India

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
• We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
• We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.

• Despite the broad-based weakness in Indian equity market, insider buying in November 2025 was strong and broad-based.
• We highlight large and small cap companies that experienced significant insider buying during November 2025, as reported on the stock exchanges.
• We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.

• Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
• It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
• Since its listing, the stock is up 19%, but there is still upside potential.

• Wakefit Innovations (1684049D IN) raised US$144m in its India IPO.
• Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• Max India (MAXI IN) , part of the historically successful Max Group, is transitioning into India’s only fully integrated senior care platform, Antara.
• The senior care market is projected to reach USD 33 Bn by 2030 from USD  13 Bn in 2024 driven by nuclear families and increasing affluence among the elderly.
• Key growth levers are the annual 1.5M sq. ft. development target in residences and the goal for AGEasy to reach breakeven by late FY ’27.

• Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.
• Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.
• Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.

• Diffusion Engineers (DIFFNKG IN) is India’s integrated engineering solutions provider specializing in welding consumables, wear plates/parts, and heavy engineering equipment for core industrial sectors. 
• The company is targeting to double its top-line in 3 to 4 years with a sustainable EBITDA margin range of 15% to 17%. 
• The most critical growth trigger is the INR 70 crore capacity expansion at the Nimji and B33 facilities, which is designed to double production capacity and drive internal cost efficiencies.

• Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
• The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
• We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.

• Shadowfax Technologies (1310315D IN) is looking to raise US$225m in its upcoming India IPO.
• Shadowfax Technologies third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
• In this note, we look at the company’s past performance.

• There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
• Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
• Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.

• IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
• IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
• In this note, we will talk about the lockup dynamics and possible placement.

• Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
• CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
• The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

• A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
• In this insight, we also present reasons why the near term listing gains may not be so attractive.
• Business and industry insights, valuation comparison and our view on this IPO are presented in this insight

• Meesho has established itself as a significant player in Indian e-commerce, particularly targeting price-sensitive consumers in Tier 2 and Tier 3 cities with its zero-commission, mobile-first marketplace.
• The company exhibits a strong growth trajectory, evidenced by rapidly increasing revenues and a large, expanding user base. However, this growth has been accompanied by significant net losses, raising concerns about its path to sustainable profitability.
• A key strategic initiative is the development of its proprietary logistics platform, Valmo, aimed at reducing costs, improving efficiency, and insourcing a critical part of the value chain, which presents both a major opportunity and an execution risk.

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• InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
• The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
• Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.

• Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.
• Unlike traditional search-led e-commerce, Meesho is proving the viability of a “discovery-led” model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. 
• Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its “Everyday Low Price” moat against deep-pocketed competitors.

• Indian Bank (INBK IN)’s management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.
• The sharp reduction in credit costs, management’s confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.
• With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.

• Dominant Market Leader Poised for Diversified Growth: Gabriel India is the flagship company of the ANAND Group and a market leader in ride control products in India, with an 89% market share in the commercial vehicle segment, 32% in two/three-wheelers, and 24% in passenger vehicles. A recent strategic restructuring is set to transform the company from a suspension-focused entity into a diversified mobility solutions provider, integrating businesses in EV drivetrains, automotive fluids, NVH solutions, and sunroofs.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a robust growth track record, with a 3-year revenue CAGR of 20.35% and a net income CAGR of 39.88%. This financial strength is underpinned by its leadership position, strong OEM relationships, and a vast aftermarket network of over 700 dealers and 12,000 retailers.
• Strategic Pivot to High-Growth Areas: Gabriel is proactively adapting to industry trends by expanding into higher-growth segments. It has a first-mover advantage in the electric two-wheeler (E2W) space, commanding over 70% market share. Furthermore, new joint ventures for sunroofs and EV fluids position the company to capitalize on vehicle premiumization and electrification trends.

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• TCPL Packaging is a leading Indian converter of paperboard and a significant player in the flexible packaging market, well-positioned to capitalize on the growth of consumer-driven sectors like FMCG, food & beverage, and pharmaceuticals.
• The company has demonstrated a strong growth trajectory, driven by consistent capacity expansions, a ‘close-to-demand’ strategy with multiple manufacturing units across India, and a growing focus on sustainable and value-added packaging solutions.
• Favorable industry tailwinds, including rising disposable incomes, growth in e-commerce, and a regulatory push towards sustainable packaging, provide a solid foundation for future growth, though the company must navigate risks such as raw material price volatility and intense competition.

