Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.</li>
<li>October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.</li>
<li>Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.
October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.
Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.


Insider Activity: Who Bought Their Own Stock in October?

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.


Insider Activity: Who Bought Their Own Stock in September?

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>Paushak is undergoing a INR 240 crore capex program to expand its downstream capacities and move into semi-specialized products, impacting near-term profitability.</li>
<li>The company’s strong market position in phosgene derivatives and custom manufacturing for global players underpins its long-term growth potential despite current financial pressures.</li>
<li>While elevated valuations reflect short-term capex strain, Paushak’s long-term growth trajectory and strategic expansion reinforce its strong market outlook, maintaining a bullish stance for the future.</li>
</ul>


Paushak is undergoing a INR 240 crore capex program to expand its downstream capacities and move into semi-specialized products, impacting near-term profitability.
The company’s strong market position in phosgene derivatives and custom manufacturing for global players underpins its long-term growth potential despite current financial pressures.
While elevated valuations reflect short-term capex strain, Paushak’s long-term growth trajectory and strategic expansion reinforce its strong market outlook, maintaining a bullish stance for the future.


Business Breakdown: Paushak Ltd - Phosgene Chemistry Powering Long-Term Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

India

Alembic Limited is an integrated pharmaceutical company. The Company's products include active pharmaceutical ingredients, bulk pharmaceuticals, international and domestic formulations, herbals and nutraceuticals, and veterinary. The Company is also involved in three main areas of research, namely chemistry and synthesis, formulations development, and contract research.

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Alembic Ltd (ALBC IN)

Insider Activity: Who Bought Their Own Stock in October?

October 2025 saw limited insider buying activity in large and small cap companies, with some purchases made by promoters in September but reported...

Sreemant Dudhoria,CFA

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

Insider Activity: Who Bought Their Own Stock in September?

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Business Breakdown: Paushak Ltd - Phosgene Chemistry Powering Long-Term Growth

Paushak invests INR 240 crore in capex for downstream expansion, impacting short-term profits but bolstering long-term growth potential and market...

Sudarshan Bhandari

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Bought Their Own Stock in October?

​October 2025 saw limited insider buying activity in large and small cap companies, with some purchases made by promoters in September but reported...

Sreemant Dudhoria,CFA

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

Insider Activity: Who Bought Their Own Stock in September?

​September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Business Breakdown: Paushak Ltd - Phosgene Chemistry Powering Long-Term Growth

​Paushak invests INR 240 crore in capex for downstream expansion, impacting short-term profits but bolstering long-term growth potential and market...

Sudarshan Bhandari

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

October 2025 saw limited insider buying activity in large and small cap companies, with some purchases made by promoters in September but reported...

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Paushak invests INR 240 crore in capex for downstream expansion, impacting short-term profits but bolstering long-term growth potential and market...