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Category: Economy

  • IVCA Urges Venture Capital Funds to Act on SEBI’s Migration Framework Before July 19, 2025

    SEBI sets July deadline for legacy funds to transition into the AIF regime; IVCA stresses urgency amid tepid industry response

    The Indian Venture and Alternate Capital Association (IVCA) has issued an urgent advisory to all Venture Capital Funds (VCFs) operating under the repealed SEBI (Venture Capital Funds) Regulations, 1996. In a call to action dated May 30, 2025, IVCA emphasized the importance of adhering to SEBI’s migration framework before the July 19, 2025 deadline.
    Migration to AIF Regime: A One-Time Opportunity
    As per the SEBI circular issued on August 19, 2024, legacy VCFs have been granted a one-time option to migrate to the Alternative Investment Fund (AIF) regime under a newly introduced sub-category, Migrated Venture Capital Funds (MVCFs). The framework applies to:

    • VCFs whose liquidation period has not yet expired
    • VCFs with at least one scheme that has expired but still holds unliquidated assets

    Why Action Is Critical Now
    Rajat Tandon, President of IVCA, stressed the importance of prompt action, stating: “This is a critical regulatory window for legacy VCFs to realign with the current AIF framework. The migration framework introduced by SEBI not only offers operational clarity but also provides a structured path for managing residual assets and ensuring regulatory compliance.”
    Despite SEBI offering benefits such as a simplified re-registration process, fee waivers, and flexible compliance requirements, the industry’s response so far has been limited. IVCA flagged this tepid uptake as a concern, urging eligible funds to act swiftly.

    What VCFs Must Do
    VCFs with valid schemes or residual assets are advised to evaluate their eligibility and apply for migration before the July 19, 2025 cutoff. Meanwhile, those that have wound up all schemes or made no investments should proactively surrender their SEBI registration.
    IVCA has reiterated its commitment to providing members with the necessary support. It encourages VCFs to reach out to its compliance team or directly connect with SEBI for guidance.

    A Step Toward Strengthening India’s Fund Ecosystem
    The migration framework is part of SEBI’s broader effort to modernize and consolidate fund regulations. By bringing legacy VCFs under a consistent AIF framework, SEBI aims to improve fund governance, protect investor interests, and streamline the liquidation of dormant schemes.
    The Indian Venture and Alternate Capital Association (IVCA) is the apex body representing India’s alternate capital industry. As a not-for-profit organization, IVCA supports over 450 member funds with a combined AUM of over $350 billion. These include domestic and global venture capitalists, private equity funds, infrastructure investors, real estate managers, and credit fund operators. IVCA also advocates for regulatory clarity and investor protection through its engagements with the Indian government and financial regulators.
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  • Power Finance Corporation Reports Record ₹30,514 Cr PAT in FY25, Renewable Loan Book Crosses ₹81,000 Cr

    Highest-ever earnings, dividend of ₹15.80 per share, and asset quality improvement strengthen PFC’s leadership among Indian NBFCs

    Power Finance Corporation Ltd. (PFC), the Maharatna public sector enterprise under the Ministry of Power, reported its highest-ever consolidated Profit After Tax of ₹30,514 crore in FY25, marking a 15 percent year-on-year increase over ₹26,461 crore in FY24. PFC continues to retain its position as India’s most profitable non-banking financial company both on consolidated and standalone bases.
    The consolidated loan book grew 12 percent year-on-year to ₹11,09,996 crore as of 31 March 2025, and net worth rose 16 percent to ₹1,55,155 crore. Gross NPA at the consolidated level improved to 1.64 percent from 3.02 percent, while Net NPA fell to 0.38 percent, reflecting ongoing asset quality strengthening.

    Standalone PAT Surges 21 Percent to ₹17,352 Cr, Renewable Book Expands Sharply
    PFC reported a standalone PAT of ₹17,352 crore in FY25, up from ₹14,367 crore in the previous year. Q4 FY25 standalone PAT came in at ₹5,109 crore, compared to ₹4,135 crore in Q4 FY24, reflecting a 24 percent increase.
    The renewable energy loan book rose to ₹81,031 crore as of 31 March 2025, up 35 percent year-on-year. The company has more than doubled its renewable portfolio in the last five years, reaffirming its leadership in clean energy financing in India.
    According to CMD Parminder Chopra, “PFC continues to set new benchmarks for financial performance and sustainability. With a 13 percent growth in our loan portfolio, we are driving India’s power and infrastructure future with realism, resilience, and robust execution.”

