India

In today’s briefing:

NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade
Nifty Index Options Weekly (Feb 17 – 21): Low Volatility Strangles Price Action

NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade

Zomato (ZOMATO IN) and Jio Financial Services (JIOFIN IN)‘s stock prices have taken a beating this year, but they still make it into the NIFTY Index (NIFTY INDEX) in March.
Bharat Petroleum (BPCL IN) and Britannia Industries (BRIT IN) will be out of the NIFTY Index (NIFTY INDEX) but will be added to the NSE Nifty Next50 Index (NIFTYJR INDEX).
Hyundai Motor India (HYUNDAI IN) will be added to a global index on 28 February and will then be added to the NSE Nifty Next50 Index (NIFTYJR INDEX) in March.

Nifty Index Options Weekly (Feb 17 – 21): Low Volatility Strangles Price Action

By John Ley

Nifty’s prolonged downtrend continues, making it the worst-performing market year-to-date.
Low volatility dominated price action, with 1-week historic vol at just 3.54 ranking in the 4th percentile since 2021. Possible precursor to a break from here.
Traders may consider letting deltas run, as daily delta hedging offers little benefit in this low vol environment.

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Feb 23

Daily Brief India: L&T Technology Services Limited, Aster DM Healthcare Ltd, Ola Electric and more

In today’s briefing:

Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech
2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues
NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech

In line with our forecast, Oracle Financial Services (OFSS IN) replaces L&T Technology Services Limited (LTTS IN) in the Nifty IT Index (NSEIT INDEX) at the March rebalance.
L&T Technology Services (LTTS IN) is also being excluded from the F&O segment at the close on 27 March. Open interest is ~900k shares and there will be unwinding.
Passive trackers will need to trade between 0.5-0.6x ADV in the stocks. Impact increases to 1-2 days of delivery volume.

2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues

By Tina Banerjee

Aster DM Healthcare Ltd (ASTERDM IN) reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB.
Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).
Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.

NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
There are many stocks with opposing flows from NSE Nifty Next 50 Index trackers. Ola Electric (OLAELEC IN) will have inflows from multiple index trackers over the next month.

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Feb 22

Daily Brief India: Religare Enterprises, Allied Blenders & Distillers, Apcotex Industries, Godawari Power and Ispat, Trualt Bioenergy Ltd and more

In today’s briefing:

Religare’s New Dawn: The Burman Family Takes Control
Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization
Apcotex Industries Ltd Q3FY25 Update: Capacity Utilisation and Industry Dynamics Driving Growth
Godawari Power & Ispat Limited Q3 FY25 Update: De-Growth Due to Lower Iron Ore and Pellet Production
Trualt Bioenergy Limited Pre-IPO – Built in a Flash: The Rapid Rise to an IPO

Religare’s New Dawn: The Burman Family Takes Control

By Nimish Maheshwari

After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.
This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.
Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.

Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization

Allied Blenders & Distillers (9844250Z IN) ‘s Q3 FY25 results showed robust growth in revenue at Rs. 2,346 crores (up 15.5% sequentially, 12.9% YoY) and strong premiumisation with expanded export reach.
Enhanced margins driven by effective cost optimization and profitable state brand mix highlight ABDL’s resilience and ability to capture premium market trends, strengthening its competitive position in India’s spirits industry.
The company aims to grow the aggregate market share of its four millionaire brands and consolidate its position in the P&A whisky segment through its three millionaire brands

Apcotex Industries Ltd Q3FY25 Update: Capacity Utilisation and Industry Dynamics Driving Growth

Apcotex Industries (APCO IN) operational revenue rose 38.2% YoY to INR 3,553 million in Q3 FY25, driven by strong volume gains and a 30% YoY increase in export volumes.
Robust volume and export growth, alongside management’s capacity and anti-dumping initiatives, position Apcotex for margin recovery and long-term revenue expansion.
The company expects margins to improve in Q4, driven by better capacity utilisation and an improving situation in the XNB (Nitrile Latex) business due to duties imposed by the US.

