Blogs, insights, guides and videos on India's unlisted market — all in one place.
MSE's Electronic Bond Platform just handled a tokenised corporate bond under SEBI's Demat 2.0 pilot. For shareholders, the exciting part isn't the blockchain — it's the balance sheet. Because MSE has held this exact licence since 2016 and done almost nothing with it, and the reason why has nothing to do with technology.
Merino Industries has made decorative laminates for 61 years, and it's very good at it. That business earned ₹219 crore last year. So why did the company end FY26 with a net profit of ₹32.89 lakh?
No engine, no exhaust — just aerodynamic lift. The Khagantak-243 glide bomb cleared its IAF drop test, and the company behind it is a pre-revenue startup from Nagpur.
A Pune company watched a quarter of its revenue disappear in FY26 — and posted the biggest profit in its 25-year history. Maharashtra Knowledge Corporation owns no classrooms, employs no teachers, and earns more from its bank account than from its actual business. Here's how that works, and what could break it.
India is minting ultra-rich people faster than almost anywhere on earth. So why did one of the country's oldest wealth managers just watch its profit fall 78%? The answer sits in a gap between where ASK's assets are growing and where its fees actually come from.
Every front-wheel-drive car carries four constant velocity joints, and a fair number of them come from a 41-year-old company in Faridabad. GKN Driveline India posted 26% profit growth in FY26 — but domestic sales didn't grow at all, and half its revenue rides on a single customer.
Last year it sold ₹2,052 crore of railway wagons and out-earned both Titagarh and Jupiter Wagons. It was the only one of the three to generate positive free cash flow. And it trades at one-seventh their valuation. So is Hindusthan Engineering a bargain, or is there something in the footnotes? We opened the annual report.
The cover of NCL Buildtek's FY26 annual report says "Driven by Growth." Page 5 says the priority is restoring profitability. Line up four years of segment data and you see why: ₹100 crore of CCGI and AAC blocks revenue disappeared, was replaced by commodity uPVC, and the profit pool collapsed.
The IAF just drop-tested the Khagantak-243 — a 300-kg indigenous glide bomb with a 180 km range, built by Nagpur startup JSR Dynamics. No revenue yet, $19.2M raised, last round at ₹6,514/share. Here's the full story of the weapon and the bet behind it.
Until 2024, Sterlite Electric built and owned transmission lines. Then it sold that business, kept the factories, and became a supplier to the very developers it used to bid against. FY26 was its first full year in that role: revenue up 26%, profit up 30%, a new 550 kV cable plant, and a balance sheet that looks far richer than it is — thanks to a ₹509 crore hedge gain that isn't really profit. With an IPO filed and the unlisted market pricing the stock at ₹478, almost exactly where private-equity investors bought in eighteen months ago, we walk through the business, the numbers, the shareholding, and what has to go right from here.
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