In today’s briefing:
- Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling
- RSB Retail India Limited Pre-IPO Tearsheet
- R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative
- Powerica Limited Pre-IPO Tearsheet
Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling
- GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
- Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base.
- FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned
RSB Retail India Limited Pre-IPO Tearsheet
- RSB Retail India Limited (1633680D IN) is looking to raise US$171mn in its upcoming India IPO. The deal will be run by IIFL Capital, HDFC Bank, and Motilal Oswal.
- RSB Retail India (RSB) is a multi-format apparel retailer headquartered in Hyderabad. As of 31 March 2025, RSB operated 73 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka.
- RSB does not produce its own goods, instead, it sources products from third-party suppliers and job-workers. It also sells merchandise under 13 in-house private labels.
R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative
- R Systems International (RSYS IN) has signed a definitive agreement to acquire 100% equity of Novigo Solutions Pvt. Ltd., a specialist in low‑code/no‑code automation, intelligent automation, and product engineering.
- The transaction creates a combined platform with approximately INR 2,061.9 crore in revenue and approximately INR 381.9 crore in adjusted EBITDA.
- CY26 a year transformation, turnaround and high growth if deal concludes timely
Powerica Limited Pre-IPO Tearsheet
- Powerica (PWRL IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.
- Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.
- Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.
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