb – Early Mar</strong>: Sharp correction to <strong>₹240</strong> due to profit booking.</p> </li> <li> <p><strong>March 2025</strong>: Sudden drop to <strong>₹210</strong>—possibly triggered by muted financials for FY24.</p> </li> <li> <p><strong>April 2025</strong>: Short rally to ₹250+, followed by gradual decline.</p> </li> <li> <p><strong>May to June 2025</strong>: Rangebound between <strong>₹210–₹215</strong>, showing low investor activity.</p> </li> <li> <p><strong>July 9, 2025</strong>: Current Price: <strong>₹205</strong> — down <strong>15.17%</strong> in a single session.</p> </li> </ul> <h3>Key Observations:</h3> <ul data-spread="false"> <li> <p>The stock shows <strong>high volatility</strong>, often reacting to company announcements.</p> </li> <li> <p>Sustained value will depend on <strong>execution of BESS strategy</strong> and market sentiment in the unlisted space.</p> </li> </ul> <div><hr /></div> <h2>H) <strong>Valuation & Peer Comparison Snapshot</strong></h2> <table> <tbody> <tr> <td style="text-align: center;">Companies</td> <td style="text-align: center;">Revenue (in ₹ Cr)</td> <td style="text-align: center;">EBITDA Margins</td> <td style="text-align: center;">PAT Margins</td> <td style="text-align: center;">ROCE</td> <td style="text-align: center;">D/E Ratio</td> <td style="text-align: center;">MCap (in ₹ Cr)</td> <td style="text-align: center;">P/E</td> </tr> <tr> <td style="text-align: center;">Pace Digitek Limited(6M FY25)</td> <td style="text-align: center;">1188.3</td> <td style="text-align: center;">25.25%</td> <td style="text-align: center;">12.79%</td> <td style="text-align: center;">18.72%</td> <td style="text-align: center;">0.49</td> <td style="text-align: center;">3658</td> <td style="text-align: center;">15.08</td> </tr> <tr> <td style="text-align: center;">HFCL Limited(FY 25)</td> <td style="text-align: center;">4065</td> <td style="text-align: center;">11.00%</td> <td style="text-align: center;">4.26%</td> <td style="text-align: center;">7.67%</td> <td style="text-align: center;">0.33</td> <td style="text-align: center;">11,902</td> <td style="text-align: center;">98.67</td> </tr> <tr> <td style="text-align: center;">Exicom Tele-Systems Limited(FY25)</td> <td style="text-align: center;">868</td> <td style="text-align: center;">-4%</td> <td style="text-align: center;">-12.70%</td> <td style="text-align: center;">-5.94%</td> <td style="text-align: center;">1.15</td> <td style="text-align: center;">2567</td> <td style="text-align: center;">In loss</td> </tr> <tr> <td style="text-align: center;">Bondada Engineering Limited(FY25)</td> <td style="text-align: center;">1571</td> <td style="text-align: center;">11%</td> <td style="text-align: center;">7.34%</td> <td style="text-align: center;">40.40%</td> <td style="text-align: center;">0.41</td> <td style="text-align: center;">4731</td> <td style="text-align: center;">42.3</td> </tr> </tbody> </table> <div><hr /></div> <h2>I) <strong>Risk Factors & Mitigation Strategies</strong></h2> <table style="width: 100.901%;"> <tbody> <tr> <td style="text-align: center; width: 27.2896%;">Risk Factor</td> <td style="text-align: center; width: 29.9184%;">Impact Area</td> <td style="text-align: center; width: 42.6869%;">Mitigation Need</td> </tr> <tr> <td style="text-align: center; width: 27.2896%;">Customer Concentration (83–99%)</td> <td style="text-align: center; width: 29.9184%;">Revenue collapse if 1–2 key clients exit</td> <td style="text-align: center; width: 42.6869%;">Diversify client base; strengthen contract terms</td> </tr> <tr> <td style="text-align: center; width: 27.2896%;">Govt. Tender Dependence (95%)</td> <td style="text-align: center; width: 29.9184%;">Margin pressure; policy risk</td> <td style="text-align: center; width: 42.6869%;">Improve cost efficiency; explore private sector opportunities</td> </tr> <tr> <td style="text-align: center; width: 27.2896%;">Telecom Sector Over-reliance (94%)</td> <td style="text-align: center; width: 29.9184%;">Vulnerable to telecom capex cycles</td> <td style="text-align: center; width: 42.6869%;">Expand energy/ICT verticals; reduce sector dependence</td> </tr> <tr> <td