Landmark
report “Signal vs Noise: Decoding the SME Market” unveiled at
the inaugural Bharat Trilogy Summit 2025.
Mumbai, 10 December 2025 : Indorient Financial Services Limited on Saturday launched its
innovative research study, “Signal vs Noise: Decoding the SME Market”, which
documents a decisive post-COVID structural shift in India’s SME capital markets
The report identifies several game-changing trends
reshaping India’s SME investment landscape:
- Fundraising
Shift: Sharp surge in ₹25-35 crore+ deals
post-2020, marking a departure from smaller ticket sizes that dominated
the pre-COVID era - Performance
Divergence: Widening gap between sustained
outperformers and one-time gainers, with post-listing performance
increasingly tied to governance quality and operational fundamentals - Sector
Leadership: Energy and Financials sectors
record strongest revenue expansion, while Industrials (Capital Goods,
Commercial & Professional Services, Transportation) lead in issuance
volumes - Quality
Over Hype: Track record, profitability, and
operational depth emerging as key differentiators in a market previously
dominated by high-growth, loss-making narratives
The report was based on an exhaustive analysis of all
1,345 SME listings from platform inception until 14 November 2025. As retail
participation in SME IPOs grows and regulatory scrutiny intensifies, the report
provides timely guidance for investors, policymakers, and entrepreneurs
navigating this evolving landscape. The emphasis on governance and sustainable
value creation aligns with SEBI’s ongoing efforts to enhance market quality and
investor protection.
The study was unveiled at the inaugural Bharat Trilogy
Summit 2025, a culturally rich, invitation-only forum curated by Etherwire.Ai,
supported by RubyWorks and powered by Indorient under the theme “Viksit
Bharat with Values.”
The summit integrates India’s classical value systems
with modern financial discourse to promote responsible growth, governance-led
enterprise building and long-term investor confidence. Ideated as an
invitation-only forum, the Summit spotlights credible, well-governed SMEs while
enabling distraction-free dialogue between serious investors and proven
entrepreneurs.
Rooted in the theme “Viksit Bharat with
Values”, the Summit challenges the prevailing market narrative by
redirecting attention toward SMEs with proven profitability and operational
depth—companies often overshadowed by loss-making, high-growth stories.
The summit began on a high-energy note with celebrated
voice-over legend Mr. Abhinav Sharma — the iconic voice behind 200+ Indian
brands — delivering the opening montage of famous brand jingles, setting an
electrifying tone before masterfully emceeing the entire day.
In a deliberate departure from conventional events,
there were no formal pitches. Instead, nine carefully curated, governance-first
companies presented directly to the room of 50+ investors which included QIB
and Family offices:
The summit was graced by Chief Guest Mr. Subhash V.
Thakrar, Mentor to Indorient, who delivered the welcome note. Distinguished
speakers included bestselling author Akshat Gupta; Mr. V. Srinivasan,
Chairperson, eMudhra; Mr. K. Sudarshan, Managing Director, EMA Partners; and
Mr. Neil Bahal, Founder & CEO, Negen Capital.
Supporting the initiative were thought leaders,
investors
– Mr. Zulfiquar Ghadiyali, executive director-
Royal office of His Highness Sheikh Tahnoon Bin Saeed Al Nahyan and Managing
Director of One world Business Venture
– Mr. Prashant Khanchandani, Vyom Partners LLP
(Polycab Family Office)
– Mr. Nilesh Vikamsey, Past President, Institute of
Chartered Accountants of India & Independent Director in several listed
companies
– Ms. Riddhi Vyas Shah, Founder, LumenCap
Ventures
Mr. Neil Bahal, Founder & CEO, Negen Capital,
said:
“The SME market is finally maturing. Credibility and
execution discipline are the new currency. A data-rich study paired with a
culturally anchored platform like the Bharat Trilogy Summit helps serious
investors discover tomorrow’s compounders today.”
Ivor Misquith, Joint MD & CEO, Indorient
Financial Services Limited remarked on the
Summit “The BTS event and our sector research reinforces our commitment and
confidence in the SME sector – SME’s will be the prime catalyst in the goal of
Vikshit Bharat 2047”
Mr. Soumya Padhi, Managing Director, Indorient
Financial Services Limited stated
“The Bharat Trilogy Summit is an ecosystem built on a
dharma-guided way of working. For Viksit Bharat 2047 to become reality, every
stakeholder must chip in — and every investor matters. Today we saw exactly
that spirit in action.”
Ms. Jyoti Rai, Founder – Etherwire Ai,
said:
“This research is the Kalash — the sacred container of
all the intense Manthan that Ivor, Soumya and the entire Indorient team have
churned over the past year. It separates enduring signals from transient noise
and offers investors a clear lens on sustainable value creation.”
The evening’s highlight was the unveiling of the
specially curated “Sampoorn Poshan Dish” — a millet-based celebration of
India’s ancient supergrains — presented by Ms. Shikha Jain and celebrated Chef
Ganesh of The Quorum, symbolising the harmonious fusion of heritage and
future-ready growth.
About Indorient Financial Services
Limited
Indorient is a boutique investment banking and
financial advisory firm offering integrated capital markets, M&A,
valuations, private equity, debt advisory and AIF due-diligence services.
Established in 1993 and registered as a SEBI Category 1 Merchant Banker in
2019, the firm partners with mid-market and emerging enterprises to support
value-focused financial decision-making, strategic growth and long-term capital
formation.
About Bharat Trilogy Summit
Curated by Etherwire, the invitation-only Bharat
Trilogy Summit brings together credible, governance-first SMEs and long-term
investors for substance-rich, value-system-anchored conversations on
responsible growth and resilient wealth creation.
