Category: Business

  • Ashapuri Gold Ornament Limited Reports 60pc EBITDA Growth and 53pc PAT Growth in 9M FY26

    Ashapuri Gold Ornament Limited Reports 60pc EBITDA Growth and 53pc PAT Growth in 9M FY26

    Ahmedabad (Gujarat) [India], February 12: Ashapuri Gold Ornament Limited (BSE – 542579), one of India’s leading B2B jewellerymanufacturers, reported its Unaudited financial result for Q3 FY26 & 9M FY26.

    Key Financial Highlights:

    9M FY26

    • Total Income of ₹ 246.61 Cr, YoY growth of 5.64%
    • EBITDA of ₹ 24.50 Cr, YoY growth of 59.85%
    • EBITDA Margin of 9.93%, YoY growth of 337 Bps
    • PAT of ₹ 17.21 Cr, YoY growth of 53.20%
    • PAT Margin of 6.98%, YoY growth of 217 Bps
    • EPS of ₹ 0.52, YoY growth of 52.94%

    Q3 FY26

    • Total Income of ₹ 91.24 Cr
    • EBITDA of ₹ 8.01 Cr, YoY growth of 22.01%
    • EBITDA Margin of 8.78%, YoY growth of 233 Bps
    • PAT of ₹ 5.57 Cr, YoY growth of 7.76%
    • PAT Margin of 6.11%, YoY growth of 103 Bps
    • EPS of ₹ 0.17, YoY growth of 6.25%

    Gold Sales and Production Volume Performance

    • Gold Sales Volume stood at 90.18 Kgs in Q3 FY26
    • Manufacturing Volume stood at 144.36 Kgs, up 10.21% YoY in Q3 FY26
    • Gold Sales Volume stood at 307.28 Kgs in 9M FY26
    • Manufacturing Volume stood at 391.30 Kgs, up 10.22% YoY in 9M FY26

    Speaking on the financial performance, Mr. Jitendra Kumar Soni, Joint Managing Director of Ashapuri Gold Ornament Limited said, “We are delighted to report another good quarter of performance in Q3 FY26, with PAT growing by 7.76% year-on-year and EBITDA grew with 22.01% year-on-year. Our EBITDA margin expanded by 233 basis points to 8.78%, and PAT margin improved by 103 basis points to 6.11%. This remarkable improvement reflects our disciplined execution, operational efficiency, and the inherent strength of our B2B jewellery business model.

    We are equally pleased with the strong momentum in volumes this quarter. Total Income increased by over 5.64% YoY in 9M FY26 driven by sustained demand for our differentiated product portfolio and increasing acceptance of our design-led offerings among leading retail chains & Big Box clientele. This continued the growth in Sales which demonstrates the strong market appetite for our jewellery collections and validates our strategy of building scale while ensuring product excellence.

    Despite recent volatility in the commodity markets and rising gold prices, the underlying demand for organised, design-led jewellery remains resilient, supported by steady retail offtake. Going forward, we will focus on expanding our presence in high-potential domestic markets, supported by a strengthened, regionally aligned sales force to deepen engagement with organised jewellery retailers. These initiatives are aimed at driving sustainable revenue growth while maintaining margin discipline”.

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  • TANISHQ REOPENS NEWLY RENOVATED ANDHERI STORE WITH DIAMOND EXPERTISE CENTRE AND EXPANDED RETAIL FORMAT

    TANISHQ REOPENS NEWLY RENOVATED ANDHERI STORE WITH DIAMOND EXPERTISE CENTRE AND EXPANDED RETAIL FORMAT

    Mumbai (Maharashtra) [India], February 12:Tanishq, India’s largest jewellery retail brand from the house of Tata, has reopened its newly renovated store on 6th February in Andheri, Maharashtra. The spacious and freshly re-designed store was inaugurated at 5:00 PM by Mr. Arun Narayan, CEO – Jewellery Division, Titan Company Ltd and Mr. Ram Prabhat Yadav, Regional Business Head – West, Titan Company Ltd. 

    TANISHQ REOPENS NEWLY RENOVATED ANDHERI STORE -PNN

    Conveniently located at Vastu Prestige, Off New Link Rd, Near Citi Mall, Lokhandwala Complex, Andheri West, Pin code: 400053, the new 22000 sq. ft. store reflects Tanishq’s design excellence and customer-first approach. The expanded retail format offers a significantly wider assortment of gold and diamond jewellery, solitaires, plain and stone-studded designs.

    The store houses the new collection, ‘Wings in Motion’, displaying modern, versatile, and design-led everyday natural diamond jewellery and ‘Floral Bloom’, a collection where every curve reflects nature’s poetry as rose-toned enamel meets floral artistry. The store presents ‘Radiance in Rhythm’ a high-value diamond collection for the woman who defines her own elegance, alongside ‘Élan’, a collection rooted in delicate patterns, floral motifs, and chillai pave-set diamonds for the modern woman. The store also houses Tanishq’s latest festive collection, ‘Mriganka’, inspired by mythical realms and crafted with exceptional artistry, alongside  ‘GlamDays’, a versatile daily-wear jewellery line and ‘String It’, a modern and lightweight collection. Customers can also explore exclusive ranges such as ‘Dor’, a mangalsutra collection inspired by sacred elements of Hindu weddings; ‘Aveer’, Tanishq’s jewellery line for men; and ‘Rivaah’, the brand’s dedicated wedding jewellery sub-brand designed to reflect the bridal traditions of diverse Indian communities. The store also features ‘Mia by Tanishq’ a brand born with the heritage and the legacy of Tanishq, featuring bold, modern, and chic jewellery.

    The newly renovated store houses the Tanishq Diamond Expertise Centre, a tech-enabled initiative that helps customers verify the authenticity, origin, and brilliance of their diamonds. The multi-tool setup features five advanced devices that evaluate key aspects of a diamond — including light performance, origin, inclusions, and laser markings. This state-of-the art evaluation process places the power directly in the hands of the customer.

    Speaking at the inauguration,  Mr. Vinod Singh, Regional Business Manager, West, Tanishq,   said, “At Tanishq, our stores are designed to reflect the way customers experience jewellery today, with space to explore, choice that spans everyday wear to bridal, and complete confidence in what they are buying. The reopening of our Andheri store brings together an expanded retail format, some of our most distinctive collections, and the Tanishq Diamond Expertise Centre, which empowers customers with greater transparency and understanding of their diamonds. It’s about combining design, craftsmanship, and trust in a way that feels relevant, reassuring, and human.”

    About Tanishq

    Tanishq, India’s most-loved jewellery brand from the TATA Group, has been synonymous with superior craftsmanship, exclusive designs and guaranteed product quality for over two decades. It has built for itself the envious reputation of being the only jewellery brand in the country that strives to understand the Indian woman and provide her with jewellery that meets her traditional and contemporary aspirations and desires. To stress on their commitment to offer the purest jewellery, all Tanishq stores are equipped with the Karatmeter which enables customers to check the purity of their gold in the most efficient manner. The Tanishq retail chain currently spreads across 500+ exclusive boutiques in more than 300 cities.

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  • NIS Management Limited Receives ICRA Reaffirmation on Rs 105.87 Cr Rated Facilities; Outlook Upgraded to Positive

    Kolkata (West Bengal) [India], February 12: NIS Management Limited, (BSE – 544495), One of the leading integrated services platforms, specialising in security, facility management, electronic security, and skill development, NIS Management Limited has received rating reaffirmation from ICRA with revision in outlook to Positive, reflecting improving financial profile, strong operational capabilities, and sustained business growth momentum. The company’s total rated bank facilities stand at ₹105.87 Cr.

    Details of Rated Facilities

    • Long-term – Fund Based – Term Loan: ₹5.40 Cr – [ICRA]BBB+ (Positive); Reaffirmed with outlook revised from Stable

    • Long-term – Fund Based – Cash Credit: ₹71.00 Cr –[ICRA]BBB+ (Positive); Reaffirmed with outlook revised from Stable

    • Short-term – Fund Based – Standby Line of Credit: ₹3.50 Cr –[ICRA]A2; Reaffirmed

    • Short-term – Non-Fund Based – Bank Guarantee: ₹22.00 Cr –[ICRA]A2; Reaffirmed

    • Long-term / Short-term – Unallocated Limits: ₹3.97 Cr –[ICRA]BBB+ (Positive) / [ICRA]A2; Reaffirmed with outlook revised from Stable

    Key Rating Drivers

    • Established Market Position and Strong Client Base:

    NIS has a strong presence in organised security and facility management services, particularly in West Bengal, servicing over 600 clients, supporting stable revenue visibility and repeat business.

    • Large Workforce Supported by In-House Training and Technology Capabilities

    Through its subsidiaries Keertika Academy Private Limited and Keertika Education & Associates LLP, the company supports manpower training and vocational education initiatives. NIS has a manpower strength of around 18,000 employees including back office staff, and its internally developed technology solutions further enhance operational efficiency, workforce monitoring, and service scalability.

    • Strengthened Capital Structure Post Equity Infusion

    Capital structure improved following IPO proceeds of ₹45.6 crore, reducing consolidated gearing to 0.4x and TOL/TNW to 0.5x as of September 30, 2025, compared with 0.6x gearing and 0.7x TOL/TNW as of March 31, 2025.

    Commenting on the Update Mr. Debajit Choudhury Chairman & Managing Director, of NIS Management Limited said, “ICRA’s reaffirmation of our ratings along with the Positive outlook reinforces confidence in our financial discipline, credit profile, and consistent operational performance. We remain committed to maintaining a strong balance sheet and enhancing our credit strength through sustainable and responsible growth.”

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  • Krishival Foods Growth Trajectory Accelerates; 9MFY26 Revenue Tally Nears FY25 Level

    Krishival Foods Growth Trajectory Accelerates; 9MFY26 Revenue Tally Nears FY25 Level

    Mumbai (Maharashtra) [India], February 12: Krishival Foods Limited, (NSE – KRISHIVAL, BSE – 544416 | INE0GGO01015), a fast-growing Indian FMCG company with a diversified portfolio spanning dry fruits, nuts, and ice cream under the brands Krishival Nuts and Melt N Mellow, has announced its unaudited financial results for Q3 and 9M FY26.