Godawari Power & Ispat Limited Q3 FY25 Update: De-Growth Due to Lower Iron Ore and Pellet Production

Godawari Power and Ispat (GODPI IN) Q3 FY25 results show revenue and EBITDA declines due to lower iron ore and pellet production, despite improved volumes in HB wires and fabricated products.
These declines highlight operational challenges affecting profitability, emphasizing the need for capacity expansion and enhanced cost controls in a competitive global steel market.
The company dropped the plan to set up a greenfield integrated steel plant of 2 million tons. Instead, GPIL is evaluating alternative projects with lower capacity and capex.

Trualt Bioenergy Limited Pre-IPO – Built in a Flash: The Rapid Rise to an IPO

By Rosita Fernandes

Trualt Bioenergy Ltd (2350587D IN) (TBL) is planning to raise about US$120m through its upcoming India IPO.
TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).
As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.

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Feb 21

Daily Brief India: Kalyan Jewellers, Adani Energy Solutions, Phonepe Pvt Ltd, Innova Captab, Eid Parry India, Axis Bank Ltd, Adani Ports & Special Economic Zone and more

In today’s briefing:

Kalyan Jewellers (KALYANKJ IN) | FOCO Model Warrants Attention
Adani Energy Solutions Limited Q3 FY25 Update
PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer
Innova Captab Limited: Q3 FY25 Update
E.I.D. Parry Q3FY25 Update: Strong Nutraceutical Performance Despite Sugar Segment Challenge
Farcical Saga of Axis Bank’s Chief Audit Executives
Lucror Analytics – Morning Views Asia

Kalyan Jewellers (KALYANKJ IN) | FOCO Model Warrants Attention

By Pranav Bhavsar

We believe Kalyan Jewellers (KALYANKJ IN) ‘s FOCO (Franchise Owned, Company Operated) model warrants deeper attention
Our casual checks question the company’s store expansion narrative vs on ground reality.
Our conversation seems to indicate franchisees are financial partners only.

Adani Energy Solutions Limited Q3 FY25 Update

Adani Energy Solutions (ADANIT IN) Q3 FY25 shows 15% revenue growth to Rs. 6,000 crores, an 80% PAT increase, and aggressive capex investments, driven by robust transmission and smart metering initiatives.
Strong financial performance, combined with increased capex and operational efficiency in transmission and smart metering, signals enhanced market positioning and long-term growth potential in a supportive energy sector.
AESL significantly increases its capex ramp-up by around 3 times driven by unparallel project and operating excellence coupled with robust capital management program.

PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer

By Devi Subhakesan

Walmart (WMT US) backed Phonepe is gearing up for an IPO in India, according to comments made by Walmart CEO McMillon during Investor call yesterday,
Phonepe Pvt Ltd (1732974D IN) , 84% owned by Walmart (WMT US), is one of India’s leading fintech company with its flagship digital payment app.
During its last funding round in January 2023, PhonePe raised USD350 million from General Atlantic at a valuation of USD12 billion.

Innova Captab Limited: Q3 FY25 Update

Innova Captab (1605221D IN)’s Q3 FY25 results show modest revenue growth, enhanced EBITDA margins, and a significant manufacturing expansion via the new Jammu facility with innovative dosage forms.
Improved margins and strategic expansion into new dosage forms enhance competitiveness, setting the stage for 25%+ growth and long-term profitability in the evolving CDMO and generics market.
The company anticipates Rs. 400 to Rs. 500 crores of incremental revenue from the Jammu facility in the next fiscal year.

E.I.D. Parry Q3FY25 Update: Strong Nutraceutical Performance Despite Sugar Segment Challenge

Eid Parry India (EID IN)‘s consolidated Q3 & 9M FY25 results show a 12% revenue growth and a 79% surge in EBITDA, despite challenges in its sugar segment.
The robust margins and diversified revenue streams strengthen EID Parry’s overall resilience, enabling it to offset sector-specific challenges and tap into emerging growth opportunities.
The Company’s future capital allocation is expected to prioritize ethanol blending and consumer products, contingent on a sustainable policy framework.

Farcical Saga of Axis Bank’s Chief Audit Executives

By Hemindra Hazari

2 Heads of Audit in 1 month with another replacement within 6 months
Audit head in a bank is a highly sensitive post and the banking regulator recommends a minimum tenure of 3 years for the post
Internal audit in Axis Bank has become a major concern which should worry investors

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy
In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.
The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.

