The company will use the fresh capital to invest in its proprietary technology platform, expand its operations, and strengthen its NBFC armJSW One Platforms had announced raising INR 340 Cr in May this year at a unicorn valuationThe B2B ecommerce marketplace raised an additional INR 235 Cr to close its ongoing funding round at INR 575 CrJSW Group’s B2B ecommerce marketplace JSW One Platforms has raised an additional INR 235 Cr to close its ongoing funding round at INR 575 Cr.The funding round saw participat ...

Core Insights - The total flow of financial resources to the corporate sector increased to Rs 35 lakh crore in FY25, reflecting a 3% rise from the previous year, but indicates a shift away from traditional bank credit [1][5] - Nearly 49% of the total funding, amounting to Rs 17.1 lakh crore, was sourced from non-bank channels, including corporate bonds, NBFC loans, equity issuances, and foreign direct investment [1][5] - Demand for bank credit fell by 14% to Rs 17.9 lakh crore, attributed to strong equity market performance encouraging companies to opt for share issuances over debt [2][5] Funding Composition - Non-financial corporates raised Rs 3.8 lakh crore through equity in FY25, marking a significant 188% increase compared to the previous year [3][5] - Lending from NBFCs and financial institutions to corporates rose by 20%, totaling Rs 6.1 lakh crore [3][5] - Borrowings through corporate bonds and commercial papers by non-bank entities increased by 15% to Rs 2.1 lakh crore [3][5] Economic Context - The decline in bank credit is also linked to larger corporates utilizing internal accruals for business expansion, as noted by RBI governor Sanjay Malhotra [5] - The overall flow of financial resources to the commercial sector has increased when considering non-bank sources, despite the slowdown in bank lending [5] - To stimulate credit demand, the RBI has reduced policy rates by 100 basis points since February and ensured ample liquidity in the banking system [5]

Investment Rating - The report maintains a Neutral rating on Titan due to demand uncertainty in FY26E caused by elevated gold prices and rich valuation [5][41]. Core Insights - UBS's Basic Materials team forecasts gold prices to rise to US$3,500 in 2026, driven by tariff uncertainty, weak growth, high inflation, and geopolitical risks [2][9]. - India's gold demand is expected to moderate to approximately 725 tonnes in FY26, a 7% year-on-year decline, before recovering to 800 tonnes in FY27 as household consumption stabilizes [4][23]. - Indian households hold the largest stock of gold globally, estimated at 25,000 tonnes, valued at around US$2.4 trillion, which is 56% of FY26 nominal GDP [3][13]. Summary by Sections Gold Price Forecast - Gold prices are projected to increase significantly, with annual averages expected to reach US$3,500 in 2026, reflecting a 23% increase from previous estimates [12]. Consumer Demand for Gold - Consumer demand for gold in India is anticipated to soften in FY26, particularly in jewellery, which constitutes 70% of total demand, expected to decline by 5-10% year-on-year [4][23]. - Retail investment demand remains strong, with a notable increase in gold bars and coins, driven by gold's performance as a safe-haven asset [20]. Economic Context - India's net gold imports are projected to remain high at US$55 billion to US$60 billion in FY26/27, accounting for 1.2% of GDP, despite a manageable current account deficit [40]. - The report highlights that the upcoming pay boost of approximately US$55 billion could support household consumption and stabilize gold demand [39][23]. Gold Mobilization Efforts - Policy initiatives aimed at mobilizing gold for productive uses have seen limited success, with households primarily using gold as collateral for loans [42][45]. - The Gold Monetization Scheme and Sovereign Gold Bonds have not achieved significant participation, leading to a discontinuation of some programs [44][45]. Company-Specific Insights - Titan is expected to pursue aggressive network expansion to capture market share as the market transitions from unorganised to organised [5][41]. - The report notes that while Titan's long-term proposition is favorable, the current demand uncertainty warrants a Neutral rating [5][41].