    The company delivered another strong quarter, supported by robust festive and wedding-season demand, deeper reach across Tier II and Tier III markets, and steady traction across general trade, modern trade, quick-commerce, and export channels. Sustained growth in the Nuts business and a successful turnaround in the Ice Cream segment, which is now contributing at the PAT level, emerged as key highlights of the quarter.

    Key Financial Highlights:

    Q3 FY26 Consolidated Financial Highlights

    • Total Revenue of ₹ 76.86 Cr, YoY growth of 40%

    • EBITDA of ₹ 11.54 Cr, YoY growth of 263%

    • EBITDA Margin of 15.01%, YoY growth of 159%

    • Net Profit of ₹ 6.41 Cr, YoY growth of 11,709%

    • Net Profit Margin of 8.34%, YoY growth of 8240%

    9M FY26 Consolidated Financial Highlights

    • Total Revenue of ₹ 197.57 Cr, YoY growth of 52%

    • EBITDA of ₹ 28.89 Cr, YoY growth of 77%

    • EBITDA Margin of 14.62%, YoY growth of 16.40%

    • Net Profit of ₹ 16.61 Cr, YoY growth of 99%

    • Net Profit Margin of 8.41%, YoY growth of 31.40%

    Commenting on the Performance, Mr. Sujit Bangar – Chairman & Whole-Time Director, said,
    “Q3 FY26 represents a strategic inflection point for Krishival Foods, with our Ice Cream business, Melt N Mellow, beginning to contribute at the PAT level-well ahead of scale maturity. This reflects the strength of our operating model, improved capacity utilisation and a sharp focus on cost discipline, even amid seasonal headwinds.

    Our Nuts business, Krishival Nuts, continues to deliver consistent topline growth and margin expansion, supported by premiumisation, festive and wedding-led demand, procurement discipline and operating leverage.

    With the successful completion of our 9,999.48 lakh Rights Issue, we are well-capitalised to invest in processing infrastructure, working capital efficiency and scalable, margin-accretive growth initiatives. We remain focused on building a differentiated, profitable FMCG platform with sustainable returns for shareholders.”

    Segment-wise Performance Highlights:

    Nuts & Dried Fruits – Krishival Nuts
    • Q3 FY26 revenue at ₹54.82 crore, up 14.7% YoY, supported by festive and wedding-season demand

    • Q3 FY26 EBITDA grew 107% YoY to ₹9.65 crore, reflecting operating leverage

    • Q3 FY26 PAT increased 146% YoY to ₹5.88 crore

    • 9M FY26 revenue stood at ₹147.19 crore, up 22% YoY

    • 9M FY26 EBITDA grew 40% YoY to ₹24.83 crore; PAT increased 45% YoY to ₹15.44 crore

    • Growth driven by premiumisation, deeper reach across Tier II and Tier III markets, and GST rate rationalisation supporting demand

    Ice Cream – Melt N Mellow
    • Q3 FY26 revenue at ₹21.01 crore, up 122% YoY

    • Q3 FY26 EBITDA turned positive at ₹2.85 crore versus a loss of ₹1.78 crore YoY

    • Q3 FY26 PAT turned profitable at ₹0.58 crore versus a loss of ₹2.33 crore YoY

    • 9M FY26 revenue grew 71% YoY to ₹52.45 crore

    • 9M FY26 EBITDA improved to ₹6.08 crore from a loss of ₹0.51 crore YoY; PAT turned positive at ₹1.21 crore

    • Q3 FY26 marked a key inflection point, driven by improved operational efficiency, higher capacity utilisation, and expanding brand visibility across Western and Southern India, despite seasonal softness in the winter quarter

    Rights Issue Update
    • Successfully completed a ₹9,999.48 lakh Rights Issue, strengthening the company’s capital base

    • Rights Issue ratio set at 45 equity shares for every 301 fully paid-up equity shares held

    • Proceeds to be utilised for part-funding capital expenditure towards a new nuts processing and packaging facility in Kolhapur, Maharashtra

    • Allocation towards working capital augmentation, supporting improvement in the working capital cycle

    • Balance allocated for general corporate purposes

    • The capital raise enhances balance sheet strength and supports capacity-led, margin-accretive growth

    Operational & Business Highlights

    Geographical Reach
    • Krishival Nuts expanded its footprint to 110+ Tier II and Tier III cities and towns, supported by a network of 10,000+ retail touchpoints

    • Melt N Mellow is now available across 26,000+ retail touchpoints spanning Maharashtra, Karnataka, Goa, Telangana, and Andhra Pradesh

    • As of December 31, 2025, the Company has deployed 9,895 deep freezers across retail touchpoints in Maharashtra, Karnataka, Goa, Telangana, and Andhra Pradesh, strengthening cold-chain infrastructure and enhancing on-ground brand visibility

    Exports
    • Krishival Nuts established presence in Singapore with distribution across 300+ retail touchpoints

    • Export revenue for the quarter stood at ₹1.68 crore, contributing approximately 3% of total sales

    Strategic Outlook
    • Expand nuts and dried fruits processing capacity from 10 MT per day to 40 MT per day over the next three years, supporting long-term volume growth and margin expansion

