Archives: Ipos

Shanti Gold International Ltd., one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery, specializes in the design and production of all types of gold jewellery. The company offers a wide range of intricately designed, high-quality pieces and has a presence in both domestic and international markets. Its fully integrated in-house manufacturing facility enables the company to manage key functions and maintain product quality in line with customer standards. SGIL has long-standing relationships with its clients and is actively working to expand its global footprint, particularly in the USA and the UAE. The Indian jewellery market is expected to grow at a CAGR of 9.7% between CY23 and CY29. This surge in demand can be attributed to the growing middle-class population and rising disposable income levels. As more individuals experience higher income, they become more capable of affording luxury items like gold jewellery. For this segment, gold jewellery is seen not only as a status symbol and a reflection of an improved lifestyle but also as a valuable investment. SGIL focuses on designing and manufacturing a wide variety of jewellery to cater to diverse regional and international preferences. This strategy is expected to help the company build partnerships, expand its distribution network, and adapt its offerings to evolving market trends. Financially, the company has demonstrated robust growth, with revenue growing at a CAGR of 27.6% between FY23 and FY25. EBITDA and net profit grew at CAGRs of 46.5% and 67.9%, respectively, during the same period. On the upper band, the issue is priced at a P/E of 19.2x based on FY25 earnings, which aligns well with its peers. Given SGIL’s strategic international expansion and established domestic client base, we recommend a “SUBSCRIBE” rating for the issue with a medium to long-term investment perspective.  

Anthem Biosciences Limited is a leading innovation-driven Indian CRDMO with fully integrated capabilities across the drug development value chain. The company’s core strategic focus has been on early investments in building integrated capabilities across both small molecules and biologics (large molecules), enabling it to serve the entire drug development value chain, from discovery to commercial-scale manufacturing. The company focuses on innovation in advanced technologies such as ADCs, RNAi, peptides, and biotransformation, providing a distinct edge. It is the only Indian CRDMO with fully integrated capabilities across both New Chemical Entities and New Biological Entities, allowing it to deliver comprehensive services from discovery to commercialization. The company has leveraged its early-mover advantage in these platforms to establish high entry barriers and differentiated positioning. Furthermore, Anthem Biosciences has complemented its scientific capabilities with technology-led manufacturing techniques such as flow chemistry, biotransformation, and green chemistry, which improve sustainability and enhance process economics. The company also employs a customer-centric strategy that emphasizes long-term relationships with innovative pharmaceutical and biotech companies. Its ability to support over 675 clients and contribute to the lifecycle of 10 commercialized molecules (which contributed ~54% to FY25 revenue) reflects its trusted partner status. On the financial front, the company has demonstrated stable and improving performance over the past three years, supported by strong operating performance and capital efficiency. In FY25, the company reported healthy annual revenue growth, driven by scale-up across its integrated CRDMO platforms and strong client demand for both small and large molecule development. Additionally, the company’s prudent capital allocation and focus on expanding high-margin service verticals have enabled it to deliver industry-leading EBITDA margins (36.8% in FY25) and strong ROCE. With industry-leading growth, superior return ratios, differentiated capabilities in high-barrier segments, and strong global customer relationships, Anthem Biosciences stands out as a premium CRDMO player. The issue is valued at a P/E ratio of 70.9x based on the upper price band, using FY25 earnings. We thus  recommend a “SUBSCRIBE” rating for this issue

Indiqube Spaces is a managed workplace solutions provider that offers comprehensive, sustainable, and technology-enabled office infrastructure aimed at transforming the traditional workspace experience. Operating under the brand ‘IndiQube’, the company serves 769 clients as of March 31, 2025, with 43.5% comprising Global Capability Centres (GCCs) and 56.4% being Indian enterprises. The company focuses on acquiring properties in high-demand micro-markets with strong infrastructure connectivity and is expanding its footprint across both Tier I and non-Tier I cities. In non-core markets, it follows a managed aggregation model, collaborating with landlords through revenue/profit-sharing and shared capex structures. Indiqube achieved a payback period of 24 months from fit-out commencement, outperforming the industry average of 47-48 months. Its capex per square foot stands at Rs. 1,507, significantly lower than the industry average of Rs. 2,400 per sq. ft. (CBRE). Financially, the company has demonstrated strong growth, with total income rising from Rs. 601 crores in FY23 to Rs. 1,102 crores in FY25, a CAGR of 35.4%. Operational performance remains solid, with an 86.5% occupancy rate in steady-state centres, a 34.2% ROCE, and cash EBITDA margins of 10.8% as of FY25. Despite being loss-making, the company maintains healthy revenue streams and strong operating cash flows, reflecting sound business fundamentals. Client acquisition is driven through both brokerage partnerships and direct digital channels, with 60.8% of seats sold via brokers and 39.1% through direct sales in FY25. At the upper price band of Rs. 237, Indiqube is valued at a FY25 EV/Adjusted EBITDA multiple of 41.7x, which is at a premium to peers. However, given its robust topline growth, operational efficiency, and scalable model, we recommend a ‘SUBSCRIBE’ rating to this issue for long-term investors.

