India

• Insight on SEBI’s new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.
• We discuss the various aspects of the paper presented by SEBI. 
• Finally, we discuss how the impacts the NSE IPO which is opening this week.

• 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: Currently ten pair trade opportunities persist across four markets and six 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.

• This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts.
• We discuss 5 areas which could potentially impact NSE’s near term earnings.
• Finally, we discuss on IPO valuation and our view on the same.

• Triveni Engineering has demerged its Power Transmission and Defence businesses, creating a focused company with strong margins and a clean balance sheet
• Power Transmission contributes only ~4% of revenue but ~23% of segment profit, with PBIT margins of ~35% and a growing aftermarket business
• Capacity expansion, defence opportunities and marine systems could support the next phase of growth, but execution and utilisation remain key

• Strong Q1 execution: Revenue grew 34%, EBITDA 56% and PAT 118% YoY, with EBITDA margin reaching 10.5%.
• Record order visibility: Order book reached INR 2,599 crore with 1.5x book-to-bill, supported by strong Aerospace, Industrial and Defence demand.
• New growth engines: AI infrastructure, robotics, data centres and B2S could support the next leg of growth and improve margins.

• Siphoning of High-Margin Growth (PTB Demerger): The demerger of the Power Transmission Business (PTB) on July 22, 2026, leaves Triveni Engineering (TEIL) as a highly cyclical commodity play. While PTB generated only 5.4% of FY26 revenues (₹340 crore), it commanded a highly lucrative 35.4% segment margin, contributing a quarter of PBIT. Crucially, almost all of the ₹1,301 crore gross debt has been left on TEIL’s balance sheet, leaving the demerged Triveni Power Transmission (TPTL) virtually debt-free.
• Structural Working Capital Squeeze: TEIL faces severe cash-flow pressures due to regulatory friction. While the central government has raised the sugarcane Fair and Remunerative Price (FRP) to ₹365/quintal for the 2026-27 season (and UP State Advised Price is up to ₹400/quintal), the Minimum Support Price (MSP) for sugar has remained frozen at ₹31 per kg since 2019. This disparity forces TEIL to carry massive, expensive inventories financed by ₹862 crore in working capital debt.
• Promoter Governance & Compensation Backlash: At the September 7, 2026 AGM, public institutional investors staged a major rebellion against the promoter family’s capital allocation and compensation policies. Specifically, 36.45% of polled institutional votes were cast against the remuneration revision for Managing Director Tarun Sawhney. This dissent reflects growing investor frustration over high executive payouts (such as Sawhney’s ₹7.84 crore FY26 remuneration) coupled with the dilutive acquisition of the low-efficiency Sir Shadi Lal Enterprises (SSLEL) in 2024.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, is seeking to raise about US$2.6 billion. 
• The IPO comprises a fully secondary share offering. Subscription is expected to open the week of 14 September at a rumoured revised price band of Rs1,700–1,785.
• The investment case is bearish as NSE is a dominant, high-margin franchise carrying real regulatory-driven revenue and competitive risk concentrated in options, its core revenue line.

• Gurugram remains the earnings engine, with occupancy improving to 65.7% and Tower IV offering 200+ additional beds for future growth. 
• Raipur has commenced operations, while South Delhi adds a 650+ bed asset-light opportunity, significantly expanding Artemis Medicare’s growth runway. 
• Q1 FY27 revenue grew 12.7% YoY, while PAT rose 48.3%, supported by stronger Gurugram margins, higher ARPOB and operating leverage

• No Direct Capital Inflow from IPO: Despite market hype surrounding the proposed listing, Mahanadi Coalfields Limited (MCL) will receive exactly zero proceeds from its upcoming IPO. The transaction is structured entirely as a 10% Offer for Sale (OFS) of 661,836,300 equity shares, with the expected 106.78 billion rupees in value accruing entirely to parent promoter Coal India Limited (CIL) and the government.
• Unrealistic Timelines for Thermal Peak-Demand: Ground realities contradict popular clean energy narratives. Driven by structural shifts like data centers, EV adoption, and severe weather patterns—such as the record-breaking 270.82 GW peak demand witnessed in May 2026—domestic thermal capacity must expand to 307 GW by 2035. MCL’s low-grade, high-ash coal remains irreplaceable for base-load power, ensuring robust volume requirements for at least another two decades.
• Logistics, Not Mining Cost, is the True Competitive Moat: While private commercial coal blocks boast aggressive bids, they are severely bottlenecked by evacuation logistics. MCL’s massive scale allows an incredibly low pithead extraction cost of under ₹700 per tonne, and its ₹10,000 crore investment in 19 First-Mile Connectivity (FMC) projects and the Mahanadi Coal Rail Ltd (MCRL) JV creates an insurmountable logistical barrier for private entrants.

• Kanohar Electricals (KANOHAR IN) , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.
• The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.
• IPO looks aggressively priced as compared to other listed company in similar space.

• Context: The Tata Consultancy Services (TCS IN) vs. Infosys (INFO IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Infosys Ltd (INFO IN) and short Tata Consultancy Services (TCS IN)  targets a 3% 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.

• Reported revenue misleads, the 3.2% consolidated dip reflects lumpy one-time Needle & Thread design revenue lapping. Core standalone managed office business grew 7.8% with margins and PBT up sharply.
• DevX operates 1.13 msf against a 3.63 msf signed portfolio at 92% occupancy. FY27 re-rating depends entirely on disciplined execution of that pipeline
• DevX trades at 5.1x EV/EBITDA versus 8-10x for larger rivals. The discount reflects scale and Ahmedabad concentration risk.

• Vertical Integration Moat: Karamtara Engineering Ltd’s (KEL) competitive edge is anchored by its massive captive hot-dip galvanizing capacity of 276,800 MTPA and two in-house rolling mills. This integration saves ₹4,000 to ₹6,000 per ton in outsourced processing and logistics costs, allowing KEL to deliver tracker structures to US developers in 8 to 10 weeks—nearly half the lead time of pure-play domestic US or Chinese fabricators.
• High US Export Concentration Risk: While KEL commands a dominant position, 34.48% of its FY26 revenue (amounting to ₹1,487.00 Cr) is directly exposed to the US utility-scale solar market. Although KEL successfully passed through ₹577.00 Cr of cost-neutral US tariff-related expenditures to customers in FY26, this concentration exposes the firm to severe downside if the US Department of Commerce initiates anti-dumping investigations into Indian solar steel.
• Deleveraging as a Key PAT Catalyst: KEL is utilizing ₹600.00 Cr of its ₹675.00 Cr fresh IPO proceeds to prepay outstanding borrowings. This 58% reduction in its ₹1,030.13 Cr debt stack will generate ₹55.00 Cr to ₹65.00 Cr in annual interest savings, immediately expanding net margins from its FY26 base of 5.30% and reinforcing its 23.27% ROCE.

• Mahanadi Coalfields Limited (0808507D IN)(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.
• MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.
• As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.

• Rentomojo’s reported FY26 net profit of INR 104.30 crore is optically inflated by a one-time deferred tax credit of INR 36.60 crore. Stripping this out reveals a normalized PAT of roughly INR 67.70 crore; while still demonstrating a robust 57.04% YoY growth from INR 43.11 crore in FY25, public market investors must evaluate the business on this normalized base rather than the headline 142% surge.
• The competitive landscape has narrowed dramatically as Furlenco has effectively closed the revenue gap under Sheela Foam’s ownership, reporting INR 370.43 crore in FY26 revenue compared to Rentomojo’s INR 386.99 crore. Furlenco’s plans to file its DRHP by December 2026 for a Q1 2027 IPO will split public investor attention and challenge Rentomojo’s sole-proxy status in the rental economy.
• Rentomojo’s 10-year straight-line depreciation model for physical assets is aggressively out of step with actual tenant wear-and-tear. Real-world furniture assets typically reach commercial retirement in 5 to 6 years, which exposes the company to potential accelerated write-down shocks if salvage values fall below the 10% book assumption.

• The company has opened its INR 428 crore IPO (Price Band: INR 172–INR 182, closing Sept 10, 2026), backed by INR 128 crore raised from marquee anchor investors.
• Proceeds from the INR 60 crore fresh issue will fully fund a new Glass Processing Unit (GPU) at the Vile Bhagad facility, bringing manufacturing processes in-house to reduce supply dependency.
• Order book stands at more than 2x FY26 revenue (INR 981.54 crore total across domestic façade, international supply, and luxury fenestration as of July 2026).

• Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
• The company is India’s largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
• At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.

• Gokaldas Exports has transformed from a domestic manufacturer into a multi-region exporter, almost doubling consolidated revenues from INR 2,222 crore (FY23) to INR 3,988 crore (FY26).
• Through key acquisitions (like Atraco in East Africa), the company now operates across both India and Africa, offering global buyers flexible trade regimes, distinct labor costs, and diversified sourcing options.
• Global buyers are moving beyond traditional-categories into high-volume segments like denim, bottoms, and shirts historically dominated by Bangladesh while exports to Europe are rising alongside zero-duty access under UK FTA.

• Dhoot Transmission Limited (Ticker: DHOOTTRA IN) is a Tier-1 automotive electrical and electronics manufacturer, commanding an entrenched ~41% market share in India’s two-wheeler (2W) and three-wheeler (3W) wiring harness industry and an industry-leading ~70% share in electric 2W/3W wiring architectures.
• Top-line expansion has been robust, with revenues compounding at a 27.2% CAGR from INR 27,977.26M in FY2024 to INR 45,249.55M in FY2026, driven by vehicle electrification, premiumization, and expanding content per vehicle, though EBITDA margins contracted from 18.57% to 15.99% over the same period.
• Trading at a trailing P/E of 76.4x and P/B of 12.5x, the stock commands a substantial valuation premium relative to direct peers like Motherson Sumi Wiring India (38.6x P/E), leaving limited margin of safety amid persistent negative Free Cash Flow to Equity (INR -675.56M in FY2026) resulting from heavy growth capex.

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• Jubilant Ingrevia (JUBLINGR IN) ’s Business Mix is improving with Specialty Chemicals driving 75% of EBITDA; however, capital efficiency remains subdued as asset turnover and ROCE have yet to recover.
• Balance-Sheet health remains comfortable, but capital allocation warrants scrutiny given excess cash in current accounts, rising contingent liabilities and potential under-utilisation of newly commissioned Bharuch capacity. 
• Earnings quality has watchpoints, including rising receivables, sizeable non-core income, profit-linked promoter remuneration and nominal-priced ESOPs, though no strong aggregate manipulation signal emerges.

• Rentomojo is launching India IPO to raise nearly INR 12.6B. They operate a technology-driven, full-stack direct-to-consumer (D2C) online rental and subscription platform for furniture and appliances in India.
• Rentomojo intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for payment of lease rental/ license fee for their warehouses, experience stores and for general corporate purposes.
• Rentomojo operates in a market with changing consumer preferences. Operational capabilities, diversified product offerings, strong market presence, coupled with positive demand outlook does make this issue fundamentally worth for investors.

• Bagmane Prime Office REIT (BAGMANE IN) is a pure-play Grade A+ commercial office REIT in India, anchored by six institutional-grade business parks totaling 19.6 million square feet (msf) of leasable area (16.6 msf completed) situated in Bengaluru’s core technology corridors.
• The REIT exhibits industry-leading operating metrics, highlighted by a 98.7% committed occupancy rate, a 90% Net Operating Income (NOI) margin, and long-tenure leases predominantly occupied by Fortune 500 multinationals and Global Capability Centres (GCCs).
• Growth is underpinned by a 47.1 msf Right of First Offer (ROFO) pipeline from sponsor Bagmane Group (partnered with Blackstone), an active 3.0 msf development pipeline, and a pristine balance sheet featuring a conservative ~4-10% Loan-to-Value (LTV) ratio providing substantial acquisition debt headroom.

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• KEL is the largest supplier of integrated solar mounting structures in terms of capacity. It has also diverisified into ancillary products related to transmission towers and wind energy.
• With a strong presence in India and the US, KEL now looks to expand aggressively in Europe  (Italy) and the middle east through its upcoming unit in KSA
• Its 875cr IPO opens today, seeking a valuation of 8,300cr. The company is structurally positioned to deliver ~15/20% revenue/earnings growth, with optionality around Battery and other products in the pipeline

• 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’s financial sector, currently two pair trade opportunities persist.
• 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.

