India

• Novo committed to scale oral Wegovy manufacturing tenfold by 2030, opening potential peptide overflow work for integrated Indian CDMOs such as Divi’s.
• Oral semaglutide is far more peptide-intensive per patient than injectable Wegovy, so capacity scale-up raises demand for fragments, building blocks and cost-efficient CDMO supply.
• Treat oral Wegovy as optionality only; Lilly tirzepatide remains Divi’s core peptide opportunity, and Divi’s stays our top India Pharma pick.

• Hexagon Nutrition Limited (HEXAGON IN) is a differentiated, research-driven pure-play nutraceutical and clinical nutrition manufacturer operating across three core pillars: Micronutrient Premixes, Branded Clinical & Wellness Nutrition, and Therapeutic Malnutrition Formulations.
• Financial performance has demonstrated strong operating leverage, with revenue growing from INR 2,974.52M in 2024 to INR 3,826.28M in 2026 (a 13.42% 2-year CAGR) and net profit expanding over 3x from INR 122.89M to INR 379.37M, supported by a 1,314 bps expansion in gross margin to 32.15%.
• Trading at an attractive valuation relative to broader healthcare and wellness peers, Hexagon is positioned to capitalize on structural tailwinds including mandatory food fortification policies, expanding clinical nutrition adoption in acute/chronic care, and international expansion across emerging markets.

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• Following the lock-up expiry, pre-IPO investors have been selling stock, and the increased free float should lead to Meesho (MEESHO IN)‘s inclusion in a global index in November. 
• The stock is up 11% since we highlighted it as a potential inclusion a couple of weeks back.
• Positioning has surged in the last few trading sessions and there could be more to go before passives need to buy.

• Context: The Bajaj Finance (BAF IN) vs. Bajaj Finserv (BJFIN IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Bajaj Finserv (BJFIN IN) and short Bajaj Finance (BAF 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.

• This insight discusses about listing dynamics of National Stock Exchange (NSEIN IN) .
• We present factors which would impact the listing price and present various valuation scenarios.
• Finally, we conclude with view on near term price movement for the company.

• Molycop has transformed Tega from a INR 1,800 Crore Business into a Global Mining-Consumables Platform with much Larger Scale and Reach.
• The key opportunity is not just Molycop’s earnings, but Cross-Selling, Cost Synergies, Margin Improvement and Gradual Debt Reduction.
• Q1 FY27 gives an encouraging starting point, but the next 2 to 3 years will decide whether the acquisition creates the expected value.

• Sub-scale operations with persistent margin compression: Urja Global Limited (UGL IN) operates as an integrated cleantech provider across solar EPC, battery storage, and electric vehicles in India; while revenue reached INR 667.01M in FY2026, thin net margins (2.00% in FY2026 vs. 4.58% in FY2024) reflect limited pricing power and severe price competition across decentralized solar and assembly-oriented battery operations.
• Acute working capital intensity and structural cash burn: The company continues to generate substantial negative operating cash flows (INR -260.03M in FY2026, worsening from INR -60.21M in FY2025 and INR -80.16M in FY2024), driven by high receivable days, inventory accumulation, and working capital lock-up across EPC projects.
• Macro tailwinds constrained by execution and competitive moats: Although domestic programs such as PM Surya Ghar Muft Bijli Yojana and urban electric mobility provide secular industry expansion, Urja Global lacks proprietary technology moats, scale advantages, or deep institutional access to compete effectively against well-capitalized tier-1 cleantech and energy storage players.

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• This insight details about the weekly changes in the holding company discount in India.
• We track the reasons for change in the holdco discount if any.
• While this note captures 4 holding companies, we intend to add more names in coming weeks.

• Context: The DLF (DLFU IN) vs. Godrej Properties (GPL IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Godrej Properties (GPL IN) and short DLF (DLFU 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.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: In India, currently three pair trade opportunities persist across two sectors.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Record quarter: revenue INR425 cr (+27% YoY), reported EBITDA INR162 cr (38.1% margin), PAT INR24 cr (+140% YoY), ROCE 55%. Execution remains firmly on track
• Blended occupancy held flat at 76% only because a single ~3,000-seat client exited five centres. Management says most of the vacated space is already re-committed, often at higher rent.
• FY27 guide: revenue past INR1,800 cr, cash EBITDA INR190-200 cr, 22-25k gross seat adds. Explicitly H2 weighted.

• Q1 FY27 revenue increased ~37% YOY, while IndiQube expanded AUM to 10.61 msf, seating capacity to ~236,000 and occupancy to 90%.
• Management reiterated its target of adding ~2 msf annually and disclosed ~3.9 msf/~97,000 seats of signed supply, reducing near-term sourcing risk.
• Q1 cash EBIT was INR68 crore, or 16.1% of revenue. The key test is whether rapid footprint growth can be converted into sustained cash earnings without diluting returns.

• Shiprocket delivered 34% YoY revenue growth in Q1 FY27, while Adjusted EBITDA rose nearly 9x to INR 8.9 crore as the core business gained operating leverage.
• The bigger story is emerging businesses, where revenue grew 70% YoY to INR 180 crore, led by MarTech and omnichannel services.
• With 2.24 lakh+ active merchants, 216 million quarterly transactions and a wider product stack, Shiprocket is trying to capture more value from every merchant.

• Pioneering Sensorless Powertrain & Genset Control Technology: SEDEMAC Mechatronics is a high-growth Tier-1 automotive electronics innovator commanding a dominant ~35% domestic market share in 2W/3W Integrated Starter Generator (ISG) ECUs and ~75%+ in Genset controllers, anchored by proprietary sensorless commutation (SLC) algorithms that eliminate physical position sensors.
• Exceptional Financial Compounding & Operating Leverage: Revenue nearly doubled from INR 5,306.53M in FY2024 to INR 10,583.80M in FY2026 (41.2% 3-year CAGR), while Net Income scaled from INR 58.78M to INR 1,035.80M, driven by gross margin expansion (10.20% to 18.82%) and EBITDA margins expanding to 21.34%.
• Strategic Expansion vs. Valuation & Capex Headwinds: Multi-segment scaling into combined ISG+EFI architectures, EV Motor Control Units (MCUs), and export markets (North America and Europe) provides long-term runway, balanced against near-term capex-driven negative Free Cash Flow (-INR 168.40M in FY2026), OEM client concentration, and premium valuation multiples at INR 3,098.00.

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• Aether Industries (AETHER IN) ’s INR20.6 bn capex cycle is now yielding strong growth and 31.3% EBITDA margins; however, reported profitability is partly influenced by accounting judgements w.r.t. fire incidents.
• Underlying cash conversion remains weak at 39% of adjusted EBITDA over FY20–FY26, further questioning the earnings quality.
• Execution delays, promoter-linked transactions and unusual cost allocation at ASCL introduce additional questions that need explanation.

• ArMee has built a 20+ year track record in IT infrastructure, with 275+ projects executed across 14 states and a growing private-sector presence.
• The bigger change is the move into renewable energy, with solar EPC, PPAs and BESS now forming a meaningful part of the order book.
• FY26 revenue reached INR 1,410 crore, while the INR 3,287 crore order book provides strong visibility, although margins, debt and client concentration remain important watch points.

• The ₹22,569 crore NSE IPO is currently in its final subscription days (closing September 21, 2026) at a price band of ₹1,700–1,785, valuing the exchange at ₹4,41,788 crore. The transaction is structured as a 100% Offer for Sale (OFS), which brings zero fresh capital to the exchange, reflecting its high cash-generation capacity and intent to maintain its high dividend payout ratio.
• SEBI’s regulatory fee structure and index derivatives restrictions represent the primary structural and volume headwinds. While NSE avoided the retrospective options regulatory fee shock that hit BSE and MCX because it historically paid fees on a notional basis, SEBI’s recent derivatives curbs led to a 51.5% drop in options contract volumes in FY26, resulting in a 3.1% decline in operating revenue to ₹16,601 crore.
• The structural decoupling of clearing operations under the interoperability framework is accelerating. Competitors are leveraging this mechanism to drive aggressive fee erosion, causing NSE Clearing Limited’s (NCL) market share in cash settlement to fall from 94.24% to 88.42% and equity derivatives clearing to slide from 95.67% to 91.04% in FY26.

• 126.4m of 2,475m NSE shares are being sold, 37.8m of those are anchor stock locked for 30–90 days: the tradable float on 24 Sep is ~88.6m shares, 3.6% total shares. 
• The book is ~1.5x, not 50x — retail is 0.7x covered and the grey-market premium has halved from ₹310 to ~₹150 in a fortnight. Thin float meets thin demand. 
• We hold BULLISH, FV ₹2,000: subscribe at ₹1,785, trim above ₹2,100, add below ₹1,800; the real float arrives on ~22 March 2027 and MSCI/FTSE weight follows it, not the IPO.

• Semiconductor Pivot is Asset-Light but Talent-Heavy: L&T Semiconductor Technologies (LTSCT) is executing a pure-play fabless design strategy to avoid massive capital foundry risks. However, achieving its $500 million annual revenue target by FY31 hinges on exporting 70-80% of its volume and successfully navigating the highly competitive global VLSI design talent market.
• Friction in Concession Exits: While the Nabha Power divestment to Torrent Power was finalized in June 2026, the critical ₹1,461.47 crore Hyderabad Metro (LTMRHL) equity divestment has hit a temporary snag. The Telangana government is seeking a three-month extension to December 31, 2026, due to delays in refinancing the subsidiary’s ₹13,500+ crore debt.
• Arbitration and Cash Flow Headwinds: The Supreme Court’s April 2026 ruling in Union of India v. Larsen & Toubro Ltd. has significantly weakened EPC contractors’ bargaining power. By upholding contractual bans on pre-award interest, the ruling incentivizes government entities to drag out disputes, threatening to reverse some of L&T’s recent net working capital efficiency gains.

• The zero-MDR era on UPI is structurally ending with the newly announced framework set to take effect on October 15, 2026, introducing a 0.4% Merchant Discount Rate (MDR) on Person-to-Merchant (P2M) transactions above Rs 2,000. This creates a direct commercial path to monetization for PhonePe’s core payment business, though it affects only a high-ticket subset (~4%) of merchant volumes.
• PhonePe continues to command a dominant duopoly alongside Google Pay, holding a 47.07% UPI market share by volume as of early 2026. PhonePe’s physical sales distribution model (“feet-on-street”) has secured structurally superior merchant-level cohort retention (exceeding 90% on a 12-month rolling basis) compared to Google Pay’s software-centric model.
• Adjacent bets like Indus Appstore and Share.Market remain highly dilutive, dragging down consolidated profitability. While PhonePe’s standalone payments business is profitable—generating an adjusted PAT of Rs 710 crore in FY24—intensive customer acquisition costs for these new verticals resulted in a consolidated net loss of Rs 1,727.4 crore in FY25.

• Insight on how the new UPI Merchant Discount Rate reshapes Phonepe Pvt Ltd (1732974D IN)‘s path to profitability — and its road back to the IPO market.
• Discusses in detail the MDR framework and how it will help in recovering Phonepe’s losses.
• Finally, we conclude on likely timeline for Phonepe’s IPO with this development.

• Religare is a financial services company with a crown jewel in Care Health Insurance. However, the stock trades at a material discount due to complex group structuring.
• The poor valuations also stem from corporate governance issues most of which have been put to rest by the management overhaul under new promoters: Burmans of Dabur (DABUR IN)  group
• Company has proposed to spin-off NBFC and broking businesses, leading to indirect listing for India’s second largest standalone health insurer Care Health.

• SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.
• Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.
• Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.

• Strong operational fundamentals with high entry barriers: Central Mine Planning & Design Institute (CMPDI) holds a 61% market share in the Indian mining consultancy space, with a structural demand anchor in Coal India Limited (CIL)’s target of reaching 1 billion tonnes of coal production by FY27.
• High book profitability vs. working capital stress: While CMPDI operates an asset-light, high-margin model with EBITDA margins historically hovering near 40%, its working capital is severely constrained by a collection cycle averaging 229 days and trade receivables sitting at 169 days, primarily due to slower payment clearing processes across PSU subsidiaries.
• Diversification runway and regulatory overhang: Non-CIL revenue has scaled significantly, but structural constraints around talent retention (losing senior engineers to private MDOs) and the lengthy 15-to-18-month environmental clearance timelines for public sector projects present major execution risks post-listing.

• Burman Takeover and the RBI Demerger Block: The Burman family’s hostile takeover of Religare Enterprises (REL) was completed in February 2025, but structural unlocking remains stalled due to the Reserve Bank of India’s (RBI) rejection of the demerger scheme on August 6, 2026. This delays the separation of the financial services and health insurance arms and pushes the target listing of Religare Finvest (RFL) well past the original Q1 FY28 timeline.
• The Rashmi Saluja ESOP Saga and Key-Man Risk: Former Chairperson Rashmi Saluja’s ₹480 crore ESOP grant (representing ~2.5% of Care Health’s capital) has been declared illegal by IRDAI. Following her removal, the new board withdrew Care’s SAT appeal in July 2025, and a Mumbai court granted her bail in May 2026 amid ongoing EOW charges. While key-man risk has subsided, legacy legal cleanup remains a drag.
• Care Health’s Underwriting Pain vs. Peer Performance: Despite strong topline growth with gross premiums crossing ₹10,031 crore in FY26, Care’s profitability fell 92% YoY to ₹12.16 crore as its combined ratio deteriorated to 106.7%. This underperformance is exacerbated by the new 1/n accounting rule and a thin 1.68x solvency margin, lagging behind Star Health’s retail-focused underwriting discipline (98.8% combined ratio).

• The upcoming $400 million IPO is a 100% Offer for Sale (OFS) by the parent, Torrent Investments, meaning zero fresh capital will enter Torrent Gas Limited (TGL). Future capital expenditure of approximately Rs 5,000 crore will be funded entirely through internal accruals and a robust domestic bank debt consortium.
• Unit economics are highly attractive, with TGL achieving a record EBITDA of Rs 10.80 per standard cubic meter (SCM) in Q1 FY27. CNG savings of 35% to 45% over petrol drive a rapid payback period of 6 to 8 months for commercial operators, positioning mature Geographical Areas (GAs) like Jaipur, Kota, and Moradabad to cross 18% ROCE.
• Marketing exclusivity expiries present minimal operational risk due to TGL’s 25-year infrastructure exclusivity. Potential open-access threats are mitigated by the sheer logistics of third-party pipeline layout and high wheeling tariffs determined by the Petroleum and Natural Gas Regulatory Board (PNGRB).

• Central Mine Planning & Design Institute (CMPDI IN) raised about US$200m in its India IPO in Mar 2026. The lockup on its promoter, Coal India, is set to expire soon.
• CMPDI is a subsidiary of Coal India, providing consultancy and support services across the full range of coal-mineral exploration, mine planning and design, covering the entire lifecycle of mining operations.
• In this note, we will talk about the lockup dynamics and possible placement.