GNG Electronics operates in the refurbished electronic space as one of the larger player, offering a comprehensive range of refurbished products at a highly discounted rate. GNG’s core strengths lie in its category leadership, extensive global supply chain, and robust sourcing network, supported by partnerships with global OEMs like HP, Lenovo, and Microsoft. Its business model is well-aligned with the growing focus on sustainability and ESG compliance, backed by certifications such as EPR and ISO. The company also benefits from strong process control, wide product assortment (5,800+ SKUs), and an expansive distribution network, including 4,000+ global touchpoints. On the industry front, the global refurbished personal computers market grew from USD 9.7 billion in CY18 to USD 17.1 billion in CY24, reflecting an 9.9% CAGR, and is expected to grow at 18.9% CAGR over CY24-29 reaching USD 40.6 billion. Similarly, the Indian refurbished PC market grew from USD 0.2 billion in FY19 to USD 1 billion in FY25, showing a 28% CAGR, and is expected to reach USD 4 billion by FY30, registering a CAGR of 30%. Given the increasing preference for refurbished devices and traction in the organised market share, we believe that the company is well positioned to benefit from the macro-level tailwinds. Financially, the company reported Revenue/EBITDA/PAT at a CAGR of 46.3%/58.0%/45.9% between FY23 and FY25. On the margin front, consistent improvement on the operational level is seen driven by better top line and lower overall expenses. There has been an uptick in debt levels between FY23-25. However, we anticipate improved profitability and better return ratios in the medium term as proceeds would largely be used to repay debt. ROE and ROCE for FY25 stood at 30.4% and 16.1%, respectively. Owing to GNG Electronics’ strong positioning in a high-growth industry, demonstrated financial performance and improving operational metrics, we believe the company is well placed to capture the expanding opportunity in the organised refurbished electronics market. The issue is valued at a P/E of 33.4x on the upper price band based on FY25 earnings, which is deemed fair. Therefore, we recommend a SUBSCRIBE rating for the issue.

The Indian hospitality sector is expected to experience steady demand growth, driven by increased business travel, domestic tourism, leisure, MICE, weddings, and social events, on the back of rising incomes and improved connectivity. Despite the increasing demand, the supply of hotels is expected to remain limited, resulting in a shortage of supply. This demand-supply gap leaves ample room for growth and expansion among its players. Brigade Hotel Ventures Ltd, a prominent hotel owner and developer in key cities across India, with a strategic focus on South India, is well-positioned to capitalize on the growth opportunity in the industry. Due to its association with Brigade Enterprises Limited (BEL), a reputable real estate developer, the company benefits from strong parentage, deep real estate expertise, and brand credibility, which helps them to strategically identify high-growth areas, particularly near airports, business hubs, and retail centres and build quality hotels such as Sheraton Grand Bangalore at Brigade Gateway, Grand Mercure Bangalore, Holiday Inn Bengaluru Racecourse, etc. The company have a business model where they either own or lease hotel assets and engage global hospitality companies to operate, maintain, and market their hotel assets under management contracts, which attracts global clientele. Additionally, the company strive to optimize their operating expenses, resulting in improved profitability. Furthermore, the company plans to expand its operations and market presence with five new projects in the luxury and upper mid-scale segments. This expansion plan positions the company well to capture on future growth opportunities in the industry. Financially, the company has reported a revenue CAGR of 15.6% from Rs. 3,502 million in FY23 to Rs. 4,683 million in FY25. The EBITDA of the company showed a CAGR of 30.3% from Rs. 968 million in FY23 to Rs. 1,644 million in FY25. The company reported a net loss of Rs. 31 million for FY23. In FY24, the company turned profitable with a profit of Rs. 311 million. However, in FY25, the company’s net profit reduced to Rs. 237 million. According to management, this decline in profit was due to the adjustment of deferred tax in accordance with new accounting standards. As of March 31, 2025, the company holds a debt of Rs. 1,394 million, and management intends to pay off a portion of this debt using the proceeds from the IPO. The company is valued at a PE ratio of 125x on the upper price band based on FY25 earnings, which is comparatively higher than its peers. Considering the company’s expanding portfolio, operational efficiency, favourable industry dynamics, and intention to repay debt, we recommend a “SUBSCRIBE” rating for this issue for a medium to long-term perspective.

