India

• Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
• With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
• 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.

• BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
• The official index changes could be announced publicly in the next few days.

• Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
• Fractal Analytics Limited (FAL) is an enterprise 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.
• In this note, we look at the company’s past performance.

• We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.
• October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.
• Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.

• Trent reported a 17% YoY rise in Q2FY26 revenue to INR 4,724 crore, while PAT grew 6%. Star Bazaar saw a 2% decline due to ongoing upgrades and stronger competition.
• Efficient cost control and technology-driven productivity helped maintain margins despite slower same-store sales and expansion into lower-yield Tier-II cities.
• Trent’s steady execution and well-diversified retail portfolio support its medium-term growth outlook, though high valuations and increasing operating costs remain key risks to monitor.

• Despite macro challenges, KPIT delivered a decent Q2FY26 and is on track to post a much better H2FY26, led by reducing uncertainty and improving demand environment.
• More importantly, KPIT has been adding select capabilities that have been pivotal to building its differentiation and competitiveness. Its approach to move to solutions vs services has been yielding fruition.
• Deal wins came in strong in Q2FY26 at $232mm, well above the typical $150mm+ run-rate. Additionally, KPIT also won a mega $100mm+ deal.

• ADD Probe into Rubber Glove Imports from Malaysia, Thailand  
• Finance Ministry imposes new duty on insoluble sulphur  
• DGTR Recommends Continuation of Duties on NBR Imports  

• We present five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd (1880671D IN) ‘s IPO
• IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.
• At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.

• Tenneco Clean Air India Ltd (1880671D IN)  is now looking to raise up to US$406m in its upcoming India IPO.
• TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
• We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and valuations.

• World Bank debarred TARIL from participating in its funded projects following old Nigerian contract issues; the company contests it.
• The incident has raised governance questions and led to an exaggerated stock sell-off, despite immaterial financial exposure and reaffirmed guidance. 
• Debarment is isolated and non-material. Execution delays are transitory. Strong order book, backward integration, and FY26 guidance make TARIL attractive on dips.

• ABCL’s Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, while the firm deployed Generative AI across its flagship digital platforms.
• Robust asset growth and an improving credit profile (Gross Stage 2 & 3 down 121 bps YoY in NBFC), but consolidated PAT growth was constrained by rising interest costs.
• The One ABC’ digital ecosystem and high-growth segments position ABCL for enhanced return ratios, meriting a closer look at its valuation discount relative to pure-play NBFC peers.

• Company delivered a steady Q2 FY26, with PAT growth of 23% YoY and 4% QoQ, in line with expectations. MSME stress prompted a modest downgrade in AUM guidance to 22–23%. 
• The quarter reflects the company’s pivot toward quality growth, fortified by an aggressive AI transformation program (FINAI) and gold loan expansion strategy.
• While short-term credit costs weigh on margins, Bajaj Finance’s digital transformation and franchise scale position it to re-accelerate in FY27, reinforcing its premium valuation among Indian NBFCs.

• Nykaa delivered its strongest quarter in two years in Q2 FY26, with GMV up 30% YoY and EBITDA margins expanding 125 bps to 6.8%.
• The results confirm that Nykaa’s profitability driven by owned brands, omnichannel integration, and AI-enabled personalization is firmly turning.
• Fashion’s near-term breakeven and continued premiumization in beauty could re-rate Nykaa as a sustainable compounding story.

• Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.
• This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.
• Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.

• Context: The Punjab National Bank (PNB IN) vs. Bank of India (BOI IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Punjab National Bank (PNB IN) and short Bank of India (BOI IN) targets a 4% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Astrotalk (123A IN) closed its fiscal year FY25 with revenues of INR 1,182 crore and a PAT of over INR 250 crore, marking a 2.5x jump in profitability.
• The core consultation business is now being supplemented by AstroStore and international footprint (30% of revenue), as management lines up a late 2026/early 2027 IPO at target valuation of $1.3B–$1.5B.
• Astrotalk has cracked high-margin, high-growth digital services. Its IPO now tests investor appetite for its “belief-tech” model against mounting, though still nascent, regulatory scrutiny.