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Feb 20

Daily Brief India: Britannia Industries, Deep Industries, Kauntam Papers, Synergy Green Industries and more

In today’s briefing:

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn
Deep Industries Limited: Q3 & 9M FY25 – Stellar Performance Driven by Strategic Growth Initiatives
Kuantum Papers Limited Q3 Update: Navigating Market Pressures with Strategic Initiatives
Synergy Green Industries Ltd Q3 Update: Set to Triple Capacity and Maximize Growth

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.
The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.
Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.

Deep Industries Limited: Q3 & 9M FY25 – Stellar Performance Driven by Strategic Growth Initiatives

Deep Industries (DEEPI IN) Q3 & 9M FY25 revenue surged 47% and EBITDA grew 53%, driven by robust order book (Rs. 2,701 crore) and major contracts like the ONGC PEC order.
Robust growth underscores Deep Industries strategic positioning in the energy sector, with record profitability and order book expansion paving the way for long-term value creation amid favorable government initiatives.
Company is anticipating a growth of more than 30% year-on-year for the next 3 years with target revenue of 800Cr in FY26 and margin of 45-47%.

Kuantum Papers Limited Q3 Update: Navigating Market Pressures with Strategic Initiatives

Kauntam Papers (KAUN IN)‘s Q3 & 9M FY25 results show revenue and EBITDA declines, yet steady sales volumes, cost optimization initiatives, and ongoing mill expansion efforts.
Strategic cost management and mill expansion position the company to mitigate revenue challenges, ensuring long-term competitiveness in a dynamic paper industry.
Industry is also asking for anti-dumping duty on some set of paper, especially copier, to make a level playing field with imported products.

Synergy Green Industries Ltd Q3 Update: Set to Triple Capacity and Maximize Growth

Synergy Green Industries (SYGIL IN) Q3 FY2025 results show 10.5% YoY revenue growth, 61% PBT and 128% PAT improvements, alongside capacity upgrades and increased export revenue.
Robust financial performance and strategic CAPEX investments in capacity expansion and green initiatives strengthen Synergy’s market position amid rising renewable energy demand.
The company has an installed capacity of 30,000 MT per annum, with an ongoing upgrade to 45,000 MT which is anticipated to start the production in Q2 FY2026.

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Feb 19

Daily Brief India: Hexaware Technologies, Kiri Industries, EFCI Ltd, Arvind SmartSpaces, Innovatiview India Ltd, Welspun Corp and more

In today’s briefing:

Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project
EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals
Arvind SmartSpaces Limited Q3 Update: Leveraging Market Trends for Future Revenue Potential
Innovatiview India Ltd Pre-IPO Tearsheet
Welspun Corp Q3 Update: Capitalizing on Infrastructure and Renewable Demand

Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall

By Sumeet Singh

Hexaware Technologies raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project

Kiri Industries (KIRI IN) ’s Q3/9M FY25 results show revenue growth, operational enhancements, and a legal victory in the DyStar case, alongside a strategic shift in joint venture accounting.
The legal win and growth in high-margin segments signal improved profitability and future revenue potential, bolstered by a robust copper project on track for 2028.
The new copper unit: Company investing close to 8000Cr in the new copper business, In first phase co will invest near to 1100Crs.

EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals

EFCI Ltd (EFCIL IN) witnessed a robust Q3 & 9M FY25 growth with sequential revenue, EBITDA, and PAT increases; new SM REIT registration and strategic seat expansion initiatives bolster operations.
Strong financial performance amid market challenges underscores resilience in flexible workspace and real estate sectors, positioning EFC India to capitalize on rising demand and government support.
Company is planning to add 25000 seats annually, where expecting furniture vertical worth INR 150Crs and Design & Build worth INR 225-250Crs next year.

Arvind SmartSpaces Limited Q3 Update: Leveraging Market Trends for Future Revenue Potential

Arvind SmartSpaces (ARVSMART IN) posted 149% YoY revenue growth in Q3 FY25 and secured new projects worth RS. 3,850 crore, despite a 20% YoY decline in bookings due to approval delays.
Improved profitability and strategic project wins underscore its resilience in a dynamic real estate market, driving long-term value despite operational hurdles.
Company is planning to deploy Rs.500 to Rs. 600 crore in both vertical and horizontal projects over the next six months.

