Blogs, insights, guides and videos on India's unlisted market — all in one place.
<h3 data-pm-slice="1 1 []">Introduction</h3> <p>The Ministry of Power is initiating consultations to implement <strong>Market Coupling</strong> across India's power exchanges — a move that could significantly alter the market dynamics. Currently, the <strong>Indian Energy Exchange (IEX)</strong> dominates the electricity trading landscape with over 90% market share, while <strong>Power Exchange India Limited (PXIL)</strong> and newer players account for the remaining share.</p> <p>The proposed market coupling mechanism could <strong>dismantle the pricing advantage</strong> enjoyed by IEX and offer a <strong>level playing field</strong> to smaller exchanges like PXIL. In this article, we explore what market coupling means, how it works, and why it could disrupt the status quo in India’s power trading ecosystem.</p> <div><hr /></div> <h3>What is Market Coupling?</h3> <p>Market Coupling refers to a <strong>centralised mechanism</strong> where a <strong>single agency or market coupling operator (MCO)</strong> collects bids from all participating power exchanges and then determines a <strong>uniform market clearing price</strong> based on aggregated demand and supply.</p> <p>Under the current model, each exchange — IEX, PXIL, and others — conducts <strong>independent price discovery</strong> through its own auction system. This leads to slight variations in prices and liquidity across platforms. With market coupling, however, all orders flow into a central pool, and the <strong>same price and volume are allocated across all exchanges</strong>.</p> <p>The concept is borrowed from European power markets, where market coupling ensures better efficiency, optimal resource allocation, and transparent pricing.</p> <div><hr /></div> <h3>Why Market Coupling Is a Concern for IEX</h3> <p>IEX has built its leadership on <strong>deep liquidity, superior price discovery, and trader confidence</strong>. With the introduction of market coupling:</p> <ul data-spread="false"> <li> <p><strong>IEX will no longer control price discovery</strong>, as a central agency will handle it.</p> </li> <li> <p>Its <strong>dominance in volumes may face dilution</strong>, as other exchanges get equal access to trades.</p> </li> <li> <p>The platform becomes a <strong>pass-through</strong> system rather than a price-setter, reducing its strategic edge.</p> </li> </ul> <p>In essence, IEX’s role shifts from being the market’s “brain” to just another “interface,” which may impact <strong>its margins, brand power, and growth narrative</strong>.</p> <div><hr /></div> <h3>Why Market Coupling Is a Tailwind for PXIL</h3> <p>For <strong>PXIL</strong>, which has struggled to gain significant market share due to IEX’s dominance, market coupling presents a <strong>strategic opportunity</strong>:</p> <ul data-spread="false"> <li> <p><strong>Price parity with IEX</strong> eliminates one of PXIL’s biggest disadvantages.</p> </li> <li> <p><strong>Participants may prefer PXIL</strong> for reasons like lower transaction fees, better user interface, or integration with their systems.</p> </li> <li> <p>As long as the <strong>final clearing price is same across platforms</strong>, smaller players can now compete more aggressively.</p> </li> </ul> <p>This could lead to <strong>volume growth</strong>, improved visibility, and potentially <strong>better financial performance</strong> for PXIL over the long term.</p> <div><hr /></div> <h3>Industry Reactions and Strategic Implications</h3> <p>Initial industry reactions have been mixed. While smaller exchanges and independent power producers welcome the move, IEX’s investors and market participants are closely watching how the consultation process unfolds. The drop in IEX’s share price following the announcement is a reflection of the <strong>uncertainty and perceived negative impact</strong>.</p> <p>If implemented well, market coupling could lead to:</p> <ul data-spread="false"> <li> <p><strong>More competitive and transparent electricity markets</strong></p> </li> <li> <p><strong>Higher participation from industrial buyers</strong></p> </li> <li> <p><strong>Reduced monopolistic tendencies in price discovery</strong></p> </li> </ul> <p>However, the <strong>success of market coupling will depend on the design of the central system</strong>, governance rules, and how existing exchanges adapt.</p> <div><hr /></div> <h3>Conclusion</h3> <p>The government’s plan to introduce market coupling could become a <strong>defining moment in India’s power trading history</strong>. While it poses a challenge to IEX’s long-standing dominance, it opens the door for smaller exchanges like PXIL to scale up and compete more effectively.</p> <p>Investors in both listed and unlisted power sector plays must watch this space closely. As regulatory frameworks evolve, <strong>market positioning may shift faster than expected</strong>.</p>
<h3 data-start="342" data-end="358">Introduction</h3> <p data-start="360" data-end="683">Most farmers in India still sell their crops in mandis (agricultural markets). But in recent years, the government has been pushing for <strong data-start="496" data-end="523">digital and modern ways</strong> of selling produce. One such platform is <strong data-start="565" data-end="573">NERL</strong> (National E-Repository Limited), which allows farmers to store their crops in warehouses and trade digitally.</p> <p data-start="685" data-end="866">Recently, NERL’s <strong data-start="702" data-end="721">unlisted shares</strong> have started trading in the grey market. This has caught the attention of investors. But what exactly does NERL do, and is it a good investment?</p> <p data-start="868" data-end="929">Let’s understand step by step — in simple, everyday language.</p> <hr data-start="931" data-end="934" /> <h2 data-start="936" data-end="960">1. What Does NERL Do?</h2> <p data-start="962" data-end="1257">National E-Repository Limited (NERL) was established in 2017 and received its official registration from the Warehousing Development and Regulatory Authority (WDRA) in August of the same year. It was set up with the objective of creating a nationwide electronic repository system for agricultural commodities. <br /><br />The platform enables the issuance and management of <strong>electronic Negotiable Warehouse Receipts </strong>(eNWRs), helping <strong>farmers, traders, and institutions</strong> to securely hold and trade commodities stored in WDRA-registered warehouses. NERL is promoted by the National Commodity and Derivatives Exchange (NCDEX), which holds the majority stake and oversees operational execution. <br /><br />It is also backed by some of India’s most credible financial institutions, including <strong>NABARD</strong> (National Bank for Agriculture and Rural Development), which plays a key role in promoting agricultural finance and infrastructure. In addition, major banks like<strong> ICICI Bank, State Bank of India (SBI), and HDFC Bank</strong> are among its stakeholders, offering both financial strength and institutional credibility to the platform. <br /><br />Together, these backers provide NERL with the required infrastructure, policy alignment, and trust to support the long-term transformation of agricultural trading in India. NERL is a company that allows farmers to store their crops in government-approved warehouses. Once the crops are stored, NERL gives a digital receipt called an eNWR (electronic Negotiable Warehouse Receipt). This eNWR works like proof that the crop is safely stored in the warehouse.</p> <p data-start="1259" data-end="1284">The farmer or trader can:</p> <ul data-start="1286" data-end="1441"> <li data-start="1286" data-end="1334"> <p data-start="1288" data-end="1334"><strong data-start="1288" data-end="1317">Take a loan from the bank</strong> using this eNWR.</p> </li> <li data-start="1335" data-end="1381"> <p data-start="1337" data-end="1381"><strong data-start="1337" data-end="1360">Sell the crop later</strong> when prices improve.</p> </li> <li data-start="1382" data-end="1441"> <p data-start="1384" data-end="1441"><strong data-start="1384" data-end="1407">Avoid distress sale</strong> at low rates during harvest time.</p> </li> </ul> <h3 data-start="1443" data-end="1455">Example:</h3> <p data-start="1457" data-end="1725">Ramesh, a farmer, stores 100 quintals of wheat in a warehouse. He receives an eNWR through NERL. Instead of selling his crop immediately, he takes a loan from a bank using this receipt and waits 2 months. When the market price increases, he sells and earns more money.</p> <hr data-start="1727" data-end="1730" /> <h2 data-start="1732" data-end="1784">2. Why Do Farmers Still Prefer Selling in Mandis?</h2> <p data-start="1786" data-end="1880">Even though warehouse systems like NERL are available, most farmers still sell in mandis. Why?</p> <ul data-start="1882" data-end="2216"> <li data-start="1882" data-end="1961"> <p data-start="1884" data-end="1961"><strong data-start="1884" data-end="1901">Quick Payment</strong>: In mandis, farmers get cash or bank transfer the same day.</p> </li> <li data-start="1962" data-end="2070"> <p data-start="1964" data-end="2070"><strong data-start="1964" data-end="1977">Old Habit</strong>: Farmers have been going to mandis for decades. They trust the system and know how it works.</p> </li> <li data-start="2071" data-end="2136"> <p data-start="2073" data-end="2136"><strong data-start="2073" data-end="2091">Less Awareness</strong>: Many farmers are not aware of NERL or eNWR.</p> </li> <li data-start="2137" data-end="2216"> <p data-start="2139" data-end="2216"><strong data-start="2139" data-end="2158">Distance Issues</strong>: Sometimes the nearest warehouse is far from the village.</p> </li> </ul> <h3 data-start="2218" data-end="2230">Example:</h3> <p data-start="2232" data-end="2445">Sunita, a farmer in Bihar, prefers selling in the local mandi. She doesn’t have a smartphone or internet connection and isn’t aware of how warehouse trading works. For her, mandi is the easiest and fastest option.</p> <hr data-start="2447" data-end="2450" /> <h2 data-start="2452" data-end="2511">3. What Are the Benefits of Selling via NERL Warehouses?</h2> <p data-start="2513" data-end="2569">For farmers who use NERL, there are multiple advantages:</p> <ul data-start="2571" data-end="2881"> <li data-start="2571" data-end="2652"> <p data-start="2573" data-end="2652"><strong data-start="2573" data-end="2590">Loan Facility</strong>: Farmers can get loans using eNWR without selling their crop.</p> </li> <li data-start="2653" data-end="2739"> <p data-start="2655" data-end="2739"><strong data-start="2655" data-end="2672">Better Prices</strong>: They can wait for the right time and sell when prices are higher.</p> </li> <li data-start="2740" data-end="2808"> <p data-start="2742" data-end="2808"><strong data-start="2742" data-end="2758">Safe Storage</strong>: Crops are stored in clean, protected warehouses.</p> </li> <li data-start="2809" data-end="2881"> <p data-start="2811" data-end="2881"><strong data-start="2811" data-end="2833">Proof of Ownership</strong>: Digital receipts help build financial records.</p> </li> </ul> <h3 data-start="2883" data-end="2895">Example:</h3> <p data-start="2897" data-end="3178">Kavita Devi stores 50 quintals of soybean in a warehouse at Rs. 4,000 per quintal. She waits for two months and sells at Rs. 4,800 per quintal. She also takes a short-term loan using eNWR to cover her medical expenses during this time. She earns more and avoids selling in a hurry.</p> <hr data-start="3180" data-end="3183" /> <h2 data-start="3185" data-end="3222">4. Why Isn’t NERL Used Widely Yet?</h2> <p data-start="3224" data-end="3309">While NERL is a smart system, it still has limited adoption across India. Here's why:</p> <ul data-start="3311" data-end="3601"> <li data-start="3311" data-end="3375"> <p data-start="3313" data-end="3375"><strong data-start="3313" data-end="3334">Lack of awareness</strong>: Many farmers have not even heard of it.</p> </li> <li data-start="3376" data-end="3461"> <p data-start="3378" data-end="3461"><strong data-start="3378" data-end="3398">Fewer warehouses</strong>: Government-approved warehouses are not present in every area.</p> </li> <li data-start="3462" data-end="3529"> <p data-start="3464" data-end="3529"><strong data-start="3464" data-end="3479">Bank delays</strong>: Some banks are slow to process eNWR-based loans.</p> </li> <li data-start="3530" data-end="3601"> <p data-start="3532" data-end="3601"><strong data-start="3532" data-end="3547">Digital gap</strong>: Not all farmers are comfortable with online systems.</p> </li> </ul> <h3 data-start="3603" data-end="3615">Example:</h3> <p data-start="3617" data-end="3797">A farmer group in Jharkhand tried using NERL, but the warehouse was 80 km away, and the bank took 3 weeks to approve their loan. They switched back to the traditional mandi system.</p> <hr data-start="3799" data-end="3802" /> <h2 data-start="3804" data-end="3855">5. What Is the Government Doing to Promote NERL?</h2> <p data-start="3857" data-end="3945">The government is trying to push warehouse-based trading and NERL through several steps:</p> <ul data-start="3947" data-end="4332"> <li data-start="3947" data-end="4023"> <p data-start="3949" data-end="4023"><strong data-start="3949" data-end="3969">Interest subsidy</strong>: Farmers pay less interest on loans taken using eNWR.</p> </li> <li data-start="4024" data-end="4133"> <p data-start="4026" data-end="4133"><strong data-start="4026" data-end="4047">Linking with eNAM</strong>: NERL is being connected to the national agri market (eNAM) for better trade options.</p> </li> <li data-start="4134" data-end="4237"> <p data-start="4136" data-end="4237"><strong data-start="4136" data-end="4165">Training farmers and FPOs</strong>: Farmers and organisations are being trained to use warehouse receipts.</p> </li> <li data-start="4238" data-end="4332"> <p data-start="4240" data-end="4332"><strong data-start="4240" data-end="4259">More warehouses</strong>: Private companies are being allowed to set up WDRA-approved warehouses.</p> </li> </ul> <h3 data-start="4334" data-end="4346">Example:</h3> <p data-start="4348" data-end="4524">In Maharashtra, a pilot program helped 500 farmers sell crops digitally through NERL and eNAM. They earned 15–20% more than mandi prices, with timely payments and no middlemen.</p> <hr data-start="4526" data-end="4529" /> <h2 data-start="4531" data-end="4581">6. Should You Invest in NERL’s Unlisted Shares?</h2> <p data-start="4583" data-end="4720">In the last few months, NERL shares have started trading in the <strong data-start="4647" data-end="4666">unlisted market</strong>. Investors are now curious whether it’s worth buying.</p> <h3 data-start="4722" data-end="4746">Reasons to Consider:</h3> <ul data-start="4748" data-end="5064"> <li data-start="4748" data-end="4835"> <p data-start="4750" data-end="4835"><strong data-start="4750" data-end="4777">Future-focused business</strong>: Agri warehousing and digital trade are growing in India.</p> </li> <li data-start="4836" data-end="4904"> <p data-start="4838" data-end="4904"><strong data-start="4838" data-end="4864">Backed by institutions</strong>: NERL is supported by NCDEX and NABARD.</p> </li> <li data-start="4905" data-end="4980"> <p data-start="4907" data-end="4980"><strong data-start="4907" data-end="4925">Policy support</strong>: Government is pushing for better agri infrastructure.</p> </li> <li data-start="4981" data-end="5064"> <p data-start="4983" data-end="5064"><strong data-start="4983" data-end="5008">First-mover advantage</strong>: Very few players are licensed to issue eNWRs in India.</p> </li> </ul> <h3 data-start="5066" data-end="5076">Risks:</h3> <ul data-start="5078" data-end="5256"> <li data-start="5078" data-end="5102"> <p data-start="5080" data-end="5102">No confirmed IPO date.</p> </li> <li data-start="5103" data-end="5150"> <p data-start="5105" data-end="5150">Financials are still in bad shape due to no growth.</p> </li> <li data-start="5151" data-end="5190"> <p data-start="5153" data-end="5190">Low liquidity in the unlisted market.</p> </li> <li data-start="5191" data-end="5256"> <p data-start="5193" data-end="5256">Success depends on how quickly farmers adopt warehouse trading.</p> </li> </ul> <hr data-start="5258" data-end="5261" /> <h2 data-start="5263" data-end="5276">Conclusion</h2> <p data-start="5278" data-end="5529">NERL may not be a "fast-return" stock, but it has strong potential as a <strong data-start="5350" data-end="5374">long-term investment</strong>. The business is in the early stages, but it is aligned with government policies, farmer interest, and India's need for better agriculture infrastructure.</p> <p data-start="5531" data-end="5791">If you are a patient investor looking for early opportunities in India's growing AgriTech sector, <strong data-start="5629" data-end="5680">NERL unlisted shares could be worth considering</strong>. But make sure to do your research, understand the risks, and invest only what you can hold for the long term.</p>
<h3 data-pm-slice="1 3 []">Introduction</h3> <p>Rapido, widely known for its bike taxi services, is preparing to enter India’s crowded but fast-growing food delivery space. With a fresh funding round of ₹125 crore (~$15 million) from Nexus Venture Partners and a reported valuation of $1.1 billion, the company is positioning itself as a serious challenger to Zomato and Swiggy — India’s food delivery duopoly.</p> <p>The key question now is: <strong>Can Rapido break the cycle of high commissions, frustrated delivery partners, and dissatisfied restaurants — and rewrite the rules of food delivery in India?</strong></p> <div><hr /></div> <h3>1. Strategic Shift: From Bike Taxis to Biryani</h3> <p>Rapido made its mark by targeting a segment left underserved by Ola and Uber — two-wheeler drivers. By offering <strong>fixed pricing</strong>, <strong>better rider incentives</strong>, and <strong>lower commissions</strong>, it attracted a large fleet of drivers tired of the unpredictability of gig work. This rider-first approach gave Rapido a loyal and scalable supply-side base.</p> <p>Now, it’s applying the same formula to food delivery, this time targeting <strong>restaurants and end consumers</strong>.</p> <div><hr /></div> <h3>2. Lower Commission, Simpler Pricing: Rapido’s Value Proposition</h3> <p>One of the biggest pain points for restaurants on Swiggy and Zomato is the <strong>high commission rate</strong>, often ranging from <strong>16% to 30%</strong>, combined with opaque terms and ad-driven visibility algorithms.</p> <p>In contrast, <strong>Rapido is offering a flat 8–15% commission</strong>, and a <strong>transparent delivery fee for consumers</strong>:</p> <ul data-spread="false"> <li> <p>₹25 for orders below ₹400</p> </li> <li> <p>₹50 for orders above ₹400</p> </li> </ul> <p>This approach provides <strong>predictability for both restaurants and customers</strong>, creating a more sustainable ecosystem.</p> <div><hr /></div> <h3>3. Restaurant Community Welcomes the Move</h3> <p>Rapido has already signed terms with the <strong>National Restaurant Association of India (NRAI)</strong>, signalling strong industry support.</p> <p>Over the past year, restaurant owners have increasingly voiced their frustration on platforms like LinkedIn, calling out:</p> <ul data-spread="false"> <li> <p>“Zero payout” orders</p> </li> <li> <p>“Mystery charges”</p> </li> <li> <p>Ad-based listing pressures</p> </li> <li> <p>Loss of customer data and brand control</p> </li> </ul> <p>Rapido’s entry is being seen by many as a much-needed alternative that prioritizes <strong>unit economics over platform control</strong>.</p> <div><hr /></div> <h3>4. Impact on Incumbents: Zomato and Swiggy React</h3> <p>Following Rapido’s announcement of its pilot rollout in Bengaluru (expected June–July 2025), both <strong>Zomato and Swiggy shares dropped between 2.5%–4%</strong>. Investors clearly understand that even a small shift in market dynamics — especially one that puts pricing pressure on commissions — can lead to significant margin compression for the incumbents.</p> <p>This isn’t the first time Rapido has disrupted incumbents. Its tie-up with idle-time Swiggy riders for last-mile delivery shows its willingness to collaborate and compete at the same time — a classic asymmetric playbook.</p> <div><hr /></div> <h3>5. Market Potential: A $15 Billion Opportunity</h3> <p>India’s food delivery market is currently estimated at <strong>$6–7 billion</strong>, but is expected to reach <strong>$15 billion by 2029</strong>, growing at a CAGR of <strong>20–30%</strong>.</p> <p>What’s even more striking is that food delivery accounts for <strong>only ~11% of total food consumption</strong> in India, compared to:</p> <ul data-spread="false"> <li> <p>40% in China</p> </li> <li> <p>58% in the United States</p> </li> </ul> <p>This indicates massive headroom for growth. With urbanisation, time-poor households, and smartphone penetration rising, the next wave of growth will likely come from <strong>Tier 2 and Tier 3 cities</strong> — where Rapido already has brand presence via its bike taxi business.</p> <div><hr /></div> <h3>6. Rapido’s Unique Edge: Trust and Affordability</h3> <p>Unlike the heavily VC-backed burn models of the past, Rapido is betting on <strong>trust, fairness, and simplicity</strong>:</p> <ul data-spread="false"> <li> <p>Fixed pricing for riders (bike taxi success)</p> </li> <li> <p>Lower commissions for restaurants (food delivery pilot)</p> </li> <li> <p>Predictable charges for customers (no surprise fees)</p> </li> </ul> <p>This <strong>three-way alignment</strong> could become its biggest competitive moat.</p> <div><hr /></div> <h3>7. Risks and Challenges</h3> <p>However, the path is not without risk. Key challenges include:</p> <ul data-spread="false"> <li> <p>Customer acquisition in an already saturated space</p> </li> <li> <p>Restaurant onboarding and last-mile delivery SLAs</p> </li> <li> <p>Competing against Zomato/Swiggy’s deep pockets and loyalty programs</p> </li> <li> <p>Managing operational efficiency at scale</p> </li> </ul> <p>The pilot in Bengaluru will serve as a key litmus test for the model.</p> <div><hr /></div> <h3>Conclusion: Can Rapido Become India’s Third Food Delivery Giant?</h3> <p>Rapido’s expansion into food delivery is not just another startup pivot — it’s a <strong>deliberate strike at structural inefficiencies</strong> in India’s hyper-competitive food tech landscape.</p> <p>With restaurant and rider communities increasingly vocal about unfair terms from incumbents, and investors hungry for sustainable business models, <strong>Rapido may just be in the right place at the right time</strong>.</p> <p>The next 6–12 months will determine whether this playbook scales — and whether <strong>Rapido's unlisted valuation of $1.1 billion</strong> continues to rise as India’s digital consumer economy expands.</p> <div><hr /></div>
<p data-pm-slice="1 3 []">The Indian Premier League (IPL), once considered a mere cricketing spectacle, has now evolved into one of the most lucrative sports leagues globally. With recent news of Diageo exploring a potential $2 billion sale of Royal Challengers Bengaluru (RCB), the spotlight is again on the astronomical valuations of IPL franchises. But while this may grab headlines, it opens up a deeper conversation for savvy investors—particularly those active in the unlisted markets—on why Chennai Super Kings (CSK) may be severely undervalued.</p> <div><hr /></div> <h3>1) A Brief History of IPL and Its Financial Evolution</h3> <p><strong>2008–2015: The Foundation Years</strong></p> <ul data-spread="false"> <li> <p>IPL was launched in 2008 by the BCCI with a vision to combine sports with entertainment and commercial monetisation.</p> </li> <li> <p>Team auctions brought in big industrialists and celebrities (e.g., Mukesh Ambani, Shah Rukh Khan, Vijay Mallya), and player auctions became a spectacle.</p> </li> <li> <p>Media rights were initially sold to Sony for ₹8,200 crore (2008–2017), which laid the groundwork for IPL’s commercial success.</p> </li> </ul> <p><strong>2016–2017: Transitional Phase</strong></p> <ul data-spread="false"> <li> <p>Two-year suspension of CSK and RR over conflict of interest led to temporary teams like Gujarat Lions and Rising Pune Supergiant.</p> </li> <li> <p>This phase tested IPL’s brand strength—yet surprisingly, the league continued to thrive, proving its long-term commercial appeal.</p> </li> </ul> <p><strong>2018–2022: The Star Era Begins</strong></p> <ul data-spread="false"> <li> <p>Star India bought IPL broadcasting rights for ₹16,348 crore for 5 years (₹3,270 crore per year).</p> </li> <li> <p>This deal nearly doubled IPL’s per-match media value, solidifying its place as a global sporting brand.</p> </li> <li> <p>Franchise valuations started shooting up—CSK, MI, and KKR began commanding significant market interest, including in the unlisted space.</p> </li> </ul> <p><strong>2023–2027: The Digital Gold Rush</strong></p> <ul data-spread="false"> <li> <p>IPL rights were auctioned again and this time split between digital and TV.</p> </li> <li> <p>Disney Star (TV) and Viacom18 (Digital) acquired rights for a combined ₹48,390 crore, valuing each match at ₹118 crore—second only to the NFL globally.</p> </li> <li> <p>This immense monetisation opportunity made IPL franchises akin to mini unicorns, attracting investors, PE firms, and global corporates.</p> </li> </ul> <div><hr /></div> <h3>2) Monetisation Model: Why Franchises Are Now Billion-Dollar Brands</h3> <p>IPL franchises have 4 primary revenue streams:</p> <ol start="1" data-spread="false"> <li> <p><strong>Central Media Pool</strong>: BCCI shares 50% of broadcasting revenue with the teams.</p> </li> <li> <p><strong>Sponsorships</strong>: Brands pay hefty sums to become jersey/title sponsors.</p> </li> <li> <p><strong>Ticket Sales</strong>: Direct revenue during home games.</p> </li> <li> <p><strong>Merchandise & Licensing</strong>: Growing every year with fanbase expansion.</p> </li> </ol> <p>This robust model ensures stable cash flows, making franchise ownership a high-ROI asset. RCB, despite never having won a title until 2025, commands a $2 billion valuation today, showing how strong fan engagement and monetisation can offset on-field performance.</p> <div><hr /></div> <h3>3) CSK Is Likely Undervalued in the Unlisted Market</h3> <p>As of June 2025, <strong>CSK’s unlisted share price at UnlistedZone reflects a market cap of around ₹7500 crore</strong> (approx. $1 billion). Compared to RCB’s $2 billion headline valuation, this seems starkly undervalued, especially considering:</p> <ul data-spread="false"> <li> <p><strong>CSK has won 5 IPL titles</strong> (tied with MI for most titles).</p> </li> <li> <p><strong>Consistently profitable</strong>: Among few IPL teams to report regular profitability.</p> </li> <li> <p><strong>Brand Loyalty</strong>: Led by MS Dhoni, CSK has a cult following across age groups and geographies.</p> </li> <li> <p><strong>Stable management</strong>: Owned by India Cements, CSK's structure is more mature compared to recently restructured teams.</p> </li> <li> <p><strong>Likely IPO candidate</strong>: CSK has strong financials and regulatory readiness for listing, which would lead to immediate value unlocking.</p> </li> </ul> <div><hr /></div> <h3>4) Valuation Comparison: CSK vs RCB</h3> <table style="width: 63.5626%; height: 128.333px;"> <tbody> <tr style="height: 18.3333px;"> <th style="text-align: center; width: 30.7144%; height: 18.3333px;">Particulars</th> <th style="text-align: center; width: 37.535%; height: 18.3333px;">CSK (Unlisted)</th> <th style="text-align: center; width: 31.6672%; height: 18.3333px;">RCB (RCB Stake News)</th> </tr> <tr style="height: 36.6667px;"> <td style="text-align: center; width: 30.7144%; height: 36.6667px;">Estimated Valuation</td> <td style="text-align: center; width: 37.535%; height: 36.6667px;">₹7500 crore (<$1B)</td> <td style="text-align: center; width: 31.6672%; height: 36.6667px;">$2 billion</td> </tr> <tr style="height: 18.3333px;"> <td style="text-align: center; width: 30.7144%; height: 18.3333px;">IPL Titles</td> <td style="text-align: center; width: 37.535%; height: 18.3333px;">5</td> <td style="text-align: center; width: 31.6672%; height: 18.3333px;">1</td> </tr> <tr style="height: 18.3333px;"> <td style="text-align: center; width: 30.7144%; height: 18.3333px;">Profitability</td> <td style="text-align: center; width: 37.535%; height: 18.3333px;">Profitable</td> <td style="text-align: center; width: 31.6672%; height: 18.3333px;">Not Consistently Profitable</td> </tr> <tr style="height: 18.3333px;"> <td style="text-align: center; width: 30.7144%; height: 18.3333px;">Fan Following</td> <td style="text-align: center; width: 37.535%; height: 18.3333px;">Pan-India + Global (Dhoni)</td> <td style="text-align: center; width: 31.6672%; height: 18.3333px;">High (Virat Kohli-led)</td> </tr> <tr style="height: 18.3333px;"> <td style="text-align: center; width: 30.7144%; height: 18.3333px;">IPO Potential</td> <td style="text-align: center; width: 37.535%; height: 18.3333px;">Very High</td> <td style="text-align: center; width: 31.6672%; height: 18.3333px;">Unclear</td> </tr> </tbody> </table> <p><strong>Conclusion</strong>: CSK offers a better financial and brand profile at half the price. This makes it a compelling long-term investment in the unlisted space.</p> <div><hr /></div> <h3>5) Global Investor Interest & What It Means for You</h3> <p>The sale buzz around RCB is not isolated. Global investors, hedge funds, and family offices are increasingly tracking IPL franchises. For example:</p> <ul data-spread="false"> <li> <p>CVC Capital invested in Gujarat Titans (new team).</p> </li> <li> <p>RedBird Capital owns a stake in Rajasthan Royals.</p> </li> <li> <p>PE firms from the US and UK are exploring franchise-level private investments.</p> </li> </ul> <p>This tells us one thing—<strong>IPL is no longer just a cricket league; it’s a serious global business asset class</strong>.</p> <div><hr /></div> <h3>💡 UnlistedZone View</h3> <p>As India’s leading pre-IPO investment platform, we believe <strong>CSK represents a unique value opportunity</strong>. While RCB’s potential stake sale rightly grabs attention, <strong>CSK’s fundamentals, championship history, and media monetisation edge make it a better investment bet at current valuations</strong>.</p> <p>👉 For investors interested in participating in such high-growth sports assets, CSK shares are available on UnlistedZone.</p> <p>📞 Reach out to us to know:</p> <ul data-spread="false"> <li> <p>Latest price trends</p> </li> <li> <p>Lot sizes and delivery process</p> </li> <li> <p>Exit options before potential IPO</p> </li> </ul> <div><hr /></div> <h3>🔍 Final Takeaway</h3> <ul data-spread="false"> <li> <p>IPL’s valuation boom is real and sustainable.</p> </li> <li> <p>Media rights, digital viewership, and global investor participation are fuelling this momentum.</p> </li> <li> <p>RCB’s $2 billion tag should prompt investors to re-evaluate CSK’s position in their unlisted portfolio.</p> </li> <li> <p>At UnlistedZone, we help you stay ahead in capturing such hidden value stories before they hit the mainstream market.</p> </li> </ul>
<p>Hero FinCorp ke FY25 results mein revenue ne toh impress kiya, lekin profits ne disappoint. IPO ki tayari ho rahi hai, par kya company ready hai? Dekhiye complete breakdown in under 2 minutes!</p>
<p>Onix Renewable Limited just dropped a bombshell — a 44:1 bonus issue, plans for a ₹1,500 crore fundraise, and a massive IPO is on the horizon. With authorized capital raised from ₹25 crore to ₹150 crore, and new restrictions on share transfers, Onix is clearly gearing up for the big leagues. Don’t miss this massive shift in India’s unlisted market!</p>
<h2 data-pm-slice="1 1 []">Introduction</h2> <p>Tata Capital is set to become the latest Tata Group company to hit the stock market. With SEBI’s approval process nearly complete, India is bracing for one of its biggest IPOs in the financial services space—valued at nearly $2 billion (₹17,200 crore). This public offering holds not only regulatory importance but also market-shaping potential.</p> <p>In this article, we explore the Tata Capital IPO news, financials, expected price band, and caution for unlisted market investors.</p> <div><hr /></div> <h2>A) Tata Capital IPO: Regulatory Green Signal Soon</h2> <p>As per reports, the Securities and Exchange Board of India (SEBI) has concluded its review of Tata Capital’s draft red herring prospectus (DRHP). The <strong>final observation letter</strong>, which signals regulatory clearance, is expected shortly. This would enable the Tata Group’s NBFC arm to go public ahead of the <strong>September 2025 deadline</strong> imposed by the RBI.</p> <h3>Why the Rush?</h3> <p>Tata Capital is part of the RBI’s <strong>‘Upper Layer’ of NBFCs</strong>, which mandates public listing for greater transparency and compliance. This IPO will help Tata Capital align with that directive.</p> <div><hr /></div> <h2>B) Tata Investment Shares React Strongly</h2> <p>Following the IPO news, <strong>Tata Investment Corporation shares surged 8%</strong>, hitting ₹7,150 on June 6. This surge reflects growing investor optimism that the IPO will unlock substantial value, not only for Tata Capital shareholders but across the Tata ecosystem.</p> <div><hr /></div> <h2>C) IPO Structure: Fresh Issue + OFS</h2> <p>The IPO is expected to feature a <strong>dual structure</strong>:</p> <ul data-spread="false"> <li> <p>🔄 <strong>Fresh Issue</strong> – To raise growth capital.</p> </li> <li> <p>🔁 <strong>Offer for Sale (OFS)</strong> – Providing partial exit to existing shareholders.</p> </li> </ul> <p>This combination will help Tata Capital bolster its balance sheet while giving early investors a profitable exit.</p> <div><hr /></div> <h2>D) Tata Capital Financial Highlights (FY25)</h2> <table style="width: 54.5338%;"> <tbody> <tr> <th style="text-align: center; width: 36.0479%;">Metric</th> <th style="text-align: center; width: 24.9743%;">FY24</th> <th style="text-align: center; width: 22.147%;">FY25</th> <th style="text-align: center; width: 16.7281%;">% Change</th> </tr> <tr> <td style="text-align: center; width: 36.0479%;">Total Income</td> <td style="text-align: center; width: 24.9743%;">₹18,198 Cr</td> <td style="text-align: center; width: 22.147%;">₹28,370 Cr</td> <td style="text-align: center; width: 16.7281%;">+55.91%</td> </tr> <tr> <td style="text-align: center; width: 36.0479%;">Total Expenses</td> <td style="text-align: center; width: 24.9743%;">₹13,506 Cr</td> <td style="text-align: center; width: 22.147%;">₹23,448 Cr</td> <td style="text-align: center; width: 16.7281%;">+73.63%</td> </tr> <tr> <td style="text-align: center; width: 36.0479%;">EBITDA</td> <td style="text-align: center; width: 24.9743%;">₹4,692 Cr</td> <td style="text-align: center; width: 22.147%;">₹4,922 Cr</td> <td style="text-align: center; width: 16.7281%;">+4.90%</td> </tr> <tr> <td style="text-align: center; width: 36.0479%;">Profit After Tax (PAT)</td> <td style="text-align: center; width: 24.9743%;">₹3,327 Cr</td> <td style="text-align: center; width: 22.147%;">₹3,655 Cr</td> <td style="text-align: center; width: 16.7281%;">+9.87%</td> </tr> <tr> <td style="text-align: center; width: 36.0479%;">EPS</td> <td style="text-align: center; width: 24.9743%;">₹8.98</td> <td style="text-align: center; width: 22.147%;">₹9.72</td> <td style="text-align: center; width: 16.7281%;">+8.23%</td> </tr> <tr> <td style="text-align: center; width: 36.0479%;">Gross NPA</td> <td style="text-align: center; width: 24.9743%;">1.71%</td> <td style="text-align: center; width: 22.147%;">2.33%</td> <td style="text-align: center; width: 16.7281%;">❌ Rising</td> </tr> <tr> <td style="text-align: center; width: 36.0479%;">Net NPA</td> <td style="text-align: center; width: 24.9743%;">0.38%</td> <td style="text-align: center; width: 22.147%;">0.98%</td> <td style="text-align: center; width: 16.7281%;">❌ Rising</td> </tr> </tbody> </table> <p>While Tata Capital reported <strong>strong top-line growth</strong>, a sharp increase in expenses and rising NPAs point to potential operational challenges.</p> <div><hr /></div> <h2>🚨 Caution for Unlisted Investors</h2> <p><strong>Expected IPO Price Band:</strong> ₹350–₹400 per share<br /><br /><strong>Current Unlisted Market Price:</strong> ₹1,000 per share</p> <p>⚠️ This means the unlisted shares are trading at nearly <strong>2.5x the expected IPO price</strong>.</p> <h3>🔍 Investor Advisory</h3> <ul data-spread="false"> <li> <p>There’s a <strong>valuation mismatch</strong>.</p> </li> <li> <p>No listing gain is likely if bought at current unlisted prices.</p> </li> <li> <p>Hype around the IPO is driving short-term demand in the grey market.</p> </li> </ul> <p>Investors must carefully assess whether to enter at inflated valuations or wait for listing.</p> <div><hr /></div> <h2>🔚 Conclusion</h2> <p>The Tata Capital IPO is a landmark move in India’s NBFC sector and could unlock significant value for the Tata Group. However, investors in the unlisted market must proceed with caution given the steep premium currently demanded.</p> <p>With FY25 financials showing growth but also early signs of stress in asset quality, prudent evaluation is key before taking positions in the pre-IPO market.</p> <div><hr /></div> <p><strong>Stay updated with all IPO news and pre-IPO research at </strong><a href="https://www.unlistedzone.com"><strong>UnlistedZone</strong></a></p> <p> </p>
<h2 data-pm-slice="1 1 []">A) Introduction</h2> <p>Power Exchange India Limited (PXIL), a government-regulated power trading platform, is increasingly drawing investor interest in the unlisted market. At a time when India is focusing on energy market reforms, investments in power exchanges like PXIL are being closely watched for long-term value creation.</p> <p>In this article, we explore PXIL’s business model, compare it with IEX (its larger rival), assess its financials, and understand why institutional investors are now eyeing PXIL’s unlisted shares.</p> <div><hr /></div> <h2>B) What is PXIL and What Does It Do?</h2> <p>PXIL is a power exchange that enables <strong>buyers (industries, DISCOMs, large commercial users)</strong> and <strong>sellers (power generators, solar/wind firms)</strong> to <strong>transact electricity in a transparent, market-driven manner</strong>.</p> <p>It facilitates:</p> <ul data-spread="false"> <li> <p><strong>Day-Ahead and Term-Ahead Market (DAM & TAM)</strong>: Short-term contracts for power trading scheduled either the next day (DAM) or days/weeks ahead (TAM).</p> </li> <li> <p><strong>Renewable Energy Certificates (RECs)</strong>: Instruments that help obligated entities (like DISCOMs) meet their renewable purchase obligations by buying clean energy credits.</p> </li> <li> <p><strong>Market-Based Economic Dispatch (MBED)</strong>: A reform to optimize electricity dispatch across India based on lowest cost generation regardless of state boundaries.</p> </li> </ul> <p>Buyers place bids, sellers offer power, and trades are cleared based on matching prices. PXIL acts as an <strong>exchange</strong>, ensuring <strong>price discovery, transparency</strong>, and <strong>grid discipline</strong>.</p> <div><hr /></div> <h2>C) Who Uses PXIL?</h2> <ul data-spread="false"> <li> <p><strong>DISCOMs</strong> (Distribution Companies)</p> </li> <li> <p><strong>Large Industrial Users</strong> (textile, cement, steel plants)</p> </li> <li> <p><strong>Renewable Energy Producers</strong></p> </li> <li> <p><strong>Power Traders</strong></p> </li> </ul> <div><hr /></div> <h2>D) PXIL vs. IEX: What's the Difference?</h2> <table style="width: 55.6173%;"> <tbody> <tr> <th style="text-align: center; width: 40.5%;">Feature</th> <th style="text-align: center; width: 35.55%;">PXIL</th> <th style="text-align: center; width: 23.85%;">IEX</th> </tr> <tr> <td style="text-align: center; width: 40.5%;">Market Share</td> <td style="text-align: center; width: 35.55%;">~5–10%</td> <td style="text-align: center; width: 23.85%;">~90%+</td> </tr> <tr> <td style="text-align: center; width: 40.5%;">Founded</td> <td style="text-align: center; width: 35.55%;">2008</td> <td style="text-align: center; width: 23.85%;">2008</td> </tr> <tr> <td style="text-align: center; width: 40.5%;">Ownership</td> <td style="text-align: center; width: 35.55%;">JV of NSE & NCDEX</td> <td style="text-align: center; width: 23.85%;">Public listed company</td> </tr> <tr> <td style="text-align: center; width: 40.5%;">Trading Volume</td> <td style="text-align: center; width: 35.55%;">Lower</td> <td style="text-align: center; width: 23.85%;">Industry leader</td> </tr> <tr> <td style="text-align: center; width: 40.5%;">Tech Infrastructure</td> <td style="text-align: center; width: 35.55%;">Moderate</td> <td style="text-align: center; width: 23.85%;">Highly advanced</td> </tr> </tbody> </table> <p>PXIL is <strong>structurally similar</strong> to IEX but has lower liquidity and volumes. However, regulatory efforts to prevent monopoly in power trading are creating opportunities for PXIL to grow.</p> <div><hr /></div> <h2>E) How Will You Get Power After Buying on PXIL?</h2> <p>A common confusion among buyers is — <em>if I buy power on PXIL, how will it reach me if my electricity connection is from the local DISCOM?</em></p> <p>Here’s how it works:</p> <ol start="1" data-spread="false"> <li> <p>PXIL matches buyer-seller on its platform.</p> </li> <li> <p>The <strong>power is scheduled through the national grid</strong>.</p> </li> <li> <p>DISCOMs or industries <strong>receive electricity physically via the existing transmission system</strong>.</p> </li> <li> <p><strong>POSOCO and SLDCs</strong> handle scheduling, metering, and settlements.</p> </li> </ol> <p>You get the benefit of market-discovered pricing, while power flows physically as usual.</p> <div><hr /></div> <h2>F) PXIL Financial Highlights (FY24)</h2> <table style="width: 34.189%;"> <tbody> <tr> <td style="text-align: center; width: 62.3428%;">Metric</td> <td style="text-align: center; width: 37.4846%;">Value</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>Unlisted Share Price</strong></td> <td style="text-align: center; width: 37.4846%;">₹345</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>Market Cap</strong></td> <td style="text-align: center; width: 37.4846%;">₹2,017 crore</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>Revenue (FY24)</strong></td> <td style="text-align: center; width: 37.4846%;">₹63 crore</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>PAT (FY24)</strong></td> <td style="text-align: center; width: 37.4846%;">₹22.1 crore</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>P/E Ratio</strong></td> <td style="text-align: center; width: 37.4846%;">91.76×</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>P/B Ratio</strong></td> <td style="text-align: center; width: 37.4846%;">19.88×</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>ROE</strong></td> <td style="text-align: center; width: 37.4846%;">24.05%</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>Book Value</strong></td> <td style="text-align: center; width: 37.4846%;">₹17.35/share</td> </tr> <tr> <td style="text-align: center; width: 62.3428%;"><strong>Debt/Equity</strong></td> <td style="text-align: center; width: 37.4846%;">0.16×</td> </tr> </tbody> </table> <p>🟢 <strong>Revenue Growth (FY22 to FY24):</strong> ₹40 Cr → ₹63 Cr<br /><br />🟢 <strong>PAT Growth (FY22 to FY24):</strong> ₹15.7 Cr → ₹22.1 Cr<br /><br />🟢 <strong>EPS Growth:</strong> ₹2.7 → ₹3.8</p> <p>These numbers showcase steady growth and profitability, even at a smaller scale.</p> <div><hr /></div> <h2>G) Why Are Institutions Looking at PXIL Now?</h2> <ol start="1" data-spread="false"> <li> <p><strong>Regulatory Tailwinds</strong>: SEBI and CERC are actively pushing for competition in power markets.</p> </li> <li> <p><strong>Diversification</strong>: PXIL's smaller base allows faster growth compared to IEX.</p> </li> <li> <p><strong>Government Reforms</strong>: Focus on MBED and open access trading will increase participation.</p> </li> <li> <p><strong>Limited Unlisted Float</strong>: Scarcity of shares is driving valuation interest.</p> </li> <li> <p><strong>Potential IPO in Future</strong>: With increased activity, PXIL could explore public listing as a value unlock.</p> </li> </ol> <div><hr /></div> <h2>H) Real-World Use Case</h2> <p>A steel manufacturer buys power via PXIL at ₹3.80/unit instead of the ₹6.50/unit charged by the local DISCOM. It saves crores annually via <strong>open access</strong>, while still receiving power through the state grid. PXIL enables this cost arbitrage transparently.</p> <div><hr /></div> <h2>I) Growth Potential</h2> <p>India’s power demand is expected to <strong>double by 2030</strong>. With reforms promoting <strong>market-based pricing</strong>, PXIL’s transaction volumes could rise substantially. As demand for clean energy and flexible trading grows, PXIL is poised to benefit from:</p> <ul data-spread="true"> <li> <p><strong>Carbon Credits</strong>: As India moves toward net-zero emissions, a carbon trading market is expected to be introduced. PXIL can serve as a platform for buying/selling carbon credits, tapping into a completely new revenue stream.</p> </li> <li> <p><strong>Green Power Trading</strong>: With increased renewable energy mandates, more entities will look to buy green power. PXIL can enable real-time green energy trading, especially through Renewable Energy Certificates (RECs).</p> </li> <li> <p><strong>Real-Time and Spot Markets</strong>: With growing digitization and smart metering, real-time market participation is increasing. PXIL can serve as an efficient platform for managing demand-supply imbalances instantly.</p> </li> </ul> <p>These initiatives not only add new revenue lines but also improve the relevance of PXIL in India’s evolving energy landscape.</p> <div><hr /></div> <h2>J) Investment Rationale for PXIL Unlisted Shares</h2> <p>✅ Niche but growing market with regulatory push<br /><br />✅ Profitable and debt-light business<br /><br />✅ High ROE and EPS growth<br /><br />✅ Plays on India’s energy transition<br /><br />✅ Unlisted scarcity premium</p> <div><hr /></div> <h2>Conclusion</h2> <p>PXIL may not have the scale of IEX, but its strategic positioning in a <strong>reforming and expanding market</strong> offers a compelling <strong>high-risk, high-reward</strong> opportunity for investors in the unlisted space.</p> <p>With valuations at ~₹2,000 crore and a rising interest in power market liberalisation, PXIL stands as a hidden gem in India’s unlisted ecosystem.</p> <div><hr /></div> <p><strong>Want to invest in PXIL unlisted shares?</strong><br />Visit <a href="https://www.unlistedzone.com">www.unlistedzone.com</a> or contact us to know more.</p> <div><hr /></div>
<p><span style="font-weight: 400;">Tata Capital, one of India’s leading non-banking financial companies (NBFCs), has announced its audited financial results for the fiscal year ended March 31, 2025. The company reported yet another year of solid financial growth, backed by strong loan book expansion, higher income generation, and strategic cost management.</span></p> <h3><strong>A) Key Financial Highlights (YoY Performance)</strong></h3> <p><strong>1. Total Income</strong><span style="font-weight: 400;"> – Tata Capital’s total income in FY25 increased significantly by </span><strong>55.91%</strong><span style="font-weight: 400;">, reaching ₹28,370 crore, up from ₹18,198 crore in FY24. This growth was driven by a surge in interest earned and a rise in other income, reflecting the company’s expanding lending business and diversified revenue streams.</span></p> <p><strong>2. Total Expenses</strong><span style="font-weight: 400;"> – Total expenses in FY25 rose sharply to ₹23,448 crore (comprising Interest Expended, Operating Expenses, and Provisions), an increase of </span><strong>73.63%</strong><span style="font-weight: 400;"> from ₹13,506 crore in FY24. The rise reflects increased funding costs, operational scale-up, and proactive provisioning to safeguard asset quality.