• Tenneco Clean Air India Ltd. is a leading Tier-I automotive component supplier in India with strong market positions in clean air and advanced ride technologies, poised to benefit from stricter emission norms and premiumization trends.
• The company has demonstrated robust profitability improvement through effective cost management, despite a recent decline in topline revenue, particularly in its clean air segment.
• The upcoming IPO is a 100% Offer for Sale by the promoter, which will not infuse capital into the company but aims to enhance visibility and provide a public market for its shares.

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• With the review period complete, there could be one change for the S&P BSE SENSEX Index (SENSEX INDEX) at the December rebalance.
• Following the demerger of the Commercial Vehicle business, the drop in market cap for Tata Motors (TTMT IN) could result in index deletion.
• InterGlobe Aviation Ltd (INDIGO IN) is a potential inclusion to the index, but there is a small possibility of Grasim Industries (GRASIM IN) being added to the index instead.

• Physicswallah Limited (2076103D IN) IPO opens today – 11 Nov 2025.The issue is a combination of fresh issue of INR 31 billion and offer for sale of INR 3.8 billion.
• In this insight we discuss about the company, the industry, past controversies in the sector across major players.
• We finally provide rationale why we do now know what valuation multiple to assign given the various factors.

• Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
• Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
• We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.

• Pricol is a leading Indian automotive components manufacturer, well-positioned to benefit from the increasing electronification and premiumization of vehicles, particularly in the two-wheeler segment where it holds a dominant market share for instrument clusters.
• The company is actively diversifying its product portfolio and customer base, with strategic partnerships and acquisitions aimed at capturing growth in the electric vehicle (EV) segment and reducing dependence on two-wheelers.
• While demonstrating strong revenue growth, the company faces challenges from margin pressure due to intense competition and rising input costs, alongside risks associated with the cyclical nature of the automotive industry and the transition to EVs.

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• RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables & Wires segment.
• Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.
• RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.

• Strategic Demerger to Unlock Value: Tata Motors is undergoing a significant demerger, separating its Commercial Vehicles (CV) and Passenger Vehicles (PV), including Jaguar Land Rover (JLR), into two distinct listed entities. This move is designed to provide sharper focus, unlock synergistic benefits, and allow for tailored capital allocation strategies for each business.
• Dominance in India, Turnaround at JLR: The company holds a commanding market share in the Indian CV market and is a strong contender in the PV space, particularly with its leadership in the electric vehicle (EV) segment. Concurrently, its luxury arm, JLR, is executing a turnaround strategy focused on electrification and improving profitability, which is critical to the consolidated performance.
• Strong Financial Recovery and Growth Trajectory: Tata Motors has demonstrated a remarkable financial turnaround, with substantial growth in revenue and a significant shift from net loss to robust profitability over the last three years. This is supported by strong operating cash flow generation and an aggressive push into high-growth areas like EVs.

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• Just Dial is a dominant player in India’s local search market, boasting a vast database of listings and a strong brand recall built over two decades. The company is currently in a growth phase, evidenced by a significant 102.04% 3-year CAGR in net income.
• The strategic acquisition of a majority stake by Reliance Retail Ventures Ltd. provides substantial synergistic opportunities, access to capital, and integration into a larger digital ecosystem, which is expected to accelerate the growth of its B2B platform, JD Mart.
• Despite strong financial performance, the company faces intense competition from Google’s local search offerings and various specialized vertical players, which poses a significant threat to its market share and pricing power. The company’s future success hinges on its ability to innovate and effectively monetize its new ventures.

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• Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

• Record margins sustained: Q2 FY26 EBITDA ₹1,932 cr; full-year margins near 49% on captive coal and lower caustic costs.
• Growth visibility: 1 Mtpa 5th-stream alumina refinery to commission by Jun 2026; Pottangi mine start by FY27.
• Valuation gap: Trades at ~4× EV/EBITDA vs 6–7× peers, with ₹7,900 cr cash and 4.5% yield supporting 25–30% re-rating potential.

