India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944, BSE Enlistment No. 5593). He has 11+ 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

Edelweiss: Q3FY26 Update | Sale of Nido Home Finance and EAAA

Edelweiss: FY26 Earnings and SOTP Updates

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Edelweiss: All Stars Aligned for Next Two Years

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

Event-Driven

Edelweiss Financial Services / Event-Driven

<ul>
<li>We update our SOTP estimate on the stock based on 9mFY26 results as well as impact of recent transactions in Home Finance and Mutual Funds business</li>
<li>Shareprice is up 33% since Aug-2026 to Rs. 128/share in line with our original base case valuation. At revised SOTP, we estimate additional upside of 15-20%</li>
<li>We anticipate another round of re-rating as the company proceeds to  list the alternates business (EAAA) by Sept-2027</li>
</ul>


We update our SOTP estimate on the stock based on 9mFY26 results as well as impact of recent transactions in Home Finance and Mutual Funds business
Shareprice is up 33% since Aug-2026 to Rs. 128/share in line with our original base case valuation. At revised SOTP, we estimate additional upside of 15-20%
We anticipate another round of re-rating as the company proceeds to  list the alternates business (EAAA) by Sept-2027


Edelweiss Financial Services

EDEL IN - SOTP Update - EAAA IPO Awaited