1. Introduction

GalaxEye Space Solutions Private Limited is an Indian spacetech company building multi-sensor Earth-observation satellites. It was incubated at IIT Madras and founded in 2021 by a team of five students/alumni who had previously worked together as part of Team Avi. The company is based in Bengaluru, with its registered office in Chennai.

Its core business centers on the flagship “Mission Drishti” satellite program, which combines SAR (Synthetic Aperture Radar) and multispectral imaging on a single platform — enabling all-weather, day-and-night Earth observation. GalaxEye’s business model revolves around selling analysis-ready satellite imagery and related geospatial datasets to enterprises and governments, primarily for defence, infrastructure monitoring, agriculture, and similar use cases.

2. What it does

GalaxEye’s core product is “OptoSAR” — the world’s first commercial satellite system fusing Synthetic Aperture Radar (SAR) with a 7-band multispectral imager (MSI) on a single platform. This enables all-weather, day-and-night imaging and delivers aligned, analysis-ready data without needing to merge imagery from separate sensors, cutting down on dataset-labeling and AI-model-development effort while yielding roughly three times more information than a standalone sensor.

Its flagship program, Mission Drishti, aims for a 10-satellite constellation by 2029. The first satellite (~190 kg) uses electric propulsion, launches via SpaceX, and delivers 1–1.5m resolution imagery with a 7–10 day revisit time. Gen-2 satellites (~300 kg) will offer 0.5m resolution. Key use cases span defence, infrastructure monitoring, and agriculture.

3. Business Model & Revenue

• Model: Data-and-services model — commercializes Earth-observation imagery and derived datasets to government and enterprise customers rather than selling consumer products. Described variously as B2B2C and B2G across public profiles.
• Revenue streams: Satellite imagery sales, dataset subscriptions, custom analytics, and long-term contracts for recurring data access or mission-specific outputs.
• Positioning: Offers stable, standardized imagery that developers, enterprises, and resellers can build on.
• Key sectors served: Disaster management, marine, insurance, energy & utility, mining, and defense.
• Geographic focus: Commercialization targeted across the U.S., Europe, and Africa.
• Government partnership: Agreement with government-owned NewSpace India Ltd (NSIL) to resell satellite imagery.
• Revenue (FY25): ₹2.02 Cr (~$240K) for the year ending March 31, 2025, with a reported 1-year revenue CAGR of 7676% — off a very small base, typical for a pre-launch deep-tech startup.

4. Founders and Promoters

GalaxEye was founded in 2021 by a team from IIT Madras. As Per the company’s own website, the founding team includes:

• Suyash Singh — CEO & Co-Founder
• Denil Chawda — CTO & Co-Founder
• Pranit Mehta — VP, Sales Ops & Co-Founder
• Kishan Thakkar — VP, Engineering & Co-Founder
• Rakshit Bhatt — VP, Product & Co-Founder

5. Recent news

i) In February 2026, GalaxEye signed a channel partnership with NewSpace India Limited (NSIL), which will market/resell the company’s OptoSAR satellite data. This was described as the first such partnership between NSIL and an Indian private satellite-data company.thehindubusinessline+1

ii) In March 2026, the company closed a funding transaction and received INR 442 million in the final tranche, according to a market news report.

iii) In early March 2026, the company said it was moving toward 300-kg second-generation OptoSAR satellites with about 0.5-metre resolution, and was preparing a new Bengaluru facility.

iv) On 3 May 2026, GalaxEye launched Mission Drishti aboard a SpaceX Falcon 9 rocket, and media reports described it as the world’s first OptoSAR satellite.

v) The company’s own updates also mention that Mission Drishti was scheduled for a Q1 2026 launch and that earlier milestones included a successful ISRO POEM demo and SAR-related trials.