• Q2 revenue (INR 680 billion, +10% YoY) missed estimates on transient issues, but order inflows surged 45%, leading to a record INR 6.67 lakh crore (approx. US$80 billion) order book.
• L&T is successfully exiting its largest legacy drag (Hyderabad Metro) and capturing a dominant share of the Middle East hydrocarbon boom and the domestic private capex wave.
• The strategic pivot to new-age manufacturing and green energy, funded by a booming core, is building a more resilient, higher-growth L&T for the future.

• Pine Labs is a fintech company supporting digitization of commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
• While the company has been growing in line with peers, its focus on enterprise customers and subscription pricing stands out, while peers have focused on merchants with a %-fee model.
• IPO priced at sharp discount to expectations ($2.5bn vs $6bn), which is fair given changing business/industry dynamics. Pending RBI investigation and potential selling from early investors are other near-term concerns.

• Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
• Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
• We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.

• Context: The HDFC Bank (HDFCB IN) vs. Union Bank Of India (UNBK IN) price-ratio has deviated more than two standard deviations from its average, presenting a potential relative value opportunity.
• Highlights: Going long HDFC Bank (HDFCB IN) and short Union Bank of India (UNBK IN) targets an 8% return. 
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• On the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced US$7.07/share NBIO. The bidding consortium subsequently bumped terms to US$8/share on the 3rd July.
• After shares traded through terms for a week, the Consortium increased (best & final) non-binding terms to US$8.15/share, a 29% premium to undisturbed. The Offer is via a UK Scheme.
• That last bump was on the 10th October. JERA, with 11.7% of shares out, and 25.7% of minorities, is supportive, IF terms are firmed. The Special Committee is still mulling.

• Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
• There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Hindustan Zinc is one of the world’s largest, lowest-cost, integrated producers of zinc-lead, with a significant and growing silver byproduct business that enhances margins and provides a hedge against zinc price volatility.
• The company is pursuing a major capacity expansion to 2 million tonnes per annum (MTPA), funded by strong internal cash flows, aiming to solidify its cost leadership and capture growing demand, particularly in the Indian market.
• A significant overhang on the stock is the ongoing disagreement between the company’s management (led by majority shareholder Vedanta) and the Government of India (a 29.54% shareholder) regarding a proposed demerger of the zinc and silver assets, creating uncertainty for investors.

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• Strong Financial Trajectory: The bank has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue and net income, driven by healthy loan growth and improving net interest margins.
• Strategic Shift Towards Granular Assets: Management has successfully pivoted the loan book from corporate lending towards more granular and higher-yielding retail, MSME, and agricultural loans, which has improved asset quality and profitability.
• Favorable Valuation with a Positive Outlook: Despite its strong performance, the bank trades at a reasonable valuation compared to its peers. The outlook is positive, with management guiding for above-industry credit growth and stable margins, supported by digital initiatives and branch expansion.

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• Physicswallah Is looking to raise about US$434m in its upcoming India IPO.
• Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
• In this note, we talk about the not-so-positive aspects of the deal.

• Pine Labs has filed RHP for IPO with a total offer size of up to INR 39B, offering 176.5M shares at a price band of INR 210-INR 221 per share.
• This includes a fresh issue of INR 20.8B (~ 94.1M shares). The company intends to use the proceeds for debt repayment, cloud infrastructure and technology, general corporate purpose etc.
• Our recommendation would be that investors whoever is looking at a long-term investment horizon can definitely look at the stock as a growing long-term bet.

• Rubber product export slip accentuates by August  
• Industry warns SVAT removal may choke liquidity  
• CEAT’s US$171 million move gives manufacturing impetus  

• Groww is India’s largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
• It is aggressively expanding into lending (MTF, LAS) and has recently acquired ‘Fisdom’ to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
• At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.

• Physicswallah Limited (2076103D IN) is looking to list on the exchanges by selling 319.26m shares via a primary and secondary offering to raise US$392m at a valuation of US$3.5bn.
• The price band has been set at INR 103-109/share, and the issue is likely to price at the top end of the range.
• The stock will be added to the AMFI Smallcap segment and inclusion in the Nifty Smallcap 250 index is likely in March. Global index inclusion could commence in June.

