India

In today’s briefing:

Tata Capital Pre-IPO – The Positives – Will Ride High on the Brand Name
Molbio Diagnostics Limited Pre-IPO Tearsheet

Tata Capital Pre-IPO – The Positives – Will Ride High on the Brand Name

By Sumeet Singh

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the positive aspects of the deal.

Molbio Diagnostics Limited Pre-IPO Tearsheet

Molbio Diagnostics Limited (1788863D IN) is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal.
Molbio specializes in point-of-care molecular diagnostics. The company sells hardware devices such as the Polymerase Chain Reaction (PCR) analyzers and consumable test kits tailored to detect specific diseases.
As of FY25, its revenue base remains primarily domestic, with ~80% of revenue from India and the rest from Nigeria, Bangladesh, and Indonesia. The company manufactures its products in India.

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Sep 02

Daily Brief India: National Aluminium, Akums Drugs and Pharmaceuticals and more

In today’s briefing:

The Beat Ideas: Nalco’s ₹30,000 Crore Expansion
Business Breakdown: Akums Drugs – Market Leader with Global Ambitions

The Beat Ideas: Nalco’s ₹30,000 Crore Expansion

National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted “Maharatna” status by 2030.
This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.

Business Breakdown: Akums Drugs – Market Leader with Global Ambitions

Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.
This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.
While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.

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Aug 31

Daily Brief India: InterGlobe Aviation Ltd and more

In today’s briefing:

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

By Janaghan Jeyakumar, CFA

BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
As things stand, there will be no index changes for the BSE SENSEX index.

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Aug 30

Daily Brief India: Grasim Industries, OnEMI Technology Solutions, CleanMax Enviro Energy Solutions Ltd, Lumino Industries Ltd, NIFTY Index, Ola Electric and more

In today’s briefing:

Birla Opus Assurance: Marketing Wars at Play
OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
CleanMax Enviro Energy Solutions Pre-IPO Tearsheet
Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook
NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact
Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

Birla Opus Assurance: Marketing Wars at Play

By Nitin Mangal

Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.

OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet

OnEMI Technology Solutions (1553346D IN) is looking to raise about US$172m in its upcoming India IPO. The bookrunners for the deal are JM Financial, HSBC, Nuvama, SBI Caps.
Also known as Kissht, its products include personal loans for salaried and self-employed individuals for consumption and business needs, and loans against property for asset-owning MSMEs and salaried individuals.
As of March 31, 2025, Kissht had 53.23m registered users, 9.16m customers, and INR 40,866m in AUM.

CleanMax Enviro Energy Solutions Pre-IPO Tearsheet

By Akshat Shah

CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$570m in its upcoming India IPO.
The deal, a combination of a fresh issue and an offer for sale, will be run by Axis, HSBC, IIFL, JPM, Nomura, BNP Paribas, Bob Caps and SBI Caps.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.

Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

Lumino Industries Ltd (0349204D IN) is looking to raise US$116m in its upcoming India IPO.
Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry
In this note, we look at the company’s past performance.

NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact

By Nico Rosti

As forecasted in our previous insight, the NIFTY Index rallied past 25k, but we said this was a BEARISH pattern – rally was short-lived (2 weeks), then this week down.
Effective September 30 InterGlobe Aviation (IndiGo) and Max Healthcare Institute will be added to the NIFTY, replacing Hero MotoCorp and IndusInd Bank, in the meanwhile 50% US tariffs kicked in.
We see a potential continuation of the recent bearishness with a RISK-OFF scenario where the index could drop to much lower prices in September, support target 23819 or below.

Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

By Nimish Maheshwari

Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26.
ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.
Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.

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Aug 29

Daily Brief India: Maruti Suzuki India, Scoda Tubes, SJS Enterprises Ltd, Aegis Logistics and more

In today’s briefing:

Maruti E‑Vitara Launch: Make in India, Make for the World…
The Beat Ideas: Scoda Tubes – Ready to Double Capacity, But Can It Deliver?
The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play
Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

Maruti E‑Vitara Launch: Make in India, Make for the World…

By Nimish Maheshwari

Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year.

The Beat Ideas: Scoda Tubes – Ready to Double Capacity, But Can It Deliver?

Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
Scoda’s integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate.

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition.
Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.
The growth vision is credible, but execution in integrating Walter Pack, sustaining >25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.

Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

By Sreemant Dudhoria,CFA

In this insight, we detail about insider buying activity in Indian Equities for the month of August 2025.
Driven by pressure of increased tariffs, Indian equity market have been underperforming. But as seen in past during such times promoter buying activity increases.
This insight details about companies with notable insider buying (large and small caps), sectors which witnessed buying and stocks which trade above and below the insider purchase price.

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Aug 27

Daily Brief India: InterGlobe Aviation Ltd, Reliance Industries, Deep Industries and more

In today’s briefing:

Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year
India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance
Deep Industries: An Oil & Gas Powerhouse Proxy of India

Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year

By Akshat Shah

InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance

By Viral Kishorchandra Shah

Jio dominates telecom with 42% market share and 480M+ subscribers, driving India’s 5G revolution.
Spans oil-chemicals, retail, digital services, renewable energy with vertical integration advantages across sectors.
Targeting Net Carbon Zero by 2035 with 100 GW renewable capacity and world’s largest green energy ecosystem.

