Archives: Ipos

Advit Jewels Limited operates in the premium handcrafted jewellery segment under the well-established Rambhajo Since 1921 brand, leveraging over a century of legacy, strong design capabilities, and expertise in Kundan, Polki, Diamond, and Studded jewellery. The company benefits from growing consumer preference for branded and customized jewellery, particularly in the bridal and luxury segments. India’s jewellery industry continues to witness structural growth driven by rising disposable incomes, increasing urbanization, premiumization trends, and the gradual shift from the unorganized to the organized market. Advit’s integrated manufacturing facility, skilled artisan base, and strong customer relationships position it well to capitalize on these industry tailwinds. Financially, the company has demonstrated strong growth momentum, with revenue increasing from Rs. 46.6 crores in FY23 to Rs. 124.9 crores in FY25 at a CAGR 64%, while PAT grew from Rs. 10.4 crores to Rs. 25.5 crores at a CAGR of 56% during the same period, reflecting healthy operating leverage and improving profitability. Despite elevated gold prices, the company reported robust volume growth, highlighting the strength of its brand and product offerings. Going forward, the upcoming flagship retail store in Jaipur, continued focus on customization, and expansion in the premium jewellery segment are expected to support revenue growth. At the issue price, the valuation appears reasonable considering the company’s strong earnings growth, niche positioning, and favourable industry outlook, though investors should remain mindful of risks arising from fluctuations in gold and gemstone prices and the relatively small scale of operations. Overall, Advit Jewels presents a niche growth opportunity backed by a heritage brand, improving financial performance, and a positive long-term outlook for the organized jewellery industry. At the upper price band of Rs. 138, Advit Jewels Ltd. is valued at a P/E multiple of 13.0x based on annualized FY26 earnings. Given the company’s historical growth track record, expanding margins, 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.

Waterways Leisure Tourism is one of India’s leading domestic ocean cruise operators and a pioneer in the country’s nascent cruise tourism industry. The company has established a dominant position through its flagship vessel, MV Empress, and benefits from strong brand recognition, a diversified itinerary portfolio, and a comprehensive on-board experience spanning accommodation, dining, entertainment, wellness, and leisure activities. The company is well-positioned to capitalize on the growing popularity of experiential travel and the increasing adoption of cruise vacations among Indian consumers. The Indian ocean and coastal cruise industry remains significantly underpenetrated compared to global markets and is expected to witness robust growth over the coming years. Industry estimates indicate that the market could grow at a CAGR of ~20%-25% between FY26 and FY31, driven by increasing cruise awareness, rising disposable incomes, expanding itinerary options, improving port infrastructure, and supportive government initiatives such as the Cruise Bharat Mission and Maritime India Vision 2030. These favourable industry dynamics are expected to create substantial growth opportunities for established operators with proven execution capabilities. Financially, the company’s revenue declined marginally by 1.8% YoY to Rs. 580 crores in FY26 from Rs. 591 crores in FY25. EBITDA improved by 4.9% YoY to Rs. 81 crores, reflecting stable operating performance and operational efficiencies. Adjusting for the one-off in FY25, PAT declined by 43.7% YoY to Rs. 52 crores from Rs. 93 crores in FY25, resulting in a moderation in earnings. While Waterways Leisure Tourism offers a differentiated opportunity to participate in India’s emerging cruise tourism market, concerns persist around the sustainability of earnings, the company’s reliance on a single vessel and the execution risks associated with planned capacity expansion. These factors, coupled with limited operating diversification, warrant a cautious approach at the current stage. At the upper price band of Rs. 808, the issue is valued at a P/E multiple of 100.7x based on FY26 diluted earnings of Rs. 8.0 per share, which appears expensive. Accordingly, we recommend an AVOID to the issue at current valuations and instead monitor the company post-listing for potential investment opportunities as its expansion plans translate into earnings growth.