    Dividend and Capital Return Strategy
    The Board of Directors recommended a final dividend of ₹2.05 per equity share. This adds to the interim dividend of ₹13.75 per share paid in four tranches, taking the total FY25 dividend to ₹15.80 per share. The record date for the final dividend is 13 June 2025.
    Loan Growth, Resolution Successes, and Asset Quality Metrics
    Loan assets at the standalone level rose by 12.81 percent from ₹4,81,462 crore to ₹5,43,120 crore. The company disbursed ₹1,68,265 crore during the year, up from ₹1,27,656 crore in FY24.
    The gross NPA ratio declined to 1.94 percent, while the Net NPA ratio halved to 0.39 percent. This was aided by successful resolution of key accounts including the 3,600 MW KSK Mahanadi project, TRN Energy, and Shiga Energy.
    Director (Finance) Sandeep Kumar noted, “Our record PAT of ₹17,352 crore and net NPA of 0.39 percent underscore our execution strength and risk discipline. We remain committed to sustainable growth and stakeholder value creation.”

    Balance Sheet Strength and Borrowing Mix
    As of 31 March 2025, PFC’s net worth exceeded ₹90,937 crore, growing 15 percent from ₹79,203 crore last year. The company’s capital adequacy ratio (CRAR) stood at 22.08 percent, well above regulatory norms.
    Outstanding borrowings stood at ₹4,65,763 crore. Domestic bonds accounted for 56 percent, foreign currency loans 19 percent, and RTLs from banks 19 percent. Notably, 95 percent of foreign currency exposure is hedged.
    ESG and Sectoral Commitment
    PFC’s environmental, social, and governance framework continues to drive its long-term vision. The company was appointed as nodal agency for key sectoral initiatives and has launched a new IFSC subsidiary focused on green lending from GIFT City.
    More than 77 percent of the loan book is government-linked, ensuring lower credit volatility. PFC maintains 80 percent provisioning against stage three assets and is actively pursuing resolution for projects within and outside the NCLT framework.

    Outlook and Strategy
    The management expressed confidence in FY26, with ₹90,937 crore in net worth and an opening order book of ₹549 crore at the standalone level. The company aims to continue supporting India’s energy transition while maximizing shareholder value and pursuing operational excellence.
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  • GMM Pfaudler Reports ₹3,199 Cr Revenue in FY25 Amid Global Headwinds and Operational Realignment

    India operations drive Q4 recovery, Poland facility ramps up as Leven and Hyderabad sites wind down

    GMM Pfaudler Ltd., the global leader in corrosion-resistant technologies and equipment for chemical and pharmaceutical industries, reported consolidated revenue of ₹3,199 crore for FY25. Despite a 7 percent year-on-year decline, the company demonstrated strong recovery in India during the second half of the fiscal, ending with ₹807 crore revenue in Q4, up 9 percent from the same quarter last year.
    EBITDA stood at ₹381 crore for the year, with an adjusted margin of 11.9 percent. Profit after tax, excluding exceptional items, was ₹100 crore, translating to an EPS of ₹22.99. Order intake for FY25 closed at ₹3,102 crore, while the order backlog stood at ₹1,636 crore

    India Leads Q4 Growth with Strong Profitability
    India operations registered ₹252 crore in revenue for Q4 FY25 and an EBITDA of ₹44 crore, achieving a margin of 17.4 percent. This performance was attributed to a favourable product mix, volume recovery, and execution of cost optimization programs. The Indian business delivered notable improvements in H2 FY25, setting a positive trend as the company enters FY26.
    Opening order backlog for the India business in FY26 is ₹549 crore, 20 percent higher than last year, reinforcing demand momentum across key verticals.
    Global Manufacturing Strategy and Footprint Optimization
    GMM Pfaudler continued with its footprint rationalization during the year. It completed the closure of its Hyderabad facility and expects to wind down operations at its Leven, UK plant by Q2 FY26. Simultaneously, a new low-cost manufacturing unit was established in Poland, with a capacity expansion program already underway.
    The company reported ₹318 crore in free cash flow for FY25, a ₹97 crore increase compared to the previous year. This reflects the benefit of capital efficiency measures and prudent working capital management.

    Leadership and Strategic Appointments
    To accelerate global integration and operational transformation, Mr. Gregory Gelhaus was appointed as Chief Transformation Officer during the quarter. With multi-industry experience, Gelhaus will lead structural efficiency, supply chain modernization, and cross-market synergy initiatives across the company’s international subsidiaries.
    Dividend Declaration
    The Board of Directors recommended a final dividend of ₹1 per equity share for FY25. Combined with the interim dividend paid earlier, the total dividend payout for the year stands at ₹2 per share, subject to shareholder approval.

    Management Commentary
    Mr. Tarak Patel, Managing Director of GMM Pfaudler, said, “While FY25 presented challenges due to chemical and pharma sector slowdowns and geopolitical uncertainty, our disciplined focus on cost control and diversification helped us navigate volatility. Our India business has performed particularly well in the latter half of the year. Our global optimization program, including the setup in Poland and closures in Leven and Hyderabad, positions us for greater efficiency and margin expansion going forward.”
    He added, “We are excited to welcome Greg to our leadership team. His experience will be instrumental in transforming GMM Pfaudler into a more agile and digitally integrated global manufacturing partner.”

