Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Record 9M CY2026 leasing of 66.4 msf. GCCs (43%) and flex (24%) rising as third-party IT services shrinks to 13%, the AI-era demand rotation deepening.</li>
<li>Re-Rating driving institutional flows: Embassy’s index inclusion, Blackstone’s INR120bn Knowledge Realty OFS and India’s first bank-financed REIT NCD highlight growing investor participation and funding access.</li>
<li>Occupancy remains robust at 90-99%, with Knowledge Realty offering growth headroom, Embassy scale, Mindspace acquisition-led expansion and Brookfield interest rate sensitivity.</li>
</ul>


Record 9M CY2026 leasing of 66.4 msf. GCCs (43%) and flex (24%) rising as third-party IT services shrinks to 13%, the AI-era demand rotation deepening.
Re-Rating driving institutional flows: Embassy’s index inclusion, Blackstone’s INR120bn Knowledge Realty OFS and India’s first bank-financed REIT NCD highlight growing investor participation and funding access.
Occupancy remains robust at 90-99%, with Knowledge Realty offering growth headroom, Embassy scale, Mindspace acquisition-led expansion and Brookfield interest rate sensitivity.


India Office REIT Monthly Tracker - October 2026

Event-Driven

ATCO Ltd. generates, transmits, and distributes electric power to customers in Canada, and owns and operates power projects in Canada, Great Britain, and Australia.  The Company also gathers, stores, transmits, and distributes natural gas in Alberta, Canada.  In addition, ATCO manufactures and sells industrial workforce housing, provides technical services, and conducts other operations.

<ul>
<li>ATCO is being split - its controlling Canadian Utilities (CU) stake goes to Emera (EMA) in an all-share merger, and the non-utility businesses are spun out as "New ATCO."</li>
<li>Per ATCO share, holders receive 0.865 Emera shares plus one New ATCO share.</li>
<li>In our view, the value unlock sits in New ATCO, which management argues has been hidden behind the CU stake </li>
</ul>


ATCO is being split - its controlling Canadian Utilities (CU) stake goes to Emera (EMA) in an all-share merger, and the non-utility businesses are spun out as "New ATCO."
Per ATCO share, holders receive 0.865 Emera shares plus one New ATCO share.
In our view, the value unlock sits in New ATCO, which management argues has been hidden behind the CU stake 


ATCO (ACO.X): Utility Merger Unlocks a High-Growth Spin-Off - First Look

<ul>
<li>Blinkit turned adjusted EBITDA positive in Q1 FY27 after narrowing FY26 losses to 0.6% of NOV; Instamart’s contribution margin improved 440bps YoY to -0.2%.</li>
<li>Amazon committed US$3bn to India q-commerce through 2030, while Flipkart Minutes is scaling rapidly in Tier-2 cities and has surpassed Instamart’s top-10-metro store count.</li>
<li>Zepto’s proposed IPO has reset to ~INR5,100cr from INR11,000cr, signalling that public investors increasingly demand operating leverage before awarding premium valuations.</li>
</ul>


Blinkit turned adjusted EBITDA positive in Q1 FY27 after narrowing FY26 losses to 0.6% of NOV; Instamart’s contribution margin improved 440bps YoY to -0.2%.
Amazon committed US$3bn to India q-commerce through 2030, while Flipkart Minutes is scaling rapidly in Tier-2 cities and has surpassed Instamart’s top-10-metro store count.
Zepto’s proposed IPO has reset to ~INR5,100cr from INR11,000cr, signalling that public investors increasingly demand operating leverage before awarding premium valuations.


India Quick Commerce Monthly Tracker- September 2026

Madison Square Garden Sports Corp. / Event-Driven

Madison Square Garden Sports Corp. is a professional sports company that owns and operates sports franchises.

Madison Square Garden Sports Corp. (MSGS US)

<ul>
<li>MSGS has set October 26, 2026 as the completion date for the Rangers spin. Holders of record on October 20 receive one SpinCo share for every two MSGS shares .</li>
<li>When-Issued trading will commence from October 21, while Regular-way trading will begin from October 27.</li>
<li>We expect the separation to improve price discovery and narrow the valuation discount, with October 21 when-issued trading providing the first market based assessment of each franchise.</li>
</ul>


MSGS has set October 26, 2026 as the completion date for the Rangers spin. Holders of record on October 20 receive one SpinCo share for every two MSGS shares .
When-Issued trading will commence from October 21, while Regular-way trading will begin from October 27.
We expect the separation to improve price discovery and narrow the valuation discount, with October 21 when-issued trading providing the first market based assessment of each franchise.


Madison Square Garden Sports (NYSE: MSGS) To Complete Rangers Spin-Off on October 26

Corteva, Inc. provides agricultural products. The Company offers seeds and crop protection products, as well as software solutions and digital services. Corteva serves customers worldwide.

<ul>
<li>Corteva completed the Vylor seed spin-off on 1 October 2026. Both stocks began regular-way trading the same day, with no when-issued market for price discovery.</li>
<li>The combined position is up ~29% since announcement, but CTVA fell 17.5% from its first regular-way open while VYLR rose 2.5%</li>
<li>Our SOTP implies $18.00 (+51%) for New Corteva and $62.00 (-8%) for Vylor, making the orphaned parent, not the spin, as the more compelling mispricing opportunity.</li>
</ul>


Corteva completed the Vylor seed spin-off on 1 October 2026. Both stocks began regular-way trading the same day, with no when-issued market for price discovery.
The combined position is up ~29% since announcement, but CTVA fell 17.5% from its first regular-way open while VYLR rose 2.5%
Our SOTP implies $18.00 (+51%) for New Corteva and $62.00 (-8%) for Vylor, making the orphaned parent, not the spin, as the more compelling mispricing opportunity.


Corteva / Vylor: Spin Complete, Parent Sold Off; Crop Protection Is the Mispriced Half

GSBR Research
Leading Provider of Equity and Investment Research

India Office REIT Monthly Tracker - October 2026

Record 9M leasing (66.4 msf) and a regulatory re-rating, index inclusion, a ₹120bn KRT OFS, India’s first bank-financed REIT, reinforce the...

GSBR Research

ATCO (ACO.X): Utility Merger Unlocks a High-Growth Spin-Off - First Look

ATCO splits. CU stake merges into Emera, holders get 0.865 EMA + 1 New ATCO. Debt free SpinCo is the value unlock. Close Q3-Q4 2027.

GSBR Research

India Quick Commerce Monthly Tracker- September 2026

Blinkit turns adjusted EBITDA positive and Instamart nears contribution breakeven as India q-comm's profit pivot shows; Amazon commits $3bn, Zepto...

GSBR Research

Madison Square Garden Sports (NYSE: MSGS) To Complete Rangers Spin-Off on October 26

MSGS board approved the Rangers spin. MSGR distribution date at Oct 26 (record date is Oct 20). When-issued trading begins Oct 21, while regular...

GSBR Research

Corteva / Vylor: Spin Complete, Parent Sold Off; Crop Protection Is the Mispriced Half

Vylor spin done 1 Oct. CTVA down 17.5% in two sessions on index selling. CTVA $18.00 (+51%), VYLR $62.00 (–8%). The parent is the mispriced half.

GSBR Research