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• Nuvama is a leading integrated wealth management firm in India, well-positioned to capitalize on the country’s strong economic growth and the increasing financialization of savings.
• The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue and profitability, driven by its focus on affluent and high-net-worth clients.
• Key risks include high dependency on volatile capital markets, intense industry competition which could pressure margins, and evolving regulatory changes.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix
• UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.
• The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.

• Strategic Position in a High-Growth Market: Benares Hotels holds a commanding presence in Varanasi, a city experiencing an unprecedented tourism boom driven by spiritual and cultural travel. Its association with the prestigious ‘Taj’ brand, through its parent company IHCL, provides a significant competitive advantage in the luxury segment.
• Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year net income CAGR of 97.05% and consistent margin expansion. This is supported by a strong, almost debt-free balance sheet, indicating high operational efficiency and financial resilience.
• Favorable Industry Dynamics: The Indian hospitality sector, particularly the luxury segment, is poised for robust growth, fueled by rising disposable incomes, government infrastructure development, and increased international and domestic tourism. BHL is well-positioned to capitalize on these tailwinds, especially the surge in tourism in its primary market.

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• AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
• The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
• There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

• ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
• IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• Meesho (1546271D IN) raised around US$606m in its India IPO.
• Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
• We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

• Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
• Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
• Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

• Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO. 
• Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. 
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
• It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
• The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

• Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
• Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
• Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

• InterGlobe Aviation (IndiGo) is the undisputed market leader in the Indian aviation sector, commanding a domestic market share of over 60%. Its disciplined low-cost carrier (LCC) model, focus on operational efficiency, and a single-type aircraft fleet have provided a significant cost advantage.
• The company is poised for significant growth, driven by a burgeoning Indian middle class and ambitious international expansion plans. A massive order book for new aircraft, including next-generation A321XLRs and A350s, underpins its strategy to increase its international capacity share from 28% to 40% by 2030.
• Key risks to the outlook include the inherent volatility of jet fuel prices and currency exchange rates, intense competition within the Indian market, and execution risks associated with its large-scale expansion. Recent operational disruptions have also highlighted challenges in managing its rapid growth.

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• Ashok Leyland (AL IN) enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.
• Also discussed in this note are details about company’s R&D initiatives to reduce cyclicality and strengthen earnings quality. 
• Finally, we discuss about valuation and the potential upside from its core business and soon to be listed – Hinduja Leyland Finance.

• Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.  
• The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking. 
• The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.

• Options ADT surged 91% YoY, bullion now drives 57% of ADT, and the costly technology transition is complete, sharply improving MCX’s margin profile. 
• Options-Led participation, lower tech costs, and new products like electricity derivatives create a stronger, more diversified growth engine while reinforcing MCX’s quasi-monopoly in metals and energy. 
• With operating leverage unlocked, product expansion underway, and volume visibility improving, MCX shifts from a cyclical trade to a high-conviction multi-year structural compounding story.

• CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women’s healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
• It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
• We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics
• UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.
• Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&P 500 and Nasdaq up 0.2% and 0.3%, respectively.

• Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
• Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
• Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.

• Delhivery has consolidated its leadership position in Express Parcel segment through ‘Ecom Express’ acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
• Express PTL business is taking off along with the industry cycle. Supported by Delhivery’s tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
• We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.

• Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
• The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
• Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  

• Wakefit Innovations (1684049D IN) ‘s INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
• Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
• Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention

• Lenskart is a dominant, vertically integrated eyewear retailer in India with a rapidly growing omnichannel presence, well-positioned to capitalize on the under-penetrated and fast-growing Indian eyewear market.
• The company has demonstrated strong revenue growth and improving profitability, driven by its unique blend of online and offline sales channels, in-house manufacturing, and a strong brand recall.
• While the company’s high valuation at IPO and dependence on the Indian market present risks, its aggressive expansion plans, both domestically and internationally, coupled with a technology-driven approach, offer a compelling long-term growth story.

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• Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
• MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
• According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.

• Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
• The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
• While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

• Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
• SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
• SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.

• Wakefit Innovations is a leading direct-to-consumer (DTC) brand in India’s home and sleep solutions market, rapidly expanding its omnichannel presence. The company has demonstrated strong revenue growth, driven by diversification from its core mattress business into furniture and home furnishings.
• Despite impressive top-line growth, the company has faced challenges in achieving consistent profitability, with losses widening in some fiscal years. The upcoming IPO is crucial for funding its ambitious offline expansion and marketing initiatives.
• The company’s vertically integrated business model provides a competitive advantage in terms of cost and quality control. However, it faces significant competition from both established players and other online-first brands in a fragmented market.

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