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

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

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

CleanMax Enviro Energy Solutions Ltd (8382406Z IN)

<ul>
<li>CleanMax is India’s largest C&amp;I RE player with 2.80 GW of operational capacity and 3.17 GW of contracted capacity servinc 555 customers over 1,200+ PPAs</li>
<li>Renewable energy penetration for C&amp;I segment in India stood at ~7.4% in FY23, projected to reach ~20% by FY30, requiring 15-18 GW of annual capacity addition (22-24% CAGR)</li>
<li>With contracted customer base and committed evacuation infra, CleanMax should deliver 35+% Revenue/EBITDA CAGR over FY25-27. It also boasts a 5GW pipeline, 60% of which is at advanced stages</li>
</ul>


CleanMax is India’s largest C&amp;I RE player with 2.80 GW of operational capacity and 3.17 GW of contracted capacity servinc 555 customers over 1,200+ PPAs
Renewable energy penetration for C&amp;I segment in India stood at ~7.4% in FY23, projected to reach ~20% by FY30, requiring 15-18 GW of annual capacity addition (22-24% CAGR)
With contracted customer base and committed evacuation infra, CleanMax should deliver 35+% Revenue/EBITDA CAGR over FY25-27. It also boasts a 5GW pipeline, 60% of which is at advanced stages


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