Deep Industries: An Oil & Gas Powerhouse Proxy of India

Deep Industries has posted stellar Q1 FY26 results, fueled by aggressive revenue growth and a strengthened, diversified order book.
The company’s strategic focus on high-value, long-tenure contracts and new business verticals positions it for sustained, high double digit growth in a supportive market.
Company re-emphasized 30% revenue growth for the next year, along with potential recovery from bad assets.

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Aug 26

Daily Brief India: Max Healthcare Institute, Kovai Medical Center And Hos, HDFC Bank, Vedanta Resources, Vikram Solar, Jindal Steel, Jindal Stainless and more

In today’s briefing:

Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way
Business Breakdown: Kovai Medical – A Regional Leader in a Growing National Market
HDFC Bank Limited: Record Ownership and Dominance Among EM Financials
Lucror Analytics – Morning Views Asia
Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact
Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way

By Janaghan Jeyakumar, CFA

The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place in September 2025. The index changes were announced on Friday 22nd August 2025.
There will be two changes for NIFTY 50 index and five changes to NIFTY 100.
In this insight, we take a look at our final flow expectations.

Business Breakdown: Kovai Medical – A Regional Leader in a Growing National Market

Kovai Medical is entering Chennai with a 300–400 bed facility, marking its first move beyond Coimbatore and strengthening its presence in a high-growth metro market.
The medical college now contributes 7% of revenue, up from 3% in FY22, ensuring recurring cash flows and deeper clinical-academic integration.
Consistent investments in advanced robotics and AI-driven systems enhance KMCH’s differentiation, positioning it to capture premium demand and medical tourism opportunities in Southern India.

HDFC Bank Limited: Record Ownership and Dominance Among EM Financials

By Steven Holden

ChatGPT said: HDFC Bank is now held by 71% of active EM funds — an all-time high, with steady inflows and just one exit in six months.
Aggressive Growth funds show strongest conviction, with multiple holders above a 7% weight.
Post-Merger, HDFC has widened its lead over ICICI and regional peers, cementing its role as EM managers’ core financials exposure.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, JSW Infrastructure
UST yields plummeted on Friday, led by the short end, as the market priced in greater rate-cut expectations after Fed Chairman Jerome Powell signalled openness (albeit he remained non-committal) towards interest-rate reductions.
The UST curve bull steepened, with the yield on the 2Y UST falling 10 bps to 3.70%, while that on the 10Y UST declined 7 bps to 4.25%.

Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor

By Akshat Shah

Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
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.

Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact

By Rahul Jain

Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.
Capacity ramp-up to 15.9 MT by FY27, coupled with >70% VAS share, drives a strong ~40% PAT CAGR through FY29.
Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.

Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

By Rahul Jain

Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.
Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).
The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.

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Aug 25

Daily Brief India: Max Healthcare Institute and more

In today’s briefing:

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

By Brian Freitas

InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) replace Hero Motocorp (HMCL IN) and Indusind Bank (IIB IN) in the NIFTY Index (NIFTY INDEX) in September.
There are 5 constituent changes to the Nifty 100 Index (NSE100 INDEX) leading to 4 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX).
There will be global passive buying in Swiggy (SWIGGY IN) on Tuesday. Then there will be net selling in the stock at the close on 29 September.

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Aug 24

Daily Brief India: Swiggy and more

In today’s briefing:

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

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

By Brian Freitas

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.

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Aug 23

Daily Brief India: Godawari Power and Ispat, RSB Retail India Limited, R Systems International, Powerica and more

In today’s briefing:

Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling
RSB Retail India Limited Pre-IPO Tearsheet
R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative
Powerica Limited Pre-IPO Tearsheet

Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling

GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base.
FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned

RSB Retail India Limited Pre-IPO Tearsheet

RSB Retail India Limited (1633680D IN) is looking to raise US$171mn in its upcoming India IPO. The deal will be run by IIFL Capital, HDFC Bank, and Motilal Oswal.
RSB Retail India (RSB) is a multi-format apparel retailer headquartered in Hyderabad. As of 31 March 2025, RSB operated 73 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka.
RSB does not produce its own goods, instead, it sources products from third-party suppliers and job-workers. It also sells merchandise under 13 in-house private labels.

R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative

By Nimish Maheshwari

R Systems International (RSYS IN) has signed a definitive agreement to acquire 100% equity of Novigo Solutions Pvt. Ltd., a specialist in low‑code/no‑code automation, intelligent automation, and product engineering.
The transaction creates a combined platform with approximately INR 2,061.9 crore in revenue and approximately INR 381.9 crore in adjusted EBITDA.
CY26 a year transformation, turnaround and high growth if deal concludes timely

Powerica Limited Pre-IPO Tearsheet