India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

Indian domestic tractor companies witnessed strong growth in 1Q FY17 of 14.6% by selling 163316 units. Nearly, all the listed players  posted good results and the optimism has reflected in their valuations.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/011/982/original/comp%20per%20&amp;%20value.PNG?1471588766" class="editor-image img-responsive" data-smartkarma-image-id="11982"></figure>However we believe that this market optimism is unwarranted as it comes from a subdued base from Q1 FY 16 when growth collapsed 16% YOY. We believe that near term outlook for tractor demands remain muted unless the industry gets a strong support from the government through significant increase…

Indian domestic tractor companies witnessed strong growth in 1Q FY17 of 14.6% by selling 163316 units. Nearly, all the listed players  posted good results and the optimism has reflected in their valuations.However we believe that this market optimism is unwarranted as it comes from a subdued base from Q1 FY 16 when growth collapsed 16% YOY. We believe that near term outlook for tractor demands remain muted unless the industry gets a strong support from the government through significant increase…

Recent Optimism in Indian Tractor Stocks Unwarrented Given Bleak Outlook for Minimum Support Prices

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

RSB Retail India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rsb-retail-india-limited" target="_blank" data-smartkarma-citation="entities:45690:1" rel="noopener">RSB Retail India Limited (1633680D IN)</a> is looking to raise US$171m in its upcoming India IPO. </li>
<li>RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.</li>
<li>In this note, we discuss about the company’s historical performance.</li>
</ul>



RSB Retail India Limited (1633680D IN) is looking to raise US$171m in its upcoming India IPO. 
RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.
In this note, we discuss about the company’s historical performance.


Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

Akshat Shah

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>Raymond Lifestyle’s stock plummets 60% in six months post-demerger, due to lots of governance lapses.</li>
<li>Corporate Governance Crisis: CEO,CFO, Director Resignations, Delayed disclosures, Controversial Remuneration and Many More.</li>
<li>The company gave excuses such as inflation, an IT incident, etc. in their management meeting after not being able to deliver the performance.</li>
</ul>


Raymond Lifestyle’s stock plummets 60% in six months post-demerger, due to lots of governance lapses.
Corporate Governance Crisis: CEO,CFO, Director Resignations, Delayed disclosures, Controversial Remuneration and Many More.
The company gave excuses such as inflation, an IT incident, etc. in their management meeting after not being able to deliver the performance.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Raymond Lifestyle Limited (RLL) is set to be listed on 5th Sep'24. The company hosted an analyst meet on 2nd Sep'24, where it unveiled the "Raymond Lifestyle 2.0" strategy, outlining its vision for the next five years.</li><li>The event also marked a dual celebration: the imminent listing of RLL and Raymond's 100th anniversary.</li><li>The company forecasted a 12%-15% annual revenue growth for its Lifestyle business, with EBITDA expected to double by FY28. Additionally, the company plans to significantly expand its retail footprint by opening over 650 new stores within the next three years. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raymond Lifestyle Limited (RLL) is set to be listed on 5th Sep'24. The company hosted an analyst meet on 2nd Sep'24, where it unveiled the "Raymond Lifestyle 2.0" strategy, outlining its vision for the next five years.The event also marked a dual celebration: the imminent listing of RLL and Raymond's 100th anniversary.The company forecasted a 12%-15% annual revenue growth for its Lifestyle business, with EBITDA expected to double by FY28. Additionally, the company plans to significantly expand its retail footprint by opening over 650 new stores within the next three years. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raymond Lifestyle Ltd - Analyst Meet Update (Not Rated)

India

Raymond is a diversified Indian conglomerate with primary business interests in textile and apparel sectors, along with a presence in consumer care, realty, and engineering. The company manufactures worsted fabrics, denim, garments, precision tools, and auto components, and also engages in real estate development. Raymond Limited was incorporated in 1925 and is headquartered in Mumbai, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Raymond (RW IN)

Recent Optimism in Indian Tractor Stocks Unwarrented Given Bleak Outlook for Minimum Support Prices

Indian domestic tractor companies witnessed strong growth in 1Q FY17 of 14.6% by selling 163316 units. Nearly, all the listed players posted good...

Das Capital Management and Advisors

Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

RSB Retail India is looking to raise US$171m in its upcoming India IPO. It is a multi-format apparel and lifestyle retailer headquartered in...

Kajal Jain

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Raymond Lifestyle: Governance Crisis?

Raymond Lifestyle's stock drops 60% post-demerger due to governance lapses, including resignations and delayed disclosures. Excuses like inflation...

Nimish Maheshwari

Raymond Lifestyle Ltd - Analyst Meet Update (Not Rated)

RLL operates through two primary segments: B2C (Branded Textile & Branded Apparel) and B2B (Garmenting & High-Value Cotton Shirting).

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Recent Optimism in Indian Tractor Stocks Unwarrented Given Bleak Outlook for Minimum Support Prices

Indian domestic tractor companies witnessed strong growth in 1Q FY17 of 14.6% by selling 163316 units. Nearly, all the listed players posted good...

Das Capital Management and Advisors

Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

RSB Retail India is looking to raise US$171m in its upcoming India IPO. It is a multi-format apparel and lifestyle retailer headquartered in...

Kajal Jain

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Raymond Lifestyle: Governance Crisis?

​Raymond Lifestyle's stock drops 60% post-demerger due to governance lapses, including resignations and delayed disclosures. Excuses like inflation...

Nimish Maheshwari

Raymond Lifestyle Ltd - Analyst Meet Update (Not Rated)

RLL operates through two primary segments: B2C (Branded Textile & Branded Apparel) and B2B (Garmenting & High-Value Cotton Shirting).

Axis Direct

Raymond Lifestyle's stock drops 60% post-demerger due to governance lapses, including resignations and delayed disclosures. Excuses like inflation...