india Archives | Page 9 of 153 | Smartkarma

• LG Electronics’ BOD finally approved a plan to sell a 15% stake in LG Electronics India in an IPO to be completed in 2025.
• According to local media, LG Electronics India is now valued at about US$13 billion which is higher than LG Electronics’ market cap of US$8.8 billion. 
• Our base case valuation of LG Electronics India is implied market cap of 1,280 billion INR or US$14.4 billion.

• Tata Capital Limited (TATACAP IN) is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).
• The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.
• The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.

• In Q1FY26, Edelweiss reported 20% YoY PAT growth.  Edelweiss is growing from strength to strength with its businesses scaling up well. Its insurance and asset management businesses are growing rapidly. 
• During Q1FY26, Edelweiss divested 15% stake in its Mutual Fund business, Edelweiss Asset Management, to WestBridge Capital for INR 450cr, valuing the business at INR 3000cr. 
• YoY, Edelweiss has reduced its consolidated net debt by INR 4845cr (down 31% YoY) and corporate debt by INR 2260cr (down 26% YoY). Corporate debt is now at INR 6350cr.

• Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn 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.
• We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates

• WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.

• Nippon Life India Asset Management (NAM IN) is a leading asset manager in India, well-positioned to capitalize on the structural growth of the country’s financialization of savings, driven by rising incomes and financial literacy.
• The company has demonstrated a strong growth trajectory, consistently gaining market share in high-margin equity AUM and rapidly growing its Systematic Investment Plan (SIP) book, which provides a stable and recurring revenue stream.
• While the outlook is positive, key risks include intense competition from existing players and new entrants, potential pressure on yields from the growing share of lower-fee passive products, and market volatility impacting AUM growth and investor sentiment.

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• Nuvama Wealth Management (“Nuvama”) posted a strong Q1FY26 despite a challenging market environment. Q1FY26 revenue grew 15% YoY and PAT grew 19% YoY led by improved cost efficiency.
• Managed Products and Investment Solutions (MPIS) which is a core focus area for Nuvama Wealth saw strong inflows representing 77% of the INR 2900cr total inflows.
• Even within Nuvama Private, the recurring assets net flows were INR 2900cr+, which on an annualized basis implies a growth of 25%+ YoY.

• SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged “deliberate misstatement”.
• The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
• While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.

• Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• 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.

• Despite early monsoon resulting in weak demand, RPPL posted a decent revenue growth of 4.9% YoY in Q1FY26. This was led by 45% YoY growth in exports.
• RPPL’s injection molding segment has been doing exceptionally well with revenue doubling in Q1FY26. RPPL’s Olive Ecopak JV has started slow but holds significant potential.
• At current valuation, RPPL’s stock offers an attractive entry point with potential to more than triple over a holding period of three years. 

• OneSource Specialty Pharma has approved a Composite Scheme of Arrangement to acquire Steriscience’s EuropeanCDMO and Brooks Steriscience’s Indian anti-infective assets.
• The transaction adds approximately $107 million in projected FY27 revenue, significantly diversifying the portfolio, reducing single-site risk, raising the consolidated FY28 revenue outlook to over $500 million.
• While the acquisition multiples appear steep for subscale assets, if management successfully delivers on ambitious growth targets, the transaction could position OneSource among the most competitive players in CDMO landspace.

• Punjab National Bank (PNB) is demonstrating a significant financial turnaround, marked by robust growth in net income and revenue over the past three years. This is supported by a strategic focus on improving asset quality and diversifying its lending portfolio.
• As the second-largest public sector bank in India, PNB benefits from extensive government backing and a vast branch network, providing a stable, low-cost deposit base. The bank is leveraging this position to push for digital transformation and expand into high-growth sectors like renewable energy and infrastructure.
• Key challenges remain, including managing historical non-performing assets (NPAs), navigating intense competition from private sector banks and fintech companies, and mitigating cybersecurity risks. Sustained execution of its strategic initiatives will be crucial for long-term value creation.

