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>JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. </li>
<li>We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).</li>
<li>We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.</li>
</ul>


JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.


The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Installed Capacity grew by 443 MW, up 3% QoQ (up 71% YoY) to 13.2 GW in Q2FY26, led by organic RE capacity additions (240 MW Kutehr Hydro, 148 MW Wind, and 56 MW Solar).</li><li>Installed capacity will reach 15 GW+ by the end of FY26, and it will grow by 20% CAGR to 30.5 GW by 2030, which is now already locked in.</li><li>It has 12.5 GW of capacity under construction, all of which is fully tied up under long-term PPA, and the majority (~10.9 GW) of the underconstruction 12.5 GW is RE capacity. </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.

Installed Capacity grew by 443 MW, up 3% QoQ (up 71% YoY) to 13.2 GW in Q2FY26, led by organic RE capacity additions (240 MW Kutehr Hydro, 148 MW Wind, and 56 MW Solar).Installed capacity will reach 15 GW+ by the end of FY26, and it will grow by 20% CAGR to 30.5 GW by 2030, which is now already locked in.It has 12.5 GW of capacity under construction, all of which is fully tied up under long-term PPA, and the majority (~10.9 GW) of the underconstruction 12.5 GW is RE capacity. 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.

JSW Energy Ltd - Decent Q2; On Track to Meet Its Capacity Targets

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

Thematic (Sector/Industry)

<ul>
<li>By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.</li>
<li>India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.</li>
<li>Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.</li>
</ul>


By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.
India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.
Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.


India’s Battery Reality Check: Just Assembler Not Maker!

<ul><li>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </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.

A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. 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.

<ul><li>Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY and 0.8% QoQ).</li><li>The peak demand was 230 GW for Q2FY26 in Aug’25 (vs. 231 GW during Q2FY25 in Sep’24), a 0.4% YoY decline.</li><li>The electricity demand saw a steady recovery despite an extended monsoon. </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.

Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY and 0.8% QoQ).The peak demand was 230 GW for Q2FY26 in Aug’25 (vs. 231 GW during Q2FY25 in Sep’24), a 0.4% YoY decline.The electricity demand saw a steady recovery despite an extended monsoon. 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.

Q2FY26 Earnings Preview - Power and Ancillaries

India

JSW Energy Limited is an Indian power company primarily engaged in power generation, transmission, and trading. The company operates a diversified portfolio of thermal, hydro, wind, and solar power assets, and is expanding into new energy frontiers like green hydrogen and battery energy storage systems. JSW Energy was founded in 1994 and is headquartered in Mumbai, Maharashtra, India.

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JSW Energy (JSW IN)

The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

JSW Energy Ltd - Decent Q2; On Track to Meet Its Capacity Targets

Installed Capacity grew by 443 MW, up 3% QoQ (up 71% YoY) to 13.2 GW in Q2FY26, led by organic RE capacity additions (240 MW Kutehr Hydro, 148 MW...

Axis Direct

India’s Battery Reality Check: Just Assembler Not Maker!

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Q2FY26 Earnings Preview - Power and Ancillaries

Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

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The Thermal Vs Renewable Debate: JSW Energy - 2026 High Conviction Idea

​JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Himanshu Dugar

JSW Energy Ltd - Decent Q2; On Track to Meet Its Capacity Targets

Installed Capacity grew by 443 MW, up 3% QoQ (up 71% YoY) to 13.2 GW in Q2FY26, led by organic RE capacity additions (240 MW Kutehr Hydro, 148 MW...

Axis Direct

India’s Battery Reality Check: Just Assembler Not Maker!

​Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Q2FY26 Earnings Preview - Power and Ancillaries

Cumulative all-India electricity demand over Jul’25-Sep'25 stood at 449 BU as compared to 435 BU for the same period last year (3.3% increase YoY...

Axis Direct

JSW Energy is the better-placed utility in terms of growth visibility with healthy split of thermal and renewable capex underway. Its aggressive...

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...