Turtlemint Fintech Solutions has emerged as a leading technology-enabled insurance distribution platform, leveraging its extensive Digital Partner network, proprietary technology infrastructure and deep insurer relationships to drive insurance penetration across underserved markets in India. The company benefits from favourable industry tailwinds, supported by low insurance penetration, increasing digital adoption, rising awareness of financial protection products and a large underinsured population, which provide a significant long-term growth opportunity for organised insurance distributors. Turtlemint’s scale, nationwide presence, technology-led operating model, and strong distribution capabilities position it favourably to capitalise on this opportunity. Financially, revenue has grown from Rs. 420 crores in FY23 to Rs. 663 crores in FY25 and further to Rs. 741 crores in 9MFY26 following the consolidation of TIB’s insurance distribution business. However, despite the improvement in scale, the company continues to report losses, with EBITDA at Rs. (185) crores in FY25 and PAT at Rs. (194) crores, while operating cash flows have remained negative. Additionally, the sharp decline in marketing fee income following regulatory changes highlights the sensitivity of the business to regulatory developments and evolving insurer economics. Given the absence of sustained profitability, continued dependence on the insurance distribution business and execution risks associated with the ongoing business transition, we believe the current risk-reward remains unfavourable. Accordingly, we assign an ‘Avoid’ rating to the issue.

Hexagon Nutrition is a differentiated, research-driven nutrition company with an integrated presence across the entire nutrition value chain, spanning customized micronutrient premixes, food fortification solutions, wellness products, clinical nutrition, and therapeutic nutrition. The company has established strong market positions through its leadership in customized micronutrient formulations, growing portfolio of branded products such as Pentasure, Obesigo, Pediagold and Nutrone, extensive global presence across 75+ countries, and long-standing relationships with leading FMCG companies, governments, and international organizations. The company operates in the nutrition and wellness industry, which is expected to witness robust growth over the coming years, driven by increasing health consciousness, rising demand for preventive healthcare, growing incidence of lifestyle diseases, expanding clinical nutrition adoption, and continued focus on food fortification programs globally. These structural tailwinds are expected to create significant opportunities for specialized nutrition companies with strong product capabilities and established market presence. Financially, Hexagon Nutrition has demonstrated a healthy improvement in profitability, with PAT margins expanding from 2.1% in FY23 to 7.4% in FY25 and further to 9.8% during 9MFY26, supported by a favorable product mix, increasing contribution from higher-margin branded products, and operational efficiencies. The company also benefits from a diversified revenue base across B2C, B2B2C, and institutional nutrition segments, providing resilience and multiple growth drivers. At the upper price band, the issue is valued at a P/E of around 25.7x based on FY25 earnings. Considering its leadership position in the nutrition segment, integrated business model, strong brand portfolio, improving financial profile, and favorable industry outlook, we believe the company is well-positioned to deliver sustainable long-term growth. Accordingly, we recommend “SUBSCRIBE” to the issue for investors with a medium-to-long-term investment horizon.

CMR Green Technologies is one of India’s leading non-ferrous metal recyclers in terms of installed capacity as of March 31, 2025. The company manufactures a diversified portfolio of recycled metal products, including recycled aluminum, zinc alloy ingots, dross, and furnace-ready scrap of stainless steel, copper, brass, zinc, lead, and magnesium. It also recycles used beverage can scrap to cater to the raw material requirements of primary metal producers. As of FY25, recycled aluminum accounted for approximately 40.8% of India’s total aluminum demand and is expected to reach 3.71 million MT by FY30, increasing its share to 44.9%. The company is well-positioned to benefit from these favorable industry trends, supported by its leadership in liquid aluminum supply, strong execution capabilities, and an extensive customer base across India. Its diversified global supplier network ensures reliable raw material sourcing and supports cost-efficient operations. Additionally, strategically located recycling facilities, advanced manufacturing technologies, stringent quality control systems, and in-house R&D capabilities strengthen its operational efficiency and competitive positioning. Financially, the company has delivered healthy earnings growth, with PAT and EBITDA registering CAGRs of 21.8% and 21.1%, respectively, during FY23-FY25. Over the same period, EBITDA margin improved from 3.5% to 4.6%, while PAT margin expanded from 1.8% to 2.3%, reflecting improved operating efficiency and profitability. At the upper price, the issue is valued at a P/E multiple of 21.3x based on FY26E earnings, which is lower compared to its peers. Considering its leadership position in the recycled metals industry, strong operational capabilities, improving financial performance, and attractive valuation, we recommend a “SUBSCRIBE” rating from a medium- to long-term perspective.

