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In today’s briefing:

Vedanta’s Volume-Led Growth and Deleveraging Journey
Commissioning Milestones Critical as JSPL Enters Peak Expansion Phase
TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

Vedanta’s Volume-Led Growth and Deleveraging Journey

Vedanta reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.
Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.
Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.

Commissioning Milestones Critical as JSPL Enters Peak Expansion Phase

FY25 steel production grew 2% YoY to 8.12 MT; adjusted EBITDA stood at Rs9,570 crore with EBITDA/t of Rs12,008; net debt/EBITDA improved to 1.26x.
Major projects including BF2, BOS2, CRM complex, slurry pipeline, and SBPP are targeted for commissioning by FY26-end, expanding steel capacity to 14.45 MTPA.
Near-Term priorities are volume ramp-up, improving cost efficiency through captive resources and logistics, and maintaining strict capital discipline with net debt/EBITDA below 1.5x.

TVS Motor Q4FY25 Review: Premium Valuation Backed by Strategic Execution or Investor Over-Optimism?

By Sreemant Dudhoria

Robust Operating Performance:TVS Motor (TVSL IN) reported 17% YoY revenue growth in Q4FY25 with EBITDA margins at 12.5% (ex-PLI) — stable despite input cost pressures.
EV Momentum & Premium Product Strength: EV sales rose 54% YoY, and TVS continued to gain traction in the premium segment through its Apache and Ntorq models.
Valuation Demands Flawless Execution:At 58x P/E TTM EPS,TVS commands a steep premium over peers.Justifying this requires sustained outperformance in EV adoption, export monetization, and premium product cycles without margin erosion.

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May 01

Daily Brief India: Gensol Engineering, Indusind Bank, Prestige Hospitality Ventures Ltd, Fdc Ltd, Adani Energy Solutions, Adani Green Energy and more

In today’s briefing:

Gensol Engineering Scandal: Our AI System Saw This Coming
Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns
Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories
Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion
Lucror Analytics – Morning Views Asia

Gensol Engineering Scandal: Our AI System Saw This Coming

By Mark Jolley

Indian regulator barred Gensol Engineering’s founders for alleged fund diversion, causing a 90% stock plunge
Unusual growth and poor governance were flagged in Gensol’s accounts by Transparently’s AI system
Transparently’s “F” risk rating would have likely steered investors away from Gensol.

Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns

Indusind Bank (IIB IN) , one of India’s prominent private-sector banks, recently disclosed a significant accounting discrepancy related to its derivatives portfolio.
The estimated adverse impact of these lapses is INR 1,959 crore (~2.27% of the bank’s net worth), which will be accounted for in Q4FY25, likely resulting in a net loss.
The resignations of the CEO and Deputy CEO raise concerns on potential unidentified issues, including regulatory scrutiny, other accounting lapses and potential slowdown in business post top management rejig.

Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Prestige Hospitality Ventures Ltd (1831338D IN) (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.
PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.

Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories

FDC Limited is a pioneer in India’s pharmaceutical landscape, especially in Oral Rehydration Salts (ORS) and specialized formulations.
The company’s flagship brand, Electral, continues to be a major revenue contributor, despite margin pressures from regulatory price caps.
FDC’s strategic capex in ophthalmic, ear, and nasal drops business, coupled with its domestic and international presence, positions it strongly for sustained growth.

Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion

Adani Energy Solutions (ADANIT IN)’s Q4 FY25 PAT jumped 87% YoY to INR 714 crore, driven by strong transmission execution and distribution growth.
The company’s record order book of INR 59,936 crore and aggressive smart metering ramp-up signal sustained growth ahead.
AESL is strengthening its position across transmission, distribution, and metering, reinforcing its multi-year growth visibility.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Meituan
US equity rose for the sixth consecutive day, the best streak since March 2022, as it continued to look past weak consumer confidence and labour data as well as no signs of an easing in the tariff situation .
The S&P 500 was up by 0.6%, and the Nasdaq by 0.5%. US Treasury yields shrank 3-5 bps across the curve. The biggest move was probably a 6.7% correction in steel prices (HRC), following a YTD spike.

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Apr 30

Daily Brief India: Adani Green Energy, Syngene International Ltd, Ultratech Cement and more

In today’s briefing:

Lucror Analytics – Morning Views Asia
Why Syngene International’s FY26 Will Be a Transition Year?
Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Nickel Industries
The US equity market rebounded overnight to erase earlier losses in the day. The S&P 500 was up for a fifth straight day (its longest streak since November 2024), albeit at just 0.1%.
In the US, the Dallas Fed manufacturing activity index plunged to negative 35.8 (-14.1 e / -16.3 p) in March, reaching its lowest level since May 2020. The survey showed executives describing the situation as “chaos” and “insanity”.

Why Syngene International’s FY26 Will Be a Transition Year?

Syngene International Ltd (SYNG IN) guided for mid-single digit revenue growth and lower EBITDA margins in FY26, following a mixed performance in FY25.
The moderated outlook is primarily due to the initial operational costs and depreciation from the new US biologics facility and a normalization of inventory levels for a key client.
Focus shifts to the successful integration and ramp-up of new capacities and the potential for underlying growth in key segments to materialize beyond the transient FY26.

Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech

FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.
UltraTech is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.
At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.

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Apr 29

Daily Brief India: Hyundai Motor India , Ramkrishna Forgings , Ather Energy, Reliance Industries, Maruti Suzuki India, Mahindra & Mahindra, CARE Ratings, NIFTY Index and more

In today’s briefing:

IPO Lock-In Expiry: These 6 Companies Need Closer Look!
Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot
Ather Energy IPO- Pioneer, But Falling Behind
Ather Energy IPO | Showroom and Service Center Visits
Reliance: Betting Big on New Energy
Maruti Suzuki India (MSIL) – Top 5 Takeaways from Q4FY25 Results
Event Driven: Mahindra & Mahindra Acquired SML Isuzu, Strengthening Presence in CV
The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge
Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market
NSE NIFTY50/ Vol Update / Option Markets Remain in High Vol-Regime

IPO Lock-In Expiry: These 6 Companies Need Closer Look!

India is set to witness INR 4.02 trillion worth of Pre-IPO shares becoming tradeable by June 2025, lead to huge selling pressure among various IPO stocks.
We identified 6 Companies where lock-in is about to expire and analyzed their current status in terms of their business and industry environment.
Some fundamentally good companies also provide opportunities at a good price due to a fall because of selling pressure in these companies after lock-in expiry.

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

By Nitin Mangal

On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.

Ather Energy IPO- Pioneer, But Falling Behind

By Nitin Mangal

Ather Energy (1207922D IN) kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn.
Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%.
Although it shows strong R&D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.

Ather Energy IPO | Showroom and Service Center Visits

By Pranav Bhavsar

Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025.
This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country.
The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not.

Reliance: Betting Big on New Energy

Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.
Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.
New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.

Maruti Suzuki India (MSIL) – Top 5 Takeaways from Q4FY25 Results

By Sreemant Dudhoria

Maruti Suzuki India (MSIL IN)’s Q4 FY25 results missed estimates, with revenue up 6.4% YoY but PAT down 4.3% YoY, impacted by higher costs from new launches and EV investments.
Management guides for 1–2% industry growth in FY26 but expects to outperform, led by new SUV launches and strong export growth (+20% targeted).
Valuation at ~25x trailing EPS appears fair relative to historical average; near-term upside looks capped given muted demand and margin pressures.

Event Driven: Mahindra & Mahindra Acquired SML Isuzu, Strengthening Presence in CV

Mahindra & Mahindra (MM IN) is acquiring a 58.96% stake in SML Isuzu through SPAs with Sumitomo Corp (8053 JP) and Isuzu Motors (7202 JP), along with open offer.
The acquisition aims to significantly strengthen M&M’s position in the >3.5T commercial vehicle segment, doubling its market share initially and targeting further growth.
This strategic move signals M&M’s clear intent to become a full-range player in commercial vehicles, leveraging synergies in product, network, and manufacturing.

The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge

CARE Ratings has emerged stronger post-IL&FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.
With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.
Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.

Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

Ather Energy is launching an IPO to raise INR 2,626 crore for capacity expansion, R&D, and marketing, and OFS of INR 350 Crore.
Despite strong technological positioning, Ather faces rising competitive pressure, high cash burn, low capacity utilization, and growing risks from policy and supplier dependencies.
While Ather’s innovation strength is intact, its financial instability and fierce competition make the IPO a high-risk, cautious-watch opportunity rather than a straightforward growth bet.

