Daily Briefs

• Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. 
• It is majority-owned by the Blackstone Group, one of the world’s largest private equity firms.
• Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.

• India’s Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.
• We screen 17 stocks with double digit forecast EPS growth, PEG < 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.
• The largest five are Deepak Nitrite (DN IN), Cohance Lifesciences, BASF India Ltd (BASF IN), Crompton Greaves Consumer Electricals (CROMPTON IN), Clean Science and Technology (CLEAN IN).

• Cordelia Cruises, India’s only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
• The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
• The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.

• Tata Capital Limited (TATACAP IN) went public on 13 October 2025 on NSE and has a current market cap of over $15bn.
• Partial inclusion in Global indices is expected in June 2026, as the security fails the float cap threshold in one Global index.
• Free float is projected to increase incrementally following lock-up expiries of anchor investors and pre-offer shareholders.

• Paytm is a leading digital payments and financial services company in India, evolving from a mobile wallet to a comprehensive ecosystem encompassing payments, commerce, and high-margin financial products like lending and insurance.
• The company is navigating an intensely competitive landscape, dominated by PhonePe and Google Pay in the UPI segment, and a dynamic regulatory environment overseen by the Reserve Bank of India.
• After a history of significant losses, recent quarterly results indicate a strategic shift towards profitability, driven by growth in financial services distribution and cost optimization, marking a potential inflection point for the company’s financial trajectory.

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• Olectra Greentech (OLECTRA IN) , part of the MEIL Group, has transformed from a power insulator manufacturer into a pioneer and leading player in India’s electric mobility segment.
• The company is primarily known as the largest pure-electric bus manufacturer in India, operating through a long-term technology partnership with China’s BYD Auto Industry Co Ltd.
• Heavy reliance of the company on its associates for the sale of EVs, along with supplier concentration warrants attention. However, cash flow generation is improving, which is a positive

• The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
• The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
• DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.