Daily Brief India: Vedanta Ltd, Canara Robeco AMC, Sunshield Chemicals, BLS International Services, SGX Rubber Future TSR20 and more

• Growth: EBITDA mix improves as aluminium integration + captive coal lift margins, silver ramps, and zinc stays cash generative; deleveraging begins FY27 as cash flows strengthen.
• Commodity Play: Positive leverage to aluminium, zinc, and silver prices; cost base falling, not rising — rare margin tailwind in a metals cycle.
• Valuation + Yield: Trades cheap vs peers; rerating optionality + double-digit dividend yield provides downside protection with asymmetric upside.

• Canara Robeco AMC has raised US$150m in its India IPO.
• Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. 
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• Sunshield Chemicals is expanding its capacity to capitalise on its unique position as the sole Indian manufacturer of key niche chemicals like THEIC and a rare global producer of HQEE.
• The capex and product focus underscore a strategic shift towards higher-margin, low-competition specialty segments, which is vital for sustained earnings growth and margin protection against raw material volatility.
• A look at the company’s product portfolio and execution on capacity expansion reveals a potentially de-risked growth trajectory, meriting attention from investors seeking exposure to high-entry-barrier specialty chemical plays.

• BLS International Services is a leading global provider of visa, passport, and consular services, with a growing presence in digital and e-governance solutions. The company’s asset-light business model and long-term government contracts provide a strong foundation for revenue visibility and profitability.
• The company is strategically expanding its global footprint through both organic and inorganic growth, recently securing new contracts and making acquisitions to enter new markets and service lines. This diversification helps mitigate risks associated with reliance on a limited number of government clients.
• While the company has a strong growth track record and a healthy financial position, it faces risks related to contract renewals, changes in government regulations, and increased competition. A recent debarment from future tenders by India’s Ministry of External Affairs for two years presents a near-term headwind and reputational challenge.

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• India’s rubber output in April–July up 4.4% year-on-year.  
• Imports fall 7.4% as stocks deplete by 79,000 tons in 4 months  
• Domestic auto sector weakness tempers consumption