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 Capital Markets

Lalithaa Jewellery Mart Ltd / Equity Capital Markets

Lalithaa Jewellery Mart Ltd (1607844D IN)

<ul>
<li>Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.</li>
<li>A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers</li>
<li>The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.</li>
</ul>


Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.
A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers
The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.


Lalitha Jewellery IPO Review: Glittering Enough?

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

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.</li>
<li>This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.</li>
<li>Based on these new results and guidance, we will update the list of top ideas accordingly.</li>
</ul>


We compile our selection of companies across Japan, China &amp; India based on bottom-up triggers in each company.
This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.
Based on these new results and guidance, we will update the list of top ideas accordingly.


Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

<ul>
<li>38 companies featured insider acquisitions in August 2026. Aggregate transaction value was approximately INR 2 billion — a material step up from July 2026's INR 270 million.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during August 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>


38 companies featured insider acquisitions in August 2026. Aggregate transaction value was approximately INR 2 billion — a material step up from July 2026's INR 270 million.
We highlight large and small cap companies that experienced significant insider buying during August 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 August 2026 ?

<ul>
<li>We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>,<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>. In China its <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group-limited" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>.</li>
<li>In India its a mix of recently listed - <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-limited" target="_blank" data-smartkarma-citation="entities:45604:1" rel="noopener">Milky Mist Dairy Food (1231D IN)</a>, <a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-limited" target="_blank" data-smartkarma-citation="entities:56011:1" rel="noopener">Lalithaa Jewellery (LALITHAA IN)</a> , Holdco - <a href="https://www.smartkarma.com/entities/tvs-holdings-limited" target="_blank" data-smartkarma-citation="entities:16591:1" rel="noopener">TVS (TVSHLTD IN)</a> and select Auto OEs</li>
</ul>


We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.
In Japan its ROHM Co Ltd (6963 JP),Suzuki Motor (7269 JP) &amp; Mazda Motor (7261 JP). In China its Chow Tai Fook Jewellery (1929 HK) &amp; Midea Group (300 HK).
In India its a mix of recently listed - Milky Mist Dairy Food (1231D IN), Lalithaa Jewellery (LALITHAA IN) , Holdco - TVS (TVSHLTD IN) and select Auto OEs


Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a> are set to list this week. </li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week. 
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron

India

Lalithaa Jewellery Mart Private Limited manufactures jewelry. The Company offers gold, diamond, and silver bangles, chains, pendant, earrings, bracelets, coins, rings, and necklaces including haaram, ottiyanam, vanki, and stones. Lalithaa Jewellery Mart serves customers in India.

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Lalithaa Jewellery Mart Ltd (1607844D IN)

Lalitha Jewellery IPO Review: Glittering Enough?

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

Insider Activity: Who Bought Their Own Stock in August 2026 ?

September 2026 is witnessing an increase in insider buying transactions before the earnings season starts next month. Few notable names coming up...

Sreemant Dudhoria

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lalitha Jewellery IPO Review: Glittering Enough?

​Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026

Strong Sales Volume for Maruti Suzuki in the month of September'26 - 236,013 units vs 189,665 units (24% YoY); Similarly for Ashok Leyland its 28%...

Sreemant Dudhoria

Insider Activity: Who Bought Their Own Stock in August 2026 ?

September 2026 is witnessing an increase in insider buying transactions before the earnings season starts next month. Few notable names coming up...

Sreemant Dudhoria

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...