In today’s briefing:
- Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
- Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
- RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
- Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
- Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
- Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
- Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
- Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.
RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
- Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
- The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
- Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
