New Delhi [India], May 7: Pajson Agro India Limited (PAJSON | 544657 | INE14LM01012)), a renowned integrated cashew processing and distribution company, announced its audited financial results for H2 FY26.
H2 FY26 Standalone Key Financial Highlights
Total Income of ₹138.54 Cr, YoY growth of 37.38%
EBITDA of ₹16.76 Cr, YoY growth of 18.68%
Net Profit of ₹10.57 Cr, YoY growth of 9.04%
FY26 Standalone Key Financial Highlights
Total Income of ₹256.92 Cr, YoY growth of 37.18%
EBITDA of ₹37.82 Cr, YoY growth of 24.99%
Net Profit of ₹24.78 Cr, YoY growth of 21.45%
Segment-wise Revenue Mix
Disributors: 65.21%
Institutions: 33.96%
Misc Revenue: 0.83%
Key Revenue Contributing States
Delhi: 24.76%
Maharashtra: 13.40%
Rajasthan: 12.94%
Others: 48.90%
Commenting on the performance, Mr. Aayush Jain, Promoter, Chairman & Managing Director, said:
“FY26 has been a defining and milestone year for Pajson Agro. Alongside delivering strong financial growth, we successfully achieved our BSE SME listing in December 2025, marking an important step in our long-term journey of building a scalable and integrated cashew processing platform.
Our performance reflects the strength of our institution-led business model, deep sourcing relationships, efficient processing capabilities, and expanding customer network across India. Demand for quality cashew products continues to remain strong across food brands, wholesalers, ingredient manufacturers, snack manufacturers, bakery manufacturers, sweet manufacturers, food processors, retailers, and HoReCa players, giving us confidence in the long-term growth potential of the industry.
Over the last few years, we have focused on creating a strong operational foundation with disciplined execution, quality consistency and efficient procurement. As we move ahead, our upcoming capacity expansion from 18,000 MTPA to 55,000 MT will significantly strengthen our ability to serve larger customers, improve scale efficiencies and unlock the next phase of growth.
We believe the cashew industry presents a large and underpenetrated opportunity, both in India and globally, and Pajson Agro is well positioned to emerge as a meaningful player in this evolving value chain.”
Commenting on the growth outlook, Mr. Pulkit Jain, Promoter & Non-Executive Director, added:
“Our focus has always been on building Pajson Agro with a long-term and value-driven approach. FY26 reflects the outcome of consistent efforts across sourcing, processing, distribution and customer expansion.
The company today operates with a diversified institutional customer base; a growing distributor network and a near-zero waste processing model that enables better value realization across the cashew value chain. We are also seeing encouraging traction for our consumer brand ‘Royal Mewa’, which we believe can become an important growth driver over the coming years.
India continues to remain one of the world’s largest cashew consumption markets, while global demand for healthy snacking and food ingredients is steadily increasing. With our integrated business model, scalable infrastructure and strong market relationships, we are optimistic about the opportunities ahead.
The successful listing during the year has further strengthened our visibility and growth platform, and we remain committed towards building a larger, stronger and more trusted agri-processing enterprise in the years to come.”
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New Delhi [India], May 7: Digikore Studios Limited (NSE: DIGIKORE), a leading technology-driven Visual Effects studio, today announced its audited consolidated financial results for FY2025–26, marking a strong turnaround year for the Company.
Backed by the disciplined execution framework of Project Abhimanyu, Digikore delivered sharp growth in revenue, a return to strong profitability, significant margin expansion, and a meaningful strengthening of its balance sheet—positioning the Company on a stronger footing for the next phase of growth.
Key FY2025–26 Financial Highlights
Growth & Profitability
Revenue from Operations: ₹66.02 crore, up 83.1% YoY
Total Revenue: ₹70.86 crore, up 91.5% YoY
Profit Before Tax: ₹15.37 crore versus loss of ₹9.61 crore in FY2024–25
Profit After Tax: ₹12.64 crore versus loss of ₹7.20 crore in FY2024–25
PAT Margin: Approximately 17.8% versus negative 19.5% in FY2024–25
Earnings Per Share: ₹9.98 versus negative ₹11.37 in FY2024–25
Efficiency Indicators
Employee Benefits Expense: Down 13.4% YoY despite strong revenue growth
Total Expenses: Up only 19.0% against 91.5% growth in Total Revenue
Strengthened Financial Position
Digikore’s financial position improved materially during the year, with Net Worth increasing 37.1% to ₹47.68 crore as of 31 March 2026, from ₹34.77 crore a year earlier.
Project Abhimanyu Driving Turnaround Execution
The Company said FY2025–26 performance reflects the early impact of Project Abhimanyu, its structured 12–18 month strategic program focused on strengthening financial resilience, improving cashflow quality, enhancing execution discipline, increasing financial flexibility, and rebuilding stakeholder confidence.
The program was launched to create a stronger and more scalable platform for long-term growth as global VFX demand normalizes and international opportunities improve.
A key highlight of the year was Digikore’s strong operating leverage, with Total Revenue growing 91.5% while Total Expenses increased only 19.0%, driving a sharp improvement in profitability.
Further, Employee Benefits Expense declined 13.4% year-on-year despite the strong increase in business volumes, reflecting tighter execution, improved productivity, and stronger operating discipline.
The Company believes these outcomes validate the strategic direction of Project Abhimanyu, which was designed not as a short-term intervention, but as a phased, governance-led effort to strengthen the business across capital structure, execution readiness, and long-term value creation.
Positioned to Capture Global VFX Recovery and Drive Sustainable Growth
Digikore stated that FY2025–26 also benefited from improving global demand conditions as the VFX industry continued to recover from the impact of the Hollywood strikes. Under Project Abhimanyu, the Company sharpened its business development focus, improved execution quality, and enhanced readiness to pursue larger international opportunities. Going forward, the Company remains committed to executing the program in a disciplined and transparent manner, with a clear focus on strengthening financial resilience, capturing global VFX upcycle opportunities, and driving sustainable long-term stakeholder value creation.
Commenting on the Performance, Mr. Abhishek More, Founder & CEO, Digikore Studios Limited, said: “FY25–26 has been a strong turnaround year for Digikore Studios. Under Project Abhimanyu, we remained sharply focused on disciplined execution, stronger financial management, and building a more resilient and scalable business. The results are visible in our audited numbers — strong revenue growth, return to profitability, improved margins, and a stronger balance sheet. We believe this performance marks an important inflection point for Digikore. As the global VFX cycle improves and our business development efforts continue to gain traction, we believe the Company is now better positioned to pursue larger opportunities, scale with greater confidence, and create long-term value for shareholders.”
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New Delhi [India], May 7: Law Prep Tutorial, India’s leading CLAT coaching institute, hosted its grand felicitation ceremony, Fateh 2026, at the OP Jindal Auditorium in New Delhi.This event was attended by more than 400 students who made it into Top 1000 All India Rank in CLAT 2026. These students hailed from 17 different states, thereby making it the largest recognition platform for CLAT students in the nation. The achievements have been truly remarkable.
The results this year were exceptional by any measure. Law Prep Tutorial produced the AILET AIR-1, placed 42 students in the CLAT Top 100, recorded more than 1,600 NLU selections, and produced nine state toppers across India. To celebrate this performance, the institute distributed Rs. 1 Crore in cash prizes, along with trophies, merit certificates, and gift hampers.
Performance Highlights: Law Prep Tutorial’s Dominance in CLAT 2026
Category
LPT Result
AILET 2026
AIR-1
Top 100 AIR
42 Students
NLU Selections
1,600+
Top 1000 AIR
400+ Students
State Toppers
9 Across India
Among the top rankers felicitated at Fateh 2026 were Rohan Joshi (AIR-3), Argh Jain (AIR-8), Manvi Yadav (AIR-9), Parth Jadhe (AIR-11), and Prathamesh Gaurav (AIR-14). Two stories stood out in particular. Ojas Dixit (AIR-23) secured a Top 25 rank after just 2.5 months of preparation following a period of personal loss. Manvi Yadav entered LPT ranked around AIR 900 and finished in the Top 10, a result that speaks directly to what consistent, structured guidance can produce.
Sagar Joshi, Founder of Law Prep Tutorial, addressed the gathering and said, “Success in CLAT demands clarity of strategy, continuous evaluation, and discipline. Our students followed the process and delivered strong results. Fateh 2026 recognises that effort at a national level.”
Co-Founder Anupama Joshi added, “Each result reflects focused preparation. Stories like Ojas and Manvi show what structured guidance can achieve. Students trained with LPT continue to demonstrate measurable progress year after year.”
The ceremony was attended by achievers, parents, mentors, and faculty. On-stage moments, including Chhavi Poplani’s celebration, captured the personal dedication behind every rank secured.
These results come from a preparation system that Law Prep Tutorial has refined over 24 years. The institute has worked with more than 1,50,000 aspirants across 50 cities through classroom and online programmes. The faculty at Lawentranceprep consists of NLU graduates and the teaching methodology involves mock tests and mentorship based on artificial intelligence analysis for CLAT, AILET, and other law entrances.
Those students preparing for CLAT 2027 can definitely refer to the results of this year’s batch. Fateh 2026 set a strong standard for recognising academic achievement, and Law Prep Tutorial continues to build systems aimed at producing consistent outcomes year after year.
About Law Prep Tutorial
Law Prep Tutorial is India’s leading CLAT coaching institute, known for consistent toppers and high NLU selections. With over 1,50,000 mentored students, the institute provides structured preparation support for law entrance exams.
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Mumbai (Maharashtra) [India], May 6: There’s a certain elegance to the chaos of modern streaming. Open any platform, and you’re greeted with an avalanche—new shows, louder trailers, bigger promises. Stories don’t arrive anymore; they compete for survival.
And yet, beneath this glossy abundance lies a slightly inconvenient truth. The audience is winning.
The platforms? Still negotiating with their balance sheets. Because while content is everywhere, profit is… selectively present.
The Era Of Endless Releases
At the centre of this beautifully orchestrated frenzy are giants like Netflix, Amazon Prime Video, and Disney+.
Their current strategy is almost poetic in its simplicity:
Release more content
Retain more subscribers
Expand global reach
Which translates into:
Big-budget series dropping monthly
Franchise universes are expanding endlessly
Weekly releases designed to keep audiences… occupied
Because nothing retains attention quite like never letting it rest.
The Backstory: How We Got Here
This didn’t begin as a war.
It began as an alternative.
Streaming platforms emerged as convenient substitutes for traditional television
Subscription models offered ad-free viewing
Content libraries provide on-demand access
And then, inevitably, competition intensified.
New platforms entered the market
Exclusive content became a differentiator
Budgets escalated
What started as innovation became… escalation.
The Economics Of Excess
Let’s talk numbers—because the scale is difficult to ignore.
Major streaming platforms collectively spend over $120 billion annually on content
Individual flagship series can cost $10–20 million per episode
Global subscriber bases range from hundreds of millions
For instance:
Netflix has consistently allocated tens of billions yearly for content
Amazon has invested heavily in large-scale productions and ecosystem expansion
With over 13+ years of experience across forensic analysis, corporate investigations, vigilance, and risk review, Akash Singh Thakur shares his perspective on modern investigative systems, ethical business practices, and the importance of trust-driven ecosystems.
Mumbai (Maharashtra) [India], May 6:In today’s rapidly evolving environment, concerns related to financial fraud, digital manipulation, misinformation, document forgery, corporate misconduct, and trust deficit are becoming increasingly significant across both personal and professional spaces. As technology and business systems continue to evolve, the importance of forensic awareness, ethical processes, investigative discipline, and structured verification mechanisms has also grown considerably.
According to forensic and investigation professional Akash Singh Thakur, the role of modern investigative systems today extends far beyond traditional crime-related matters and now plays an important role in areas such as corporate governance, compliance, risk management, transparency, operational integrity, and accountability.
“With changing times, the nature of irregularities and manipulation is also evolving. Today, awareness, verification, and responsible systems are becoming equally important for organizations as well as individuals,”says A.S. Thakur.
With over 13 years of professional experience across corporate, legal, and high-sensitivity investigative environments, Akash Singh Thakur has worked across multiple sectors involving fraud review, vigilance operations, investigative analysis, forensic consulting, compliance assessment, and evidence-based review processes. His professional journey includes associations with organizations such as ICICI Lombard, Welspun Group, Care Health Insurance, Axis Bank, Onsitego, and multiple independent forensic and investigative assignments across India.
Professionally associated since 2012 with Vijayshree Ramesh Madan, widely regarded as the Founding Father of Private Investigation in India and recipient of the prestigious Lifetime Achievement Award by the Hon’ble President of India (2009), A.S. Thakur has developed his professional foundation through practical exposure to forensic methodologies, investigative procedures, court-related forensic reviews, fraud analysis, and evidence-oriented assignments.
Over the years, his work exposure has included assignments connected with fraud investigations, disputed documents, internal reviews, risk analysis, compliance processes, vigilance operations, and investigative consulting involving both corporate and legal environments. Several assignments also involved confidential and high-sensitivity matters requiring analytical review, structured observation, and evidence-based assessment.
According to A.S. Thakur, one of the key challenges modern society faces today is the increasing sophistication of manipulation — whether in digital communication, financial systems, documentation, organizational structures, or public perception. In his view, investigation today is not only about identifying irregularities but also about strengthening systems, improving awareness, and encouraging accountability-driven practices.
“Professional investigation is not simply about reacting to situations. It is equally about building preventive systems, encouraging transparency, and helping organizations strengthen ethical and operational discipline,” he explains.
His professional exposure further includes investigative support in criminal and civil matter environments, document examination, fraud risk reviews, insurance investigations, and court-related forensic assignments.
Apart from the investigative and forensic domain, Akash Singh Thakur is also associated as Co-founder of HALDIVA INDIA — “A Golden Touch to a Healthy Life” — a wellness and natural products brand focused on purity, transparency, and responsible business practices. Interestingly, he believes that the principles valued in forensic and investigative professions — authenticity, accountability, verification, and operational integrity — are equally important in building modern consumer-focused businesses.
“The foundation of every strong system, whether investigative or entrepreneurial, ultimately comes down to trust,” A.S. Thakur shares.
Recognised within professional circles through acknowledgements such as the Kautalya Award and Chanakya Award in the investigative fraternity, A.S. Thakur continues to remain actively engaged with investigative awareness, forensic consulting, compliance-oriented assignments, and responsible business initiatives.
His long-term vision remains centred on continuous learning, professional discipline, ethical growth, and contributing meaningfully towards more transparent, accountable, and awareness-driven systems in both society and business.
As discussions around ethics, digital trust, compliance, operational integrity, and responsible entrepreneurship continue to evolve in India, professionals like Akash Singh Thakur represent a growing category of specialists quietly working at the intersection of forensic science, investigative analysis, strategic risk understanding, and ethical business leadership — contributing towards stronger systems built on transparency, discipline, and professional responsibility.
For more information, please contact: Akash Singh Thakur Senior Forensic Expert | Consultant Co-founder – HALDIVA INDIA India
Ravi Gilani Founder & Managing Consultant, Goldratt Bharat
New Delhi [India], May 6: In an industry where business turnarounds are often linked to cost cutting and workforce reduction, a different approach has quietly taken shape over the past two decades. Instead of shrinking organisations to restore profitability, it focuses on improving how they function as systems. The result is not just recovery, but sustained growth.
The man who has continually enabled enterprises to do this is Ravi Gilani, Founder and Managing Consultant of Goldratt Bharat. Over 27 years, he has directly worked with more than 150 companies across sectors, building a reputation for turning around businesses without layoffs or heavy capital investment. His work has consistently focused on improving cash flow, delivery performance, and measurements alignment, increasing throughput rather than reducing scale.
A Different Starting Point
Most turnaround strategies begin with cost control. When companies face financial stress, the immediate response is to cut expenses, reduce headcount, and conserve cash. While this may provide short-term relief, it rarely addresses the underlying reasons for underperformance.
Ravi Gilani’s approach begins with a different question. Instead of asking what to cut, he asks what is limiting the system. This perspective is rooted in the Theory of Constraints, which treats organisations as interconnected systems governed by a single constraint at any point in time.
The implication is straightforward. Improving areas that are not constrained will not significantly change overall performance. Real impact comes from identifying and addressing the factor that is holding the system back. The constraint is not a negative word, it is a leverage point.
Constraints are not good or bad, they are facts of life. The output of the system will be limited by the constraint, whether it’s acknowledged or not. Knowledge of the constraint and managing it well enables companies to maximize throughput.
From Operations to Consulting
Before building his consulting practice, Ravi Gilani, an IIT Delhi alumnus, spent over two decades in operations at Tata Motors and Eicher. This experience shaped his understanding of how manufacturing systems function in reality.
On the shopfloor, problems are rarely theoretical. Delays in one area can affect production schedules, delivery commitments, and ultimately cash flow. These experiences highlighted a recurring pattern. Departments often performed well individually, but the system as a whole struggled to deliver consistent results. This gap between local efficiency and overall performance became a central theme in his later work.
Building a Track Record Across Industries
Through Goldratt Bharat, Ravi Gilani has applied constraint-based thinking across a wide range of industries, including automotive, metals, aerospace, retail, infrastructure, and financial services. The scale of this work is significant, with more than 150 companies engaged and over 200,000 professionals trained.
While each organisation presents unique challenges, the underlying issues often share similarities. Companies invest in improving processes, technology, and capacity, yet struggle with delivery reliability, excess inventory, and stretched cash cycles. These challenges are typically addressed through multiple parallel initiatives, which can dilute focus.
By identifying the constraint and aligning the measurements and reviews around it, the approach brings clarity in decision-making. Instead of spreading efforts across the organisation, it concentrates on the area that has maximum impact on the system output.
Multiplying Cash Velocity
One of the defining aspects of this work is the focus on cash flow. In many organisations, cash is treated as a consequence of sales order book and cost control decisions. In reality, it is often constrained by several decisions on what to produce, what to procure, how much to procure and several such daily decisions.
By improving flow across the system, organisations are able to reduce their cash to cash cycle time. This can help the company to rotate cash faster, and generate more cash in turn – improving cash velocity. It involves reducing inventory and receivables,shortening lead times, and aligning production with actual demand.
The impact of this approach is visible in large-scale transformations such as Jindal Steel. Over a multi-year period, the company achieved significant improvements in working capital reduction, profitability, and set new operational and financial benchmarks. Cash released through better system alignment enabled investment in growth and reduction of debt. Total employment increased by close to 30% during this period.
Similar patterns can be seen in mid-sized and smaller organisations. At Paharpur Group, the loss-making flexi packaging business was able to break even within months and sustain growth over the years. At Eicher Engineering Components, a division that had incurred losses for several years moved to sustained profitability and long-term expansion.
