In today’s briefing:
- Paytm 2.0: Growth Triggers Loading…
- The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan
- Event Driven: Delhivery Acquires Ecom Express as Distress Sale
- Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth
Paytm 2.0: Growth Triggers Loading…
- Paytm (PAYTM IN) is pivoting post-regulatory setbacks with board overhaul, license reapplications, and focus on high-margin verticals like lending and merchant services.
- Triggers like MDR revival, PPBL embargo removal, and PA license approval could significantly lift monetization, improve take rates, and stabilize investor sentiment.
- While competition is stiff, structural improvements and cost controls position Paytm for a profitable rebound, making it a potential re-rating candidate in FY26.
The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan
- The company is in the final stages of commissioning its INR 31,000 crore capex plan, accompanied by strong promoter buying in recent months
- The new capacity is expected to improve margins through deeper backward integration while also expanding its value-added product mix.
- With secured fuel, captive power, and value-added downstream capacity, it is poised to emerge as an infrastructure powerhouse. A steel price recovery would further amplify gains.
Event Driven: Delhivery Acquires Ecom Express as Distress Sale
- Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom’s failed IPO and rights issue raised similar funds.
- The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
- Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.
Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth
- Max Healthcare Institute (MAXHEALT IN) completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.
- Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.
- Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.
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