Ananya Birla-led Svatantra Microfin Files ₹3,000 Cr IPO With SEBI to Boost Capital, Expand Microfinance Reach, and Empower Grassroots Entrepreneurs

Ananya Birla led Svatantra Microfin Limited, an inclusion-focused non-banking financial company enabling financial independence for households and empowering grassroots entrepreneurs within the Indian economy, has filed its DRHP with SEBI for an IPO.

The IPO comprises a fresh issue of ₹1,500 crore and an offer for sale of ₹1,500 crore, aggregating to a total Issue size of ₹3,000 crore.

The proceeds from the fresh issue are to be utilised towards augmenting the Company’s Tier I capital base to meet its future capital requirements, including onward lending, arising out of the growth and expansion of its business and assets.

Svatantra Microfin Limited enables financial inclusion by providing access to credit for individuals and small entrepreneurs, helping strengthen livelihoods and support economic participation across communities. Its portfolio primarily comprises microfinance loans, complemented by secured lending products, viz. affordable housing finance, including loans against property, offered through its Subsidiary, Svatantra Micro Housing Finance Corporation Limited.

Svatantra Microfin Limited is led by Ananya Birla, Chairperson and Non-Executive Director, who represents the next generation of the Aditya Birla Group’s legacy. The Company was the first institution to receive the NBFC-MFI license, which was introduced by the Reserve Bank of India in 2011.

Svatantra Microfin Limited is the second-largest non-banking financial company – microfinance institution (“NBFC-MFI”) in India as of March 31, 2026, 2025 and 2024 in terms of microfinance assets under management (“AUM - MFI”). Svatantra Microfin was the fastest growing NBFC-MFI in India over the last three Fiscals, with AUM - MFI growing at a CAGR of 20.87% from ₹ 144,378.72 million as of March 31, 2024 to ₹ 210,932.22 million as of March 31, 2026, among the peers. Its share of the total AUM - MFI in India increased from 3.26% as of March 31, 2024 to 6.37% as of March 31, 2026, reflecting the Company's resilient growth through economic cycles. As of March 31, 2026, Svatantra Microfin is also the largest NBFC-MFI in Bihar and Uttar Pradesh, based on AUM - MFI.

A key pillar of the company's microfinance risk management strategy is diversification across geographies. For instance, no single district contributed more than 2.74%, 2.60% and 2.35% of Company ’s AUM – MFI as of March 31, 2026, 2025 and 2024, respectively, while no single state contributed more than 23.02%, 21.66% and 20.72% of Company’s AUM – MFI as of the same dates. Svatantra Microfin limited reported the lowest Gross Stage 3 Ratio among the MFI Peers in Fiscals 2025 and 2026, at 2.24% and 1.19%, respectively. Its performance has been supported by geographic diversification, disciplined underwriting, borrower-centric product offerings and collection mechanisms.

Further, the amalgamation of Chaitanya India Fin Credit Private Limited into Svatantra Microfin Limited, with effect from March 21, 2026, complemented its existing geographic presence, particularly given its established presence in southern India, and further strengthened its pan-India presence while maintaining a diversified geographic portfolio.

Svatantra Microfin Limited has remained resilient through the period of sectoral stress compared to MFI Peers, with our Company’s return on average AUM (“RoAAUM”) being the highest among the MFI Peers in Fiscals 2025 and 2026, at 2.90% and 3.57%, respectively. Through Fiscals 2025 and 2026, years of elevated credit costs and asset quality stress across the microfinance sector, the company delivered the highest return on equity (“ROE”) at 13.66% and 15.00%, respectively.

As of March 31, 2026, Its microfinance operations are supported by a diversified geographic footprint and deep district-level penetration, with a network of 2,123 branches across 20 states and 394 districts across India. This network is complemented by an on-ground presence comprising 24,594 employees, including 15,575 field officers, which has enabled Svatantra Microfin to serve 4,266,316 active borrowers as of March 31, 2026 in its microfinance business.

Axis Capital Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited are the Book Running Lead Managers.

Bank of Baroda Raises $700M Through Overseas Bond Issuances

• The Dual tranche issuance received a strong investor response with peak order book of USD 2.67 billion

Bank of Baroda, India’s International Bank, has raised USD 700 million through a dual-tranche overseas bond issuance comprising 3-year and 5-year Senior Unsecured Fixed Rate Notes under its USD 4 billion Medium-Term Note Programme. The issuances, undertaken through the Bank’s International Financial Services Centre Banking Unit at GIFT City, received a strong response from investors, with the order book peaking at USD 2.67 billion, representing demand of nearly 3.8 times the final issue size.

The Bank raised USD 400 million through the 3-year tranche at a coupon of 5.114% per annum (representing a spread of 90 basis points over the 3-year US Treasury rate). A further USD 300 million was raised through the 5-year tranche at a coupon of 5.318% per annum (a spread of 100 basis points over the 5-year US Treasury rate). Strong investor demand enabled the Bank to significantly tighten pricing from the Initial Pricing Guidance of 3-Year US Treasury + 120 basis points for the 3-year tranche and 5-Year US Treasury + 130 basis points for the 5-year tranche. The Bank achieved the tightest-ever spread over the US Treasury in the history of its bond issuances.

Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “The exceptionally strong investor response to our USD 700 million bond issuance reflects deep market confidence in the Bank, its financial resilience and clear strategic direction. The competitive pricing achieved, coupled with strong participation from high-quality international investors, reinforces our ability to efficiently diversify our funding base and support our long-term growth priorities."

The issue has been rated BBB (Stable) by S&P, BBB- (Stable) by Fitch and BBB+ (Stable) by CareEdge Global. The bonds will be listed on the India International Exchange (IFSC) Limited (India INX), NSE International Exchange (NSE-IX) and Singapore Exchange (SGX-ST)

The notes will be settled on 20 August 2026 and will mature in August 2029 and August 2031, respectively

Zetwerk IPO Push: Manufacturing Orderbook Hits ₹12,370 Cr; Debt Repayment, Acquisitions Planned

• Revenue from operations grew 40.43% to ₹15,913 Crores in FY26, led by growth in renewable energy, power transmission and AI infrastructure.
• Operating performance improved sharply since Fiscal 2024, with adjusted EBITDA up 4.3x to ₹421 Crores and Adjusted PBT turning positive at ₹45.7 Crores from a loss of ₹248.8 Crores
• Manufacturing orderbook doubled to ₹ 12,370 Crores in FY26 as compared to FY2024; international markets contributed nearly 30% of Manufacturing Business revenue in FY26.

Zetwerk, a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).

The company aggregates manufacturing capacity across a network of third-party suppliers and its own facilities into a "universal factory," unified through Zetwerk OS, its proprietary technology backbone. Its customers span utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas and industrial automation.

Zetwerk operates two reportable business segments: the Manufacturing Business, which enables customers to manufacture industrial and consumer products through its supplier network and own facilities; and the Ecosystem Business, branded Terra91, which aggregates and sources industrial commodities for customers. A third segment, Civil Infrastructure Works, was discontinued in FY26 as part of a strategic realignment to focus on the core segments.

The proposed initial public offering comprises a fresh issue of Equity Shares of face value of ₹1 each aggregating up to ₹2,600 Crores and an offer for sale of up to 96,837,455 equity shares of face value ₹1 each by the selling shareholders.

Zetwerk plans to use the net proceeds mainly to pay down debt – ₹1,250 Crores at the company and ₹550 Crores across subsidiaries – with the balance towards inorganic growth through unidentified acquisitions, and general corporate purposes.

The company's promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan, both IIT Madras alumni. The company, in operation for around 8 years, connects 26 owned manufacturing facilities across India, USA, Germany and Spain and a network of 6,979 third-party suppliers in multiple countries into a unified manufacturing network.

The hybrid manufacturing model it follows allows it to benefit from the scalability of a distributed network, with capacity accessed through third-party manufacturers without a corresponding increase in invested capital together with the control of selective own capacity for complex, high-value manufacturing.

Zetwerk OS coordinates a single order across multiple facilities to speed up production cycles. It automates key decisions and replaces manual processes with technology that standardizes every stage of the manufacturing lifecycle and supports distributed manufacturing.