    • Ice Cream Division operates a state-of-the-art facility with installed capacity of 1 lakh litres per day, with a phased ramp-up to full utilisation planned over the next three years

    • Strengthen presence across Maharashtra, Madhya Pradesh, Delhi NCR, Karnataka, Telangana, and Andhra Pradesh, deepening penetration in both existing and new markets

    • Scale exports in Singapore and the United States, building on early traction to expand global reach

    • Integrated value chain, dual-brand portfolio, and early leadership in Tier II and Tier III markets position the Company for sustainable, profitable growth and a premium-yet-accessible brand proposition

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  • Nandani Creation Limited Crosses Rs 100 Crore Sales Milestone in CY2025; Delivers Third Consecutive Quarter of Strong Growth in FY26

    Nandani Creation Limited Crosses Rs 100 Crore Sales Milestone in CY2025; Delivers Third Consecutive Quarter of Strong Growth in FY26

    Mumbai (Maharashtra) [India], February 12: Nandani Creation Limited (NCL), India’s leading women’s wear company operating under its flagship brand “Jaipur Kurti”, announced its results for Q3 and 9M ended on December 31st, 2024, on 09th February, 2026.

    Financial Performance:

    • Strong Revenue Momentum

    Net Sales grew 65% YoY in 9MFY26 and 100% YoY in Q3FY26, marking the third consecutive quarter of robust top-line growth despite a challenging industry environment.

    • Stable EBITDA Margins with Strategic Investments

    EBITDA margin remained steady in the ~7% range during 9MFY26. The moderation versus the prior year is primarily due to a deliberate strategic shift from own manufacturing to flexible, demand-based sourcing and increased investments in brand-building initiatives.

    Key highlights: 

    • 100 Cr Brand Milestone Achieved:

    Flagship brand Jaipur Kurti crossed ₹100 crore in sales for Calendar Year 2025 – a ~46% YoY growth – positioning the company among a select group of Indian women’s ethnic wear brands that have scaled to this level while maintaining profitable operations.

    • Brand Premiumization Driving Higher Realizations

    A proactive shift towards aspirational brand positioning, supported by an expanding offline retail presence and an increased focus on premium offerings such as Jaipur Kurti Luxe and Amaiva – by Jaipur Kurti, has resulted in a healthy improvement in Average Selling Price (ASP), as such

    • ASP in offline (retail) channels increased to ₹2,669 in 9MFY26, from ~ ₹1,707 in 9MFY25.
    • ASP in online marketplace channels improved to ~ ₹1,147 in 9MFY26, compared to ₹1,108 in 9MFY25.

    Hence, improving revenue quality and setting the stage for better margins ahead.

    • Smart Channel Diversification & High-Growth Expansion

    Optimized existing mix during 9M:

    • 3rd-party online marketplaces (Myntra, Nykaa, Flipkart, Ajio, InstaMart etc.): 35%
    • 3rd-party retail presence (Trends, Centro, Shoppers Stop, SIS, LFRS etc.): 29%
    • Own channels (EBOs + Website + Wholesale): 36%

    New channels scaling rapidly:

    • Presence in 100+ Reliance Trends stores, 12+ Centro, 12+ Shoppers Stop, 40+ Avantara & Kalanikethan Stores
    • Quick commerce already contributing ~3% of total sales
    • Additional LFRS and quick-commerce rollouts planned for coming quarters
    • Efficient Omni-Channel Model with Strong Operational Leverage
    • 16+ Exclusive Brand Outlets / Franchisees operational
    • 80+ SIS counters across key markets
    • Omni-channel experience live and expanding
    • Strategic partnerships with all major online platforms + leading national LFRS and quick-commerce players

     

    Commenting on the results, Mr. Anuj Mundhra, Chairman & Managing Director of Nandani Creation Limited commented:

    “The Indian fashion retail industry has faced several challenges over the past few quarters, including subdued consumer demand and persistent inflationary pressures, which impacted discretionary spending across the sector.

    Despite these headwinds, Nandani Creation Limited delivered a strong performance during the nine-month period. I am pleased to share that we achieved ₹100+ crore in sales during calendar year 2025, reflecting the strength of our brand, diversified channel presence, and disciplined execution.

    Going forward, based on improving customer traction and expanding distribution reach, we believe we are well-positioned to increase our market share and evolve into a leading brand in women’s Indian wear.”

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  • Indo SMC Limited Announces Strong Q3 FY26 Performance

    Ahmedabad (Gujarat) [India], February 12: Indo SMC Limited (BSE: 544681), an ISO-certified manufacturer specializing in SMC, FRP, and electrical components for power distribution and infrastructure applications, has announced its unaudited financial results for the third quarter ended December 31, 2025 (Q3 FY26).

    The Company delivered a robust operational and financial performance during the quarter, supported by strong order inflows, improved execution, and disciplined cost management.

    Q3 FY26 Highlights

    • Total Income₹10,159.11 lakhs, up 35% QoQ

    • EBITDA: ₹1,645.38 lakhs, up 23% QoQ

    • EBITDA Margin: 16.20%

    • Net Profit (PAT): ₹1,209.73 lakhs, up 34% QoQ

    • Net Profit Margin: 11.90%

    Q3 FY26 Business Highlights

    • Secured ₹54+ crore of fresh orders across 11 kV metering cubicles, FRP cable trays, and SMC meter boxes, strengthening revenue visibility.

