India

In today’s briefing:

Fractal Analytics Pre-IPO Tearsheet
The Beat Ideas: Lumax Auto Technologies – Accelerating Ahead with the 20.20.20.20 Strategy
Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?
Mangal Electrical IPO: A Strong Force in Transformer and Power Solutions?

Fractal Analytics Pre-IPO Tearsheet

Fractal Analytics Ltd (2453623D IN) is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.
Fractal Analytics Limited is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
According to the Everest Report, FAL was India’s leading pure-play enterprise data, analytics and AI company, recognized globally, with capabilities across the data, analytics and AI (DAAI) value chain.

The Beat Ideas: Lumax Auto Technologies – Accelerating Ahead with the 20.20.20.20 Strategy

Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the “NorthStar Strategy” aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.
Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.
While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure.
Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction.

Mangal Electrical IPO: A Strong Force in Transformer and Power Solutions?

MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.

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Aug 21

Daily Brief India: Vikram Solar and more

In today’s briefing:

Vikram Solar IPO – Riding India’s Renewable Energy Wave
Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

Vikram Solar IPO – Riding India’s Renewable Energy Wave

Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.

Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

By Rahul Jain

Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.

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Aug 20

Daily Brief India: Hero Motocorp, Vikram Solar, Gem Aromatics, Vishnu Chemicals , JSW Steel Ltd and more

In today’s briefing:

NIFTY100 Low Volatility 30 Index Rebalance Preview: 2 Changes as Review Cutoff Nears
Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Gem Aromatics IPO Analysis: A Niche Aroma Player
The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength
JSW Steel & POSCO Sign HoA for 6mt JV in India

NIFTY100 Low Volatility 30 Index Rebalance Preview: 2 Changes as Review Cutoff Nears

By Brian Freitas

The review period for the Nifty 100 Low Volatility 30 Index ends on 29 August. The changes will be announced mid-September and implemented at the close on 29 September.
Two potential constituent changes, volatility changes and capping changes will result in one-way turnover of 10.7% resulting in a round-trip trade of INR 12.6bn (US$145m).
The forecast deletions will also have sell flows from the NIFTY Index, NSE Nifty Next 50 Index and/or the Nifty 100 Index, so the impact will add up.

Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar (0490158D IN) is looking to raise 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.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

Gem Aromatics IPO Analysis: A Niche Aroma Player

Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band.
The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&F players—segments benefiting from “China+1” and premiumisation in India.
Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.

The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength

Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.

JSW Steel & POSCO Sign HoA for 6mt JV in India

By Rahul Jain

On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.

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Aug 19

Daily Brief India: Enviro Infra Engineers, Bluestone Jewellery and Lifestyle Ltd (BJL) and more

In today’s briefing:

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra
Bluestone Jewellery IPO Trading – Tepid Demand

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra

EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.

Bluestone Jewellery IPO Trading – Tepid Demand

By Sumeet Singh

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

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Aug 18

Daily Brief India: Knowledge Realty Trust and more

In today’s briefing:

Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In this note, we will talk about the trading dynamics.

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Aug 17

Daily Brief India: Edelweiss Financial Services, Grasim Industries and more

In today’s briefing:

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil
Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

By Himanshu Dugar

Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.
The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.
Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.

Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market

Grasim’s Birla Opus has rapidly gained market share in India’s decorative paints sector, crossing the 10% organized market threshold in Q1FY26.
Capacity is set to ~24% of organised industry, reinforcing a scale-led market share push even as incumbents intensify discounting in economy paints.
With distribution densification, a service layer (PaintCraft), and premium skew, Birla Opus is building operating leverage; monitor execution through festive season and monsoon volatility.

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Aug 16

Daily Brief India: Onesource Specialty Pharma, Aster DM Healthcare Ltd and more

In today’s briefing:

OneSource Specialty Pharma: Building a Global CDMO Champion from India
2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

OneSource Specialty Pharma: Building a Global CDMO Champion from India

Onesource Specialty Pharma (ONESOURC IN) reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.
The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company’s existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.
This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.

2025 High Conviction Update: Aster DM (ASTERDM IN)- Starts FY26 On High Note; Announces New Hospital

By Tina Banerjee

Aster DM Healthcare Ltd (ASTERDM IN) reported 8% revenue growth in Q1FY26, driven by a 14% rise in ARPOB and 4% reduction in ALOS. EBITDA margin expanded 230bps to 20.0%.
Kerala revenue grew 5% as compared with 4% decline in Q4FY25, driven by 6% QoQ increase in-patient volumes and 200 bps QoQ increase in occupancy, reflecting early signs of recovery.
Q1FY26 results ensure that the momentum is back. With strong base business, proposed merger with QCIL, and expansion plan, Aster DM is well-positioned for 20%+ revenue growth through FY28.

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Aug 15

Daily Brief India: CFF Fluid Control, JSW Cement Limited, Goldiam International , PG Electroplast and more

In today’s briefing:

Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive
JSW Cement IPO Trading – Overall Demand Lags Recent Listings
Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty
PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?

Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive

CFF Fluid Control enters FY25 with a INR 500+ crore order book and expanded manufacturing capacity at Khopoli and upcoming Chakan facility.
Strategic partnerships, high entry barriers, and preferred supplier status strengthen revenue visibility amid India’s naval indigenization push.
Robust growth prospects and contract pipeline outweigh concentration risks, reinforcing a positive long-term outlook.

JSW Cement IPO Trading – Overall Demand Lags Recent Listings

JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
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.

Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty

Goldiam International reported its highest-ever Q1 results, with sales increasing by 39% year-on-year (YoY) and 17% quarter-on-quarter (QoQ).
The most standout update from the company is that it has able to pass on additional tariffs to US consumers despite a muted demand environment
Company is now raising growth capital of close to INR 250 crores via QIP and also expanding its backward integration, which will improve its performance further

PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?

PGEL cut FY26 guidance sharply, triggering ~30% share price fall. Valuations now near long-term medians, with EV/EBITDA at 26.8x and P/E at 54x.
Near-Term growth headwinds emerge, but Indian RAC market’s 18% CAGR outlook remains intact, supported by low penetration, rising incomes, and PLI-led domestic manufacturing push.
Correction offers fair-value entry. Long-term thesis intact with PGEL’s EMS leadership, backward integration, and exposure to fast-growing consumer durable categories.

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Aug 14

Daily Brief India: ARCIL and more

In today’s briefing:

ARCIL Pre-IPO Tearsheet

ARCIL Pre-IPO Tearsheet

By Hong Jie Seow

ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions.
The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).

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Aug 13

Daily Brief India: Bank Of Baroda, Kalyan Jewellers, Silver Consumer Electricals, Tata Capital Limited, Jayaswal Neco Industries, Varmora Granito Limited, Sahajanand Medical Technologies Ltd and more

In today’s briefing:

Indian Banks: Stick with Baroda and UBI on the Buy List, Downgrading Canara
Kalyan Jewellers: Deleveraging “Pause,” Capital Absorption Rising, Contrasting Capital Allocation
Silver Consumer Electricals Limited Pre-IPO Tearsheet
Tata Capital IPO: The Investment Case
Beat Ideas: Jayaswal Neco; Potential Turnaround Bet on Deleveraging and Restructuring
Varmora Granito Pre-IPO Tearsheet
Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming
Tata Capital Pre-IPO Tearsheet

Indian Banks: Stick with Baroda and UBI on the Buy List, Downgrading Canara

By Victor Galliano

We take profits on our Canara Bank buy recommendation, due to adverse credit quality trends, and we stick with our two high conviction buy names UBI and Bank of Baroda
UBI ranks top in our proprietary scorecard, replacing Canara Bank; UBI has high earnings and dividend yields; it ranks highly on NPL coverage and it has a well-controlled write-off ratio
Baroda remains our core value pick; it has attractive valuations and potential to expand returns which we expect to emerge over the medium term, especially given its control of write-offs

Kalyan Jewellers: Deleveraging “Pause,” Capital Absorption Rising, Contrasting Capital Allocation

Management has paused its previously articulated plan to reduce debt by INR 300–400 crore.
The pause defers balance‑sheet de‑risking and redirects internal cash toward a lean‑credit procurement pilot and a new regional‑brand roll‑out (inventory‑heavy upfront), raising working‑capital intensity just as gross‑margin mix is shifting.
Near‑term FCF could compress despite strong topline; margin delivery needs to outpace capital absorption to sustain the rerating. Market reaction (‑9% on the day) shows low tolerance for capital‑allocation ambiguity.

Silver Consumer Electricals Limited Pre-IPO Tearsheet

By Hong Jie Seow

Silver Consumer Electricals (2301263D IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by Motilal Oswal Investment Advisors, ICICI, JM Financial, Choice Capital Advisors.
Silver Consumer Electricals Limited (SCEL) is one of India’s leading manufacturers of electrical consumer durables and agricultural equipment, operating through own-branded sales (“Silver” and “Bediya”) and OEM supply
The company operates India’s largest single-location, vertically integrated ECD and agri-equipment plant in Rajkot, Gujarat.

Tata Capital IPO: The Investment Case

By Arun George

Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion.
On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE.

Beat Ideas: Jayaswal Neco; Potential Turnaround Bet on Deleveraging and Restructuring

Jayaswal Neco has transitioned from financial distress to operational momentum, with blast furnace upgrades completed, capacity ramp-up underway, and debt refinancing on the horizon.
Removal of ARC stake sale overhang and scope for capacity expansion strengthen the investment case.
If debt gets refinanced at 50% lower interest rate by Dec-25, it could double company’s PAT leading to potential re-rating

Varmora Granito Pre-IPO Tearsheet

By Hong Jie Seow

Varmora Granito Limited (6590052Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.
Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of varied types of tiles. As of FY25, its portfolio comprised over 3,500 SKUs.
VGL generates 78.69% of its revenue from India, selling its products through both B2C and B2B channels. Its domestic revenue is primarily driven by its B2C channel.

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

By Tina Banerjee

Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.

Tata Capital Pre-IPO Tearsheet