Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>JSW Steel has guided for 10% volume growth in FY26, with operating leverage and cost efficiencies poised to drive significant margin expansion.</li>
<li>The Supreme Court ruling on BPSL has created new challenges, the issue is not expected to derail JSW’s growth trajectory or cash flows and production.</li>
<li>Earnings could surge over 85% in FY26, supported by higher steel prices, lower input costs, and ramp-up of new capacities like JVML and Dolvi.</li>
</ul>


JSW Steel has guided for 10% volume growth in FY26, with operating leverage and cost efficiencies poised to drive significant margin expansion.
The Supreme Court ruling on BPSL has created new challenges, the issue is not expected to derail JSW’s growth trajectory or cash flows and production.
Earnings could surge over 85% in FY26, supported by higher steel prices, lower input costs, and ramp-up of new capacities like JVML and Dolvi.


JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang

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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

<ul>
<li>Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.</li>
<li>JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.</li>
<li>Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.</li>
</ul>


Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.
JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.
Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.


Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

<ul>
<li>Tata Steel reported resilient India performance in Q4 FY25 with strong volumes, though consolidated margins remained under pressure due to ongoing European losses.</li>
<li>The Kalinganagar CRM line and Ludhiana EAF are progressing toward completion. The company’s $2.5 billion infusion into its overseas arm marks a strategic pivot, potentially weighing on returns.</li>
<li>We apply a lower EV/EBITDA multiple of 6x (vs. 7.5x earlier) to reflect the weaker capital allocation stance, flattish steel price outlook, and relatively subdued growth versus peers. </li>
</ul>


Tata Steel reported resilient India performance in Q4 FY25 with strong volumes, though consolidated margins remained under pressure due to ongoing European losses.
The Kalinganagar CRM line and Ludhiana EAF are progressing toward completion. The company’s $2.5 billion infusion into its overseas arm marks a strategic pivot, potentially weighing on returns.
We apply a lower EV/EBITDA multiple of 6x (vs. 7.5x earlier) to reflect the weaker capital allocation stance, flattish steel price outlook, and relatively subdued growth versus peers. 


Tata Steel: Strategic Pivot in Capital Allocation

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang

JSW Steel expects 10% volume growth in FY26, despite challenges from BPSL ruling, with potential for significant margin expansion and 85% earnings...

Rahul Jain

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

Tata Steel: Strategic Pivot in Capital Allocation

Tata Steel's strong India performance in Q4 FY25 overshadowed by ongoing European losses, with strategic pivot and lower EV/EBITDA multiple...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang

​JSW Steel expects 10% volume growth in FY26, despite challenges from BPSL ruling, with potential for significant margin expansion and 85% earnings...

Rahul Jain

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

​Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

Tata Steel: Strategic Pivot in Capital Allocation

​Tata Steel's strong India performance in Q4 FY25 overshadowed by ongoing European losses, with strategic pivot and lower EV/EBITDA multiple...

Rahul Jain

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

JSW Steel expects 10% volume growth in FY26, despite challenges from BPSL ruling, with potential for significant margin expansion and 85% earnings...

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Tata Steel's strong India performance in Q4 FY25 overshadowed by ongoing European losses, with strategic pivot and lower EV/EBITDA multiple...