External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%</li><li>The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to our estimate of 11%</li><li>DBL expects a YoY revenue de-growth of 15% amid lower order inflows (OI) in 9MFY25, with a 10% EBITDA margin</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.

Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to our estimate of 11%DBL expects a YoY revenue de-growth of 15% amid lower order inflows (OI) in 9MFY25, with a 10% EBITDA marginContent 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.

Dilip Buildcon - Awaiting Ordering Pick-Up

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise up to US$736m in its upcoming India IPO.</li>
<li>Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.


Groww Pre-IPO - Scaling Fast in a Competitive Market

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>2024-25 mining proposals hit Rs.167B, rebounding from 2023’s Rs.50B low but still below decade average of Rs.393B, signaling cautious revival.</li>
<li>Assam Sulphur Plant (Rs.107B) announced as 2024-25’s largest project, featuring processing units and terminals, though location remains unconfirmed.</li>
<li>Jayant OC Expansion (Rs.17B) completed, doubling Singrauli mine capacity to 20M tonnes, while Bhaskarpara Coal Mine adds 1M tonne capacity.</li>
</ul>


2024-25 mining proposals hit Rs.167B, rebounding from 2023’s Rs.50B low but still below decade average of Rs.393B, signaling cautious revival.
Assam Sulphur Plant (Rs.107B) announced as 2024-25’s largest project, featuring processing units and terminals, though location remains unconfirmed.
Jayant OC Expansion (Rs.17B) completed, doubling Singrauli mine capacity to 20M tonnes, while Bhaskarpara Coal Mine adds 1M tonne capacity.


Unearthing Growth: Mining Sector’s Subdued Yet Steady Rebound

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

<ul><li>Thermax: Thermax Ltd (TMX) reported revenue/EBITDA/APAT of INR 25.5/2.1/1.5bn, a miss on our estimates by 0/10/10%</li><li>During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation</li><li>TMX expects this incentive to repeat over next new quarters</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.

Thermax: Thermax Ltd (TMX) reported revenue/EBITDA/APAT of INR 25.5/2.1/1.5bn, a miss on our estimates by 0/10/10%During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creationTMX expects this incentive to repeat over next new quartersContent 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: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

India

Dilip Buildcon Limited operates in engineering, procurement, and construction business. The Company focuses on development, operation, and maintenance of roads, bridges, culverts, tunnels, high capacity transport corridors, and subways, as well as building works, pump stations, civil structures, and ware housing structures.

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Dilip Buildcon Ltd (DBL IN)

Dilip Buildcon - Awaiting Ordering Pick-Up

Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%. The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to...

HDFC Securities

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Unearthing Growth: Mining Sector’s Subdued Yet Steady Rebound

Mining proposals for 2024-25 show a cautious revival, with Assam Sulphur Plant as the largest project and capacity expansions at Jayant OC and...

Viral Kishorchandra Shah

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

HSIE Results Daily: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation. TMX expects this...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dilip Buildcon - Awaiting Ordering Pick-Up

Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%. The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to...

HDFC Securities

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Unearthing Growth: Mining Sector’s Subdued Yet Steady Rebound

​Mining proposals for 2024-25 show a cautious revival, with Assam Sulphur Plant as the largest project and capacity expansions at Jayant OC and...

Viral Kishorchandra Shah

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

HSIE Results Daily: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation. TMX expects this...

HDFC Securities

Mining proposals for 2024-25 show a cautious revival, with Assam Sulphur Plant as the largest project and capacity expansions at Jayant OC and...