• Adani entered airport operations only in 2019–20, but now manages eight airports and serves more than 23% of India’s passenger traffic.
• The business has evolved from operating terminals to monetising the entire passenger journey through retail, food and beverage, duty-free, digital services, ground handling, cargo and city-side real estate.
• Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds will invest Rs 9,825 crore of primary equity at an approximately USD 18 billion pre-money valuation.

• Torrent Gas Limited (1726937D IN) (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.
• TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.
• As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.

• Adani Enterprises Limited (AEL) has incubated six publicly traded businesses across ports, power, transmission, renewable energy, city gas and FMCG.
• The combined market capitalisation of businesses incubated by AEL stood at USD 94.3 billion as of March 31, 2026, according to the company.
• The next value-unlocking candidates are airports, the new-energy ecosystem, data centres, roads and primary-materials. These businesses are larger and more capital-intensive, making execution and balance-sheet discipline central to the thesis.

• A-One Steels India operates across the entire steel value chain across 6 manufacturing facilities in Karnataka and Andhra Pradesh. This vertical integration provides better cost control, product flexibility, and margin-protection. 
• In FY26, total revenue reached ~INR4,202 crore with an EBITDA margin of 7.29% (INR303.64 crore EBITDA) and PAT rising to INR127.41 crore, significantly boosting ROCE (12.86%) and ROE (14.76%).
• Operating with an 83.20% green energy mix and 38 MW of captive-power-assets (saving ~INR2/unit) and backward-integration projects including a 6,00,000 MTPA iron ore beneficiation plant and a manganese mining lease.

• Nephrocare Health Services (NEPHROPL IN), which operates under the NephroPlus brand, has built a network of 550 dialysis clinics across 357 cities and five countries.  
• International operations now contribute about 45% of revenue, compared with roughly 30% around 18 months earlier. Higher overseas realisations are lifting revenue per treatment and margins.
• The moat is not the dialysis machine. It is the operating layer around it: procurement scale, trained manpower, an in-house biomedical team, payer relationships, clinical protocols and technology.

• Tilaknagar reduced Debt from INR 1,199 crore (March 2019) to INR 119 crore (March 2024), while Finance costs fell from INR 184 crore (FY19) to INR 27 crore (FY24).
• The operating turnaround was driven by brandy leadership, better realisations, cost control and operating leverage. EBITDA moved from negative INR 52 crore in FY20 to INR 185 crore in FY24
• The INR 4,150 crore Imperial Blue Acquisition changed the company from a South-focused brandy player into a Pan-India, Multi-category Spirits Platform.

• Since the last reshuffle (August 11), our Model Portfolio has appreciated 1.18%, against MXASJ’s 0.92% advance. Since inception on May 15, 2025, our portfolio is up 44.9%, against MXASJ’s 45.8%.
• The main drivers of our portfolio were Korea (contributed 2.77% return) and Taiwan (0.34%). The returns were dragged down by China (-1.14%) and India (-0.66%).
• We exclude Reliance Industries and include Hitachi Energy, reaffirming our preference for Indian industrials. Our overweight on HK/China, Korea, India and underweight on Taiwan (but preference for Taiwan technology) continues.

• Mismatched Valuation and Structural Drags: While Hero Motors’ EV-related Powertrain business shows an impressive 46.1% 2-year CAGR (reaching Rs 273.29 crore in FY26), the overall IPO valuation of Rs 3,815.41 crore (implying a 92.7x FY26 P/E multiple on its Rs 41.17 crore PAT) is highly inflated. This multiple is significantly higher than established peer Sona BLW (~70.2x P/E) despite Sona possessing superior ROCE (16.96%) and much stronger operational margins.
• The Alloys & Metallics Margin Drain: The legacy Alloys & Metallics (A&M) segment, which accounts for 46.33% of total revenue, has turned into a major profitability drag, slipping into an operating loss of Rs 16.00 crore (-3.00% segment margin) in FY26. Fixed-cost under-recovery is exacerbated by severe underutilization in overseas facilities (Thailand at 3.87% and Hewland UK at 24.19%), which undermines the global expansion narrative.
• Capital Allocation Misalignment: Earmarking Rs 200.00 crore of the fresh issue proceeds for further capacity expansion at Gautam Buddha Nagar seems logical given its high utilization (78.53%), but it doesn’t resolve the massive cash drag of underutilized overseas plants. Furthermore, allocating Rs 210.00 crore to unidentified technology acquisitions is a risky bet, especially when the top two executives’ compensation already consumes 24.30% of consolidated PAT.

• India’s exchange monopoly is being sold at ₹1,785 when its own unlisted shares cleared ₹1,985 last week — and the state sellers trimmed their lines because they know it.
• Only 5.1% of NSE floats until 22 March 2027. Then 2.35bn shares, held at a median cost under ₹5, become saleable at forty times earnings.
• The state has throttled NSE’s options franchise five times in 22 months. Cash turnover never flinched. We initiate BULLISH, 12-month Fair Value ₹2,000.

• HDFC Bank (HDFCB IN) bottomed at 681.90 last week, then started a small rally this week. We re-analyzed the stock outlook for the next few weeks, updating our previous insight.
• Near-Term performance is constrained by lingering post-merger integration headwinds but sell-side analysts project a ~15% net income CAGR over the coming three years and maintain a 12-month target around ₹1,000.
• Our model flagged a very stretched duration for the current sell-off: the stock has been drifting downward for 6 weeks. This presents a compelling asymmetric risk-reward LONG entry.

• National Stock Exchange (NSEIN IN) is looking to list on the BSE by selling 126.4m shares via an OFS to raise INR 226bn (US$2.35bn) at a valuation of US$46bn.
• Anchor investors have been allotted 37.8m shares at INR 1785/share and shares will start trading from 24 September.
• The stock will not get Fast Entry to local and global indices and inclusion will start in March 2027 with the biggest buying coming in May and June.

• In this insight, we discuss the important takeaways from 25+ media interactions by the National Stock Exchange (NSEIN IN) MD – Ashish Kumar Chauhan.
• This discusses about his thoughts on regulation, growth, diversification and technology.
• Finally, we share our overall view based on these interviews.

• Quality Power is moving from a specialist component maker toward a broader high-voltage technology platform spanning reactors, instrument transformers, power electronics and insulators.
• Q1 FY27 total income rose 32.1% YoY; the group order book reached Rs. 1,945.5 crore, extending visibility into FY28.
• Growth visibility has strengthened, but acquisition accounting, Turkey’s hyperinflation and a demanding valuation increase the importance of organic growth and operating cash flow.

• HFCL approved an additional Rs. 820 crore for optical fibre, optical fibre cable and preform capacity, lifting total planned capex to about Rs. 1,800 crore.
• The programme expands finished capacity and doubles planned preform capacity, giving HFCL greater control over a critical upstream input.
• Growth visibility strengthens, but the thesis becomes more dependent on cash collection, timely commissioning and sustained export pricing.

• Transforming from a processing-led model into an integrated textile player across yarn, technical textiles and RMG.
• Entering specialised military-grade fabric manufacturing to capture higher-value textile segments
• RMG Expansion: Moving downstream into ready-made garments to improve customer proximity and capture more value.

• The Omnia acquisition (~₹12,951 crore / $1.355 billion) is effectively a reverse takeover in scale, with Omnia’s FY26 revenue of $1.41 billion outstripping Solar Industries’ own FY26 top-line of ₹9,837.74 crore. Funding the deal strictly via off-shore debt on Omnia’s books and internal accruals exposes Solar to significant debt-servicing friction under South Africa’s restrictive 10.50% prime lending rate.
• PESO (Petroleum and Explosives Safety Organisation) regulatory bottlenecks are severely underestimated by the street. Following several fatal accidents—including the December 2023 Nagpur blast that killed nine workers and 59 industry deaths in the Vidarbha region through early 2026—licensing wait times for new capacity and advanced propellant lines have ballooned from months to years.
• A separate listing of the defence business, rebranded as Solar Defence and Aerospace Limited in February 2025, faces immense promoter resistance and balance-sheet cross-collateralization. Despite a massive ₹18,000+ crore defence order book, a clean spin-off is structurally blocked by covenants linking defence assets to commercial explosives liabilities.