style="text-align: center; width: 27.2896%;">Geographic Concentration (70%)</td> <td style="text-align: center; width: 29.9184%;">Regional risks (political/natural)</td> <td style="text-align: center; width: 42.6869%;">Expand geographically; decentralize operations</td> </tr> <tr> <td style="text-align: center; width: 27.2896%;">Vendor Dependency (62%)</td> <td style="text-align: center; width: 29.9184%;">Supply chain disruption</td> <td style="text-align: center; width: 42.6869%;">Multi-sourcing strategy; vendor redundancy</td> </tr> </tbody> </table> <div><hr /></div> <h2>J) <strong>UnlistedZone View: Strong Execution = Multi-Year Growth</strong></h2> <p>This is a <strong>make-or-break moment</strong> for Pace Digitek. With growing demand, a live facility, and integrated manufacturing capabilities, the company is well-positioned to become a <strong>pioneer in India’s energy storage market</strong>.</p> <div><hr /></div> <h2><strong>🔍 Conclusion</strong></h2> <p>From a telecom infra contractor to a cleantech manufacturing challenger, <strong>Pace Digitek Infra's journey is bold and calculated</strong>. With strong financials, a future-focused roadmap, and a high-potential BESS strategy, the company is one to watch in India’s evolving infrastructure landscape.</p> <div><hr /></div> <p><strong>Disclaimer:</strong> UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility.</p> <div><hr /></div>
<p>In this video, we break down the real valuation behind the name – exploring whether the current unlisted price justifies the fundamentals.</p> <p>What you’ll learn:</p> <p>Why Tata Capital is a strong business but not always a buy</p> <p>How to use simple valuation metrics like P/B ratio to avoid overpaying</p> <p>Why FOMO-driven investing can cost you in the unlisted market</p> <p>Practical tips on identifying growth companies at reasonable valuations</p>
<h3><strong>A) Why Are Agri-Derivatives Losing Momentum Despite Government Push?</strong></h3> <p>Over the past few years, agri-commodity derivatives trading has seen a persistent decline—even as the government has launched multiple initiatives to link farmers with formal marketplaces. What went wrong?</p> <ul data-spread="false"> <li> <p><strong>Frequent trading bans</strong> on key agri-commodities</p> </li> <li> <p><strong>Unfavorable policy environment</strong> for commodity traders</p> </li> <li> <p><strong>Low participation</strong> from FPOs and retail traders</p> </li> </ul> <p>This ongoing downtrend has directly affected <strong>NCDEX (National Commodity & Derivatives Exchange)</strong>, India’s premier agri-commodity exchange. Once a robust platform for hedging and price discovery, NCDEX has suffered due to plummeting volumes. For those tracking <strong>NCDEX unlisted shares</strong>, this slump could either signal concern—or a timely entry point if reforms succeed.</p> <h3><strong>B) What is SEBI Doing to Revive the Segment?</strong></h3> <p>To tackle this market fatigue, SEBI is gearing up with a structured strategy. Two dedicated working groups are being formed to:</p> <ul data-spread="false"> <li> <p><strong>Group 1:</strong> Identify roadblocks faced by exchanges, brokers, and market participants</p> </li> <li> <p><strong>Group 2:</strong> Address pain points raised by Farmer Producer Organizations (FPOs)</p> </li> </ul> <p>This move follows a stakeholder meeting on <strong>July 1, 2025</strong>, chaired by SEBI Chairman <strong>Tuhin Kanta Pandey</strong>, which involved key players like exchanges, brokers, clearing corporations, and FPOs.</p> <h3><strong>C) What Are Stakeholders Demanding?</strong></h3> <ul data-spread="false"> <li> <p><strong>FPO Issues:</strong> Difficulty in trading mustard, guar, gram, and turmeric</p> </li> <li> <p><strong>Exchange Requests:</strong> Update outdated compliance regulations</p> </li> <li> <p><strong>Policy Reboot:</strong> Reinstate the <strong>CDMRD</strong> (Commodities Market Regulation Department), which was merged with SEBI’s main regulatory wing in 2021</p> </li> </ul> <p>These issues have created operational friction for NCDEX, further stalling any significant innovation or product expansion.