Archives: Ipos

Clean Max Enviro Energy Solutions Ltd. (CMEES) is a renewable energy provider focused on commercial and industrial (C&I) customers, operating through a fully business-to-business model. With 15 years of experience, the company delivers decarbonization solutions, including renewable power supply, energy services, and carbon credit offerings. Its capabilities extend to EPC and O&M services for solar, wind, and hybrid plants, both at customer premises and at CleanMax-developed farms. India is expected to experience rapid growth, with its annual solar and wind capacity additions increasing from 35 GW in 2024 to 61 GW in 2030. The company is set to capitalize on favorable macroeconomic growth, supported by its in-house expertise across key functions, enabling it to maintain service quality, manage costs, ensure timely project delivery, and mitigate construction and operational risks. The integration of project development, execution, and management capabilities supports timely commissioning, delivery within budget, and optimal plant performance, thereby strengthening its ability to attract and retain customers. CMEES’ broad geographic presence among C&I renewable energy players in India allows it to serve customers across multiple states and geographies. Its diversified offerings, tailored to specific client requirements, and its focus on smaller, customer-centric engagements help diversify risk across clients, sectors, and regions. The company’s ability to retain and expand relationships with existing customers provides deeper insights into client ecosystems, supporting strategic planning, cross-selling opportunities, and long-term visibility in its contracted pipeline. On the financial front, the company’s revenue and EBITDA grew at CAGRs of 26.8% and 55.1%, respectively, over FY23-25. During the same period, its EBITDA margin grew from 40.3% to 60.2%. At the upper price band, the company is valued at an EV/EBITDA multiple of 21.2x. Given the company’s position within the industry, improving financials and favorable macro-economic conditions, we recommend a “SUBSCRIBE” rating to the issue from a medium-to long-term perspective.

Shri Ram Twistex Limited operates as a B2B-focused cotton yarn manufacturer with a diversified product mix spanning carded, compact and value-added yarns, supported by an integrated spinning facility and institutional customer relationships. The company’s manufacturing integration, customization capabilities and presence across knitting and weaving segments position it to participate in both domestic textile demand and export-linked opportunities. The operating environment remains structurally favourable. The industry is projected to scale to USD 350 billion by 2030, supported by favourable demographics, raw material availability, a fully integrated textile value chain and policy support. As the second largest spinning capacity globally after China, India remains a key supplier of cotton yarn, with nearly 70% of production consumed domestically. Financially, the company has delivered steady revenue and operating growth over FY23 to FY25, with Revenue, EBITDA and PAT registering CAGRs of 9.4%, 10.2% and 97.5%, respectively. While EBITDA margins moderated to 8.2% in FY25 from 8.8% in FY24 due to elevated input and other costs, margins remain broadly stable compared to FY23 levels. The sharp improvement in PAT CAGR reflects operating leverage benefits and improved cost absorption over the period. Return ratios have strengthened meaningfully, with ROE improving from 3.4% in FY23 to 10.8% in FY25 and ROCE expanding from 7.2% to 10.9% over the same period. The improvement in capital efficiency indicates better utilization of the expanded spindle base and gradual normalization of profitability metrics. On the valuation front, with the company trading at a P/E of 38.2x based on it FY25 earnings, which we believe is fairly priced given the stronger financials compared to its peers. We thus recommend a “SUBSCRIBE” rating from a medium-to long-term perspective.

Gaudium IVF and Women’s Health operates as a specialized fertility and women’s healthcare provider focused on assisted reproductive technology (ART) services, supported by a patient-centric care model, experienced clinical leadership, advanced embryology infrastructure, and a scalable asset-light hub-and-spoke network. The company’s strategy centres on expanding its geographic footprint through a calibrated mix of hub strengthening and spoke additions, driving operating leverage through standardized SOPs, optimizing centre-level utilization, and enhancing brand visibility in high-growth urban and semi-urban markets. Industry dynamics remain favourable, underpinned by rising infertility incidence, lifestyle-related reproductive challenges, delayed parenthood trends, improving awareness and social acceptance of IVF procedures, and increasing penetration of organized fertility chains in India’s fragmented ART landscape. Against this backdrop, Gaudium’s technology-led differentiation, integrated service offerings, and capital-efficient expansion model position it to capture incremental market share while maintaining quality consistency. On the financial front, the business model is characterized by revenue visibility driven by IVF cycle volumes, relatively high gross margins inherent in ART procedures, and improving EBITDA margins as centres mature and fixed costs are absorbed over higher throughput. The asset-light structure supports calibrated capex intensity, better return ratios, and controlled leverage, positioning the company for sustainable cash flow generation as utilization scales. Overall, improving financial performance, scalable infrastructure, and structural industry growth drivers provide long-term growth visibility. The issue is valued at a P/E ratio of 25.3x on the upper price band based on FY25 earnings. we thus recommend a “SUBSCRIBE” rating for this issue.

