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 Bottom-Up

<ul>
<li>Rain reported impressive March quarter results. It continues to benefit from the reset in spreads between Raw/Green and Calcined Petcoke, although the Gulf war could disrupt this harmony.</li>
<li>Rain is partially insulated from the war with its localised American operations. The threat looms over its core Asian business, which relies on the Gulf for petcoke supply.</li>
<li>The Global aluminium production deficit is a positive for Rain as it pushes capacity utilisation to increase in the US and Asia ex-China, two of its largest markets.</li>
</ul>


Rain reported impressive March quarter results. It continues to benefit from the reset in spreads between Raw/Green and Calcined Petcoke, although the Gulf war could disrupt this harmony.
Rain is partially insulated from the war with its localised American operations. The threat looms over its core Asian business, which relies on the Gulf for petcoke supply.
The Global aluminium production deficit is a positive for Rain as it pushes capacity utilisation to increase in the US and Asia ex-China, two of its largest markets.


Rain Industries - Strong 1Q, Ancillary Play on Aluminium Cycle

<ul>
<li>World's largest Calciner, Rain Industries, is positioned to benefit from resetting global aluminium production, current geopolitical tensions could support its structural growth story provided liquidity scenario does not deteriorate.</li>
<li>European macro weakness and excess Asian CPC supply impacted Rain. With robust Aluminium demand and normalised Calcination/coal spreads + energy costs subsiding, supernormal results expected for upcoming quarters.</li>
<li>This could drive a Working Capital reset helping delever its stretched balance sheet (net debt-to-EBITDA at 4x currently) and support the stock price towards our base case SOTP of 200.  </li>
</ul>


World's largest Calciner, Rain Industries, is positioned to benefit from resetting global aluminium production, current geopolitical tensions could support its structural growth story provided liquidity scenario does not deteriorate.
European macro weakness and excess Asian CPC supply impacted Rain. With robust Aluminium demand and normalised Calcination/coal spreads + energy costs subsiding, supernormal results expected for upcoming quarters.
This could drive a Working Capital reset helping delever its stretched balance sheet (net debt-to-EBITDA at 4x currently) and support the stock price towards our base case SOTP of 200.  


Rain Industries: Stars Are Aligning - Can It Repeat 2021?

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

<ul>
<li>March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.</li>
<li>We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>Also mentioned in this insight are the names which are available significantly below the insider buying price.</li>
</ul>


March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.
We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
Also mentioned in this insight are the names which are available significantly below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

Hungary: Faster earnings growth should drive GDP higher in coming months. Mexico: Expected to raise rates 50bps next Thursday in the wake of inflation reported this week at 5.3% (the highest rate in 8 years).  This is a critical positive development for the Peso. Saudi Arabia: Has the most to lose from lower prices as this complicates attempts to diversify their economy.  Iran is less concerned as they are just coming off of sanctions and any revenue they get is better than before.  Iraq would…

Hungary: Faster earnings growth should drive GDP higher in coming months. Mexico: Expected to raise rates 50bps next Thursday in the wake of inflation reported this week at 5.3% (the highest rate in 8 years).  This is a critical positive development for the Peso. Saudi Arabia: Has the most to lose from lower prices as this complicates attempts to diversify their economy.  Iran is less concerned as they are just coming off of sanctions and any revenue they get is better than before.  Iraq would…

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

India

Rain Industries Limited engages in the production of cement and other related products. The Company manufactures and markets cement, calcined petroleum coke, coal tar pitch, and specialty chemicals.

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Rain Industries (RINDL IN)

Rain Industries - Strong 1Q, Ancillary Play on Aluminium Cycle

Rain's strong Q1 results benefit from petcoke spread reset, but Gulf war poses risk to Asian business. Global aluminum deficit boosts capacity...

Himanshu Dugar

Rain Industries: Stars Are Aligning - Can It Repeat 2021?

Rain Industries, world's largest Calciner, poised for growth amid global aluminium production reset and geopolitical tensions, but must manage...

Himanshu Dugar

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports, Info Edge, Jindal Stainless,...

Sreemant Dudhoria

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Hungary: Faster earnings growth should drive GDP higher in coming months.Mexico: Expected to raise rates 50bps next Thursday in the wake of...

David Riedel

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rain Industries - Strong 1Q, Ancillary Play on Aluminium Cycle

​Rain's strong Q1 results benefit from petcoke spread reset, but Gulf war poses risk to Asian business. Global aluminum deficit boosts capacity...

Himanshu Dugar

Rain Industries: Stars Are Aligning - Can It Repeat 2021?

​Rain Industries, world's largest Calciner, poised for growth amid global aluminium production reset and geopolitical tensions, but must manage...

Himanshu Dugar

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports, Info Edge, Jindal Stainless,...

Sreemant Dudhoria

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Hungary: Faster earnings growth should drive GDP higher in coming months.Mexico: Expected to raise rates 50bps next Thursday in the wake of...

David Riedel

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Rain's strong Q1 results benefit from petcoke spread reset, but Gulf war poses risk to Asian business. Global aluminum deficit boosts capacity...

Rain Industries, world's largest Calciner, poised for growth amid global aluminium production reset and geopolitical tensions, but must manage...