Looking Ahead
As businesses navigate increasing complexity, the need for clarity becomes more important. Investments in technology and processes will continue, but their impact will depend on how well they are aligned with the system’s constraint. The journey of Goldratt Bharat reflects an approach that prioritises outcomes over activity. By focusing on flow, improving cash velocity, and avoiding the reflex to cut costs through layoffs, it offers a different way to think about performance. For organisations seeking sustainable growth, the lesson is straightforward. Identify what is limiting you. Align around it. Improve it. The rest will follow.
New Delhi [India], May 6: As Indian consumers grow more conscious about what they eat, there’s a clear shift toward foods that offer both nutrition and versatility. Superfoods are no longer niche—they’re steadily finding a place in everyday kitchens. Among these, U.S. cranberries are gaining attention for their balance of health benefits, tangy flavor, and ease of use across different cuisines.
Boosts Immunity Naturally
U.S. cranberries are a rich source of vitamin C and antioxidants, both essential for building resistance against infections, especially during seasonal changes. A few dried cranberries daily can help keep your immune system strong—naturally.
Blends Beautifully with Indian Cuisine
Cranberries pair surprisingly well with Indian flavors. Use dried cranberries in poha, pulao, or laddoos, or add cranberry juice to chutneys and marinades. The tartness balances the spices and enhances overall taste.
Supports Women’s Health
Cranberries are especially well-known for promoting urinary tract health, making them an important addition to women’s wellness routines. Regular intake of cranberry juice or dried cranberries may help prevent common infections naturally.
Smart Snacking Made Nutritious
With good cholesterol or added fats, dried cranberries are a nutritious addition to your daily routine. Toss them into trail mixes, blend them into smoothies, or enjoy them as a convenient on-the-go snack.
Available Year-Round in Convenient Forms
US Cranberries are accessible in India in multiple convenient forms—dried, frozen, powdered, and as juice or extract. This makes it easy to incorporate them into daily meals, whether you’re cooking, baking, or blending or just snacking.
As Indian consumers continue to explore superfoods that support holistic health, U.S. cranberries offer a unique combination of nutrition, taste, and global quality assurance. Whether you’re a home chef, a parent, or a fitness enthusiast, cranberries bring a world of wellness to every plate.
US cranberries are easily available in India now with dry fruits stores and e-commerce platforms.
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How Whole Woofs is closing the import gap that the country’s $7-billion pet boom forgot to fix.
New Delhi [India], May 6: Walk into a premium pet store in Mumbai, Bengaluru, or Delhi and a familiar scene plays out. A young pet parent, phone in hand, a senior Labrador’s joint problem on her mind, turns over a bottle, squints at the colony-forming-unit count, and frowns. The dosage is too low. The strain count is thin. The brand she actually wants sits on a US storefront, three weeks and a customs lottery away, marked up hard by the time it reaches Andheri.
This has been the unglamorous bottleneck of India’s pet wellness boom. The country’s pet care market is marching toward $7 billion. FMCG conglomerates and pharma majors are crowding into food and feed. Yet high-potency therapeutic nutraceuticals have remained under-served, leaving pet parents to choose between underdosed local multivitamins and an “import trap” of expensive, slow, counterfeit-prone US SKUs. Into that gap, in September 2025, stepped Whole Woofs.
Whole Woofs’ brief is unusually narrow. Not a food brand, not a wellness lifestyle play but a clinical pet nutrition company that sells clean highest quality dog supplements, full stop.
The thesis is import substitution at the formulation level: match American clinical-brand potency, manufacture in India to GMP, HACCP, ISO 9001 standards, and price for Tier-1 pet parents done pretending a multivitamin biscuit counts as preventive care.
“We were buying high-potency probiotics for our own dog and shipping them back to family pets in India,” says Dr. Ketan Bacchuwar, Founder. “The science and manufacturing both exist in India today. Nobody had put them together with the dosing discipline of a pharmaceutical product.”
The label does the talking. The Pre & Probiotic packs 9.6 billion CFUs across 13 strains, an order of magnitude above most Indian supplements. The Oral & Dental Care SKU pairs 2 billion CFU probiotics with five digestive enzymes, clinical in a category of flavoured dental sticks. A third product, Shroom Power, introduces a six-mushroom immunity blend.
The depth sits in the founding team. Dr. Bacchuwar and Shrawani P., the husband-and-wife pair at the heart of the venture, operate across the US-India corridor, running the company from a base in the Pacific Northwest while building on the ground in India: clinical-grade benchmarks on one side, execution proximity on the other.
