Specialist in Indian Banking and Economic Research

Hemindra Hazari

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crisil-ltd" target="_blank" data-smartkarma-citation="entities:15699:1" rel="noopener">Crisil Ltd (CRISIL IN)</a> and India Rating Downgrade <a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN) </a>to 'D' from "A/Stable' post a default</li>
<li>Rating agencies exist to anticipate events such as defaults and not react after being informed of a default</li>
<li>Rating agencies ignored poor fundamentals of <a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN)</a> in 2QFY2025 results which clearly and publicly revealed deteriorating cash flows and a high-risk financial strategy</li>
</ul>



Crisil Ltd (CRISIL IN) and India Rating Downgrade AGS Transact Technologies (AGSTRA IN) to 'D' from "A/Stable' post a default
Rating agencies exist to anticipate events such as defaults and not react after being informed of a default
Rating agencies ignored poor fundamentals of AGS Transact Technologies (AGSTRA IN) in 2QFY2025 results which clearly and publicly revealed deteriorating cash flows and a high-risk financial strategy


Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-gemmological-institute-india-limited-igi" target="_blank" data-smartkarma-citation="entities:43879:1" rel="noopener">IGI (India) Limited (IGIL IN)</a> (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will talk about the lockup dynamics and possible placement.


IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

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

Equity Bottom-Up

<ul>
<li>
Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.</li>
<li>CareEdge's focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. </li>
<li>The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.</li>
</ul>



Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.
CareEdge's focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. 
The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.


CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

<ul>
<li>CARE Ratings has emerged stronger post-IL&amp;FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.</li>
<li>With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.</li>
<li>Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.</li>
</ul>


CARE Ratings has emerged stronger post-IL&amp;FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.
With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.
Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.


The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>
Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.</li>
<li>
Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.</li>
<li>
Improved Credibility and Resilience: Post-IL&amp;FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs' role as critical pillars of India’s financial system.</li>
</ul>



Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.

Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.

Improved Credibility and Resilience: Post-IL&amp;FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs' role as critical pillars of India’s financial system.


Thematic Report: Credit Rating Agencies - Boring but Beautiful

India

Crisil Ltd. operates a credit rating agency in India. The Company specializes in the areas of risk identification, classification and assessment, across a broad spectrum of industries.

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Crisil Ltd (CRISIL IN)

Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

Hemindra Hazari

IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.

Sumeet Singh

CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

Sudarshan Bhandari

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Sudarshan Bhandari

Thematic Report: Credit Rating Agencies - Boring but Beautiful

Analysis of Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ever-Vigilant CRISIL, India Rating Downgrade Firm – After Default

​Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

Hemindra Hazari

IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.

Sumeet Singh

CARE Rating’s Strategic Advantage in Q2: Navigating the Credit Boom

​CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

Sudarshan Bhandari

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

​CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Sudarshan Bhandari

Thematic Report: Credit Rating Agencies - Boring but Beautiful

Analysis of ​Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.

Nimish Maheshwari

Crisil Ltd downgrades AGS Transact Technologies to 'D' from 'A/Stable' post default, highlighting rating agencies' failure to anticipate poor...

CARE Ratings poised for strong revenue quarter with recent credit off-take and focus on non-rating services like ESG and infrastructure ratings,...

CARE Ratings has strengthened with governance reforms and ESG focus, well-positioned to benefit from India's credit market upcycle and tightening...

Analysis of Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.