• Q1 FY27 revenue rose 28% YoY to Rs. 633 crore; EBITDA increased 56% to Rs. 192 crore and PAT 60% to Rs. 133 crore.
• A 30.3% quarterly EBITDA margin shows the economics of premium mix, scale and vertical integration, though Q1 is seasonally strong.
• Earnings quality has improved, but execution and valuation now matter more: the market is already paying for sustained premium growth.

• National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact, or lack thereof.

• Solar SA has offered R134.50 per Omnia share, valuing 100% of the target at R21.83 billion, or about Rs. 12,951 crore.
• Omnia adds BME, a 23-country operating footprint, integrated feedstock assets and an agriculture platform whose FY26 revenue exceeds Solar’s.
• Solar’s growth ceiling rises materially, but near-term investor focus shifts from execution-led compounding to funding, leverage and integration discipline.

• In this insight we discuss about updates from National Stock Exchange (NSEIN IN)’s RHP.
• We discuss in detail various operational parameters and market share in key areas.
• Finally, we discuss why NSE stock is not running away.

• Market Leadership in Buffalo Meat Exports: HMA Agro Industries Limited (HMAAGRO) is one of India’s top three exporters of frozen boneless buffalo meat (carabeef), commanding over 10% of India’s total export volumes. The company operates a fully integrated farm-to-fork processing infrastructure with modern abattoirs certified by APEDA and international food safety authorities, serving over 40 countries across the Middle East, Southeast Asia, and Africa.
• Top-Line Expansion vs. Margin Compression: Total revenues expanded robustly from INR 48,132.90 million in FY24 to INR 69,164.95 million in FY26, representing an annualized growth of over 19.8%. However, operating margins remain razor-thin (FY26 EBITDA margin of 3.22% and Net Margin of 2.38%), heavily exposed to raw livestock procurement costs, export freight volatility, and adverse foreign exchange fluctuations.
• Attractive Valuation Offset by Cash Flow Volatility: Trading at a trailing P/E of 4.7x and P/B of 1.1x at a share price of INR 21.83, HMAAGRO presents deep optical value. However, persistent working capital demands and procurement advances have led to negative free cash flows in two of the last three fiscal years (FY26 FCF at -INR 1,392.70 million), keeping financial resilience constrained.

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• National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
• In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
• Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
• I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.

• Hero Motors is launching India IPO to raise nearly INR 10B. Hero is an automotive technology company engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions.
• The company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for capacity expansion and for funding inorganic growth through unidentified acquisitions, and general corporate purposes.
• Hero Motors has ample operational capabilities, diversified product offerings, strong market presence alongside a positive demand outlook, but the issue seems overpriced given the fundamentals.

• National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.

• Insilco Limited (a 73.11% subsidiary of Germany-based Evonik Operations GmbH) is in the final stages of voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code (IBC) 2016, following the permanent shutdown of its Gajraula plant in October 2019 due to environmental permit denials by the UPPCB.
• Financial results reflect zero operational revenue across all trailing twelve quarters, persistent operational cash outflows (-INR 32.32M in FY26 and -INR 11.91M in FY25), and a singular FY24 net profit of INR 313.64M generated purely from the monetization of fixed assets (Gajraula facility sold for INR 420M).
• With an interim liquidation capital distribution of INR 4.58 per share executed in March 2025 and the Liquidator filing for formal corporate dissolution with the National Company Law Tribunal (NCLT), equity shares retain no going-concern value and are subject to terminal delisting and residual liquidation settlement.

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