Banking & Investment Services · Unlisted Shares

National Stock Exchange of India Limited

Banking & Investment Services

National Stock Exchange of India Limited (NSE) is India's largest stock exchange by equity trading volume, operating the flagship Nifty indices, derivatives market, and clearing corporation.

Power Exchange India Limited

Banking & Investment Services

Power Exchange India Limited (PXIL) — second power exchange in India (CIN U40105MH2008PLC179229), promoted by NSE-IL and NCDEX. Operates day-ahead, term-ahead, REC, and ESCerts trading; competes with IEX. Headquartered in Mumbai.

Hindustan Power Exchange Limited

Banking & Investment Services

Hindustan Power Exchange Limited (HPX, formerly Pranurja Solutions) — third power exchange in India (CIN U40300MH2018PLC312908), promoted by PTC India, BSE Investments, and ICICI Bank. Operates day-ahead, real-time, term-ahead, REC, and ESCerts markets in competition with IEX and PXIL. Headquartered in Mumbai.

Hindon Mercantile Limited

Banking & Investment Services

Hindon Mercantile Limited (CIN U34300DL1985PLC021785) is a Delhi-based Non-Banking Financial Company (NBFC) engaged in diversified lending, primarily commercial vehicle financing and SME loans, with consolidated subsidiary operations.

Orbis Financial Corporation

Banking & Investment Services

Orbis Financial Corporation Limited is a Gurugram-headquartered SEBI-registered custodian and capital markets services provider. Orbis offers custody, fund accounting, derivatives clearing, professional clearing member services, escrow and demat services to domestic and foreign institutional investors, AIFs, PMS managers and corporates. Its balance sheet is dominated by client custody float (held in segregated bank accounts and matched by an offsetting client-funds payable), with a relatively small own-equity base. Revenue and net profit have grown sharply over FY22-FY25 (Rev Rs 154 -> 556 Cr; PAT Rs 48 -> 205 Cr) on the back of expanding custody AUC, FPI client additions and rising clearing volumes. The company is unlisted, has been raising primary equity each year, and has no long-term debt.

InCred Holdings

Banking & Investment Services

InCred Holdings Limited is a Mumbai-based unlisted NBFC holding company formed in 2022 through the merger of KKR Capital Markets India Private Limited and InCred Finance, backed by global PE and strategic investors including KKR. The company acts as the parent entity for InCred Financial Services Limited and InCred Wealth, its primary operating subsidiaries focused on consumer lending, SME finance, and student loans. InCred Financial Services offers retail credit products across personal loans, two-wheeler loans, education loans, and MSME financing, while InCred Wealth provides HNI and family office investment advisory services. As of FY25, consolidated total assets stood at approximately Rs 12,400 crore, equity at Rs 3,803 crore, and net profit at Rs 614 crore, reflecting robust growth in the consumer and SME lending segments. The holding structure underwent significant restructuring in FY23 following the KKR-merger, with InCred Holdings now serving as the consolidated apex entity for the InCred Group.

Hinduja Leyland Finance Limited

Banking & Investment Services

Hinduja Leyland Finance Limited is an unlisted public-limited NBFC subsidiary of Hinduja Group focused on vehicle finance — financing commercial vehicles, two-wheelers, three-wheelers, tractors, used vehicles, construction equipment, and personal/business loans across India. Loan book grew from ~₹22,000 Cr (FY21) to ~₹47,854 Cr (FY25) with parallel revenue scale-up (₹3,012 Cr → ₹6,134 Cr) and net profit growth (₹333 Cr → ₹774 Cr). The company is preparing for an IPO with major equity raises in FY23 and FY25. CIN: U65993MH2008PLC384221.

Hero FinCorp

Banking & Investment Services

Hero Fincorp Limited is a leading NBFC in India providing two-wheeler and MSME financing solutions. As the financial services arm of Hero Group, it operates across Tier-2 and Tier-3 cities with a strong rural and semi-urban presence.