Stock market analysis and stories by Divyansh Pokharna

Articles by Divyansh Pokharna

TREND | 11 Aug 2025, 06:17PM

IPO action stays active with four new issues and six listings this week

The bears kept control of the market for the sixth week in a row, with the Nifty 50 falling nearly 1%. The drop came after US President Trump slapped an additional 25% tariff on India, bringing the total tariff to 50% due to India’s imports of Russian oil. Muted quarterly results and persistent FII selling added to the pressure.

The fall was, however, partly limited after the RBI reassured that the economy is stable and growth remains strong. In its August 2025 meeting, the RBI kept the repo rate unchanged at 5.5% and maintained its GDP growth forecast of 6.5% for FY26.

Naval Kagalwala, COO of Shriram Wealth, said, “While inflation is expected to stay near the RBI’s 4% target, the projected 4.4% peak rate and a 4.9% inflation forecast for April–June 2026 make further rate cuts unlikely.”

The IPO market will stay active this week, though with fewer launches than in the past two weeks. Four public issues are set to open this week, including two from the mainboard segment. Meanwhile, six companies will debut on the market, following 18 listings last week.

Five mainboard and 13 SME companies debut over the past week

Aditya Infotech topped the mainline listings last week with a strong 50.4% gain over its issue price of Rs 675. The IT networking and surveillance equipment maker saw strong demand, with subscriptions at 133.2X by QIBs and 72X by HNIs. The stock has continued to climb since listing and is now up 61.6% from its issue price.

Sri Lotus Developers and Realty, a Mumbai-based real estate firm, debuted with an 18.7% gain. National Securities Depository (NSDL) listed at a 10% premium and has since jumped to a 62.5% gain. Both IPOs also drew strong investor interest.

NSDL’s sharp post-listing rally followed its 41X subscription. Analysts say the government’s push for digital financial services, along with a 55% growth in retail investors over the past two years, provides a strong tailwind for the company’s growth.

Aditya Infotech surges 50% on listing; Sri Lotus and NSDL debut in the green

M&B Engineering made a flat debut on August 6 despite being subscribed 36.2X. The steel structures and roofing systems maker has risen since then and is now up 12.1% from its issue price.

Meanwhile, Laxmi India Finance was the only mainboard IPO to list at a discount, but it has recovered and is now trading 2.5% higher. Its IPO saw modest demand, with subscriptions at 1.9X.

Among SME IPOs, Flysbs Aviation stood out with a strong debut, listing 90% higher than its issue price after its IPO was subscribed 296X. Takyon Networks, Mehul Colours, B.D. Industries, Cash Ur Drive Marketing, BLT Logistics, and Parth Electricals also listed with modest gains.

Meanwhile, Renol Polychem, Jyoti Global Plast, Bhadora Industries, and Aaradhya Disposal Industries debuted slightly below their issue prices. Kaytex Fabrics and Essex Marine saw the weakest debuts, listing at a 20% discount.

Four new offerings this week, with two from the mainboard

BlueStone Jewellery & Lifestyle: This gems & jewellery maker opened its IPO on August 11 and will close on August 13, with listing set for August 19. The company is looking to raise Rs 1,540.7 crore, with Rs 820 crore coming from a fresh issue and the rest through an offer-for-sale (OFS). The price band is set at Rs 492 - 517 per share.

The company sells diamond, gold, platinum, and studded jewellery under its flagship brand, BlueStone. Its range includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, and chains, catering to different customer segments at various price points. The IPO funds will be used for working capital and general business needs.

Bluestone reports loss in FY25 while others post strong profit growth

Regaal Resources: The company makes maize specialty products in India, including maize starch and modified starch, co-products like gluten, enriched fibre, and fibre, as well as food-grade starches such as maize flour, icing sugar, custard powder, and baking powder.

Its IPO will open on August 12, close on August 14, and list on August 20. The company plans to raise Rs 306 crore, with Rs 210 crore from a fresh issue and the rest through an OFS. The price band is Rs 96 - 102 per share. The IPO proceeds will go toward repaying certain borrowings and meeting general corporate needs.

Along with the two mainboard IPOs, two SME IPOs are also lined up this week.

Icodex Publishing Solutions is looking to raise Rs 42 crore, including Rs 32.5 crore from a fresh issue. The shares are priced between Rs 98 - 102 each. The company makes software products for academic and research publishing. Its IPO opened on August 11, will close on August 13, and list on August 19.

