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

Event-Driven

<ul>
<li>Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.</li>
<li>Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570</li>
<li>The company's core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900</li>
</ul>


Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.
Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570
The company's core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900


Kiri Industries (KIRI IN): Heads I Make 50%; Tails I Don’t Lose Much

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>China’s dye and intermediate industry is facing a structural supply reset as environmental inspections, safety audits and compliance requirements force weaker chemical plants to shut or reduce operations. </li>
<li>The disruption has triggered an unprecedented spike in critical intermediates, with reductant prices rising from approximately RMB 25,000/ton at the end of 2025 to around RMB 120,000/ton by July 2026.</li>
<li>China supplies the majority of global dyes and intermediates. Any reduction in reliable Chinese supply creates an opportunity for Indian manufacturers with integrated operations, export relationships and compliant manufacturing assets.</li>
</ul>


China’s dye and intermediate industry is facing a structural supply reset as environmental inspections, safety audits and compliance requirements force weaker chemical plants to shut or reduce operations. 
The disruption has triggered an unprecedented spike in critical intermediates, with reductant prices rising from approximately RMB 25,000/ton at the end of 2025 to around RMB 120,000/ton by July 2026.
China supplies the majority of global dyes and intermediates. Any reduction in reliable Chinese supply creates an opportunity for Indian manufacturers with integrated operations, export relationships and compliant manufacturing assets.


China’s Dye Supply Shock: Why India Could Emerge As A Structural Winner?

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kiri-industries-ltd" target="_blank" data-smartkarma-citation="entities:13909:1" rel="noopener">Kiri Industries (KIRI IN)</a> won a court ruling for a $603.8 million buyout of its DyStar stake by end-2025.</li>
<li>Clear timeline and promoter fund infusion signal potential for transformation, despite past performance and management skepticism.</li>
<li>Positive catalysts and growing promoter stake could elevate long-term value; cautious optimism remains due to capital allocation concerns.</li>
</ul>



Kiri Industries (KIRI IN) won a court ruling for a $603.8 million buyout of its DyStar stake by end-2025.
Clear timeline and promoter fund infusion signal potential for transformation, despite past performance and management skepticism.
Positive catalysts and growing promoter stake could elevate long-term value; cautious optimism remains due to capital allocation concerns.


The Beat Ideas: Kiri Industries: A Mega Turnaround Story from India

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kiri-industries-ltd" target="_blank" data-smartkarma-citation="entities:13909:1" rel="noopener">Kiri Industries (KIRI IN)</a> has successfully concluded its decade-long legal battle, receiving a total remittance of <strong>US$689,034,072.68</strong> (approx. <strong>INR5,750 crore</strong>) on December 30, 2025, for its 37.57% stake in DyStar.</li>
<li>The payout, multiple times Kiri’s market cap, eliminates a massive litigation overhang and provides the "war chest" needed to fund a capital-intensive diversification into the copper and fertilizer sectors.</li>
<li>With DyStar no longer an associate company, Kiri’s narrative shifts from a legal recovery story to an execution-heavy industrial play, making project milestones in Jafrabad the new primary valuation catalysts.</li>
</ul>



Kiri Industries (KIRI IN) has successfully concluded its decade-long legal battle, receiving a total remittance of US$689,034,072.68 (approx. INR5,750 crore) on December 30, 2025, for its 37.57% stake in DyStar.
The payout, multiple times Kiri’s market cap, eliminates a massive litigation overhang and provides the "war chest" needed to fund a capital-intensive diversification into the copper and fertilizer sectors.
With DyStar no longer an associate company, Kiri’s narrative shifts from a legal recovery story to an execution-heavy industrial play, making project milestones in Jafrabad the new primary valuation catalysts.


Kiri Industries 2.0: From Courtroom Drama to a Copper Powerhouse

<ul>
<li>China's Politburo formalized "anti-involution" policy in July 2024, escalating through 2025 to mandate capacity cuts, retire aging petrochemical plants, and penalize destructive price competition in chemicals and beyond.</li>
<li>China accounts for roughly 46% of global chemical production. Structural capacity rationalization there directly shifts pricing power, trade flows, and market share for Indian chemical players competing on cost, complexity.</li>
<li>Companies with complex chemistry moats, low Chinese raw-material dependence, and long-term customer contracts stand to gain most; commodity-adjacent players face a more uneven ride. </li>
</ul>


China's Politburo formalized "anti-involution" policy in July 2024, escalating through 2025 to mandate capacity cuts, retire aging petrochemical plants, and penalize destructive price competition in chemicals and beyond.
China accounts for roughly 46% of global chemical production. Structural capacity rationalization there directly shifts pricing power, trade flows, and market share for Indian chemical players competing on cost, complexity.
Companies with complex chemistry moats, low Chinese raw-material dependence, and long-term customer contracts stand to gain most; commodity-adjacent players face a more uneven ride. 


What China's Anti-Involution Drive Means for India's Chemical Sector?

India

Kiri Industries Limited is a diversified industrial group specializing in the manufacture and export of dyes, dye intermediates, and basic chemicals for textile, leather, and industrial applications globally. The company also has a presence in copper, metals, and agri-inputs. It was incorporated in 1998 and is headquartered in Ahmedabad, India.

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Kiri Industries (KIRI IN)