Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>
Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a>  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.</li>
<li>
25 new projects announced in 2024-25, including <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.</li>
</ul>



Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.

Hindalco Industries (HNDL IN)  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.

25 new projects announced in 2024-25, including Vedanta Ltd (VEDL IN) ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.


The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

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

Equity Bottom-Up

Karamtara Engineering Ltd / Equity Bottom-Up

<ul>
<li>Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.</li>
<li>The company is India's largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.</li>
<li>At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.</li>
</ul>


Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
The company is India's largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.


Karamtara Engineering IPO: India's Largest Solar Structures Maker

<ul>
<li>On June 1, 2026, India's MNRE implemented ALMM-II, making it mandatory for all government-backed, subsidized, and net-metered/open-access solar projects to source solar cells exclusively from approved domestic manufacturers.</li>
<li>While India boasts ~225 GW of nameplate module manufacturing capacity (and ~193 GW approved under ALMM List-I), it currently has only ~31 GW of operational domestic cell capacity.</li>
<li>This transition phase over the next 6–9 months will be highly disruptive, but at the same time it provides massive moat and pricing power to large, vertically integrated domestic players.</li>
</ul>


On June 1, 2026, India's MNRE implemented ALMM-II, making it mandatory for all government-backed, subsidized, and net-metered/open-access solar projects to source solar cells exclusively from approved domestic manufacturers.
While India boasts ~225 GW of nameplate module manufacturing capacity (and ~193 GW approved under ALMM List-I), it currently has only ~31 GW of operational domestic cell capacity.
This transition phase over the next 6–9 months will be highly disruptive, but at the same time it provides massive moat and pricing power to large, vertically integrated domestic players.


India's Solar Civil War: Who Will Win Due to ALMM Cell Mandate?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Waaree secured ALMM List-II approval for 5.25 GW of solar cells, becoming the first Indian manufacturer to be listed simultaneously across modules and cells at this scale.</li>
<li>Government's ALMM expansion to cells (mandatory from June 2026) and proposed extension to ingots and wafers creates a structural entry barrier. </li>
<li>Waaree is the only company actively investing across all four layers of the domestic supply chain, is best positioned to capture this captive demand.</li>
</ul>


Waaree secured ALMM List-II approval for 5.25 GW of solar cells, becoming the first Indian manufacturer to be listed simultaneously across modules and cells at this scale.
Government's ALMM expansion to cells (mandatory from June 2026) and proposed extension to ingots and wafers creates a structural entry barrier. 
Waaree is the only company actively investing across all four layers of the domestic supply chain, is best positioned to capture this captive demand.


How Waaree Energies(The Moat Builder) Is Wiring Together India's Entire Solar Stack?

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

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) raised around US$342m in its India IPO. </li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</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>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) raised around US$342m in its India IPO. 
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

India

Premier Energies is an Indian integrated solar manufacturing company that specializes in producing high-efficiency solar photovoltaic (PV) cells and modules. The company also provides value-added solutions such as Engineering, Procurement, and Construction (EPC) services for solar power projects. Founded in 1995, its headquarters are located in Hyderabad, Telangana, India.

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Premier Energies (PREMIERE IN)

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Karamtara Engineering IPO: India's Largest Solar Structures Maker

Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.

Sudarshan Bhandari

India's Solar Civil War: Who Will Win Due to ALMM Cell Mandate?

India's MNRE mandates sourcing solar cells from domestic manufacturers for government-backed solar projects, creating disruption and opportunity...

Sudarshan Bhandari

How Waaree Energies(The Moat Builder) Is Wiring Together India's Entire Solar Stack?

Waaree secures approval for 5.25 GW of solar cells, positioned to benefit from ALMM expansion and entry barrier in Indian market.

Nimish Maheshwari

Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

CleanMax Enviro Energy Solutions Limited (CEESL) raised around US$342m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

​Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Karamtara Engineering IPO: India's Largest Solar Structures Maker

Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.

Sudarshan Bhandari

India's Solar Civil War: Who Will Win Due to ALMM Cell Mandate?

​India's MNRE mandates sourcing solar cells from domestic manufacturers for government-backed solar projects, creating disruption and opportunity...

Sudarshan Bhandari

How Waaree Energies(The Moat Builder) Is Wiring Together India's Entire Solar Stack?

​Waaree secures approval for 5.25 GW of solar cells, positioned to benefit from ALMM expansion and entry barrier in Indian market.

Nimish Maheshwari

Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

CleanMax Enviro Energy Solutions Limited (CEESL) raised around US$342m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

India's MNRE mandates sourcing solar cells from domestic manufacturers for government-backed solar projects, creating disruption and opportunity...

Waaree secures approval for 5.25 GW of solar cells, positioned to benefit from ALMM expansion and entry barrier in Indian market.