Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.


India: Potential Free Float Changes & Passive Flows in November

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

<ul>
<li>Travel Food Services leads India’s airport QSR sector with a 24% market share and expands internationally through strategic partnerships, capitalizing on the growing global travel F&amp;B market. </li>
<li>With a debt-free balance sheet and robust margins, TFS ensures scalable growth through strategic joint ventures and partnerships, minimizing capital expenditure while expanding operations. </li>
<li>With its diverse brand portfolio and a presence in high-traffic airports across India and abroad. The company’s expansion into new airports ensures sustained growth in the travel food services sector.</li>
</ul>


Travel Food Services leads India’s airport QSR sector with a 24% market share and expands internationally through strategic partnerships, capitalizing on the growing global travel F&amp;B market. 
With a debt-free balance sheet and robust margins, TFS ensures scalable growth through strategic joint ventures and partnerships, minimizing capital expenditure while expanding operations. 
With its diverse brand portfolio and a presence in high-traffic airports across India and abroad. The company’s expansion into new airports ensures sustained growth in the travel food services sector.


Travel Food Services IPO: Capitalizing on the Global Airport F&B Boom

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Rosita Fernandes

Vikran Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikran-engineering-limited" target="_blank" data-smartkarma-citation="entities:44015:1" rel="noopener">Vikran Engineering Limited (1635154D IN)</a> (VEL) is planning to raise about US$119m through its upcoming India IPO. </li>
<li>Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement &amp; Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.</li>
<li>According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.</li>
</ul>



Vikran Engineering Limited (1635154D IN) (VEL) is planning to raise about US$119m through its upcoming India IPO. 
Vikran Engineering Limited (VEL) based in Mumbai, operates as an Engineering, Procurement &amp; Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.
According to CRISIL Report, VEL has experienced fastest growth in profitability, with a 236.94% CAGR growth in PAT and a 130.02% CAGR growth in EBITDA between FY22 to FY24.


Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

India

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

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GMR Airports Infrastructure (GMRI IN)

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Travel Food Services IPO: Capitalizing on the Global Airport F&B Boom

Travel Food Services dominates India's airport QSR sector with a 24% market share, expanding globally through strategic partnerships and with a...

Sudarshan Bhandari

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

Rosita Fernandes

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52-week Range

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A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Travel Food Services IPO: Capitalizing on the Global Airport F&B Boom

​Travel Food Services dominates India's airport QSR sector with a 24% market share, expanding globally through strategic partnerships and with a...

Sudarshan Bhandari

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Vikran Engineering Limited Pre-IPO - Capitalizing On Core Competencies But With Concentration Risks

​Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.

Rosita Fernandes

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Travel Food Services dominates India's airport QSR sector with a 24% market share, expanding globally through strategic partnerships and with a...

Vikran Engineering Limited plans to raise $119m in India IPO, with fastest growth in profitability according to CRISIL Report.