Adroit Industries (India) Limited
23-Sep-26Adroit Industries reported a strong EBITDA margin of 28%, with ROCE of 20.7% and ROE of 20.3%, higher than GNA Axles and Talbros Automotive Components. Its integrated manufacturing capabilities support operating efficiency, while lower sales growth was impacted by capacity constraints, with Dewas operating at 87.9% utilisation in FY26. Capacity expansion at Dewas and Pithampur through additional forging, CNC machining and automated equipment is expected to support future growth. At 16.8x EV/EBITDA and 23.0x P/E, the valuation appears fair considering its superior profitability and return ratios; hence, we recommend a 'SUBSCRIBE' rating
National Stock Exchange of India Ltd.
15-Sep-26NSE offers a strong long-term valuation proposition, supported by its dominant market position, scale and robust profitability. However, the key near-term concern is the moderation in options volume, which NSE is witnessing a decline in FY26, while BSE has gained traction and is rapidly increasing its share in the options segment. This competitive shift could weigh on NSE’s transaction revenue growth and warrants a cautious near-term view. Nevertheless, we believe NSE’s strong franchise, significantly larger scale and established market ecosystem provide a solid base to navigate the evolving derivatives landscape. NSE is offered at 35.4x Q1FY27 annualized P/E, factoring in both its market leadership and the near-term pressure from increasing competition in options. Given the structural growth potential of Indian capital markets, we assign a “Subscribe” rating with a positive long-term outlook.
Rentomojo Limited
09-Sep-26Rentomojo operates a technology-driven furniture and appliance rental platform, leveraging the “Access over Ownership” trend. Its subscription model ensures recurring revenue, high customer retention, and efficient asset utilization through refurbishment and redeployment cycles. Revenues and Ebidta have shown a CAGR of 42%/46% respectively during FY24-26 and debt repayment post IPO will enhance profitability. At Upper price band, issue is priced at a 81.2x adj P/E (ex of 25.5% tax - adj PAT of Rs.52.3 cr and adj EPS of Rs. 5 in fY26) and 27.5x Ev/Ebidta of FY26 and we recommend ‘Subscribe’ given the strong revenue, profitability growth and superior yield.
Glass Wall Systems (India) Ltd.
08-Sep-26GWS reported 23% revenue CAGR during FY24–FY26 which is higher vs its peer Innovator Façade systems which grew at the CAGR of 3.0%. EBITDA margin stood at 23.0% versus 12.5% for Innovator. GWS also reported substantially higher ROCE of 37.6% and ROE of 32.2%. GWS has lower debt/equity of only 0.03x versus 0.26x for Innovator. The issue is valued at around 19.1x P/E and 14.5x EV/EBITDA which is higher vs the peer. However, given the significantly higher revenue growth, stronger margins, superior return ratios, low leverage, high-capacity utilisation, backward integration into glass processing and strong order visibility, we recommend SUBSCRIBE for this IPO.
ESDS Software Solution
28-Aug-26ESDS is a high-growth, profitable cloud and data-centre infrastructure company, with strong exposure to cloud computing, GPU-as-a-Service and the emerging AI infrastructure. Revenues have grown at a CAGR of ~28% during FY24–26, while EBITDA margin expanded significantly to ~50% in FY26. At the upper price band of Rs. 429, ESDS is seeking a post-issue market capitalization of ~Rs. 5,028 cr, implying ~41.6x FY26 P/E and ~21.5x EV/EBITDA. Its strong financials and strategic AI cloud infrastructure agreement with Sharon AI offsets the risk associated with this IPO like high customer concentration and intense competition and technology risk. We are giving a Subscribe rating to this IPO.
Symbiotec Pharmalab Ltd.
24-Aug-26Symbiotec Pharmalab is a global leader in corticosteroid and steroidal-hormone APIs and has a long regulatory track record (43 US DMFs, 23 EDQM CEPs). While fermentation, insulin/biologics, complex injectables and CDMO create potential second growth verticals, which are still too small at present. Revenue grew at a CAGR of ~10% and EBITDA at a CAGR of ~18% between FY24 to FY26, with EBITDA margin expanding from 23.9% to 27.4% over the same period. In FY26, ROE stood at 9.6% and ROCE at 11.6%.
