Daily Brief India: Lenskart Solutions, Federal Bank, Molbio Diagnostics Limited, Chemcon Speciality Chemicals and more

• Lenskart Solutions is looking to raise about US$1bn 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.
• In this note, we talk about the not-so-positive aspects of the deal.

• Federal Bank delivered record net interest income (NII) and fee income in Q2 FY26, while net profit fell ~9½ % YoY. 
• Core earnings momentum is intact—CASA growth, margin uptick, asset quality improving—but elevated provisions and subdued credit growth raise questions on earnings durability.
• He bank is executing on key levers, but investors need clarity on the earnings runway and capital/deposit growth ahead—read on for the deeper dive.

• Molbio Diagnostics Limited (1788863D IN) is looking to raise US$229m in its upcoming India IPO.
• Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, Truenat, is a portable, battery-operated PCR testing system used for the rapid detection of infection.
• In this note, we look at the company’s past performance.

• Chemcon holds a dominant market position in its niche specialty chemical products, being the sole manufacturer of HMDS and the largest manufacturer of CMIC in India. This provides a significant competitive advantage.
• The company is demonstrating a strong financial recovery, with improving margins and a significant turnaround in operating and free cash flow in the latest fiscal year, following a period of decline. This is supported by high resilience and market momentum scores.
• Despite recent recovery, Chemcon faces challenges from a poor long-term growth track record, with negative 3-year compound annual growth rates in revenue, net income, and EPS. The suspension of dividends for the past two years also signals underlying business pressure.

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