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

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

Blue Jet Healthcare Ltd / Equity Bottom-Up

<ul>
<li>BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&amp;D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.</li>
<li>Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.</li>
<li>Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.</li>
</ul>


BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&amp;D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.
Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.
Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.


Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet