In today’s briefing:
- Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations
- Schloss Bangalore (Leela Hotels) IPO: High-ARR Play with F&B Strength, but Valuation Rich
- Dhampur Bio OrganicsQ4 FY25 Update: Challenges with Strategic Diversification & Operational Focus
- Indian SR Prices Downward, But Domestic Demand Upbeat
Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations
- NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
- In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
- We see two changes for NIFTY 50 and five changes for NIFTY 100.
Schloss Bangalore (Leela Hotels) IPO: High-ARR Play with F&B Strength, but Valuation Rich
- Schloss Bangalore’s Rs3,500 crore IPO includes a Rs2,500 crore fresh issue largely earmarked for debt repayment, with limited allocation toward growth investments.
- The company operates 13 ultra-luxury hotels under The Leela brand, delivering premium ARR and F&B-led revenue, but with relatively modest scale versus larger peers.
- While expansion plans are underway with 678 new keys by FY28, the IPO is priced at a rich ~12x EV/Sales—significantly above Oberoi’s ~8x, despite being half its size.
Dhampur Bio OrganicsQ4 FY25 Update: Challenges with Strategic Diversification & Operational Focus
- DBOL reported a revenue increase in FY25, driven by sugar and country liquor segments, but faced profit headwinds from lower ethanol volumes and sugar recovery issues.
- Despite a challenging sugar season with reduced recovery rates and ethanol sector pressures, DBOL is strategically diversifying into grain-based ethanol and aggressively expanding its country liquor market share.
- The focus on varietal replacement in cane, commissioning of a grain distillery, and aiming for country liquor market share provide avenues for future margin improvement and stability, despite near-term risks.
Indian SR Prices Downward, But Domestic Demand Upbeat
- Slipping butadiene costs impact prices of SBR, BR and NBR
- Near steady domestic production fails to match rise in consumption
- EPDM, Silicone Rubber prices near stable since February
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