india Archives | Page 11 of 153 | Smartkarma

In today’s briefing:

Urban Company IPO – Thoughts on Valuations – Not a Whole Lot of Upside
Mahindra & Mahindra (MM IN) | Pricey Patriotism or Desperation?
Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE
Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds
The Beat Ideas: Amanta Healthcare IPO – Navigating Growth in the Sterile Pharma Space.

Urban Company IPO – Thoughts on Valuations – Not a Whole Lot of Upside

Urban Company (UCL IN) 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.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.

Mahindra & Mahindra (MM IN) | Pricey Patriotism or Desperation?

By Pranav Bhavsar

Mahindra & Mahindra (MM IN) pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.
Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.
Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
This capital infusion accelerates ILJIN’s organic expansion & supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.

Urban Company IPO – Beauty-Led Platform With Structural Growth Tailwinds

By Rahul Jain

Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty & Wellness and dominant market share across categories.
IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).

The Beat Ideas: Amanta Healthcare IPO – Navigating Growth in the Sterile Pharma Space.

The company operates a diversified portfolio of sterile liquid products across six therapeutic segments, with a strong domestic presence and expanding global reach, ensuring consistent revenue streams.
Proceeds from the IPO will fund the establishment of two new sterile manufacturing lines, significantly enhancing SteriPort and SVP capacities, expected to drive growth in FY26-27.
While the IPO valuation appears elevated at 46x FY25earnings, the company’s debt reduction and expanded capacity should lead to moderated multiples.

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Sep 08

Daily Brief India: Blue Jet Healthcare Ltd and more

In today’s briefing:

Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet

Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet

By Himanshu Dugar

BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.
Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.
Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.

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Sep 07

Daily Brief India: Kotak Mahindra Bank, Newgen Software Technologies and more

In today’s briefing:

Long Kotak Mahindra (KMB IN) Vs. Short Bajaj Finance (BAF IN): Statistical Arbitrage in Indian Banks
Newgen Software Technologies- Forensic Update

Long Kotak Mahindra (KMB IN) Vs. Short Bajaj Finance (BAF IN): Statistical Arbitrage in Indian Banks

By Gaudenz Schneider

Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finance (BAF IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Kotak Mahindra Bank (KMB IN) and short Bajaj Finance (BAF IN) targets a 9% return, with the long position supported by cheaper valuations.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Newgen Software Technologies- Forensic Update

By Nitin Mangal

Newgen Software Technologies (NEWGEN IN) is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.
The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning.
High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns

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Sep 06

Daily Brief India: Urban Company, JTEKT India, SGX Rubber Future TSR20, Apollo Hospitals Enterprise and more

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

By Vinod Nedumudy

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

By Tina Banerjee

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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Sep 04

Daily Brief India: Tata Capital Limited, Mahindra & Mahindra, Jindal Steel and more

In today’s briefing:

Tata Capital Pre-IPO – The Negatives – Recent Merger Wasn’t All that Great
A Trader’s Guide To “G” Day | Positioning For “Next-Generation GST Reforms”
Jindal Steel – Transition Analysis

Tata Capital Pre-IPO – The Negatives – Recent Merger Wasn’t All that Great

Tata Capital Limited (TATACAP IN) is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the not-so-positive aspects of the deal.

A Trader’s Guide To “G” Day | Positioning For “Next-Generation GST Reforms”

By Pranav Bhavsar

The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be “next-generation GST reforms” with a promise of implementing reforms as a “Diwali gift” for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the “G” Day – Day of GST Reform Announcements.

Jindal Steel – Transition Analysis

By Carbon Tracker Initiative

This is the third report in our series analysing the state and outlook for Indian steel majors in their ambition to expand capacity while meeting decarbonisation goals.
Following our reports on JSW Steel and Tata Steel, this edition focuses on Jindal Steel.
Jindal Steel has set a net zero emissions target for 2047, 23 years ahead of India’s national goal.

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Sep 03

Daily Brief India: Tata Capital Limited, Molbio Diagnostics Limited and more

In today’s briefing:

Tata Capital Pre-IPO – The Positives – Will Ride High on the Brand Name
Molbio Diagnostics Limited Pre-IPO Tearsheet

Tata Capital Pre-IPO – The Positives – Will Ride High on the Brand Name

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the positive aspects of the deal.

