Daily Brief India: ICICI Bank Ltd, Lenskart Solutions, Midwest, Nmdc Ltd, Indo-MIM Ltd, Federal Bank, Reliance Industries, Safex Chemicals (India) Limited, Adani Green Energy and more

• In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. Then came the market consultation in August.
• SEBI has now confirmed the changes along with the timeline for capping changes to the largest stocks in the index.
• The changes could commence in December and continue till March. The adds will take place in December and weight changes for the largest stocks will take place in 4 tranches.

• Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.
• While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.
• Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.

• Midwest Ltd’s recent ₹451 crore IPO (₹250 crore fresh issue) funds quartz capacity expansion, debt reduction, and entry into heavy-mineral sands for long-term growth.
• The company is evolving from a granite exporter to a diversified clean-materials supplier, scaling quartz and HMS aligned with India’s solar and semiconductor build-out.
• Strong promoter alignment, integrated operations, and disciplined execution support margin expansion and a positive long-term stance.

• Strong recovery: Q2 FY26 volumes up 23% YoY; margins steady at 38%, confirming operational strength.
• Growth visibility: Expansion, slurry pipeline, and pellet plants drive FY26–27 capacity growth.
• Deep-Value play: Trades at 10× P/E, 5× EV/EBITDA—half peer valuations, 5% dividend yield.

• Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
• IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
• According to Frost & Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.

• Blackstone has announced a INR 6,197 crore preferential capital infusion in Federal Bank, acquiring up to a 10% stake through convertible warrants, a landmark deal in India’s mid-sized banking space.
• This investment boosts Federal Bank’s capital by 200–250 bps, enabling growth in high-yield segments while maintaining financial stability, reflecting growing global investor confidence in India’s private banks.
• The capital infusion strengthens Federal Bank’s earnings prospects, with a projected 29% CAGR from FY26–28E, margin growth, and improved RoA reaching 1.35% by FY28E.

• Q2 FY26 saw Reliance Industries deliver robust, broad-based growth led by Consumer and Digital segments, concurrent with accelerated deployment of AI infrastructure and Green Energy assets.
• The consumer-facing businesses now contribute nearly 50% of Group EBITDA, structurally de-risking the conglomerate from O2C volatility while cementing its positioning for India’s twin tailwinds: Digital Transformation and Energy Transition.
• RIL’s aggressive, integrated strategy across AI and New Energy warrants a closer look at how these massive long-cycle projects are set to redefine the Group’s fundamental profile over the years.

• Safex Chemicals is a diversified agrochemical company in India with a presence across the value chain, including branded formulations, specialty chemicals, and contract development and manufacturing (CDMO).
• The company is on a growth trajectory, driven by both organic expansion and strategic international acquisitions, notably Briar Chemicals in the UK, to bolster its global CDMO presence.
• While the company has demonstrated strong revenue growth, it has also reported net losses in recent fiscal years, and its performance is subject to the inherent cyclicality of the agrochemical industry, which is dependent on climatic conditions.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, ReNew Energy
• UST yields climbed 8-11 bps across the curve yesterday. This came as Fed Chairman Jerome Powell sought to temper market expectations for a December rate cut, following the central bank’s widely anticipated 25-bp rate reduction.
• The UST curve bear flattened, with the yield on the 2Y UST jumping 11 bps to 3.60%, while that on the 10Y UST climbed 10 bps to 4.08%. Equities gave up their intraday gains, with the S&P 500 closing flat at 6,891.