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India Startup Funding Venture Capital Filings — May 13, 2026

India Startup Funding

By Gunpowder Editorial ·

9 medium priority 9 total filings analysed

Executive Summary

Across the 9 filings in the India Startup Funding stream, a key theme emerges of active corporate investments into startups and restructuring plays amid mixed financial performances, with Tube Investments of India showing robust Q4 FY26 revenue growth of 16.4% YoY to ₹2,278.57 Cr but sharp PAT declines of -65.2% YoY to ₹283.52 Cr due to absent one-time gains.

Indo-National's ₹80L investment into declining-turnover startup Medcuore Medical Solutions (total stake now 57.48%) highlights venture-like bets on air purifier tech despite target's -43% YoY and -26% YoY turnover drops. The Investment Trust of India advances amalgamation and demerger schemes, signaling portfolio optimization, while minor promoter sales at Usha Martin and acquisition intents at Gemstone and Aqylon Nexus point to selective capital deployment. Portfolio-level trends reveal revenue expansion (e.g., Tube's FY26 +8.4% YoY) contrasting profitability pressures (-36.2% FY PAT), with no broad insider conviction signals but upcoming catalysts like Aqylon's May 20 board meeting. Overall, implications favor monitoring investment-driven alpha in startups over immediate industrials exposure given profit volatility.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Corporate action · M&A

Tracking the trend? Catch up on the prior India Startup Funding Venture Capital Filings digest from May 12, 2026.

Investment Signals (11)

  • Tube Investments ↓ (BULLISH)
    ▲

    Q4 FY26 revenue +16.4% YoY to ₹2,278.57 Cr (Engineering +22%, Mobility +14.9%), FY26 +8.4% YoY to ₹8,556.35 Cr, segment assets +14% YoY to ₹7,491 Cr

  • Tube Investments ↓ (BULLISH)
    ▲

    Dividend announcement under Reg 30 signals policy continuity, potential for sustainable payouts amid revenue momentum

  • Indo-National ↓ (BULLISH)
    ▲

    Acquired additional 2.69% stake (871 shares at ₹9,187/share) in Medcuore Medical Solutions for ₹80L cash, total holding 57.48%, targeting air monitoring growth

  • The Investment Trust of India ↓ (BULLISH)
    ▲

    Approved amalgamation of wholly-owned subsidiaries and demerger update into Distress Asset Specialist, unmodified audit opinion, portfolio streamlining

  • The Investment Trust of India ↓ (BULLISH)
    ▲

    Positive sentiment on FY26 financials approval with no material variances, board met May 13 for restructuring progress

  • Gemstone Investments ↓ (BULLISH)
    ▲

    Received Reg 29(1) disclosure from Veluben Velji Keriya on intent to acquire/cross 5% threshold, potential stake build-up

  • Sri Adhikari Brothers (Aqylon Nexus) (BULLISH)
    ▲

    Board meeting scheduled May 20 for proposed acquisition/investment and Term Sheet execution, expansion catalyst

  • Tube Investments ↓ (BULLISH)
    ▲

    Capital employed +12.92% YoY to ₹5,988.63 Cr FY26, supports growth reinvestment despite PAT dip

  • Indo-National ↓ (BULLISH)
    ▲

    No regulatory approvals needed for Medcuore investment, quick execution in non-related party deal

  • Usha Martin ↓
    ▲

    Promoter holding remains >1% post minor sale, GDRs unchanged at 185,691 convertible to 928,455 shares [NEUTRAL but STABLE]

  • Tube Investments ↓ (BULLISH)
    ▲

    Others segment +47% YoY to ₹70.25 Cr Q4, QoQ revenue +5.88% to ₹2,278.57 Cr

Risk Flags (8)

Opportunities (8)

  • Tube Investments/Revenue Momentum↓ (OPPORTUNITY)
    ◆

    Outperforms with +16.4% YoY Q4 revenue vs FY +8.4%, trade segment recovery play ahead of dividend details

  • Indo-National/Medcuore Stake↓ (OPPORTUNITY)
    ◆

    Controlling 57.48% in air purifiers startup (inc. 2020), turnaround potential if turnover stabilizes post-investment

  • The Investment Trust of India/Restructuring↓ (OPPORTUNITY)
    ◆

    Amalgamation + demerger unlocks value in non-lending assets, unmodified FY26 audit supports clean execution

  • Gemstone Investments/Stake Build↓ (OPPORTUNITY)
    ◆

    Velji Keriya's Reg 29(1) intent to acquire >5%, monitor for takeover premium or control shift

  • Sri Adhikari (Aqylon Nexus)/Acquisition (OPPORTUNITY)
    ◆

    May 20 board for Term Sheet on unnamed entity, startup investment catalyst in media/tech pivot

  • Tube Investments/Assets Growth↓ (OPPORTUNITY)
    ◆

    +14% YoY segment assets to ₹7,491 Cr, capacity expansion for Engineering/Mobility outperformance

  • Usha Martin/Promoter Floor↓ (OPPORTUNITY)
    ◆

    Sale minor (0.04%), holding stable >1% + GDRs, dip-buy if steel sector rebounds

  • Tube Investments/QoQ Strength↓ (OPPORTUNITY)
    ◆

    +5.88% QoQ Q4 revenue, Others +47% YoY, relative outperformer vs profit laggards

Sector Themes (5)

  • Profit Volatility in Industrials
    ◆

    Tube Investments exemplifies 16.4% YoY revenue growth but -65% PAT drop (2/3 Tube filings), one-offs mask underlying expense pressures, caution on cyclicals [IMPLICATION: Favor revenue leaders]

  • Startup Investments Despite Declines
    ◆

    Indo-National's bet on -43/-26% YoY turnover Medcuore (total stake 57%), echoes Gemstone/Aqylon intents, VC tolerance for early-stage distress [IMPLICATION: High-risk alpha in air-tech/health]

  • Restructuring Momentum
    ◆

    Investment Trust's amalgamation/demerger (2 filings since 2022), signals NBFC cleanup, 2/9 filings focused [IMPLICATION: Portfolio optimization unlocks]

  • Minor Insider Sales
    ◆

    Usha Martin promoter offloads 0.04% (holding >1%), no broad conviction erosion but watch clusters [IMPLICATION: Low conviction at peaks]

  • Catalyst Calendar Build
    ◆

    4/9 filings with events (dividend, board May 20, demerger updates), drives near-term volatility [IMPLICATION: Trade announcements]

Watch List (7)

Filing Analyses (9)
Tube Investments of India Limited Corporate Action neutral materiality 3/10

13-05-2026

Tube Investments of India Limited (BSE: 540762) made an announcement under Regulation 30 of SEBI (LODR) on May 13, 2026, regarding Dividend Updates - Dividend. No specific details such as dividend quantum, record date, payment timeline, payout ratio, or historical comparisons are disclosed in the provided information. This is an informational disclosure with no quantitative financial metrics or performance indicators mentioned.

Tube Investments of India Limited Corporate Action mixed materiality 10/10

13-05-2026

Tube Investments of India Limited reported standalone total revenue from operations of ₹2,278.57 Cr for Q4 FY26 (ended March 31, 2026), up 16.4% YoY from ₹1,957.25 Cr, driven by growth in Engineering (+22.0% to ₹1,494.92 Cr) and Mobility (+14.9% to ₹207.61 Cr), while FY26 revenue rose 8.4% YoY to ₹8,556.35 Cr from ₹7,892.53 Cr. However, profit after tax fell sharply to ₹283.52 Cr in Q4 FY26 from ₹813.65 Cr YoY (-65.2%) and to ₹827.35 Cr for FY26 from ₹1,296.66 Cr (-36.2%), impacted by a one-time fair value gain on CCPS of ₹569.00 Cr mostly in Q3 FY26, negative exceptional items of ₹22.75 Cr, and higher expenses. Segment results showed modest growth in Engineering (₹689.12 Cr, +1.8% YoY) and Others (+47.0% to ₹70.25 Cr), but overall profitability declined.

  • · Total segment assets stood at ₹7,491.09 Cr as at March 31, 2026, up 14.0% from ₹6,571.21 Cr YoY.
  • · Basic EPS for FY26 at ₹42.76 (down from ₹67.03 YoY); Diluted EPS ₹42.74 (down from ₹66.98).
  • · Exceptional items loss of ₹22.75 Cr in FY26 (vs ₹19.13 Cr loss in FY25).
  • · Capital employed ₹5,988.63 Cr as at March 31, 2026 (up from ₹5,305.60 Cr YoY).
Tube Investments of India Limited Corporate Action mixed materiality 10/10

13-05-2026

Tube Investments of India Limited reported standalone total revenue from operations of ₹2,278.57 Cr for Q4 FY26 (ended March 31, 2026), up 16.41% YoY from ₹1,957.25 Cr and 5.88% QoQ from ₹2,152.22 Cr, driven by growth across segments like Engineering (+21.92% YoY). However, PAT fell sharply 65.15% YoY to ₹283.52 Cr from ₹813.65 Cr due to the absence of a ₹569 Cr fair value gain on CCPS recorded in the prior year. For FY26, revenue grew 8.41% YoY to ₹8,556.35 Cr, but PAT declined 36.20% to ₹827.35 Cr amid higher expenses, with Others segment revenue down 6.48% YoY while Mobility surged.

  • · Basic EPS for FY26 at ₹42.76 (down from ₹67.03 in FY25); Diluted EPS ₹42.74 (down from ₹66.98).
  • · Total Segment Assets as at March 31, 2026: ₹7,491.09 Cr (up from ₹6,571.21 Cr prior year).
  • · Capital Employed total FY26: ₹5,988.63 Cr (up 12.92% from ₹5,305.60 Cr prior year).
  • · Auditor: S.R. Batliboi & Associates LLP; clean audit opinion with no material uncertainties.
Indo-National Limited Merger/Acquisition mixed materiality 5/10

13-05-2026

Indo National Limited invested Rs. 80,00,000 to subscribe to 871 equity shares of Medcuore Medical Solutions Private Ltd (MMSPL), acquiring an additional 2.69% stake on a fully diluted basis and increasing its total shareholding to 57.48%. This cash investment, based on a valuation of Rs. 9,187 per share, aims to support MMSPL's business growth in air monitoring systems and purifiers. However, MMSPL's turnover has declined sharply YoY, from Rs. 83,54,000 in FY23 to Rs. 47,68,000 in FY24 (-43%) and further to Rs. 35,41,484 in FY25 (-26%).

  • · No governmental or regulatory approvals required for the acquisition.
  • · Acquisition completed via cash consideration; not a related party transaction.
  • · MMSPL incorporated on 07/06/2020; operates in India.
  • · Indicative completion timeframe for investment objectives: Upto FY 2027-28.
The Investment Trust Of India Limited Merger/Acquisition neutral materiality 8/10

13-05-2026

The Board of Directors of The Investment Trust of India Limited approved the audited consolidated and standalone financial statements and results for the quarter and year ended March 31, 2026, with an unmodified audit opinion from M/s Ramesh M. Sheth & Associates. They also approved a scheme of amalgamation of wholly owned subsidiaries into the company and provided an update on the ongoing scheme of arrangement involving the demerger of the company's Non-lending Business Undertaking into Distress Asset Specialist Limited, originally approved in June 2022. No specific financial performance metrics or period-over-period changes were disclosed in the filing.

  • · Board meeting held on May 13, 2026, from 3:35 P.M. to 6:10 P.M.
  • · Demerger scheme initially approved by Audit Committee and Board on June 4, 2022.
  • · Auditors: M/s Ramesh M. Sheth & Associates (FRN: 111883W).
The Investment Trust Of India Limited Merger/Acquisition positive materiality 8/10

13-05-2026

The Board of Directors of The Investment Trust of India Limited approved the audited consolidated and standalone financial statements and results for the quarter and year ended March 31, 2026, with an unmodified auditor's opinion from M/s Ramesh M. Sheth & Associates. They also approved a scheme of amalgamation of wholly owned subsidiaries into the company and provided an update on the ongoing scheme of arrangement involving demerger of the company's non-lending business into Distress Asset Specialist Limited. No material financial performance variances or concerns were highlighted in the disclosures.

  • · Board meeting held on May 13, 2026, from 3:35 P.M. to 6:10 P.M.
  • · Demerger scheme initially approved by Audit Committee and Board on June 4, 2022.
  • · ITI Gold Loans Limited subsidiary until November 29, 2025.
  • · ITI Gold Loans Limited became associate effective from a specified date in 2025.
Usha Martin Limited Merger/Acquisition neutral materiality 3/10

13-05-2026

Peterhouse Investments Limited, part of the promoter/promoter group of Usha Martin Limited, disclosed the sale of 130,656 equity shares (0.04% of total share capital) on May 11, 2026, via open market on NSE, reducing its direct equity holding from 3,250,000 shares (1.06%) to 3,119,344 shares (1.02%). The stake remains above 1%, with unchanged holding of 185,691 GDRs convertible into 928,455 equity shares at the holder's option. Total equity share capital of Usha Martin Limited is 30,47,41,780 shares before and after the transaction.

  • · Disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • · Mode of sale: Open Market (National Stock Exchange)
  • · Date of sale: 11.05.2026; Date of disclosure: 12.05.2026
  • · Shares listed on BSE, NSE; GDRs on Luxembourg
Gemstone Investments Ltd. Merger/Acquisition neutral materiality 2/10

13-05-2026

Gemstone Investments Ltd (BSE:531137) has received a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 from Veluben Velji Keriya. This filing indicates an intention or agreement to acquire shares that may cross or increase beyond substantial shareholding thresholds (typically 5% or more). No further details on deal structure, share counts, percentages, valuation, or strategic rationale were disclosed.

Sri Adhikari Brothers Television Network Limited Merger/Acquisition neutral materiality 8/10

13-05-2026

Aqylon Nexus Limited (formerly Sri Adhikari Brothers Television Network Limited) has intimated BSE and NSE about a Board of Directors meeting scheduled for May 20, 2026, to consider and approve a proposed acquisition/investment in an unnamed corporate entity, including execution of a Term Sheet and related documents subject to approvals. No financial details or target specifics were disclosed in the filing dated May 13, 2026.

  • · CIN: L62090MH1994PLC083853
  • · Scrip Code (BSE): 530943; Symbol (NSE): AQYLON
  • · Registered Office: 6th Floor, Adhikari Chambers, Oberoi Complex, New Link Road, Andheri (West), Mumbai - 400053

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