India’s real estate sector is projected to reach USD 1 trillion by 2030 and contribute 13% to GDP by 2025. This strong growth is driven by urbanization, rising incomes, and policy support; between 2019 and 2023, the top seven cities saw robust housing demand with 4.76 lakh units absorbed in 2023 alone, leading to a decline in unsold inventory to around 6 lakh units and the lowest inventory overhang in 6–7 years. As a prominent player with a well-established brand name, Kalpataru, backed by an experienced and qualified management team, the company is well-positioned to capitalise on these growing trends in the Indian real estate industry. The company has maintained its focus on the MMR and Pune regions, with a strong project pipeline. They are working towards the timely completion of these projects, as this will generate cash flow and enable them to unlock potential value in their existing land reserves. Additionally, the company is exploring new opportunities, including redevelopment, JDA and JV projects. The company currently has 13 such ongoing projects, including five redevelopment projects, two joint venture projects, and six joint development agreements. Financially, the company’s revenue declined from Rs. 36,332 mn in FY23 to Rs. 19,300 mn in FY24, while the 9MFY25 revenue stands at Rs. 16,247 mn. According to management, the topline for FY23 was higher due to one-time income from the sale of its land parcel, and corresponding adjustments of overheads, etc., resulted in higher losses of Rs. 2,268 mn in FY23, which narrowed to Rs. 1,138 mn in FY24. This was also because of the reduction in the company’s interest cost from Rs. 1,303 mn in FY23 to Rs. 342 mn in FY24. In 9MFY25, the company turned profitable, reporting a profit of Rs. 55 mn. The company’s management is confident that it can further enhance its financial performance and maintain its profitable status in the years to come, given its ongoing projects. Further, as of March 27 , 2025, the company converted Rs. 14,400 mn worth of unsecured debentures into equity shares, which will reduce debt and increase capital. Additionally, the company may monetize land reserves and explore joint ventures to unlock value, while managing financial risks through refinancing and strategic debt repayment to reduce borrowing costs. The company also plans to use the funds raised from this IPO to repay its debt. The company is currently valued at a P/E ratio of 554x on the upper price band, based on FY25 annualized earnings, which is comparatively higher than its peers. Although the company’s ongoing projects in high-growth cities, favourable industry dynamics, and intention to repay debt position it well for long-term growth, the company’s debt and high valuation make it a risky bet; hence, we recommend an “AVOID” rating for this issue. We will reassess our recommendation if there is a sustained improvement in the company’s debt structure and valuation metrics in future.

The company’s valuation is supported by strong balance sheet expansion, improving operating scale and sustained profitability. AUM increased from Rs. 2,722 crores in FY23 to Rs. 5,534 crores in FY25, delivering a 42.6% CAGR, while disbursements grew at a 34.9% CAGR to Rs. 4,291 crores over the same period. Net worth expanded at a faster 48.3% CAGR to Rs. 1,659 crores, reflecting internal accrual strength and capital support for growth. Profitability metrics strengthened during the growth phase, with NIM rising from Rs. 369 crores in FY23 to Rs. 858 crores in FY25, registering a 52.6% CAGR, while NIM margins remained healthy at 15.3% in FY25. Operationally, the branch count increased from 398 in FY23 to 526 in FY25 and AUM per branch improved 24% over FY23-25, indicating productivity gains alongside scale. Asset quality metrics reflect growth-led stress but remain supported by provisioning buffers and collection infrastructure. GNPA increased from Rs. 65 crores in FY23 to Rs. 217 crores in FY25, with GNPA ratio rising to 4.21%, while credit cost grew in line with portfolio seasoning to Rs. 289 crores in FY25. Despite this, provisioning coverage ratio remained at 67.6% in FY25, and collection efficiency stayed above 91%, demonstrating recovery discipline. The company continues to maintain strong capital buffers, with CRAR improving to 34.9% in FY25, providing adequate headroom for further expansion. The portfolio mix remains balanced, with fixed-rate loans forming 65% and floating-rate loans 35% as of FY25, enabling margin stability. The net interest income (NII) grew at 42.3% over FY2024-25 period to Rs. 699 crores, while the net profit doubled to Rs. 175 crores over the same period. At the upper end of the price band of Rs. 129 per share, the issue is valued at a P/B of 1.84x based on FY25 earnings. The valuation is broadly in line with industry peers. Given its scalable model, expanding distribution footprint and improving earnings trajectory, we recommend a “Subscribe” rating for the issue

