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>Amagi's unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access</li>
<li>By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.</li>
<li>Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?</li>
</ul>


Amagi's unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access
By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.
Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?


Amagi Media Labs: Taking Media Companies to the Cloud Universe

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Harmonic AI raised $100 million in a Series B round led by Kleiner Perkins in July 2025, bringing the company&#39;s valuation to approximately $900 million.</li><li>Aristotle has achieved 90% accuracy on MiniF2F, the leading formal mathematics benchmark, and demonstrated gold-medal-level performance on International Math Olympiad problems.</li><li>Harmonic&#39;s roadmap includes domain-specific expert models for code verification, quantitative trading, and optimization problems, expanding beyond pure mathematics into adjacent technical fields.</li></ul>

Harmonic AI raised $100 million in a Series B round led by Kleiner Perkins in July 2025, bringing the company&#39;s valuation to approximately $900 million.Aristotle has achieved 90% accuracy on MiniF2F, the leading formal mathematics benchmark, and demonstrated gold-medal-level performance on International Math Olympiad problems.Harmonic&#39;s roadmap includes domain-specific expert models for code verification, quantitative trading, and optimization problems, expanding beyond pure mathematics into adjacent technical fields.

United States

AI system to solve complex mathematical problems and enhance mathematical reasoning capabilities

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Harmonic (HARMONIC US)

Amagi Media Labs: Taking Media Companies to the Cloud Universe

Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...

Himanshu Dugar

Primer: Harmonic - 29 Jul 2025

AI system to solve complex mathematical problems and enhance mathematical reasoning capabilities

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amagi Media Labs: Taking Media Companies to the Cloud Universe

​Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...

Himanshu Dugar

Primer: Harmonic - 29 Jul 2025

AI system to solve complex mathematical problems and enhance mathematical reasoning capabilities

Sacra

Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...