</p> <h3><strong>D) Are Bans on Agri-Commodities a Temporary Setback or Long-Term Risk?</strong></h3> <p>Currently, <strong>seven major agri-commodities remain under trading suspension</strong>—including paddy, wheat, mustard seed, and soybean. These bans, first imposed in <strong>December 2021</strong>, have now been extended until <strong>March 2026</strong>.</p> <p>While the official rationale has not been disclosed, inflationary pressure is believed to be the core reason. This policy overhang continues to restrict NCDEX’s volume and credibility as a full-service commodity exchange.</p> <p><br /><strong>Why It Matters for NCDEX Investors in Unlisted Market:</strong></p> <ul data-spread="false"> <li> <p><strong>Regulatory clarity</strong> could drive a swift rebound in trading volumes</p> </li> <li> <p><strong>Reinstatement of CDMRD</strong> may revive product launches and innovation</p> </li> <li> <p><strong>Lifting of bans</strong> could drastically improve NCDEX’s operational performance</p> </li> </ul> <h3><strong>E) What New Growth Areas Are Being Overlooked?</strong></h3> <p>There’s a large, untapped segment of <strong>non-agri derivatives</strong> that could diversify India’s commodity market:</p> <ul data-spread="false"> <li> <p><strong>Industrial commodities</strong> like cement, timber, diesel, bitumen</p> </li> <li> <p><strong>Freight and logistics derivatives</strong></p> </li> <li> <p><strong>Energy and electricity futures</strong> (recently approved)</p> </li> </ul> <p>However, roadblocks such as <strong>poor investor awareness</strong>, <strong>lack of research data</strong>, and <strong>sub-par mobile trading apps</strong> have kept participation low.</p> <p>As per SCRA regulations, SEBI has approved <strong>104 commodities</strong> for trading, yet only a few are actively traded. A renewed policy push could open doors for NCDEX to expand into these new segments.</p> <h3><strong>F) Are Market Participants Optimistic About the Reforms?</strong></h3> <p>Yes. Industry sentiment after the July 1 meeting has been positive. <strong>Rakesh Jain</strong>, President of <strong>Commodity Participants Association of India (CPAI)</strong>, praised the discussions as “inclusive and engaging,” and expects a “robust roadmap” to emerge soon.</p> <p>Meanwhile, industry insiders are planning:</p> <ul data-spread="false"> <li> <p>A new <strong>impact assessment study</strong> on agri-commodity bans</p> </li> <li> <p>A formal <strong>policy presentation to SEBI and the government</strong></p> </li> </ul> <h3><strong>G) What Does This Mean for NCDEX’s Unlisted Shareholders?</strong></h3> <p>SEBI’s reformative steps and inclusive consultations may lay the foundation for:</p> <ul data-spread="false"> <li> <p><strong>Higher trading volumes</strong> post-ban reversal</p> </li> <li> <p><strong>Product diversification</strong> beyond agri</p> </li> <li> <p><strong>Renewed investor confidence</strong> in NCDEX</p> </li> </ul> <p>For investors in the <strong>unlisted shares of NCDEX</strong>, these moves could act as strong valuation triggers, especially as the company positions itself for a potential IPO in the near future.</p> <h2><strong>Conclusion: Can SEBI’s Reset Recharge NCDEX's Growth Story?</strong></h2> <p>India’s agri-derivatives market is at a decisive inflection point. SEBI’s structured reforms and stakeholder engagement offer a promising start—but execution will be key.</p> <p>If the proposed changes unlock trading activity, resolve policy bottlenecks, and broaden the commodity spectrum, <strong>NCDEX could emerge stronger than ever—making its unlisted stock a potential value play.</strong></p> <h3><strong>Disclaimer:</strong></h3> <p>UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor.All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice.Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility.UnlistedZone does not guarantee any returns and shall not be held liable for any losses incurred as a result of investment decisions taken based on the information provided.</p>
<h2 data-pm-slice="1 1 []">A) Why SEBI Is Trying to Discourage Retail Participation in F&O </h2> <ul data-spread="false"> <li> <p>SEBI’s FY25 study found that 91% of individual F&O traders suffered net losses.</p> </li> <li> <p>Total losses by retail F&O traders rose over 41% year-on-year to approximately ₹1.06 lakh crore.</p> </li> </ul> <h3>Key Concerns:</h3> <ul data-spread="false"> <li> <p>Lack of understanding about leverage and risk</p> </li> <li> <p>Influence of social media and financial influencers promoting speculative trades</p> </li> <li> <p>Financial distress among young and first-time investors</p> </li> <li> <p>Excessive churn in weekly options driven by intraday bets</p> </li> </ul> <h3>SEBI’s Interventions:</h3> <ul data-spread="false"> <li> <p>Increasing margin requirements</p> </li> <li> <p>Strengthening platform-level risk disclosures</p> </li> <li> <p>Introducing suitability tests and risk profiling</p> </li> <li> <p>Reviewing product design and option expiry structure</p> </li> </ul> <p>The objective is to protect retail investors while maintaining the integrity and utility of the derivatives market.</p> <h2>B) The Jane Street Saga: SEBI’s Crackdown on Market Manipulation</h2> <h3>SEBI's Allegations:</h3> <ul data-spread="false"> <li> <p>Jane Street allegedly purchased large quantities of Bank Nifty index stocks in both the cash and futures markets to artificially inflate the index.</p> </li> <li> <p>Simultaneously, it took significant short positions in index options to profit from the expected reversal.</p> </li> </ul> <p><strong>As a result of these actions:</strong> </p> <ul data-spread="true"> <li> <p>SEBI ordered Jane Street to return $550 million in alleged illegal profits.</p> </li> <li> <p>The manipulation strategy involved propping up Bank Nifty index stocks in cash and futures markets while shorting index options.</p> </li> <li> <p>Jane Street’s Response: </p> <p>Jane Street denied the allegations and is preparing to legally challenge SEBI’s action. SEBI has accused Jane Street, a major Wall Street trading firm, of orchestrating an "intentional, well-planned, and sinister scheme" to manipulate the Indian derivatives market. According to SEBI, the firm executed a strategy aimed at distorting the Bank Nifty index for financial gain.</p> </li> </ul> <h2>C) How NSE’s Tremendous Growth Over the Last Five Years Tied to F&O Volume Surge — Implications for NSE Unlisted Share</h2> <p>The National Stock Exchange (NSE) has recorded exceptional growth in the last five years, largely due to an exponential surge in the Futures & Options (F&O) segment. India has become the world's largest derivatives market by number of contracts traded, and NSE sits at the center of this development.</p> <h3>Key Growth Drivers:</h3> <ul data-spread="false"> <li> <p>Massive rise in weekly options trading, particularly in Nifty and Bank Nifty</p> </li> <li> <p>Widespread retail participation fueled by mobile-based, low-cost brokerage platforms</p> </li> <li> <p>Robust technological infrastructure facilitating high-frequency and algorithmic trading</p> </li> </ul> <ul data-spread="false"> <li> <p>NSE reported its monthly F&O turnover reaching ₹8,740 lakh crore in March 2024, up dramatically from ₹217 lakh crore in March 2019 </p> </li> <li> <p>The notional value of index options more than doubled to $907 trillion in FY 2023–24, compared to FY 2022–23 </p> </li> <li> <p>Retail investors’ share in index options climbed from 2% in 2018 to around 41% in FY 2024 NSE’s equity futures daily turnover doubled to ₹2.09 trillion, and equity options grew by 33% to ₹720 billion in the quarter ending June 2024 </p> </li> </ul> <p>Derivatives trading now contributes significantly to NSE's revenue through transaction charges, technology services, and clearing fees. This F&O-driven growth has also strengthened NSE’s global positioning, making it a dominant force in capital markets.</p> <p>However, this reliance on F&O volumes also introduces vulnerabilities. Regulatory actions aimed at reducing retail speculation, such as higher margins or suitability norms, may impact short-term volumes. Thus, while the growth story remains strong, it is increasingly linked to policy shifts in the derivatives ecosystem.</p> <h2> Conclusion: A Structural Balancing Act for Market Stability</h2> <p>SEBI’s 2025 regulatory strategy reflects a calculated effort to restore balance in India’s capital markets. While cracking down on excessive retail speculation in F&O, the regulator is simultaneously attempting to rejuvenate the agri-commodity derivatives space. Its actions against global entities like Jane Street further reinforce a commitment to market integrity. For the NSE, this period marks a transition—away from unchecked volume dependence toward a more stable, policy-aligned future that could shape the long-term outlook for its unlisted shares and overall capital market health.</p> <h2>Disclaimer</h2> <p>UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility. UnlistedZone does not guarantee any returns and shall not be held liable for any losses incurred as a result of investment decisions taken based on the information provided.</p>
<p data-pm-slice="1 1 []"><strong>A) Company Snapshot</strong></p> <p>Orbis Financial was <strong>incorporated in 2005</strong> and is headquartered in <strong>Gurugram, Haryana</strong>. The company is promoted by <strong>Atul Gupta</strong>, and <strong>Orbis Foundation</strong>, and operates in the <strong>financial services sector</strong> with a niche in <strong>custody and clearing</strong>.</p> <p>As of <strong>2024</strong>, the company manages <strong>₹1,23,440.88 crore</strong> in <strong>assets under custody</strong>, serving a <strong>client base of 3,696</strong> custody clients. It has a robust <strong>net worth of ₹688.22 crore</strong> and reported a <strong>profit after tax (PAT) of ₹141.28 crore</strong>. The company employs <strong>158 professionals</strong> and has a <strong>shareholder base of 1,942</strong>.</p> <div><hr /></div> <p><strong>B) Business Model Overview</strong> Orbis Financial Services Ltd. (Orbis) is a SEBI-registered financial services provider, specializing in custody, clearing, and settlement services. The company operates across a diversified service suite:</p> <ul data-spread="false"> <li> <p>Custody and fund accounting services</p> </li> <li> <p>Clearing and settlement across various market segments</p> </li> <li> <p>Registrar and Transfer Agent (RTA) services</p> </li> <li> <p>Trustee services</p> </li> <li> <p>Depository Participant services with NSDL and CDSL</p> </li> </ul> <p><strong>Client Base Includes:</strong></p> <ul data-spread="false"> <li> <p>Foreign Portfolio Investors (FPIs)</p> </li> <li> <p>Portfolio Management Services (PMS)</p> </li> <li> <p>Alternative Investment Funds (AIFs)</p> </li> <li> <p>Mutual Funds and High Net-worth Individuals (HNIs)</p> </li> </ul> <p>Orbis commenced commercial operations in 2009 and has since become a significant player in India's institutional financial services landscape.</p> <div><hr /></div> <p><strong>C) Revenue Streams & Financial Performance</strong></p> <table style="width: 51.1381%;"> <tbody> <tr> <th style="width: 39.7879%; text-align: center;">Particulars</th> <th style="width: 14.9925%; text-align: center;">FY21</th> <th style="width: 14.9925%; text-align: center;">FY22</th> <th style="width: 14.9925%; text-align: center;">FY23</th> <th style="width: 15.2809%; text-align: center;">FY24</th> </tr> <tr> <td style="width: 39.7879%; text-align: center;">Revenue (₹ Cr)</td> <td style="width: 14.9925%; text-align: center;">66</td> <td style="width: 14.9925%; text-align: center;">154</td> <td style="width: 14.9925%; text-align: center;">297</td> <td style="width: 15.2809%; text-align: center;">424</td> </tr> <tr> <td style="width: 39.7879%; text-align: center;">EBITDA (₹ Cr)</td> <td style="width: 14.9925%; text-align: center;">10</td> <td style="width: 14.9925%; text-align: center;">60</td> <td style="width: 14.9925%; text-align: center;">164</td> <td style="width: 15.2809%; text-align: center;">249</td> </tr> <tr> <td style="width: 39.7879%; text-align: center;">PAT (₹ Cr)</td> <td style="width: 14.9925%; text-align: center;">15</td> <td style="width: 14.9925%; text-align: center;">49</td> <td style="width: 14.9925%; text-align: center;">90</td> <td style="width: 