    • Secured ₹40+ crore of fresh orders for supply of HT Air Insulated Bus Ducts rated for 650A, designed for underground high-tension power distribution systems.

    • Received MSEDCL vendor approval for 11 kV metering cubicles, enabling participation in large utility tenders.

    • Continued repeat orders from reputed customers, reflecting strong customer relationships.

    • Improved working capital efficiency, with receivable days reduced to ~40 days in Q3 FY26.

    Commenting on the performance, Mr. Neel Nitesh bhai Shah, Managing Director & CFO, Indo SMC Limited, said:

    “Q3 FY26 marked an important milestone for Indo SMC as our first earnings call following listing. The quarter reflected strong operational execution and progress across key business priorities, supported by disciplined execution and a continued focus on quality and customer relationships.

    During the quarter, we secured fresh orders, strengthening our overall order book and providing strong revenue visibility for the coming quarters. Key developments included receiving utility approvals for metering cubicles, continued repeat orders from existing customers, and a significant improvement in working capital efficiency, reflecting better collections and disciplined financial management.”

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  • Marushika Technology Limited A Key Player in Data Centre & Cybersecurity Solution for B2G & PSU, opens its IPO on 12th February, 2026.

    Mumbai (Maharashtra) [India], February 11:  Marushika Technology Limited is an emerging provider of excellence-driven solutions in Information Technology infrastructure, specializing in data centers and cybersecurity solutions, has announced the opening of its Initial Public Offering on February 12, 2026, with a proposed issue size of ₹26.97 Crore, and the shares are proposed to be listed on the NSE Emerge Platform.

    Equity Share Allocation

    • QIB – Not more than 10,87,200 Equity Shares
    • NII – Not less than 3,31,200 Equity Shares
    • RII – Not less than 7,70,400 Equity Shares
    • Market Maker – 1,16,400 Equity Shares

    The net proceeds from the IPO will be utilized towards Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company, Funding Working Capital Requirements and General Corporate Purposes.

    The issue will open for public subscription on Thursday, February 12, 2026 and close on Monday, February 16, 2026.

    Nexgen Financial Solution Private Limited is acting as the Book Running Lead Manager to the issue, and Skyline Financial Services Private Limited is the Registrar to the issue.

    • Fresh Issue Size – 23,05,200 Equity Shares of  10 each
    • Issue Size – ₹ 26.97 Crore
    • Issue Price – ₹ 111 – ₹ 117 Per Share
    • Lot Size – 1,200 Equity Shares

    Ms. Monicca Agarwaal, Managing Director of Marushika Technology Limited said: 

    “The opening of our IPO marks an important milestone in Marushika Technology Limited’s growth journey. Over the last 15+ years, we have built strong capabilities across IT & telecom infrastructure, data centre solutions, cybersecurity, smart technologies, and defence auto-tech, with a primary focus on serving government, PSU, and institutional clients.

    Our business has evolved alongside India’s digital and infrastructure transformation, enabling us to execute complex, mission-critical projects with a strong emphasis on quality, reliability, and timely delivery. We have consistently expanded our solution portfolio, strengthened our OEM partnerships, and deepened relationships with key customers across sectors such as defence, railways, urban infrastructure, and public safety.

    The proceeds from the issue will help us strengthen our balance sheet, support working capital requirements, and position the Company for the next phase of growth. With increasing digital transformation, cybersecurity needs, and government-led infrastructure initiatives, we believe Marushika is well placed to capitalize on emerging opportunities while continuing to deliver reliable and technology-driven solutions to our clients.”

    Mr. Sanjeev Gupta, Co-Founder & Managing Director of Nexgen Financial Solution Private Limited said,


    “As we step into the IPO journey with Marushika Technology Limited, we see a company that is well positioned to benefit from India’s accelerating digital transformation, increasing investments in data centres, rising cybersecurity requirements, and government-led smart infrastructure initiatives.

    Marushika Technology has built a diversified business model with capabilities spanning IT & telecom infrastructure, smart solutions, and defence auto-tech, supported by strong execution capabilities and long-standing relationships with government and PSU clients.

    The Company’s consistent financial performance, healthy return ratios, and robust order pipeline reflect a scalable operating platform. We believe this IPO will support Marushika’s plans to strengthen its balance sheet, meet working capital requirements, and pursue sustainable long-term growth while creating value for all stakeholders.”

    About The Company:

    Incorporated in 2010, Marushika Technology Limited is a New Delhi-based technology solutions company providing end-to-end IT & telecom infrastructure, data centre solutions, cybersecurity services, smart solutions, and defence auto-tech services. The Company operates through B2B and B2G models, with a strong focus on government departments, PSUs, and large institutional clients.

    Marushika’s offerings include:

    • Data centre infrastructure and power management solutions
    • Cybersecurity and data protection services
    • Surveillance, video walls, networking, and IP-based telephony systems
    • Smart city solutions including access control, parking, and waste management
    • Defence auto-tech services such as refurbishment, maintenance, and reverse engineering of military vehicles

    The Company serves reputed clients including BEL, DMRC, Railtel, Indian Railways, Delhi Police, Indian Air Force, and other government agencies, with a presence across 17 states in India.