• Q1 FY27 Revenue grew 16% YoY and backlog reached Rs. 2,289 crore, while the business was reorganised into four global divisions.
• Demand visibility is no longer the central concern; execution quality, mix and below-EBIT leakage now determine the earnings outcome.
• The operating setup is improving, but the current valuation prices in a recovery that has not yet appeared consistently in reported margins.

• Marksans Pharma posted its highest-ever quarterly EBITDA (INR 213 crore) and PAT (INR 159 crore) in Q1FY27, with UK and Europe overtaking as a genuine second growth engine.
• Operating leverage, a bolt-on European buildout and a cash pile crossing INR 1,000 crore reshape the growth and capital allocation narrative heading into FY27.
• Management’s conservative guidance hold, flagged margin normalization and looming capacity constraints deserve closer scrutiny than the headline beat suggests.

• Aditya Infotech Limited (CP PLUS) is the undisputed market leader in India’s electronic video security and surveillance industry, commanding over 20% domestic market share and benefiting from structural tailwinds in smart infrastructure, enterprise digitization, and government security mandates.
• Financial execution has accelerated substantially with revenues scaling from INR 27,824.26M in FY24 to INR 42,208.12M in FY26 (23.1% CAGR), accompanied by meaningful operating leverage as gross margins expanded to 19.09% and EBITDA margins reached 13.59% in FY26.
• While fundamental business momentum remains robust, the stock trades at an elevated valuation of 91.3x P/E and 23.3x P/B against a backdrop of working capital intensity and negative free cash flow generation (-INR 1,344.13M in FY26), leaving limited margin of safety for operational missteps.

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• Innova Captab is a top-tier Indian Contract Development and Manufacturing Organization (CDMO) with strong vertical integration across Active Pharmaceutical Ingredients (APIs) and finished formulation dosage forms, currently partnering with 14 of India’s top 15 pharmaceutical companies.
• Financial performance reflects robust scaling, with annual revenue expanding from INR 10,773.86M in 2024 to INR 16,051.02M in 2026 (~22% CAGR) and Net Income reaching INR 1,431.83M, supported by a pivotal inflection to positive Free Cash Flow of INR 340.72M in 2026 as major capital expenditures mature.
• Structural tailwinds from mandatory revised Schedule M compliance enforcement are driving industry consolidation toward organized CDMOs; however, Innova’s current valuation of 43.0x P/E and 6.2x P/B reflects an earned premium over pure formulation peers, requiring sustained capacity ramp-up and margin execution at its newly commissioned Jammu facility.

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• BIOSECURE Act tailwinds are directionally real but commercially lagged: While WuXi AppTec’s addition to the US Department of Defense’s 1260H list on June 8, 2026, has triggered a 35% to 45% increase in Requests for Proposals (RFPs) across Indian CRDMOs, legacy contracts are protected until 2032. Actual order-book translation is bottlenecked by 12 to 18-month tech transfer cycles and high clinical-stage switching costs.
• Aragen’s early-to-late stage cross-selling is structurally constrained: Despite marketing a “concept-to-clinic” pipeline, Aragen’s historical core is early-stage discovery chemistry (legacy GVK Bio). Transitioning discovery clients into late-stage CDMO manufacturing is limited by a 90%+ molecule attrition rate in Phase I/II and a lack of large-scale commercial API infrastructure compared to tier-1 Indian peers.
• The US Biologics footprint (Morgan Hill) operates at a structurally lower margin: The California-based Aragen Bioscience site is confined to non-GMP early-stage cell-line development. Bridging this to the new Bengaluru (Jigani) GMP facility is operationally difficult, as US biotechs show extreme reluctance to transfer clinical-scale cell lines and process parameters across geographies due to supply chain and oversight friction.

