Avenue Supermarts Ltd. - Subdued Margin Performance; Maintain HOLD
In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates). The company added 10 stores during the...
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Impact of Quick Commerce on Dmart's Growth and Valuation
​Quick Commerce is revolutionizing retail in India with fast deliveries and competitive pricing, posing challenges for traditional leaders like Dmart.
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Travel Food Services IPO - RHP Updates & Thoughts on Valuation
Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.
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Axis Top Picks for the month of December 2025
Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.
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Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce
Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.
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