India

• Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India’s valuations are now close to long-term average.
• We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.
• 23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).

• Inox Clean Energy (1876867D IN) plans to raise around US$1bn in its upcoming India IPO, managed by CLSA, Emirates NBD, HSBC, ICICI, IIFL, JM Financial, Motilal Oswal and Nuvama Wealth.
• Inox is an integrated renewable energy platform with two business verticals: (i) a renewable power generation business and (ii) a solar manufacturing business.
• As per CRISIL, as of August 31, 2026, Inox ranked among India’s top 10 renewable IPP platforms and top 10 integrated solar PV module and cell manufacturing players.

• 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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• Jio Platforms Ltd (1797135D IN), India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.
• I previously discussed the IPO in Jio Platforms IPO: The Investment Case. 
• My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.

• Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
• Avaada Electro Limited (AEL) benefits from strong demand visibility through its group’s renewable IPP, while its manufacturing platform is well aligned with India’s push towards domestic solar manufacturing requirements.
• In this note, we look at the firm’s past performance.

• Sathlokhar Synergys E&C Global Limited (SSEGL) is an integrated engineering, procurement, and construction (EPC) turnkey contractor specializing in industrial, commercial, warehousing, pharmaceutical, and institutional infrastructure, differentiated by full-scope in-house civil, Pre-Engineered Building (PEB), MEP, and solar capabilities.
• The company has demonstrated rapid operational scaling, with revenues expanding from INR 2,469.74 million in FY24 to INR 8,202.80 million in FY26 (a 2-year CAGR of 82.2%), maintaining robust EBITDA margins near 14.0% and net profit margins above 10.0%, supported by a confirmed order book surpassing INR 10,150 million.
• Despite exceptional top-line and net margin performance, hyper-growth has driven significant working capital lock-up, resulting in negative operating cash flows (-INR 1,658.08 million in FY26) and negative free cash flow (-INR 1,673.31 million), highlighting liquidity management and cash conversion cycle compression as vital areas for institutional surveillance.

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• This insight details about the monthly changes in the holding company discount in India.
• We track the reasons for change in the holdco discount if any and where the most action is happening.
• While this note captures 4 holding companies, we intend to add Bombay Burmah Trading Corporation (BBTC IN) to our coverage in coming days.

• Severe Related-Party Concentration Forced Valuation Downsizing: Avaada Electro derived 89.34% of its FY26 operational revenue from its sister IPP entity, Avaada Energy Private Limited (AEPL). This heavy concentration and subsequent prospective investor backlash forced the company to scale down its proposed IPO size from an initial target of up to ₹10,000 crore to ₹7,600 crore in August 2026.
• Dismal Cash Conversion and Surge in Leverage: While FY26 revenue surged to ₹5,303.52 crore and PAT reached ₹888.74 crore, operating cash flow was a mere ₹80.00 crore. This yields a critical 0.09x PAT-to-operating-cash conversion ratio, driven by a massive build-up in net working capital to ₹1,097.09 crore. Total outstanding borrowings ballooned to ₹3,926.40 crore as of June 2026.
• Aggressive Vertical Integration with Execution Risk: The company’s roadmap to scale module capacity to 13.60 GW, cell capacity to 12.00 GW, and ingot/wafer capacity to 3.00 GW by FY28 is highly capital-intensive. While the newly commissioned 3.00 GW TOPCon cell line in Nagpur allows Avaada to benefit from the newly enforced ALMM List-II domestic-cell mandate, backward integration into wafers and ingots represents a significantly lower-margin, asset-heavy segment with steep technological risks.

• Gandhi Special Tubes Ltd (GNDI IN) is a niche precision engineering leader specializing in small-diameter cold-drawn seamless and welded steel tubes alongside cold-formed nuts, serving mission-critical fluid conveyance applications for premier automotive and industrial OEMs such as Tata Motors, BHEL, and Voltas.
• The company commands an exceptional financial profile characterized by industry-leading operating profitability (FY2026 EBITDA margin of 44.4% and net profit margin of 35.6%), a zero-debt fortress balance sheet with substantial liquid cash reserves, and exceptional Free Cash Flow to Equity conversion exceeding 96%.
• GNDI presents a disciplined capital return framework for institutional investors, combining consistent dividend expansion (INR 15.0 per share; 10.8% 5-year CAGR) with periodic value-accretive tender-route share buybacks (INR 78.13 Crore executed in Q2 FY2027), underpinning resilient compounding despite cyclical macro headwinds.

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• Market Leadership in a Structural Niche: Euro Pratik Sales Limited (EUROPRAT IN) is a leading organized player in India’s decorative wall panels and interior surface materials sector, holding an estimated 15.9% market share in the organized wall panel market. The company operates a high-return, asset-light business model focused on design curation, branding, and wholesale distribution, while fully outsourcing manufacturing across 36+ global and domestic OEM partners.
• Sustained Topline Expansion Accompanied by Margin Normalization: Revenue has expanded at a 23.0% CAGR over FY24–FY26, reaching INR 3,349.62M in FY26 and breaching INR 1,033.33M in Q1 FY27. However, EBITDA margins have normalized from peak levels of 37.19% in FY24 to 33.76% in FY26 and 25.79% in Q1 FY27, driven by brand investments, distribution channel expansion, and raw material cost dynamics.
• Compelling Valuation Entry Point Post-IPO Derating: Following its September 2025 listing at INR 247, the equity has derated to INR 179.12, trading at ~21.2x trailing earnings and an EV/EBITDA of ~14.8x. Backed by a virtually debt-free balance sheet (Net Debt/Equity of 0.01), a return on equity of ~29.3%, and ongoing consolidation of regional distributors, current valuation levels offer an attractive risk-adjusted entry point for institutional investors.

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• NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
• In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
• We cover its IWF and FF estimates, F&O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.

• Avaada Electro Limited (AEL), the solar manufacturing arm of Brookfield-backed Avaada Group, has rapidly emerged as one of India’s top 10 vertically integrated solar PV manufacturers, scaling operational module capacity to 8.50 GW and operational N-type TOPCon cell capacity to 3.00 GW as of mid-2026.
• Financial performance witnessed exponential expansion in FY26, with revenue from operations surging 481.8% YoY to ₹5,303.52 crore, EBITDA climbing to ₹1,258.86 crore (23.74% margin), and PAT advancing to ₹888.74 crore, supported by an anchor captive order book from group entity Avaada Energy Private Limited (AEPL) and an aggregate order backlog of 19,106 MW.
• The proposed ₹7,600 crore initial public offering (comprising ₹1,600 crore fresh issue and ₹6,000 crore OFS) will de-lever the balance sheet via ₹1,200 crore in scheduled debt repayments, though the investment thesis must balance superior multi-GW execution against heavy related-party concentration (89.34% revenue from AEPL) and supply chain exposure to imported upstream inputs.

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• Anupam has moved from a largely India-based custom-synthesis company to an integrated platform spanning fluorine inputs, specialty molecules, U.S. manufacturing and finished pharmaceutical formulations.
• The integration strategy has coincided with record FY26 revenue, a sharp recovery in operating cash flow and materially better inventory and receivable days.
• The thesis is no longer just growth through capex. It is now about extracting returns from acquired assets while ensuring minority-funded consolidation translates into attributable earnings and cash.

• Intense Product Concentration Risk: Despite positioning itself as a diversified building materials marketplace, JSW One is effectively a digital steel distribution pipeline for its parent, with steel and steel products accounting for an overwhelming 98.79% of its Net Merchandise Value (NMV) in FY26. This makes the business highly exposed to global steel price cycles rather than capturing broader construction-tech margins.
• Credit-Facilitated Scale over Pure Demand: JSW One’s growth is heavily subsidized by credit, with roughly 40% of its GMV currently tied to credit facilities. The transition to profitability—posting a modest PAT of ₹14.21 crore in Q1 FY27—is structurally dependent on scaling high-yield embedded financing through its NBFC arm rather than expanding commerce margins.
• Favorable Parent Agreements Underpin Six-Day Working Capital: The company’s lean six-day working capital cycle is a direct consequence of its relationship with JSW Steel and JSW Cement. It commands advance payments from buyers while benefiting from preferential credit terms and priority inventory allocation from its parent companies. Restructuring these related-party agreements post-IPO could rapidly erode its cash-flow efficiency.

• FY26 CDMO revenue rose 36%, while Q1 FY27 CDMO accelerated 67% and reached 43% of quarterly revenue.
• Commercial and late-stage programmes, peptides and fermentation are shifting Laurus toward higher-complexity, higher-margin outsourced development and manufacturing.
• The earnings recovery is now visible, but the valuation increasingly requires successful commissioning, utilisation and return-on-capital delivery from growth CAPEX.

• Despite a tough macro environment, KPIT posted decent earnings in Q1FY27. As opposed to expectation of -1% YoY de-growth, KPIT posted 0.1% growth in constant currency (CC) terms.
• QoQ, de-growth in revenue was -3.6% vs -5.0% guided. EBITDA margin compressed from earlier 20%+ levels to 17.2% due to operating de-leverage. Deals wins however were strong at $257mm.
• Macroenvironment has been tough for OEMs mainly due to competition from Chinese OEMs both in China and in Europe. Furthermore, tariffs and war led inflation have worsened the situation.

• Motherson has agreed to acquire 50.1% of Rotary Connectors. This transaction adds a critical interconnect component to the group’s aerospace and defence Electrical Wiring Interconnect System capability.
• Aerospace revenue has grown from INR 245 crore in FY23 to INR 2,447 crore in FY26, while the order book reached USD 1.6 billion at FY26-end. 
• FY26 aerospace EBITDA margin was only about 8.3%, well below the smaller pre-acquisition FY24-base. The next leg depends on mix, utilisation, integration and return on capital, not revenue growth alone.

• JSW One Platforms (JSWONE IN) is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.
• JSW One Platforms (JSOPL) is a technology-enabled B2B commerce platform focused on manufacturing-construction materials, which combines marketplace commerce-distribution- fulfilment, processing/customisation, private brands, logistics, embedded financing and direct lending to MSMEs.
• According to the 1Lattice report, JSOPL was one of the fastest-growing business-to-business (B2B) commerce players in India, as of June 2026.

• Advanta Enterprises Limited (2085631D IN) (AEL) is looking to raise about US$500m in its upcoming India IPO. It is a 100% secondary offering. 
• AEL is a global agriculture solutions company offering hybrid seeds and post harvest solutions, with over 900 seed varieties across multiple crops, sold in 74 countries.
• In this note, we talk about the company’s historical performance.

• FMCG revenues jumped to INR 170cr in Q1FY27 vs typical run-rate of INR 130-140cr earlier, while the EBIT loss also narrowed to around INR -45cr vs INR -60cr+ YoY. 
• The Property business saw -10% YoY decline in revenue to INR 30cr+ due to impact on footfalls from ongoing renovation in the Quest Mall in Kolkata.
• The BPO Business (Firstsource Solutions) continues to see strong growth and margin expansion. QoQ revenue grew by 2.2% in constant currency (CC) terms while EBIT margin expanded 20bp QoQ.

• The IPO is a Deleveraging Tool for Parent UPL, Not a Growth Engine for Advanta: The planned USD 500 million listing is structured as a 100% Offer for Sale (OFS) of 36,105,578 shares. Advanta will receive zero fresh proceeds; the capital flows entirely up to parent company UPL Limited and KKR’s Melwood vehicle. This is a strategic cash-extraction event to service UPL’s debt rather than an expansion fundraise for Advanta.
• Structural Margin Dilution via the Decco Related-Party Transaction: The internal acquisition of post-harvest treatment player Decco Holdings UK in late 2025 for USD 482.45 million (₹4,282 crore) has permanently altered Advanta’s financial profile. While core seeds previously commanded high EBITDA margins of 24.73%, the consolidation of Decco’s lower-margin coating and post-harvest business has dragged blended EBITDA margins down to 20.4% as of Q1 FY27.
• Premium Sorghum Trait Duopoly Erosion: While Advanta historically held unmatched pricing power with its non-GMO herbicide-tolerant igrowth® technology—charging a premium of USD 20.00 per acre—the competitive entry of S&W Seed’s Double Team™ system has created a aggressive duopoly. This alternative herbicide system is driving customer churn in key geographies like the US Southern Plains due to escalating weed resistance to imidazolinone chemistry.

• Samvardhana Motherson International Limited (SAMIL) is a tier-1 global automotive mega-supplier with established leadership across electrical wiring interconnection systems (EWIS), vision systems, and exterior/interior polymer modules, while accelerating diversification into aerospace, defence, and health & medical sectors.
• Financial performance demonstrates robust top-line momentum and cash-flow expansion, with FY26 consolidated revenue reaching INR 1,257,996 mn (+11.1% YoY; 3-year CAGR of 17.05%), operating cash flow scaling to INR 101,144 mn, and net profit rising to INR 38,597 mn, driven by content-per-vehicle expansion across powertrain-agnostic architectures.
• Strategic execution of non-automotive growth is evidenced by the aerospace division’s revenue expanding nearly tenfold from FY23 to INR 2,447 crore in FY26 with an order book of USD 1.6 billion; near-term performance will depend on margin optimization, M&A integration efficiency, and global automotive OEM build-rate stability.