• Successful Demerger and Balance Sheet Reset: Sterlite Technologies (STL) completed the demerger of its working-capital-intensive Global Services Business into STL Networks (brand name Invenia) on April 1, 2025. Coupled with a ₹1,500 crore Qualified Institutional Placement (QIP) in July 2026, the company transitioned from a heavily leveraged position to a net-cash position of ₹483 crore as of June 30, 2026.
• Skepticism Over “Project Lakshya” Targets: While management’s newly unveiled roadmap (September 3, 2026) targets ₹20,000 crore in revenue and an EBITDA margin exceeding 27% by FY29 (up from ₹4,745 crore and 13.2% in FY26), execution faces steep hurdles. Quadrupling revenue in three years requires flawless scaling of the data center business and massive capacity expansion that may dilute Return on Capital Employed (ROCE) if demand fluctuates.
• Geopolitical and Tariff Mitigation Costs: To bypass the European Commission’s 11.4% anti-dumping duty on Indian optical fiber cables, STL is routing European supply through its Italian facilities (Optotec and Metallurgica Bresciana). However, local European manufacturing costs, high energy prices, and localized supply lines impose a 150 to 200 basis point drag on net margins compared to direct Indian exports.

• Aragen Life Sciences Limited (ALS IN) is looking to raise at least US$300m in its upcoming India IPO. The deal will be run by Axis, Citi, GS, JM Financial.
• Aragen Life Sciences Limited (ALS) is an India-based, fully integrated contract research, development, and manufacturing organization (CRDMO).
• ALS offers a platform of solutions across the entire drug lifecycle, which spans from contract discovery and preclinical research to contract development and manufacturing for both small molecules and biologics.

• Sembcorp Green Infra Limited (3395333Z IN) (SGIL) plans to raise around US$393m in its upcoming India IPO. The deal will be run by Axis, Citi, CLSA, HSBC, ICICI, IIFL, Kotak.
• SGIL is a renewable independent power producer (IPP) focused on developing, operating and maintaining utility‑scale and complex renewable projects in India.
• As per CRISIL, it was among the top 10 largest renewable IPPs in India by Operational Capacity as at March 31, 2026.

• Hatsun crossed INR3,000 cr in quarterly revenue for the first time, up 19.3% YOY, but PAT slipped 1.1% as milk cost inflation compressed every margin line.
• We view the topline strength as structurally sound. The profit stall is a cyclical input cost problem, not a demand problem.
• At 60x TTM earnings, Hatsun already prices in a recovery it has yet to deliver.

• Unsigned PPAs/PSAs Gridlock: A massive systemic bottleneck has emerged in the Indian renewable energy market, with a backlog of 40 to 45 GW of awarded capacity stalled due to unsigned Power Purchase Agreements (PPAs) and Power Sale Agreements (PSAs). To resolve this, the Ministry of New and Renewable Energy (MNRE) implemented a major policy shift in early 2026, centralizing all central-level renewable bidding exclusively under the Solar Energy Corporation of India (SECI).
• ISTS Waiver Sunset Pressure: The expiration of the 100% Inter-State Transmission System (ISTS) charges waiver on June 30, 2025, has introduced a phased charges framework (starting at 25% for FY26 and increasing by 25% annually). This phasedown immediately impacts over 26 GW of delayed projects, raising landed tariffs by Rs 0.40 to Rs 0.50 per kWh and forcing developers into long-drawn “Change in Law” petitions at the Central Electricity Regulatory Commission (CERC).
• SGIL’s Deleveraging IPO Strategy: Sembcorp Green Infra Limited’s (SGIL) recent INR 37.50 billion all-primary IPO filing (DRHP dated August 26, 2026) is a targeted balance sheet restructuring play. By allocating INR 30.00 billion to prepay outstanding debt, SGIL will reduce its net debt-to-equity ratio from 1.52x to approximately 0.90x, unlocking debt capacity to fund its 4.04 GW/GWh under-construction pipeline without needing a standalone InvIT.

• Project Lakshya targets Rs. 20,000 crore revenue and more than 27% EBITDA margin by FY29, supported by 50% capacity expansion.
• The plan implies a 61.6% revenue CAGR from FY26 and at least Rs. 5,400 crore of FY29 EBITDA, an earnings reset, if delivered.
• The debate shifts from cyclical fibre recovery to execution, product mix, customer concentration, capex discipline and order conversion.

• SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.
• The new Closing Auction Scheme by SEBI impacts options trading—the NSE’s primary revenue driver.
• Renewed focus on NSE’s dependence on options revenue amid SEBI’s regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.

