India

• InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% 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.

• Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
• It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
• In this note, we will talk about the IPO valuations.

• As reported by Brian Freitas , one of the NIFTY Index (NIFTY INDEX) ‘s component (Zomato: Eternal (ETERNAL IN) ) will be subject to big passive selling beginning on Tuesday.
• Let’s have a look at the NIFTY Index (NIFTY INDEX) to evaluate the tactical outlook according to our model.
• Since our last BUY recommendation in a previous insight in early May, the index has made some progress uptrending, let’s see if the rally can continue…

• Linde India plans to double gas capacity to 20,000 TPD by FY27 with ₹32 bn capex, including new ASUs for Tata Steel.
•  FY25 PAT rose 5% despite a 10% revenue dip, driven by margin gains and cost efficiency.
• Trades at over 80× P/E FY27, appears justified by annuity-like cash flows from critical long-term contracts with top steelmakers.

• Jubilant Ingrevia has launched its “Pinnacle 3.4.5” strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.
• The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.
• With increasing downstream integration, global CDMO expansion, and a robust R&D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.

Founded in 1973, Reliance Industries (RIL) is one of the largest conglomerates in Asia and India’s largest private-sector corporation. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media and textiles. RIL is India’s largest exporter, accounting for 8% of total merchandise exports and 5% of the government’s revenue from customs and excise duty. It is listed on the Indian Stock Exchange, with a market cap of c. USD 200 bn. The company is owned (49.5%) and controlled by Mukesh Ambani.

• JSW Steel’s Q4/24-25 results were poor, with lower revenues and earnings due to a weak pricing environment and despite a record production year from capacity expansion.
• The balance sheet deteriorated significantly, although liquidity improved materially.
• We expect FY 2025-26 to be better, with a significant increase in earnings due to an improved pricing environment as well as the new safeguard duty in India.

• Following shareholder approval of the proposal to reduce the Foreign Ownership Limit from 100% to 49.5%, NSDL has updated the FOL. This starts the process of passive selling in Zomato.
• Passives will sell US$350m at the close on Tuesday. There is a low probability of more selling later in the week. There will be bigger selling in August.
• The size of the selling in August and beyond will depend on what foreign investors do in the stock till the end of June. Watch the red flag/ breach list.

• Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.
• LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.
• Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.

• Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
• HLF IPO and Switch India’s PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
• CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o

• Aegis Vopak Terminals Ltd (1902844D IN)  is looking to raise about US$328m in its upcoming India IPO.
• It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
• In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.

• NALCO has guided for alumina realizations around $400/t in FY26, with earnings further impacted by delays in ramp-up of its 1 MTPA alumina expansion project.
• Q4 FY25 results were strong, but earnings outlook has weakened significantly with the steep drop in alumina prices.
• Valuations appear inexpensive on FY27 earnings at 5x EV/EBITDA, however peristent delays in capacity rampup is concerning. 

• Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.
• The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.
• Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.

• JSW Steel has guided for 10% volume growth in FY26, with operating leverage and cost efficiencies poised to drive significant margin expansion.
• The Supreme Court ruling on BPSL has created new challenges, the issue is not expected to derail JSW’s growth trajectory or cash flows and production.
• Earnings could surge over 85% in FY26, supported by higher steel prices, lower input costs, and ramp-up of new capacities like JVML and Dolvi.

• 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.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
• We see two changes for NIFTY 50 and five changes for NIFTY 100.

• Schloss Bangalore’s Rs3,500 crore IPO includes a Rs2,500 crore fresh issue largely earmarked for debt repayment, with limited allocation toward growth investments.
• The company operates 13 ultra-luxury hotels under The Leela brand, delivering premium ARR and F&B-led revenue, but with relatively modest scale versus larger peers.
• While expansion plans are underway with 678 new keys by FY28, the IPO is priced at a rich ~12x EV/Sales—significantly above Oberoi’s ~8x, despite being half its size.

