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

Rain Industries: Stars Are Aligning - Can It Repeat 2021?

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>Rain reported impressive March quarter results. It continues to benefit from the reset in spreads between Raw/Green and Calcined Petcoke, although the Gulf war could disrupt this harmony.</li>
<li>Rain is partially insulated from the war with its localised American operations. The threat looms over its core Asian business, which relies on the Gulf for petcoke supply.</li>
<li>The Global aluminium production deficit is a positive for Rain as it pushes capacity utilisation to increase in the US and Asia ex-China, two of its largest markets.</li>
</ul>


Rain reported impressive March quarter results. It continues to benefit from the reset in spreads between Raw/Green and Calcined Petcoke, although the Gulf war could disrupt this harmony.
Rain is partially insulated from the war with its localised American operations. The threat looms over its core Asian business, which relies on the Gulf for petcoke supply.
The Global aluminium production deficit is a positive for Rain as it pushes capacity utilisation to increase in the US and Asia ex-China, two of its largest markets.


Rain Industries - Strong 1Q, Ancillary Play on Aluminium Cycle