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

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India IPO: Reasonable Price Package; Need to Break the South Barrier to Spice Up Future Growth

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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.</li>
<li>Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora.</li>
<li>IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable.</li>
</ul>


Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.
Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora.
IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable.


Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy