The Newcastle firm has been backed by NPIF II – NEL Debt Finance, managed by NEL Fund Managers

Renewables specialist CrowdedHouse Energy has secured six-figure investment it says will put it on a footing for growth. The Newcastle firm provides commercial solar technology including rooftop photovoltaics and a parking canopy system.

It handles design, consultancy, installation and ongoing maintenance for customers. Investment comes from NPIF II – NEL Debt Finance, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II).

It has allowed CrowdedHouse to bring in new equipment for its Scotswood Road, Newcastle, factory, creating new production capabilities. By bringing fabrication in-house, the business says it has reduced reliance on suppliers, improved efficiency and shortened lead times for clients.

Richard Blackwell, CEO of CrowdedHouse Energy, said: “NEL’s investment has been pivotal for CrowdHouse Energy. Their support has been outstanding, providing clear guidance, structure, and an outside perspective that has helped us make better decisions as we scale.

“Beyond funding, NEL has strengthened our confidence to invest in key areas, improve operations, and continue delivering high-quality projects, putting us in a strong position for sustainable growth.”

Jane Siddle, NEL investment executive, added: “Our investment is a clear endorsement of CHE’s vision and their steadfast dedication to advancing exceptional renewable energy projects. CHE plays an instrumental role in driving the North East towards a sustainable, net zero future.

“We are genuinely delighted to support CHE as they further develop their manufacturing abilities and continue to introduce cutting-edge solutions in commercial solar technology.”

The £660m Northern Powerhouse Investment Fund II covers the entire North of England and provides loans of between £25,000 to £2m and equity investment up to £5m for small and medium-sized businesses to start up, scale up or stay ahead.

Sarah Newbould, senior investment manager at the British Business Bank said: “Through the Northern Powerhouse Investment Fund II, we are proud to support businesses like CrowdHouse Energy that are aligned with the Government’s Industrial Strategy, creating highly-skilled jobs, driving regional economic growth and playing a vital role in the UK’s transition to a net zero economy.”

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Bharat Electronics reported a 5% year-on-year (YoY) rise in consolidated net profit for the March quarter, supported by steady execution in defence projects and higher operational revenue. The state-run defence electronics company posted profit after tax of Rs 2,226 crore for Q4FY26 compared with Rs 2,127 crore in the corresponding quarter last year. BEL’s board recommended a final dividend of Rs 0.55 per equity share with face value of Rs 1 each for FY26, subject to shareholder approval at the upcoming annual general meeting.

Revenue from operations rose 11% YoY to Rs 10,224 crore from Rs 9,150 crore in the year-ago period. Total income for the quarter increased to Rs 10,335 crore against Rs 9,344 crore a year earlier, reflecting growth of around 11%. The company’s profit before tax stood at Rs 2,917 crore during the quarter compared with Rs 2,867 crore in Q4 FY25, registering a rise of 2%.

BEL’s total expenses increased to Rs 7,417 crore from Rs 6,477 crore in the corresponding quarter last year as the company ramped up production and project execution. Cost of materials consumed during the quarter rose to Rs 4,794 crore from Rs 4,429 crore in the previous year period. Employee benefit expenses increased 8.5% YoY to Rs 831 crore compared with Rs 766 crore last year. Other expenses also climbed sharply to Rs 1,117 crore from Rs 819 crore in Q4 FY25.

Despite the increase in costs, the company maintained healthy profitability due to strong revenue growth and stable execution across its defence electronics portfolio.

For the full financial year FY26, BEL reported consolidated revenue from operations of Rs 27,610 crore, up 16% from Rs 23,769 crore in FY25. Net profit for the year rose 14% to Rs 6,062 crore compared with Rs 5,323 crore in the previous financial year. Total income during FY26 stood at Rs 28,176 crore against Rs 24,511 crore in FY25, marking growth of nearly 15%. Profit before tax for the full year came in at Rs 8,053 crore, up 13% from Rs 7,099 crore in FY25.

The company also benefited from higher contribution from associate entities. Share of profit from associates accounted under equity method increased to Rs 1,216 lakh during the March quarter compared with Rs 601 lakh in the same quarter last year.

Nithin Kamath has warned that rapidly rising margin trading facility (MTF) exposure across brokerages could become a major risk for India’s stock market ecosystem if markets witness a sharp correction. In a detailed post on social media platform X, the Zerodha co-founder said MTF books continue to expand aggressively even though Indian equity markets have largely moved sideways in recent months.

Kamath contrasted the current situation with markets such as South Korea, where investors borrowed heavily during a sharp rally. “This isn’t like the Korean markets, for example, where the markets are up 150% in the last year alone, and people are borrowing to ride that rally. Our situation is different,” he said.

MTF allows investors to buy stocks by borrowing funds from brokers while pledging shares or margin as collateral. The product has grown rapidly over the past two years as retail participation in equities surged and investors increasingly used leverage to amplify returns, especially in mid-cap and small-cap stocks.

Kamath said one of the biggest risks emerges during sudden market declines when brokers may struggle to liquidate pledged stocks quickly enough to recover borrowed amounts. “The big risk with MTF is the risk of the stock becoming illiquid in case there’s a sharp market fall,” he said. He explained that if stock prices fall beyond the margin provided by customers, brokers are left exposed to losses. “If a stock moves more than the margin provided, say 20%, the bad debit is on the broker,” Kamath said, adding that recovery from customers in such situations is often difficult.

According to him, the risk becomes significantly larger when investors use pledged shares as collateral to build even bigger leveraged positions in the same stock. “A customer pledges Stock A, gets 80% margin on it, and uses that to take further positions worth 400% in the same stock,” he said.

Kamath warned that such structures can become extremely dangerous in mid-cap and small-cap shares where lower liquidity and circuit filters can prevent brokers from exiting positions during market stress. “If that stock is a mid or small-cap stock, circuits kick in, and there’s simply no exit if markets turn around,” he said.
He also revealed that nearly 50% of the industry’s MTF exposure currently lies in non-futures-and-options stocks, a segment generally considered less liquid compared with large-cap F&O counters. The Zerodha founder said his brokerage still does not allow customers to use collateral margin for MTF purchases, though competitive pressure in the industry may eventually force changes. “While we still don’t allow collateral margin for buying MTF, competitive pressure would mean we will have to,” he said.Kamath added that Zerodha’s own MTF book has increased significantly over the past 16 months but remains around 25% of the company’s net worth. For some brokers, however, he said MTF exposure may be as high as 500% of net worth, which is currently the maximum limit allowed by regulators.

The comments come at a time when India’s cash market volumes have slowed after last year’s strong rally, while leveraged trading products including derivatives and MTF continue to see elevated activity.

Brian Gilmartin, is a portfolio manager at Trinity Asset Management, a firm he founded in May, 1995, catering to individual investors and institutions that werent getting the attention and service deserved, from larger firms. Brian started in the business as a fixed-income / credit analyst, with a Chicago broker-dealer, and then worked at Stein Roe & Farnham in Chicago, from 1992 – 1995, before striking out on his own and managing equity and balanced accounts for clients. Brian has a BSBA (Finance) from Xavier University, Cincinnati, Ohio, (1982) and an MBA (Finance) from Loyola University, Chicago, January, 1985. The CFA was awarded in 1994. Brian has been fortunate enough to write for the TheStreet.com from 2000 to 2012, and then the WallStreet AllStars from August 2011, to Spring, 2012. Brian also wrote for Minyanville.com, and has been quoted in numerous publications including the Wall Street Journal.