Shadowfax Technologies Limited is a technology-led third-party logistics provider with a differentiated full-stack presence across express e-commerce deliveries and last-mile logistics for quick commerce, food delivery, and other hyperlocal use cases, supported by one of the largest gig-based delivery partner networks in India and a proprietary, modular technology platform. The company’s comprehensive service portfolio enables it to address complex and time-sensitive logistics requirements across diverse digital commerce models, while its scaled, interoperable gig infrastructure and AI-driven systems deliver high execution reliability and structurally competitive unit economics. At the same time, Shadowfax’s flexible, customizable service architecture enables it to deepen engagement with high-yield client segments, such as D2C brands and SMEs, supporting superior revenue quality and operating leverage as volumes scale. On the economic front, STL is structurally positioned to benefit from India’s underpenetrated yet fast-growing e-commerce, quick commerce, and on-demand hyperlocal markets, supported by favourable digital adoption trends, rising convenience-led consumption, and increasing demand for faster, value-added logistics services. On the financial front, the company has delivered a revenue CAGR of 33% between FY23–25. Profitability has seen a substantial turnaround over the same period, with EBITDA improving from a loss of Rs. 113 crores in FY23 to a profit of Rs. 64 crores, while PAT moved from a loss of Rs. 143 crores to a profit of Rs. 21 crores. Going forward, we expect further improvement in margins and return ratios, driven by a favourable shift in service mix toward higher-yield segments such as value-added express services, same-day delivery, quick commerce, and D2C/SME-led volumes, alongside operating leverage and continued technology-led cost efficiencies. At the upper end of the price band of Rs. 124 per share, the company is trading at a P/E of 155.0x based on its FY26 annualised earnings. Supported by strong industry tailwinds and clear profitability drivers, STL appears well-positioned to benefit from the evolving digital commerce landscape. We thus recommend a “SUBSCRIBE” rating to the issue from a medium-to long-term perspective.

Amagi Media Labs Limited is a global, cloud-native media technology company delivering SaaS solutions that enable content owners, broadcasters, streaming platforms, and advertisers to efficiently distribute, manage, and monetize video content. Founded in 2008 and headquartered in Bengaluru, the company operates through three core business verticals, Cloud Modernization, Streaming Unification, and Monetization and Marketplace, each purpose-built to solve critical, structural challenges across the evolving media and entertainment value chain. Amagi’s growth strategy follows the “Win, Expand, Extend” framework, a proven vertical SaaS playbook. The company focuses on winning new customers through differentiated, cloud-native solutions, expanding wallet share by cross-selling and upselling across its integrated platform, and extending growth via new products, adjacent workflows, and geographic expansion. This approach supports efficient scaling, deeper customer engagement, and sustained long-term growth in a rapidly evolving media ecosystem. The global M&E industry is expected to grow at a CAGR of 3.7% from CY24 to CY29, reaching Rs, 301.3 trillion (USD3.6 trillion) by CY29. On the financial front, Amagi has delivered strong and consistent growth, with revenue from operations recording a 30.7% CAGR between FY23 and FY25 and rising 34.6% YoY to Rs. 704.8 crores in H1FY26, driven by new customer wins and ,deeper engagement from existing clients. The business demonstrates high customer stickiness, reflected in net revenue retention of ~127% in both H1FY26 and FY25. Profitability metrics continue to improve, with gross margins expanding from 64.7% in FY23 to 69.3% in FY25 and remaining stable at ~69.6% in H1FY26, supported by a software-led delivery model. Despite absolute increases in employee and operating costs, Amagi has shown clear operating leverage, with operating expenses declining from 85.5% of revenue in FY23 to 67.3% in FY25, and further improving to 61.3% in H1FY26. At the upper price band of Rs. 361, Amagi Media Labs Ltd. is valued at a P/S multiple of 0.3x based on FY25 sales. Given the company’s scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

Gujarat Kidney and Super Speciality Limited operates in the structurally strong Indian hospital sector, which has grown rapidly, driven by rising prevalence of lifestyle diseases, an ageing population, increasing insurance penetration, and higher healthcare spending, with Gujarat remaining an under-penetrated market offering significant long-term opportunity. The company follows a regional cluster-based strategy, operating mid-sized multi-speciality hospitals focused on secondary and tertiary care, with a strong presence in high-margin super-specialities such as nephrology, urology, renal transplants and cardiology, supported by in-house diagnostics and pharmacies. The company’s strategy focuses on scaling its asset-light hospital model through selective acquisitions and operational control of existing hospitals, enabling faster expansion with lower capital intensity and superior return ratios. It aims to deepen its presence in high-margin super-specialities such as renal sciences, urology, cardiology and minimally invasive surgeries, while improving bed utilization and operational efficiencies across its network. On a pro forma consolidated basis, the company reports healthy profitability and return ratios, with EBITDA margins of ~24% and low leverage, and compares favourably with listed peers despite its smaller scale. Overall, the company’s outlook remains positive, braced by strong demand for chronic and specialty healthcare, expansion of bed capacity and specialties, increasing insurance coverage and government healthcare support in Gujarat. At the upper end of the price band at Rs. 114, the company is valued at a P/E multiple of 61.6x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.