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

Event-Driven

<ul>
<li>Religare is a financial services company with a crown jewel in Care Health Insurance. However, the stock trades at a material discount due to complex group structuring.</li>
<li>The poor valuations also stem from corporate governance issues most of which have been put to rest by the management overhaul under new promoters: Burmans of <a href="https://www.smartkarma.com/entities/dabur-india-limited" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur (DABUR IN)</a>  group</li>
<li>Company has proposed to spin-off NBFC and broking businesses, leading to indirect listing for India's second largest standalone health insurer Care Health.</li>
</ul>


Religare is a financial services company with a crown jewel in Care Health Insurance. However, the stock trades at a material discount due to complex group structuring.
The poor valuations also stem from corporate governance issues most of which have been put to rest by the management overhaul under new promoters: Burmans of Dabur (DABUR IN)  group
Company has proposed to spin-off NBFC and broking businesses, leading to indirect listing for India's second largest standalone health insurer Care Health.


Religare: Financials Demerger to Care Health's Listing

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

Thematic (Sector/Industry)

<ul>
<li>On May 2, 2026, the Finance Ministry gazetted 100% FDI in Indian insurance companies under the automatic route, completing a liberalization journey that began at 26% in 2000. </li>
<li>With penetration at 3.7% of GDP against a global average of 7%, India's $142 billion sector remains structurally underserved and massively investible.</li>
<li>The move triggers a wave of JV reassessments, raises competitive pressure on premium-priced incumbents, and compels a strategic re-rating across listed insurers. </li>
</ul>


On May 2, 2026, the Finance Ministry gazetted 100% FDI in Indian insurance companies under the automatic route, completing a liberalization journey that began at 26% in 2000. 
With penetration at 3.7% of GDP against a global average of 7%, India's $142 billion sector remains structurally underserved and massively investible.
The move triggers a wave of JV reassessments, raises competitive pressure on premium-priced incumbents, and compels a strategic re-rating across listed insurers. 


India Opens the Vault: 100% FDI in Insurance Changes the Game

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

<ul>
<li>India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption</li>
<li>The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.</li>
<li>With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.</li>
</ul>


India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.


Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.</li>
</ul>


There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.


NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

India

Star Health & Allied Insurance Co. Ltd. is India's first standalone health insurance provider, offering a comprehensive suite of insurance solutions across health, personal accident, and overseas travel segments. The company provides retail health products to individuals, families, students, senior citizens, and corporates. It was founded in 2006 and is headquartered in Chennai, India.

Star Health & Allied Insurance (STARHEAL IN)

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Star Health & Allied Insurance (STARHEAL IN)

Religare: Financials Demerger to Care Health's Listing

Burmans backed Religare is set to unlock value as market identity transforms from NBFC conglomerate to India's second-largest standalone health...

Himanshu Dugar

India Opens the Vault: 100% FDI in Insurance Changes the Game

India opens up insurance sector to 100% FDI, sparking competition and investment opportunities in a $142 billion industry with low penetration...

Nimish Maheshwari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Religare: Financials Demerger to Care Health's Listing

Burmans backed Religare is set to unlock value as market identity transforms from NBFC conglomerate to India's second-largest standalone health...

Himanshu Dugar

India Opens the Vault: 100% FDI in Insurance Changes the Game

​India opens up insurance sector to 100% FDI, sparking competition and investment opportunities in a $142 billion industry with low penetration...

Nimish Maheshwari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

​India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

India opens up insurance sector to 100% FDI, sparking competition and investment opportunities in a $142 billion industry with low penetration...

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...