• DBOL reported a revenue increase in FY25, driven by sugar and country liquor segments, but faced profit headwinds from lower ethanol volumes and sugar recovery issues.
• Despite a challenging sugar season with reduced recovery rates and ethanol sector pressures, DBOL is strategically diversifying into grain-based ethanol and aggressively expanding its country liquor market share.
• The focus on varietal replacement in cane, commissioning of a grain distillery, and aiming for country liquor market share provide avenues for future margin improvement and stability, despite near-term risks.

• Slipping butadiene costs impact prices of SBR, BR and NBR  
• Near steady domestic production fails to match rise in consumption  
• EPDM, Silicone Rubber prices near stable since February  

• In line with forecasts, Trent and Bharat Electronics will replace Nestle India and Indusind Bank in the S&P BSE SENSEX Index after the close of trading on 20 June.
• Passive funds are estimated to buy 3-4 days of ADV in the adds and sell 1-10 days of ADV in the deletes. That increase to 3.5-17 days of delivery volume.
• Indusind Bank (IIB IN) stock has dropped recently due to a large quarterly loss and allegations of fraud. The stock is also a potential deletion from the NIFTY Index.

• Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
• It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
• We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.

• The Bajaj Finance Ltd (BAF IN) vs. Kotak Mahindra Bank (KMB IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• While one of the two companies displays higher revenue growth, the valuation might begin to become stretched. Fundamental key figures are provided to complement the statistical analysis.
• Trade setup, statistical properties, factor exposure, risk management strategies, and key events are discussed.

• CARE Ratings achieved its highest-ever standalone and consolidated income and profitability in FY25, significantly improving margins across the group.
• The results validate the effectiveness of the company’s quality-led growth strategy, operational efficiencies, and strategic investments in non-ratings and international businesses.
• The performance reinforces confidence in Care’s ability to outpace the industry and achieve its diversification targets, supported by strong execution and market positioning.

• Definitive anti-dumping duty (ADD) imposed on solar glass imports from China and Vietnam until December 2029; Standalone Indian operations showed significant improvement in Q4 and FY25.  
• The ADD provides a stable pricing environment and growth catalyst for domestic solar glass manufacturing. Improved domestic performance underscores resilience despite international market volatility.  
• Reinforces a positive outlook for the Indian business due to favorable regulatory support and robust demand. However, the German subsidiary’s performance remains a key monitorable.

• Indusind Bank (IIB IN) released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. 
• The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. 
• Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.

• FY25 was a landmark year for JSW Energy Ltd (JSW IN), crossing 10 GW operational capacity, driven by record wind additions and strategic acquisitions of KSK Mahanadi and O2 Power.
• The aggressive inorganic and organic expansion, coupled with a strong focus on energy storage, positions JSW Energy as a diversified player in India’s evolving power landscape, balancing baseload and renewables.  
• The disciplined capital allocation, robust project pipeline, and strong execution capabilities, despite high leverage, reinforce confidence in achieving the ambitious ’30 by 30′ target and long-term value creation.

• Precot (PRTM IN) has shifted focus from its spinning division to the high-margin Technical Textiles, with EBITDA margins in this rising to 33% in 1HFY25 from 26% in FY24.
• This shift towards TT has transformed Precot’s revenue mix, improving profitability and reducing reliance on the cyclical spinning business. However, the company faces customer concentration risk in the TT segment.
• With the TT segment now driving 76% of total EBITDA in 1HFY25, Precot’s growth strategy is clearly focused on margin expansion, making it a resilient player in the textile sector.

• The Canara Bank (CBK IN) vs. Punjab National Bank (PNB IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• The relative value opportunity has a target return of approximately 6% and can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
• Trade setup, statistical properties, factor exposure, risk management strategies, and key events are discussed.

