Why Gamma Rotors Trades Below Its Last Funding Round

The Short Version

Gamma Rotors Limited (Formerly Known as 'Gamma Rotors Private Limited'), a Noida-based drone and UAV manufacturer for India's defence, paramilitary, and police forces, had a genuinely strong FY26: revenue more than doubled to ₹28.86 crore, and PAT grew 125% to ₹3.39 crore, both figures independently confirmed against the company's own MCA filings and Board's Report. At Priveq's desk price of ₹124 per share, implying a valuation of roughly ₹159.81 crore, the stock trades at 47.1 times FY26 earnings, a real re-rating down from the eye-watering multiple the market was effectively paying on stale FY25 numbers, and actually 9.8% below the price the company's own January 2025 funding round was done at. The desk isn't going to let that improving picture stand alone. The company's FY2023 audit was genuinely qualified, with the auditor stating plainly that persistent negative operating cash flow since inception raised a question mark over the company's ability to meet its financial obligations. FY2024 and FY2025 audits came back clean. A pending case brought by the State of U.P. sits on record, and FY25's cash conversion cycle, at 459 days, is a real outlier even against a defence-manufacturing peer set. Growth is real. So is the history the desk is pricing alongside it.

The Desk Snapshot

Gamma Rotors Limited, unlisted defence/UAV manufacturer. Figures cross-checked across MCA filings and the FY26 Board's Report.

Current share count and face value (₹2) independently confirmed: paid-up capital ₹2,57,76,306 ÷ 1,28,88,153 shares = ₹2.00 exactly, correcting an internal drafting error in the company's own Board's Report.

The Business : Products and Revenue Streams

Gamma Rotors Limited (Formerly Known as 'Gamma Rotors Private Limited') was incorporated on 10 April 2018 by Arpan Ghosh, and designs, assembles, and manufactures Unmanned Aerial Vehicle Systems for India's defence, paramilitary, and police forces, alongside maintenance and servicing of the same platforms. The company is DPIIT-recognised and holds ISO 9001:2015 certification.

The current product line spans eight named platforms, each built for a distinct operational role:

• Nighthawk : High-endurance, all-weather surveillance drone with day and night cameras and an integrated grenade dropper for long-range tactical missions

• Griffon : Modular platform supporting grenade deployment, surveillance, ammunition resupply, and first aid

• Minibot : 2 kg stealth surveillance drone for round-the-clock monitoring

• Powersorous : Heavy-payload platform for carrying arms, ammunition, and medical supplies

• Powerhawk : Heavy payloads over long distances in autonomous or remote-control modes

• Copter MMGH : One-click grenade-deployment platform

• Copter TSM : Tactical platform for deploying smoke and tear gas

• Flash : Demolition platform designed to carry TNT slabs for precision structural demolition

Beyond hardware sales, the company has developed an in-house military-grade Ground Control Software platform, which it also sells to third parties, a genuine second revenue stream distinct from drone unit sales. The company's own FY26 financial statements state directly that it has only one reportable business segment under Accounting Standard 17, meaning no separate revenue disclosure is required or provided across products or the GCS platform; unlike a company with genuinely distinct business lines, Gamma Rotors treats its entire operation, hardware and software together, as one integrated segment. The company's own investor materials state disclosed clientele including the Indian Army, Ministry of Home Affairs, Rapid Action Force, CRPF, and state police forces including Jammu and Kashmir Police, and reference operational history including orders tied to Operation Sindoor. The company states its own order book at approximately ₹60 crore; this figure comes from the company's own investor deck and has not been independently audited or verified by the desk.

Net read: The product range is real, specific, and mission-differentiated, not a generic drone catalogue, and the government-and-paramilitary client base is consistent with the single-segment structure the company's own auditor confirms. There is no product- or platform-level revenue split to independently verify against, since none is disclosed or required; the ₹60 crore order book figure should be treated as a company claim pending independent confirmation, the same standard the desk applies to any unaudited forward-looking figure.

