Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>BDL reported strong FY25 revenue of ₹3,345 Cr and PAT of ₹550 Cr, though EBITDA margins declined to 24.6% from earlier highs.</li>
<li>With a ₹22,700 Cr order book, BDL is expanding via new plants in Jhansi, Amravati, and Ibrahimpatnam backed by ₹600+ Cr capex.</li>
<li>At 100x PE and 75xPE FY27e valuations appear stretched, leaving limited margin of safety despite strong execution and order visibility.</li>
</ul>


BDL reported strong FY25 revenue of ₹3,345 Cr and PAT of ₹550 Cr, though EBITDA margins declined to 24.6% from earlier highs.
With a ₹22,700 Cr order book, BDL is expanding via new plants in Jhansi, Amravati, and Ibrahimpatnam backed by ₹600+ Cr capex.
At 100x PE and 75xPE FY27e valuations appear stretched, leaving limited margin of safety despite strong execution and order visibility.


BDL IN – Bharat Dynamics: Missile Systems Specialist Strengthening India’s Defence Edge

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> raised about US$400m in its India IPO. </li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO. 
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   </li>
<li>The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   </li>
<li>High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.</li>
</ul>


Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   
The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   
High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.


Indian Defence Sector: A Sustainable Boom Or A Trap?

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

India

Hindustan Aeronautics Limited (HAL) operates as an aerospace and defense company. The Company designs and manufactures aircraft, helicopter, power plants, inertial navigation system, auto stabilizer, laser range system, flight data recorder, communication equipment, air borne secondary radar, panel instruments, and general forging. HAL serves aerospace industry in India.

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Hindustan Aeronautics (HNAL IN)

BDL IN – Bharat Dynamics: Missile Systems Specialist Strengthening India’s Defence Edge

BDL's strong FY25 performance with high revenue and PAT, expanding operations with new plants, but stretched valuations raise concerns despite...

Rahul Jain

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Indian Defence Sector: A Sustainable Boom Or A Trap?

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

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BDL IN – Bharat Dynamics: Missile Systems Specialist Strengthening India’s Defence Edge

​BDL's strong FY25 performance with high revenue and PAT, expanding operations with new plants, but stretched valuations raise concerns despite...

Rahul Jain

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Indian Defence Sector: A Sustainable Boom Or A Trap?

​Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

BDL's strong FY25 performance with high revenue and PAT, expanding operations with new plants, but stretched valuations raise concerns despite...

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...