1. KSB Limited associate income - The 21.55% stake in KSB Limited (carrying value ₹342.23 cr, up from ₹302.69 cr a year ago) delivered a dividend of ₹13.13 cr in FY25, and management expects the associate to do better in line with the current capex cycle. As the single largest asset on the balance sheet, sustained earnings growth at KSB directly lifts the company’s share of profit and dividend stream.
2. NSE listing - Equity shares began trading on the NSE effective 20 April 2026, adding a deep secondary market to the earlier exchange presence. Wider investor access can improve price discovery and trading liquidity for the ₹1,075 cr market-cap stock.
3. Dividend per share stepped up - The board recommended ₹120 per share for FY26, following a rise from ₹90 in FY24 to ₹110 in FY25. A growing absolute payout, funded by dividend income of ₹18.70 cr in FY25, signals confidence in the recurring cash flow from the investment portfolio.
4. Portfolio rebalancing into new themes - Management has identified green energy, data centres, semiconductors, defence, EVs, and rare-earth mining as new investment areas, while actively managing the listed equity portfolio with specialist advisors. Rotating into these themes widens the opportunity set beyond the current diversified equity pool and can lift long-term capital appreciation.
5. Equity-portfolio upside to market moves - A 2% rise in the NSE/BSE index would increase other components of equity by ₹9,68,55, and the company already outperformed the benchmark in the period covered by its August 2024 document. In a rising market, the mark-to-market gain flows directly into net worth, enlarging the base that generates future returns.