In today’s briefing:
- Aequitas: CMPDI IPO Lockup Expiry – ~US$1bn Lockup Release; Near Term Selldown Unlikely
- Inside Adani Airports: $1 Billion Primary Fund Infusion
- Aequitas: Torrent Gas Limited Pre-IPO Tearsheet
- Adani Enterprises: India’s Biggest Business Incubator
- A-One Steels India IPO: Can Vertical Integration And Green Energy Drive The Next Growth Phase?
- Nephrocare Health Services: Exporting India’s Dialysis Operating Model
- Tilaknagar Industries: From Balance-Sheet Repair To A Premium Spirits Platform
Aequitas: CMPDI IPO Lockup Expiry – ~US$1bn Lockup Release; Near Term Selldown Unlikely
- Central Mine Planning & Design Institute (CMPDI IN) raised about US$200m in its India IPO in Mar 2026. The lockup on its promoter, Coal India, is set to expire soon.
- CMPDI is a subsidiary of Coal India, providing consultancy and support services across the full range of coal-mineral exploration, mine planning and design, covering the entire lifecycle of mining operations.
- In this note, we will talk about the lockup dynamics and possible placement.
Inside Adani Airports: $1 Billion Primary Fund Infusion
- Adani entered airport operations only in 2019–20, but now manages eight airports and serves more than 23% of India’s passenger traffic.
- The business has evolved from operating terminals to monetising the entire passenger journey through retail, food and beverage, duty-free, digital services, ground handling, cargo and city-side real estate.
- Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds will invest Rs 9,825 crore of primary equity at an approximately USD 18 billion pre-money valuation.
Aequitas: Torrent Gas Limited Pre-IPO Tearsheet
- Torrent Gas Limited (1726937D IN) (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.
- TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.
- As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.
Adani Enterprises: India’s Biggest Business Incubator
- Adani Enterprises Limited (AEL) has incubated six publicly traded businesses across ports, power, transmission, renewable energy, city gas and FMCG.
- The combined market capitalisation of businesses incubated by AEL stood at USD 94.3 billion as of March 31, 2026, according to the company.
- The next value-unlocking candidates are airports, the new-energy ecosystem, data centres, roads and primary-materials. These businesses are larger and more capital-intensive, making execution and balance-sheet discipline central to the thesis.
A-One Steels India IPO: Can Vertical Integration And Green Energy Drive The Next Growth Phase?
- A-One Steels India operates across the entire steel value chain across 6 manufacturing facilities in Karnataka and Andhra Pradesh. This vertical integration provides better cost control, product flexibility, and margin-protection.
- In FY26, total revenue reached ~INR4,202 crore with an EBITDA margin of 7.29% (INR303.64 crore EBITDA) and PAT rising to INR127.41 crore, significantly boosting ROCE (12.86%) and ROE (14.76%).
- Operating with an 83.20% green energy mix and 38 MW of captive-power-assets (saving ~INR2/unit) and backward-integration projects including a 6,00,000 MTPA iron ore beneficiation plant and a manganese mining lease.
Nephrocare Health Services: Exporting India’s Dialysis Operating Model
- Nephrocare Health Services (NEPHROPL IN), which operates under the NephroPlus brand, has built a network of 550 dialysis clinics across 357 cities and five countries.
- International operations now contribute about 45% of revenue, compared with roughly 30% around 18 months earlier. Higher overseas realisations are lifting revenue per treatment and margins.
- The moat is not the dialysis machine. It is the operating layer around it: procurement scale, trained manpower, an in-house biomedical team, payer relationships, clinical protocols and technology.
Tilaknagar Industries: From Balance-Sheet Repair To A Premium Spirits Platform
- Tilaknagar reduced Debt from INR 1,199 crore (March 2019) to INR 119 crore (March 2024), while Finance costs fell from INR 184 crore (FY19) to INR 27 crore (FY24).
- The operating turnaround was driven by brandy leadership, better realisations, cost control and operating leverage. EBITDA moved from negative INR 52 crore in FY20 to INR 185 crore in FY24
- The INR 4,150 crore Imperial Blue Acquisition changed the company from a South-focused brandy player into a Pan-India, Multi-category Spirits Platform.
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