A) Introduction

Power Exchange India Limited (PXIL) is one of India’s premier power exchanges, providing an electronic platform for trading electricity. Established in 2008, PXIL is a public-private initiative under the aegis of the Power Market Regulations. The exchange connects power generators, distribution companies, and other market participants, enabling efficient and competitive electricity procurement. FY 2024-25 marked PXIL’s seventeenth year of operation.

PXIL operates its trading platform under the brand name ‘PRATYAY’.

B) What PXIL Does

PXIL facilitates the trading of electricity and related products through its platform. It operates under the supervision of the Central Electricity Regulatory Commission (CERC). The exchange offers market participants a platform to trade in various electricity market segments, including:

1. Day-Ahead Market (DAM): A marketplace for buyers and sellers to trade electricity for the next day. PXIL also operates a Green Day-Ahead Market (G-DAM) for renewable energy.
2. Real Time Market (RTM): Introduced to allow participants to buy and sell power closer to the time of delivery, with delivery within an hour of the auction session.
3. Term-Ahead Market (TAM): Includes Intra-day, Day Ahead Contingency (DAC), Daily and Weekly contracts. PXIL has also sought CERC approval to extend delivery duration to 11-month ahead contracts, and to introduce High Price bilateral contracts in the Contingency and TAM segments.
4. Renewable Energy Certificates (REC): A mechanism for promoting renewable energy, enabling obligated entities to meet their Renewable Purchase Obligations (RPO). PXIL is working to introduce new REC contracts under REC Regulations 2022, including continuous matching, single-sided forward auction and single-sided reverse auction contracts.
5. Energy Saving Certificates (ESCerts): Certificates traded by companies under the Perform, Achieve, and Trade (PAT) scheme, incentivizing energy efficiency.

Operational performance (FY 2024-25):

C) Business Model

PXIL’s business model revolves around providing a platform for electricity trading while charging transaction fees for services rendered. Its operations focus on:

1. Transaction Fees: Based on the volume of electricity traded — PXIL’s principal revenue driver, contributing ₹5,192.96 lakh in FY 2024-25 (up from ₹3,648.08 lakh in FY 2023-24).
2. REC Transaction Charges: Fees from Renewable Energy Certificate trading, contributing ₹2,417.19 lakh in FY 2024-25 (up from ₹1,649.14 lakh).
3. Platform Access Fees: Admission and annual subscription fees charged to participants for registering and using the exchange (₹97.40 lakh in FY 2024-25).
4. Innovation: PXIL focuses on launching new products to meet evolving energy demands. The company is exploring Peer-to-Peer trading, Capacity Market contracts, a Coal Exchange platform, and the Carbon Credit Trading Scheme (CCTS). It has engaged M/s Deloitte as strategy consultant to develop a roadmap for future growth.

Additionally, the company earns substantial other income from treasury operations, primarily interest on fixed deposits (₹1,084.98 lakh in FY 2024-25).

Financial performance (FY 2024-25):

The company paid a dividend of ₹877.05 lakh during FY 2024-25.

D) Investors in Power Exchange

As of 31st March 2025, PXIL’s shareholders holding more than 5% equity are:

1. National Stock Exchange of India Ltd. (NSE): 1,46,14,938 shares — 25.00% (promoter). A leading stock exchange, providing financial backing and operational expertise.
2. National Commodity and Derivatives Exchange Ltd. (NCDEX): 99,76,605 shares — 17.06% (promoter). A prominent player in commodity exchanges, adding strategic value.
3. Tata Power Company Ltd.: 40,00,000 shares — 6.84%
4. GMR Energy Trading Ltd.: 32,20,000 shares — 5.51%
5. NTPC Vidyut Vyapar Nigam Ltd. (NVVN): 29,23,502 shares — 5.00%. A wholly-owned subsidiary of NTPC Ltd., which acquired its stake in January 2022.
6. Jindal Power Ltd.: 29,23,503 shares — 5.00%

Total promoter holding (NSE + NCDEX) stands at 2,45,91,543 shares. Total issued equity is 5,84,70,050 shares (₹5,847.01 lakh).