    Financial Highlights (Consolidated)

    • FY25 revenue: ₹3,199 crore
    • FY25 EBITDA: ₹381 crore (adjusted)
    • FY25 PAT: ₹100 crore (excluding exceptional items)
    • FY25 EPS: ₹22.99
    • FY25 order intake: ₹3,102 crore
    • FY25 closing backlog: ₹1,636 crore
    • Q4 FY25 revenue: ₹807 crore
    • Q4 FY25 PAT: ₹15 crore (adjusted)
    • Free cash flow: ₹318 crore in FY25
    Global Presence and Operational Scope
    GMM Pfaudler operates 19 manufacturing facilities and serves clients across four continents. It employs over 2,000 people and is the partner of choice for engineered corrosion-resistant solutions used in the processing of chemicals, pharmaceuticals, and allied products.
    Its technology portfolio includes glass-lined equipment, fluoropolymer systems, engineered systems, and lab-scale to plant-scale solutions used by large process manufacturers.
    Upcoming Investor Engagement
    The company hosted its earnings conference call on 21 May 2025 at 6:00 PM IST. A replay of the presentation and detailed disclosures are available in the Investor Relations section of the official website.
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  • KSH International Files ₹745 Crore IPO to Expand Magnet Wire Manufacturing and Solar Power Infrastructure

    India’s third largest magnet winding wire producer aims to double capacity and scale exports to over 24 countries

    KSH International Ltd., India’s third-largest manufacturer of magnet winding wires by production capacity in Fiscal 2024, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹745 crore through an Initial Public Offering.
    The IPO will consist of a fresh issue of shares aggregating up to ₹420 crore and an offer for sale of up to ₹325 crore by promoter group shareholders. With proceeds earmarked for debt reduction, capital expenditure, and solar energy adoption, the company plans to expand aggressively across domestic and international markets.

    Capital Deployment Strategy and Growth Focus
    KSH International will utilize ₹226 crore from the fresh issue to repay and prepay certain outstanding borrowings. Another ₹90 crore will be used to fund new machinery at its Supa and Chakan facilities in Maharashtra, and ₹10 crore is earmarked for installing a rooftop solar plant at the Supa site.
    This expansion will more than double the company’s current annual production capacity from 29,045 metric tonnes to 59,045 metric tonnes by Fiscal 2026. The IPO proceeds will also support general corporate purposes and strengthen the balance sheet as the company prepares for a scale-up in exports and capital goods manufacturing.
    Segment Leadership and Product Portfolio
    KSH International manufactures a wide range of standard and customized magnet winding wires including:

    • Round enamelled copper and aluminium wires
    • Paper-insulated rectangular copper and aluminium wires
    • Continuously transposed conductors
    • Bunched paper-insulated copper wires

    These products are critical for high-performance applications in transformers, motors, alternators, and generators. KSH serves sectors such as energy, renewables, railways, industrial automation, and electric vehicles.
    The company markets its offerings under the KSH brand, which has built strong recognition and trust among OEMs and large institutional buyers across India and global markets.

    Export Leadership and Global Presence
    According to its DRHP, KSH International is India’s largest exporter of magnet winding wires by revenue in Fiscal 2024. It serves over 112 customers and exports to more than 24 countries, including the United States, Germany, Saudi Arabia, Japan, UAE, Kuwait, Romania, and Bangladesh.
    Major clients include Bharat Heavy Electricals Ltd., GE Vernova T&D India Ltd., Siemens Energy India Ltd., Hitachi Energy India Ltd., and CG Power and Industrial Solutions Ltd.
    Its Taloja, Chakan, and upcoming Supa plants are strategically located to support large-scale exports and timely order fulfillment.
    Financial Performance Snapshot
    In Fiscal 2024, KSH International recorded a 31.76 percent increase in revenue from operations to ₹1,382.82 crore, up from ₹1,049.46 crore in FY23. The company’s EBITDA rose to ₹71.46 crore from ₹49.90 crore, while profit after tax increased to ₹37.35 crore from ₹26.61 crore.
    For the nine months ended December 31, 2024, the company posted revenue of ₹1,420.45 crore, EBITDA of ₹87.35 crore, and PAT of ₹49.53 crore.
    The company’s market share increased from 11.19 percent to 13.70 percent between FY22 and FY24, highlighting its upward trajectory amid a competitive landscape led by Precision Wires India Ltd. and Ram Ratna Wires Ltd.