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• In line with our thesis, HCG has been scaling up well led by rapid growth in emerging centers. Established centers are also growing at a steady pace.  
• With scale, profitability is normalizing. Over the next two years, we project the EBITDA to grow at 25% CAGR led by margin expansion and volume growth.
• Utilization on like to like basis came in at 76% in Q1FY26 vs 69% in FY25. ARPOB has been steady at around INR 45000.

• On July 1, 2023, HDFC Limited, India’s largest mortgage lender, merged with HDFC Bank, the country’s largest private sector bank, in a historic $40 billion deal. This primer analyzes the pre-merger entity, HDFC Limited, and its integration into HDFC Bank.
• The merger creates a financial services behemoth with a combined asset base of around ₹18 trillion, positioning it to capitalize on India’s burgeoning housing finance market. The home loan business is a central pillar of the merged entity’s growth strategy.
• Significant cross-selling opportunities exist, as a large portion of HDFC Limited‘s customers did not bank with HDFC Bank, and vice versa. The integration aims to leverage HDFC Bank’s extensive distribution network and lower cost of funds to enhance the mortgage business.

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• PTC India Financial Services (PTCIF IN) faced a mass exit of Independent directors recently.
• The IDs flagged compromising independence and constrained in upholding the highest standards of corporate governance as their reasons.
• This once again brings back the governance issues under limelight, a situation the company is already familiar with.

• Shivalik Rasayan, once focused on agrochemicals, has entered pharmaceuticals by acquiring Medicamen Biotech and securing USFDA approval for its new API plant at Dahej-II in 2024.
• The company is transforming into a diversified chemicals and pharma player. Investments in R&D, larger agrochemical capacity, and regulated pharma access open pathways for higher-margin and sustainable growth.
• Despite past issues of underutilized plants, high costs, and delays, recent approvals and new facilities position Shivalik Rasayan for steadier performance and long-term growth if execution remains strong.

• Our earlier insight Tata Capital IPO – Jinxed by Tata Motors Finance describes how post merger with Tata Motor finance,  the finance metrics of the company changed.
• In this insight we discuss about updates from Q1FY26 results and key observations on the same.
• This also discusses about the IPO valuation, peer comparison and our view.

• IDBI Bank has demonstrated a significant financial turnaround, marked by robust profit growth and a substantial reduction in non-performing assets (NPAs). This improvement has been heavily supported by capital infusions from the Government of India and Life Insurance Corporation of India (LIC).
• The impending privatization, with the government and LIC set to divest a 60.72% stake, stands as the most critical forward-looking catalyst. This strategic sale is expected to enhance operational efficiency, improve governance, and unlock value for shareholders.
• Despite the positive financial trajectory, the bank’s stock has underperformed its peers. Concerns remain regarding the sustainability of performance post-privatization and corporate governance issues, highlighted by disproportionate increases in executive remuneration.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Motors, JSW Steel
• UST yields were little changed on Friday, following the release of robust August consumption data in the US, while the core PCE price index was broadly stable. The yield on the 2Y UST declined 1 bp to 3.64%, while the yield on the 10Y UST was stable at 4.18%. Equities recovered from a three-day slide. The S&P 500 rose 0.6% to 6,644, while the Nasdaq climbed 0.4% to 22,484.
• In the US, August personal spending accelerated slightly to 0.6% y-o-y (0.5% e / 0.5% p), while personal income came in marginally above estimates at 0.4% (0.3% e / 0.4% p).

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently ten pair trade opportunities across four markets and four sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
• The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
• IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.

• Back on the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced a non-binding Offer of US$7.07/share, by way of a Scheme.
• The bidding consortium, comprising (mainly) pre-IPO investors CPP, ADIA, Abu Dhabi Future Energy, and founder Sumant Sinha, collectively holding 64%. Non-binding terms were bumped to US$8/share on the 3rd July.
• ReNew’s Special Committee will provide “public comment regarding these matters at such time as there is a material development in the process, and by no later than 30 September 2025“.

• We visited two manufacturing plants of Nelcast Ltd (NELC IN) located in the southern part of India. In this insight we present the key takeaways from visit.
• Specifically the Pedapariya plant which was facing low capacity utilization is seeing signs of steep ramp up.  Insights on this are provided in the note.
• With no significant capex coming up, the ramp of capacity could make Nelcast Ltd (NELC IN)a dark horse in terms of investor returns. We highlight our projections in this note.

• Q1FY26 pre-sales came in weak led by delayed launches; however, KPDL’s management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.
• During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. 
• Due to ongoing transition phase with Blackstone (BX US) being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.

• The U.S. Customs and Border Protection (CBP) has launched a formal investigation into Waaree Energies, alleging the company evaded anti-dumping and countervailing duties by mislabeling Chinese-made solar products as Indian.  
• The probe, initiated by a U.S. domestic manufacturing coalition, directly threatens India’s growing solar exports to the U.S. and highlights the complexities of global supply chains.
• This investigation introduces significant regulatory and financial risk for Waaree Energies, and the outcome will be a crucial for its ability to participate in the U.S. market.

• Nuvama Wealth is capitalizing on India’s burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability.
• As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.
• Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.

• Anand Rathi Share and Stock Brokers, a three-decade-old full-service brokerage house, is set to go public with a fresh issue to fund its working capital and expansion.
• The offering provides a window into a mature, brand-led brokerage with an industry-leading Average Revenue per Client (ARPC) and a strong presence across Tier I, II, and III cities.
• The company’s structural strengths, including its Margin Trading Facility (MTF) business and client vintage, position it for sustained growth in India’s evolving capital markets.

• Context: The Bajaj Finserv (BJFIN 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 Bajaj Finserv (BJFIN IN) and short Bajaj Finance Ltd (BAF IN) targets a 6% return.
• 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.

• Context: The Punjab National Bank (PNB IN) vs. Canara Bank (CBK IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Punjab National Bank (PNB IN) and short Canara Bank (CBK IN) targets a 4% return.
• 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.

• Groww (1573648D IN) is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.
• Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.
• According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

• LIC Housing Finance (LICHF) holds a strong position as one of India’s largest housing finance companies, benefiting significantly from the brand equity and extensive network of its parent, Life Insurance Corporation of India (LIC).
• The company has demonstrated robust growth in net income and operating cash flow over the past three years, driven by strong demand in the Indian housing market and a strategic focus on the salaried customer segment.
• While facing intense competition from banks and other housing finance companies, which puts pressure on margins, LICHF is strategically diversifying into higher-yielding segments like project finance and Loan Against Property (LAP) to support future profitability.

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• Seshaasai is the second-largest payments card manufacturer in India (32% market share in FY25) and the largest manufacturer of cheque leaves in India creating a niche cash cow business.
• Growth tailwinds in the core business, driven by premium metal cards and export opportunities, and its RFID and IoT-led offerings position the company for 20-25% growth in the medium term.
• We estimate the IPO has been priced fairly at 18-20 times FY27 earnings and could potentially trade at multiples of 25+.

• Bajaj Finance Ltd (“BAF”)  reported a strong Q1FY26 in terms of growth; however, its credit costs remain elevated due to challenging environment.
• AUM grew INR 24750cr+ in Q1FY26 to reach INR 441450cr. BAF added 13.49mm new loans and acquired 4.69mm new customers during Q1FY26 taking the customer franchise count to 106.51mm.
• BAF envisions FY26 to be a defining year for AI led transformation (FINAI). BAF has been incorporating FINAI capabilities gradually throughout the company. 

• In our previousNIFTY Index insight published at the end of August we highlighted two possible scenarios before the Sep-30 rebalance: 1) risk-off pullback or 2) small rally. 
• Scenario 2), the small rally is what came true, it lasted 3 weeks (we said 2 weeks), but it was a weak rally. The NIFTY however is not very overbought.
• 3-Week rallies not reaching higher highs usually indicate a weakness in the trend, but this could be a buy opportunity, so let’s have a look at our model’s BUY zones… 

• Laurus Labs is shifting from ARV APIs to high-growth areas like CDMO and biotech, diversifying its revenue base for long-term stability.
• Heavy investments in complex, high-margin businesses reduce dependence on volatile ARV markets, ensuring sustainable and more profitable future growth.
• Though returns dipped initially, strong CDMO performance shows the strategy is working, making Laurus Labs a model of successful pharma transformation.