Note on shareholding compliance: During FY 2024-25, NSE’s holding increased by 4.21% and NCDEX’s by 16.02%, as PXIL worked to align its ownership structure with CERC’s prescribed shareholding norms under the Power Market Regulations, 2021.

E) Market Context

India’s short-term power market transacted 238.35 BU in FY 2024-25, up 9.2% from 218.22 BU in FY 2023-24, representing 13.03% of total generation of 1,829.70 BU. Power exchange volumes within this grew 18.3% to 143.75 BU.

Outlook: Key developments to watch include the pilot phase of Market Coupling (which will discover a single uniform price across all exchanges) and implementation of the Ministry of Power report on ‘Development of Electricity Market in India’, which recommends introduction of Capacity Contracts among other measures.

Hindustan Power Exchange Limited (HPX), established in 2018, formerly known as Pranurja Solutions Limited, is a new-age power exchange in the Indian electricity market, offering a comprehensive and transparent platform for trading various electricity products. HPX combines advanced technology with customized value-added services to provide a seamless and equitable trading experience for market participants, fostering innovation and efficiency in the sector.

Key Offerings

HPX facilitates trading in various electricity products, including:

• Day Ahead Market (DAM): Enables participants to buy and sell electricity for the following day.
• Term Ahead Market (TAM): Offers contracts for electricity delivery in the near future.
• Intra-Day Market (IDM): Allows trading of electricity within the same day.
• Contingency Contracts: Provides a mechanism for managing unforeseen electricity demand or supply variations.
• Green Contingency Contracts: Focuses on renewable energy sources to meet contingency needs.
• Renewable Energy Certificates (RECs): Facilitates the trading of certificates representing renewable energy generation.

These offerings cater to a diverse range of market participants, including state utilities, private generators, traders, and industrial consumers.

Promoters

HPX is promoted by three leading institutions: PTC India Limited, BSE Investments Limited, and ICICI Bank Limited.

1. PTC India brings decades of expertise in power trading and market development in India and South-East Asia.

2. BSE contributes experience in operating exchanges and trading platforms as one of the oldest and fastest stock exchanges globally.

3. ICICI Bank adds financial expertise in clearing and settlement, being one of India’s largest private banks.

Additionally, HPX has attracted investments from various government utilities, Independent Power Producers (IPPs), power traders, distribution utilities, and sector consultants, reflecting broad market trust.

Technology and Expertise

HPX leverages advanced technology to facilitate high-frequency trading, real-time market data, and seamless settlements. The exchange is supported by a diversified team of power sector professionals with expertise in regulatory compliance, policy frameworks, and operational challenges in electricity trading, ensuring smooth and transparent market operations.

Market Impact and Outlook

Since its inception, HPX has quickly established itself as a significant player in India’s power market, achieving strong trading volumes and gaining credibility among market participants. The exchange aims to expand its offerings, increase market participation, and support India’s transition towards a transparent, efficient, and sustainable electricity sector..

i. Motilal Oswal Home Finance ( previously Aspire Home Finance Corporation Limited ) is a professionally managed housing finance company incorporated on 01.10.2013, with a unique combination of financially sound and technically experienced promoters.

ii. Motilal Oswal Home Finance works on the business philosophy of financial inclusion of Lower and Middle Income (LMI) Indian families by providing them access to long term housing finance. Motilal Oswal Home Finance is a subsidiary of Motilal Oswal Financial Services Limited (MOFSL). To whom Motilal Oswal Home Finance Ltd. (MOHFL) lends?

a) It provided home loans to individuals and families for purchase, construction, and extension of the house.

b) It provides loans for repair and renovation of houses and home loans to families in the new to credit, self-employed, cash salaried category where formal income proofs, Credit Bureaus reports are not easily available, and the repayment capacity of such families are appraised based on their cash flows and Internal Score Cards.

