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

Thematic (Sector/Industry)

<ul>
<li>With a potential $6 bn TAM by 2030, the Indian geospatial industry is shifting from simple maps to mission-critical infrastructure for governance, e-commerce, logistics, and autonomous mobility.</li>
<li>Genesys International dominates the high-accuracy engineering Digital-Twins/municipal infra projects with a strong track record and heavy initial investment, while MapmyIndia owns the high-volume consumer/automotive segment with its scalable SaaS ecosystem.</li>
<li>We favor MapmyIndia for its recurring revenue model, leadership in private enterprise space and superior ROE stemming from relatively lower reliance on government contracts compared to Genesys’s capital-intensive, project-based business.</li>
</ul>


With a potential $6 bn TAM by 2030, the Indian geospatial industry is shifting from simple maps to mission-critical infrastructure for governance, e-commerce, logistics, and autonomous mobility.
Genesys International dominates the high-accuracy engineering Digital-Twins/municipal infra projects with a strong track record and heavy initial investment, while MapmyIndia owns the high-volume consumer/automotive segment with its scalable SaaS ecosystem.
We favor MapmyIndia for its recurring revenue model, leadership in private enterprise space and superior ROE stemming from relatively lower reliance on government contracts compared to Genesys’s capital-intensive, project-based business.


Indian Geospatial: Why MapmyIndia’s Platform Beats Genesys’s Project-Led Growth

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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>April 2026 insider activity was weak due to ongoing silent period during earnings season.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during April 2026, 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>
</ul>


April 2026 insider activity was weak due to ongoing silent period during earnings season.
We highlight large and small cap companies that experienced significant insider buying during April 2026, 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.


Insider Activity: Who Bought Their Own Stock in April 2026

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

Forensic Accounting

CE Info Systems (MapmyIndia) / Forensic Accounting

CE Info Systems (MapmyIndia) (1052633Z IN)

<ul>
<li>MapmyIndia decided to hive off its B2C business to a promoter entity which will be funded and backed by the current listed entity.</li>
<li>Hiving off loss-making business will lead to margin improvement for the listed entity but will increase the cash burn to fund loss-making business</li>
<li>Departure of current CEO, taking funding from listed entity to fund this loss-making business where Promoter has the stake raises corporate governance issues.</li>
</ul>


MapmyIndia decided to hive off its B2C business to a promoter entity which will be funded and backed by the current listed entity.
Hiving off loss-making business will lead to margin improvement for the listed entity but will increase the cash burn to fund loss-making business
Departure of current CEO, taking funding from listed entity to fund this loss-making business where Promoter has the stake raises corporate governance issues.


Strategic Decision by MapMyIndia: Segregating B2C and B2B Businesses – A Detailed Analysis

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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>
<a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> is one of the leading Indian players engaged in advanced digital maps, geospatial software and location-based IoT technologies. It launched its IPO in 2021</li>
<li>Since its IPO, MAPPLS has embarked on a growth journey since then. It also boasts high margins &amp; ROCE due to its asset light model.</li>
<li>While the balance sheet looks good, one might have to check on the speedy receivables and trend of commission expenses.</li>
</ul>



CE Info Systems (MapmyIndia) (1052633Z IN) is one of the leading Indian players engaged in advanced digital maps, geospatial software and location-based IoT technologies. It launched its IPO in 2021
Since its IPO, MAPPLS has embarked on a growth journey since then. It also boasts high margins &amp; ROCE due to its asset light model.
While the balance sheet looks good, one might have to check on the speedy receivables and trend of commission expenses.


C.E. Info Systems (Mapmyindia)- Forensic Analysis

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</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> - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. </li>
<li>Other interesting names highlighted include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>, <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a>, and <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.

HDFC Bank (HDFCB IN) - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. 
Other interesting names highlighted include Delta Corp Ltd (DELTA IN), IndiaMart (INMART IN), Polycab India (POLYCAB IN), and Poonawalla Fincorp (POONAWAL IN). 


[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

India

CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost & Sullivan (F&S).

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CE Info Systems (MapmyIndia) (1052633Z IN)

Indian Geospatial: Why MapmyIndia’s Platform Beats Genesys’s Project-Led Growth

Indian geospatial industry is booming, with MapmyIndia leading in consumer/automotive segment and Genesys International dominating high-accuracy...

Himanshu Dugar

Insider Activity: Who Bought Their Own Stock in April 2026

While Insider Buying activity has declined in the month of May'26, there are still few large notable companies coming in the list including HCL...

Sreemant Dudhoria

Strategic Decision by MapMyIndia: Segregating B2C and B2B Businesses – A Detailed Analysis

MapmyIndia hives off B2C business to promoter entity, raising concerns about corporate governance, capital allocation and cash burn

Nimish Maheshwari

C.E. Info Systems (Mapmyindia)- Forensic Analysis

MAPPLS is a leading Indian player in digital maps and location-based IoT technologies, with a strong post-IPO growth trajectory and high margins....

Nitin Mangal

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Geospatial: Why MapmyIndia’s Platform Beats Genesys’s Project-Led Growth

​Indian geospatial industry is booming, with MapmyIndia leading in consumer/automotive segment and Genesys International dominating high-accuracy...

Himanshu Dugar

Insider Activity: Who Bought Their Own Stock in April 2026

While Insider Buying activity has declined in the month of May'26, there are still few large notable companies coming in the list including HCL...

Sreemant Dudhoria

Strategic Decision by MapMyIndia: Segregating B2C and B2B Businesses – A Detailed Analysis

​MapmyIndia hives off B2C business to promoter entity, raising concerns about corporate governance, capital allocation and cash burn

Nimish Maheshwari

C.E. Info Systems (Mapmyindia)- Forensic Analysis

MAPPLS is a leading Indian player in digital maps and location-based IoT technologies, with a strong post-IPO growth trajectory and high margins....

Nitin Mangal

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

​During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

Indian geospatial industry is booming, with MapmyIndia leading in consumer/automotive segment and Genesys International dominating high-accuracy...

MapmyIndia hives off B2C business to promoter entity, raising concerns about corporate governance, capital allocation and cash burn

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...