Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2026 index rebal event.</li>
<li>We see one change for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2026 index rebal event.
We see one change for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D </a>IN) (HIPL) plans to raise around US$290m in its upcoming IPO. </li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>In this note, we talk about the company's historical performance.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) plans to raise around US$290m in its upcoming IPO. 
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
In this note, we talk about the company's historical performance.


Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

SignatureGlobal India Pvt Ltd / Equity Bottom-Up

SignatureGlobal India Pvt Ltd (1468641D IN)

<ul>
<li>Deferred payment schemes (≈10% upfront, no EMI for ~36 months) are inflating NCR booking optics by converting housing demand into option-like investor positions rather than cash-funded end-user purchases.</li>
<li>Developers such as <a href="https://www.smartkarma.com/entities/signatureglobal-india-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36158:1" rel="noopener">SignatureGlobal India Pvt Ltd (1468641D IN)</a>  appear optically resilient due to stable collections, but project-financed models embed a lagged cash-conversion and ROE risk as payment cliffs approach.</li>
<li>This is not a solvency thesis; but a timing mismatch where earnings and valuation risk emerge with a delay, first visible in NCR and structurally portable to similar investor-heavy markets.</li>
</ul>


Deferred payment schemes (≈10% upfront, no EMI for ~36 months) are inflating NCR booking optics by converting housing demand into option-like investor positions rather than cash-funded end-user purchases.
Developers such as SignatureGlobal India Pvt Ltd (1468641D IN)  appear optically resilient due to stable collections, but project-financed models embed a lagged cash-conversion and ROE risk as payment cliffs approach.
This is not a solvency thesis; but a timing mismatch where earnings and valuation risk emerge with a delay, first visible in NCR and structurally portable to similar investor-heavy markets.


Signature Global and NCR Housing | When Deferred Payments Distort Demand

Akshat Shah

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Amagi Media Labs (1232899D IN) raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank, GMR Airports, SWIGGY, HDFC Bank.


MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

India

Lodha Developers is an Indian multinational real estate company primarily focused on developing residential, commercial, and retail properties. The company also engages in the leasing of retail and office spaces, and develops warehousing, logistics, and digital infrastructure parks. Lodha Developers is headquartered in Mumbai, India, and was founded in 1980.

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Lodha Developers (LODHA IN)

Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

The NIFTY 50 expected ADD/DEL could trigger US$640mn in one-way flows. There could be more changes for NIFTY 100 which could collectively trigger...

Janaghan Jeyakumar, CFA

Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Horizon Industrial Parks Limited (HIPL) plans to raise around US$290m in its upcoming IPO. HIPL is the largest industrial and logistics...

Kajal Jain

Signature Global and NCR Housing | When Deferred Payments Distort Demand

Q3 exposed the mismatch: 73% YoY drop in units sold, optically higher margins (40%), and weak cash conversion as deferred-payment demand ran ahead...

Pranav Bhavsar

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

MS-India Index Earning Revision (Dec): InterGlobe Aviation, ICICI Bank, Shriram Finance

We analyzed MS-India's consensus for Dec 2025 and highlighted changes of EPS in InterGlobe Aviation, ICICI Bank, Shriram Finance, IndusInd Bank,...

Ke Yan, CFA, FRM

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