Daily Brief India: Shadowfax Technologies, Marksans Pharma, SAEL Industries Ltd, Capillary Technologies India Ltd (CTIL), Disa India Ltd, Tata Steel Ltd, Tracxn Technologies and more

• Shadowfax Technologies (1310315D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by Morgan Stanley, ICICI and JM Financial.
• Shadowfax Technologies is a new-age, technology-led third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
• The company provides a comprehensive suite of logistics services organised across express, hyperlocal, and other logistics segments.

• Marksans Pharma’s new, capacity-doubling Goa facility (acquired from Teva) just received a ‘Zero 483 Observation’ clearance from the USFDA, completely de-risking its largest-ever capex.
• This facility is the engine for the company’s next growth phase. It will service a confirmed $220 million US order book and is critical to achieve INR 3,000 crore revenue.
• With the capex phase now complete and de-risked, the focus shifts to execution and the strategic deployment of its INR 711 crore cash pile, likely on a European front-end acquisition.

• SAEL Industries Ltd (2600245D IN) (SIL) is looking to raise about US$516m in its upcoming India IPO. The deal will be run by Ambit, ICICI, Kotak and JM Fin.
• SIL is a vertically integrated renewable energy independent power producer in India having capabilities for solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
• According to CRISIL, SIL was among the top five Indian vertically-integrated renewable energy independent power producers, with in-house solar module manufacturing, based on operational capacity as of June 30, 2025.

• Capillary Technologies India Ltd (CTIL) (0611334D IN) IPO has opened for subscription. It consists of fresh issue worth INR 3.45 bn along with OFS worth INR 5.33 bn.
• Capillary is one of the rare SaaS companies having full stack offerings in customer loyalty and engagement solutions. It has a global presence and actively expanding to US and Europe. 
• While KPIs look good and company has turned around into profits, there are concerns with cash generation, overall consolidation process, increasing provision on receivables along with few governance issues.

• Disa India’s new Tumkur land acquisition marks a major capacity expansion, adding 40% footprint and enabling a new manufacturing unit by FY26.
• This expansion strengthens Disa’s ability to meet rising foundry demand, boosts export potential, and aligns with India’s manufacturing upcycle and the global China+1 shift.
• The company’s growth visibility improves meaningfully, supported by digital integration and strong balance sheet strengthelevating confidence in sustained 20–25% topline growth.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group
• Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.
• He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.

• Tracxn Technologies is a global Software-as-a-Service (SaaS) platform providing market intelligence on private companies to a diverse client base including venture capital firms, private equity funds, and large corporations. The company leverages a cost-effective India-based operation to serve customers in over 58 countries.
• The company’s financial performance shows a concerning trend, shifting from a significant net profit of ₹330.9 million in FY23 to a net loss of ₹95.4 million in FY25. This downturn is primarily driven by margin compression and slowing revenue growth, reflecting potential headwinds in the global private markets.
• Positioned in a highly competitive industry against established players like PitchBook, CB Insights, and Crunchbase, Tracxn’s key differentiators are its cost advantage and potentially broader coverage of early-stage and emerging market companies. However, the company faces significant risks from customer churn, intense competition, and the cyclical nature of the private investment landscape.

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