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

Five Star Q1FY27 Results: Operational Turnaround Underway; Maintain Hold

Five-Star Business IPO Trading - One of the Best Anchor Books but Worst Overall Demand

Five Star Business Finance (FIVESTAR IN) | A Five Star Business

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

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

Five-Star Business Finance / Equity Bottom-Up

<ul>
<li>Five-Star is emerging from a stress-led portfolio repair phase into calibrated growth. Operations have been institutionalised. Collection efficiency exceeds 98%, signalling improving asset quality while disbursements are expected to pick-up.</li>
<li>Management guides for disbursements to grow 10% YOY as it slows down branch expansion. Considering strong credit demand and improving asset quality, we model AUM to grow 20% over FY26-28.</li>
<li>Despite near-term NIM compression and elevated operating expenses from investments in collections, technology and employee retention, Five-Star retains industry-leading profitability, expecting to close FY27 with RoA/RoE of 7.7%/16%</li>
</ul>


Five-Star is emerging from a stress-led portfolio repair phase into calibrated growth. Operations have been institutionalised. Collection efficiency exceeds 98%, signalling improving asset quality while disbursements are expected to pick-up.
Management guides for disbursements to grow 10% YOY as it slows down branch expansion. Considering strong credit demand and improving asset quality, we model AUM to grow 20% over FY26-28.
Despite near-term NIM compression and elevated operating expenses from investments in collections, technology and employee retention, Five-Star retains industry-leading profitability, expecting to close FY27 with RoA/RoE of 7.7%/16%


Aptus Value Housing Finance India (APTUS IN)

Five Star Business Finance - At an Inflection Point