Daily Brief India: Hindalco Industries, Jio Platforms Ltd, Zetwerk Manufacturing Businesses, Amwill Health Care, Hannah Joseph Hospital, Sahajanand Medical Technologies, HD Fire Protect, SP Refractories and more

• BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
• In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
• As things stand, we see only one ADD/DEL but there are other names lurking close to the border.

• Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
• We look at the company’s two core businesses, mobile connectivity and fixed broadband.
• We then look at the company’s financial profile, cash generation, leverage and pre-IPO investor backing.

• Zetwerk Manufacturing Businesses (1834044D IN, ZMBL) is looking to raise around US$525m in its India IPO, having upsized from an earlier estimated size of about US$440m.
• ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally,built with exposure to renewable energy, power infrastructure, electronics, defence and industrial products.
• In this note, we look at the firm’s past performance as of the updated RHP filings.

• Amwill Health Care (AMWILL IN) operates an asset-light, formulation-centric derma-cosmetic model focused on dermatology, trichology, and cosmetology, outsourcing capital-intensive manufacturing while retaining formulation and brand equity.
• Financial performance demonstrates strong operating leverage with FY2026 revenue of INR 431.92M, EBITDA margins of 30.70%, and a substantial free cash flow turnaround to INR 101.55M, supported by pristine debt metrics.
• At the current market price of INR 43.00, the stock trades at an attractive trailing P/E of approximately 9.4x with an emerging 1.16% dividend yield, presenting favorable risk-reward relative to domestic formulation peers.

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• Differentiated Regional Clinical Moat: Founded in 2008 and based in Madurai, Tamil Nadu, Hannah Joseph Hospital Limited (HJHL) operates a 150-bed tertiary care facility with established leadership in high-complexity neurosciences, cardiac sciences, psychiatry, and trauma care. The hospital leverages advanced neuro-navigation, DTI Fibertracking 3.0, and hybrid cath-lab infrastructure to dominate tertiary referrals in southern Tamil Nadu.
• Compounding Financial Trajectory & Margin Expansion: Financial performance across FY24–FY26 demonstrates disciplined execution, with revenue growing at a 20.2% CAGR from INR 634.08M to INR 916.24M, and net income surging at a 65.8% CAGR from INR 40.66M to INR 111.81M. Net margins expanded by 579 bps to 12.20%, supported by strong operating cash flow generation of INR 177.58M in FY26 and a healthy net-debt-to-equity profile of 0.28x.
• Catalytic Oncology Capex & Undervalued Growth Vector: Following its successful early-2026 BSE SME listing, HJHL is deploying approximately INR 349.8M toward a greenfield Radiation Oncology Centre to capture synergistic neuro-oncology and general cancer care patient pools. Trading at 20.7x trailing P/E with an attractive dividend yield of 1.96% (DPS INR 2.0), the stock offers institutional investors an attractive entry point relative to mainstream healthcare multiples, balanced against single-site concentration risk.

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• SMT plans to open its IPO on 15 October 2026 through an offer for sale (OFS) of approximately 1.38 crore equity shares, with no fresh capital raised by the issuer.
• FY26 revenue from operations reportedly reached Rs. 1,210.5 crore, up 18.1%; PAT reached Rs. 69.1 crore versus Rs. 25.15 crore in FY25. 
• SMT has meaningful international exposure, a clinically specialised product portfolio and a growing structural-heart business.

• HD Fire Protect is entering the public market through an entirely secondary offer  worth Rs. 712.31 crore at the upper price band. Subscription is scheduled for 13–15 October 2026. 
• A specialised maker of sprinklers, valves, foam systems and engineered fire-protection equipment, the company combines broad international product approvals with exports to more than 90 countries. 
• FY26 operating EBITDA margin of 30.75% and RoCE of approximately 40.3% indicate a comparatively profitable, capital-efficient franchise; nevertheless, FY26 PAT increased only 6.4%, and margin pressure continued in Q1 FY27.

• Compelling Profitability Inflection Despite Topline Stagnation: SP Refractories Limited (SPREFL IN) has demonstrated significant margin expansion, with EBITDA margins widening from 10.28% in FY2024 to 18.78% in FY2026, driving a 3-year net income CAGR of 78.96% to INR 35.29M, underpinned by an increasing mix of high-margin specialty castables and operational efficiencies.
• Deep Valuation Discount to Refractory Peers: Trading at ~7.1x P/E and ~1.56x P/B with an ROE of 24.6% and ROCE of 28.6%, SPREFL trades at an extreme valuation discount of 60% to 80% compared to tier-1 and mid-tier refractory peers (Vesuvius India at ~32.1x P/E, RHI Magnesita at ~38.0x P/E, and Refractory Shapes at ~18.6x P/E), reflecting micro-cap liquidity constraints on the NSE Emerge platform.
• Robust Balance Sheet and Cash Flow Conversion Supporting Capital Return: The company generated INR 34.35M in free cash flow (FCFE) in FY2026, transitioning to a virtually debt-free balance sheet and initiating shareholder capital return with a maiden dividend of INR 1.00 per share (0.71% yield), establishing an internally funded platform for future capacity debottlenecking.

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• Zetwerk Manufacturing will launch its India IPO on 15th October, 2026. The company is a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally.
• Zetwerk Manufacturing intends to use the proceeds for repayment/prepayment, in part or full, of certain of or all of borrowings, for funding inorganic growth and general corporate purpose.
• As Zetwerk gradually scales up, pays back debts and eventually sees off the hangover from discontinued operation, it will be back in the black, offering long term value for investors.