Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.</li>
<li>India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.</li>
<li>Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs</li>
</ul>


SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.
India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.
Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs


INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. </li>
<li>We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).</li>
<li>We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.</li>
</ul>


JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.


The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> raised around US$606m in its India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Meesho Ltd IPO Trading - Robust Overall Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

India

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

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INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

​SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

​JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...