The capacity ramp up of new facilities (Ujjain and Mhow units) and deleveraging are expected to improve return ratios to an extent, with fresh issue proceedings worth Rs. 112.5 cr are to be utilized towards debt repayment. The issue is priced at ~53x FY26 Adj EPS, which is at a discount to the peer average of ~90x P/E, despite Symbiotec's global leadership position. Given the reasonable relative valuation, sectoral tailwinds in corticosteroid/hormone APIs, expected scale up in CDMO outsourcing, and the company's backward-integrated cost position, we recommend a ‘SUBSCRIBE’ rating on the IPO.
Augmont Enterprises Ltd.
21-Aug-26Augmont Enterprises is an integrated gold and silver platform spanning procurement and refining, bullion trading, digital gold, jewellery manufacturing and international sales, operated through its ‘Augmont SPOT’ (enterprise) and ‘Augmont Gold For All’ (consumer) platforms. Revenue grew at a CAGR of ~64% and PAT grew at a CAGR of ~113% between FY24-FY26, aided by strong bullion volumes and a growing consumer digital-gold base of over 49.6 mn users. Despite EBITDA margin at 0.41% of a bullion-trading business, the company has posted a ROE of 51.0% and ROCE of 40.3% in FY26, reflecting an efficient, asset-light, high-turnover working-capital model and a near debt-free balance sheet (debt/equity: 0.01x).
The company has no comparable listed peers in India, given its unique integrated presence across the gold and silver value chain. At Rs 788, the issue is priced at 20.7x P/E to FY26 EPS, against ROE/ROCE profile. Given the expected strong growth, gradual margin expansion through scale up in its consumer business, capital-efficient model, and reasonable valuation for a scaled, profitable, category-leading platform, we recommend a ‘SUBSCRIBE’ rating on the IPO.
Gaja Alternative Asset Management.
19-Aug-26Gaja Capital offers an attractive valuation opportunity, supported by its scalable alternative asset management platform, strong growth and healthy profitability. FY26 revenue stood at Rs. 158 Cr, registering a 23% CAGR over FY24–26, while EBITDA margin remained strong at 60%. The company is offered at 23.4x EV/EBITDA and 27.5x P/E, reflecting a relatively reasonable valuation given its high-margin, asset-light business model. Its 16% ROE provides a strong base for further improvement as management fees, AIF commitments and carried interest scale up. The company's diversified revenue streams and potential for operating leverage provide visibility on long-term growth, while its strong profitability supports the current valuation. Given the scalable business model, healthy margins, strong revenue growth and attractive valuation, we assign a “Subscribe” rating with a positive long-term outlook.
Lalithaa Jewellery Mart Ltd.
17-Aug-26Lalithaa Jewellery is a South India-focused jewellery retailer with a strong presence across Tier-I, II and III cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry. With strong growth in revenue, EBITDA margin expanded from 4.1% in FY24 to 6.7% in FY26, aided by operating leverage and a growing base of recurring scheme customers. In FY26, ROE/ROCE stood at ~41.6% / ~41.7% respectively, the highest in its peer set.
The issue is valued at P/E of 11.1x based on FY26 EPS, which is a steep discount to the peer average of ~28.9x P/E. We believe this valuation gap offers a good investment opportunity considering risks related to gold-price volatility and working-capital intensity. With planned store expansion in place and proven strong fundamental record provides long term growth visibility for Lalithaa; thus, recommend a ‘SUBSCRIBE’ rating on the issue.
Shiprocket Ltd
12-Aug-26Shiprocket is a high-growth, loss-making but improving commerce platform with a large merchant base and multiple revenue levers. The investment case hinges on sustained growth, cross-selling, and margin expansion toward profitability. Company’s core shipping platform remains the principal revenue generator, while newer businesses such as cross-border solutions, checkout technology and merchant-focused software are expanding faster than the core business. Revenues have grown at a CAGR of 40% during FY24-26 with narrowing operating losses. At the upper price band, Shiprocket is seeking a post-issue market capitalization of ~ Rs. 7,058 cr, around 30% below its last reported private-market valuation of roughly Rs 10,000 cr and at ~3.5x EV/Sales in FY26, it is priced at a discount compared to pure-play logistics tech peers like Delivery (~4.0x–4.5x EV/Sales) and thus we recommend ‘Subscribe’ with a long term view.