15.2809%; text-align: center;">141</td> </tr> <tr> <td style="width: 39.7879%; text-align: center;">EPS (₹)</td> <td style="width: 14.9925%; text-align: center;">1.71</td> <td style="width: 14.9925%; text-align: center;">5.2</td> <td style="width: 14.9925%; text-align: center;">7.92</td> <td style="width: 15.2809%; text-align: center;">11.59</td> </tr> </tbody> </table> <div><hr /></div> <p><strong>D) Key Balance Sheet & Cash Flow Metrics (FY24)</strong></p> <table style="width: 36.2593%; height: 147.692px;"> <tbody> <tr style="height: 36.9231px;"> <td style="width: 67.1231%; height: 36.9231px; text-align: center;"><strong>Metric</strong></td> <td style="width: 30.3444%; height: 36.9231px; text-align: center;"><strong>Value (₹ Cr)</strong></td> </tr> <tr style="height: 18.4615px;"> <td style="width: 67.1231%; height: 18.4615px; text-align: center;">Total Assets</td> <td style="width: 30.3444%; height: 18.4615px; text-align: center;">4,985</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 67.1231%; height: 18.4615px; text-align: center;">Share Capital</td> <td style="width: 30.3444%; height: 18.4615px; text-align: center;">121.7</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 67.1231%; height: 18.4615px; text-align: center;">Reserves</td> <td style="width: 30.3444%; height: 18.4615px; text-align: center;">566</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 67.1231%; height: 18.4615px; text-align: center;">Total Liabilities</td> <td style="width: 30.3444%; height: 18.4615px; text-align: center;">4,985</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 67.1231%; height: 18.4615px; text-align: center;">Cash Flow from Operations</td> <td style="width: 30.3444%; height: 18.4615px; text-align: center;">23</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 67.1231%; height: 18.4615px; text-align: center;">Net Cash Generated</td> <td style="width: 30.3444%; height: 18.4615px; text-align: center;">117</td> </tr> </tbody> </table> <div><hr /></div> <p><strong>E) History in the Unlisted Market</strong> Orbis has seen a phenomenal price trajectory in the unlisted space:</p> <table style="width: 62.0158%; height: 147.692px;"> <tbody> <tr style="height: 36.9231px;"> <td style="width: 22.2306%; height: 36.9231px; text-align: center;">Period</td> <td style="width: 12.184%; height: 36.9231px; text-align: center;">Price (₹)</td> <td style="width: 63.4425%; height: 36.9231px; text-align: center;">Price Movement Description</td> </tr> <tr style="height: 36.9231px;"> <td style="width: 22.2306%; height: 36.9231px; text-align: center;">2021–Mid 2023</td> <td style="width: 12.184%; height: 36.9231px; text-align: center;">~115</td> <td style="width: 63.4425%; height: 36.9231px; text-align: center;">Flat trading, minimal movement</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.2306%; height: 18.4615px; text-align: center;">June 2023</td> <td style="width: 12.184%; height: 18.4615px; text-align: center;">115</td> <td style="width: 63.4425%; height: 18.4615px; text-align: center;">Base price before breakout</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.2306%; height: 18.4615px; text-align: center;">June 2024</td> <td style="width: 12.184%; height: 18.4615px; text-align: center;">~325</td> <td style="width: 63.4425%; height: 18.4615px; text-align: center;">Major spike begins, over 180% rise in 1 year</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.2306%; height: 18.4615px; text-align: center;">January 2025</td> <td style="width: 12.184%; height: 18.4615px; text-align: center;">~490</td> <td style="width: 63.4425%; height: 18.4615px; text-align: center;">Continued growth, touching near ₹500</td> </tr> <tr style="height: 18.4615px;"> <td style="width: 22.2306%; height: 18.4615px; text-align: center;">June 2025</td> <td style="width: 12.184%; height: 18.4615px; text-align: center;">545</td> <td style="width: 63.4425%; height: 18.4615px; text-align: center;">All-time high, consolidation at peak</td> </tr> </tbody> </table> <p><strong>Total Gain:</strong> ₹480 or <strong>738.46%</strong> from the base</p> <div><hr /></div> <p><strong>F) Valuation Metrics (as of Jun 2025)</strong></p> <table style="width: 34.5088%;"> <tbody> <tr> <td style="width: 62.2671%; text-align: center;">Metric</td> <td style="width: 37.805%; text-align: center;">Value</td> </tr> <tr> <td style="width: 62.2671%; text-align: center;">Price</td> <td style="width: 37.805%; text-align: center;">₹545/share</td> </tr> <tr> <td style="width: 62.2671%; text-align: center;">Implied Market Cap</td> <td style="width: 37.805%; text-align: center;">₹6634Cr.