OnEMI is a digital-first lender focused on India’s underpenetrated mass market, combining fast loan disbursal, multiple sourcing channels and a mix of on-book and partner-led lending. The company has scaled quickly while keeping part of the book off its balance sheet, and has started adding secured lending through LAP to improve portfolio mix over time. AUM has grown at a 79.5% CAGR from Rs. 1,268 crores in FY23 to Rs. 4,087 crores in FY25, reaching Rs. 5,956 crores by Dec’25, driven by customer additions and repeat usage. Customer base increased from 6.41 million to 9.16 million, supporting this growth. Net worth rose from Rs. 566 crores to Rs. 1,006 crores, as earnings were retained in the business. Revenue grew at a 16.6% CAGR from Rs. 984 crores in FY23 to Rs. 1,337 crores in FY25. Growth was driven by access to an underserved mass market segment, supported by higher digital adoption post-COVID and multiple sourcing channels including credit QR-based merchant partnerships and fintech platforms, which brought in first-time borrowers. Profitability has improved with scale. EBITDA grew at a ~103% CAGR from Rs. 98 crores in FY23 to Rs. 403 crores in FY25, with margin expanding from 9.8% to 29.8%, driven by lower credit costs (impairments declining from 36.5% to 21.8%) and operating leverage. Fee income from partner-led lending grew at a 75% CAGR from Rs. 77 crores in FY23 to Rs. 238 crores in FY25, driven by higher off-book volumes. However, cost-to-income at 54-56% remains above peers, indicating further room for efficiency gains. Asset quality has weakened, with GNPA increasing from 0.05% in FY23 to 2.9% in 9MFY26, in line with the rapid expansion of a predominantly unsecured loan book. High provisioning (87%) keeps NNPA low at 0.4%. LAP, at 6% of AUM, provides early diversification into secured lending. Overall, at Rs. 171 per share, the issue is valued at 1.37x post-issue book value and 17.9x FY25 earnings. Overall, strong growth, improving profitability and a scalable model support the case. We recommend a Subscribe rating, with asset quality and execution as key monitorables.

Citius Transnet Investment Trust is a transport infrastructure-focused InvIT with a diversified portfolio of 10 road assets comprising seven toll and three annuity projects, aggregating ~3,406.7 lane-kilometers across nine states. The business model offers a balanced mix of growth and stability, with toll assets contributing 82.3% of cash flows and benefiting from economic activity and inflation-linked tariff revisions, while annuity assets provide predictable, government-backed revenues. The portfolio is relatively mature, with a long operational history and residual concession life, supporting visibility of cash flows. Additionally, the asset base benefits from a favourable traffic mix, with commercial vehicles contributing ~74.0% of toll revenues, enhancing resilience across economic cycles. The Trust is supported by the EAAA platform, which brings strong asset acquisition capabilities and provides a visible growth pipeline through ROFO assets, enabling scalable expansion. Strategically, the focus remains on acquiring operational and de-risked assets, maintaining an optimal capital structure, and leveraging technology-driven O&M practices to enhance efficiency. From a macro perspective, India’s infrastructure sector is witnessing strong tailwinds, with total investments expected to reach ~Rs. 93.0 trillion over FY2025-30 and transport infrastructure attracting ~Rs. 42.0–45.0 trillion, with roads accounting for the largest share. Supported by robust GDP growth, increasing logistics demand and government-led asset monetization, the sector offers strong long-term growth visibility. On the financial front, despite reporting accounting losses across periods, the Trust continues to generate strong and stable operating cash flows, with cash flow from operations at ~Rs. 10,450 million in FY25 and ~Rs. 7,820 million in 9MFY26. The underlying cash-generating ability of the portfolio remains robust, supporting steady net distributable cash flows (NDCF) and ensuring the Trust’s ability to maintain consistent distributions to unitholders. Overall, the Trust presents a stable yield-oriented investment opportunity backed by predictable cash flows, diversified assets, and a visible growth pipeline, and is well positioned to deliver consistent distributions with moderate growth potential.

