In today’s briefing:
- Milky Mist IPO: A Bet on New Age & Value Added Dairy Products
- Aequs Limited: From Aerospace Component Leader to Diversified Precision Platform
- Axis Bank: A Temporary Shock or A Structural Shift?
- ICICI Pru AMC IPO Trading – Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes
- The Beat Ideas: Sequent Scientific Merger – CDMO Optionality with Margin Upside
Milky Mist IPO: A Bet on New Age & Value Added Dairy Products
- Milky Mist plans an IPO with a INR 17,850 million fresh issue to reduce debt, expand manufacturing capacity, strengthen cold-chain infrastructure, and support growth in value-added dairy and RTE/RTC segments.
- Leadership in branded paneer, strong revenue momentum, and rising demand for value-added dairy products position the company to improve margins, strengthen its balance sheet, and scale operations efficiently.
- Supported by favorable industry trends, a strong brand, and disciplined capital deployment, Milky Mist is well positioned for sustained growth in India’s premium dairy and convenience food market.
Aequs Limited: From Aerospace Component Leader to Diversified Precision Platform
- The company operates a rare, vertically integrated aerospace ecosystem within an Indian SEZ, serving global OEMs like Airbus and Boeing across three continents.
- The dominant Aerospace segment shows strong growth and margins, while the Consumer segment is in a heavy investment phase with temporary negative profitability.
- While reporting persistent net losses due to high finance and depreciation costs, the company shows recovering revenue momentum and significant EBITDA expansion.
Axis Bank: A Temporary Shock or A Structural Shift?
- Axis Bank Ltd (AXSB IN)stock corrected over 5% recently after citi’s research analyst note highlighted that the expected recovery in Net Interest Margins would be significantly delayed.
- A repo rate cut triggered faster asset repricing, while the bank’s ability to cushion margins through lower deposit costs is effectively exhausted.
- Investors must expect flat margins for longer, as the recovery timeline has now shifted to the fourth quarter of FY26.
ICICI Pru AMC IPO Trading – Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes
- ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
The Beat Ideas: Sequent Scientific Merger – CDMO Optionality with Margin Upside
- The NCLT has approved the Sequent-Viyash merger. The 56:100 swap ratio consolidates two Carlyle-backed entities into an INR 8,000 Cr+ Life Sciences platform.
- The injection of Viyash’s 9 USFDA facilities and 28% EBITDA margin profile structurally repairs Sequent’s historical profitability issues, creating a diversified CDMO + Animal Health entity.
- With pro-forma EBITDA running at INR 760 Cr (Annualized) and a management upgrade via Dr. Hari Babu (Ex-Mylan COO), the stock is primed for a re-rating if execution holds.
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