Daily Brief Industrials: Bloom Energy Corp, Glass Wall Systems (India), Karamtara Engineering Ltd, Dhoot Transmission, Vertiv Holdings Co, Rocket Lab USA , Hosin Global Electronics, Plug Power Inc, Seafco and more

• The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.
• There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes. 

• The company has opened its INR 428 crore IPO (Price Band: INR 172–INR 182, closing Sept 10, 2026), backed by INR 128 crore raised from marquee anchor investors.
• Proceeds from the INR 60 crore fresh issue will fully fund a new Glass Processing Unit (GPU) at the Vile Bhagad facility, bringing manufacturing processes in-house to reduce supply dependency.
• Order book stands at more than 2x FY26 revenue (INR 981.54 crore total across domestic façade, international supply, and luxury fenestration as of July 2026).

• Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
• The company is India’s largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
• At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.

• Dhoot Transmission Limited (Ticker: DHOOTTRA IN) is a Tier-1 automotive electrical and electronics manufacturer, commanding an entrenched ~41% market share in India’s two-wheeler (2W) and three-wheeler (3W) wiring harness industry and an industry-leading ~70% share in electric 2W/3W wiring architectures.
• Top-line expansion has been robust, with revenues compounding at a 27.2% CAGR from INR 27,977.26M in FY2024 to INR 45,249.55M in FY2026, driven by vehicle electrification, premiumization, and expanding content per vehicle, though EBITDA margins contracted from 18.57% to 15.99% over the same period.
• Trading at a trailing P/E of 76.4x and P/B of 12.5x, the stock commands a substantial valuation premium relative to direct peers like Motherson Sumi Wiring India (38.6x P/E), leaving limited margin of safety amid persistent negative Free Cash Flow to Equity (INR -675.56M in FY2026) resulting from heavy growth capex.

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• Vertiv Holdings is moving to extend its reach deeper into the AI data-center power chain through its proposed acquisition of UtilityInnovation Group, or UIG.
• Vertiv Corporation agreed to acquire the business for approximately $1.45 billion in cash at closing, with up to another $1.15 billion payable through earnouts tied to EBITDA targets over the following 12 to 24 months.
• The transaction comes as Vertiv is already experiencing rapid growth from AI infrastructure spending, with second-quarter 2026 sales rising 24% year over year and management raising full-year revenue guidance to $14 billion.

• Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch Services and Space Systems segments.
• The company achieved a record $234 million in revenue for Q2, marking a 62% increase year-over-year and a sequential 16.8% rise.
• This performance was fueled primarily by a 38.6% increase in the Space Systems segment, reaching $189.5 million, supported by increased satellite manufacturing contributions and initial revenue from the Mynaric acquisition.

• Hosin Global Electronics (HGE)  is looking to raise at least US$500m in its upcoming Hong Kong IPO.
• HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost & Sullivan (F&S).
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Plug Power, a company operating in the hydrogen fuel cell and electrolyzer market, reported a second quarter 2026 revenue of $178.3 million, representing a 9% sequential increase and an 11% year-over-year growth for the first half.
• This revenue growth, combined with improved operational performance, has led the company to raise its full-year revenue growth guidance to 15%-16% from a prior 13%-15% forecast.
• A key highlight of the quarter is the significant improvement in gross margins, which moved to roughly breakeven compared to negative 30.7% a year ago and negative 13% in the prior quarter.

• The company has delivered strong sales growth, which is essential for long-term value creation
• The tightness of the operation is very good based on the cash conversion cycle
• The company is very good at generating consistently positive operating cash flow

Key points (machine generated)

• S-Pool, Inc. is focusing on growth in Special Needs Employment Services and Human Resource Solutions, reporting a 1.5% revenue increase in FY11/26.
• Despite a 19.6% decline in operating profit to ¥648 million, the company maintains a revenue forecast of ¥26,844 million for the full fiscal year.
• S-Pool aims for long-term growth with a five-year plan targeting ¥36 billion in revenue and a 30% dividend payout ratio, while considering potential mergers and acquisitions.

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