Daily Brief India: Emmvee Photovoltaic Power Limited, Sagility India, Dr. Reddy’s Laboratories, Zepto, Biocon Biologics India, Pine Labs and more

• Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
• EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
• In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.

• Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN). 
• The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding. 
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Dr. Reddy’s Laboratories (DRRD IN) reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.
• With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.
• NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.

• Zepto is a rapidly growing quick commerce company in India, capitalizing on the burgeoning demand for ultra-fast delivery of groceries and other essentials. Its core value proposition is a 10-minute delivery promise, facilitated by a network of strategically located ‘dark stores’.
• The company has demonstrated explosive revenue growth, with a 150% year-over-year increase in FY25, reaching nearly ₹11,110 crore. While still loss-making, Zepto has shown a narrowing of losses as a percentage of revenue, indicating improving operational efficiency and a potential path to profitability.
• The Indian quick commerce market is intensely competitive, with major players like Blinkit and Swiggy’s Instamart vying for market share. Zepto‘s ability to maintain its growth trajectory and achieve profitability will depend on its operational execution, technological innovation, and ability to manage high cash burn in a discount-centric market.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics
• Overnight, US bond yields fell as traders anticipated fresh data to guide Fed policy. The 10-year Treasury yield slipped amid expectations of a potential rate cut. US equity was flattish.
• The October CPI and core CPI numbers will be released today. The prolonged US government shutdown could delay the October and November jobs data to early December, potentially resulting in the weakest nonfarm payrolls since 2020.

• Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
• 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 past performance in our previous note. In this note, we talk about the trading dynamics.