The company’s AI-led approach reduced operating cost-to-AUM from 6.5% to 3.9 per cent in two years. The NBFC has ambitious plans ahead. “This listing is the realisation of one of India’s most ambitious transformation journeys in financial services,“ says Anand Piramal, Chairman, Piramal Finance.
As the clock hit 12.00, the stock of Piramal Finance, having a face value of ₹2, hit the upper circuit at ₹1323 for the entire day after a spurt of ₹63 from the listing price. In the early hours of listing, the stock fluctuated between ₹1260 and ₹1323. The first day saw an exchange of 12.56 lakh shares for an aggregate value of ₹164.08 crore. The market capitalisation of the company stood at ₹29,989.46.
The listing of its shares on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) marked a milestone, says the company in a press release. The listing after the merger of Piramal Enterprises (PEL) with its wholly owned subsidiary, Piramal Finance, created a unified, retail-focused tech NBFC.
The listing marks the beginning of a new chapter for Piramal Finance — one defined by scale, technology-backed innovation, and a customer-first approach, says Jairam Sridharan, MD & CEO, Piramal Finance. In a few years, the company claims to have built one of India’s strongest AI-powered retail lending platforms, giving it the ability to serve a broader spectrum of the country’s credit needs. “Our goal is to reach ₹1.5 trillion in AUM by the end of the financial year 2027-28 while sustaining industry-leading returns and deepening our pan-India presence. By combining technology with human insight, we aim to build a more inclusive and resilient financial institution for the next decade of India’s growth,” Jairam Sridharan says. The company’s retail portfolio now comprises over 82 per cent of the total AUM. The product offerings include home loans, loans against property (LAP), small business loans, digital personal loans, and used-car loans. The company’s transformation began after it acquired the private home loan company DHFL (formerly known as Dewan Housing Finance) in 2021. That was the largest resolution in Indian financial services under the Insolvency and Bankruptcy Code. The ₹34,250 crore acquisition laid the foundation for the company’s retail franchise.
AI is central to Piramal Finance’s strategy, enabling both scale and inclusion across India’s underserved markets. As India’s first AI-native NBFC, the company operates over 45 live AI models through its proprietary platform, Piramal.ai, supporting credit underwriting, collections, fraud detection, and customer experience. This approach allows Piramal Finance to serve customers without credit histories while improving efficiency.
- Strategic merger to create a unified, retail, tech-enabled NBFC completed
- AUM up four times in four years to over ₹90,000 crore
- More than 5.2 million customers across India
- Present in 428 cities, 517 branches
- Plans 75 new branches in 3–4 months
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PE in consumer durables
Stake of Advent in the Whirlpool of India
Post the deal, Whirlpool Mauritius will hold a 20 per cent stake in the Indian home appliances company.
Advent International, a private equity firm, is reportedly planning to acquire a 31 per cent stake in Whirlpool of India, the Indian subsidiary of the U.S.-based Whirlpool Corporation. After the deal, Whirlpool Mauritius will hold a 20 per cent stake in the appliances company. Goldman Sachs is the advisor for the deals. The share, which has a face value of ₹10, is currently trading at approximately four times its book value, priced at ₹1300. In recent years, the company has experienced declining sales and a reduction in the holdings of its promoters. This transaction will raise between $550 million and $600 million for Whirlpool Corporation.
Advent International, a 41-year-old private equity investor, is one of the largest globally. It has invested in several companies across more than 25 countries and regions. It has invested around $6 billion in India since 2007. At present, it is reportedly planning to invest $5-10 billion over the next five years. The investment will primarily focus on financial services, manufacturing, consumer goods, technology services, and healthcare services. The company invested in YES Bank, Eureka Forbes, KreditBee, ASK Investment Managers, CAMS, Cohance Lifesciences, and Aditya Birla Capital.
- Advent’s investment comes at a time when Whirlpool sees declining
- The US parent firm is reducing its stake in the Indian outfit
- Advent International is lining up more investment in India
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Consolidated profit rises
Mindteck (India)
The company experienced leadership transitions with the departure of the Chief Executive Officer (CEO) and Chief Sales Officer (CSO). A comprehensive transition plan was swiftly implemented to ensure seamless continuity across operations, says Yusuf Lanewala, CMD of the company.
Mindteck (India) is a global engineering and technology solutions company specialising in the storage, medical device, semiconductor, and analytical instrument industries. The company reported consolidated revenue of ₹101.63 crore for the quarter ended September 2025, compared to ₹101.30 crore for the previous quarter ended June 2025, and ₹108.23 crore for the same period ended September 2024. Consolidated net profit for the September quarter stood at ₹7.56 crore as against a profit of ₹8.75 crore for the previous quarter ended June 2025, and ₹7.57 crore for the corresponding quarter ended September 30, 2024.