    Manufacturing Expansion and Solar Integration
    KSH currently operates three facilities — two in Chakan and one in Taloja. A fourth manufacturing unit is under construction at Supa, Ahilyanagar (formerly Ahmednagar), which will feature upgraded machinery and rooftop solar installations. The solar plant investment aligns with KSH’s long-term vision for operational sustainability and reduced energy costs.
    The Supa facility is expected to begin operations in Fiscal 2026 and will play a critical role in fulfilling future demand from renewable and EV sectors.
    IPO Structure and Listing
    The IPO will be conducted through a book-building process. Up to 50 percent of the net offer will be allocated to Qualified Institutional Buyers, with 15 percent reserved for Non-Institutional Investors and 35 percent for retail individual bidders.
    Nuvama Wealth Management Ltd. and ICICI Securities Ltd. are the book-running lead managers to the issue, and MUFG Intime India Pvt. Ltd. is the registrar. The equity shares will be listed on the National Stock Exchange of India and BSE Ltd.

    About KSH International
    KSH International Ltd., part of the Pune-based KSH Group, began operations in 1981 and has since evolved into a global supplier of critical magnet wire solutions for electrical machinery. The company’s focus on high-quality manufacturing, customer-centric innovation, and consistent delivery has established it as a preferred vendor for both public and private sector energy companies. KSH International Files ₹745 Cr IPO to Expand Capacity, Solar, and Exports
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  • Bata India Reports Q4 FY25 Results with Continued Volume Growth and Inventory Optimization

    Franchise expansion, digital agility, and consumer-first merchandising strengthen operational resilience

    Bata India Ltd., India’s most recognized footwear brand, has announced its financial results for the quarter ended March 31, 2025. The company reported consolidated revenue from operations of ₹787.77 crore for Q4 FY25, reflecting a marginal dip from ₹797.67 crore in Q4 FY24. Operating profit for the quarter stood at ₹37.41 crore, compared to ₹58.26 crore in the corresponding period last year.
    Despite macroeconomic headwinds, Bata India delivered volume-led growth, supported by strong performance in its franchise and e-commerce channels. The company’s total retail footprint reached 1,962 stores, driven by the expansion of franchise-operated outlets, particularly in semi-urban markets.

    Inventory Tightening and Merchandising Agility Lead Operational Gains
    The quarter marked the second consecutive period of volume-led growth. Bata implemented multiple merchandising and inventory initiatives, including an expansion of its Zero Base Merchandising Project to 146 stores. This project improved store-level consumer engagement and revenue per square foot.
    Gross inventory was reduced by 15 percent and stood at ₹815.06 crore as of March 31, 2025. Management highlighted sharper forecasting models and tighter stock rotation across categories, resulting in higher inventory agility and reduced complexity.
    Dividend Payout Reaffirms Confidence in Business Outlook
    The board recommended a final dividend of ₹9 per equity share, subject to shareholder approval. Including the interim dividend of ₹10 per share paid in September 2024, the total dividend payout for FY25 stands at ₹24.42 crore.
    The dividend declaration underscores the company’s strong cash position, despite flat topline growth, and reflects continued focus on shareholder value creation.

    Strategic Commentary
    Managing Director and CEO Gunjan Shah noted that FY25 was a transitional period for the industry but that Bata’s long-term strategies are beginning to show results. “Our merchandising, affordability, and store expansion strategies have helped us gain volumes, especially in tier two and tier three cities. We remain focused on demand-led agility and leaner inventory structures,” he said.
    Shah added that the company is cautiously optimistic about consumption recovery and is preparing for an uptick by streamlining fresh merchandise deployments across both owned and franchised outlets.
    FY25 Business Highlights

    • Bata India added 19 franchise stores during the quarter
    • Expanded reach in semi-urban and town-level retail clusters
    • Sustained e-commerce traction across D2C and marketplace platforms
    • Strengthened operational metrics across inventory turnover and revenue per square foot
    • Maintained leadership in multi-brand retail, serving over 2.6 lakh customers daily in 2024
    About Bata India
    Founded in 1931, Bata India Ltd. is the country’s largest footwear manufacturer and retailer. With more than 1,900 stores and a network of multi-brand and digital partners, the company sells nearly 50 million pairs of footwear annually. Its portfolio includes brands like Bata Red Label, Bata Comfit, Power, NorthStar, Floatz, Bubblegummers, and Hush Puppies.
    Bata India operates with a mission to make global fashion accessible to every Indian customer through an omni-channel ecosystem of stores, e-commerce, and distribution alliances.
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  • Supriya Lifescience Delivers Record FY25 Performance with 22 Percent Revenue Growth and 38 Percent Surge in Q4 PAT

    Expansion in global markets, backward integration, and therapeutic focus drive earnings momentum across quarters

    Supriya Lifescience Ltd., a global leader in active pharmaceutical ingredients (APIs), has reported its highest-ever annual revenue of ₹696.48 crore in FY25, marking a 22 percent year-on-year growth over ₹570.37 crore posted in FY24. The company also recorded a 57.8 percent increase in profit after tax for the full year, which stood at ₹187.96 crore compared to ₹119.11 crore in the previous year.
    EBITDA for the year was ₹260.80 crore, with margins expanding to 37.4 percent from 30.3 percent in FY24. Quarterly earnings also saw strong performance. In Q4 FY25, revenue rose to ₹184.11 crore, up 16.4 percent year-on-year. Profit after tax for the quarter reached ₹50.38 crore, up 38.4 percent from ₹36.40 crore in Q4 FY24.
    These results reflect the company’s strategic execution in high-value therapeutic APIs and its growing footprint across 86 global markets.