Molbio Diagnostics Limited Pre-IPO Tearsheet

By Hong Jie Seow

Molbio Diagnostics Limited (1788863D IN) is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal.
Molbio specializes in point-of-care molecular diagnostics. The company sells hardware devices such as the Polymerase Chain Reaction (PCR) analyzers and consumable test kits tailored to detect specific diseases.
As of FY25, its revenue base remains primarily domestic, with ~80% of revenue from India and the rest from Nigeria, Bangladesh, and Indonesia. The company manufactures its products in India.

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Sep 02

Daily Brief India: National Aluminium, Akums Drugs and Pharmaceuticals and more

In today’s briefing:

The Beat Ideas: Nalco’s ₹30,000 Crore Expansion
Business Breakdown: Akums Drugs – Market Leader with Global Ambitions

The Beat Ideas: Nalco’s ₹30,000 Crore Expansion

National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted “Maharatna” status by 2030.
This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.

Business Breakdown: Akums Drugs – Market Leader with Global Ambitions

Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.
This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.
While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.

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Aug 31

Daily Brief India: InterGlobe Aviation Ltd and more

In today’s briefing:

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

By Janaghan Jeyakumar, CFA

BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
As things stand, there will be no index changes for the BSE SENSEX index.

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Aug 30

Daily Brief India: Grasim Industries, OnEMI Technology Solutions, CleanMax Enviro Energy Solutions Ltd, Lumino Industries Ltd, NIFTY Index, Ola Electric and more

In today’s briefing:

Birla Opus Assurance: Marketing Wars at Play
OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
CleanMax Enviro Energy Solutions Pre-IPO Tearsheet
Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook
NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact
Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

Birla Opus Assurance: Marketing Wars at Play

By Nitin Mangal

Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.

OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet

By Hong Jie Seow

OnEMI Technology Solutions (1553346D IN) is looking to raise about US$172m in its upcoming India IPO. The bookrunners for the deal are JM Financial, HSBC, Nuvama, SBI Caps.
Also known as Kissht, its products include personal loans for salaried and self-employed individuals for consumption and business needs, and loans against property for asset-owning MSMEs and salaried individuals.
As of March 31, 2025, Kissht had 53.23m registered users, 9.16m customers, and INR 40,866m in AUM.

CleanMax Enviro Energy Solutions Pre-IPO Tearsheet

By Akshat Shah

CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$570m in its upcoming India IPO.
The deal, a combination of a fresh issue and an offer for sale, will be run by Axis, HSBC, IIFL, JPM, Nomura, BNP Paribas, Bob Caps and SBI Caps.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.

Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

By Hong Jie Seow

Lumino Industries Ltd (0349204D IN) is looking to raise US$116m in its upcoming India IPO.
Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry
In this note, we look at the company’s past performance.

NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact

By Nico Rosti

As forecasted in our previous insight, the NIFTY Index rallied past 25k, but we said this was a BEARISH pattern – rally was short-lived (2 weeks), then this week down.
Effective September 30 InterGlobe Aviation (IndiGo) and Max Healthcare Institute will be added to the NIFTY, replacing Hero MotoCorp and IndusInd Bank, in the meanwhile 50% US tariffs kicked in.
We see a potential continuation of the recent bearishness with a RISK-OFF scenario where the index could drop to much lower prices in September, support target 23819 or below.

Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26.
ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.
Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.

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Aug 29

Daily Brief India: Maruti Suzuki India, Scoda Tubes, SJS Enterprises Ltd, Aegis Logistics and more

In today’s briefing:

Maruti E‑Vitara Launch: Make in India, Make for the World…
The Beat Ideas: Scoda Tubes – Ready to Double Capacity, But Can It Deliver?
The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play
Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

Maruti E‑Vitara Launch: Make in India, Make for the World…

Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year.

The Beat Ideas: Scoda Tubes – Ready to Double Capacity, But Can It Deliver?

Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
Scoda’s integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate.

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play