</span></p> <p><strong>B) EBITDA and Margins</strong></p> <p><strong>1. EBITDA</strong><span style="font-weight: 400;"> (approximated as Total Income minus Total Expenses) stood at ₹4,922 crore in FY25, compared to ₹4,692 crore in FY24, showing a modest rise of </span><strong>4.9%</strong><span style="font-weight: 400;">. The margin compression was primarily due to higher provisioning and interest expenses.</span></p> <p><strong>2. Profit After Tax (PAT)</strong><span style="font-weight: 400;"> – PAT rose to ₹3,655 crore in FY25, up from ₹3,327 crore in FY24, marking a growth of </span><strong>9.87%</strong><span style="font-weight: 400;">. The steady increase reflects disciplined cost control and strong revenue growth.</span></p> <p><strong>3. Earnings Per Share (EPS)</strong><span style="font-weight: 400;"> – EPS improved to ₹9.72 in FY25 from ₹8.98 in FY24, a growth of </span><strong>8.23%</strong><span style="font-weight: 400;">, indicating consistent shareholder value creation.</span></p> <h3><strong>C) Asset Quality</strong></h3> <p><strong>1. Gross NPA</strong><span style="font-weight: 400;"> increased to </span><strong>2.33%</strong><span style="font-weight: 400;"> in FY25, up from </span><strong>1.71%</strong><span style="font-weight: 400;"> in FY24, reflecting some stress in specific loan segments.</span><span style="font-weight: 400;"><br /><br /></span><strong>2. Net NPA</strong><span style="font-weight: 400;"> also rose to </span><strong>0.98%</strong><span style="font-weight: 400;"> from </span><strong>0.38%</strong><span style="font-weight: 400;">, but remained at manageable levels due to prudent provisioning.</span><span style="font-weight: 400;"><br /><strong><br />D) Key Financial Ratios</strong></span></p> <p><strong>1. Advances</strong><span style="font-weight: 400;"> grew from ₹1,57,760 crore in FY24 to ₹2,21,950 crore in FY25, registering an impressive </span><strong>40.66%</strong><span style="font-weight: 400;"> growth, indicating robust credit demand.</span><span style="font-weight: 400;"><br /></span></p> <p><strong>2. Book Value</strong><span style="font-weight: 400;"> increased to ₹91.36 in FY25 from ₹66.38 in FY24, up </span><strong>37.64%</strong><span style="font-weight: 400;">, enhancing the intrinsic value per share.</span><span style="font-weight: 400;"><br /><strong><br />3. P/B Ratio</strong> decreased to <strong>10.12</strong> from <strong>15.82</strong>, however, still valuation are very stretched. </span></p> <p><strong>4. Return on Equity (ROE)</strong><span style="font-weight: 400;"> moderated to </span><strong>10.63%</strong><span style="font-weight: 400;"> in FY25 from </span><strong>13.53%</strong><span style="font-weight: 400;"> in FY24, due to a higher equity base and increased provisioning.</span><span style="font-weight: 400;"><br /><strong><br />E) Valuation</strong></span></p> <p><span style="font-weight: 400;">Tata Capital is currently trading at a price-to-book (P/B) ratio of 11.57x, indicating a steep valuation. The IPO price is expected to be in the range of ₹350–₹400 per share.</span></p> <h3><strong>F) Strategic Outlook</strong></h3> <p><span style="font-weight: 400;">Tata Capital’s FY25 performance reflects its growing strength as a leading NBFC in India. With expanding credit penetration, digital transformation initiatives, and continued focus on retail and SME lending, the company is well-positioned to sustain its growth momentum.</span></p> <p><span style="font-weight: 400;">As the economy continues to formalize and credit demand rises across sectors, Tata Capital’s diversified portfolio, solid capital base, and strong governance framework provide a solid foundation for long-term value creation.</span></p>
<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>
<p><span class="yt-core-attributed-string--link-inherit-color" dir="auto">How did Razorpay go from a small startup to a $7.5 billion fintech titan? In this deep dive by UnlistedZone, we unravel the story of Razorpay — India’s B2B payments disruptor. From solving payment gateway woes in 2014 to building a full-stack financial platform for businesses, Razorpay has redefined how Indian startups and enterprises handle money. While Paytm and PhonePe chased consumers, Razorpay quietly dominated the business side of fintech. 💡 What you'll learn in this video: India’s fintech boom post-2016 Razorpay’s origin story Its powerful B2B-focused business model Key products like RazorpayX and Razorpay Capital Funding milestones and unicorn journey How it handled regulatory challenges What’s next: global expansion & IPO buzz Whether you're a fintech enthusiast, investor, or entrepreneur, this video is packed with insights on one of India’s most influential private companies. 👉 Don’t forget to like, share, and subscribe to UnlistedZone for more deep dives into India’s top private market stories! 👉 Follow us on Twitter - </span><span class="yt-core-attributed-string--link-inherit-color" dir="auto"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--call-to-action-color" tabindex="0" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbnc1eEdZeGpZdnVvX2Q0bUZJYWhfWUNSWHFxUXxBQ3Jtc0tubHFBUzZjRUo2bG41alRWOHJneEJCX0RzQzVidWpJVWZ5ZnB6a2UtcU1qaDh6akV6SzRUSFFFOV9PV0FrUjlYNXVuY3dkMVNiamxPN2tOWGVEc1ZBakw0YUQtT1pqYXZKZ2IwUGpOcGpmVk5lMXBRQQ&q=https%3A%2F%2Fx.com%2FUnlistedZone&v=xioCqCGyvog" target="_blank" rel="nofollow noopener">https://x.com/UnlistedZone</a></span><span class="yt-core-attributed-string--link-inherit-color" dir="auto"> Telegram - </span><span class="yt-core-attributed-string--link-inherit-color" dir="auto"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--call-to-action-color" tabindex="0" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqazc4U0RIZk1GWUxQTjN4VjN4ZlFSTUI0OEJJUXxBQ3Jtc0ttU1BGRkVYeGxveUozS01IWDF5bVAyS243MWUxdXNGelIyazhUd3h4SVJPd3RjX1lLRzRjeTVVMW5pUW4zSllHdFBqV3lsTFd3am5hSFNXVjhJT1h0RkxpZWR4OGFOTGk2a1RUVDd0dGsxNVlxcjVVWQ&q=https%3A%2F%2Ft.me%2Fjoinchat%2FPufqprzRomNkMTg1&v=xioCqCGyvog" target="_blank" rel="nofollow noopener">https://t.me/joinchat/PufqprzRomNkMTg1</a></span><span class="yt-core-attributed-string--link-inherit-color" dir="auto"> LinkedIn - </span><span class="yt-core-attributed-string--link-inherit-color" dir="auto"><a class="yt-core-attributed-string__link yt-core-attributed-string__link--call-to-action-color" tabindex="0" href="https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbllOd2NPODMxOXVoaDBWTDdvYnZjQUNEOF8yZ3xBQ3Jtc0trWVBpaTU4U1lkNThnV2J2RW9TZGFqck5jaXNyYkFHRkt0Y3NFWG1qSm1oWTE0QTlyNnNIQzBCSVVoSmc4QWdmNG9mQ0hJSWhNRUQ2LVdNWE5nQmJsVEtBNnR5bjFoWkx2WGlJcGp6QjdieHVJcThBMA&q=https%3A%2F%2Fwww.linkedin.com%2Fuas%2Flogin%3Fse..&v=xioCqCGyvog" target="_blank" rel="nofollow noopener">https://www.linkedin.com/uas/login?se..</a></span><span class="yt-core-attributed-string--link-inherit-color" dir="auto">. 📅 See you in the next video! 🙌</span></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>
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