They knew what good looked like: they had been buying it for their own Golden Doodle, Nova, “Nova was getting older, and we were on a preventive-care routine that wasn’t replicable in India for friends asking what to give their dogs,” Bacchuwar recalls. “That was the moment the gap stopped being an annoyance and became a business.”
Joining them are Anirudha Mitkar, who built operational rigour inside Mattel’s China operations, and Manish Sevlani, a serial consumer-business entrepreneur in India. Clinical conviction at one end of the table, manufacturing discipline in the middle and India execution at the other.
Six months in, what the company has not done is more telling. No retail-shelf land grab, no celebrity endorsement, no marketplace discounting. It has stayed on its own website, letting veterinary endorsement do the work paid acquisition usually does. In a category where supplements trade like one-off impulse buys, Whole Woofs is building the clinical layer of India’s pet care stack.
A small-animal veterinarian in Mumbai who recommends the brand puts the gap plainly: “We have been waiting for a domestic supplement we can prescribe with the same confidence as US imports. Most of what’s on Indian shelves, I cannot in good conscience suggest for a senior dog with a real condition.”
The under-served middle has been visible for years. What has changed is the supply side. Indian contract manufacturing has matured into nutraceutical-grade capacity that holds the GMP, HACCP, ISO 9001 tolerances clinical supplements require. The import trap was never a demand problem, it was a supply-chain one.
No one has convincingly owned the OTC clinical supplement layer between food and pharma. Mass brands chase affordability. Vet-prescription lines build inside clinics. The OTC clinical middle is structurally underbuilt, and the brand that sets the trust baseline tends to keep it.
Trust, in this category, is path-dependent. The first formulation a vet recommends and a pet parent re-orders becomes the default.
The roadmap points in three directions: deeper clinical lines; partnerships with metro veterinary networks; and a measured external raise to expand manufacturing and expansion outside India.
“We are not in a hurry to be the loudest brand in the category,” Bacchuwar says. “We would rather be the brand a vet recommends without thinking about it, five years from now.”
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Adv. Aaditya Bhatt, Advocate, Gujarat High Court | Founder, Bhatt & Joshi Associates, Ahmedabad | Senior Standing Counsel, Income Tax Department
New Delhi [India], May 6: India’s International Financial Services Centre at GIFT City, Gujarat, has been operational since 2015. In its first decade, it has attracted over 175 Fund Management Entities, facilitated the relocation of offshore funds, and built an exchange infrastructure that now trades derivatives, equities, and debt instruments in foreign currency — all within Indian sovereign territory but outside India’s domestic regulatory perimeter. Yet most commentary on GIFT City remains trapped in two registers: promotional material that reads like a brochure, or sceptical analysis that treats IFSC incentives as too good to be true. Neither register is useful. What is useful is a precise, provision-by-provision examination of what the law actually says — and what it means for the global asset management industry.
As an advocate practising at the Gujarat High Court and, serving as Senior Standing Counsel for the Income Tax Department, I have a professional interest in both sides of the tax architecture: the incentive framework that attracts capital, and the compliance framework that ensures those incentives are used within their intended boundaries. This article examines both.
The Twenty-Year Holiday: Section 147 of the Income-tax Act, 2025
The headline incentive is now enacted law. Following Presidential assent to the Finance Act 2026 on 30 March 2026, Section 147 of the Income-tax Act, 2025 provides IFSC units a 100% deduction on business income for any 20 consecutive assessment years out of a block of 25 years. After the holiday period, a concessional rate of 15% applies. Minimum Alternative Tax for IFSC units is 9% — roughly one-third of the standard 25% corporate tax rate, and well below the 15% mainland MAT. This is not a proposal or a budget announcement. It is law, effective 1 April 2026.
For a Fund Management Entity operating a Portfolio Management Service from GIFT City, this means every dollar of management fee, performance fee, and advisory fee collected in convertible foreign exchange is tax-free for two decades. The saving is substantial regardless of which baseline you choose. Against the US federal rate of 21%, a USD 10 million annual fee book saves approximately USD 2.1 million per year — USD 42 million over the holiday. Against the UK’s 25% rate, USD 50 million. And for a foreign company operating through a branch in India — which would otherwise face an effective Indian tax rate of approximately 36–38% (at the base rate of 35% effective from FY 2024-25, plus surcharge of 2–5% and 4% health and education cess) — the saving is approximately USD 3.7 million per year, or over USD 70 million over two decades. The GIFT City incentive does not merely match competing financial centres; on the arithmetic of enacted legislation, it exceeds them.
The TDS Problem — Solved: CBDT Notification 67/2025
Until June 2025, GIFT City FMEs faced a persistent cash-flow irritant: 10% tax deduction at source on every fee payment received, requiring annual refund claims with 12–18 month processing cycles. CBDT Notification No. 67/2025, dated 20 June 2025 and effective 1 July 2025, eliminated this entirely. FMEs — including PMS operators, AIFs, and mutual fund companies — now receive 100% of their fees gross, provided they furnish a statement-cum-declaration in the prescribed form to each fee payer. This is a compliance calendar item, not a structural burden. It aligns GIFT City’s cash-flow position with Singapore, Hong Kong, and Dublin.
The Provision Nobody Reads: Section 9A
Section 9A of the Income-tax Act is, in my assessment, the most commercially transformative provision in India’s IFSC framework — and the least discussed in asset management circles. It provides that fund management activity carried out through an eligible IFSC-based fund manager on behalf of an eligible offshore fund does not constitute a “business connection” in India for that offshore fund. The consequence: the offshore fund pays zero Indian tax, even though investment decisions are made from Indian soil.
Budget 2025 extended the Section 9A sunset to 31 March 2030 and relaxed several conditions for IFSC-based managers. The practical implication is striking. A GIFT City Principal Officer — the same individual who satisfies IFSCA’s substance requirements under Regulation 7(7) of the Fund Management Regulations 2025 for Indian PMS clients — can simultaneously make investment decisions for the firm’s offshore fund vehicles without those vehicles acquiring Indian tax liability. One office, one set of key managerial personnel, serving both Indian resident clients and global offshore portfolios. The “minimum viable” GIFT City operation that global managers reluctantly contemplate as a regulatory overhead is, properly structured, a regional fund management hub at zero tax.
I emphasise the caveat: Section 9A has specific conditions relating to fund corpus, investor diversification, and manager remuneration. These must be mapped with precision by qualified tax counsel. But the directional intent is unmistakable — India wants IFSC-based managers to manage global capital.
Transaction-Level Exemptions: The Compounding Effect
Beyond the entity-level tax holiday, GIFT City eliminates transaction-level friction that compounds across an actively managed portfolio. Securities Transaction Tax: nil. Commodities Transaction Tax: nil. Stamp duty: nil. GST on financial services: zero-rated as export of services. For a USD 500 million portfolio with 200% annual turnover, the STT saving alone — at the equity delivery rate of 0.1% — is approximately USD 1 million per year. These are not headline numbers, but for an operations team modelling total cost of ownership, they shift the calculus.
Non-resident investors benefit additionally from Section 10(4D), which exempts income of specified IFSC funds — including Category-III AIFs — from Indian tax to the extent attributable to non-resident unitholders. Section 10(4E), as amended by Finance Act 2025, extends this to OTC derivatives and offshore derivative instruments transacted through IFSC banking units. For portfolio managers whose strategies employ derivative overlays, this is a genuine expansion of the tax-efficient investment universe.
The Compliance Architecture: What the Incentive Framework Demands
Every incentive has a compliance condition. The conditions here are real and must not be minimised in any honest assessment.
First, the foreign-currency requirement: Section 80LA (now Section 147) mandates that the income must be received in convertible foreign exchange. All management fees must be invoiced and collected in USD, EUR, or GBP through IFSC Banking Units. Indian resident clients remitting under the Liberalised Remittance Scheme do so in foreign currency, so the condition is organically satisfied for PMS — but the banking and documentation architecture must be structured from Day 1.
Second, substance: IFSCA’s Fund Management Regulations 2025 require that the “proposal on the portfolio composition shall be initiated by a person who is based in the office of the FME in the IFSC.” This is not a formality. On 2 May 2025, IFSCA issued its first enforcement action on substance — a formal warning to an FME whose key managerial personnel were not physically present during unannounced surprise visits. The message is clear: GIFT City is not a brass-plate jurisdiction. If you claim the tax holiday, you must have real people making real decisions from a real office in GIFT SEZ.
Third, Section 9A conditions: the safe harbour is not a blank cheque. Fund corpus limits, investor diversification requirements, and remuneration thresholds must be individually mapped. A global manager who assumes Section 9A compliance based on a pitch deck rather than a provision-by-provision analysis is building on sand.
The Structural Argument
The distinction between a tax shelter and a tax architecture is not semantic. A shelter is a structure designed to avoid tax that would otherwise be payable, typically through treaty arbitrage or artificial arrangements. GIFT City is the opposite: it is a sovereign statutory framework — enacted by Parliament, gazetted by the Central Board of Direct Taxes, and enforced by the IFSCA — that creates genuine incentives for genuine operations. The incentives are large. The conditions are real. And the compliance infrastructure — from IFSCA’s unannounced inspections to the foreign-currency requirement to the substance test — is designed to ensure that only entities with real operations in GIFT City benefit.
For the global asset management industry, the strategic question is no longer whether GIFT City’s incentives are credible. They are enacted law. The question is whether global managers will evaluate GIFT City as a cost to bear for Indian market access — or as a platform to leverage for tax-efficient global fund management. The law supports the second reading. The numbers demand it.
About the Author: Advocate Aaditya Bhatt is the Senior Partner at Bhatt & Joshi Associates, a law firm established in 1978 and based in Ahmedabad. He practices at the Gujarat High Court and has served as Senior Standing Counsel for the Income Tax Department. He holds a B.E. from L.D. College of Engineering and an LL.B. from Sir L.A. Shah Law College. BJA’s practice spans tax litigation, corporate disputes, arbitration, banking law, admiralty law, GIFT City/IFSC advisory, white collar crimes amongst other areas of law..
Disclaimer: The views expressed are personal and do not represent the views of the Income Tax Department or any government authority. This article is for informational purposes and does not constitute legal or tax advice.
By Yamini Agarwal, Director (Marketing & Communications), Nimbus Group
New Delhi [India], May 6: Real estate, at its core, is a long-cycle business. It rewards patience, discipline, and the ability to read not just markets, but cities in transition. Over the past three decades, the National Capital Region has undergone multiple phases of urban expansion, each shaped by infrastructure, capital flows, and changing consumer aspirations.
For Nimbus Group, the journey has been closely aligned with this evolution. What began as part of a broader financial services ecosystem gradually expanded into real estate development, with a consistent focus on execution and long-term value creation. The emphasis was never on scale for its own sake, but on building projects that respond meaningfully to the context in which they are developed.
Delivery as a defining principle
In a sector where credibility is often tested over time, delivery has remained the most critical differentiator.
Nimbus Group’s early developments, including Nimbus The Arista Luxe, The Golden Palms, Express Park View, and The Hyde Park, contributed to shaping residential demand along the Noida Expressway and Greater Noida corridors at a time when these micro-markets were still emerging. These projects were not positioned as standalone offerings, but as part of a broader urban fabric, where connectivity, accessibility, and community infrastructure were becoming increasingly important.
More importantly, they reflect a philosophy that continues to guide the group’s approach: that real estate is not simply about constructing buildings, but about enabling environments where people can live with predictability and comfort.
This philosophy has also extended to taking on complex projects, including the completion and revival of stalled developments. In an industry recalibrating itself around accountability, such interventions are no longer optional; they are essential to restoring trust.
Responding to a more discerning buyer
The NCR residential market today is fundamentally different from what it was a decade ago. The shift is not just in price points, but in expectations.
Homebuyers are increasingly evaluating projects through a multi-dimensional lens: quality of planning, density, access to open spaces, long-term maintenance, and the overall experience of living. The idea of a home has expanded beyond four walls to include the ecosystem that surrounds it.
Nimbus Group’s current and upcoming developments reflect this shift.
Projects such as Nimbus The Palm Village along the Yamuna Expressway are aligned with the emerging model of self-sustaining urban clusters, where residential development is supported by infrastructure, connectivity, and evolving economic activity.
At the same time, the group’s premium offering, Nimbus The Arista Luxe, represents a more nuanced response to the growing demand for lifestyle-oriented living. Rather than viewing luxury purely through the lens of scale or specifications, such developments focus on spatial planning, design sensibility and the overall quality of the living environment.
This transition toward more curated, lifestyle-led developments is not incidental. It is a reflection of a market that is becoming more mature and more selective.
Aligning with the next phase of urban growth
The emergence of new infrastructure nodes, particularly around the Noida International Airport, is likely to redefine NCR’s growth trajectory. Unlike earlier phases that were driven largely by connectivity, the current cycle is increasingly anchored in economic activity, industrial development, and employment generation.
This has important implications for real estate.
Markets that evolve around employment tend to demonstrate greater depth and resilience. They move beyond speculative cycles and begin to attract long-term residents, institutions and businesses.
Nimbus Group’s expansion into these emerging corridors is therefore not just a function of land availability. It is a strategic alignment with where the next phase of urban growth is expected to unfold.
A measured approach to growth
As the real estate sector matures, the parameters of success are also shifting.
Speed of launches is no longer the primary metric. Consistency of delivery, quality of execution and the ability to create enduring value are becoming far more relevant. For developers, this requires a recalibration, from volume-driven expansion to more considered, disciplined growth.
At Nimbus, this shift is both intentional and necessary.
The objective is not to build more, but to build better. To create developments that remain relevant not just at the point of sale, but over the lifecycle of the asset.
Looking ahead
The next decade of urbanisation in NCR will be shaped by a more complex interplay of infrastructure, economic activity, and consumer behaviour. It will demand greater responsibility from developers and a deeper understanding of how cities function.
For Nimbus Group, the focus remains clear: to continue building with intent, to prioritise delivery, and to participate meaningfully in the shaping of emerging urban ecosystems.
Real estate, ultimately, is not about projects. It is about permanence. And permanence can only be built on trust, discipline, and a long-term view of the city.
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