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In today’s briefing:

Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher
Alkem Laboratories Ltd (ALKEM IN): Shifting Focus to Chronic Segment to Yield Result in Long-Term
Vishnu Chemicals Limited: Q3 FY25 Update

Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher

By Clarence Chu

Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.

Alkem Laboratories Ltd (ALKEM IN): Shifting Focus to Chronic Segment to Yield Result in Long-Term

By Tina Banerjee

Alkem Laboratories Ltd (ALKEM IN) has announced twin acquisitions in medical devices and dermatology space. The acquisitions will further strengthen Alkem’s positioning in the domestic market.
Alkem has reported Q3FY25 result, with mainstay domestic business showing 6% YoY growth. EBITDA margin improved to 22.5% (Q3FY24: 21.3% and Q2FY25: 22.0%).
Alkem’s inclination toward acute and NELM segments has been a reason for its historically cheaper valuation. However, with portfolio expansion toward high-margin chronic segment should place Alkem for re-rating.

Vishnu Chemicals Limited: Q3 FY25 Update

Vishnu Chemicals (VCL IN) posted strong Q3 financials with 22% revenue, 55% EBITDA, and 66% PAT YoY growth; new capex in chromium and expansion of barium, Strontium Carbonate production underway.
Capacity of chromium has potential to operate at 90% utilization level, where Barium segment is operating at 60-70%, can be used till 80-85%.
Company is plan to gain market share in US due to reduced competition.

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Feb 11

Daily Brief India: Oracle Financial Services, Hexaware Technologies, Borosil Renewables, Ajax Engineering Limited and more

In today’s briefing:

Nifty IT Index Rebalance Preview: Oracle Financial Services Could Replace L&T Tech
Hexaware Technologies IPO: Valuation Insights
The Beat Ideas: Borosil Renewables- 50% Capacity Expansion
Ajax Engineering IPO – Robust Growth Driven by a Comprehensive Dealer Network

Nifty IT Index Rebalance Preview: Oracle Financial Services Could Replace L&T Tech

Oracle Financial Services (OFSS IN) could replace L&T Technology Services Limited (LTTS IN) in the Nifty IT Index (NSEIT INDEX) at the March rebalance.
L&T Technology Services Limited (LTTS IN) will also be excluded from the F&O segment at the close on 27 March, so there could be some interesting dynamics at play.
Passive trackers will need to trade between 0.5-0.6x ADV in the stock. The impact in terms of delivery volume increases to 1.6-2.2x.

Hexaware Technologies IPO: Valuation Insights

By Arun George

Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
We previously discussed the IPO in Hexaware Technologies IPO: The Bull Case and Hexaware Technologies IPO: The Bear Case.
Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.

The Beat Ideas: Borosil Renewables- 50% Capacity Expansion

Borosil Renewables (BRSL IN) is India’s largest solar glass manufacturer having c apacity of 1000TPD in India and 350TPD in Germany.
With the rising demand and government anti-dumping duty support company is increasing 50% capacity in India to 1500TPD in the upcoming 18 Months.
Company also raised INR 700Crs of funds via preferential, 100Crs via equity from promoter and 600Crs via warrants from HNIs and family offices for capex and loan repayment.

Ajax Engineering IPO – Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
In this note, we take a quick look at the company’s past performance and the IPO valuations.

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Feb 10

Daily Brief India: Hexaware Technologies, NIFTY Index and more

In today’s briefing:

Hexaware Technologies IPO: The Bear Case
EQD | Nifty Index Options Weekly (January 20 – 24): Implied Vol Normalizes

Hexaware Technologies IPO: The Bear Case

By Arun George

Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
In Hexaware Technologies IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post-IPO share overhang.

EQD | Nifty Index Options Weekly (January 20 – 24): Implied Vol Normalizes

By John Ley

Implied vols adjusted downward by 3 points and now at 33rd percentile over the past year as Nifty ekes out a 40 bp gain.
Seasonal trends not favorable for Nifty in the 2nd half of the month.
Expect that vol down / spot up will re-assert itself with implied vols having normalized.

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Feb 09

Daily Brief India: Clean Science and Technology, Sify Technologies and more

In today’s briefing:

Clean Science and Technologies Ltd- Entering New Habitats
Sify Technologies – Exploring INR3,000 Crore Data Center IPO

Clean Science and Technologies Ltd- Entering New Habitats

By Nitin Mangal

Clean Science and Technology (CLEAN IN) is one of the leading chemical manufacturers globally of functionally critical specialty chemicals, Pharmaceutical Intermediates, and FMCG Chemicals.
It has embarked on a massive expansion by commissioning a new plant to manufacture HALS and is also spending additional capex to manufacture new products.
With forensics, we pay attention to excessive remuneration being paid to promoters, concentration risk from top customers, and increase in attrition of permanent employees.

Sify Technologies – Exploring INR3,000 Crore Data Center IPO

By Garvit Bhandari

Sify Technologies Ltd is planning to tap into the burgeoning demand for data centers in the India via a INR3,000 crore IPO
Sify has aggressive expansion plans in place with the aim to triple its data center capacity to more than 350 MW in the coming years.
We expect the value of standalone data center business to be more than the current market cap of Sify. In our view, IPO will unlock value for existing Sify shareholders.

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Feb 08

Daily Brief India: Hexaware Technologies, Sify Technologies , Deepak Fertilisers & Petro, Ganesha Ecosphere, Himadri Speciality Chemical, Kent R O Systems and more

In today’s briefing:

Hexaware Technologies IPO: The Bull Case
Sify Technologies: Unlocking Value with Data Centre IPO
Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces
Deepak Fertilisers Limited: Q3 FY25 Performance Analysis
Ganesha Ecosphere Limited: Q3 FY25 Quarterly Update
Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis
Kent R O Systems Ltd Pre-IPO Tearsheet

Hexaware Technologies IPO: The Bull Case

By Arun George

Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
BPEA privatised Hexaware in 2020. In 2021, Carlyle won an auction to acquire a 95.51% stake in Hexaware.
The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction scores and top-tier cash generation.

Sify Technologies: Unlocking Value with Data Centre IPO

Sify Technologies (SIFY US) is planning a Rs. 3,000 crore IPO for its data centre subsidiary, Sify Infinite Spaces, aiming to unlock significant hidden value and realign its market valuation.
The IPO underscores rapid growth in India’s data centre market, driven by Digital India and 5G, offering a strategic edge with lower capital costs versus global peers.
Investors can capitalize on a notable valuation arbitrage, as Sify’s data centre arm is vastly undervalued compared to the parent’s market cap, promising long-term upside.

Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces

By Douglas Kim

The potential IPO of Sify Infinite Spaces is likely to have a positive impact on Sify Technologies.
The overall market size of data centers in India is huge and Sify Infinite Spaces certainly has the experience and capability to become one of the leaders in this segment.
Despite attractive market opportunity, there will be some investors that will question the overall valuation levels of Sify Infinite Spaces to justify seeking nearly 30 billion INR in the IPO.

Deepak Fertilisers Limited: Q3 FY25 Performance Analysis

Deepak Fertilisers & Petro (DFPC IN) Q3 FY25 saw revenue rise 39% YoY, EBITDA up 72%, and net profit 318% YoY, driven by expansion and a shift to specialty products.
Company saw significant volume growth across segments except crop nutrition segment.
Company is under restructuring exercise, which will demerge all the different segment and unlock value over longer term.

Ganesha Ecosphere Limited: Q3 FY25 Quarterly Update

Ganesha Ecosphere (GNPL IN)’s Q3 FY25 revenue surged 39.6% YoY to ₹397.8 crores, with production volume up 22.3% YoY, and capacity expansions underway.
Strong revenue growth and capacity expansions enhance GEL’s market position amid rising global demand for sustainable PET recycling.
Investors gain confidence in GEL’s strategic shift towards high-value recycled products and international market expansion, promising long-term sustainability.

Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis

Himadri Speciality Chemical (HSCH IN) delivered strong Q3 and 9M FY25 performance, with revenue, EBITDA, and PAT rising significantly, and launched major capacity expansions and new high-value product investments.
Himadri is set to capitalize on growing EV and lithium-ion battery markets, enhancing long-term profitability and sustainability.
Company acquired Birla tyre and also took more than 10% stake in Sicona, an Australian startup specializing in silicon anode technology, which will drive further growth once stabilise.

Kent R O Systems Ltd Pre-IPO Tearsheet

Kent R O Systems (6592700Z IN) (KROS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Motilal and JM Fin.
KROS was established in 2007. The brand ‘Kent’ is a leader in the water purifier market in India, recognized for being a pioneer in introducing reverse osmosis (RO) technology.
Kent’s water purifiers hold the NSF/ANSI 58 certification, an American national standard for point-of-use reverse osmosis systems, as per Technopak Report.

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Feb 07

Daily Brief India: Bharat Petroleum Corp, Whirlpool of India, Britannia Industries, Aarti Drugs Ltd, BrainBees Solutions, Ramkrishna Forgings , Dorf-Ketal Chemicals Ltd, Euro Pratik Sales Ltd, Housing and Urban Development Corporation Limited, Aarti Industries and more

In today’s briefing:

Quiddity Leaderboard NIFTY Mar 25: Final Expectations; Expected DELs Could Underperform Index
Whirlpool of India OFS Early Look – Another Large Selldown by Parent
NIFTY50 Index Rebalance Preview: Adds Secure; Tight Among the Deletes
The Beat Ideas: Aarti Drugs Revival
Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money
Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook
Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet
Euro Pratik Sales Ltd Pre-IPO Tearsheet
Hudco’s Tough Time: Lower Capex, PMAY
Aarti Industries Limited: Q3 FY25 Update

Quiddity Leaderboard NIFTY Mar 25: Final Expectations; Expected DELs Could Underperform Index

By Janaghan Jeyakumar, CFA

NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we are presenting our final expectations for ADDs and DELs for the March 2025 index rebal event.
We see two changes for NIFTY 50 and four changes for NIFTY 100. We expect the results to be announced in the next few days.

Whirlpool of India OFS Early Look – Another Large Selldown by Parent

Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.

NIFTY50 Index Rebalance Preview: Adds Secure; Tight Among the Deletes

Following their inclusion in the F&O segment in November, Zomato (ZOMATO IN) and Jio Financial Services (JIOFIN IN) appear to be sure-shot inclusions to the NIFTY Index in March.
Bharat Petroleum Corp (BPCL IN) is a certain deletion from the index. Britannia Industries‘ average free-float market cap is less than 0.004% below Hero Motocorp‘s. It’s very close.
Passive trackers need to trade between 3.7-11.8 days of ADV on the stocks. The impact increases significantly to between 8.4-21.8 days of delivery volume to trade on the stocks.

The Beat Ideas: Aarti Drugs Revival

Received US FDA Approval for both Tarapur & Baddi Facility & moving to regulated market.
Increase in revenues & margins with the US FDA approvals & Many products are backward integration or import substitution which is expected to boost demand
US entry to allow product & bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets

Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money

By Sumeet Singh

BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.
In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
In this note, we will talk about the lockup dynamics and possible placement.

Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook

Ramkrishna Forgings (RMKF IN) reported Q3 FY25 revenue growth of 8% and volume up 13.9%, alongside new capacity expansions and Rs. 697 crore in new orders.
These robust results and strategic capacity boosts underscore RKFL’s resilience, positioning it for sustainable growth amid raw material and market headwinds.
Investors should see the mixed Q3 performance as a sign of proactive investments that could translate into significant long-term value.

Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet

Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCIL) is looking to raise about US$579m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, HSBC, JPM, MS, Motilal.
DKCIL is an R&D with innovation-focused global manufacturer and supplier of specialty chemicals, catering to the hydrocarbons and industrial supply chains.
According to the F&S Report, the company is one of the major producers in the development, commercialization, and application of specialty chemicals in India.

Euro Pratik Sales Ltd Pre-IPO Tearsheet

Euro Pratik Sales Ltd (7778885Z IN) (EPS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, Dam Capital.
The company operates in the decorative wall panel and decorative laminates industry as a prominent seller and marketer of Decorative Wall Panels and Decorative Laminates.
According to the Technopak Report, has established itself as one of the largest organized Wall Panel brands, with a market share of 15.87% by revenue.

Hudco’s Tough Time: Lower Capex, PMAY

By Nimish Maheshwari

Government capex is revised to Rs. 10.2 lakh crore—8.3% below target—with significant PMAY allocation cuts amid revised funding for affordable housing projects.
Lower capex and reduced PMAY funds signal execution challenges in housing, potentially straining Housing and Urban Development Corporation Limited (HUDCO IN)’s growth targets despite its strong loan expansion plans.
Short-Term funding cuts create uncertainty, but HUDCO’s strategic focus on low-risk lending and ambitious loan targets suggests a promising long-term outlook.

Aarti Industries Limited: Q3 FY25 Update

Aarti Industries (ARTO IN) reported Q3 FY25 revenue of Rs. 2,305 crores with 14% QoQ growth, robust volume gains, capacity expansions in MMA and nitro-toluene, and ongoing cost optimizations.
Strong Q3 performance and capacity boosts bolster AIL’s long-term growth prospects, mitigating pricing pressures and forex challenges while fueling diversification into renewables and chemical recycling.
AIL’s strategic investments and diverse product mix signal resilient growth and margin improvements, suggesting a promising long-term outlook despite current short-term forex volatility.

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Feb 06

Daily Brief India: Diffusion Engineers, SK Finance Limited, Karamtara Engineering Ltd, Hexaware Technologies and more

In today’s briefing:

The Beat Ideas: Diffusion Ltd: A Deep Dive into a Diversified Industrial Play
SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing
Karamtara Engineering Pre-IPO Tearsheet
Hexaware Technologies IPO: Delisted in 2020; Now Looking to Raise US$1bn

The Beat Ideas: Diffusion Ltd: A Deep Dive into a Diversified Industrial Play

Diffusion Engineers (DIFFNKG IN) is expanding its value chain by integrating heavy engineering solutions, enhancing its product portfolio, and catering to diverse customer needs across core industries like cement, steel.
With significant investments in manufacturing facilities and a target to achieve 20% of revenue from exports, the company is set to capitalize on domestic and international market opportunities.
A focus on developing specialized, high-performance consumables and components positions Diffusion Engineers to meet increasing demand while reducing reliance on imports and boosting profitability.

SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing

SK Finance Limited (0893736D IN) is planning to raise about US$260m through its upcoming India IPO.
SK Finance Ltd (SFL) is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).
As per CRISIL Report, the company was the fastest growing player in the vehicle and MSME financing segment among its peers, based on AUM growth over FY21-23.

Karamtara Engineering Pre-IPO Tearsheet

Karamtara Engineering Ltd (6589452Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by ICICI, IIFL, JM Fin.
Karamtara Engineering Limited (KEL) is a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
According to F&S, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Hexaware Technologies IPO: Delisted in 2020; Now Looking to Raise US$1bn

In November 2020, HT Global IT Solutions acquired all the shares it did not own in Hexaware Technologies (HEXW IN) and delisted the stock from the NSE and BSE.
Now, Carlyle Group is looking to raise INR 87.5bn by selling stock at a price range of INR 674-708/share, valuing Hexaware Technologies (HEXW IN) at US$4.8bn.
The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in May and September, though the impact will be limited.

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Feb 05

Daily Brief India: Ola Electric, Religare Enterprises, Excel Industries, Dr Agarwal’s Health Care Ltd and more

In today’s briefing:

Ola Electric IPO Lockup – US$1.6bn+ Lockup Release
The Religare Controversy: A Corporate Battle
The Beat Ideas: Excel Industries Ltd
Dr Agarwal’s Healthcare IPO Trading – Decent Anchor Demand but Subdued Overall Coverage

Ola Electric IPO Lockup – US$1.6bn+ Lockup Release

By Sumeet Singh

Ola Electric (OLAELEC IN) raised around US$734m in its India IPO in August 2024. The lockup for its pre-IPO investors is set to expire soon.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells
In this note, we will talk about the lockup dynamics and possible placement.

The Religare Controversy: A Corporate Battle

By Nimish Maheshwari

Religare Enterprises (RELG IN)’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.
The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.
Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.

The Beat Ideas: Excel Industries Ltd

Excel Industries (EXL IN) faced severe financial declines in FY24 but showed early Q2 FY25 improvement through higher export revenues and better margins amid strategic capacity expansion and new partnerships.
Its diversified product portfolio, especially DETC, and proactive R&D investments are key to overcoming volatility, making Excel Industries pivotal in sustaining India’s chemical innovation despite market headwinds.
Investors should note that despite recent downturns, targeted expansion and strategic partnerships could reverse performance trends, revealing potential long-term value if operational challenges are resolved.

Dr Agarwal’s Healthcare IPO Trading – Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
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.

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Feb 04

Daily Brief India: NIFTY Index, Kaynes Technology India and more

In today’s briefing:

EQD | Nifty Index Options Weekly (Jan 24 – 31): Second Longest Decline Since 2007
Kaynes Technology QIP Early Look – QIP to Fund Global Expansion Plans

EQD | Nifty Index Options Weekly (Jan 24 – 31): Second Longest Decline Since 2007

By John Ley

Nifty has been in a prolonged downtrend, currently 4 months in duration and clipping 10.3% off the index. This is the second longest decline since 2007.
When looked at vs the extent of this decline, implied vol is at the bottom of its historical range and historic vol also quietest in a down-move since 2007.
Implied vol is trading at or above peak levels seen on historic vol since the decline started and implied remains negatively correlated to movements in spot.

Kaynes Technology QIP Early Look – QIP to Fund Global Expansion Plans

Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.

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Feb 03

Daily Brief India: Indusind Bank and more

In today’s briefing:

India: Potential Free Float Changes & Passive Flows in February

India: Potential Free Float Changes & Passive Flows in February