• Indusind Bank (IIB IN) faces significant accounting discrepancies, leadership resignations, and suspicions of fraud, with the bank announcing a net loss of Rs 2,329Crs in Q4 FY25 due to this.
• The escalating situation, involving fraud suspicions and leadership resignations, raises concerns about the bank’s internal controls, financial reporting, and governance.
• IndusInd Bank’s path forward hinges on transparent investigations, fixing internal control systems, and restoring leadership accountability. Investors should closely monitor the regulatory response and management’s corrective actions.

• Iron ore mining capacity expansion from 2.35 MTPA to 6 MTPA and pellet capacity from 2.7 MTPA to 4.7 MTPA expected by 3QFY26 with full ramp-up by Q4 FY26.
• 4QFY25 consolidated revenues of ₹1,468 crore, with EBITDA at ₹318 crore and PAT at ₹221 crore, reflecting a slight decline year-on-year due to lower realizations.
• Valuations appear reasonable driven by steady earnings growth backed by capacity addition, mine expansion and operational efficiencies.

• Allied Blenders & Distillers (9844250Z IN)‘s FY25 marked a pivotal shift with record profitability, fueled by premiumization, cost efficiency, and expansion into international markets, notably through its luxury portfolio.
• Record profitability and a strengthened balance sheet position ABDL for aggressive expansion in the high-margin super-premium and luxury segments, supported by strategic CapEx.
• ABD’s transformation into a premium-focused brand with significant global expansion potential, particularly in luxury segments, positions it for sustained growth and higher margins.

• ADF Foods (ADFL IN) reported robust Q4 & FY25 results, driven by strong growth in key brands and strategic adjustments in North American distribution.
• The company’s focus on improving distribution and expanding manufacturing capacity signals a stronger platform for future growth, particularly for its flagship Ashoka brand.
• The strategic initiatives and consistent performance reinforce a positive outlook, suggesting continued market share gains and profitability for ADF Foods.

• Karamtara Engineering Ltd (6589452Z IN)  (KEL) is planning to raise about US$200m in its upcoming India IPO. 
• KEL is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. 
• As per F&S report, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

• Krsnaa Diagnostics (KRSNAA IN) reported robust margin expansion in FY25 driven by operational efficiency and a favourable business mix. Retail footprint expanded significantly, quadrupling touchpoints in focus states.
• Enhanced profitability highlights the effectiveness of cost control and operational leverage. Retail growth diversifies revenue beyond the core PPP model.
• Reinforces management’s commitment to profitable and disciplined growth over aggressive top-line targets alone. Acknowledges execution hurdles like site delays but underscores confidence in receivables and future growth.

• Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
• Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

• PROTEAN eGov Technologies LTD (PROTEAN) has experienced a significant setback by not being shortlisted for the Indian government’s PAN 2.0 project worth INR 1,440 crore, a material negative.
• This exclusion, despite earlier confidence, is expected to lead to a substantial decline in this revenue stream over the next 2-3 years, potentially collapsing by 75-100%.
• The PAN business has historically been a key driver of profitability and free cash flow, funding new initiatives now under threat. 

• Welspun Living targets INR 15,000 crore revenue by FY27, focusing on debt reduction and expanding its non-core businesses, diversifying its growth and financial resilience.
• The company’s emphasis on sustainability and innovation, including renewable energy initiatives, positions it as a leader in eco-friendly home textiles, responding to market shifts.
• Despite fierce competition, Welspun Living’s strong brand portfolio and global presence reaffirm its leadership in the home textiles market, making it well-positioned for long-term growth.

• Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
• FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
• Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.

• Apcotex Industries (APCO IN) reported a robust 12.5% YoY revenue growth in Q4 FY25, driven by strong volume and export growth.
• Despite external challenges like crude price volatility and global overcapacity in latex, the company showcased strong operational performance.
• The recovery in margins, driven by improved capacity utilization and higher exports, supports optimism for FY26 despite market uncertainties.

• Archean Chemical Industries (ACI IN) posted strong operational performance, driven by robust export growth and stable demand across key segments.
• Despite external market challenges, Archean’s diversified product portfolio and strategic acquisitions provide a solid foundation for future growth.
• Archean is well-positioned to continue expanding, with significant upside in bromine derivatives and energy storage, supporting its long-term growth trajectory.

• Vinati Organics reported a 24% QoQ increase in net income, driven by strong growth in ATBS and antioxidants.
• The company’s focus on capacity expansion and product diversification positions it for sustainable growth in FY26.
• Continued leadership in specialty chemicals and a clear Capex roadmap reinforce confidence in future growth.

• Innova Captab (1605221D IN) achieved strong Q4 FY25 revenue growth of nearly 20%, though profitability felt impact from new Jammu plant’s depreciation and finance costs.
• The new manufacturing facility in Jammu was commercialized in Q4 FY25, contributing INR  36 crores revenue and expanding production capabilities.
• The company expects strong FY26 growth, with Jammu plant adding INR 400 crores, projecting a 25% revenue CAGR long-term and improving margins.

• Unveiled a Rs1.3 lakh crore capex program is planned over FY26–FY30 to reach 30 GW total capacity and 40 GWh energy storage by FY30.
• Reported a 16% year-on-year increase in Q4 FY25 net profit to ₹408 crore, with revenue rising 16% to ₹3,189 crore.
•   Trades at ~46x P/E—above Adani Power (~17x) and Tata Power (~33x).

• Aarti Industries (ARTO IN) posted a solid 9% QoQ revenue growth, driven by higher volumes in the energy sector.
• The company is navigating external volatility, including US tariffs and geopolitical uncertainty, while maintaining growth through volume recovery and diversification.
• The solid volume uptick in key sectors positions Aarti for continued growth in FY26, despite margin pressures.

• Indo-Pak ceasefire triggers risk-premia markdowns – Monthly IVs -4.0 vols lower, Skew & Smile get compressed  
• Vol-Regime stays in “High & Up” state with high likelihood of switching to “High & Down” in the upcoming week.  
• IV term-structure flattened as the week progressed. Leaving front-end vol-differentials in Contango & Back-end Backwardation now eased to +0.60 vols.  

• US$16.9 mn initiative to enhance productivity and quality in Northeast  
• Stress on sheet-making infrastructure to fetch better price for farmers  
• INROAD creates over 136,000 new smallholders in the Northeast  

• Belrise Industries, founded by the Badve family, is a leading auto component maker launching its Rs2,150 crore IPO from May 21–23, 2025, at a price band of Rs85–90.
• It supplies key chassis and metal parts to top OEMs like Bajaj Auto, Hero MotoCorp, and HMSI, playing a critical role across ICE and EV platforms.
• While most proceeds are earmarked for debt repayment, high working capital needs suggest leverage could rebuild as the business scales.

• Indusind Bank (IIB IN) does not seem to be able to get out of hot water.
• In yet another accounting and governance pothole, the bank has disclosed a surprising take on interest income, which was overstated by INR 6.7 bn. 
• The internal audit department also reported unsubstantiated balances of INR 6 bn in other assets, which was netted off with liabilities. 

• Q4 FY25 volumes grew 1.8%, value declined; FY26 guidance is for low growth with 18–20% margins supported by integration and cost control.
• Grasim and JSW are aggressively expanding with large capex and dealer networks, intensifying pricing pressure in decorative paints.
• Stock corrected 15–20% but still trades at ~55x P/E, which remains expensive given slowing growth and rising competitive risks.

• GMDC delivered strong FY25 results with 8MT of lignite sales and Rs992 crore in EBITDA, its second-best performance.
• The company is focused on scaling lignite and coal volumes through new mines within Gujarat and Odisha. It also plans to diversify into rare earths and critical minerals. 
• While valuations appear slightly elevated, upside optionality exists from the revival of Akrimota power plant and operationalization of new mines.

• Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.
• JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.
• Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.