    In FY25, the company recorded a Revenue of ₹ 8,524.87 Lakhs, EBITDA of ₹ 1,047.26 Lakhs, and PAT of ₹ 628.64 Lakhs.

    In Sep’25, the company recorded a Revenue of ₹ 4,863.94 Lakhs, EBITDA of ₹ 563.53 Lakhs, and PAT of ₹ 313.83 Lakhs.

    Disclaimer: 

    Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

    For Further Information Please Contact:

    Milind Apte – Director

    AKMIL Strategic Advisors Private Limited

    milind@akmiladvisors.com

    Mo. – 98209 41925

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  • They Had Islands. He Had a Street Light.

    They Had Islands. He Had a Street Light.

    The men in the Epstein files had every resource on Earth. They built AI that exploits. A man from the slums had nothing. He built AI that serves. That’s not coincidence. That’s causation.

    New Delhi [India], February 10: Shekhar Natarajan, Founder and CEO of Orchestro.AI, explains how he rose from rags to riches in this inspirational piece.

    THE INVENTORY OF PRIVILEGE

    Let’s take inventory of what the men in the Epstein files had.

    Collectively, the tech figures documented across 3.5 million pages of DOJ files controlled more wealth than most nations. They had private islands, private jets, private chefs, private security, and private access to every institution on Earth. They had Ivy League educations, tenured professorships, endowed chairs, and research labs with budgets larger than some countries’ GDP. They had teams of lawyers, fleets of lobbyists, and direct lines to heads of state. They attended dinners where the guest list read like the Forbes billionaire index. They had Edge Foundation galas at TED. They had Palo Alto supper clubs. They had everything.

    And with all of that, they could not build AI that gives a damn about the people it affects.

    Instead they built AI that surveils without consent, amplifies disinformation for engagement, entrenches racial bias in hiring algorithms, manipulates children’s attention for ad revenue, extracts personal data as a business model, and when caught, issues a press release about “responsible innovation.” They discussed eugenics over email with a sex trafficker. They attended post-conviction dinners and called it networking. They built the most consequential technology in human history with the moral depth of a spreadsheet.

    They had islands. They had billions. They had everything except the one thing that matters.

    They had no virtue. And it shows in every algorithm they ship.

    THE INVENTORY OF NOTHING

    Now take inventory of what Shekhar Natarajan had.

    One room. Eight people. No electricity. No running water. No connections. No safety net. A father earning $1.75 a month on a bicycle. A brother with untreated bipolar disorder. A school system that said no. A street light.

    His mother had nothing except the refusal to accept the word no. She stood outside a headmaster’s office for 365 days. When they finally let her son in, she had nothing left to pay the fees except a silver wedding toe ring. Thirty rupees. She gave it without hesitation.

    “That ring was the first piece of code in my life. It taught me that the most valuable thing you can move is hope.” — Natarajan

    The boy studied under the street light. He arrived in America with fifty dollars. He slept in his car. He worked five jobs. He faced deportation. He mailed a movie résumé to a stranger at Coca-Cola and got hired with two weeks left on his visa. Over twenty-five years, he transformed logistics at six of the world’s largest corporations. He filed 300 patents. He grew Walmart’s grocery business from $30 million to $5 billion. He took his father off life support and slept in his car for two weeks afterward. In 2020, his son Vishnu was born with his father’s face, and he made a promise: I won’t leave behind one angel. I’ll leave a million.

    He walked away from the corner offices. He founded Orchestro.AI. He built Angelic Intelligence—the world’s first virtue-native AI.

    Not ethical AI. Not responsible AI. Not AI with an ethics board and a white paper and a Chief Trust Officer who attended the right dinners. Virtue-native AI. AI where morality is not a constraint applied to an optimization engine. AI where virtue is the engine itself.

    WHY “NOTHING” BUILT BETTER AI

    This is not a feel-good story about overcoming poverty. This is a causal argument about why the most consequential technology in the world must be built by people whose moral formation happened in places like the slums of Hyderabad—not at billionaire dinner tables in Palo Alto.

    The billionaires had everything, so they learned that rules are negotiable. When you have enough money, enough lawyers, enough connections, you learn that consequences are for other people. You learn that a criminal conviction at your dinner table is a social complexity, not a moral disqualification. You learn that ethics is something you fund, not something you practice. That moral formation produced the AI we have today: systems that optimize for the powerful and externalize harm to the powerless.

    Natarajan had nothing, so he learned that virtue is structural. When you have no money, no electricity, no connections, and no margin for error, you learn that character is not optional—it is the only infrastructure you have. You learn that a woman standing outside a door for 365 days is an engineering solution. You learn that a man giving away his wages on a bicycle is a logistics philosophy. You learn that a silver toe ring is a financial instrument. You learn that the system must be moral because you cannot afford the consequences when it isn’t.

    And because Natarajan crossed worlds—Hyderabad to Georgia Tech, Coca-Cola to Disney to Walmart, Hindu moral traditions to Western corporate governance, supply chains spanning six continents—he learned something else: virtue expresses differently in different cultures, but dignity is universal. A Compassion Agent in Hyderabad weights decisions differently than a Compassion Agent in Helsinki. The virtue is the same. The expression is configured. That’s not relativism. That’s intelligence. Real intelligence. The kind you cannot build inside a monoculture that thinks ethics is a PDF.

    “They had every resource on Earth and built AI that exploits. I had a street light and a toe ring and built AI that serves. That’s not irony. That’s causation. Virtue isn’t born in comfort. It’s born in consequence. The slums taught me what Stanford never could: if your system isn’t moral, people die.” — Natarajan

    VIRTUE-NATIVE: WHAT IT ACTUALLY MEANS

    Here is the technical distinction that separates Angelic Intelligence from everything else:

    Bolt-on ethics (Silicon Valley model): Build the optimization engine. Ship it. Hire an ethics team. Audit. Publish a report. Apologize when caught. Repeat. The ethics layer is a constraint on the system. It slows the system down. It fights the system. The system is designed to optimize; the ethics layer is designed to say not so fast. This is why it always loses. The optimization engine has a profit motive. The ethics team has a PowerPoint.

    Virtue-native AI (Angelic Intelligence): Virtue is the computational architecture. Twenty-seven Virtue Agents—Compassion, Transparency, Humility, Temperance, Forgiveness, Justice, Prudence, Courage, and more—are the decision-making layer. They don’t audit decisions after they’re made. They are the decisions. The Compassion Agent doesn’t review a routing choice. The Compassion Agent is the routing choice. The virtue layer doesn’t slow the system down. It is the system.

    And the virtues are configurable. Because Natarajan understands—from lived experience across continents, not from a seminar—that compassion in a Mumbai supply chain and compassion in a Stockholm fulfillment center express differently. The Virtue Agents are calibrated to local moral realities while preserving universal dignity. This is not cultural relativism. This is moral engineering at scale. It requires understanding cultures. Not just studying them. Living them.

    “Silicon Valley’s ethical AI is a checklist written by people who’ve only lived in one moral universe. Angelic Intelligence is a configurable architecture built by someone who grew up in a slum, crossed oceans, built systems on six continents, and understands that virtue is universal but its expression is radically local. That’s not a feature. That’s the foundation. If your AI can’t configure for cultural context, it’s not ethical. It’s colonial.” — Natarajan

    THE SOUND BITES

    Clip these. Post them. Send them to every AI ethics panel on Earth:

    “They had islands. I had a street light. They built AI in their image—optimized, extractive, and morally empty. I built AI in my mother’s image—patient, sacrificial, and virtue-native. The Epstein files are the character reference for their AI. My mother’s 365 days is the character reference for mine.”

    “Ethical AI is a bumper sticker on a car driven by people who can’t pass a background check. Virtue-native AI is a car where the steering wheel only turns toward dignity. 3.5 million pages just proved which one Silicon Valley built. One street light proves there’s an alternative.”

    “They discussed eugenics over email with a sex trafficker and then published papers on AI fairness. My father couldn’t read most of the telegrams he carried, but he treated every one like it mattered. One of those formations produced the AI you use today. The other produced the AI that’s going to replace it.”

    “Optimization without virtue is exploitation with a dashboard. The Epstein network optimized brilliantly. So does most AI. We built the exception—not from a lab, but from a street light, a toe ring, and the radical idea that machines should behave like good humans, not like billionaires.” — Natarajan

    “The world doesn’t need artificial superintelligence. It needs intelligence with a moral backbone. The Epstein files just proved that the people building superintelligence don’t have one. We do. It was forged in a slum, not a boardroom. And it’s in the code.” — Natarajan

    THE VERDICT

    There are two ways to build the most consequential technology in human history.

    You can build it from islands and dinners and email chains with predators and billions of dollars and eugenics discussions and trust-and-safety theater and 3.5 million pages of DOJ evidence documenting the moral void at the center of the enterprise.

    Or you can build it from a street light. From a silver toe ring. From a mother’s 365-day vigil. From a father’s bicycle. From the lived understanding that virtue is not a PDF—it is an architecture. That dignity is not a corporate value—it is a computational metric. That compassion is not a marketing campaign—it is a routing decision. That ethics is not a department—it is the system itself.

    The Epstein files have been released. The moral architecture of Silicon Valley is documented. The fraud of ethical AI is exposed.

    They had islands.

    He had a street light.

    The street light built better AI. And the 3.5 million pages prove why.

    About Shekhar Natarajan

    Shekhar Natarajan is the Founder and CEO of Orchestro.AI, creator of Angelic Intelligence™. Davos 2026 opening keynote. Tomorrow, Today podcast (#4 Spotify). Signature Awards Global Impact laureate. 300+ patents. Georgia Tech, MIT, Harvard Business School, IESE. Grew up in a one-room house in the slums of Hyderabad. No electricity. Father earned $1.75/month on a bicycle. Mother stood outside a headmaster’s office for 365 days. One son, Vishnu. Paints every morning at 4 AM. Does not appear in the Epstein files.

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  • Crown Defence Sets up Indigenous PCB Assembly Facility in Goa

    Crown Defence Sets up Indigenous PCB Assembly Facility in Goa

    The facility will support defence & civil electronics across aviation, marine & land systems, enabling high-reliability PCB assembly.

