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 Business Finance - At an Inflection Point

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>Q1FY27 AUM grew 10% YoY with record disbursements (+23% QoQ), but asset quality worsened as GNPA rose to 3.46%, capping PAT growth at 2% YoY.</li>
<li>Management separated sourcing and collection teams to curb stress, driving Opex/AUM to a peak of 7.3%. FY27 guidance targets ~20% AUM growth and 1.7–1.9% credit costs.</li>
<li>Maintaining a Hold recommendation with a ~₹600 target price (2–2.5x FY27 P/B). Strong balance sheet leverage capacity offers upside as growth and collection efficiency stabilize.</li>
</ul>


Q1FY27 AUM grew 10% YoY with record disbursements (+23% QoQ), but asset quality worsened as GNPA rose to 3.46%, capping PAT growth at 2% YoY.
Management separated sourcing and collection teams to curb stress, driving Opex/AUM to a peak of 7.3%. FY27 guidance targets ~20% AUM growth and 1.7–1.9% credit costs.
Maintaining a Hold recommendation with a ~₹600 target price (2–2.5x FY27 P/B). Strong balance sheet leverage capacity offers upside as growth and collection efficiency stabilize.


Five Star Q1FY27 Results: Operational Turnaround Underway; Maintain Hold