Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
India has only about 20,000 aerial work platforms, while the US and China run lakhs of them. MTandT Rentals wants to close that gap. Its revenue grew 63% in FY26 and profit 73%, but slow collections and negative free cash flow tell a more complicated story. We break down the business, its valuation at ₹545 a share, and what United Rentals, the US giant, says about where this industry could go.
63SATS Cybertech, the cybersecurity arm of 63 moons, billed ₹218 crore in just six months, more than double all of last year. Management now expects ₹600 crore for FY27. We look at what it’s building, what’s driving growth, how the unlisted market is valuing it, and whether the target holds up.
INOX Air Products, the 50:50 joint venture between America's Air Products and the INOX Group, has filed its DRHP for a 100% offer for sale of 7.72 crore shares. We break down how it makes money from on-site, merchant and cylinder gases. We also compare its FY26 numbers with Linde India and Ellenbarrie, and work out an expected price band of ₹1,050–1,100.
In March 2024, Inox Clean Energy owned a single 50 MW wind project. Today it claims a 9.29 GW power portfolio, 6 GW of solar factories across India and the US, and a ₹71,000 crore price tag, all built in about 18 months through a debt-fuelled acquisition spree. We break down its business model, how it earns, where the money came from, who owns it and the risks before its ₹10,000 crore IPO.
Delhi-based medical simulator maker Maverick is raising ₹125 crore at ₹3,118 a share and buying its founder's Swiss surgical-simulator company, Voxel-Man, for ₹260 crore in shares. We break down the investors, the share count, the valuation and why simulation is a booming sector.
The UnlistedZone team went through Gujarat Fluorochemicals' Q1 FY27 earnings call and public data to decode GFCL EV, its battery materials business. We cover the product pipeline, the ₹100 crore quarterly revenue target, why the Oman project moved to India, and how China's LFP technology curbs and Indian cell makers' pullbacks affect local demand. We also look at the upcoming battery component PLI.
The TV in your living room might carry a famous logo, but there's a fair chance it was built in a Noida factory you've never heard of. Meet Ekkaa Electronics — backed by Sunil Singhania's Abakkus and Mukul Agrawal, growing at triple digits, and now headed for a ₹725 crore IPO. Here's the full story.
A Ghaziabad company that builds sewer suction machines, road sweepers and anti-smog guns for municipal India just posted ₹63 crore in revenue and ₹5 crore in profit, and is now preparing for an SME IPO. Here's how Quality Enviro Engineers makes money, who runs it, what it's worth, and the catch hiding in its cash flow.
The Calcutta Stock Exchange hasn't hosted a single trade since 2013, yet it just reported a profit of ₹215 crore. We look at how a "zombie exchange" makes money, what its balance sheet is really hiding, and whether the 118-year-old institution will shut down for good or ring its opening bell again.
India's only gas exchange can now sell gas up to two years in advance. That could bring in large deals and much bigger volumes for IGX. But its earlier long-term contracts barely traded, so will buyers show up this time?
Almost every Indian adult has a story involving a squat bottle with a monk on the label. But the company behind Old Monk doesn't trade on any real exchange, increasingly lets other people bottle its rum, and grew profits 53% on revenue that moved just 7%. Here's how Mohan Meakin makes money — and what it's worth.
It sold one business for ₹276 crore and booked more profit from that single deal than from a full year of operations. Carrier India makes chillers, VRF systems and room ACs — but 57% of its revenue is simply imported and resold. Here's what that does to the margins.
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