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

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

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 Capital Markets

Trualt Bioenergy Ltd / Equity Capital Markets

<ul>
<li>TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.</li>
<li>The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.</li>
<li>IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.</li>
</ul>


TBL boasts of the largest ethanol distillery capacity (3.6% market share). With capex for input fungibility done, the company has set its sights on becoming the largest producer soon.
The expansion in Compressed Bio-gas compounds the growth levers, but will require material working capital investments. Sustainable aviation fuel opportunity also seems compelling in light of the recent government push.
IPO seems priced to perfection with deal multiples of 12x FY26 EBITDA, visibly at the higher end of 6-14x multiple for peers. Faster deleveraging may add to market cap upside.
