IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>National Securities Depository Limited/<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is the largest depository in India. It is seeking to raise US$400 million.     </li>
<li>The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.</li>
<li>The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.  </li>
</ul>


National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.     
The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.
The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.  


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.

Thematic (Sector/Industry)

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%</li><li>The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%</li><li>Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)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.

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

<ul><li>MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume</li><li>We expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quarters</li><li>We expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% QoQ.</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.

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volumeWe expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quartersWe expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% QoQ.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.

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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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>Retail investor activity and demat additions slowed sharply in early 2025, with new account openings falling to a multi-year low of 2.3Mn in February.</li>
<li>This signals a broader sentiment reset after a 5-month market correction and FPI outflows, impacting brokers, depositories like CDSL, and exchange volumes.</li>
<li>The euphoria phase is cooling, but the long-term equity culture remains intact. Investors should expect near-term consolidation, with stronger players gaining share.</li>
</ul>


Retail investor activity and demat additions slowed sharply in early 2025, with new account openings falling to a multi-year low of 2.3Mn in February.
This signals a broader sentiment reset after a 5-month market correction and FPI outflows, impacting brokers, depositories like CDSL, and exchange volumes.
The euphoria phase is cooling, but the long-term equity culture remains intact. Investors should expect near-term consolidation, with stronger players gaining share.


India’s Capital Markets in Early 2025: Retail Activity Cools Amid Shifting Currents

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing margins</li><li>IOCL’s Q3FY25 reported EBITDA at INR 71bn (-54% YoY, +89% QoQ) and APAT at INR 28.7bn (-64% YoY, +14.9x QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from petchem segment, lower refining margins, inventory loss and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing marginsIOCL’s Q3FY25 reported EBITDA at INR 71bn (-54% YoY, +89% QoQ) and APAT at INR 28.7bn (-64% YoY, +14.9x QoQ) came in below our estimatesEarnings were impacted by weak performance from petchem segment, lower refining margins, inventory loss and absorption of under-recovery on LPGContent 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.

HSIE Results Daily: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

India

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

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Central Depository Services (CDSL IN)

NSDL IPO: The Bull Case

NSDL, India's largest depository, will shortly launch its IPO to raise US$400 million. In this note, I discuss the bull case.

Arun George

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume

HDFC Securities

India’s Capital Markets in Early 2025: Retail Activity Cools Amid Shifting Currents

Retail investor activity in early 2025 slows sharply, with new demat account openings hitting a multi-year low of 2.3Mn in Feb, signaling a...

Nimish Maheshwari

HSIE Results Daily: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSDL IPO: The Bull Case

NSDL, India's largest depository, will shortly launch its IPO to raise US$400 million. In this note, I discuss the bull case.

Arun George

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume

HDFC Securities

India’s Capital Markets in Early 2025: Retail Activity Cools Amid Shifting Currents

​Retail investor activity in early 2025 slows sharply, with new demat account openings hitting a multi-year low of 2.3Mn in Feb, signaling a...

Nimish Maheshwari

HSIE Results Daily: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem...

HDFC Securities

Retail investor activity in early 2025 slows sharply, with new demat account openings hitting a multi-year low of 2.3Mn in Feb, signaling a...