NSE NIFTY50/ Vol Update / Option Markets Remain in High Vol-Regime

By Sankalp Singh

IVs rise as markets return from holiday-truncated week, moving from 14.2% to 15.8%. Monthly contracts benefit most as they capture multiple tier-1 event risks.
“High & Up” vol-state persists. Though there is a high probability of switching to “High & Down” with slight IV stabilization.
TACTICAL IMPLICATIONS: Avoid negative Gamma/ Smile/ Vega exposure. Wait for vol-regime shift before initiating new risk-premia harvesting structures

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Apr 28

Daily Brief India: Ather Energy, Godawari Power and Ispat and more

In today’s briefing:

Ather Energy IPO: Expensive and No Immediate Index Inclusion
GPIL: Mining to Recycling

Ather Energy IPO: Expensive and No Immediate Index Inclusion

By Brian Freitas

Ather Energy is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.
Ather Energy could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.
The continued selloff in Ola Electric will give investors pause, especially given Ather Energy‘s stagnant market share and continued losses. There is supply in Ola Electric with PE/VC investors selling.

GPIL: Mining to Recycling

GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.

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Apr 27

Daily Brief India: Ramkrishna Forgings , Hindustan Zinc and more

In today’s briefing:

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance
HZ IN: Operational Targets and Valuation Framework

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024.
The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability.
Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore

HZ IN: Operational Targets and Valuation Framework

Hindustan Zinc’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.
FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.
HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.

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Apr 26

Daily Brief India: Devyani International , Waaree Energies, Gold Plus Glass Industry Ltd, SGX Rubber Future TSR20, Jio Financial Services and more

In today’s briefing:

Devyani International’s Acquisition of Sky Gate Hospitality: A Strategic Move for Accelerated Growth
Waaree Energies Pre IPO Lock-In Opens: What’s The Way Ahead
From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone
Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact
Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance

Devyani International’s Acquisition of Sky Gate Hospitality: A Strategic Move for Accelerated Growth

Devyani International acquired an Indian QSR brand, Sky Gate, marking its entry into Biryani.
The acquisition deal is valued at INR 4.19 billion, translating to a relatively low 1.9x FY25 EV/Sales. This attractive valuation provides DIL with an entry into a high-TAM segment.
No single brand has surpassed INR 3 bn in revenue due to regional taste differences, difficulty in standardising quality, and difficulty in achieving profitability due to high operational costs

Waaree Energies Pre IPO Lock-In Opens: What’s The Way Ahead

Waaree Energies posted exceptional Q4 and FY25 results, reporting a 72.6% YoY increase in EBITDA and a robust order book of INR 47,000 crores.
The company continues to ramp up its manufacturing capacities, with a focus on solar cells, modules, and energy storage, positioning itself as a leader in India’s solar transition.
Strong operational performance, strategic investments in green energy, and a solid order book enhance confidence in Waaree’s growth prospects for FY26 and beyond.

From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone

By Viral Kishorchandra Shah

Waaree Energies is rapidly expanding, targeting 21 GW solar modules, 11.4 GW cells, and 6 GW ingots by FY27
The company boasts a robust Rs 47,000 crore order book, with 57% international and 43% domestic market share
Waaree diversifies into batteries, green hydrogen, and inverters, while mitigating risks via local production

Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

By Rosita Fernandes

Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO.
Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023.

Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact

By Vinod Nedumudy

RSS-4 prices near stable around INR 198/kg for past ten days
Kerala farmers engaged in rainguarding in right earnest
RRII devises process for extracting top-quality rubber from skim latex

Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance

Jio Financial Services (JIOFIN IN) reported a substantial increase in its Assets Under Management (AUM) to 10,053 crore, marking a 139% QoQ growth.
The company’s digital-first approach through the JioFinance app and the rapid growth in Jio Payments Bank’s customer base demonstrate its expanding market footprint and customer engagement.
The strategic investments in technology, robust growth in core segments, and improved customer acquisition processes provide strong momentum for FY26 and beyond, reinforcing confidence in JFSL’s growth trajectory.

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Apr 25

Daily Brief India: Apeejay Surrendra Park Hotel, SAMHI Hotels , Dorf-Ketal Chemicals Ltd, Ather Energy and more

In today’s briefing:

The Beat Ideas: Park Hotels: Serving Long-Term Value
Update- SAMHI Hotels: Strategic Partnership with GIC
Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
Ather Energy IPO – Still Not Cheap Enough

The Beat Ideas: Park Hotels: Serving Long-Term Value

Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.
F&B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt.
Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.

Update- SAMHI Hotels: Strategic Partnership with GIC

SAMHI Hotels (SAMHI IN) has entered into a strategic partnership with GIC, a global institutional investor, to establish a joint venture platform for upscale and higher hotel assets in India.
This transaction will significantly reduce SAMHI’s debt, enhance its financial flexibility, and provide access to up to $300 million in future capital for further expansion in high-demand upscale hotel sector.
The partnership with GIC strengthens SAMHI’s growth outlook, boosts profitability through debt reduction, and positions the company to capitalize on the rapidly expanding upscale hospitality market in India.

Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty

By Akshat Shah

Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.

Ather Energy IPO – Still Not Cheap Enough

By Sumeet Singh

Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.

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Apr 24

Daily Brief India: Trent Ltd, IIFL Wealth Management, Dorf-Ketal Chemicals Ltd, Lloyds Metals & Energy and more

In today’s briefing:

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas
360 ONE WAM Acquires UBS India Wealth Business
Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
Lloyds Metals: On the Verge of a Massive Ramp-Up

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.

360 ONE WAM Acquires UBS India Wealth Business

360 ONE WAM acquires UBS AG’s onshore wealth management business in India for INR 307 crore, adding INR 26,000 crore AUM and expanding its product and client base.
This acquisition strengthens 360 ONE’s domestic position and offers UBS’s global expertise, creating a powerful, dual-access wealth management platform for global Indians, enhancing growth opportunities.
The deal signifies a strategic collaboration, not just an exit, with UBS retaining a stake& expanding its Indian operations through 360 ONE, enhancing the value proposition for both firms’ clients.

Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion

By Akshat Shah

Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.

Lloyds Metals: On the Verge of a Massive Ramp-Up

Resource-Backed Growth Story: Lloyds Metals & Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.
Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.
Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.

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Apr 23

Daily Brief India: Devyani International , Danish Power, Shilchar Technologies, Bandhan Bank Ltd, Waaree Energies and more

In today’s briefing:

Devyani Intnl.: Yum Brands India Franchisee to Acquire Cloud Kitchen Operator. In Pursuit of Growth
The Beat Ideas: Danish Power Limited – Riding the Green Energy Wave
The Beat Ideas- Shilchar Technologies: Powering the Grid, Energizing Growth
Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind
Waaree Energies IPO Lockup – Lots of Individual Shareholders Own over US$2bn Worth of Stock

Devyani Intnl.: Yum Brands India Franchisee to Acquire Cloud Kitchen Operator. In Pursuit of Growth

By Devi Subhakesan

Devyani International (DEVYANI IN) which operates QSRs such as KFC, Pizza Hut in India plans to acquire Sky Gate Hospitality Pvt. Ltd., the operator of the “Biryani By Kilo”.
This acquisition can diversify Devyani’s portfolio beyond its core quick‑service restaurant (QSR) franchises—KFC and Pizza Hut—at a time when same‑store sales growth has softened.
With the rise of off-premise dining and food delivery post pandemic, cloud kitchens are expanding across the board thanks to scalable, asset‑light model, and ability to bypass traditional dine‑in overheads.

The Beat Ideas: Danish Power Limited – Riding the Green Energy Wave

Danish Power (DANISH IN) stands to benefit from India’s aggressive shift towards renewable energy, particularly solar, supported by strong product offerings like Inverter Duty Transformers, which drive substantial revenue growth.
DPL’s strategic shift to higher-margin products, improved operating leverage, and expanded capacity should fuel margin expansion and support sustained profitability, positioning it well for continued growth and competitiveness.
With a robust order book exceeding INR 400 crore and an active pipeline, DPL has solid revenue visibility supported by strong demand in domestic and international markets.

The Beat Ideas- Shilchar Technologies: Powering the Grid, Energizing Growth