</td> </tr> <tr> <td style="width: 62.2671%; text-align: center;">P/E Ratio </td> <td style="width: 37.805%; text-align: center;">47.06</td> </tr> <tr> <td style="width: 62.2671%; text-align: center;">Book Value (FY24)</td> <td style="width: 37.805%; text-align: center;">₹57.32</td> </tr> <tr> <td style="width: 62.2671%; text-align: center;">P/B Ratio</td> <td style="width: 37.805%; text-align: center;">9.51</td> </tr> </tbody> </table> <div><hr /></div> <p><strong>G) Shareholding Pattern</strong></p> <p>The majority of Orbis shares are held by public and individual investors (32.08%). Promoters Atul Gupta owns 21.79% and Arpit Khandelwal ( Investor) hold around 18.48% .Orbis Foundation holds stakes of 5 77% of ORBIS Financial Services.Notable investors like Ashish Kacholia and Plutus Wealth also hold significant stakes, reflecting market confidence in the company</p> <p><strong>H) Key Risks</strong></p> <ul data-spread="false"> <li> <p><strong>Market Competition:</strong> High due to established players.</p> </li> <li> <p><strong>Regulatory Risk:</strong> Changes in SEBI or financial market policies.</p> </li> <li> <p><strong>Liquidity Constraints:</strong> Unlisted nature limits exit options compared to public companies.</p> </li> </ul> <div><hr /></div> <p><strong>I) UnlistedZone View</strong> Orbis demonstrates solid fundamentals with:</p> <ul data-spread="false"> <li> <p>Strong revenue and PAT growth.</p> </li> <li> <p>No debt burden.</p> </li> <li> <p>A wide suite of services and client diversification.</p> </li> </ul> <div><hr /></div> <p><strong><em>Disclaimer: UnlistedZone is not a SEBI-registered Research Analyst or Investment Advisor. All information shared on our platform—including articles, posts, investment insights, and price trends—is solely for educational and informational purposes. We do not provide any buy/sell recommendations or financial advice. Investors are advised to do their own due diligence or consult a SEBI-registered advisor before making any investment decisions. Investments in unlisted and pre-IPO shares are subject to market risks, including liquidity risk and price volatility. UnlistedZone does not guarantee any returns and shall not be held liable for any losses incurred as a result of investment decisions taken based on the information provided.</em></strong></p>
<p>In a strong display of investor confidence, clean-label food brand <strong>Khetika</strong> has raised <strong>$18 million in its Series B funding round</strong>, signaling ambitious expansion plans both domestically and internationally. The round was co-led by the <strong>Narotam Sekhsaria Family Office</strong> and <strong>Anicut Capital</strong>, with participation from existing investors such as <strong>Incofin India Progress Fund, Rajasthan Gum, and Shree Ram India Gums</strong>. Notably, this round also provided <strong>secondary exits</strong> to early backers including <strong>SIDBI Venture Capital</strong>.</p> <div><hr /></div> <h2>A) What Is Khetika’s Growth Ambition Over the Next Three Years?</h2> <p>Founded in 2017 by <strong>Dr. Prithwi Singh</strong>, Khetika has built a clean-label product line focused on batters, chutneys, millet-based staples, rice, makhana, and dry fruits. The startup runs on a <strong>farm-to-fork model</strong>, ensuring traceability, minimal processing, and health-first food alternatives.</p> <p>In FY25, Khetika posted <strong>₹247 crore</strong> in revenue, a significant jump from ₹160 crore in FY24, reflecting <strong>50%+ year-on-year growth</strong>. With a bold target of total <strong>₹2,000 crore revenue by FY28</strong>, the company plans to scale operations through aggressive manufacturing expansion, category innovation, and deeper distribution.</p> <div><hr /></div> <h2>B) How Will Khetika Use the Fresh $18 Million in Funding?</h2> <p>The funds will be deployed strategically across multiple verticals:</p> <ul data-spread="false"> <li> <p>Expand manufacturing units (e.g., new batter plant in Delhi, spice facility in Gujarat)</p> </li> <li> <p>Triple production output within 18 months</p> </li> <li> <p>Introduce new regional and ready-to-eat products</p> </li> <li> <p>Automate processing and establish local distribution hubs</p> </li> <li> <p>Expand footprint to 40 cities across India and tap into international markets (Middle East, SE Asia, UK)</p> </li> <li> <p>Scale <strong>SuperZop</strong>, a tech-enabled supply chain platform linked with over 25,000 farmers</p> </li> </ul> <div><hr /></div> <h2>C) What Do the Financials Reveal About Khetika’s Performance?</h2> <table style="width: 58.5232%;"> <tbody> <tr> <th style="text-align: center; width: 38.3528%;">Metric</th> <th style="text-align: center; width: 12.9809%;">FY23</th> <th style="text-align: center; width: 12.9809%;">FY24</th> <th style="text-align: center; width: 35.6976%;">FY25</th> </tr> <tr> <td style="text-align: center; width: 38.3528%;">Revenue (INR Cr)</td> <td style="text-align: center; width: 12.9809%;">123.7</td> <td style="text-align: center; width: 12.9809%;">163.8</td> <td style="text-align: center; width: 35.6976%;">247</td> </tr> <tr> <td style="text-align: center; width: 38.3528%;">Net Loss (INR Cr)</td> <td style="text-align: center; width: 12.9809%;">13.8</td> <td style="text-align: center; width: 12.9809%;">9.6</td> <td style="text-align: center; width: 35.6976%;">Near break-even</td> </tr> <tr> <td style="text-align: center; width: 38.3528%;">YoY Growth (%)</td> <td style="text-align: center; width: 12.9809%;">-</td> <td style="text-align: center; width: 12.9809%;">32%</td> <td style="text-align: center; width: 35.6976%;">50%+</td> </tr> </tbody> </table> <p>Khetika has steadily improved its bottom line, narrowing losses while pushing toward breakeven. The recent investments are expected to deliver operating leverage in the coming fiscal.</p> <div><hr /></div> <h2>D) Where and How Does Khetika Sell Its Products?</h2> <p>Khetika’s products are available through:</p> <ul data-spread="false"> <li> <p>Quick commerce platforms: Blinkit, BigBasket, Amazon</p> </li> <li> <p>Modern trade outlets</p> </li> <li> <p>Over 15,000 kirana stores</p> </li> </ul> <p>Despite the fast growth of quick commerce, <strong>traditional distribution still accounts for 75% of total revenue</strong>, underlining a solid offline footprint.</p> <div><hr /></div> <h2>E) What Makes the Indian Health Food Market So Promising?</h2> <ul data-spread="false"> <li> <p>Market projected to reach <strong>$30 billion by 2026</strong></p> </li> <li> <p>Shift toward <strong>clean-label, preservative-free</strong> food</p> </li> <li> <p>Consumer emphasis on <strong>transparency and traceability</strong></p> </li> <li> <p>Khetika is piloting <strong>QR-coded packaging</strong> to showcase product origin and quality</p> </li> </ul> <div><hr /></div> <h2>F) Why Shoud Investors Watch Khetika Closely?</h2> <p>Khetika stands out in the crowded D2C food market for its:</p> <ul data-spread="false"> <li> <p>Consistent revenue growth and near-profitability</p> </li> <li> <p>Strong product differentiation and brand recall</p> </li> <li> <p>Scalable tech-backed supply chain</p> </li> <li> <p>Backing from marquee institutional investors</p> </li> </ul> <p>With an eye on IPO readiness over the next few years, <strong>Khetika is a high-potential candidate for investors</strong> seeking exposure to India’s booming health food sector.</p> <p>Stay Tuned with <a href="http://www.unlistedzone.com">Unlisted Zone</a> f<em>or exclusive insights, deal alerts, and detailed startup coverage!</em></p> <div><hr /></div> <p><strong>Disclaimer:</strong> This article is for informational purposes only and does not constitute investment advice or a recommendation. Consult financial advisors before making any investment decisions.</p>
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