The RBI’s recent bulletin shows that net profits of Indian companies rose sharply from ₹2.5 trillion in 2020-21 to about ₹7.1 trillion in 2024-25, lifting profit margins to 10.3% from 7.2%. Simultaneously, the SME IPO segment saw significant growth, driven by strong retail participation and oversubscribed listings. However, the bulletin cautions that while the SME IPO boom reflects demand, post-listing performance remains mixed and valuation risks persist, especially in sectors facing import-pressure like steel.