• Groww has established itself as India’s largest investment platform by number of active users, capitalizing on the country’s burgeoning retail investor base and the digital transformation of financial services.
• The company’s growth has been fueled by its user-friendly, mobile-first platform offering a wide range of investment products, including mutual funds, stocks, ETFs, and digital gold, attracting a large number of young, first-time investors.
• While experiencing rapid user and asset growth, Groww‘s revenue is heavily reliant on transaction-based income, making it susceptible to market volatility. The upcoming IPO is a key catalyst that will provide capital for further expansion and product development in a competitive fintech landscape.

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• LICHF has been producing below-average growth over the past four years; however FY26 is expected to be a normal year in terms of growth and asset quality.
• Q1FY26 saw growth of 7% YoY in AUM, which is decent considering that Q1 tends to have employee promotions and transfers which disrupt the operations somewhat.
• Asset quality has stabilized with GNPA at 2.6% vs 3.3% YoY, although it has worsened slightly QoQ due to collection delinquencies in some retail loans. 

• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the peer comparison and IPO valuations.

• Exide Industries is doubling down on lithium-ion cell and pack manufacturing with huge committed capex, while sustaining its dominant lead-acid franchise.
• The company’s strong cash flows from lead acid batteries are funding high-risk, high-reward bets on EV and renewable storage, positioning it as India’s only dual-chemistry energy storage leader.
• Execution risk in lithium-ion scale-up is high, but Exide’s brand equity provide a buffer. The story now hinges on whether early-mover advantage in Li-ion can translate into sustainable returns.

• Tire makers see profit pressure despite revenue gains  
• JK Tyre eyes double-digit growth, expands global footprint  
•  CEAT eyes expanding Chennai plant at US$51 million spend  

• Transformation into a Diversified FMCG Major: Tata Consumer Products (TCPL) is aggressively diversifying beyond its core tea and salt businesses, moving into higher-growth categories like packaged foods (Tata Sampann), snacks (Tata Soulfull), and ready-to-drink beverages. Recent acquisitions of Capital Foods (Ching’s Secret, Smith & Jones) and Organic India significantly expand its total addressable market and enhance its presence in high-margin segments.
• Strong Brand Equity and Distribution as Key Moats: The company leverages the immense trust associated with the ‘Tata’ brand, providing a significant competitive advantage. Its extensive distribution network, reaching millions of retail outlets, combined with a growing e-commerce presence, creates a formidable barrier to entry and a platform to scale new product launches and acquisitions effectively.
• Focus on Premiumization and Innovation Driving Growth: TCPL is strategically focused on premiumizing its portfolio across categories, such as value-added salts and premium tea variants, to capture evolving consumer preferences and improve margins. A consistent pipeline of new product launches, particularly in health and wellness, caters to modern consumer trends and is a key driver of future growth.

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• Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.
• The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.
• We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader Transformers & Rectifiers (India) Ltd (TRIL IN) 

• Global Automotive Component Leader with Diversified Operations: Samvardhana Motherson International Ltd. (SAMIL) is a leading global manufacturer of automotive components, with a well-diversified portfolio across products, geographies, and customers. The company is a key solutions provider to major automotive original equipment manufacturers (OEMs) worldwide.
• Strong Growth Trajectory and Ambitious Future Plans: The company has a proven track record of strong financial performance, characterized by consistent revenue and profit growth. SAMIL has laid out an ambitious ‘Vision 2030’ with a target of achieving $108 billion in revenue, driven by organic growth, strategic acquisitions, and diversification into non-automotive sectors.
• Focus on Financial Prudence and Shareholder Returns: Despite its aggressive growth strategy, SAMIL maintains a focus on financial discipline, with a healthy leverage ratio and a commitment to improving its return on capital employed (ROCE). The company also has a stated policy of distributing a significant portion of its profits as dividends.