Innovatiview India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Innovatiview India Ltd (INNOVATIVIEWINDIA IN) is looking to raise about US$230m in its upcoming India IPO. The bookrunners for the deal are DAM, ICICI, JM FIn, Motilal.
Innovatiview India ltd (IIL) is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
IIL was the largest player in examination integrated security solutions in India, with a market share of 73.7% in terms of revenue for FY24, according to F&S Report.

Welspun Corp Q3 Update: Capitalizing on Infrastructure and Renewable Demand

Welspun Corp (WLCO IN)’s Q3 FY25 results show a sequential 9% revenue increase, significant net profit surge to Rs. 675 crore, and a robust order book exceeding Rs. 15,000 crore.
Improved profitability and strategic growth initiatives bolster Welspun’s market position, enabling the company to capitalize on expanding demand in infrastructure and renewable sectors.
Total Order book increased to 8.66L Ton in India and US, DI Pipe order book is at 3.5L Tons, where Saudi order book is for more than 2.5 yrs.

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Feb 18

Daily Brief India: Kilburn Engineering, Escorts Kubota Limited, NIFTY Index, Archean Chemical Industries, SGX Rubber Future TSR20, Patel Engineering and more

In today’s briefing:

Kilburn Engineering Limited Q3 FY25 Update: Strategic Acquisitions and Strong Growth
India Rural Incomes | The Tide Has Yet to Turn
NIFTY Poised to Reignite Its Uptrend, But Faces Short-Term Obstacles
Archean Chemical Industries Limited Q3 FY25 Analysis
Kerala Rubber Farmers In Long Drawn Price Tussle With Tire Industry
Patel Engineering Limited Q3 FY25: Infrastructure Focus and Growth Trajectory

Kilburn Engineering Limited Q3 FY25 Update: Strategic Acquisitions and Strong Growth

Kilburn Engineering’s Q3 FY25 revenue rose 25.1% YoY to ₹911 million with EBITDA up 30.1%, driven by strategic acquisitions and a robust order backlog exceeding ₹3,600 million.
Robust financials, an expanding order book, and targeted acquisitions enhance growth prospects and operational efficiency, solidifying Kilburn Engineering’s market position.
Investors gain confidence as Kilburn Engineering’s disciplined execution and diversified strategy signal sustainable long-term revenue and margin expansion.

India Rural Incomes | The Tide Has Yet to Turn

By Pranav Bhavsar

In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.
Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.
Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.

NIFTY Poised to Reignite Its Uptrend, But Faces Short-Term Obstacles

By Nico Rosti

It has been a 5-months journey for the NIFTY Index (NIFTY INDEX) , from its last peak in September 2024, to its current lows.
Our WEEKLY model indicates a (mildly) OVERSOLD state (Friday at Close, 22929). If the index pulls back a bit more, it’s a BUY but keep reading…
Our tactical short-term model has found limited upside for the NIFTY at the moment, so the long-waited restart of the uptrend may be a bit bumpy.

Archean Chemical Industries Limited Q3 FY25 Analysis

Archean Chemical Industries (ACI IN)’s Q3 FY25 standalone total income reached INR 2,547 million, with EBITDA at INR 963 million (38% margin) and export markets contributing approximately 76% of revenue.
Strong export performance and stable margins underscore resilience amid global market challenges, while strategic investments in new battery technologies promise future growth and diversification.
The company aims to produce 20,000-25,000 tons of Bromine in FY’26 and expecting double digit growth in FY26.

Kerala Rubber Farmers In Long Drawn Price Tussle With Tire Industry

By Vinod Nedumudy

Smallholders keep inventories as tire makers make guarded purchases
Wintering over, next season may start by March end
Indian Government ups Budget allocation for Rubber Board

Patel Engineering Limited Q3 FY25: Infrastructure Focus and Growth Trajectory

PEL reported a 13.6% YoY revenue increase in Q3 FY25, with a robust order book of Rs. 16,396 crores and significant progress in hydropower, irrigation, and tunneling projects.
Patel Engineering aims for approximately 10% growth this year, For FY26: 10-12% and For FY27, the company anticipates growth exceeding 15%.
Also planning to realize 200Crs of Non-core assets and adding capex of 100-200Crs.

