Blogs & market news
Long-form analysis and the latest updates across unlisted companies, in one place.
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BlogGoodluck Defence Is Being Folded Into Its Listed Parent. Here's What That Does To The Swap Math
Goodluck India Limited's board widened its restructuring plan on October 12, 2026 to amalgamate Goodluck Defence and Aerospace into the listed parent. No swap ratio is disclosed yet, but the parent's own stock already moved.
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BlogMSEI : Liquidity Scheme Extended to December, Zerodha-Groww Testing
A quiet September 28 circular extended MSE's volume-boosting scheme by another quarter, before its own test. date could arrive.
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BlogThe Real Lesson From NSE's Listing Isn't the Market Was Wrong, It's When You Bought
NSE closed its BSE debut at Rs. 1,800, right where its price sat before May 2025's SEBI settlement news set off a year-long rally that never held.
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BlogJSR Dynamics : Ten Products, One Trial, and a 53% Rally
JSR Dynamics' Khagantak-243 cleared an Indian Air Force drop trial on September 2, but that is the fourth independent validation this company has earned, after a Navy design win, an MoD iDEX selection, and an institutional stake, and its desk price has rallied 53% since.
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Blog₹351 vs ₹298 : What Sun Drops Energia's Own Valuer Says
A registered valuer priced Sun Drops Energia's new shares at ₹351.02 three weeks ago. Priveq's desk quotes it at ₹298, a 15% discount. Real revenue growth, a listed parent's credit guarantee, and one contradiction in the FY26 Annual Report about a ₹214.5 crore related-party loan, all in one piece.
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BlogWhy Gamma Rotors Trades Below Its Last Funding Round
Priveq's desk price for Gamma Rotors sits below the company's own January 2025 funding round. Here's why : A genuinely qualified 2023 audit, a related-party share transfer at a fraction of that round's price, and a cash conversion cycle that, while easing to roughly 348 days in FY26 from an even more stretched 550 in FY25, remains elevated, alongside real, accelerating revenue growth.
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BlogDoes InfoBay AI Really Get 98% of Revenue From AI?
How much of InfoBay AI's revenue actually comes from AI? The audited answer is 98%. Here's what that number does, and doesn't, confirm about the rest of the company's story, including its claimed hyperscaler clients.
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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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