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

<ul>
<li>Powerica is an integrated power solutions provider specialising in diesel generator sets, for both primary and standby applications. It is also an independent wind-power producer and offers O&amp;M services.</li>
<li>The company is expanding from a traditional domestic diesel generator assembler, entering international markets with its large gensets and supporting environmental compliance through RECDs. Its wind business offsets business volatility</li>
<li>IPO seems attractive despite current market sentiment due to recent company initiatives and industry tailwinds. Valuations are reasonable compared to larger OEMs</li>
</ul>


Powerica is an integrated power solutions provider specialising in diesel generator sets, for both primary and standby applications. It is also an independent wind-power producer and offers O&amp;M services.
The company is expanding from a traditional domestic diesel generator assembler, entering international markets with its large gensets and supporting environmental compliance through RECDs. Its wind business offsets business volatility
IPO seems attractive despite current market sentiment due to recent company initiatives and industry tailwinds. Valuations are reasonable compared to larger OEMs


IPO Review: Powerica’s Pivot to High-Capacity Solutions and Wind Infrastructure

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Powerica has launched IPO to raise up to INR 11B. The company plans to sell 27.8M shares at between INR 375 - 395 per share.</li>
<li>Powerica is an integrated power solutions provider specializing in diesel generator sets, for both primary and standby applications. It also operates in wind power sector as an independent power producer.</li>
<li>Investors can subscribe to the issue considering the stable business model, strong brand association, expertise in power segment and strategic advantage in attaining long term sustained growth trajectory.</li>
</ul>


Powerica has launched IPO to raise up to INR 11B. The company plans to sell 27.8M shares at between INR 375 - 395 per share.
Powerica is an integrated power solutions provider specializing in diesel generator sets, for both primary and standby applications. It also operates in wind power sector as an independent power producer.
Investors can subscribe to the issue considering the stable business model, strong brand association, expertise in power segment and strategic advantage in attaining long term sustained growth trajectory.


Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory

APAC IPOs & Placements, Aequitas Research

Sharan Shankarnarayan

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.

<ul>
<li>Powerica Ltd is looking to raise about US$160m in its upcoming India IPO.</li>
<li>Powerica Limited is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from Cummins, supported by in-house manufacturing. </li>
<li>In this note we talk about the company's historical performance.</li>
</ul>


Powerica Ltd is looking to raise about US$160m in its upcoming India IPO.
Powerica Limited is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from Cummins, supported by in-house manufacturing. 
In this note we talk about the company's historical performance.


Aequitas: Powerica Ltd Pre-IPO- Integrated Power Solutions Provider

Hong Jie Seow

<ul>
<li>
<a href="https://www.smartkarma.com/entities/powerica-limited" target="_blank" data-smartkarma-citation="entities:45691:1" rel="noopener">Powerica (PWRL IN)</a> is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.</li>
<li>Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.</li>
<li>Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.</li>
</ul>



Powerica (PWRL IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.
Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.
Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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, most of the listings this week didn't do much.</li>
<li>On the placement front, given the market volatility, there weren't any large deals. We did look at some of the upcoming lockup expiries.</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, most of the listings this week didn't do much.
On the placement front, given the market volatility, there weren't any large deals. We did look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay

India

Powerica Limited is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.

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Powerica (PWRL IN)

IPO Review: Powerica’s Pivot to High-Capacity Solutions and Wind Infrastructure

After a flat market debut, Powerica has been gradually trading higher, up 20% from the IPO price, mirroring the movement in OEM peers Cummins and...

Himanshu Dugar

Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory

Powerica launches IPO to raise up to INR 11B, offering 27.8M shares at INR 375-395 each. Investors can subscribe for stable business model, strong...

Tina Banerjee

Aequitas: Powerica Ltd Pre-IPO- Integrated Power Solutions Provider

Powerica Ltd is looking to raise about US$160m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Sharan Shankarnarayan

Powerica Limited Pre-IPO Tearsheet

Powerica plans to raise US$160m in India IPO with IIFL Capital, ICICI Securities, and Nuvama, showcasing its leading position in power solutions...

Hong Jie Seow

Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay

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)

IPO Review: Powerica’s Pivot to High-Capacity Solutions and Wind Infrastructure

After a flat market debut, Powerica has been gradually trading higher, up 20% from the IPO price, mirroring the movement in OEM peers Cummins and...

Himanshu Dugar

Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory

​Powerica launches IPO to raise up to INR 11B, offering 27.8M shares at INR 375-395 each. Investors can subscribe for stable business model, strong...

Tina Banerjee

Aequitas: Powerica Ltd Pre-IPO- Integrated Power Solutions Provider

Powerica Ltd is looking to raise about US$160m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Sharan Shankarnarayan

Powerica Limited Pre-IPO Tearsheet

​Powerica plans to raise US$160m in India IPO with IIFL Capital, ICICI Securities, and Nuvama, showcasing its leading position in power solutions...

Hong Jie Seow

Aequitas ECM Weekly (16 March 2026)- Past A/H Trends, Delton, Raajmarg, Ringpai, FS.com, Everdisplay

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

Powerica launches IPO to raise up to INR 11B, offering 27.8M shares at INR 375-395 each. Investors can subscribe for stable business model, strong...

Powerica plans to raise US$160m in India IPO with IIFL Capital, ICICI Securities, and Nuvama, showcasing its leading position in power solutions...