External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)</li><li>ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25</li><li>Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

<ul><li>India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic factors such as healthcare infrastructure and a structural shift towards an organised market</li><li>Within this healthcare landscape: (1) the hospital segment has already undergone the CAPEX phase (added bed capacity over FY14-19)</li><li>It is now in the execution phase, focusing on improving occupancy and ARPOB^, translating into a better margin</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic factors such as healthcare infrastructure and a structural shift towards an organised marketWithin this healthcare landscape: (1) the hospital segment has already undergone the CAPEX phase (added bed capacity over FY14-19)It is now in the execution phase, focusing on improving occupancy and ARPOB^, translating into a better marginContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: Strong Position, Long Runway for Growth

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 Capital Markets

Molbio Diagnostics Limited / Equity Capital Markets

<ul>
<li>Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform 'Trunat' which covers In Vitro testing for 30 diseases today with 43 assays</li>
<li>After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio's acquisitions are now expected to ramp-up</li>
<li>IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery</li>
</ul>


Molbio offers one of the only two WHO approved novel portable point-of-care (“POC”) molecular diagnostics platform 'Trunat' which covers In Vitro testing for 30 diseases today with 43 assays
After post-COVID dip, revenue trajectory improved in FY26 despite lower demand due from Global AID mandates. FY26 rev grew 45% with 22% opmargins. Molbio's acquisitions are now expected to ramp-up
IPO has been priced aggressively at 56x FY26 earnings at par with Indian diagnostics players. Valuations appear full and demand strong near term delivery


Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Molbio Diagnostics will launch its India IPO on August 10. The IPO consists of fresh issue of INR2B (~$21M) and OFS of up to 9M equity shares aggregating to INR7B.</li>
<li>The IPO price band is set at INR768 to INR807 per share. The IPO subscription will close on August 12, with expected listing on August 17.</li>
<li>Molbio proposes to utilize the net proceeds for funding the capex of infrastructure for R&amp;D facility and for purchase of equipment for Goa and Visakhapatnam units.</li>
</ul>


Molbio Diagnostics will launch its India IPO on August 10. The IPO consists of fresh issue of INR2B (~$21M) and OFS of up to 9M equity shares aggregating to INR7B.
The IPO price band is set at INR768 to INR807 per share. The IPO subscription will close on August 12, with expected listing on August 17.
Molbio proposes to utilize the net proceeds for funding the capex of infrastructure for R&amp;D facility and for purchase of equipment for Goa and Visakhapatnam units.


Molbio Diagnostics IPO: Attractive Business Model; Profitable Operations; Reasonable Valuation

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.

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics (2453623D IN)</a> raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.</li>
<li>Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

India

Metropolis Healthcare Ltd. is an Indian multinational chain of diagnostic laboratories, offering a comprehensive range of clinical laboratory tests and profiles for prediction, early detection, diagnostic screening, confirmation, and monitoring of diseases. The company provides a broad spectrum of services including pathology testing, preventive healthcare, and analytical support for clinical research organizations. Metropolis Healthcare Ltd. is headquartered in Mumbai, Maharashtra, India, and was founded in 1980.

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Metropolis Healthcare (METROHL IN)

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

Healthcare: Strong Position, Long Runway for Growth

India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic...

HDFC Securities

Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

Molbio's Trunat platform offers WHO-approved portable molecular diagnostics for 30 diseases, with revenue growth despite post-COVID dip and...

Himanshu Dugar

Molbio Diagnostics IPO: Attractive Business Model; Profitable Operations; Reasonable Valuation

Molbio Diagnostics will launch its India IPO on August 10 to fund capex. IPO price band is set at INR768–807. Subscription will close on August...

Tina Banerjee

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

Healthcare: Strong Position, Long Runway for Growth

India’s healthcare sector is poised for growth, with an expected steady 11-12% CAGR over the next five years, led by favourable macroeconomic...

HDFC Securities

Molbio IPO Review: Point Of Care Medtech - Recovering from Post-COVID Blues

​Molbio's Trunat platform offers WHO-approved portable molecular diagnostics for 30 diseases, with revenue growth despite post-COVID dip and...

Himanshu Dugar

Molbio Diagnostics IPO: Attractive Business Model; Profitable Operations; Reasonable Valuation

Molbio Diagnostics will launch its India IPO on August 10 to fund capex. IPO price band is set at INR768–807. Subscription will close on August...

Tina Banerjee

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

Molbio's Trunat platform offers WHO-approved portable molecular diagnostics for 30 diseases, with revenue growth despite post-COVID dip and...