In today’s briefing:
- Vikram Solar IPO – Riding India’s Renewable Energy Wave
- Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth
- Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots
- Jacobs Solutions: An Advanced Facilities & Water Sector Momentum for Future Revenue Growth & Project Execution!
- IHI Corporation (7013 JP) – Strong Orders, Weak Profits; Guidance Backloaded on Aero & Disposals
- Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks
- Hubbell’s $825 Million DMC Power Bet: Could This Acquisition Be A Game Changer?
- Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist
- Kawasaki Heavy (7012 JP) – Soft Start to FY26, Steep H2 Profit Ask Vs Guidance
- Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?
Vikram Solar IPO – Riding India’s Renewable Energy Wave
- Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
- A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
- Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.
Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth
- Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
- Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
- Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.
Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots
- The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
- The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
- With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.
Jacobs Solutions: An Advanced Facilities & Water Sector Momentum for Future Revenue Growth & Project Execution!
- Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
- The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
- The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.
IHI Corporation (7013 JP) – Strong Orders, Weak Profits; Guidance Backloaded on Aero & Disposals
- Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero & Carbon Solutions.
- Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.
- Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.
Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks
- Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
- Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
- The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.
Hubbell’s $825 Million DMC Power Bet: Could This Acquisition Be A Game Changer?
- Hubbell Incorporated has been making headlines with a string of strong operational performances and strategic portfolio moves.
- The company recently reported double-digit adjusted EPS growth in Q2 2025, supported by robust demand in grid infrastructure, sustained momentum in electrical solutions, and continued market tailwinds from grid modernization and electrification.
- Now, Hubbell is set to add another piece to its growth puzzle: the $825 million all-cash acquisition of DMC Power, a provider of high-voltage connector technology for utility substation and transmission markets.
Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist
- Megatronix Inc. (1888582D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
- MI is an innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
- In this note, we look at the company’s past performance.
Kawasaki Heavy (7012 JP) – Soft Start to FY26, Steep H2 Profit Ask Vs Guidance
- Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.
- Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.
- Outlook & Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.
Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?
- Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.
- The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.
- Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.
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