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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>HCL Technologies: HCL Tech demonstrated resilient performance across its services (+0.7% QoQ CC) and software businesses (+4.9% YoY CC) amidst a global environment characterised by increasing uncertainty and reduced discretionary spending</li><li>While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&amp;D revenue registered strong growth of 5.5% QoQ CC, and the software business was impacted by seasonality</li><li>Looking ahead, HCL Tech anticipates a modest growth outlook (2-5% YoY CC) with stable profitability (EBIT 18-19%), acknowledging the potential for further deterioration in the macroeconomic environment that could impact client IT spending</li><li>The services business has consistently outperformed peers over the last two years with AI and Gen AI becoming integral part of most of the deals</li><li>Despite these uncertainties, HCL Tech experienced strong deal bookings in Q4 FY25, indicating continued client engagement, and the pipeline remains robust with net-new TCV of USD 2.9bn (+30% YoY)</li><li>The impact of global uncertainty is expected to potentially supress discretionary spending and necessitate strong ROI justifications for new projects, although efficiency-driven and AI-led initiatives will drive deal conversations</li><li>We cut our revenue estimate by ~3-4% and maintain our ADD rating with a target price of INR 1,720, based on 22x FY27E EPS</li><li>Havells India: Havells’ Q4 revenue grew by a healthy 20% YoY to INR 65bn, aided by 21/40% growth in cable/Lloyd segments</li><li>However, gross margin contracted by 70bps YoY, but this was offset by lower employee and ad spends</li><li>So, EBITDAM was maintained YoY at 11.6%, translating into 20% EBITDA growth</li><li>Performance across segments was mixed: switchgear revenue grew but margins declined; cable revenue saw strong growth with stable margins; lighting revenue saw minimal growth with margin contraction; ECD revenue and margins both improved; and Lloyd's exhibited significant revenue and margin expansion</li><li>Management highlighted that secondary sales for AC and fans have been weak in March and April due to the delayed summer</li><li>We maintain ADD rating and value the company at 50x Mar-27E EPS to arrive at a TP of INR 1,650/sh.</li></ul><p><em>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.</em></p>

HCL Technologies: HCL Tech demonstrated resilient performance across its services (+0.7% QoQ CC) and software businesses (+4.9% YoY CC) amidst a global environment characterised by increasing uncertainty and reduced discretionary spendingWhile IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&amp;D revenue registered strong growth of 5.5% QoQ CC, and the software business was impacted by seasonalityLooking ahead, HCL Tech anticipates a modest growth outlook (2-5% YoY CC) with stable profitability (EBIT 18-19%), acknowledging the potential for further deterioration in the macroeconomic environment that could impact client IT spendingThe services business has consistently outperformed peers over the last two years with AI and Gen AI becoming integral part of most of the dealsDespite these uncertainties, HCL Tech experienced strong deal bookings in Q4 FY25, indicating continued client engagement, and the pipeline remains robust with net-new TCV of USD 2.9bn (+30% YoY)The impact of global uncertainty is expected to potentially supress discretionary spending and necessitate strong ROI justifications for new projects, although efficiency-driven and AI-led initiatives will drive deal conversationsWe cut our revenue estimate by ~3-4% and maintain our ADD rating with a target price of INR 1,720, based on 22x FY27E EPSHavells India: Havells’ Q4 revenue grew by a healthy 20% YoY to INR 65bn, aided by 21/40% growth in cable/Lloyd segmentsHowever, gross margin contracted by 70bps YoY, but this was offset by lower employee and ad spendsSo, EBITDAM was maintained YoY at 11.6%, translating into 20% EBITDA growthPerformance across segments was mixed: switchgear revenue grew but margins declined; cable revenue saw strong growth with stable margins; lighting revenue saw minimal growth with margin contraction; ECD revenue and margins both improved; and Lloyd's exhibited significant revenue and margin expansionManagement highlighted that secondary sales for AC and fans have been weak in March and April due to the delayed summerWe maintain ADD rating and value the company at 50x Mar-27E EPS to arrive at a TP of INR 1,650/sh.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.

HSIE Results Daily: HCL Technologies, Havells India, AU Small Finance Bank

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

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

<ul>
<li>Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.</li>
<li>Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.</li>
<li>Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.</li>
</ul>


Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.


Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/accenture-plc-cl-a" target="_blank" data-smartkarma-citation="entities:13468:1" rel="noopener">Accenture Plc Cl A (ACN US)</a> released its Q2FY25 results on March 20, 2025, revealing strong topline growth but flat bookings that signal tightening client budgets and subdued tech spending.</li>
<li>This is significant because Accenture's performance often sets the tone for Indian IT, reflecting global demand sentiment and evolving investment priorities like Generative AI.</li>
<li>Indian IT firms may face growth pressure from constrained discretionary spending, weak deal momentum, and ongoing macroeconomic uncertainty across key global markets.</li>
</ul>



Accenture Plc Cl A (ACN US) released its Q2FY25 results on March 20, 2025, revealing strong topline growth but flat bookings that signal tightening client budgets and subdued tech spending.
This is significant because Accenture's performance often sets the tone for Indian IT, reflecting global demand sentiment and evolving investment priorities like Generative AI.
Indian IT firms may face growth pressure from constrained discretionary spending, weak deal momentum, and ongoing macroeconomic uncertainty across key global markets.


Accenture’s Q2FY25 Results: Setting the Trend for Indian IT Sector’s Q4FY25 Earnings!

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

HSIE Results Daily: HCL Technologies, Havells India, AU Small Finance Bank

While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&D revenue registered strong growth of 5.5% QoQ CC, and the...

HDFC Securities

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

Accenture’s Q2FY25 Results: Setting the Trend for Indian IT Sector’s Q4FY25 Earnings!

Accenture's Q2FY25 results show strong topline growth but flat bookings, indicating tightening client budgets and subdued tech spending, impacting...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

HSIE Results Daily: HCL Technologies, Havells India, AU Small Finance Bank

While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&D revenue registered strong growth of 5.5% QoQ CC, and the...

HDFC Securities

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

​Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

Accenture’s Q2FY25 Results: Setting the Trend for Indian IT Sector’s Q4FY25 Earnings!

​Accenture's Q2FY25 results show strong topline growth but flat bookings, indicating tightening client budgets and subdued tech spending, impacting...

Sudarshan Bhandari

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Accenture's Q2FY25 results show strong topline growth but flat bookings, indicating tightening client budgets and subdued tech spending, impacting...