Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion. </li>
<li>However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a> IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>.</li>
</ul>



LG Electronics India has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion. 
However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.

LG Electronics India (123D IN) IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to LG Electronics (066570 KS).


LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

<ul>
<li>Investors should keep a close eye on Adani's execution timeline, the impact on valuations in the sector, and the fundamentals of existing players in the C&amp;W industry. </li>
<li>While Adani's entry may bring some disruption, the sector's strong growth prospects and the resilience of leading players suggest that there is still value to be found. </li>
<li>In the end, long-term success in this industry will depend on a combination of strategic vision, operational excellence, and the ability to adapt to changing market dynamics.</li>
</ul>


Investors should keep a close eye on Adani's execution timeline, the impact on valuations in the sector, and the fundamentals of existing players in the C&amp;W industry. 
While Adani's entry may bring some disruption, the sector's strong growth prospects and the resilience of leading players suggest that there is still value to be found. 
In the end, long-term success in this industry will depend on a combination of strategic vision, operational excellence, and the ability to adapt to changing market dynamics.


What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/salzer-electronics-ltd" target="_blank" data-smartkarma-citation="entities:8103:1" rel="noopener">Salzer Electronics (SZE IN)</a> is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.</li>
<li>This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.</li>
<li>Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.</li>
</ul>



Salzer Electronics (SZE IN) is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.
This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.
Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.


The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Event-Driven

<ul>
<li>UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 
</li>
<li>The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.</li>
<li>This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.</li>
</ul>


UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 

The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.
This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.


Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by lower revenue from the C&amp;W segment.</li><li>Lower margin in switchgear and higher-than-expected loss in Lloyd resulted in ~1% YoY decline in EBITDA (7% miss).</li><li>OPM stood at 8.7% vs. an estimated 9.3% for the quarter. PAT declined ~3% YoY to INR2.8b (13% miss) in 3QFY25. The Switchgear segment’s margin was lower on account of a change in channel mix (higher sales in the project business) and factory underabsorption due to plant relocation.</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.

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by lower revenue from the C&amp;W segment.Lower margin in switchgear and higher-than-expected loss in Lloyd resulted in ~1% YoY decline in EBITDA (7% miss).OPM stood at 8.7% vs. an estimated 9.3% for the quarter. PAT declined ~3% YoY to INR2.8b (13% miss) in 3QFY25. The Switchgear segment’s margin was lower on account of a change in channel mix (higher sales in the project business) and factory underabsorption due to plant relocation.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.

Havells India - Healthy Revenue Growth; Margin a Bit Lower

India

Havells India is a multinational fast-moving electrical goods (FMEG) company that manufactures and distributes a diverse range of industrial and consumer electrical products. Their offerings include circuit protection devices, cables and wires, motors, fans, modular switches, lighting, home appliances, and air conditioners. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1958.

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Havells India (HAVL IN)

LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Devi Subhakesan

What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

Investors should monitor Adani's impact on valuations and existing players in the C&W industry, as success will hinge on strategic vision and...

Nimish Maheshwari

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

Havells India - Healthy Revenue Growth; Margin a Bit Lower

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by...

Motilal Oswal

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52-week Range

Market Cap (USDm)

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LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Devi Subhakesan

What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

​Investors should monitor Adani's impact on valuations and existing players in the C&W industry, as success will hinge on strategic vision and...

Nimish Maheshwari

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

​Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

​UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

Havells India - Healthy Revenue Growth; Margin a Bit Lower

Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by...

Motilal Oswal

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Investors should monitor Adani's impact on valuations and existing players in the C&W industry, as success will hinge on strategic vision and...

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.