In today’s briefing:
- Urban Company IPO – Hyperlocal SME Services Increases Disintermediation Risk
- Business Breakdown: JTEKT India – Can Maruti EV Accelerate a Structural Rerating?
- India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting
- Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26
Urban Company IPO – Hyperlocal SME Services Increases Disintermediation Risk
- Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- In this note, we look at the company’s past performance.
Business Breakdown: JTEKT India – Can Maruti EV Accelerate a Structural Rerating?
- JTEKT India outpaced industry growth in FY25 with CVJ commercialization and a 100% system supplier role for Maruti’s upcoming EV.
- Strong OEM stickiness and global hub positioning provide revenue visibility, but heavy capex and margin compression weigh on near-term returns.
- Growth remains structurally intact, but the story shifts to a transition phase, earnings quality and capital efficiency will stay constrained until FY27.
India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting
- SR demand in FY 2025 surges 9.3%, outpacing 6.1% rise in output
- Imports rise nearly 17% YoY to 413,627 tons in FY 2024-25
- Reclaimed Rubber consumption up 8.55% to 167,500 tons
Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26
- Apollo Hospitals Enterprise (APHS IN) delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.
- Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.
- Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.
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