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Feb 17

Daily Brief India: Nestle India, NIFTY Index and more

In today’s briefing:

SENSEX Index Rebalance Preview: Two Changes for Now; Third Change at the Cusp
EQD | Nifty Index Options Weekly (February 10 – 14): Tactical Hedge into Weak Seasonals

SENSEX Index Rebalance Preview: Two Changes for Now; Third Change at the Cusp

Nearing the completion of 60% of the review period, there could be two changes for the BSE SENSEX Index (SENSEX INDEX) at the June rebalance.
With one stock right at the cusp of deletion from the index, there could be a third change too. Sector balance will be used to decide the list of inclusions.
The forecast adds outperformed the forecast deletes in the back end of 2024 but there has been huge underperformance this calendar year as stocks with nosebleed valuations have sold off.

EQD | Nifty Index Options Weekly (February 10 – 14): Tactical Hedge into Weak Seasonals

By John Ley

Nifty mired in long downtrend with unfavorable seasonals directly ahead.
Weak price action, with all 5 days trading lower pulls implied vols higher by 1.5 points.
We examine the poor seasonal performance heading into the end of the month and recommend a tactical hedge.

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Feb 15

Daily Brief India: Lupin Ltd, Ajax Engineering Limited, WeWork India Management Ltd and more

In today’s briefing:

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue
Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand
WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

By Tina Banerjee

Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.

Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand

By Akshat Shah

Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
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.

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.

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Feb 14

Daily Brief India: Latent View Analytics Ltd, Aegis Vopak Terminals Ltd, Natco Pharma, Veeda Clinical Research Ltd, Dhampur Bio Organics, HIL Ltd, Globus Spirits and more

In today’s briefing:

Latent View Analytics Limited: Q3 FY25 Earnings Analysis
Aegis Vopak Pre-IPO: Expanding Rapidly but Lots of Debt
Natco Pharma Q3 FY25 Earnings Analysis: 20% Lower Circuit Post Result
Veeda Clinical Research Ltd Pre-IPO Tearsheet
Dhampur Bio Organics Limited: Q3 & 9M FY25 Quarterly Update
HIL Limited: Q3 & 9M FY25 Earnings Analysis
Globus Spirits Limited Q3 FY25: Navigating Cost Pressures & Charting Future Growth

Latent View Analytics Limited: Q3 FY25 Earnings Analysis

By Nimish Maheshwari

Revenue rose 37.5% YoY and 9% QoQ, boosted by Decision Point contributions and a major deal win.
Robust growth in revenue and EBITDA underscores Latent View’s ability to secure strategic client wins, strengthening its competitive edge in data analytics.
Company is tracking towards its $ 100-110 Mn, where they have plan to reach upto $200 Mn in next 3 years.

Aegis Vopak Pre-IPO: Expanding Rapidly but Lots of Debt

By Nicholas Tan

Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$415m in its upcoming India IPO.
Aegis Vopak (AV) 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 past performance.

Natco Pharma Q3 FY25 Earnings Analysis: 20% Lower Circuit Post Result

There will be significant drop in revenue in FY26 due to the loss of exclusivity of the key product, but company is looking for acquisition & doing R&D.
Natco is focusing on launching the oral version of Semaglutide in the Indian market and is awaiting regulatory approvals for clinical trials.
Primary reason of fall in revenue was the absence of sales from a key product.

Veeda Clinical Research Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is looking to raise about US$115m in its upcoming India IPO. The bookrunners for the deal are Axis, CLSA, IIFL, SBI.
VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.

Dhampur Bio Organics Limited: Q3 & 9M FY25 Quarterly Update

Dhampur Bio Organics (DBOL IN)’ Q3 FY25 revenue surged 74.33% YoY, fueled by robust sugar and country liquor performance amid increased sales volumes.
The significant revenue growth indicates strong market demand and positions DBO to transition toward value-added sugar production, mitigating commodity risks.
Despite operational challenges and declining EBITDA margins, DBO’s strategic focus on premiumization and improved cane development underscores resilient long-term growth potential.

HIL Limited: Q3 & 9M FY25 Earnings Analysis

HIL Ltd (HIL IN)‘s Q3 FY25 revenue grew modestly by 3% YoY, but EBITDA and PAT declined amid weak industry demand and sluggish pricing.
Lower government spending and volatile input costs underscore significant challenges in the building solutions segment, impacting overall profitability.
Investors should remain cautious, yet note strategic initiatives, such as distribution expansion and new product launches, offer potential for future growth.

Globus Spirits Limited Q3 FY25: Navigating Cost Pressures & Charting Future Growth