The consolidated revenue for the six months ending September 30, 2025, was ₹202.93 crore, compared to ₹216.38 crore during the same period last year. Consolidated profit increased to ₹16.31 crore from ₹13.95 crore, reflecting a growth of 16.9 per cent. During the quarter ended September 30, 2025, the company recorded exceptional items of ₹1.91 crore. The basic EPS was ₹5.10 per share for six months, compared to ₹4.40 per share in the same period last year.
The company’s standalone revenue for the September quarter stood at ₹39.15 crore as against ₹35.15 crore in the previous quarter and ₹39.17 crore in the corresponding previous quarter. Standalone net profit for the quarter stood at ₹5.38 crore as against a profit of ₹4.66 crore for the previous quarter ended June 30, 2025 and ₹4.41 crore for the corresponding quarter ended September 30, 2024.
During the year, the company experienced leadership transitions with the departure of the Chief Executive Officer (CEO) and Chief Sales Officer (CSO). A comprehensive transition plan was swiftly implemented to ensure seamless continuity across operations and ongoing customer engagements, says Yusuf Lanewala, Chairman and Managing Director of the company. “Mindteck has continued to strengthen its leadership, reinforcing stability and long-term strategic direction,” he adds.
Mindtech’s legacy expertise in embedded systems, enterprise applications, and testing is a complement to competencies in digital engineering, including cloud, IoT and cybersecurity, as well as data engineering services such as AI/ML and analytics. Since its establishment in 1991, Mindteck’s clientele has included top-tier Fortune 1000 companies, start-ups, leading universities, and government entities.
- Standalone revenue for the September quarter grew to ₹39.15 crore from ₹35.15 crore
- Consolidated profit increased by 17 per cent
- Leadership transitions after the exit of CEO and the Chief Sales Officer (CSO)
- A comprehensive transition plan was put in place for seamless continuity
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Fineotex Chemical
1 share in 2011 is 50 shares in 2025!
FCL rewarded its shareholders by effectively using the listing advantage
Fineotex Chemical (FCL) is a leading company in the chemical industry. The company came to the limelight after its recent rewards to its shareholders with four bonus shares for each share held. As a bonus, the company allotted 91.66 crore equity shares with a face value of ₹1 each, increasing the company’s paid-up share capital from ₹22.92 crore to ₹114.58 crore, a five-fold increase.
In October 2025, the company split its ₹2 share into ₹1 share, accordingly allotting two shares of ₹1 for one share of ₹2. The company’s IPO in February 2011 at a price of ₹70.00 per ₹10-face value share. In June 215, the company offered a share split in the ratio of five-for-one with a face value of ₹2. That was the first share split implemented by the company. That means an investor holding one share of FCL as of June 2015, will now have 50 shares after four bonus shares, two stock splits, making the ₹10 share into a ₹1 share now. The book-build IPO was for mobilising ₹29.48 crores through an offer of 4.2 million shares. The shares of the company are listed on the BSE and NSE.
Promoted by Surendrakumar Tibrewala, now managing director, the company now produces around 450 speciality chemicals and enzymes. It has state-of-the-art manufacturing plants in Navi Mumbai and Selangor in Malaysia. Its new plant in Ambernath, Mumbai, would enhance its capacities, catering to its clientele across key international textile hubs. Besides textiles and garments, the company also has products finding use in construction, leather, water treatment, agrochemicals, adhesives, etc. While the company has a global presence, in the domestic market, it has large companies as its clients. Grasim Industries, Bombay Dyeing, Raymond Group, RCF, Clariant Chemicals, Pidilite Industries, Croda Chemicals, and others are its major clients.
- Two stock splits in 14 years, bringing down FV from ₹10 to ₹1
- Handsome bonus – four shares for one share in the current year
- The company has grown fast, and so has shareholders’ wealth
- Broadening presence in key international textile hubs
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Sai Life Sciences
More scientists to deliver contract service
Sai Life Sciences has a team of over 3,400 professionals, and it partners with more than 300 global innovators.
Sai Life Sciences, one of India’s fastest-growing contract research, development, and manufacturing organisations (CRDMO), announced plans to recruit 200 scientists to serve the growing demand for its discovery and CMC services. The company offers deep scientific expertise, world-class infrastructure, and a culture of excellence focused on quality, safety, and sustainability.
The current onboarding of scientists will support the company’s expanding operations, says the company’s Chief Financial Officer, Siva Chittor. “At Sai, we are continuously building an ecosystem where scientists can do the best work of their careers — solving complex scientific challenges that make a real difference to patients’ lives,” he adds.