Dhoot Transmission Ltd
10-Aug-26Over FY24–26, Dhoot delivered a robust 27% revenue CAGR, significantly outperforming the peer average of 18%. The company maintains EBITDA margin of 16%, higher than the peer average of 14%, while generating a ROCE of 19%, in line with industry leaders. At the upper price band, the IPO is valued at 24.8x EV/EBITDA and 44.9x P/E, which is at a discount to the peer average of 31x EV/EBITDA and 55x P/E, respectively. Considering its strong market position, robust growth outlook and reasonable valuation relative to peers, we recommend a 'SUBSCRIBE' rating for the IPO.
Indo-MIM Limited
23-Jul-26Indo-MIM is the largest company among the selected peers by revenue and delivers strong profitability with an EBITDA margin of 26%, The company also delivers the highest ROCE (21.5%) and ROE (18.9%) among the selected peers, reflecting efficient capital utilization and strong profitability. Despite its global leadership in Metal Injection Molding (MIM) and diversified end-market exposure, the IPO is offered at an attractive valuation of 23.2x EV/EBITDA and 44.9x P/E, which is significantly lower than the selected peers. Considering its Integrated manufacturing capabilities and reasonable valuation, we recommend a 'SUBSCRIBE' rating for the IPO.
Caliber Mining and Logistics Ltd.
17-Jul-26The company’s revenue has grown at a CAGR of 32.67% from Rs. 953 crores in FY24 to Rs. 1678 crores in FY26. Its EBITDA and PAT have also grown at 30%+ CAGR during the same period. Its EBITDA margins are decent 25.7% in FY26. Its debt equity ratio has reduced from 2.8x in FY24 to 1.7x in FY26. Its ROE and ROCE are decent at 25.3% and 16.7% respectively in FY26. Its working capital days have reduced from 38 days in FY24 to 21 days in FY26. The company is led by strong and experienced management. It has a strong order book of Rs. 9500 crores to be executed in next 2 to 3 years. Strong operational efficiencies are yielding it opportunities for new orders. It is also available at reasonable valuations (PE of 16.9x and EV/EBITDA of 8.8x). Hence, for all the above reasons, we recommend SUBSCRIBE to the IPO.
SBI Mutual Funds Management Ltd.
13-Jul-26SBI Mutual Fund is attractively valued relative to listed peers. The company commands the highest MF QAAUM of Rs. 12.5 lakh crore with a 15.3% market share, supported by a diversified product portfolio and a strong retail and institutional franchise. While Active MF QAAUM grew at a CAGR of 22% (FY24–FY26), the company continues to outperform on profitability and operating efficiency with a cost-to-income ratio of 20% and a strong EBITDA margin of 79%. SBI MF also reported a healthy ROE of 51%, significantly higher than HDFC AMC (33%) and Nippon Life AMC (35%). At 33.6x EV/EBITDA and 38.1x P/E, the issue is available at a discount to IPRU AMC & HDFC AMC. Given its market leadership, strong distribution network, healthy profitability and favorable industry outlook, we assign a 'SUBSCRIBE' rating to the issue from a medium- to long-term perspective.
Kusumgar Limited - IPO Note
08-Jul-26Kusumsagar operates in a niche segment of technical textile fabrics and solutions for defence, aerospace and industrial applications. High Entry barriers, vertically integrated and customer stickiness gives a competitive moat to the Company. Moreover, it’s Revenue CAGR Growth of 22% over last 2 years along with superior profitability and Return Ratios provides edge against its peers and comfort over the lumpiness in the business. Stock is available at a P/E of 44.8x and EV/EBITDA of 24.7x its FY26 earnings and we recommend ‘Subscribe’ to the issue.