As of March 31, 2026, Zetwerk's Manufacturing platform had a diverse customer base ranging from start-ups to large industrial companies, including 8 of Sensex, 16 of Nifty 50, and 102 of India's Fortune 500 companies. Some of its customers include Siemens Gamesa, Acer India, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, IOCL, Mortenson, Nordex Acciona, Indian Air Force and Numaligarh Refinery Limited.

Zetwerk grew revenue from operations 40.43% to ₹15,913 Crores in FY26, up from ₹11,332 Crores, led by a nearly doubling energy business on the back of broader themes of AI capex wave and energy transition. Operating performance improved sharply since Fiscal 2024: adjusted EBITDA rose from ₹97 Crores in Fiscal 2024 to ₹323 Crores in Fiscal 2025 and ₹421 Crores in FY26, a 4.3x increase over two years. Adjusted PBT grew from a loss of ₹248.8 Crores in Fiscal 2024 to a profit of ₹45.7 Crores in FY26.

The reported PBT of -₹1,558 Crores in FY26 was primarily driven by two one-time, non-cash adjustments ahead of the IPO. The first is a Management Stock Options equity top-up of ₹796 Crores, thereby increasing promoter’s stake in the company. The transaction did not involve any cash outflow and is net worth neutral. The second is a one-time provision of ₹453 Crores relating to the civil infrastructure business, which the company has discontinued as part of a portfolio consolidation.

Zetwerk's manufacturing orderbook doubled to ₹ 12370 Crores in FY26 as compared to ₹ 6170 in FY2024.

Zetwerk has benefitted from its evolving customer relationships that has gone from single order engagements to multi-year contracts across multiple categories. Revenue from Repeat Customers in its Manufacturing Business stood at 80.15% in FY2026 and the Net revenue retention stood at 120% for the same period.

Zetwerk's top 10 customers have been associated with the company for ~3 years, and contribute to nearly 36% of revenues. The company has cumulatively delivered products and raw materials worth ₹69,588 Crores in terms of GMV.

In FY 2027, Zetwerk has been recognised as India's Fastest Growing Engineering Brand 2026, according to Strongest Indian Brands 2026 rankings published by independent brand valuation consultancy Brand Finance.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Pantomath Capital Advisors Private Limited, are the Book Running Lead Managers to the issue.

Link: https://ir.zetwerk.com/wp-content/uploads/Zetwerk-Manufacturing-Businesses-Limited-UDRHP-I.pdf

India Targets 25% GDP Share from Manufacturing with 12-Sector Strategy

NITI Aayog’s latest report (August 13, 2026) identifies 12 priority sectors—including automobiles, electronics, steel, defence, chemicals, solar PV, textiles, and pharmaceuticals—as the backbone of India’s push to become a global manufacturing hub by 2047. The roadmap emphasizes local value addition, job creation, and integration into global supply chains.

Key Highlights of the Report

• Released by: Ashok Kumar Lahiri, Vice Chairperson of NITI Aayog
• Title: “Key Sectors to Position India as a Global Manufacturing Hub”
• Objective: Strengthen India’s manufacturing ecosystem to support the Viksit Bharat @2047 vision
• Methodology: From an initial pool of 62 sectors, 12 were shortlisted based on attractiveness, strategic importance, viability, and value-chain potential

The 12 Priority Sectors

Sector	Strategic Focus
Automobiles	EV adoption, supply-chain resilience
Electronics	Local component manufacturing, exports
Steel	Infrastructure-linked demand, global competitiveness
Capital Goods	Machinery, industrial equipment
Defence & Drones	Self-reliance, advanced tech
Chemicals	Feedstock availability, downstream value
Solar PV	Clean-tech clusters, import substitution
Textiles	Raw material scaling, global exports
Pharma & Medical Devices	Biopharma ecosystem, innovation
Telecom Equipment	Local value chains, global integration
Leather & Footwear	MSME-driven exports
Food Processing	Agri-linkages, packaged exports

Strategic Themes

• Global Supply Chain Diversification: India aims to capture opportunities as firms reduce dependence on single-country sourcing
• Employment Generation: Textiles alone employ 45 million people, second only to agriculture
• Technology & Innovation: Telecom and electronics sectors prioritized for joint ventures, R&D, and skill development
• Clean Energy Push: Solar PV manufacturing positioned to reduce import dependence and strengthen upstream capabilities