India’s commercial office market, projected to grow at a 6.7% CAGR during FY25 to FY27 period, is largely fragmented, with 70.2% of the stock held non-institutionally. As the workplace landscape shifts toward hybrid working models, the demand for flexible workspaces is increasing, driven by both domestic companies and multinational corporations seeking cost-effective, modern office solutions. Being the market leader, Smartworks Coworking Spaces Ltd. is well-positioned to capitalize on this market growth. With a lease-signed portfolio of 8.99 million sq. ft., the company’s business model is tailored to the evolving needs of mid-to-large enterprises. Smartworks specializes in leasing and transforming large bare-shell properties into tech-enabled, amenity-rich campuses, allowing for fast and capital-efficient office solutions. Its extensive pan-India presence, combined with modular design capabilities and rapid delivery timelines, gives it a competitive edge in the growing managed workspace sector. The company’s strong relationships with landlords and enterprises, along with their ability to optimize capital expenditure, position them to capture significant market share as flexible workspaces become more prevalent in India. Further, the management intends to maintain its market leadership and scale its business by expanding new centres. Financially, the company has reported a revenue CAGR of 39.0% from Rs. 7,114 million in FY23 to Rs. 13,741 million in FY25. The EBITDA of the company showed a CAGR of 42.2% from Rs. 4,240 million in FY23 to Rs. 8,573 million in FY25. On the bottom line, the company reported net losses, which narrowed down from Rs. 1,010 million in FY23 to Rs. 632 million in FY25. According to the management, these losses are attributed to the new accounting rules that required the company to set aside specific financial provisions or adjustments, which affected the final net result. As of March 31, 2025, the company holds a debt of Rs. 2,160 million, and management intends to pay off a portion of this debt using the proceeds from the IPO. Given its proven track record of converting existing properties into fully serviced, tech-enabled workspaces, its strategic focus on offering flexible office solutions and ability to outpace industry growth, we recommend a “SUBSCRIBE” rating for the issue with a medium to long-term investment perspective.

Crizac Ltd. is a B2B education platform that facilitates international student recruitment for global higher education institutions.  Over the years, the company has established strong and long-standing partnerships with over 173 global institutions in countries such as the United Kingdom, Canada, the Republic of Ireland, Australia, and New Zealand. The market opportunity ahead is substantial. The total number of Indian students studying abroad is expected to grow to 2.5 million by 2030, expanding at a CAGR of 7.8%. Crizac’s entrenched institutional relationships, scalable tech platform, and globally diversified agent network position it well to capture this secular growth trend in international student mobility. The company has exhibited a strong financial trajectory, with revenue from operations growing at a CAGR of 34.0% between FY23 and FY25, from Rs. 472.97 crore in FY23 to Rs. 849.49 crore in FY25. During the same period, adjusted PAT increased from Rs. 112.1 crores to Rs. 152.9 crores, translating to a CAGR of 16.8%. Crizac continues to operate with robust profitability metrics. In FY25, the company reported an EBITDA of Rs. 212.8 crore, with an EBITDA margin of 25.1%, ROE of 30.4%, and ROCE of 44.5%. Despite some moderation in margins due to scaling up operations, the business remains fundamentally asset-light and cash-generative. As of March 2025, Crizac had 10,362 registered agents from over 75 countries on its proprietary technology platform, enabling it to efficiently source applications for enrollment into global institutions. At the upper band of Crizac’s IPO price – a P/E of 28x on FY25 earnings – appears reasonable, considering its growth momentum, operational scalability, and leadership in UK-bound student recruitment. Given its differentiated B2B positioning and strong financial profile, we recommend a “SUBSCRIBE” rating for this issue.