Corporate History and Capital Structure

Gamma Rotors converted from a private limited company to a public limited company recently, per its FY26 Board's Report, which describes itself as covering the company's Eighth Board's Report. Authorised share capital stands at ₹3.5 crore (1,75,00,000 shares of ₹2 face value), and paid-up capital at ₹2.578 crore across 1,28,88,153 equity shares. One note on primary-source hygiene: the FY26 Board's Report itself states the paid-up share count as "shares of Rs. 10 each," which is an internal drafting error, dividing the stated paid-up capital by the stated share count yields exactly ₹2.00 per share, consistent with the company's actual post-split face value. The desk uses the mechanically correct figure, not the report's own inconsistent wording.

The company's full capital and pricing history can be reconstructed from its own MCA allotment filings and cross-checked against independent snapshots at multiple points, and it tells a genuinely interesting story:

The company began with 10,000 founding shares in April 2018. A January 2019 cash allotment of 6,667 shares at ₹646 per share brought the total to 16,667 shares, an implied company value of roughly ₹1.08 crore, a figure independently confirmed by a separate MCA-linked snapshot from the same period. Through 2023 and into early 2024, five further rounds brought the share count to 21,615 at prices climbing from ₹6,800 to ₹22,831 per share, implying a valuation near ₹49.35 crore by February 2024.

In late 2024, the company executed a 1:5 stock split (face value ₹10 to ₹2), taking the share count to 108,075, followed by a 100:1 bonus issue of 10,807,500 shares, bringing the total to 10,915,575 shares. This full sequence, and the resulting diluted share count, is independently confirmed by a registered valuer's report dated 31 October 2024 (Saurobh Kumar Barick, IBBI Registered Valuer, Reg. No. IBBI/RV/11/2019/12454), commissioned by the company under Section 62(1)(c) of the Companies Act for the purpose of the upcoming share allotment; the report's own shareholding table shows 21,615 shares pre-event, matching the desk's independent reconstruction exactly, and confirms the same 1,09,15,575 diluted count. Using a Discounted Cash Flow, Free Cash Flow to Firm methodology, the valuer arrived at a fair value of ₹137.42 per equity share as on the valuation date. On 10 January 2025, a cash round of 19,72,578 shares at that exact price, ₹137.42 per share (₹2 face value plus ₹135.42 premium, per the board resolution approving the allotment), raised ₹27.11 crore, bringing the total to 1,28,88,153 shares, the company's current share count, and implying a post-money valuation of approximately ₹177.11 crore.

The reconstructed valuation ladder

Rebuilt from MCA PAS-3 filings, adjusted for the 2024 1:5 split and 100:1 bonus issue. Independently cross-checked at four points (marked below).

1,28,88,153 shares × ₹124 = ₹159.81 Cr implied valuation
₹159.81 Cr ÷ ₹3.39 Cr FY26 PAT = 47.1x P/E
₹124 ÷ ₹137.42 (Jan 2025 round) − 1 = −9.8%

Checkmarks indicate points independently cross-validated against a source other than the allotment filing itself. Naive per-share comparisons across the split/bonus boundary would be misleading; this ladder uses implied total valuation at each date instead. The September 2025 price is a related-party sale, not an arm's-length primary round; the desk treats it as a real, dated price on the cap table, not as a market valuation benchmark equivalent to the January 2025 round.

Net read: This is a case where naive per-share price comparisons across the split and bonus issue would be actively misleading, comparing ₹22,831 (pre-split) to ₹137.42 (post-split, post-bonus) looks like a roughly 99% collapse, but reflects share count mechanics, not a change in company value. Adjusted for the 1:5 split and the 100:1 bonus issue (a combined 505x dilution factor, confirmed exactly against the actual share count change), ₹22,831 becomes ₹45.21 on a current-share-equivalent basis, meaning the January 2025 round at ₹137.42 was a real 3.04x increase over the February 2024 round, not a decline. Once reconstructed on a consistent basis, the real story is a steady climb from roughly ₹1 crore to roughly ₹49 crore across five years, then a further jump to ₹177.11 crore within eleven months on the back of a large primary raise. Priveq's current desk price of ₹124 implies a valuation of ₹159.81 crore, meaning the stock currently trades about 9.8% below the price the company's own most recent primary investors paid less than two years ago, worth sitting with rather than assuming away.