Challenges Identified

• Import dependence on critical inputs (telecom, chemicals, solar)
• Fragmented supply chains and logistics gaps
• Limited domestic value addition in high-tech sectors
• Skill shortages constraining productivity

Outlook

• Manufacturing currently contributes 17.5% of India’s GDP; the goal is to raise this to 25% by 2047
• India’s share in global manufacturing output is 3.2%, compared to China’s 32%
• The report calls for long-term, consistent reforms to replicate success stories like South Korea and Vietnam

India’s IT Exports Soar: STP Units Cross ~ $81 Billion in FY 2025-26

India’s IT sector continues to be a global powerhouse, and the Software Technology Parks (STP) Scheme has played a pivotal role in strengthening this ecosystem. According to the latest figures released by the Ministry of Electronics & IT, STP units recorded exports worth ₹7.73 lakh crore in FY 2025-26, marking a steady rise from ₹6.36 lakh crore in FY 2023-24 and ₹6.88 lakh crore in FY 2024-25.

In a bunch of major reforms by the government of India, one is integration with RBI’s EDPMS (Export Data Processing and Monitoring System) for IT exporters, wherein STPI’s online platform for IT exporters has been seamlessly linked with the Reserve Bank of India’s EDPMS.

In simple terms, EDPMS is RBI’s way of asking: “Did the money for this export actually come in, and does it match the shipment details?”

This integration enables near real-time electronic transmission of export declarations to the RBI, ensuring faster data exchange, greater accuracy, and improved transparency. By reducing manual intervention, it strengthens monitoring of export transactions and simplifies regulatory compliance for IT/ITeS exporters.

Key Highlights of STP Performance

• Export Growth: Exports surged by over ₹1.37 lakh crore in just two years, reflecting India’s expanding footprint in global IT/ITeS markets.
• Unit Expansion: The number of STP units rose to 2,125 in FY 2025-26, up from 2,042 in FY 2024-25.
• Investment Trends: Reported investments declined from ₹10,709 crore in FY 2023-24 to ₹7,362 crore in FY 2025-26, indicating a shift toward leaner, more efficient operations.
• Imports: Imports remained steady, with ₹9,960 crore reported in FY 2025-26.

State-Wise Leaders in IT Exports

• Karnataka: Dominated with exports worth ₹3.50 lakh crore in FY 2025-26, cementing Bengaluru’s status as India’s Silicon Valley.
• Telangana: Achieved ₹1.13 lakh crore in exports, showcasing Hyderabad’s growing IT strength.
• Maharashtra: Reported ₹1.62 lakh crore in exports, driven by hubs like Pune and Mumbai.
• Tamil Nadu: Crossed ₹60,000 crore in exports, highlighting Chennai’s robust IT ecosystem.
• Haryana: Delivered ₹26,885 crore in exports, reflecting Gurugram’s expanding IT services base.

Ease of Doing Business Reforms

• Automation of Services: SOFTEX filing and approvals are now fully automated, reducing delays.
• Integration with RBI: Export data is seamlessly transmitted to RBI’s EDPMS system, ensuring transparency and compliance.
• Simplified Imports: Blanket import permissions have replaced case-by-case approvals.
• Self-Declaration for DTA Sales: Units can now declare domestic sales without prior permissions, except in their first year.

STP Units Performance (FY 2023-24 to FY 2025-26)

	FY 2023-24	FY 2024-25	FY 2025-26
Total No of STP Units	2059	2042	2125
Total Investment reported by STP units (₹ Crore)	10,709.92	8,870.78	7,362.86*
Total Imports by STP Units (₹ Crore)	9,947.47	9,482.27	9,960.26*
Total Exports by STP Units (₹ Crore)	6,36,619.87	6,88,194.11	7,73,898.97*

*Estimated

Conclusion

India’s IT export ecosystem, powered by STP units, is not only scaling new heights but also becoming more efficient and business-friendly. With Karnataka, Telangana, Maharashtra, and Tamil Nadu leading the charge, and reforms simplifying compliance, India is well-positioned to sustain its global IT leadership.