Indogulf Cropsciences Limited is strategically positioned in the agrochemical sector, with a strong foundation built on a diversified product portfolio, backward-integrated manufacturing, and a robust distribution network. To capitalize on the opportunities, the company has laid out a well-defined growth strategy. This includes expanding its product portfolio and manufacturing capacities, particularly through the proposed in-house dry flowable (DF) plant at Barwasni. It also aims to strengthen its global footprint by increasing export registrations and entering new international markets. Additionally, Indogulf plans to deepen its R&D focus, streamline operations for cost efficiency, and enhance its sales and distribution network across both domestic and overseas territories. This multi-pronged strategy positions the company well for sustainable growth and value creation in the medium to long term. The agrochemical industry is also expected to benefit from structural growth factors, including rising food demand, increasing farm mechanization, and supportive government policies aimed at agricultural sustainability and food security. These trends create a favourable demand environment for Indogulf’s wide range of technical, formulation, and fertilizer products. On the financial front, the company has demonstrated stable and improving performance over the past three years, driven by strong demand across both domestic and international markets. EBITDA margins have remained steady, aided by cost optimization and value-added product offerings. The company also maintains a low debt-to-equity, underscoring a strong balance sheet. Overall, Indogulf’s financial outlook appears stable and growth-oriented, led by a strong growth trajectory, financial stability, and a well-articulated expansion strategy. The company’s backward-integrated manufacturing setup, diversified product portfolio, and expanding global footprint provide a strong competitive advantage. The planned capacity expansion, deeper market penetration, and R&D focus are likely to enhance earnings visibility in the coming years. The issue is valued at a P/E ratio of 21.8x on the upper price band based on FY25 earnings (annualized). We, thus, recommend a “SUBSCRIBE” rating for this issue.

HDBFSL is the seventh largest leading NBFC in terms of total gross loan book. The company is also the second largest and third fastest growing customer franchise amongst its peers. Bolstered by its diversified product offerings, strong geographical presence across India, technology backed rapid turnaround times and strong customer service, the company is well positioned to meet the demand of the various customer categories, particularly in the deeper pockets of the nation. Given its granular, collateral-backed loan book and strong presence in underpenetrated Tier 3 and Tier 4 markets, HDBFSL is well-positioned to tap into the rising credit demand from India’s expanding lower- and middle-income segments. Its hybrid distribution model, backed by digital capabilities and deep OEM partnerships, offers the scale and flexibility needed to serve these evolving customer needs efficiently.  As credit penetration continues to rise across rural and semi-urban India, the company stands to benefit from structural economic tailwinds, driving consumption and enterprise financing. Financially, the company has reported a steady topline CAGR of 14.6% between FY23 and FY25. On the return front, HBDFSL has reported ROA at 2.1% in FY25 (vs 2.7% in FY24), while ROE declined from 17.9% in FY24 to 14.6% in FY25. GNPA and NNPA both increased from 1.9% and 0.6% in FY24 to 2.3% and 1.0% in FY25, respectively, as a result of slippages and write-offs during the fiscal. Despite the relatively lower return ratios and profitability growth, we remain optimistic of the company’s longer-term growth trend supported by a strong brand parentage, diversified liability franchise supported by a strong credit rating of AAA and a pan-India presence. The issue is valued at a P/B ratio of 3.9x at the upper price band based on FY25 book value, which we believe to be fairly valued compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating to this issue from a long term perspective.

Sambhav Steel Tubes Limited stands out in the Indian steel industry as the only player with a single-location, backward-integrated setup capable of producing sponge iron, blooms/slabs, hot-rolled (HR) coils, and various value-added products, including GP/GI pipes, stainless steel HRAP and CR coils. The company’s backward integration from iron ore to finished products significantly reduces its dependency on third-party suppliers, enhances operational efficiency, and enables faster responsiveness to market demands. The company also continues to develop new value-added products and focus on customization to expand its customer base and meet evolving market trends. Ongoing product development remains a core focus area for the company, and aim to continue this in the future. As part of its growth strategy, the company is aggressively expanding its installed capacity from ~1.1 MTPA in FY24 to ~1.7 MTPA in FY25, and plans further to add 1.2 MTPA through a new greenfield facility. This phased expansion aims to capture the increasing domestic demand for ERW and stainless-steel pipes, driven by government infrastructure push and rising applications in the industrial and consumer sectors. Additionally, by enhancing its product mix and forward integrating into steel door frames and specialized GP pipes for coastal markets, the company is aligning its offerings with evolving industry trends. On the financial front, the company has demonstrated a consistent and robust financial trajectory, underpinned by strong revenue growth and industry-leading profitability metrics. The company is also actively pursuing capital expenditure across its existing and upcoming facilities to enhance capacity and product capabilities. While this expansion may compress free cash flows in the near term, management expects improved operating leverage and scale benefits to support profitability and debt servicing. Overall, Sambhav’s financial outlook appears stable and growth-oriented, driven by capacity augmentation, higher operational efficiencies, strong industry tailwinds, robust backward integration and a growing portfolio of value-added products. The issue is valued at a P/E of 36.4x on the upper price band based on FY25 annualized earnings, which is deemed fair. Therefore, we recommend a SUBSCRIBE rating for the issue.