Ownership as of the most recent filing: promoters hold 52.68% (Arpan Ghosh 46.11%, Sushmita Ghosh 6.57%), Unlisted Assets Private Limited holds 25.41% as a corporate shareholder, and Praveenkumar Jeevanandham, an additional whole-time director, holds 0.07%. A former co-founder and director, Venkata Challam Krishnan, ceased to be a director on 18 September 2024; promoter shareholding was consolidated toward the Ghosh family afterward.

A subsequent transaction moved part of that corporate stake. Per Raama Finance Limited's (formerly Ramchandra Leasing & Finance Limited, BSE: 538540) own FY26 Annual Report, its board approved on 14 August 2025, and the company executed on 16 September 2025, a Share Purchase Agreement to acquire 7,15,000 equity shares of Gamma Rotors, 5.55% of the company, from Unlisted Assets Private Limited at ₹42.57 per share. Raama Finance's own filing discloses this as a related-party transaction, since the board of Unlisted Assets Private Limited comprises relatives of Raama Finance's own promoter group. This means the 25.41% figure above, dated to the FY25 filing, no longer reflects Unlisted Assets Private Limited's current holding; the desk does not have a post-transaction shareholding percentage for Gamma Rotors itself, since no fresher Annual Return has surfaced.

Worth stating plainly rather than smoothing over: ₹42.57 per share, in September 2025, sits well below both the January 2025 primary round (₹137.42) that preceded it and Priveq's current desk price of ₹124 that follows it. The desk is not treating this related-party transfer price as a market valuation the way it treats the primary round, transactions between connected parties don't necessarily reflect the same pricing discipline as an arm's-length capital raise, but it is a real, dated, board-approved price on the company's cap table, and a reader piecing together this history deserves to see it stated, not omitted because it complicates a cleaner story.

Gamma Rotors Share Price Reconstruction (2024 vs. 2025)

Why ₹22,831 (Feb 2024) is not directly comparable to ₹137.42 (Jan 2025): the two prices sit on opposite sides of a 1:5 stock split and a 100:1 bonus issue.

₹22,831 ÷ 5 (split) ÷ 101 (bonus) = ₹45.21 adjusted price
₹137.42 ÷ ₹45.21 = 3.04x

A reader comparing ₹22,831 to ₹137.42 without adjusting for the split and bonus would wrongly conclude a ~99.4% price collapse. Properly adjusted, the January 2025 round was a real 3.04x increase over the February 2024 round, not a decline. The 505x combined dilution factor (5 × 101) is confirmed against the actual share count change: 21,615 shares pre-event to 1,09,15,575 post-event, a match to the decimal.

FY23-FY26 Financial Performance

FY26 revenue more than doubled again, up 136.6% on FY25, after FY25 itself had only grown 9.2% following FY24's 169.4% spike, a genuinely lumpy but consistently upward trajectory. PAT growth in FY26, at 125%, comfortably outpaced revenue growth in percentage terms even off a larger base.

Four years, from the company's own filings

Source: AOC-4 filings (FY23-FY25) and the FY26 Board's Report. All figures reconcile to the rupee across both sources.

The ROE decline tracks the capital raise (total equity grew from ₹0.90 Cr to ₹36.88 Cr over the same period), not deteriorating operations, see "FY23-FY26 Financial Performance" for the full explanation.

Return on equity tells a more complicated story worth explaining rather than reading at face value: ROE fell from 16.7% in FY23 to just 4.1% in FY25, which looks like a deteriorating business if read without context. It isn't. Total equity grew from ₹0.90 crore to ₹36.88 crore over the same period, almost entirely from the capital raises described above, not from operating losses. A large equity infusion mechanically depresses ROE in the near term regardless of underlying business health; the more useful question is whether FY26 and FY27 returns recover as that fresh capital gets deployed into revenue-generating capacity, which the FY26 revenue and PAT growth suggests is already happening.

Net read: The underlying growth is real and accelerating, not decelerating, which is the opposite of what a naive read of the falling ROE trend alone would suggest. The desk treats the ROE dip as an artifact of the capital raise, not a red flag on its own, while still tracking whether returns recover as promised.

The Qualified Audit, and What Followed

The FY2023 statutory audit, conducted by Gaur Ashwani Gaur of Gaur & Associates, was genuinely qualified, not a routine clean opinion, and carried three specific findings the desk will state plainly rather than soften.

First, the auditor flagged ₹16,02,119 paid to GRODOT Infrastructure Ltd for "Advertisement and Marketing Expenses," noting directly that GRODOT is, per the auditor's own understanding, a construction company, and stating the auditor was unable to understand the rationale for such an expense. A further ₹9,11,947 was paid to the same entity as an advance against expenses. Second, the auditor states they were not provided board resolutions or loan agreements covering bank and financial institution borrowings taken during FY2022-23, and therefore could not comment on how those loan proceeds were used. Third, and most serious: the auditor states directly that the company's operating cash flow has been negative since inception, and that this raises a question mark over the company's ability to meet its financial obligations in the future, language that sits adjacent to a going-concern qualification without using that exact term.

The company's own response, recorded in the same filing, states that management was aware of the qualifications and was working to resolve them.

What happened next matters and deserves equal weight: the FY2024 and FY2025 audits, conducted by Deepak Khurana of D Khurana & Company, came back clean, with the auditor's report showing no qualifications, reservations, or adverse remarks in either year. The FY2026 audit similarly reports no fraud noticed or reported, no whistleblower complaints received during the year, and related-party transactions in compliance with Sections 177 and 188 of the Companies Act.

Net read : A single qualified audit two fiscal years ago, followed by two clean audits since, is a materially different fact pattern than an ongoing or worsening qualification. The desk is not treating this as an active red flag on the current filing, but it is not erasing it either; a company that once drew an explicit auditor warning about meeting its financial obligations, in the same period it was paying an unexplained sum to an unrelated-sector vendor, earns a longer memory than a company with a clean history throughout. The improvement appears to track the large capital infusion beginning in late 2024, worth watching for whether it holds once that capital is deployed rather than sitting as cash.

Cash Conversion, Litigation, and Charges

FY25's working capital metrics are genuine outliers, not just against a general benchmark but against the company's own 28-30 company peer sample compiled from its own industry and segment classification. Inventory days stood at 454 against a peer median of 79. Cash conversion cycle stood at 459 days against a peer median of 99. Both metrics were dramatically lower in FY24 (12 and 269 days respectively), meaning FY25 represents a sharp, single-year swing, not a steady-state pattern. Trade receivables fell sharply over the same year, from levels consistent with the FY24 pattern to just ₹1.53 crore, while inventory ballooned to ₹15.19 crore, consistent with a company that collected on prior dues while simultaneously building stock ahead of expected government order execution, a pattern that shows up as alarming in isolation but is a known feature of lumpy, milestone-driven government-procurement businesses. The real test, not yet visible in the data the desk has, is whether that FY25 inventory build converted into billed, collected FY26 revenue, which the FY26 revenue more than doubling is at least consistent with.

Separately, a pending case, State of U.P. versus Gamma Rotors Pvt Ltd, sits on record in a Chief Judicial Magistrate court, with a last recorded hearing on 30 March 2026. The desk does not have the specific nature of this case from the records available. This sits alongside the company's own FY26 Board's Report statement that there are no material orders passed by any court, regulator, or tribunal that would impact the company's going concern status, a statement the desk is not disputing, since a Chief Judicial Magistrate matter may well fall below that materiality threshold, but the two facts are presented together rather than letting the Board's broader statement stand unchallenged.

The company carries seven open secured charges, individually itemized at approximately ₹8.59 crore in aggregate:

• ICICI Bank: ₹4.5 Cr

• IDBI Bank: ₹2.75 Cr

• Cholamandalam Investment and Finance: ₹27.06 lakh

• Axis Bank (two vehicle loans): ₹57.39 lakh combined

• HDFC Bank: ₹34.6 lakh

• Axis Bank (one further vehicle facility): ₹15.06 lakh

Disclosed interest rates range from 8.1% to 16.75%. One data-quality note worth flagging rather than smoothing over: the same source's own summary statistic states total charges at ₹9.41 crore, roughly ₹82 lakh higher than the sum of its own itemized list; the desk could not reconcile this gap from the records available and is reporting both figures rather than silently picking one. The IDBI Bank facility, created in November 2023, carries a personal guarantee from Arpan Ghosh, Sushmita Ghosh, and Venkata Challam Krishnan, the same director who ceased his board role in September 2024; the desk has not found confirmation of whether his personal guarantee was released upon his departure. No satisfied or released charges appear on record, meaning every secured facility the company has taken remains technically open per MCA filings.

Net read : None of these facts individually suggests fraud or governance failure; personal guarantees from founders are standard for early-stage secured lending, and working-capital swings are ordinary in government-contracting businesses. Taken together, though, they describe a company whose financial plumbing has been genuinely stressed at points in its history, improving materially since the 2025 capital raise, but with a real legal matter and a still-outstanding former-director guarantee that a buyer should know about rather than discover later.

How Gamma Rotors Compares to Its Peers

Against a 28-30 company sample in its own Manufacturing / Industrial Products classification, Gamma Rotors' FY25 EBITDA margin of 22.3% sits far above the peer median of 5.7%, and its gross profit margin of 43.0% sits above the peer median of 35.7%, genuine, differentiated profitability, not a marginal edge. Revenue growth of 9.2% in FY25 modestly outpaced the peer median of 7.9%, though this understates the picture given FY26's subsequent 136.6% jump, which the peer sample does not yet cover.

Set against that : FY25 return on equity, at 4.1%, sits below the peer median of 12.7%, the capital-raise dilution effect described above. And the working capital metrics discussed in the previous section are not just bad in isolation, they are extreme relative to peers building and collecting on similar government contracts, suggesting either unusually large order sizes or unusually poor collection timing relative to comparable companies, and the desk cannot distinguish between those two explanations from the data available.

Net read: On profitability, Gamma Rotors is a genuine outperformer in its peer set. On capital efficiency and working capital discipline, it is a genuine underperformer, in the same year. Both facts belong in any read of this company; neither one cancels the other out.

The Desk View

Priveq's desk price for Gamma Rotors Limited (Formerly Known as 'Gamma Rotors Private Limited') is ₹124 per share, implying a valuation of approximately ₹159.81 crore, 47.1 times FY26 PAT of ₹3.39 crore. Three things drive that number, and the desk states them as a set rather than picking the most convenient one:

1. The growth is real and accelerating. Revenue has now more than doubled in two of the last three fiscal years, and FY26 PAT growth outpaced revenue growth. This is not a company plateauing; it is scaling.

2. The price sits below the company's own last primary round. At ₹124, the desk price is 9.8% below the ₹137.42 per share that real, arm's-length investors paid in January 2025, on a fully reconstructed, split-and-bonus-adjusted basis. That is unusual for unlisted secondary pricing on a growth story and, on its own, would argue for the stock being reasonably, even conservatively, priced.

