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

Equity Bottom-Up

<ul>
<li>In this note, we summarise our top high conviction ideas for 2026</li>
<li>Delhivery, Edelweiss and JSW Energy are out top ideas for the year.</li>
<li>We expect stocks like BlueJet and Sammaan Capital that have not performed well in recent months to pull back in the coming months</li>
</ul>


In this note, we summarise our top high conviction ideas for 2026
Delhivery, Edelweiss and JSW Energy are out top ideas for the year.
We expect stocks like BlueJet and Sammaan Capital that have not performed well in recent months to pull back in the coming months


Happy New Year: Summarising Top Ideas for 2026

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> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

<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 around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Groww IPO - Peer Comp and Thoughts on Valuation

<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

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>In Q1FY26, Edelweiss reported 20% YoY PAT growth.  Edelweiss is growing from strength to strength with its businesses scaling up well. Its insurance and asset management businesses are growing rapidly. </li>
<li>During Q1FY26, Edelweiss divested 15% stake in its Mutual Fund business, Edelweiss Asset Management, to WestBridge Capital for INR 450cr, valuing the business at INR 3000cr. </li>
<li>YoY, Edelweiss has reduced its consolidated net debt by INR 4845cr (down 31% YoY) and corporate debt by INR 2260cr (down 26% YoY). Corporate debt is now at INR 6350cr.</li>
</ul>


In Q1FY26, Edelweiss reported 20% YoY PAT growth.  Edelweiss is growing from strength to strength with its businesses scaling up well. Its insurance and asset management businesses are growing rapidly. 
During Q1FY26, Edelweiss divested 15% stake in its Mutual Fund business, Edelweiss Asset Management, to WestBridge Capital for INR 450cr, valuing the business at INR 3000cr. 
YoY, Edelweiss has reduced its consolidated net debt by INR 4845cr (down 31% YoY) and corporate debt by INR 2260cr (down 26% YoY). Corporate debt is now at INR 6350cr.


Edelweiss: All Stars Aligned for Next Two Years

India

Edelweiss Financial Services is a diversified Indian financial services conglomerate offering a broad range of products and services, including credit (retail and corporate), asset management (mutual funds and alternative assets), asset reconstruction, and insurance (life and general). The company caters to corporations, institutions, and individuals, providing solutions such as investment banking, wealth management, and advisory services. Headquartered in Mumbai, India, it was founded in 1995.

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Edelweiss Financial Services (EDEL IN)

Happy New Year: Summarising Top Ideas for 2026

We summarise our High Conviction ideas for 2026, namely: Delhivery, JSW Energy, Edelweiss Financial, Sammaan Capital, and Bluejet Healthcare

Himanshu Dugar

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Groww IPO - Peer Comp and Thoughts on Valuation

Groww is looking to raise around US$747m in its India IPO. In this note, we talk about the peer comp and implied valuations in the price range.

Akshat Shah

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

Edelweiss: All Stars Aligned for Next Two Years

All stars are aligned for Edelweiss led by continued growth momentum and value unlocking potential in its underlying businesses. An investment in...

Ankit Agrawal, CFA

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