External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Aether Industries limited (AIL) business model is going through changes in its business mix and customer mix while maintaining its identity as a technology-oriented, research-focused organization</li><li>The Contract or Exclusive Manufacturing (CEM) business vertical will lift the revenue boats of the company in the coming years</li><li>The share of CEM and CRAMS together is expected to increase to 48% in FY29 from 34% in FY24</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.

Aether Industries limited (AIL) business model is going through changes in its business mix and customer mix while maintaining its identity as a technology-oriented, research-focused organizationThe Contract or Exclusive Manufacturing (CEM) business vertical will lift the revenue boats of the company in the coming yearsThe share of CEM and CRAMS together is expected to increase to 48% in FY29 from 34% in FY24Content 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.

Aether Industries: Transformative Changes in the Air. Maintain BUY

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

Shiva Pharmachem Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

<ul><li>Aether Industries (Aether) has experienced sectoral environmental challenges in the fiscal year 2023-24</li><li>The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to inventory de-stocking, and margin pressures from aggressive competition from Chinese manufacturers</li><li>Additionally, last year the company was fraught with the unfortunate fire incident at the company’s primary manufacturing facility</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.

Aether Industries (Aether) has experienced sectoral environmental challenges in the fiscal year 2023-24The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to inventory de-stocking, and margin pressures from aggressive competition from Chinese manufacturersAdditionally, last year the company was fraught with the unfortunate fire incident at the company’s primary manufacturing facilityContent 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.

Aether Industries: Expansion and Diversification. Maintain BUY

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a>  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.</li>
<li>Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.</li>
<li>Introducing new products in the value chain, which has high-value added and high margins.</li>
</ul>



Aarti Industries (ARTO IN)  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.
Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.
Introducing new products in the value chain, which has high-value added and high margins.


The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

<ul><li>Aether Industries (Aether) has commissioned site 4 to execute the strategic supply agreement with Baker Hughes</li><li>It has received the revocation of the closure order from the Gujarat Pollution Control Board (GPCB) for site 2</li><li>The expansion project at sites 3+ and 3++ is on track and will be commissioned by FY25-end</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.

Aether Industries (Aether) has commissioned site 4 to execute the strategic supply agreement with Baker HughesIt has received the revocation of the closure order from the Gujarat Pollution Control Board (GPCB) for site 2The expansion project at sites 3+ and 3++ is on track and will be commissioned by FY25-endContent 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

Aether Industries is an Indian specialty chemical manufacturer that produces advanced intermediates and specialty chemicals for various industries, including pharmaceuticals, agrochemicals, material sciences, and oil & gas. The company operates through large-scale manufacturing, contract research and manufacturing services (CRAMS), and contract/exclusive manufacturing business models. It was founded in 2013 and is headquartered in Surat, Gujarat, India.

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Aether Industries (AETHER IN)

Aether Industries: Transformative Changes in the Air. Maintain BUY

Aether Industries limited (AIL) business model is going through changes in its business mix and customer mix while maintaining its identity as a...

HDFC Securities

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Aether Industries: Expansion and Diversification. Maintain BUY

The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to...

HDFC Securities

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

Aether Industries - Projects on Track

The product being developed for these global players will help achieve decarbonisation and sustainability targets. These collaborations are...

HDFC Securities

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Aether Industries: Transformative Changes in the Air. Maintain BUY

Aether Industries limited (AIL) business model is going through changes in its business mix and customer mix while maintaining its identity as a...

HDFC Securities

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Aether Industries: Expansion and Diversification. Maintain BUY

The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to...

HDFC Securities

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - ​Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

Aether Industries - Projects on Track

The product being developed for these global players will help achieve decarbonisation and sustainability targets. These collaborations are...

HDFC Securities

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.