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

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>FY25 was Indian boxoffice's worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.</li>
<li>Company has strengthened its balance sheet post 'INOX' acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR</li>
<li>Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.</li>
</ul>


FY25 was Indian boxoffice's worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
Company has strengthened its balance sheet post 'INOX' acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.


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

Pvr Inox

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