    New Delhi [India], February 11: Crown Defence, an established Indian defence MRO group with over four decades of operational experience across marine, aviation and land systems, has established an indigenous Printed Circuit Board (PCB) assembly facility at Verna, Goa, strengthening domestic capability in high-reliability electronics for defence and select civil applications.

    Established under Aviatech Enterprises Pvt. Ltd. (AEPL), Crown Defence’s aviation vertical, the facility is designed to support mission-critical electronics for defence platforms as well as select civil sectors including aviation, maritime and industrial systems. The setup delivers high-precision, high-reliability PCBA solutions, supporting PCB assemblies ranging from 80 × 80 mm to 460 × 460 mm, with board thickness capability from 0.4 mm to 8 mm and controlled edge clearance standards of 3–5 mm. Aligned to meet reliability, consistency and traceability requirements essential for strategic and regulated programmes, the facility will commence operations from March 2026 and is open for engagement with both domestic and international programmes.

    Conceived as more than a manufacturing unit, the AEPL facility functions as a strategic electronics capability hub, addressing the growing demand for domestic PCBA solutions. The Indian PCBA market is currently valued at approximately USD 6.3 billion and is expanding at nearly 16 percent CAGR, driven by defence, industrial and electronics manufacturing demand. With over 1,000 items now covered under government import restrictions, many of them PCB assemblies earlier sourced overseas, timely access to reliable domestic assembly capacity has become critical.

    Vice Admiral (Retd) Paras Nath, Group President, Crown Defence, said the facility reflects the group’s long-term capability-building approach.
    “Electronics availability increasingly determines platform readiness and upgrade cycles. Establishing in-country PCB assembly capability improves supply predictability and supports India’s broader objectives of reducing external dependencies across defence and critical civil sectors,” he said.

    Commodore (Retd) S.K. Iyer, Head – Aviation, Aviatech Enterprises Pvt. Ltd., said the facility strengthens AEPL’s ability to support electronics-led programmes.
    “The Verna unit enables tighter integration between electronics assembly and downstream aviation support activities, enhancing quality control and execution timelines for modernisation, upgrades and sustainment programmes,” he said.

    Crown Defence operates through specialised group companies delivering maintenance, repair, overhaul, upgrades and modernisation across defence and civil domains. The addition of PCB assembly capability at AEPL complements the group’s system-level sustainment strengths and reinforces its role in supporting India’s long-term defence and industrial preparedness.

    About Crown Defence

    Established in 1978, Crown Defence is a professionally managed Indian defence engineering group operating across aviation, marine and land systems. The company functions as a technology provider, manufacturer and lifecycle support partner to India’s defence ecosystem, working closely with global OEMs and national agencies to deliver indigenous MRO, manufacturing and modernisation capabilities. Crown Defence plays an active role in advancing India’s Make in India and Atmanirbhar Bharat objectives through long-term investments in defence engineering, electronics, platform sustainment and strategic infrastructure.

    If you object to the content of this press release, please notify us at pr.error.rectification@gmail.com. We will respond and rectify the situation within 24 hours.

  • Jacqueline Fernandez Joins Lux Cozi’s Grand Indore Meet, Over 2000 Retailers Attend

    Jacqueline Fernandez Joins Lux Cozi’s Grand Indore Meet, Over 2000 Retailers Attend

    Indore (Madhya Pradesh) [India], February 10: Lux Cozi, one of India’s leading innerwear and premium wear brands, successfully hosted its Grand Retailers’ meet in Indore, bringing together over 2000 retailers from across Madhya Pradesh. The event reaffirmed the brand’s focus on deepening retailer relationships and accelerating growth in key central Indian markets.

    The conference was attended by Ashok Kumar Todi, Chairman, Lux Industries Limited, and Saket Kumar Todi, Director, Lux Industries Limited, underlining the company’s continued emphasis on strong trade partnerships and long-term channel engagement. The meet served as a strategic platform for discussions on market opportunities, evolving consumer preferences, and the brand’s growth roadmap.

    Bollywood actress and brand ambassador of Lux Cozi, Jacqueline Fernandez, joined the conference and interacted with retailers and business partners, strengthening consumer connect and enhancing brand visibility. Her participation reflected Lux Cozi’s focus on cultural relevance and engagement at the retail level.

    Addressing the gathering, Saket Kumar Todi, Director, Lux Industries Limited, said “Retailers are at the core of Lux Cozi’s growth story. Markets like Madhya Pradesh have shown consistent momentum, driven by strong consumer demand and deep rooted trust at the retail level. Our focus is on empowering our partners with relevant products, efficient supply chains, and sustained brand investments, so that growth is shared, scalable, and long-term.”

    The Indore conference underscored Lux Cozi’s broader strategy of working closely with its retail ecosystem to drive sustainable growth. With a strong presence across India and exports to over 50 countries, Lux Cozi continues to strengthen its leadership across innerwear and lifestyle categories through its diversified portfolio including ONN, Lux Cozi, Lux Mozzee, Lux Parker and Pynk.

    If you object to the content of this press release, please notify us at pr.error.rectification@gmail.com. We will respond and rectify the situation within 24 hours.