Om Power Transmission Ltd. is a power transmission infrastructure EPC company with expertise in executing high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling projects on a turnkey basis. Its capabilities span the entire EPC value chain, including design, engineering, supply, erection, installation, testing, commissioning, and comprehensive operation and maintenance (O&M) services. The company has commissioned over 1,000 circuit kilometers (CKM) of transmission lines and 11 substations. Its execution capabilities cover transmission lines ranging from 11 kV to 400 kV and substations up to 220 kV. India’s energy demand is projected to grow to 1,907 billion units (BU) by FY27 and 2,473 BU by FY32, alongside an increase in peak electricity demand from 216 GW in FY23 to 277 GW in FY27 and 366 GW in FY32. This anticipated rise is expected to drive significant expansion in transmission and distribution infrastructure to meet growing power requirements. OPTL’s strong execution track record, supported by robust engineering capabilities, efficient resource management, and timely project delivery, underpins its operational strength. A healthy and expanding order book across geographies enhances revenue visibility and supports scalability. Additionally, geographic diversification and consistent order inflows position the company to capitalize on emerging opportunities in the power transmission EPC sector. Financially, the company has demonstrated strong improvement in profitability, with PAT growing at a CAGR of 88.2% and EBITDA at 72.9% over FY23-FY25. During the same period, EBITDA margin improved from 9.9% to 12.8%, while PAT margin expanded from 5.2% to 7.9%, reflecting enhanced operational efficiency. At the upper price band of Rs. 175, Om Power Transmission Ltd. is valued at a P/E multiple of 19.5x based on FY25 earnings. Considering its improving margins, robust order book, and favorable industry outlook, we recommend a “SUBSCRIBE” rating for the issue from a medium- to long-term investment perspective.

Powerica is an integrated power solutions provider specializing in diesel generator (DG) sets, medium-speed large generators (MSLG), and related services, offering a comprehensive product portfolio spanning capacities from 7.5 kVA to 10,000 kVA. The company caters to both primary and standby power requirements across a wide range of industries. It has also diversified into the wind power sector as an independent power producer (IPP) and has developed capabilities in engineering, procurement, and construction (EPC), as well as operations and maintenance services for balance of plant. Despite improvements in grid reliability, power disruptions persist across several regions in India, driving demand for backup power solutions such as DG sets, UPS systems, inverters, and battery storage across sectors including commercial, manufacturing, IT and data centers, telecom, and infrastructure. Supported by these favorable industry dynamics and its established market presence, Powerica is well-positioned to capitalize on the growth opportunities in India’s DG sets industry. The company also benefits from long-standing strategic alliances with key industry participants, including Cummins, Hyundai, and other global partners, which enhance its technical capabilities and strengthen its market positioning. Financially, Powerica has demonstrated steady improvement, with revenue growing at a CAGR of 5.6% and PAT at 28.5% over FY23-FY25. During the same period, its PAT margin expanded from 4.5% to 6.6%. At the upper price band of Rs. 395, the company is valued at a P/E multiple of 25.9x based on FY25 earnings, which appears fairly priced compared to its peers. We thus recommend a “SUBSCRIBE” rating from a medium- to long-term perspective.

Sai Parenterals is a pharmaceutical company with a structurally evolving business model, transitioning from a parenteral-focused manufacturer to a diversified formulations and CDMO-driven player. The company has evolved from a parenteral-focused manufacturer into a multi-dosage, multi-therapy player with presence across domestic and export markets. The increasing engagement with multinational clients through CDMO contracts provides better revenue visibility and stability due to long-term agreements. Its end-to-end capabilities spanning product development, regulatory filings, and manufacturing position it well to benefit from rising global outsourcing trends, particularly as it expands into regulated markets supported by upgraded facilities and strengthened R&D infrastructure. The company is also focused on capacity expansion, regulatory accreditations, and development of complex injectable capabilities, which are expected to improve product mix and margins by enabling entry into high-value segments. Additionally, its acquisition-led strategy, including the integration of Noumed, strengthens its global footprint, provides access to an expanded dossier base, and supports long-term growth in the CDMO segment. From an industry perspective, the global CDMO market is projected to witness robust growth, expanding from ~US$297 bn in 2025 to over ~US$609 bn by 2033 (CAGR ~9.4%), driven by increasing outsourcing by global pharmaceutical companies and a rising contribution from cost-competitive emerging markets such as India. Improving regulatory compliance and manufacturing capabilities in these regions further strengthen their positioning in the global supply chain. On the financial front, the company has delivered strong growth, reporting a CAGR of 29.8%/45.8%/81.6% in revenue/EBITDA/PAT over FY23-FY25 period, supported by customer additions, improved capacity utilization, and operating leverage. Going ahead, an increasing contribution from CDMO revenues and exports is expected to enhance the margin profile while reducing dependence on the domestic tender-driven business. Additionally, scale benefits and ongoing cost efficiencies are likely to support profitability over the medium term. Overall, Sai Parenterals appears well-positioned to deliver sustainable growth, driven by a rising CDMO mix, expansion into regulated markets, continued capacity and R&D investments, and acquisition-led global integration. On the upper price band, the issue is valued at a P/E of 72.2x based on FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.