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<p>National Stock Exchange (NSE), India’s premier stock exchange, has announced its audited financial results for the fiscal year ended March 31, 2025. The exchange reported another year of strong financial performance, driven by higher trading volumes, increased investor participation, and substantial non-operating income.</p> <p><strong>1. Key Financial Highlights (YoY Performance)</strong></p> <p>Total Revenue – NSE’s total revenue in FY25 increased by 15.98%, reaching ₹17,141 crore, up from ₹14,780 crore in FY24. This growth reflects continued traction in equity and derivative markets and expansion in data and analytics offerings.</p> <p>Total Expenses – Total expenses grew to ₹4,817 crore in FY25 (sum of employee benefit expenses, other expenses, and D&A), a rise of 31.52% from ₹3,608 crore in FY24. The increase reflects scaling operations, tech investments, and higher personnel-related costs.</p> <p><strong>2. EBITDA and Margins - </strong>EBITDA rose to ₹12,881 crore in FY25 from ₹11,611 crore in FY24, showing an increase of approximately 10.94%. However, the Operating Profit Margin (OPM) slightly declined from 78.56% in FY24 to 75.15% in FY25, indicating a moderate increase in operational costs, particularly in employee and other expenses.</p> <p><strong>3. Profit Before Tax (PBT) </strong>– PBT surged by 43.5%, climbing to ₹16,057 crore in FY25 from ₹11,184 crore in FY24. The growth was significantly supported by a sharp rise in other income, contributing to stronger pre-tax margins.</p> <p><strong>4. Profit After Tax (PAT) </strong>– PAT grew to ₹12,188 crore, marking an increase of 44.97% over ₹8,406 crore in FY24. This reflects solid profitability, improved operational leverage, and strategic efficiency in tax planning. The Net Profit Margin (NPM) rose from 56.87% to 71.1%, again supported by strong non-operating income.</p> <p><strong>5. Earnings Per Share (EPS) </strong>– EPS for FY25 stood at ₹49.24, a decline from ₹169.82 in FY24. The drop is due to changes in share capital structure, i.e. bonus issue in 4:1. </p> <p><strong>Strategic Outlook</strong></p> <p>NSE’s FY25 performance showcases its financial strength, market leadership, and adaptability to evolving market dynamics. The exchange continues to invest in cutting-edge infrastructure, strengthen its regulatory framework, and innovate across asset classes.</p> <p>With growing domestic retail participation, expanding global investor interest, and increasing focus on sustainable finance, NSE is well-positioned to maintain its growth trajectory in the coming fiscal years.</p>
<p>Hero FinCorp, the financial services arm of Hero MotoCorp, has received approval from the Securities and Exchange Board of India (SEBI) to launch its much-anticipated initial public offering (IPO). The total issue size is pegged at ₹3,668 crore, comprising a fresh issue of ₹2,100 crore and an offer for sale (OFS) worth ₹1,568 crore by existing shareholders.</p> <p>The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 31. As per the filing, the OFS will see participation from key investors including AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (represented by Vikas Srivastava), and Otter Ltd. Proceeds from the fresh issue will be utilized to bolster the company’s capital base and support future lending activities.</p> <p><strong>Company Overview</strong><br />Founded in December 1991 as Hero Honda FinLease Ltd, Hero FinCorp has evolved into a diversified non-banking financial company (NBFC) under the leadership of Abhimanyu Munjal. The company offers a wide range of financial products such as two-wheeler loans, affordable housing finance, education loans, and SME funding solutions.</p> <p>However, the NBFC is currently navigating a challenging environment. During the first three quarters of FY25, loan write-offs surged by 80%, rising from ₹1,214.7 crore to ₹2,180.9 crore. The company sold over 2.95 lakh written-off loans with a book value of ₹1,874.73 crore but managed to recover only ₹49.85 crore. As of September 30, 2024, Hero FinCorp’s assets under management (AUM) stood at ₹53,642 crore.</p> <p><strong>FY25 Financial Performance</strong><br />Hero FinCorp reported a 15% increase in interest income in FY25, growing from ₹7,479 crore to ₹8,589 crore. Other income also saw a robust 49% jump, reaching ₹1,314 crore from ₹880 crore. However, these revenue gains were undermined by rising costs. Interest expenses rose to ₹3,827 crore from ₹3,097 crore, while operating expenses increased from ₹2,513 crore to ₹2,935 crore. Provisions and contingencies more than doubled, escalating over 67% to ₹2,884 crore from ₹1,722 crore.</p> <p>These mounting expenses took a toll on profitability. Net profit (PAT) declined sharply from ₹637 crore in FY24 to ₹110 crore in FY25. Likewise, earnings per share (EPS) plummeted from ₹50.16 to ₹8.63—an 82% drop, reflecting the strain on the company’s bottom line.</p> <p><strong>Valuation Snapshot</strong><br />Despite the decline in profitability, Hero FinCorp continues to command a strong market valuation. As of FY25, the company's market capitalization stands at ₹16,880.5 crore. Its Price-to-Earnings (P/E) ratio is an elevated 153.53, signaling investor optimism about future growth rather than current earnings. The Price-to-Book (P/B) ratio is 2.93, indicating that the stock trades at nearly three times its book value.</p> <p>On the flip side, the Return on Equity (ROE) has dropped to a modest 1.91%, pointing to reduced shareholder returns. The debt-to-equity ratio remains high at 8.33—characteristic of NBFCs—but it underscores the need for cautious monitoring of leverage levels as the company expands.</p>
<p>Frick India reported a 9% revenue drop in FY25, with earnings falling to ₹437 crore from ₹481 crore last year. Despite the decline, gross margins improved to 34.1%, showcasing better cost control. EBITDA held steady at ₹41 crore, while net profit dipped to ₹35 crore. A mixed performance with pressure on topline but resilience in margins.</p>
<p>Care Health Insurance saw a 21% rise in premiums in FY25, but profits halved due to a surge in claims and commissions. Strong Q4 offers hope for FY26 recovery.</p>
<p>NSE posted a 16% revenue and 38% PAT growth in FY25, with stable margins. Q4 saw a dip due to SEBI rule changes, but IPO momentum, data growth, and investor additions signal long-term strength.</p>
<p>Frick India Limited, a leading industrial refrigeration and cooling solutions provider, has announced its audited financial results for the fiscal year ended March 31, 2025. The company reported solid year-on-year growth across all key financial parameters, driven by consistent market demand, operational efficiencies, and strong execution.</p> <p><strong>1. Key Financial Highlights (YoY Performance)</strong><br />Total Revenue – The total revenue of Frick India in FY25 increased 6.41%, rising to ₹134.69 crore compared to ₹126.58 crore in FY24. The growth reflects steady business momentum across product and service segments, including exports and turnkey solutions.</p> <p>Total Expenses – The company recorded total expenses of ₹121.32 crore in FY25, up 6.48% from ₹113.94 crore in FY24. Despite inflationary pressures, Frick India maintained disciplined cost controls to safeguard margins.</p> <p>Profit Before Tax (PBT) – PBT saw a healthy 7.90% growth, reaching ₹46.01 crore in FY25 as against ₹42.64 crore in the previous year. The increase was primarily attributed to higher operating income and improved productivity.</p> <p>Profit After Tax (PAT) – PAT climbed to ₹34.66 crore, a growth of 10.78% over ₹31.28 crore in FY24. The company’s ability to manage tax obligations efficiently further strengthened its bottom line.</p> <p>Earnings Per Share (EPS) – EPS for FY25 stood at ₹57.76, reflecting a 10.80% increase compared to ₹52.13 in FY24. This demonstrates consistent value creation for shareholders.</p> <p><strong>2. Strategic Outlook</strong><br />Frick India’s strong FY25 performance underscores its resilience and long-term vision in a competitive industrial landscape. The company continues to focus on innovation in sustainable refrigeration technologies, expansion into global markets, and strengthening its service and maintenance verticals.</p> <p>With a robust order book and increasing demand for energy-efficient solutions, Frick India is well-positioned to deliver continued growth in the upcoming fiscal years.</p>
<p>India’s premier stock exchange, the National Stock Exchange (NSE), has proposed a record settlement of $118 million to the Securities and Exchange Board of India (SEBI) in an attempt to resolve lingering regulatory disputes. This bold move is expected to unlock its stalled Initial Public Offering (IPO) plans, according to a source closely involved in the talks.</p> <p><strong>1. SEBI’s Deliberation in Progress</strong><br />SEBI is currently reviewing the proposal, and a decision is anticipated soon. Although the regulator hasn’t officially commented, insiders suggest that SEBI is leaning toward accepting the offer. If approved, NSE would receive a no-objection certificate — a crucial prerequisite for any company planning to go public in India.</p> <p><strong>2. Regulatory Roadblocks Since 2015</strong><br />NSE’s IPO journey has been delayed since 2015 due to allegations involving unfair access to its co-location servers by a few high-frequency trading firms. These violations led SEBI to shelve the IPO in 2016 and impose a six-month market access ban on the exchange, further complicating its capital market ambitions.</p> <p><strong>3. Partial Settlements Already Made</strong><br />This is not the first time NSE has made amends. In October, the exchange paid $75 million to settle one of the multiple regulatory cases linked to preferential access. The current $118 million proposal is designed to comprehensively close all outstanding issues with the regulator.</p> <p><strong>4. Leadership and Regulatory Engagement</strong><br />Momentum for a resolution picked up after SEBI’s newly appointed chairman, Tuhin Kanta Pandey, confirmed that the regulator is working collaboratively with NSE to address the bottlenecks affecting its IPO. His statement last week sparked renewed optimism around the long-delayed listing.</p> <p><strong>5. CEO Confirms Outstanding Issues</strong><br />During its recent earnings call, NSE CEO Ashish Kumar Chauhan disclosed that SEBI had flagged four pending concerns, including unresolved legal matters. He reiterated the exchange’s commitment to resolve these quickly and meet regulatory expectations in full.</p> <p><strong>6. Investor Confidence Remains Strong</strong><br />Despite the regulatory hurdles, investor confidence in NSE remains unshaken. With heavyweight backers like Life Insurance Corporation of India and the Canada Pension Plan Investment Board, the exchange has seen its private market valuation jump from $36 billion to $50 billion over recent months.</p> <p><strong>7. New Investment Vehicles Eyeing NSE</strong><br />Reflecting this bullish sentiment, US-based Drew Investments is reportedly creating a special purpose vehicle (SPV) to invest in NSE shares, pricing them in the range of ₹1,550 to ₹1,700 per share (approximately $18.50 to $20.20 per share). This move suggests strong investor anticipation for the exchange’s eventual public debut.</p> <p><strong>8. Final Word: Listing Path Hinges on SEBI’s Nod</strong><br />As SEBI prepares to deliver its verdict, the fate of India’s largest exchange IPO hangs in the balance. A favorable decision would mark the end of nearly a decade-long regulatory standoff and could usher NSE into the capital markets with full investor backing and renewed credibility.</p>
<p data-pm-slice="1 1 []">Reliance General Insurance, one of India's leading private sector general insurers, has reported strong performance in FY25, demonstrating its turnaround and robust fundamentals under the new ownership of IIHL (Hinduja Group). Here's a comprehensive look at its financial and operational metrics.</p> <div><hr /></div> <h3>A) Net Profit</h3> <ul data-spread="false"> <li> <p><strong>FY25:</strong> ₹315 crore</p> </li> <li> <p><strong>FY24:</strong> ₹280 crore</p> </li> <li> <p><strong>Growth:</strong> +12.5% YoY</p> </li> </ul> <p>This growth signals a sharp recovery post-acquisition, outpacing the general insurance industry average profit growth of 5.2%.</p> <p><strong>Insight:</strong> The boost in profitability can be attributed to operational efficiencies and capital support from IIHL.</p> <div><hr /></div> <h3>B) Premium Performance</h3> <ul data-spread="false"> <li> <p><strong>Gross Direct Premium (GDP):</strong> ₹12,548 crore</p> </li> <li> <p><strong>Growth:</strong> +7.4% YoY</p> </li> </ul> <p>Reliance General Insurance's premium growth outperformed the overall industry, showcasing its improved market positioning and product distribution.</p> <p><strong>Insight:</strong> Effective customer outreach and a stronger distribution network were key drivers.</p> <div><hr /></div> <h3>C) Revenue & Financials (All in ₹ Crore)</h3> <p><strong>FY25:</strong></p> <ul data-spread="false"> <li> <p>Revenue from Insurance: ₹8000cr</p> </li> <li> <p>Claims Settled: ₹5404cr</p> </li> <li> <p>Commission: ₹1112cr</p> </li> <li> <p>Operating Expense: ₹1298cr</p> </li> <li> <p>Operating Income: ₹185cr</p> </li> </ul> <p><strong>FY24:</strong></p> <ul data-spread="false"> <li> <p>Revenue from Insurance: ₹7384cr</p> </li> <li> <p>Claims Settled: ₹5158cr</p> </li> <li> <p>Commission: ₹877cr</p> </li> <li> <p>Operating Expense: ₹1348cr</p> </li> <li> <p>Operating Income: ₹0.25 cr</p> </li> </ul> <p><strong>Insight:</strong> Increased revenue and prudent claims management contributed to operational profitability.</p> <div><hr /></div> <h3>D) Balance Sheet Strength</h3> <ul data-spread="false"> <li> <p><strong>Net Worth:</strong> ₹3,429 crore (+10.2% YoY)</p> </li> <li> <p><strong>Solvency Ratio:</strong> 159% (Above 150% regulatory norm)</p> </li> </ul> <p><strong>Insight:</strong> The insurer has maintained a solid balance sheet, ensuring regulatory compliance and investor confidence.</p> <div><hr /></div> <h3>E) Capital Infusion</h3> <ul data-spread="false"> <li> <p>₹100 crore infused by IIHL in May 2025</p> </li> <li> <p>₹300 crore infused during the IBC process</p> </li> <li> <p><strong>Total Capital Raised:</strong> ₹400 crore</p> </li> </ul> <p><strong>Insight:</strong> These capital infusions have significantly improved solvency metrics and operating stability.</p> <div><hr /></div> <h3>F) Ownership Transition</h3> <ul data-spread="false"> <li> <p><strong>Acquired by:</strong> IIHL (Hinduja Group) in March 2025</p> </li> <li> <p><strong>Context:</strong> Post 3-year insolvency resolution via IBC</p> </li> <li> <p><strong>Current Holding Company:</strong> Industrial International Holdings Ltd</p> </li> </ul> <p><strong>Insight:</strong> The acquisition has brought in strategic direction and long-term capital to fuel growth.</p> <div><hr /></div> <h3>Final Takeaway</h3> <p>Reliance General Insurance's FY25 performance demonstrates a successful turnaround, driven by strategic ownership transition, disciplined underwriting, and strong financial fundamentals. With profitability rising, premium collections beating industry average, and a robust solvency buffer, the company is well-poised for sustainable long-term growth.</p>
<p data-pm-slice="1 1 []">The National Commodity & Derivatives Exchange (NCDEX), India’s leading agri-commodity exchange, has released its consolidated financial results for FY25. On the surface, the reported net profit of ₹234 crore may look encouraging for investors exploring opportunities in the unlisted space. However, a closer analysis reveals that this impressive number is not a reflection of operational excellence but rather a result of one-time exceptional gains from asset divestments.</p> <h3>Operational Weakness Persists</h3> <p>In FY25, NCDEX reported revenue from operations of ₹122 crore, down from ₹136 crore in FY24. This 10% decline highlights the exchange's ongoing struggle to:</p> <ul data-spread="false"> <li> <p>Attract meaningful trading volumes,</p> </li> <li> <p>Compete effectively with MCX in the commodity derivatives market, and</p> </li> <li> <p>Deepen participation from both institutional and retail investors.</p> </li> </ul> <p>Despite continued investments in new contracts and technology, NCDEX’s revenue base remains fragile. The weak market depth and limited product traction have restrained the platform’s ability to scale sustainably.</p> <h3>Reported Profit Driven by One-Time Gains</h3> <p>The net profit of ₹234 crore in FY25 was not earned through core operations but was generated through the sale of strategic investments. Two major divestments during the year included:</p> <h4>a) National E-Repository Ltd (NERL)</h4> <ul data-spread="false"> <li> <p><strong>Stake Sold</strong>: 16.22%</p> </li> <li> <p><strong>Shares Sold</strong>: 1,31,41,000</p> </li> <li> <p><strong>Amount Realised</strong>: ₹27 crore</p> </li> <li> <p><strong>Per Share Sale Price</strong>: ₹20.54</p> </li> <li> <p><strong>Current Unlisted Market Price</strong>: ₹56</p> </li> </ul> <p><strong>NERL Business Model</strong>: NERL is one of two licensed electronic repositories under WDRA. It facilitates electronic Negotiable Warehouse Receipts (eNWRs), digitizing agri-commodity storage and trade. NERL earns through storage registry fees and integrations with exchanges and stakeholders in the agri-market ecosystem.</p> <p><strong>Valuation Insight</strong>: The divestment was carried out at less than 40% of the prevailing unlisted market price, raising questions about value realization for NCDEX shareholders.</p> <h4>b) Power Exchange India Ltd (PXIL)</h4> <ul data-spread="false"> <li> <p><strong>Stake Sold</strong>: 16.01%</p> </li> <li> <p><strong>Shares Sold</strong>: 93,63,287</p> </li> <li> <p><strong>Amount Realised</strong>: ₹156 crore</p> </li> <li> <p><strong>Per Share Sale Price</strong>: ₹166.58</p> </li> <li> <p><strong>Recent Funding Price</strong>: ₹265</p> </li> <li> <p><strong>Current Unlisted Market Price</strong>: ₹345</p> </li> </ul> <p><strong>PXIL Business Model</strong>: PXIL is one of two licensed power exchanges in India. It facilitates trading of Day-Ahead Markets (DAM), Term-Ahead Contracts, and Renewable Energy Certificates (RECs).</p> <p><strong>Recent Institutional Investment</strong>: Notably, Norwest Venture Partners recently acquired a 5% stake in PXIL, reinforcing the institutional faith in India’s clean energy infrastructure and the rising relevance of transparent, technology-driven power markets.</p> <p><strong>Valuation Insight</strong>: NCDEX exited at a price far below the recent funding round and unlisted market levels, indicating a significant discount in valuation.</p> <h3>The Bigger Picture</h3> <p>While NCDEX has managed to post a headline profit, the performance of its core trading platform continues to deteriorate. Without the one-time exceptional items, NCDEX would have recorded a significant operational loss in FY25.</p> <p>Moreover, the sale of high-potential assets like NERL and PXIL, both aligned with long-term structural trends in AgriTech and Clean Energy, may weaken NCDEX’s future growth prospects and strategic positioning.</p> <h3>Final Take: A Value Trap in Disguise?</h3> <p>For investors in the unlisted space, NCDEX’s FY25 numbers should be read with caution. The apparent profitability masks fundamental issues in the exchange's operational performance. Divestments at undervalued prices might offer temporary relief but do little to build long-term shareholder value.</p> <p>Until core trading volumes revive and deeper structural reforms are undertaken, NCDEX risks being a value trap disguised as a turnaround.</p>
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