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

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

Shadowfax Technologies / Equity Capital Markets

<ul>
<li>Shadowfax operates as a 3PL focusing on hyperlocal deliveries for E-commerce and D2C businesses. It has a wide network of 4,300 touch points covering 14,750 Pincodes </li>
<li>Company has been growing aggressively in recent years (45% CAGR over FY20-25) by expanding its network and customer base but also benefitting from consolidation in the sector.</li>
<li>Dependence on gig workers and declining outstourcing from Qcom players is a major threat. In light of this, the (40-50x FY27 EBITDA) seems excessive</li>
</ul>


Shadowfax operates as a 3PL focusing on hyperlocal deliveries for E-commerce and D2C businesses. It has a wide network of 4,300 touch points covering 14,750 Pincodes 
Company has been growing aggressively in recent years (45% CAGR over FY20-25) by expanding its network and customer base but also benefitting from consolidation in the sector.
Dependence on gig workers and declining outstourcing from Qcom players is a major threat. In light of this, the (40-50x FY27 EBITDA) seems excessive


ShadowFax IPO Review: Ancillary Play on Hyperlocal Delivery Boom in India, but Expensively Valued