3. The company's history carries real weight the desk will not discount to zero. A qualified FY2023 audit with an explicit warning about meeting financial obligations, a currently pending state legal matter, an outstanding personal guarantee from a departed director, and a 459-day cash conversion cycle that is an extreme outlier even against direct peers, are not disqualifying on their own, but they are not nothing either, particularly this soon after the qualification and this early in the post-raise recovery.

The desk's position : the price reflects the real growth and, if anything, undervalues it slightly relative to the company's own last funding round, but the desk is not extending full confidence to the working-capital and governance history yet. The one variable that would most improve this view: a full FY26 audited statement showing the inventory build converting cleanly into collected cash, and continued clean audit opinions. The one variable that would most concern the desk: any recurrence of the FY2023 pattern, an unexplained related-party-adjacent payment, missing documentation, or a fresh cash flow warning, in the FY26 or FY27 audit once available.

What This Means, By Situation

• If you already hold this position : Watch the FY26 audited cash flow statement specifically, not just the revenue and PAT figures already available, to see whether the FY25 inventory build actually converted to collected cash. Also worth tracking: any update on the pending State of U.P. matter and whether Venkata Challam Krishnan's personal guarantee on the IDBI facility has been released.

• If you're evaluating a first position : The entry question is not whether the growth is real, the primary filings support that clearly. It's whether you're comfortable with a company that drew a genuine going-concern-adjacent audit qualification two years ago, in a sector where government procurement timing can swing working capital sharply from one year to the next.

• If you're advising a client on this : The single fact most worth surfacing unprompted is the FY2023 qualified audit and its specific language about meeting financial obligations, since it is the kind of finding a client is unlikely to encounter without reading the underlying MCA filings directly, unlike the headline growth numbers, which are visible in any summary.

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  FAQs

What is the Gamma Rotors Limited unlisted share price today?

• Priveq's live desk price is ₹124 per share as of the date noted at the top of this piece. Desk prices move; talk to the desk for the current quote before any transaction.

What drones does Gamma Rotors supply to the Indian military?

• Gamma Rotors' product line includes Nighthawk (a high-endurance surveillance drone with an integrated grenade dropper), Griffon (a modular platform for grenade deployment, surveillance, and first aid), and six further named platforms, alongside its in-house Ground Control Software (GCS) platform, which it also sells to third parties.

Did Gamma Rotors undergo a stock split or bonus issue?

• Yes. In late 2024, Gamma Rotors executed a 1:5 stock split (face value ₹10 to ₹2), followed by a 100:1 bonus issue. Combined, these actions diluted the pre-split share count by 505 times, which is why raw per-share prices from before and after late 2024 cannot be compared directly without adjustment.

What drones does Gamma Rotors supply to the Indian military?

• Gamma Rotors' product line includes Nighthawk (a high-endurance surveillance drone with an integrated grenade dropper), Griffon (a modular platform for grenade deployment, surveillance, and first aid), and six further named platforms, alongside its in-house Ground Control Software (GCS) platform, which it also sells to third parties.

Was Gamma Rotors' audit ever qualified?

• Yes. The FY2023 statutory audit was qualified, with the auditor flagging an unexplained payment to an unrelated-sector vendor, missing loan documentation, and stating that persistent negative operating cash flow since inception raised a question mark over the company's ability to meet its financial obligations. The FY2024, FY2025, and FY2026 audits have all come back clean.

How does today's price compare to what the company itself raised money at?

• Priveq's desk price of ₹124 is approximately 9.8% below the ₹137.42 per share the company's own January 2025 primary funding round was priced at, on a split-and-bonus-adjusted basis.

Does Gamma Rotors have any pending legal matters?

• A case brought by the State of U.P. is pending in a Chief Judicial Magistrate court, with a last recorded hearing on 30 March 2026. The specific nature of the matter is not available in the records the desk has reviewed.

Is Gamma Rotors planning an IPO?