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• Manipal Health Enterprises (MANIPALH IN) has redeemed the outstanding NCDs worth of INR53B, using the IPO proceeds. The debt reduction is expected to support the company’s focus on profitable growth.
• Manipal Health has other strong margin drivers. The integration of Sahyadri Hospitals, increasing contribution of high-acuity specialties, and ramping-up of greenfield expansions are key margin drivers.
• With long-term structural factors supporting growth of the Indian healthcare delivery market, as a large player with Pan-India presence, Manipal Health is well-positioned to leverage on the growth opportunity.  

• RPSG Ventures Limited operates as the strategic incubation and holding vehicle of the RP-Sanjiv Goenka Group, anchoring a high-growth portfolio across Business Process Management (Firstsource Solutions), Fast-Moving Consumer Goods (Guiltfree Industries / Too Yumm!, Dr. Vaidya’s), Luxury Real Estate (Quest Mall), and Tier-1 Sports Franchises (Lucknow Super Giants, Mohun Bagan Super Giant).
• Consolidated financial performance demonstrates resilient top-line expansion, with revenue growing at a 16.47% 3-year CAGR to INR 113,231.0m in FY26 and reaching INR 35,764.4m in Q1FY27; while statutory net income has been weighed down by incubation and renovation phases, underlying operating cash flow reached INR 8,550.3m in FY26 with positive FCFE of INR 6,026.3m.
• The institutional investment thesis is underpinned by an attractive Sum-of-the-Parts (SOTP) holding company discount, operating margin inflection in the core BPM platform, rapid scale-up in FMCG distribution, and impending catalysts from Quest Mall’s post-renovation relaunch and sports asset monetization.

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• 51 companies recorded insider acquisitions in September 2026 — the broadest monthly cohort in recent months.
• We highlight large and small cap companies that experienced significant insider buying during September 2026, 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/below the insider buying price.

• 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.
• Highlights: In India, currently three pair trade opportunities persist across two sectors.
• 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.

• Aerospace & Defence revenue rose 40.4% YoY to INR 123 crore in Q1 FY27, versus 26% growth in FY26.
• The aerospace business is a materially higher-margin activity than Raymond’s precision technology and auto-components vertical. 
• Raymond should increasingly be analysed as a precision-manufacturing platform rather than through its legacy conglomerate identity. 

• LIC Housing Finance (“LICHF”) reported decent disbursement growth of 14.5% YoY in Q1FY27. Overall AUM growth was tepid at 4% YoY but this is slated to pick up in FY27.
• Asset quality has been consistently improving with Stage 3 assets at 2.14% vs 2.16% QoQ and Stage 2 assets at 2.60% vs 2.78% QoQ.
• LICHF continues to trade at cheap valuation at below 5x P/E; thus an investment in LICHF at current valuation has potential to triple.

• CVC Capital Partners fully exited Healthcare Global (HCG) in mid-2025, selling its 54% stake to KKR at ₹445 per share. Post-acquisition, KKR has pushed a pure-play oncology strategy, highlighted by the June 2026 divestment of the loss-making Milann fertility business for ₹37.64 crore equity value.
• The Supreme Court’s September 29, 2026 proposal for a 16% retail markup cap on oncology drugs is the most material near-term threat to EBITDA. Because medical oncology represents 38% of HCG’s specialty mix, a hard cap would severely compress pharmacy margins. HCG’s primary defensive levers include restructuring and bundling procedural billing packages and inflating unregulated bed, diagnostic, and radiation charges.
• Under KKR’s sole control, the governance structure has shifted entirely to professional management led by ED and CEO Dr. Manish Mattoo. While founder Dr. B.S. Ajaikumar remains as Non-Executive Chairman, day-to-day operations and capital allocation are tightly managed under KKR’s institutional framework, targeting a ramp-up to 21-22% EBITDA margins in the next two years.

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• Here we have presented our expectations for these indices for the upcoming index rebal event in March 2027.
• We see two changes for NIFTY 50 and five changes for NIFTY 100.

• TCI Industries Limited (TCIN IN) represents a specialized, asset-rich small-cap equity vehicle whose fundamental investment thesis centers on the monetization and development optionality of its prime land holding in Colaba, South Mumbai, supported by secondary investment portfolio activities.
• The company delivered an operational turnaround in FY2026 with total revenue expanding to INR 50.61M (3-year CAGR of 38.12%) and net income returning to positive territory at INR 4.87M (9.62% net margin), recovering from substantial losses in FY2024 (-INR 10.39M) and FY2025 (-INR 22.40M).
• Despite positive accounting margins in FY2026, Free Cash Flow to Equity (FCFE) remains negative at -INR 9.27M alongside zero dividend distributions (Smartkarma Dividend Score of 1/5), reflecting ongoing capital absorption, regulatory holding costs, and long-gestation asset realization cycles.

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• The Supreme Court has questioned medicine markups and sought government consideration of wider margin restrictions; a universal 16% cap is not yet established.
• Earnings exposure depends on drug billing, procurement economics, and contract terms, while restrictions on captive pharmacy purchases could create a separate volume risk.
• Investors should distinguish recoverable earnings pressure from weaker pricing power, then assess whether expansion returns justify existing valuation assumptions.

• Anjali Labtech Limited (ANJL IN) (ALL) plans to raise around US$139m in its upcoming India IPO. The deal will be run by Axis and IIFL.
• ALL is a leading vertically integrated Indian player in the lab-grown diamond (LGD) industry, as per Wazir report.
• As of FY26, it was a leading global MPCVD machine manufacturer for LGD production, with an estimated 36% global volume market share, as per Wazir report.

• Bluestone Jewellery and Lifestyle Limited (BLUESTON IN) has established itself as one of India’s preeminent digital-first omnichannel fine jewelry retailers, delivering a 38.7% revenue CAGR between FY24 and FY26 to reach INR 24,364.24M, driven by rapid network expansion and robust millennial consumer adoption.
• The company reached a pivotal operational milestone in FY26 by turning profitable with a net income of INR 148.37M (compared to a net loss of INR 2,216.69M in FY25), alongside a notable expansion in EBITDA margin to 16.13% and gross margin recovery to 18.78%, supported by an increasing mix of high-margin studded and daily-wear jewelry.
• Despite positive net earnings inflection, Bluestone continues to experience working capital strain and negative free cash flows (-INR 3,038.61M in FY26) due to capital-intensive store rollout and inventory requirements, making unit economics optimization and inventory turn enhancement critical for medium-term sustainability.

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• Anjali Labtech’s rapid scale-up is driven by an exceptional price-to-performance ratio in their MPCVD machinery, achieving a 36% global and 41% domestic market share by volume as of FY26. However, their technological edge is largely confined to gem-grade commercial applications, and they remain locks-out of the higher-margin, ultra-pure semiconductor-grade diamond substrate market dominated by global players like Seki Diamond and Plassys.
• The planned deployment of the ₹925 crore fresh IPO proceeds to install 1,800 captive MPCVD reactors carries significant overcapacity risk. With polished lab-grown diamond prices in a multi-year deflationary spiral and trading at under 5% to 10% of natural equivalents, doubling down on raw capacity threatens to severely compress the company’s historical 42.93% EBITDA margins and return profiles.
• Serious governance and key-man risks undermine the company’s short operating history. Promoters pivoted from textiles to diamonds only in 2021, and Managing Director Sandipbhai Radadiya is entangled in an active AED 45.64 million (₹118.61 crore) commercial dispute in Dubai related to his former partnership at Diyora & Bhanderi Corporation.

• Off-Balance Sheet Deleveraging via Brahma AI: The $150 million Brahma AI transaction led by Multiples PE at a $2 billion valuation is fundamentally a structured balance sheet play. By reducing voting rights from 89.27% to 24.99% while retaining a 65.67% economic stake, Prime Focus successfully deconsolidates a highly cash-burn-heavy AI R&D unit from its heavily leveraged financials, transferring assets off-balance sheet without losing long-term upside.
• Complex Web of Related-Party Transactions (RPTs): To package Brahma AI, Prime Focus executed a massive series of internal restructurings, including selling $111 million of DNEG assets to Brahma and executing slump sales of PFT units. These RPTs, approved at the September 30, 2026 AGM, raise transfer pricing and tax-leakage risks, signaling that the parent continues to use intercompany transfers to manage liquidity and valuations across jurisdictions.
• Liquidity Overhang and Capital Infusion Risks: Despite resolving the ₹408 crore Raspalfa insolvency case in August 2026 and securing a ₹3,000 crore fundraising authorization, Prime Focus remains highly leveraged with ₹5,717 crore in total debt as of FY26. The company’s history of personal promoter guarantees and extreme liquidity management under pressure suggests any upcoming QIP or debt issuance will be expensive and dilutive to minority shareholders.