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• Dominant Market Leader in a Niche, High-Growth Sector: Muthoot Finance is the largest gold financing company in India, a segment poised for significant growth due to the cultural affinity for gold and the vast, untapped potential within the unorganized sector. Its strong brand recognition and extensive branch network create a significant competitive advantage.
• Robust Financial Performance and Strong Growth Trajectory: The company has consistently demonstrated impressive financial results, with strong growth in revenue, net income, and assets under management (AUM). Recent quarterly performance has been particularly strong, driven by rising gold prices and increased demand for secured credit.
• Strategic Focus on Digital Transformation and Diversification: While gold loans remain its core business, Muthoot Finance is strategically investing in technology to enhance customer experience and operational efficiency. The company is also gradually diversifying its product portfolio to include housing finance, personal loans, and insurance, which will reduce its dependence on a single asset class.

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• Strong Market Position and Growth Prospects: ABB India is a leading player in electrification and automation, well-positioned to capitalize on India’s infrastructure development, energy transition, and push for industrial automation. The company has demonstrated a robust growth track record, with a 3-year net income CAGR of 53.28%.
• Solid Financial Performance and Resilience: The company exhibits strong financial health with consistent revenue growth, improving margins, and a debt-free balance sheet. Its resilience is rated 5/5 by Smartkarma, reflecting high profitability and a strong ability to meet obligations.
• Premium Valuation and Margin Risks: The stock trades at a significant premium to its peers, with a P/E ratio of 78.28. An increasing share of large project orders, which typically have lower margins and longer execution times, could pose a risk to future profitability.

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• Polycab India is the largest manufacturer of wires and cables in India, holding a significant market share of 25-26% in the organized market. The company has demonstrated a consistent track record of outperformance and market share gains.
• The company is strategically expanding its Fast-Moving Electrical Goods (FMEG) segment, which includes fans, lighting, switches, and solar products, to diversify its revenue streams and capitalize on India’s consumption growth. This segment has grown at a CAGR of 25% over the last nine years.
• Fueled by strong government infrastructure spending, a revival in the real estate sector, and the global ‘China Plus One’ strategy, the outlook for the Indian wires and cables industry is robust, positioning Polycab for sustained growth.

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• Dominant Market Position with Integrated Model: GAIL holds a commanding position in India’s natural gas sector, operating across the entire value chain from transmission and trading to petrochemicals and city gas distribution. Its extensive pipeline network of over 16,000 km provides a significant competitive advantage and a stable revenue stream through transmission tariffs.
• Favorable Industry Growth Outlook: The company is well-positioned to benefit from the Indian government’s policy to increase the share of natural gas in the energy mix to 15% by 2030 from around 7% currently. This policy is expected to drive substantial growth in natural gas consumption, particularly in the City Gas Distribution (CGD) and industrial sectors.
• Significant Capex Plans to Drive Future Growth: GAIL is undertaking substantial capital expenditure, with plans to invest around ₹30,000 crore over the next three years in pipelines, petrochemicals, and CGD projects. A major ₹60,000 crore ethane cracker project in Madhya Pradesh is also planned, which will significantly boost its petrochemical capacity and future earnings potential.

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• Market Leader with Robust Order Book: Larsen & Toubro is a dominant player in India’s engineering and construction (E&C) sector with a record order book of ₹6.1 lakh crore as of June 2025, providing strong revenue visibility. A significant 46% of this order book is from international markets, particularly the Middle East, indicating successful geographical diversification.
• Diversified Business Model Mitigates Risk: The company operates a well-diversified model across Infrastructure, Energy, Hi-Tech Manufacturing, IT & Technology Services (through LTIMindtree and L&T Technology Services), and Financial Services. This structure allows L&T to capture growth across various economic sectors and mitigate risks associated with the cyclicality of the E&C industry.
• Strategic Focus on High-Growth Areas: L&T is strategically positioning itself for future growth by focusing on high-margin areas like green hydrogen, smart city technology, defense manufacturing, and digital services. The company’s new five-year plan emphasizes deepening its strengths in India and the Middle East while exploring these new, technology-driven opportunities.

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• The Trump administration’s announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
• Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
• While there may be limited short-term P&L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.

• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the company’s past performance

• Wakefit Innovations (1684049D IN) is looking to raise US$231m in its upcoming India IPO.
• Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. It mainly sells mattresses, furniture and furnishings.
• In this note, we look at the company’s past performance.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently eight pair trade opportunities across four markets and four sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.