• No DRHP filing has been found for Gamma Rotors Limited as of this piece's publish date.

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What We Can And Cannot Stand Behind

Primary-sourced and verified directly, cross-checked across multiple independent points:

• All FY23-FY26 financial figures, from the company's own AOC-4 filings and FY26 Board's Report, with revenue and PAT figures matching to the rupee across both sources

• The full capital and allotment history, reconstructed from MCA PAS-3 filings and independently cross-validated at three separate checkpoints: a January 2019 snapshot matching an independent MCA-linked source, the post-split, post-bonus diluted share count matching the registered valuer's report exactly, and the current total matching the FY26 Board's Report exactly

• The FY2023 audit qualification and FY2024-2026 clean opinions, from the company's own filed auditor's reports

• The shareholding pattern, charges, and personal guarantees, from MCA-linked filings

• The peer comparison, compiled against the company's own declared industry classification

• The company's single-reportable-segment status under AS-17, from the company's own FY26 financial statement notes

• The September 2025 related-party share transfer (7,15,000 shares, ₹42.57 per share, from Unlisted Assets Private Limited to Raama Finance Limited), from Raama Finance's own FY26 Annual Report and AOC-2 related-party disclosure, read directly by the desk

Indicative or derived, labeled as such: The ₹159.81 crore implied valuation and the 47.1x P/E are the desk's own arithmetic on the stated desk price. The ₹49.35 crore and ₹177.11 crore implied valuations at earlier funding rounds are the desk's own reconstruction from disclosed per-share prices and share counts, not company-stated valuations.

Could not be confirmed, flagged as open:

• The company's own stated ₹60 crore order book, sourced entirely from its investor deck, not from an audited or independently verifiable source

• The specific nature of the pending State of U.P. legal matter

• Whether Venkata Challam Krishnan's personal guarantee on the IDBI Bank facility remains in force following his departure from the board

• FY26 EBITDA and detailed segment-level revenue, not separately disclosed in the documents available to the desk

• The full DCF assumptions underlying the registered valuer's ₹137.42 fair value conclusion (discount rate, terminal growth rate, projected cash flows), not cleanly extractable from the version of the report reviewed; the fair value conclusion and diluted share count are confirmed, the granular methodology detail behind them is not

• Gamma Rotors' current shareholding pattern following the September 2025 transaction; no Annual Return more recent than FY25 has surfaced to confirm Unlisted Assets Private Limited's post-transaction stake

Talk to the desk : WhatsApp +91 82874 66698 | support@priveq.in | View Gamma Rotors Limited on the Priveq Marketplace

Disclaimer : This piece reflects Priveq India's (Priveq Investech Private Limited, Priveq.in) own research, based on primary filings, regulatory disclosures, and the company's own audited financial statements and investor materials as detailed above. It is not investment advice, and does not allege any wrongdoing, misstatement, or violation by Gamma Rotors Limited; the audit qualification, litigation, and other findings noted in this piece are read directly from the company's own public disclosures and are presented factually, not as an accusation. Priveq Investech Private Limited is not registered with the Securities and Exchange Board of India (SEBI) as a stock broker, investment adviser, or research analyst. This piece is independent desk research and commentary, not "research" as defined under the SEBI (Research Analysts) Regulations, 2014, and should not be construed as investment advice from a SEBI-registered entity. Priveq transacts as a named counterparty in the unlisted shares discussed here, including Gamma Rotors Limited, and may hold or deal in these shares before, during, or after publication; our commercial interest and the views in this piece sit in the same place, and should be weighed accordingly. Desk prices are indicative, subject to change without notice, and should be confirmed directly with the desk before any transaction. Unlisted securities are illiquid, carry a high risk of loss, and may be difficult to value or sell; prices move sharply and without notice. Readers should independently verify all figures against the company's own filings and consult qualified financial and legal advisors before transacting. Past performance and price appreciation referenced here are not indicative of future results.