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In today’s briefing:

Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year
India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance
Deep Industries: An Oil & Gas Powerhouse Proxy of India

Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year

InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance

By Viral Kishorchandra Shah

Jio dominates telecom with 42% market share and 480M+ subscribers, driving India’s 5G revolution.
Spans oil-chemicals, retail, digital services, renewable energy with vertical integration advantages across sectors.
Targeting Net Carbon Zero by 2035 with 100 GW renewable capacity and world’s largest green energy ecosystem.

Deep Industries: An Oil & Gas Powerhouse Proxy of India

Deep Industries has posted stellar Q1 FY26 results, fueled by aggressive revenue growth and a strengthened, diversified order book.
The company’s strategic focus on high-value, long-tenure contracts and new business verticals positions it for sustained, high double digit growth in a supportive market.
Company re-emphasized 30% revenue growth for the next year, along with potential recovery from bad assets.

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Aug 26

Daily Brief India: Max Healthcare Institute, Kovai Medical Center And Hos, HDFC Bank, Vedanta Resources, Vikram Solar, Jindal Steel, Jindal Stainless and more

In today’s briefing:

Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way
Business Breakdown: Kovai Medical – A Regional Leader in a Growing National Market
HDFC Bank Limited: Record Ownership and Dominance Among EM Financials
Lucror Analytics – Morning Views Asia
Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact
Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way

By Janaghan Jeyakumar, CFA

The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place in September 2025. The index changes were announced on Friday 22nd August 2025.
There will be two changes for NIFTY 50 index and five changes to NIFTY 100.
In this insight, we take a look at our final flow expectations.

Business Breakdown: Kovai Medical – A Regional Leader in a Growing National Market

Kovai Medical is entering Chennai with a 300–400 bed facility, marking its first move beyond Coimbatore and strengthening its presence in a high-growth metro market.
The medical college now contributes 7% of revenue, up from 3% in FY22, ensuring recurring cash flows and deeper clinical-academic integration.
Consistent investments in advanced robotics and AI-driven systems enhance KMCH’s differentiation, positioning it to capture premium demand and medical tourism opportunities in Southern India.

HDFC Bank Limited: Record Ownership and Dominance Among EM Financials

By Steven Holden

ChatGPT said: HDFC Bank is now held by 71% of active EM funds — an all-time high, with steady inflows and just one exit in six months.
Aggressive Growth funds show strongest conviction, with multiple holders above a 7% weight.
Post-Merger, HDFC has widened its lead over ICICI and regional peers, cementing its role as EM managers’ core financials exposure.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, JSW Infrastructure
UST yields plummeted on Friday, led by the short end, as the market priced in greater rate-cut expectations after Fed Chairman Jerome Powell signalled openness (albeit he remained non-committal) towards interest-rate reductions.
The UST curve bull steepened, with the yield on the 2Y UST falling 10 bps to 3.70%, while that on the 10Y UST declined 7 bps to 4.25%.

Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor

Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
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.

Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact

Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.
Capacity ramp-up to 15.9 MT by FY27, coupled with >70% VAS share, drives a strong ~40% PAT CAGR through FY29.
Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.

Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.
Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).
The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.

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Aug 25

Daily Brief India: Max Healthcare Institute and more

In today’s briefing:

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

By Brian Freitas

InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) replace Hero Motocorp (HMCL IN) and Indusind Bank (IIB IN) in the NIFTY Index (NIFTY INDEX) in September.
There are 5 constituent changes to the Nifty 100 Index (NSE100 INDEX) leading to 4 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX).
There will be global passive buying in Swiggy (SWIGGY IN) on Tuesday. Then there will be net selling in the stock at the close on 29 September.

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Aug 24

Daily Brief India: Swiggy and more

In today’s briefing:

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

By Brian Freitas

There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.

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Aug 23

Daily Brief India: Godawari Power and Ispat, RSB Retail India Limited, R Systems International, Powerica and more

In today’s briefing:

Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling
RSB Retail India Limited Pre-IPO Tearsheet
R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative
Powerica Limited Pre-IPO Tearsheet

Beat Ideas : Godawari Power & Ispat; From Commodity Steel to Energy Storage & Metal Recycling

GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base.
FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned

RSB Retail India Limited Pre-IPO Tearsheet

By Hong Jie Seow

RSB Retail India Limited (1633680D IN) is looking to raise US$171mn in its upcoming India IPO. The deal will be run by IIFL Capital, HDFC Bank, and Motilal Oswal.
RSB Retail India (RSB) is a multi-format apparel retailer headquartered in Hyderabad. As of 31 March 2025, RSB operated 73 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka.
RSB does not produce its own goods, instead, it sources products from third-party suppliers and job-workers. It also sells merchandise under 13 in-house private labels.

R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative

By Nimish Maheshwari

R Systems International (RSYS IN) has signed a definitive agreement to acquire 100% equity of Novigo Solutions Pvt. Ltd., a specialist in low‑code/no‑code automation, intelligent automation, and product engineering.
The transaction creates a combined platform with approximately INR 2,061.9 crore in revenue and approximately INR 381.9 crore in adjusted EBITDA.
CY26 a year transformation, turnaround and high growth if deal concludes timely

Powerica Limited Pre-IPO Tearsheet

By Hong Jie Seow

Powerica (PWRL IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.
Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.
Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.

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Aug 22

Daily Brief India: Fractal Analytics Ltd, Lumax Auto Technologies, Nazara Technologies, Mangal Electrical Industries and more

In today’s briefing:

Fractal Analytics Pre-IPO Tearsheet
The Beat Ideas: Lumax Auto Technologies – Accelerating Ahead with the 20.20.20.20 Strategy
Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?
Mangal Electrical IPO: A Strong Force in Transformer and Power Solutions?

Fractal Analytics Pre-IPO Tearsheet

Fractal Analytics Ltd (2453623D IN) is looking to raise about US$560m in its upcoming India IPO. The deal will be run by Axis, GS, MS and Kotak.
Fractal Analytics Limited is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
According to the Everest Report, FAL was India’s leading pure-play enterprise data, analytics and AI company, recognized globally, with capabilities across the data, analytics and AI (DAAI) value chain.

The Beat Ideas: Lumax Auto Technologies – Accelerating Ahead with the 20.20.20.20 Strategy

Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the “NorthStar Strategy” aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.
Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.
While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure.
Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction.

Mangal Electrical IPO: A Strong Force in Transformer and Power Solutions?

By Nimish Maheshwari

MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.

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Aug 21

Daily Brief India: Vikram Solar and more

In today’s briefing:

Vikram Solar IPO – Riding India’s Renewable Energy Wave
Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

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.

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.

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Aug 20

Daily Brief India: Hero Motocorp, Vikram Solar, Gem Aromatics, Vishnu Chemicals , JSW Steel Ltd and more

In today’s briefing:

NIFTY100 Low Volatility 30 Index Rebalance Preview: 2 Changes as Review Cutoff Nears
Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Gem Aromatics IPO Analysis: A Niche Aroma Player
The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength
JSW Steel & POSCO Sign HoA for 6mt JV in India

NIFTY100 Low Volatility 30 Index Rebalance Preview: 2 Changes as Review Cutoff Nears

By Brian Freitas

The review period for the Nifty 100 Low Volatility 30 Index ends on 29 August. The changes will be announced mid-September and implemented at the close on 29 September.
Two potential constituent changes, volatility changes and capping changes will result in one-way turnover of 10.7% resulting in a round-trip trade of INR 12.6bn (US$145m).
The forecast deletions will also have sell flows from the NIFTY Index, NSE Nifty Next 50 Index and/or the Nifty 100 Index, so the impact will add up.

Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

Gem Aromatics IPO Analysis: A Niche Aroma Player

Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band.
The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&F players—segments benefiting from “China+1” and premiumisation in India.
Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.

The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength

By Nimish Maheshwari

Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.

JSW Steel & POSCO Sign HoA for 6mt JV in India

On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.

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Aug 19

Daily Brief India: Enviro Infra Engineers, Bluestone Jewellery and Lifestyle Ltd (BJL) and more

In today’s briefing:

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra
Bluestone Jewellery IPO Trading – Tepid Demand

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra

EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.

Bluestone Jewellery IPO Trading – Tepid Demand

By Sumeet Singh

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

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Aug 18

Daily Brief India: Knowledge Realty Trust and more

In today’s briefing:

Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings