Daily Brief India: National Stock Exchange, KPIT Technologies, Knowledge Realty Trust and more

In today’s briefing:

How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well

How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?

Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges.
The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences.
BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.

KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.

Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.

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