• Physicswallah is looking to raise about US$434m in its upcoming India IPO.
• Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
• In this note, we talk about the positive aspects of the deal.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Adani Ports, Bharti Airtel
• UST yields declined c. 3 bps across the curve yesterday as treasuries advanced amid a slump in risk assets, with the yield on the 2Y and 10Y UST falling to 3.58% and 4.09%, respectively.
• Equities retreated, after several Wall Street chief executives expressed caution about stretched valuations.

• Shriram Finance posted 11.4% YoY PAT growth, beating consensus estimates by 3-5%. The beat was driven by lower credit costs and a surprise 35bp sequential drop in Stage 2 assets.
• The results validate the post-merger efficiency thesis: operating expenses are flat , the cost-to-income ratio is improving, and liability management is becoming more astute
• While some remain cautious on CV macro headwinds, SHFL’s internal execution, productivity gains, cross-selling, and a laser focus on a credit rating upgrade is the more dominant and compelling narrative.

• Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
• With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

• Brian Freitas posted an insight Monday discussing how Indian stocks may experience significant passive inflows and outflows from global trackers over coming weeks. Read his insight for more detail.
• The changes may start to produce effects soon, so here we are offering an analysis of the NIFTY Index to evalate potential upside and downside.
• Our previous NIFTY 50 insight warned that trend indecision could trigger a pullback—exactly what is unfolding now in the market. The index remains not oversold yet.

• Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
• SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025. 
• According to the 1Lattice and C&W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.

• Sify Technologies is a comprehensive ICT service and solution provider in India, strategically positioned to capitalize on the country’s digital transformation, with core services in data centers, network, and digital services.
• The company is in a high-growth phase, marked by significant capital expenditures in expanding its data center capacity to meet the burgeoning demand driven by cloud adoption and the advent of AI, leading to near-term pressure on profitability.
• While revenue has been growing, the company faces challenges with net losses and high debt levels, making the successful and timely monetization of its new assets critical for its long-term financial health and shareholder returns.

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• Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
• ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
• The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.

• PVR Inox is piloting a full-service “dine-in” cinema concept in Bengaluru, while management confirms a major strategic shift towards an asset-light (FOCO) model for new screen expansion.
• The dine-in is a defensive move to protect premium Spend Per Head (SPH) against OTT, while the asset-light pivot is move to fix the balance sheet and scale in Tier-2/3.
• The company is re-engineering its business to be less dependent on its own capital, but its profitability remains entirely dependent on the one thing it cannot control: the content pipeline.

• Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
• The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
• Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.

• Venus Pipes & Tubes is a rapidly growing manufacturer and exporter of stainless steel (SS) seamless and welded pipes and tubes in India, capitalizing on the expanding domestic and international demand across various industries.
• The company is in the midst of a significant capacity expansion and backward integration strategy, which is expected to drive revenue growth, improve margins, and strengthen its market position.
• While the company has demonstrated strong financial performance and a robust growth trajectory, it faces risks associated with the cyclicality of the steel industry, raw material price volatility, and increasing competition from both domestic and international players.

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• Established Portfolio with Stable, Long-Term Cash Flows: IRB InvIT Fund owns a portfolio of operational toll road assets with long concession periods granted by the National Highways Authority of India (NHAI), providing predictable, long-term revenue streams essential for stable distributions to unitholders.
• Strong Growth Trajectory via Strategic Acquisitions: The Trust is actively expanding its asset base through strategic acquisitions from its sponsor, IRB Infrastructure Developers Ltd. A recent major acquisition of three high-revenue BOT assets is set to double the enterprise value to over ₹16,000 crore and extend the weighted average life of the portfolio to 17 years.
• Attractive Dividend Yield and Valuation: As an Infrastructure Investment Trust (InvIT), it is mandated to distribute 90% of its net distributable cash flow, resulting in a consistently high dividend yield. The units trade at an attractive price-to-book ratio, suggesting a favorable valuation relative to its underlying asset value.

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