• IPO Valuation Downsizing: Avaada Electro Limited has downsized its proposed IPO from ₹10,000 crore to ₹7,600 crore (consisting of a ₹1,600 crore fresh issue and a ₹6,000 crore offer for sale) due to investor pushback regarding a steep 90% revenue concentration with its sister independent power producer (IPP) entity, Avaada Energy, in FY26.
• Structural Overcapacity and Low Utilization: While India’s solar PV module capacity has reached 233 GW, actual industry-wide factory utilization languishes at 35% to 40% due to a severe domestic shortfall in upstream cell capacity (standing at roughly 27 GW to 30 GW).
• The DCR Premium Arbitrage: Since the domestic content requirement (DCR) cell mandate was enforced on June 1, 2026, DCR modules using local cells command a premium price of ₹21 to ₹24 per watt compared to non-DCR modules (utilizing imported cells) which trade at ₹13 to ₹15 per watt. Avaada’s transition to 3 GW of operational TOPCon cell capacity (with another 3 GW nearing commissioning) positions it to capture this spread, though long-term margins remain highly sensitive to Chinese wafer price volatility.

• 38 companies featured insider acquisitions in August 2026. Aggregate transaction value was approximately INR 2 billion — a material step up from July 2026’s INR 270 million.
• We highlight large and small cap companies that experienced significant insider buying during August 2026, as reported on the stock exchanges.
• We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.

• Cyient Semiconductors posted Q1 FY27 revenue of INR 169.7 crore, with Kinetic contributing US$10.4 million and legacy revenue reaching US$7.5 million after five quarters of 5%+ sequential organic growth.
• Kinetic transforms Cyient into a semiconductor product platform with 250+ products, 100+ proven IPs and 250 million annual shipments, supporting future scale and margins.
• Semiconductors is becoming strategically important, backed by a US$500 million valuation, but remains loss-making; breakeven is expected in FY28 while high-voltage products continue consuming cash.

• Priority Jewels: Custom Design Jewellery Manufacturer, not retail jewellery chain. It designs and manufactures lightweight, affordable diamond-studded gold and platinum jewellery for leading jewellery brands and retailers, India and overseas.
• The company has spent two decades building relationships with Malabar Gold & Diamonds, Senco, TBZ, Reliance Jewels, and Bluestone. Its top customers have stayed with the company for many years.
• Priority Jewels is doubling its integrated manufacturing footprint, entering higher-karat jewellery, expanding to US and Middle East Markets, while using IPO proceeds to reduce working-capital borrowings.

• Dodla delivered record Q1 FY27 revenue of INR11,979mn (+19% YOY), but EBITDA margin collapsed 278bps to 5.4% as milk procurement costs stayed elevated while realizations lagged
• Management reaffirmed a return to its 7-8% EBITDA margin band, with corrections of INR2/litre on milk and INR3-4/litre on VAP already taken from mid-July.
• At ~28x trailing earnings against a 5.4% margin quarter, the stock already discounts the recovery.

• Steel Strips Wheels Ltd (SSWL) continues to strengthen its position as a global steel wheel manufacturer with expanding exports, capacity additions and product diversification. 
• Rising vehicle production, increasing aluminium wheel costs, and global sourcing opportunities create a favourable growth environment for steel wheel manufacturers.
• Execution risk on capacity ramp-up and a still-unsettled US tariff regime leave the re-rating case more nuanced than the headline growth suggests.

• Avaada Electro Limited (2596819D IN)  (AEL) plans to raise around US$800m in its upcoming India IPO. The deal will be run by HSBC, BofA, Axis, ICICI, IIFL and SBI Caps.
• AEL operates in the renewable energy sector and specializes in production of  solar cells and solar modules.
• As per CRISIL, AEL ranked among India’s top 10 vertically integrated solar PV manufacturers based on operational cell and module capacity as of July 31, 2026.

• Sacra estimates that Ultrahuman hit $140M in annualized revenue in August 2026.
• Management expects the run rate to reach $200M by January 2027.
• Ultrahuman raised $70M at a $365M valuation in a round announced on September 3, 2026.