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

Five-Star Business Finance / Equity Bottom-Up

<ul>
<li>Five-Star is emerging from a stress-led portfolio repair phase into calibrated growth. Operations have been institutionalised. Collection efficiency exceeds 98%, signalling improving asset quality while disbursements are expected to pick-up.</li>
<li>Management guides for disbursements to grow 10% YOY as it slows down branch expansion. Considering strong credit demand and improving asset quality, we model AUM to grow 20% over FY26-28.</li>
<li>Despite near-term NIM compression and elevated operating expenses from investments in collections, technology and employee retention, Five-Star retains industry-leading profitability, expecting to close FY27 with RoA/RoE of 7.7%/16%</li>
</ul>


Five-Star is emerging from a stress-led portfolio repair phase into calibrated growth. Operations have been institutionalised. Collection efficiency exceeds 98%, signalling improving asset quality while disbursements are expected to pick-up.
Management guides for disbursements to grow 10% YOY as it slows down branch expansion. Considering strong credit demand and improving asset quality, we model AUM to grow 20% over FY26-28.
Despite near-term NIM compression and elevated operating expenses from investments in collections, technology and employee retention, Five-Star retains industry-leading profitability, expecting to close FY27 with RoA/RoE of 7.7%/16%


Five Star Business Finance - At an Inflection Point

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Broken Promises examines whether management teams delivered on the specific commitments they made in previous earnings calls by comparing guidance with subsequent reported outcomes.</li>
<li>Companies featured in this series are identified through our proprietary primary research and field observations, before being rigorously tested against management commentary, earnings transcripts and statutory filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>, <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> &amp; <a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a> exhibit varying degrees of credibility slippage, guidance reversals, weakening operating metrics &amp; signs of deteriorating earnings.</li>
</ul>


Broken Promises examines whether management teams delivered on the specific commitments they made in previous earnings calls by comparing guidance with subsequent reported outcomes.
Companies featured in this series are identified through our proprietary primary research and field observations, before being rigorously tested against management commentary, earnings transcripts and statutory filings.

HDFC Bank (HDFCB IN), Bandhan Bank Ltd (BANDHAN IN) &amp; Aavas Financiers Ltd (AAVAS IN) exhibit varying degrees of credibility slippage, guidance reversals, weakening operating metrics &amp; signs of deteriorating earnings.


Broken Promises | Q1 2027 | HDFCBANK, BANDHAN, AAVAS

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>Sammaan Capital's Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi's IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  </li>
<li>The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan's new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  </li>
<li>The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.</li>
</ul>


Sammaan Capital's Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi's IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  
The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan's new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  
The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.


Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

<ul>
<li>Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 
</li>
<li>Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.</li>
<li>Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.</li>
</ul>


Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds &amp; capital efficiency. 

Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.
Northern Arc is a differentiated NBFC benefits from inclusion &amp; fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.


The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

<ul>
<li>India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  </li>
<li>The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  </li>
<li>It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.</li>
</ul>


India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.


The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India

Aavas Financiers Ltd. is a retail-focused housing finance company primarily serving the low and middle-income segments, particularly self-employed individuals, in semi-urban and rural areas of India. The company specializes in providing home loans, including for construction, purchase, renovation, and extension, along with MSME loans and loans against property, to customers often excluded from formal credit due to a lack of documented income. Aavas Financiers Ltd. is headquartered in Jaipur, Rajasthan, India, and was founded on February 23, 2011.

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Aavas Financiers (AAVAS IN)

Five Star Business Finance - At an Inflection Point

Q1 results show turnaround is underway with strong disbursement growth and improving recoveries. The Balance sheet remains conservatively run with...

Himanshu Dugar

Broken Promises | Q1 2027 | HDFCBANK, BANDHAN, AAVAS

Broken Promises analyzes whether management teams followed through on their commitments from previous earnings calls, comparing guidance with...

Pranav Bhavsar

Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Nimish Maheshwari

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

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Five Star Business Finance - At an Inflection Point

Q1 results show turnaround is underway with strong disbursement growth and improving recoveries. The Balance sheet remains conservatively run with...

Himanshu Dugar

Broken Promises | Q1 2027 | HDFCBANK, BANDHAN, AAVAS

​Broken Promises analyzes whether management teams followed through on their commitments from previous earnings calls, comparing guidance with...

Pranav Bhavsar

Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

​Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Nimish Maheshwari

The Beat Ideas: Northern Arc Capital - A Niche Player in a Crowded Field?

​Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

Nimish Maheshwari

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

​India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

Broken Promises analyzes whether management teams followed through on their commitments from previous earnings calls, comparing guidance with...

Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Northern Arc is shifting to direct retail lending, leveraging partnerships and technology for improved cost efficiency and steady fee income, but...

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.