Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Adani Power delivered strong FY25 earnings and plans to expand capacity to 30.7 GW by FY30 through brownfield, greenfield, and acquisition-driven growth.</li>
<li>Godda, Jharkhand (110km from Bangladesh) project supports high realisations, but Bangladesh receivable buildup (~USD 900 million) remains a working capital risk, with gradual collections ongoing.</li>
<li>Adani Power offers strong margins, improving ROCE, and trades at ~16.6× FY25 P/E.</li>
</ul>


Adani Power delivered strong FY25 earnings and plans to expand capacity to 30.7 GW by FY30 through brownfield, greenfield, and acquisition-driven growth.
Godda, Jharkhand (110km from Bangladesh) project supports high realisations, but Bangladesh receivable buildup (~USD 900 million) remains a working capital risk, with gradual collections ongoing.
Adani Power offers strong margins, improving ROCE, and trades at ~16.6× FY25 P/E.


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

Thematic (Sector/Industry)

<ul>
<li>Adani Group has announced a record-breaking $15–20 billion annual capex plan, the country’s largest private renewable energy park, and a full-scale digital infrastructure push via green-powered data centers.</li>
<li>These projects consolidate Adani’s leadership in infrastructure, energy, logistics, and digital transformation, sectors critical to India’s long-term GDP and employment growth.</li>
<li>With execution backed by strong balance sheet discipline and sectoral synergies, Adani’s strategy presents a long-duration value creation model beyond short-term market narratives.</li>
</ul>


Adani Group has announced a record-breaking $15–20 billion annual capex plan, the country’s largest private renewable energy park, and a full-scale digital infrastructure push via green-powered data centers.
These projects consolidate Adani’s leadership in infrastructure, energy, logistics, and digital transformation, sectors critical to India’s long-term GDP and employment growth.
With execution backed by strong balance sheet discipline and sectoral synergies, Adani’s strategy presents a long-duration value creation model beyond short-term market narratives.


Adani Blueprint to 2030: Brick by Brick, Billion by Billion

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Adani names are seeing new news and commentary. SEBI is <a href="https://www.reuters.com/world/india/india-regulator-probing-some-adani-offshore-deals-possible-rule-violations-2023-04-01/" target="_blank" rel="noopener">probing offshore deals</a> for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.</li>
<li>GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." </li>
<li>Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. </li>
</ul>


The Adani names are seeing new news and commentary. SEBI is probing offshore deals for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.
GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." 
Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. 


GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

<ul>
<li>The <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> Further Public Offering ("FPO") expected to raise Rs 200bn has its first leg publicly complete with anchor investors taking Rs 59.849bn. </li>
<li>Noted shortseller Hindenburg Research published a <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">long report</a> suggesting Adani Enterprises and indeed the Adani Group were over-priced according to fundamentals and were the result of  a "con."</li>
<li>Now the book build starts. Deal structure and Adani Group CFO comments continue to suggest that Liquidity is a Bug, not a Feature.</li>
</ul>


The Adani Enterprises (ADE IN) Further Public Offering ("FPO") expected to raise Rs 200bn has its first leg publicly complete with anchor investors taking Rs 59.849bn. 
Noted shortseller Hindenburg Research published a long report suggesting Adani Enterprises and indeed the Adani Group were over-priced according to fundamentals and were the result of  a "con."
Now the book build starts. Deal structure and Adani Group CFO comments continue to suggest that Liquidity is a Bug, not a Feature.


Adani Enterprises FPO Update:  Hindenburg, Anchors, and Righteous Indignation

India

Adani Power Ltd is a power project development company. The Company develops, operates and maintains power projects in India.

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Adani Power (ADANI IN)

Adani Power: Navigating Challenges

Adani Power today announced a 1,500 MW supply deal with UPPCL from a $2B ultra-supercritical plant in UP, targeted for FY30. It will raise its...

Rahul Jain

Adani Blueprint to 2030: Brick by Brick, Billion by Billion

Adani Group's $15-20 billion capex plan focuses on renewable energy, digital infrastructure, and sectors crucial for India's GDP growth,...

Nimish Maheshwari

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Adani Enterprises FPO Update: Hindenburg, Anchors, and Righteous Indignation

Adani Enterprises has priced/allocated the 30% of the Rs 200bn FPO going to anchor investors. Next is to Retail, HNWI, Employees, Funds. Liquidity...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Adani Power: Navigating Challenges

Adani Power today announced a 1,500 MW supply deal with UPPCL from a $2B ultra-supercritical plant in UP, targeted for FY30. It will raise its...

Rahul Jain

Adani Blueprint to 2030: Brick by Brick, Billion by Billion

​Adani Group's $15-20 billion capex plan focuses on renewable energy, digital infrastructure, and sectors crucial for India's GDP growth,...

Nimish Maheshwari

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Adani Enterprises FPO Update: Hindenburg, Anchors, and Righteous Indignation

Adani Enterprises has priced/allocated the 30% of the Rs 200bn FPO going to anchor investors. Next is to Retail, HNWI, Employees, Funds. Liquidity...

Travis Lundy

Adani Group's $15-20 billion capex plan focuses on renewable energy, digital infrastructure, and sectors crucial for India's GDP growth,...