Blogs & market news
Long-form analysis and the latest updates across unlisted companies, in one place.
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BlogESDS IPO : FY26 Audited Numbers vs Its Rs 429 Band
ESDS's RHP brings audited FY26 numbers and a real price band, but leaves Sharon AI unnamed. We found the deal confirmed anyway, in the counterparty's own SEC filing.
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BlogESDS DRHP vs FY25 Audit : What Rs 515 Is Really Priced On
ESDS's DRHP still runs on financials audited only through a September 2024 stub, but its FY25 annual report closes most of that gap, and it matches the investor deck to the rupee. The desk checks what that means for Rs 515, and verifies the Sharon AI numbers along the way.
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BlogSBI Capital Markets Joins NSE IPO : Shares Bought at 38 Paise | Priveq India
NSE's August 10 DRHP addendum adds SBI Capital Markets as a new selling shareholder, splitting SBI's original OFS allocation. The filing also discloses its cost basis: Rs 0.38 a share, against a desk price near Rs 1970.
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BlogNSE Profit Jumps 7% in Q1 FY27 : Does Rs 2000 Still Hold?
NSE's Q1 FY27 results are in : Consolidated Profit at Rs 3,120 crore, Audited and Board-Approved on July 30, 2026. The desk runs the multiple math against the Rs 2000 unlisted share price and states what it does, and does not, change.
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BlogGoodluck Defence Raised ₹283 Cr At A Discount. Here's Why That May Suit You
GDAL just raised ₹283.5 crore at a valuation below what its own analysts think the business is worth. For anyone holding GDAL directly rather than through the parent, that gap may be the point, not the problem.
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BlogTransline Technologies : Real Growth, Two Years of Burned Cash
Revenue up 31.6%, profit up 45.4%, EPS at ₹7.84. Also: negative operating cash flow for two straight years, an unresolved Companies Act adjudication, and an IPO that has sat SEBI-approved and untouched for Seven-months. The Desk View on Transline Technologies.
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Blog₹46 Crore or ₹33 Crore? Goodluck Defence's Own Earnings Call Didn't Say
A DGQA certification, a ₹255 crore order, and a listed parent with real cash flow. Also: guidance that moved from ₹100 Cr to ₹46 Cr, and two revenue figures from the same earnings call that were never reconciled. The desk view on Goodluck Defence and Aerospace.
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BlogZepto Asked SEBI For A Favor. SEBI Said No.
Zepto's founders needed a specific accommodation from SEBI to make their post-IPO shareholding math work. SEBI refused it in writing. Three venture funds are now covering the gap the founders couldn't close themselves.
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BlogZepto DRHP : What It Doesn't Disclose About Café & Relish
Zepto has told the press its café business could hit a ₹1,000 Cr run-rate and its meat brand Relish could be a ₹1,000 Cr standalone business. Its own DRHP gives the two of them four sentences combined, and not a single number.
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BlogOnix Renewable : Real Contracts, No Way to Fund Them
Onix Renewable holds genuine government solar and green ammonia contracts. It also raised half a billion dollars of premium in a year, routed ₹327 crore to its own entities, and watched its largest EPC order leave for a listed rival. Here is what ₹50 actually buys.
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BlogMSEI : The Volume is Real. It is Also Rented
MSE is trading nearly 500 crore of equities a day, up from almost nothing. The exchange is paying for most of it. Here is what the tape and the filings actually say.
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BlogOrbis Financial : Is the discount to CAMS deserved?
The market calls Orbis a custodian at half the multiple of its listed peers. Its own numbers say most of the profit is not custody. Here is the gap.
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BlogNSE IPO price band : The DRHP says 6.02%, not 4.5%
The DRHP puts the offer at 6.02%, not the 4.5% widely reported, and FY26 earnings went backwards. We read the filing and built the price band the numbers support.
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BlogAvendus, PPFAS, and the ₹140 crore mark nobody disclosed
An investment firm acquired just over 1% of PPFAS for approximately ₹140 crore. The headline focused on the buyer. The more interesting question is why the number itself matters, and what it reveals about valuation, governance, and disclosure.
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BlogWhat Are Unlisted Shares? Benefits, Risks & How They're Priced
Understand what unlisted shares are, how the unlisted stock market works in India, their benefits and risks, and how unlisted share prices are determined before an IPO.
ReadBlogHow to Buy Unlisted Shares in India: A Complete 2026 Guide
A step-by-step 2026 guide to buying unlisted shares in India — how the process works, KYC, pricing, demat transfer, risks, and how to invest safely in pre-IPO companies.
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BlogNSE gets MCA approval for the National Coal Exchange. Explore the ₹100cr investment, 60% ownership, and its massive impact on NSE unlisted share prices.
NSE’s ₹100 Cr Coal Bet: A Game Changer for Pre-IPO Valuation
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