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

PVR: Unit Economics Optimised, Ready for Content Cycle

PVRINOX IN: Tactical Bet - Strong Content Pipeline Can Translate to near Term Outperformance

PVR Inox (PVRINOX IN) - Footfall Recovery Key to Re-Rating

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

<ul>
<li>Revenue grew 12% YoY (₹1,642cr), while operating leverage expanded EBITDA margins to ~14%. With asset-light expansion strategy, both PAT and cash flows will be robust for FY27/28</li>
<li>The shift to asset-light/FOCO models reduced FY27 capex to ₹350cr, resulting in a ₹ 80.7cr net cash position, strong free cash flows, and the potential evaluation of corporate action.</li>
<li>FY27 PAT estimate raised to ₹340cr (from ₹290cr); supported by strong Hollywood (Spider-man-3 estimated to gross $50mn on top of Odyssey's $25mn). 3Q pipeline looks robust with regional/Hindi movies lined-up.</li>
</ul>


Revenue grew 12% YoY (₹1,642cr), while operating leverage expanded EBITDA margins to ~14%. With asset-light expansion strategy, both PAT and cash flows will be robust for FY27/28
The shift to asset-light/FOCO models reduced FY27 capex to ₹350cr, resulting in a ₹ 80.7cr net cash position, strong free cash flows, and the potential evaluation of corporate action.
FY27 PAT estimate raised to ₹340cr (from ₹290cr); supported by strong Hollywood (Spider-man-3 estimated to gross $50mn on top of Odyssey's $25mn). 3Q pipeline looks robust with regional/Hindi movies lined-up.


PVR Q1FY27 Results: In-Line Results; Can Hollywood Light Up 2Q?