• Beginning December 2024, a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar, thrice bid for ReNew Energy Global (RNW US), before mysteriously walking away in December 2025.
• On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumping to US$7.02/share. The prior consortium had bid up to US$8.15/share.
• Terms appeared underwhelming. (Not?) Surprisingly Renew Energy opted to enter into a “definitive transaction agreement”. Form 6-K has been issued. The IFA says fair. No EGM date currently tabled.

• HDFC Bank ownership has fallen from 51.4% to 40.6% of active funds since December, with $3.2bn of outflows and holdings halving to $9.3bn.
• The selling spans every mandate: Asia ex-Japan and ACWI ex-USA ownership both fell 17.3 points, with net sellers dominating GEM and Global funds too.
• A cooling on India amid the AI trade likely triggered it, but investors staying in India are switching to ICICI Bank and SBI.

• With 100% occupancy in Tower 3 and Tower 4, Nesco continues to generate steady revenue of INR 98cr+ and EBIT of INR 80cr+ per quarter.
• Q1 tends to be seasonally weak for exhibitions (BEC), thus QoQ comparison is not relevant. YoY BEC revenue and EBIT grew 10% YoY to INR 44cr+ and INR 22cr+, respectively.
• The Foods business continues to maintain its growth momentum with revenue up 20%+. Work has commenced on 4 sites on Hyderabad-Vishakapatnam expressway for wayside amenities.

• The Board wiped out a historic INR 1,238 crore loan to United Breweries (Holdings) Limited (UBHL) in March 2026, abandoning INR 1,343 crore in unrecognised interest.
• Auditors have maintained an ‘Emphasis of Matter’ regarding fund diversions to the former non-executive Chairman’s entities for six consecutive years.
• The SFIO launched a formal inquiry in FY2026 into historic fund diversions, signaling that legacy regulatory risks are far from resolved despite recent settlements with the MCA.

• Prime Focus-backed Brahma AI has raised USD 150 million in an equity funding round led by Multiples Alternate Asset Management at a USD 2 billion post-money valuation.
• The transaction validates Prime Focus’ strategy of building technology assets around artificial intelligence, content intelligence and digital humans.
• Prime Focus now has two potential growth platforms: DNEG in visual effects and Brahma AI in enterprise AI, though investors must track ownership dilution and monetisation pathways.

• The USD 7.02/share take-private transaction led by CPPIB and Sumant Sinha represents a significant down-round from the defunct USD 8.15/share Masdar-led consortium offer of October 2025, reflecting the valuation discount of US-listed Indian developers compared to domestic peers.
• Grid curtailment and transmission delays present massive operational risks, with a Crisil Ratings March 2026 report warning that over 35 GW of renewable capacity in India faces grid curtailment risk in FY2027, specifically impacting assets under Temporary General Network Access (T-GNA).
• ReNew is highly leveraged, with net debt at INR 671 billion representing a 5.7x net debt-to-EBITDA multiple for operational projects, necessitating an aggressive capital recycling model (such as the INR 4,859 crore Purvah Green Power asset sale in August 2026) to fund intensive capex.

• Post-Insolvency Operational Turnaround: Following its Corporate Insolvency Resolution Process (CIRP) and change in management control under the Eagle Group, Sumeet Industries Limited (SIL) has stabilized core operations, achieving FY2026 revenue of INR 10,504.15M, an expanded gross margin of 18.39%, and a return to positive operating profit (EBITDA margin of 5.46%).
• Strategic Capacity Expansion via Brownfield Acquisition: SIL is expanding its upstream capacity through the INR 23.47 crore acquisition of Nakoda Limited’s polyester chips manufacturing facility in Surat (adding 400 TPD / 146,000 TPA), enhancing vertical integration and reinforcing its competitive positioning within Gujarat’s synthetic textile hub.
• Cyclicality and Cash Flow Constraints: Despite balance-sheet restructuring and debt extinguishment, SIL remains exposed to severe petrochemical raw material spread volatility (PTA/MEG) and working capital intensity, as reflected in FY2026 operating cash flow of -INR 416.05M and ongoing negative free cash generation.

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