Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>April 2026 insider activity was weak due to ongoing silent period during earnings season.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during April 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


April 2026 insider activity was weak due to ongoing silent period during earnings season.
We highlight large and small cap companies that experienced significant insider buying during April 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in April 2026

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Thematic (Sector/Industry)

<ul>
<li>Shares of city gas distribution players such as MAHGL, IGL, GUJGA and IRMENERG are down in the last one month.</li>
<li>This comes after the government's decision to reduce APM gas allocation towards CNG from 70% to 50%. </li>
<li>MAHGL, IGL due to high concentration towards CNG would be most impacted and would need price hikes. GUJGA and IRMENERG are less exposed due to high proportion of Industrial demand.</li>
</ul>


Shares of city gas distribution players such as MAHGL, IGL, GUJGA and IRMENERG are down in the last one month.
This comes after the government's decision to reduce APM gas allocation towards CNG from 70% to 50%. 
MAHGL, IGL due to high concentration towards CNG would be most impacted and would need price hikes. GUJGA and IRMENERG are less exposed due to high proportion of Industrial demand.


CGD Allocation Reduction- Decoding the Impact

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

PMEA Solar Tech Solutions Limited / Equity Capital Markets

PMEA Solar Tech Solutions Limited (0991151D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pmea-solar-tech-solutions-limited" target="_blank" data-smartkarma-citation="entities:44469:1" rel="noopener">PMEA Solar Tech Solutions Limited (0991151D IN)</a> (PSTSL) is planning to raise about US$116m through its upcoming India IPO. </li>
<li>PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.</li>
<li>The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.</li>
</ul>



PMEA Solar Tech Solutions Limited (0991151D IN) (PSTSL) is planning to raise about US$116m through its upcoming India IPO. 
PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.
The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.


PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

Trualt Bioenergy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trualt-bioenergy-ltd" target="_blank" data-smartkarma-citation="entities:44364:1" rel="noopener">Trualt Bioenergy Ltd (2350587D IN)</a> (TBL) is planning to raise about US$120m through its upcoming India IPO. </li>
<li>TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).</li>
<li>As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.</li>
</ul>



Trualt Bioenergy Ltd (2350587D IN) (TBL) is planning to raise about US$120m through its upcoming India IPO. 
TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).
As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.


Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group (1171 HK)</a> is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.</li>
<li>The deal is a somewhat large one to digest, at 10.6 days of three month ADV and 2.7% of current mcap.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Yankuang Energy Group (1171 HK) is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.
The deal is a somewhat large one to digest, at 10.6 days of three month ADV and 2.7% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.


Yankuang Energy Placement - Doesn’t Appear Well Flagged Although Deal Size Is Large

India

IRM Energy Limited provides gas distribution services. The Company offers compressed and piped natural gas. IRM Energy serves domestic, commercial, industrial, and transport sectors. IRM Energy serves customers in India.

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IRM Energy (IRMENERG IN)

Insider Activity: Who Bought Their Own Stock in April 2026

While Insider Buying activity has declined in the month of May'26, there are still few large notable companies coming in the list including HCL...

Sreemant Dudhoria

CGD Allocation Reduction- Decoding the Impact

Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

Nitin Mangal

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

Yankuang Energy Placement - Doesn’t Appear Well Flagged Although Deal Size Is Large

Yankuang Energy Group (1171 HK) is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Bought Their Own Stock in April 2026

While Insider Buying activity has declined in the month of May'26, there are still few large notable companies coming in the list including HCL...

Sreemant Dudhoria

CGD Allocation Reduction- Decoding the Impact

​Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

Nitin Mangal

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

​PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

​Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

Yankuang Energy Placement - Doesn’t Appear Well Flagged Although Deal Size Is Large

Yankuang Energy Group (1171 HK) is looking to raise up to US$608m through a primary follow-on, via selling 270m H-shares.

Ethan Aw

Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...