The hiring drive comes at a time when the company is expanding both capacity and capability across its global operations. Recently, Sai Life Sciences announced the groundbreaking of a new CMC Process R&D Centre at its integrated R&D campus in Hyderabad. Scheduled for completion by September 2026, the facility will double the company’s Process R&D capacity while adding new capabilities in peptide development, oligo intermediates & linkers development, formulation development, and early-phase clinical supplies. Earlier this year, the company also expanded its integrated discovery platform with the launch of a state-of-the-art biology facility at its Hyderabad campus. This facility enhances Sai’s ability to support complex biological targets and strengthens its role in large, integrated discovery programs.
Sai Life Sciences has a team of over 3,400 professionals, and it partners with more than 300 global innovators, including 18 of the top 20 pharmaceutical companies, to accelerate the discovery, development, and commercialisation of complex small molecules. The company has operations across India, the UK, and the US.
- Recruitment plan for 200 scientists to expand the team and contact competence
- New CMC Process R&D Centre at its integrated R&D campus in Hyderabad
- Expanded integrated discovery platform following the launch of a state-of-the-art biology facility
- Partnership with more than 300 innovators around the world
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Timex Group India
Brands bring premium margin
Driven by robust high double-digit growth in revenue and profit, the company’s core brands, Timex, Guess and Versace, continue to lead across e-commerce channels and trade
Timex Group India (TGIL), one of India’s leading watchmakers, reported a 40 per cent growth in revenue and a 70 per cent growth in gross profit for the quarter ended September 30, 2025.
“This has been a landmark quarter for Timex Group India Ltd, our best number in terms of absolute revenue and profit. It is a direct reflection of our consistent focus on premiumisation, product innovation, and strong multi-channel execution for Timex and strategic growth for our Licensed brands in the luxury segment, says Deepak Chhabra, Managing Director, Timex India.
TGIL designs, manufactures, and markets innovative timepieces and is part of Timex Group, a privately held company headquartered in Middlebury, Connecticut, with multiple operating units and over 2,000 employees worldwide. In India, TGIL manages a portfolio of brands including Timex, Versace, Guess, Gc, Philipp Plein, Plein Sport, Ferragamo, Nautica, Ted Baker, adidas, and UCB.
While its revenue grew by 46 per cent, profit before tax (PBT) grew by 123 per cent over the previous period. EBITDA grew by 116 per cent with a strong ratio of 15.7 per cent to revenue. The momentum was led by the flagship Timex brand with a growth of 61 per cent, along with the fashion and luxury segments delivering strong results as Guessgrew by 40 per cent and Versace by 38 per cent.
This growth is underpinned by TGIL’s accelerated premiumization journey, marked by an expanded portfolio of new collections and interesting global collaborations such as Timex x Superman, Jacquie Aiche, Dimepiece, and TV Boy, which continue to resonate strongly with our consumer base. The new India-led franchises, such as Vector and Fria, further underscore Timex’s connection to evolving trends and consumers’ aspirations.
Brand performance
- Versace grew 57 per cent
- Core Timex 52 per cent
- Guessgrew 45 per cent
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Real estate investment trust
Embassy Office Parks REIT
Embassy REIT owns and operates a 50.8 msf portfolio of 14 office parks in India’s best-performing office markets of Bengaluru, Mumbai, Pune, NCR and Chennai.
Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, reported 13 per cent growth in revenue from operations on a year-on-year (YoY) basis to ₹1,124 crore, and net operating income grew 15 per cent to ₹927 crore at the end of September 2025. The current book value of the company’s stock is ₹233. The stock is quoted at ₹430, which is 135 times the earnings ratio per share. The market capitalisation stands at ₹41,000 crore.
The company completed India’s first-ever 10-year NCD issuance by a REIT, raising ₹2,000 crore from marquee institutional investors and ₹400 crore via commercial paper at 6.44 per cent per annum. Based on independent valuation as of September 2025, the REIT’s gross asset value increased by eight per cent to ₹63,980 crores, and net asset value by seven per cent to ₹445.91 per unit.
Embassy REIT owns and operates a 50.8 msf portfolio of 14 office parks in India’s best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region (‘NCR’) and Chennai. The company’s portfolio comprises 40.9 msf of completed operating area and is home to 274 of the world’s leading companies, covering strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Its industry-leading ESG program has received multiple accolades from renowned global institutions and was awarded a five-star rating both from the British Safety Council and GRESB. The company was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark.
