India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944). He has 10+ years of experience in buy-side equity research through his stints at CRISIL and Miras investments.
At CRISIL, he has conducted deep analysis in multiple sectors ranging from consumer discretionary to pharma/ chemicals as well as consumer staples.
At Miras Investments, his role was to analyse late-stage investment opportunities in India focusing on Pre-IPO and IPOs.

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. Our bottom-up ideas range from IPO/QIPs to special situations; the underlying criteria is to identify market dislocations that can generate 20+% IRR with a reasonable safety margin.
As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.

India focused: IPO, special situations

Delhivery: Riding the Festive Wave and the GST Boost

The Beat Ideas: Indian Auto Industry: GST Cuts Power Record Festive Sales Surge

The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>Delhivery has consolidated its leadership position in Express Parcel segment through 'Ecom Express' acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.</li>
<li>Express PTL business is taking off along with the industry cycle. Supported by Delhivery's tech stack and deep infrastructure, it is ready to corner market share with margin expansion.</li>
<li>We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.</li>
</ul>


Delhivery has consolidated its leadership position in Express Parcel segment through 'Ecom Express' acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
Express PTL business is taking off along with the industry cycle. Supported by Delhivery's tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.


2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform