Daily Brief India: Jio Platforms Ltd, Nuvama Wealth Management, Rajshree Polypack, Banco Products (India), Exxaro Tiles and more

• Valuation Tension: Jio Platforms is targeting a post-money valuation of ₹10.3 trillion to ₹12 trillion ($114 billion to $146 billion) for its upcoming October 21, 2026 IPO. However, public market investors are debating the justification of this premium over Bharti Airtel, given that Jio’s ARPU of ₹215.6 significantly lags Airtel’s ₹264 as of Q1 FY27.
• FWA-Driven Capex Shift: While Jio’s 5G standalone (SA) network carries over 55% of its data traffic, direct monetization remains elusive. Fixed Wireless Access (FWA via JioAirFiber) is the primary growth engine with 14 million subscribers as of June 2026, but this comes at the expense of high capital intensity, with equipment and rental costs nearly doubling in FY26.
• Balance Sheet Cleansing: The structured ₹30,000 crore to ₹37,700 crore IPO is a 100% fresh issue designed to repay ₹27,500 crore of debt at the telecom subsidiary level (RJIL). This shift from a rumored Offer for Sale (OFS) was driven by valuation disagreements with minority financial backers (Meta and Google) and the urgent need to shore up cash flows as RIL transitions past its peak investment cycle.

• Jio Platforms has filed for an India IPO. The company is a technology platform combining mobile, fixed broadband and digital services.
• Jio Platforms intends to use the proceeds for prepayment, in full or in part, of the principal amount outstanding of certain borrowings and for general corporate purpose.
• Jio Platforms’ strong market presence, brand recognition, coupled with consistent subscriber addition does make this issue attractive for investors.

• Nuvama reported its highest ever quarterly PAT of INR 306cr in Q1FY27, a growth of 16% YoY. Revenue grew 18% YoY to reach INR 909cr.
• Wealth Management saw its revenues grow by 19% YoY, led by the Private division where revenues grew by 27% YoY while the Wealth division revenue grew 13% YoY.
• Revenue in Asset Services segment grew 34% YoY while the Capital Markets segment reported flat revenue. Within Asset Management, management fee grew 22% YoY and AUM grew by 12% YoY.

• RPPL reported its highest ever quarterly revenue in Q1FY27 at INR 103cr, a growth of 25% YoY. PAT increased 77% YoY to INR 7cr+.
• RPPL added another 1000 MT capacity in injection molding during Q1FY27 to reach 5800 MT, after 1500 MT addition during FY26. About 60% of injection molding revenues come from exports.
• Strong earnings in Q1 was led by domestic demand while exports declined due to macroeconomic headwinds. EBITDA margin improved to 16.05% vs 14.64% YoY.

• Five names cleared the 15% hurdle, averaging 20-27% ROCE over FY22-26; Frontier Springs (FS IN)  shows the strongest momentum with FY26 ROCE of 41%.
• Four of five expanded margins; Gandhi Special Tubes earns a 43.6% EBITDA margin, while Frontier Springs  and Nitta Gelatin India  more than doubled net margins since FY22
• Shares have compounded 22-76% annually since January 2022; Banco, Gandhi, and Nitta trade at 16-17x P/E, while Menon trades at 39x, with strong growth projected for the future.

• Stagnant Revenue and Sub-Scale Operational Footprint: Exxaro Tiles Limited (EXXARO IN) operates as a regional ceramic and vitrified tile manufacturer with an aggregate capacity of ~14.6 million square meters across its Padra and Talod facilities in Gujarat. The company’s top-line has flatlined around INR 3,000M–3,050M over the past three fiscal years (3-year revenue CAGR of -1.01%), constrained by domestic oversupply and limited brand-driven pricing power.
• Compressed Profitability with Nascent Cash Flow Normalization: Profitability remains thin, vulnerable to natural gas pricing volatility and price competition from the Morbi cluster. Net margin rebounded to 0.93% in FY2026 from negative 0.04% in FY2025, driven by product mix improvements. Concurrently, operating cash flow recovered to INR 214.57M and free cash flow turned positive to INR 122.29M, aiding balance sheet stabilization.
• Deep Value Multiple Capped by Structural Headwinds: EXXARO scores a top-tier 5/5 on Smartkarma Value metrics due to steep discounts to book value; however, scores of 2/5 in Growth, 2/5 in Resilience, and 1/5 in Dividend underscore lingering cyclical and operational risks, justifying an institutional rating of Neutral with an Overall Rating of 2/5.

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