- Leased 1.5 msf across 20 deals during the quarter
- Bengaluru led demand, accounting for over 85 per cent of Q2 leases
- Chennai saw strong traction, driven by sustained GCC interest in our recently acquired asset within a key micro-market
- Overall portfolio occupancy rose to 93 per cent by value and 90 per cent by area
- Strong occupancy – Bengaluru 95 per cent, Mumbai 100 per cent Chennai 96 perc ent and Noida 92 per cent
Godrej Consumer acquires Muuchstac
Godrej Consumer Products (GCPL) has signed a definitive agreement to acquire the FMCG business under the Muuchstac brand via a slump sale from Trilogy Solutions. It is one of the fastest-growing men’s grooming brands in India and holds a leading position in the men’s face wash segment. This acquisition is a strategic move for GCPL to enhance its personal care portfolio and extend its reach in high-growth, high-margin categories.
The Muuchstac business has a distinctive position in the men’s skincare space through its digital-first approach and unique influencer-led marketing model. The Muuchstac brand is currently among the top two players in online men’s facewash and top three overall, supported by a sharp value proposition and an online go-to-market strategy. Over the twelve months ending September 2025, Muuchstac’s business recorded revenues of ₹80 crore and EBITDA of ₹30 crore.
The Indian facewash market, estimated at ₹6,000–7,000 crore, is growing at 15–20 per cent a year, driven by rising awareness of skincare and an ongoing shift from soaps to more specialised cleansing formats. Within this, the men’s facewash category, valued at about ₹1,000 crore, is growing at over 25 per cent annually, making it one of the fastest-growing segments in personal care. The trend of transitioning from soaps to facewash, driven by increased disposable incomes and evolving grooming preferences, is expected to maintain strong momentum in the upcoming years.
The brand has demonstrated scalability in digital channels and holds significant potential for offline expansion, where penetration remains low, but opportunities are large. GCPL intends to leverage its pan-India distribution network, category expertise, and innovation capabilities to accelerate the brand’s next phase of growth.
Godrej Consumer acquires Muuchstac
Godrej Consumer Products
Shows no GST transition impact
Godrej Consumer Products (GCPL), a leading FMCG company of India, reported four per cent growth in consolidated sales on the back of underlying volume growth of three per cent in the second quarter (Q2) of the current financial year. Standalone sales grew by four per cent at ₹2,362 crore while the volume grew by three per cent year-on-year. The company’s consolidated net profit de-grew by two per cent year-on-year due to temporary headwinds.
The Q2 period has been a resilient quarter for the company, especially given the backdrop of the GST transition in India and continued macroeconomic challenges in Indonesia, says Sudhir Sitapati, Managing Director and CEO. “Despite these headwinds, our India business, excluding soaps, has delivered double-digit underlying volume growth,” he points out. On a consolidated basis, the company’s revenues grew by four per cent in rupee terms, supported by three per cent underlying volume growth. EBITDA declined by eight per cent to ₹512 crore, and the margin stood at 19.3 per cent; net profit before exception declined by two per cent.
In India, sales grew by four per cent and volumes by three per cent. However, this transition led to short-term trade disruptions as the channel adjusted to new pricing and cleared old inventory, particularly impacting soaps and hair colour.
Home care business grew by six per cent, led by strong performance in air fresheners and fabric care. The personal care business declined by two per cent, reflecting the GST-related impact on soaps. Across the product portfolio, the new launches have performed well and are gaining traction.
Rallis India
PAT grew 35 per cent in H1
“Despite these headwinds, our profitability remained stable, supported by export momentum, prudent cost management, and improved margins in the Seeds business,” said Dr Gyanendra Shukla, Managing Director and CEO. Rallis India, a Tata group enterprise, is a leading player in the Indian agri-inputs industry.
In the second quarter (Q2) of the current financial year, the company reported a seven per cent decline in its revenue at ₹861 crore as against ₹928 reported in the same period last year, due to the irregular weather involving erratic and prolonged rain. However, PAT grew by four per cent to ₹102 crore as against ₹98 crore in the corresponding previous quarter.In the half-year (H1) period ended September 2025, its revenue rose six per cent to ₹1818 crore from ₹1711 crore it reported in the same period of the previous year. Q2 was challenging due to prolonged rains, which impacted field activities and product placement, said Dr Shukla.
In Q2, the Crop Care B2B business of the company grew by 14 per cent YoYon the back of volume revival in key molecules and better capacity utilisation, while the Crop Protection B2Cbusiness performance declined 10 per cent YoY due to weather disruptions and erratic rainfall across major markets. Soil and Plant Health (SPH)business declined by 20 per cent, due to regulatory challenges in the biostimulants category. However, exports grew by 33 per cent,driven by higher volume in key molecules. The company launched eight new products, which helped the company strengthen its position across herbicides and fungicides.