    EBITDA Margin Expansion Reflects Operational Control
    For FY25, Supriya Lifescience reported a 712 basis point improvement in EBITDA margin, rising to 37.4 percent from 30.3 percent in the previous year. This is attributed to better product mix, efficiencies in manufacturing, and scale gains from increased exports.
    The Q4 margin also improved to 36.7 percent from 35.1 percent in Q4 FY24. The company’s quarterly earnings per share increased to ₹6.29 from ₹4.59 in the same period last year, further reflecting profitability traction.

    Strategic Leadership Commentary
    Chairman and Whole-Time Director Dr. Satish Wagh commented, “FY25 has been a landmark year for Supriya Lifescience, reflecting the strength of our diversified product portfolio, resilient global operations, and consistent focus on operational excellence. With ₹697 crore in annual revenue and ₹261 crore in EBITDA, we are delivering sustainable growth backed by deep therapeutic capabilities.”
    Dr. Wagh emphasized that the company’s focus on anti-histamine, vitamin, anesthetic, and anti-asthmatic APIs continues to support profitability across regulated and semi-regulated markets.

    Therapeutic Focus and Market Penetration
    Supriya Lifescience maintains a diversified therapeutic base with core focus areas that include antihistamines, anti-allergic medications, anesthetics, and vitamin-based APIs. The company serves more than 1,200 customers globally and operates in 86 countries.
    Its strong presence in regulated markets such as Europe, Canada, Brazil, and Southeast Asia is supported by global accreditations from USFDA, EUGMP, PMDA Japan, TGA Australia, WHO, and others.
    The company also reported increased penetration in Latin America and emerging regions with backward integrated manufacturing of key intermediates, which improves cost control and product traceability.

    Strong Compliance Backed by Global Certifications
    Supriya Lifescience’s manufacturing facility in Khed, Ratnagiri is fully cGMP compliant and certified by global regulators including the USFDA, EUGMP, EDQM, Health Canada, and NMPA China. The company holds 14 US Drug Master Files (USDMFs) and eight active Certificates of Suitability (CEPs) for the European market.
    Its regulatory strength has been instrumental in forging exclusive contracts with innovator companies and in-house product development partnerships with global Contract Manufacturing Organizations (CMOs).
    Key FY25 and Q4 Financials

    • FY25 revenue was ₹696.48 crore, up from ₹570.37 crore in FY24
    • EBITDA for FY25 reached ₹260.80 crore, compared to ₹172.98 crore last year
    • PAT increased to ₹187.96 crore, a growth of 57.8 percent
    • PAT margin rose to 27.0 percent from 20.9 percent
    • Q4 revenue was ₹184.11 crore, up from ₹158.18 crore
    • Q4 PAT stood at ₹50.38 crore, up from ₹36.40 crore, with a margin of 27.4 percent

    Research, Innovation, and Pipeline
    The company is focused on expanding its pipeline of differentiated APIs and entering the high-barrier CDMO space. With a dedicated R&D center and process development team, Supriya Lifescience is currently working on 10 new molecules across oncology and central nervous system categories.
    It is also ramping up its filings for CEPs and USDMFs for a new set of APIs in response to rising demand from contract development clients.

    ESG and EHS Commitments
    Supriya Lifescience continues to operate with strong environmental, health, and safety compliance standards. The company has implemented energy optimization, water reuse systems, and sustainable sourcing practices across its facilities. Employee welfare and ethical manufacturing are cornerstones of its long-term business ethos.
    About Supriya Lifescience Ltd.
    Founded in 1987 and headquartered in Mumbai, Supriya Lifescience Ltd. is a globally recognized manufacturer of active pharmaceutical ingredients. Its product portfolio spans anti-allergic, antihistamine, anesthetic, and vitamin APIs. The company operates a WHO-GMP, USFDA, and EU-compliant manufacturing plant in Khed, Ratnagiri, Maharashtra.
    Website: https://www.supriyalifescience.com
    At Prittle Prattle News, we honor your dedication and inventiveness led by showcasing you in a positive light. Under the direction of Editor-in-Chief Smruti Bhalerao, our platform is committed to disseminating powerful narratives that raise awareness and motivate change. For more important stories, follow us on LinkedIn, Instagram, and YouTube.

  • GROWiT Raises $3 Million in Series A Round Led by GVFL to Expand Sustainable Farming Solutions Across India and Africa

    With a CAGR of 60 percent and India’s first pocket-sized soil testing device, the agritech pioneer strengthens climate-resilient innovation and R&D scale-up

    GROWiT India Pvt. Ltd., a soil-to-harvest agritech company, has secured $3 million in its Series A round led by climate-tech-focused GVFL. The funding round also saw participation from Veloce Opportunities Fund, JITO Angel Network, We Founder Circle, Sunicon Ventures Fund, Progrowth Ventures, and Hyderabad Angels.
    The funds will be strategically deployed to expand GROWiT’s presence across rural and emerging agricultural markets, particularly Africa and Southeast Asia. The company also plans to invest heavily in R&D, product digitization, and scalable technology infrastructure to support climate-resilient farming.
    With a compounded annual growth rate between 50 and 60 percent over the past three years, GROWiT is now looking to accelerate market penetration and double its active farmer base from 2.25 lakh to over 5 lakh within the next two years.

    Climate-Smart Solutions at the Core of GROWiT’s Product Strategy
    Founded in 2020 by Saurabh Agarwal, GROWiT provides integrated soil-to-harvest solutions for smallholder and marginal farmers. Its key offerings include mulch films, crop covers, weed mats, and India’s first pocket-sized soil health testing device. Launched in April 2025, this tool allows farmers to analyze soil composition and access AI-based crop recommendations in under 10 minutes.
    Agarwal explained that affordable innovations are key to solving the low-yield and high-cost paradox in Indian agriculture. “Our goal is to make climate-resilient, high-productivity farming tools widely accessible. We combine real-time soil data, localized agronomy support, and protective farming solutions to deliver more yields at lower costs,” he said.

    Market and Investor Validation
    Lead investor GVFL, headquartered in Ahmedabad, focuses on backing social impact startups across climate tech, clean energy, agritech, and circular economy domains. The fund has made over 125 investments and exited 75 ventures.
    Managing Director Mihir Joshi noted that agriculture remains one of India’s most under-digitized sectors. “GROWiT’s deep innovation portfolio and rural franchise model are solving this access gap at scale. We believe their approach to data-led, sustainable farming will set the standard for this category,” he stated.
    Franchise Model and Geographic Reach
    GROWiT operates a grassroots distribution model through more than 650 physical franchise stores across 12 Indian states. These stores act as farmer advisory centers, offering agronomic support, product trials, and financing linkages. Each outlet is staffed with local agripreneurs who receive product training, branding support, and field deployment tools.
    This last-mile model has enabled the company to directly onboard more than 2.25 lakh farmers, many of whom previously lacked access to modern tools or soil diagnostics. Farmers who adopted GROWiT technologies have reported yield increases between 40 and 60 percent, with some regions recording up to 100 percent improvement.

    Product Innovation and Pipeline
    Beyond its soil testing device, GROWiT is developing app-based agronomy solutions and portable irrigation tools. It is also scaling its analytics platform to integrate satellite data and machine learning models that can offer predictive insights for disease risk, nutrient deficiencies, and irrigation needs.
    Its mulch films and weed control mats are designed to reduce chemical dependency and improve moisture retention, making them ideal for small plots and climate-stressed regions. All products are ISO certified and tested in field conditions with input from agricultural universities.
    Positioning for International Expansion
    While India remains GROWiT’s core market, the company is preparing to launch pilot programs in Kenya, Ghana, and the Philippines. These regions face similar agricultural constraints, including soil degradation, fragmented farm holdings, and monsoon-related risks.
    The startup’s export strategy will focus on affordable, containerized kits that combine physical products with app-based diagnostics. Initial trials in East Africa have shown promising results, and formal distribution partnerships are under negotiation.

    Sector Landscape and Strategic Vision
    India’s agritech market is projected to reach $35 billion by 2027. The sector is now being shaped by a convergence of climate urgency, farmer awareness, and digital transformation. GROWiT’s vision is to become the most trusted name in protective farming by helping farmers increase productivity while preserving soil health and water efficiency.
    The company has already filed patents for two of its core diagnostic tools and is expanding its research partnerships with Indian Council of Agricultural Research affiliates and global soil science institutes.
    Founded in 2020 and headquartered in Surat, GROWiT India Pvt. Ltd. is an award-winning agritech company offering protective farming technologies from soil to harvest. With 650+ franchise outlets and a presence across 12 states, the company supports over 225,000 farmers.
    Its mission is to double Indian farm output by 2030 through accessible, affordable, and climate-resilient innovation.
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  • AJAX Engineering Crosses ₹2,000 Cr Revenue in FY25 with 16 Percent PAT Growth and New Capacity Pipeline

    Self-Loading Concrete Mixer leader accelerates B2B strategy, expands dealer footprint, and prepares for launch of Adinarayanahosahalli plant in FY26

    AJAX Engineering Ltd., India’s premier concreting equipment manufacturer, has announced a robust financial performance for FY25. The company posted a 19 percent increase in revenue from operations, reaching ₹2,074 crore, and a 15.5 percent year-on-year rise in profit after tax, which stood at ₹260 crore.
    This marks the first time AJAX has crossed the ₹2,000 crore revenue threshold, solidifying its leadership in the self-loading concrete mixer segment, where it holds a 75 percent domestic market share. Its earnings before interest, taxes, depreciation, and amortization for the year came in at ₹318 crore, up from ₹276 crore last year.
    Managing Director and CEO Shubhabrata Saha credited the company’s growth to strategic resilience amid industry-wide regulatory shifts. He highlighted AJAX’s early compliance with the new CEV-5 emission norms and the successful introduction of compliant models ahead of schedule.

    Quarter Four Performance and Margin Trends
    For Q4 FY25, AJAX reported ₹756 crore in revenue, a 15 percent year-on-year increase. Quarterly EBITDA rose slightly to ₹111 crore from ₹109 crore in Q4 FY24. Net profit for the quarter reached ₹91 crore, reflecting a 3 percent increase. Despite strong revenue growth, EBITDA and PAT margins saw minor declines due to transitional investments in capability building and regulatory compliance.
    Chief Financial Officer Tuhin Basu noted that both the SLCM and non-SLCM businesses grew 18 percent year-on-year. Spares and services revenue increased by 33 percent, while exports surged by 29 percent. He added that margin recovery is expected in FY26 as ongoing investments begin to yield operational leverage.
    Strengthening the Core: Product Innovation and Network Expansion
    AJAX continued to enhance its product portfolio during FY25. It remains the only Indian company with indigenous development of a commercial-grade 3D concrete printer and an in-house slip-form paver. These additions strengthen its leadership beyond the SLCM category, enabling it to address advanced paving and construction needs in emerging infrastructure segments.
    The company expanded its dealer network to 51 domestic dealers and 26 international distributors, serving customers in over 48 countries. Its international presence includes operations across South Asia, Southeast Asia, Africa, and the Middle East.

    Adinarayanahosahalli Plant and Capacity Expansion Roadmap
    AJAX is on track to commission its new plant at Adinarayanahosahalli in the second quarter of FY26, with commercial production scheduled for the latter half of the year. This facility will significantly enhance production capacity and enable greater manufacturing flexibility.
    Saha confirmed that this expansion will support the company’s B2B-focused strategy, which includes a dedicated go-to-market approach for institutional buyers outside of the SLCM segment. AJAX expects to scale up its non-SLCM revenue contribution substantially over the next two years.
    Emission Norms and Regulatory Compliance
    One of the defining challenges of FY25 was the industry-wide shift from CEV-4 to CEV-5 emission standards. AJAX took a proactive approach by ramping up its CEV-4 inventory ahead of the regulatory deadline and launching CEV-5 models early. These newer models accounted for nearly one-third of total unit sales in Q4.
    This regulatory preparedness not only minimized disruption but also positioned AJAX as a compliance leader in the Indian construction equipment market.

    Strategic Outlook
    With a robust cash position and a lean working capital model, AJAX is well positioned to invest in innovation and expansion. The management team confirmed that growth initiatives will continue to be balanced by financial prudence, ensuring long-term value creation.
    Looking ahead, AJAX is focused on leveraging its R&D capabilities to expand into new product categories, enhance service revenue, and deepen its global market footprint. Leadership expects to maintain double-digit growth across revenue and earnings metrics in FY26.
    About AJAX Engineering Ltd.
    Founded in 1992 and headquartered in Bengaluru, AJAX Engineering Ltd. is a leading manufacturer of self-loading concrete mixers and a wide range of construction equipment. The company operates world-class manufacturing plants at Doddaballapur and Gowribidanur in Karnataka and is known for its end-to-end solutions in concrete production, transport, and pavement.
    Its product suite includes self-loading mixers, batching plants, transit mixers, boom pumps, slip-form pavers, and stationary pumps. The company maintains a customer support network across more than 100 service points and exports to over 20 countries.
    At Prittle Prattle News, we honor your dedication and inventiveness led by showcasing you in a positive light. Under the direction of Editor-in-Chief Smruti Bhalerao, our platform is committed to disseminating powerful narratives that raise awareness and motivate change. For more important stories, follow us on LinkedIn, Instagram, and YouTube.

  • JK Lakshmi Cement Posts ₹361 Cr PAT in FY25 Amid Strong Sustainability and Expansion Plans

    Company consolidates earnings with green power usage, plant upgrades, and robust capex rollout while merger approvals remain pending

    JK Lakshmi Cement Ltd. (JKLC), a flagship company of the JK Organisation, has reported a net profit of ₹361.45 crore for the financial year ending March 31, 2025. While full-year net sales dipped to ₹5,698 crore compared to ₹6,319 crore in FY24, the company improved sequential profitability in the fourth quarter on account of better product mix, operational controls, and fuel cost moderation.
    The cement major posted a standalone PAT of ₹138 crore in Q4FY25, compared to ₹142 crore in the same period last year. Its PBIDT for the year stood at ₹761 crore and profit before tax was ₹492 crore, reflecting operational resilience despite volume and revenue fluctuations.
    Chairperson and Managing Director Vinita Singhania attributed the sequential improvement to higher volumes and enhanced plant efficiency. She also highlighted the company’s steady performance despite industry-wide input pressures.

    Composite Scheme of Arrangement Awaits Regulatory Clearance
    JK Lakshmi Cement has submitted its Composite Scheme of Arrangement for regulatory approval. The scheme proposes to merge its subsidiaries Udaipur Cement Works Ltd., Hansdeep Industries, and Hidrive Developers into JKLC. The appointed date for the merger is set as April 1, 2024, although its impact is not yet reflected in the current financials.
    The company has already approached regulators and awaits approvals to move forward with structural integration across its group companies.
    Green Energy Gains Momentum at Sirohi Plant
    The company’s green initiatives saw measurable progress in FY25. At the Sirohi Cement Plant, JK Lakshmi Cement is implementing a project to raise its Thermal Substitution Rate from 4 percent to 16 percent. In the fourth quarter, the share of renewable energy in the power mix reached 50 percent.
    These sustainability measures not only align with global ESG benchmarks but also improve long-term cost competitiveness in an increasingly regulated environment.

    Capex Update: Multiple Projects Across Five States
    JK Lakshmi Cement is currently executing a multi-state expansion plan across grinding and clinker capacities. Highlights include:

    • Expansion of grinding capacity at Surat from 1.35 million tonnes to 2.7 million tonnes with a ₹225 crore investment. This is funded through ₹150 crore in term loans and the rest through internal accruals.
    • Construction of a dedicated railway siding at the Durg Cement Plant at a cost of ₹325 crore. This will streamline bulk material logistics and reduce carbon intensity per tonne of dispatch.
    • Addition of a new clinker line with 2.3 million tonnes capacity at Durg, along with four new cement grinding units totaling 4.6 million tonnes in Chhattisgarh.
    • Development of split-location grinding units with a total cement grinding capacity of 3.4 million tonnes. These are located in Prayagraj in Uttar Pradesh, Madhubani in Bihar, and Patratu in Jharkhand. This expansion project is expected to cost ₹2,500 crore, to be financed through ₹1,750 crore in bank loans and internal accruals for the balance.

    These investments will boost the company’s total cement capacity closer to its long-term vision of 30 million tonnes by 2030.
    Consolidated Financial Performance
    On a consolidated basis, JK Lakshmi Cement reported ₹6,193 crore in revenue in FY25 compared to ₹6,788 crore in FY24. Profit after tax was ₹302 crore for the year, down from ₹488 crore in FY24. PBIDT stood at ₹911 crore.
    For Q4FY25, consolidated PAT rose to ₹193 crore, a sharp increase from ₹162 crore in Q4FY24. Sales volume for the quarter reached 36 lakh tonnes. For the year, consolidated sales stood at 121 lakh tonnes.

    Awards and Recognition
    JK Lakshmi Cement was honored as the third fastest-growing cement company in India in the medium category at the Indian Cement Review Awards 2025. Its Kalol Grinding Unit received multiple recognitions including a Safety Award from the National Safety Council and a Quality Circle Award from the Bureau of Indian Standards. The Durg Unit earned a four-star safety rating from the National Safety Council and was also recognized for excellence in transportation and supply chain performance in Northern India.
    Market Outlook
    The company remains optimistic about the sector’s outlook. It anticipates a strong year ahead driven by government-led infrastructure spending, road and housing projects, and a favorable interest rate cycle. The management expects improved margins and better realizations with stabilization in fuel and freight costs.
    JK Lakshmi Cement is part of the JK Organisation, a 135-year-old business conglomerate with operations in tyres, paper, textiles, power transmission, and sealing solutions. Founded in 1982, the company has cement plants in Rajasthan, Chhattisgarh, and Gujarat, with split grinding units in Haryana, Odisha, Uttar Pradesh, Bihar, and Jharkhand. It currently has a combined cement manufacturing capacity of 16.4 million tonnes per annum.
    At Prittle Prattle News, we honor your dedication and inventiveness led by showcasing you in a positive light. Under the direction of Editor-in-Chief Smruti Bhalerao, our platform is committed to disseminating powerful narratives that raise awareness and motivate change. For more important stories, follow us on LinkedIn, Instagram, and YouTube.