About the Company

Onix Renewable Ltd. is a pioneering company in India, focused on delivering innovative solutions across various sectors, including renewable energy, IPP (Independent Power Producer), EPC (Engineering, Procurement, and Construction), energy transition, infrastructure, wind, solar, storage, utility, hybrid, green hydrogen, R&D, and power generation. The company also specializes in the manufacturing of solar panels.

1. Business Model of Onix Renewable Ltd.

EPC (Engineering, Procurement, and Construction) Services:

• Onix provides complete turnkey solutions from design and procurement to construction and commissioning, ensuring maximum efficiency and high-quality project execution.

Independent Power Producer (IPP):

• The company develops, finances, constructs, and operates renewable energy projects, managing the entire project lifecycle and ensuring sustainable and reliable power generation.

Manufacturing:

• Onix has a significant manufacturing capacity for solar PV modules, with plans to expand to 1200 MW by 2024. The company is also innovating in technologies like EV chargers and energy storage systems.

Operation & Maintenance (O&M):

• Onix offers comprehensive O&M services, managing over 150 MW of renewable energy assets with a focus on safety, innovation, and optimal performance.

Strategic Projects and Partnerships:

• The company has successfully executed hybrid power projects and established significant collaborations with state governments for large-scale solar and hybrid projects

Metropolitan Stock Exchange of India Limited (MSEI) is a full-service national-level stock exchange licensed to operate across multiple segments including Equity, Equity Derivatives, Currency Derivatives, Debt, and the SME platform. The exchange has a live trading platform in all segments except the SME segment. MSEI operates through two subsidiaries—Metropolitan Clearing Corporation of India Limited (MCCIL), in which it holds an 86.94% stake, and MCX SX KYC Registration Agency Limited (MRAL), which is a wholly owned subsidiary. The shareholding structure of MSEI reflects strong institutional and individual participation, with banks and foreign institutional investors holding approximately 23.64%, including prominent public and private sector banks such as State Bank of India, Bank of Baroda, Punjab National Bank, Axis Bank, and HDFC Bank. Individual investors collectively hold around 40.47% of the equity, comprising well-known investors including Mr. Rakesh Jhunjhunwala, Mr. Radhakishan Damani, and Mr. Nemish Shah, among others.

1. The core idea

Garuda doesn’t position itself as a drone manufacturer. It positions itself as an integrated drone platform — one modular airframe, re-missioned by swapping payloads, sold either as hardware or as an outcome.

That single design choice is what lets one company claim six verticals. The same frame carries a spray tank for a farm, a multispectral sensor for a survey, a thermal camera for a chimney inspection, or an ISR payload for a defence customer.

2. Two revenue engines

1. Product sales — ₹99.4 crore (48% of FY26 revenue)

Selling drones and drone parts outright. Recognised at a point in time. Buyers are dealers, agri machinery companies, PSUs, and government schemes like Namo Drone Didi. Lumpy, tender-driven, one-time.

2. Drone-as-a-Service — ₹106.5 crore (52%)

The customer buys the outcome, not the asset. Garuda sends its own fleet and pilots, does the spraying or the survey or the inspection, and hands over processed data. Recognised over time.

This is the half management leans on, and it did overtake product sales in FY26 (in FY25 the two were nearly equal at ₹59.7 crore vs ₹57.8 crore). The pitch is that it removes the customer’s capex barrier and gives Garuda recurring revenue instead of one-time hardware sales.

Worth noting what isn’t a separate line: training, software, and after-sales are described as verticals but aren’t disclosed as revenue streams. They fold into these two buckets. Exports are zero.

3. The value chain they claim to own

Design and R&D → manufacturing and assembly → DaaS operations → AI and data analytics → MRO and after-sales → mission planning and fleet software → defence systems.

The strategic argument is backward integration — localising components to control cost and comply with indigenisation norms. CY24 added BIS-certified Li-Po battery manufacturing.

4. The moat, as they frame it

Dual DGCA approval for both manufacturing and training. It’s the one genuinely hard-to-copy asset here. It unlocks BVLOS and government or defence-linked missions without depending on a third party, which is exactly where the large contracts sit. VLOS-only competitors are structurally locked out of those tenders.

The RPTO flywheel. 300+ training centres across 22 states, 2,000+ certified pilots, second-largest RPTO in India. Every trained pilot is a potential DaaS operator, dealer, or customer — the training business seeds the demand for the service business.

Ecosystem lock-in. Dealers, service partners, educational institutions, government agencies, and enterprise customers, plus a growing after-sales and AMC layer.

5. What the cost structure reveals

This is where the stated model and the actual model diverge a bit.

Cost of materials was ₹116.8 crore in FY26 — but ₹51.9 crore of that is outsourced contract cost, a quarter of total revenue. Employee costs are just ₹8 crore for a claimed 200+ team, and R&D spend was ₹1.24 crore, or 0.6% of revenue.

So the honest description isn’t “vertically integrated manufacturer.” It’s closer to an orchestrator — Garuda owns the certifications, the customer relationships, the brand, and the pilot network, and contracts out a large share of the actual building and flying. That’s a legitimate model, and it’s what keeps the balance sheet light (D/E of 0.09, only ₹18 crore of PP&E). But it means the value capture sits in regulatory access and distribution, not in proprietary technology.

6. Who pays, and how well

Single operating segment, 100% India. Customer concentration improved sharply — the top customer was 7.77% of revenue in FY26, down from a single customer at 38% of product sales in FY25.

The catch is when they pay. Customer advances at year-end were only ₹3.4 crore, so this isn’t a prepaid business. Receivables are ₹234 crore against ₹206 crore of revenue, at 415 debtor days.

Which reframes the model: it’s an asset-light business that has become extremely working-capital-heavy. Garuda doesn’t tie up capital in factories — it ties it up in funding its customers’ payment cycles. That’s the structural feature that drove two straight years of negative operating cash flow, and it’s the thing worth watching more than the vertical count.

Zepto operates on a quick-commerce model, where it delivers groceries and daily essentials to customers within about 10–15 minutes through its mobile app.

1. Core Operating Model

• Zepto uses a network of small warehouses called “dark stores” located close to residential areas (typically within a 2–3 km radius).
• When a customer places an order on the app, the system routes it to the nearest dark store, where items are picked and packed quickly.
• A delivery partner is assigned immediately and completes the last-mile delivery within minutes.

This inventory-led model allows Zepto to control inventory, pricing, and delivery speed, unlike marketplace platforms that depend on external retailers.

2. Key Revenue Streams

Zepto earns money through multiple channels:

• Product Margins – Buying groceries from suppliers/FMCG brands and selling them at a markup.
• Delivery Fees / Convenience Fees – Small charges on orders or during peak demand.
• Brand Advertising & Promotions – Brands pay for featured listings and visibility in the app.
• Private Label Products – Selling in-house branded products with higher margins.
• Subscriptions / Memberships – Premium plans offering benefits like free delivery or discounts.

3. Value Proposition

• Ultra-fast delivery (10 minutes)
• Convenience for urban consumers
• Wide range of groceries and essentials
• High repeat order frequency

This model focuses on high order volume and fast inventory turnover to offset the high costs of logistics and operations.

HDFC Securities Limited — Unlisted Shares Overview

HDFC Securities Limited is a subsidiary of HDFC Bank, one of India’s top-tier private sector banks. Headquartered in Mumbai, this leading stock broking firm was established in 2000 — marking a journey of over 20 years. Initially, it was a joint venture between HDFC Bank Limited, HDFC Limited, and Indocean eSecurities Holdings Limited.

Beyond stock broking, the company has also become a prominent distributor of financial products. In 2006, HDFC Bank acquired HDFC Ltd.’s stake, and in 2008, it further purchased an additional 4% from Indocean Securities — making HDFC Securities a fully-owned subsidiary of HDFC Bank.

As one of India’s pioneering broking houses, HDFC Securities is an affiliated member of both the BSE and NSE. Its online trading portal is highly popular among professional traders. As of 31 March 2020, the company had 262 branches spread across 161 Indian cities.

Financials (₹ in Cr)

Other Key Details:

• Face Value: ₹10
• ISIN: INE700G01014
• Dividend Yield: 25.79%
• Book Value (related figure): ₹2,015.52

Valuation Analysis (Based on FY26 EPS)

HDFC Securities unlisted shares are currently trading at a 16x P/E multiple, which appears attractively priced compared to listed broking peers like Angel One (28x) and Groww (52x).

BoAt, officially known as Imagine Marketing Services Pvt. Ltd., is an India-based consumer electronics brand incorporated in November 2013, specializing in earphones, headphones, stereos, travel chargers, and premium rugged cables. Co-founded by Aman Gupta and Sameer Ashok Mehta, BoAt has rapidly grown into one of India’s leading lifestyle tech brands through a dynamic marketing approach. The company heavily leverages influencer marketing, referring to its brand ambassadors as “BoAtheads,” which includes prominent personalities such as singer Neha Kakkar, rapper Naezy, and cricketers Hardik Pandya and Shreyas Iyer. BoAt has also formed high-visibility brand tie-ins with major sports franchises like the Chennai Super Kings and Mumbai Indians, along with music and fashion events such as Sunburn Festival and Lakmé Fashion Week, reinforcing its appeal to the youth and urban lifestyle market.

National Commodity & Derivatives Exchange Limited (NCDEX/ the Exchange) is an Indian-based agricultural product exchange a large market share in the agricultural products segment. It is composed of a Board of Directors with experience in the agricultural products market. The NCDEX main objective os to provide an exchange platform for market players seeking to trade in agricultural products.

Oravel Stays Limited is the parent company of OYO, rebranded as PRISM in September 2025. Founded by Ritesh Agarwal, it operates an asset-light travel technology platform — a single booking system, pricing engine and app stack layered over hotels and homes it largely does not own.

The group runs four verticals across 35+ countries: G6 Hospitality (1,571 Motel 6 and Studio 6 properties in the US, acquired in December 2024), hotels (22,769 storefronts under OYO, Townhouse, Palette and Sunday), homes (138,250 European and Australian vacation rentals under Belvilla, DanCenter and CheckMyGuest), and a listings subscription business. Most contracts are now management agreements where the property owner supplies the capital, replacing the minimum-guarantee model that drove OYO’s earlier losses.

In FY26, revenue from operations rose 49.7% to ₹9,358 crore and gross booking value rose 88.5% to ₹30,683 crore. EBITDA margin improved from 17.3% to 27.7%, and operating cash flow jumped from ₹321 crore to ₹2,511 crore. Reported profit after tax was ₹994 crore — though profit before tax was ₹399 crore, with the difference coming from a one-time ₹595 crore deferred tax credit. The company carries ₹7,810 crore of borrowings, largely a USD 830 million term loan raised for the G6 acquisition.

Oravel Stays filed an Updated DRHP with SEBI on 29 June 2026 for a fresh issue of up to ₹6,650 crore, and has in-principle listing approval from BSE and NSE. Until then, OYO shares trade in the unlisted market.

Apollo Green Energy Limited (AGEL), incorporated on August 25, 1994, is a key player in India’s renewable energy sector and a part of the diversified Apollo Group. Headquartered in Gurgaon with its registered office in New Delhi, AGEL specializes in solar power, wind energy, and energy storage solutions. Formerly known as Apollo International Limited, the company operates as a closely held limited company with an authorized share capital of ₹27.25 Crores and a paid-up capital of ₹21.74 Crores. Backed by a CRISIL rating of BBB/Stable (long-term) and A3+ (short-term) as of February 2023, AGEL leverages the Apollo Group’s multi-sector expertise in areas such as tyres, healthcare, logistics, apparel, and green energy to drive its clean energy mission forward.