Mahendra Realtors & Infrastructure plans to raise Rs 49.5 crore, with shares priced in the Rs 75–Rs 85 range. This construction & engineering company offers services such as structural repairs, waterproofing, corporate interiors, maintenance, and infrastructure restoration. Its IPO will open on August 12, close on August 14, and list on August 20.

Three SME IPOs are currently open for bidding and will close on August 12, with listing set for August 18.

Star Imaging & Path Lab plans to raise Rs 69.5 crore, including Rs 48.9 crore from a fresh issue, with shares priced between Rs 135 and Rs 142.
ANB Metal Cast aims to raise Rs 49.9 crore through a fresh issue, priced between Rs 148 and Rs 156.
Medistep Healthcare is looking to raise Rs 16.1 crore through a fresh issue, with shares priced at Rs 43.

Six new IPOs are lined up for listing this week

Highway Infrastructure attracted the highest investor interest, with bids coming in at 300.6X the shares on offer, boosted by huge demand from both QIBs and HNIs. The highways developer is scheduled to list on August 12.

Knowledge Realty Trust was subscribed 12.5X. This REIT owns 30 commercial properties across six cities—Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City—and will also make its market debut on August 18.

Highway Infra leads mainline IPO subscriptions; others trail far behind

JSW Cement, part of the JSW Group and a cement manufacturer, saw a subscription at 7.7X so far. Its IPO closes on August 11 and will list on August 14. All Time Plastics, a plastic products maker, has recorded a subscription of 8.2X till now. Its IPO also closes on August 11 and lists on August 14.

Meanwhile, SME firms, Sawaliya Foods Products and Connplex Cinemas will list on August 14, after receiving subscriptions of 12.4X and 32.9X, respectively.

Trendlyne Analysis released a IPO Note report for IPO on 11 Aug, 2025.

The Baseline

06 Aug 2025

Five stocks to buy from analysts this week - August 6, 2025

By Divyansh Pokharna

1. InterGlobe Aviation (Indigo):

Motilal Oswal maintains a ‘Buy’ rating on this airlines stock with a target price of Rs 6,900, a 19.4% upside. Indigo’s capacity, measured by available seat kilometres (ASK), rose 17% YoY in Q1. The company expects slower growth in Q2 due to seasonal factors and maintenance work. However, management says a ramp-up is coming in the second half, as new aircrafts enter the fleet and grounded planes return to service.

Analyst Sumant Kumar also expects a stronger recovery in the second half of the year, supported by new aircrafts, more international flights, rising business travel, and a higher number of weddings than last year. He also notes that Indigo is benefiting from lower fuel prices and a reduction in costly short-term aircraft leases, both of which supported profit growth in Q1.

Indigo is moving to finance leases, where it can own the aircraft at the end of the lease term, rather than relying on expensive short-term leases. This gives it more control over its fleet and supports its plan to build in-house maintenance capabilities. Kumar expects the company’s revenue and net profit to grow at a CAGR of 9% and 18.2% over FY26–27.

2. Jio Financial Services:

Geojit BNP Paribas upgrades its rating to 'Buy' on this financial firm with a target price of Rs 361, an 8.5% upside. In Q1FY26, the company’s net interest income rose 22.9% YoY to Rs 514 crore, supported by higher operational income. However, total expenses more than tripled as Jio Credit borrowed from external markets to fund its expansion, leading to higher finance costs. As a result, net profit grew just 3.8% during the quarter.

Jio Fin Serv is focusing on secured lending in FY26 to manage its risks better and build long-term growth. This approach is already showing results, with Jio Credit (its lending arm) logging a 54X YoY growth in its loan book, to Rs 11,665 crore in Q1FY2.

Analyst Gopika Gopan notes that the company’s joint venture, Jio BlackRock Asset Management, got the green light to begin operations in May 2025. It quickly launched its first fund, which received strong interest from both institutional and retail investors. She expects Jio Fin Serv’s NII to grow at a CAGR of 25% over FY26–27.

3. TVS Motor Co:

Axis Direct upgrades its rating to 'Buy' on this 2-wheeler company with a target price of Rs 3,085, an upside of 3.4%. TVS Motors posted its highest-ever exports at 3.7 lakh units in Q1FY26. With domestic sales slowing, analyst Shridhar Kallani notes that rising exports are helping support overall business. Demand in Sri Lanka and Nepal is improving, and Latin America offers strong potential for growth. Exports now contribute nearly 28% of TVS’s total revenue.

The company’s revenue rose 20% YoY in Q1, driven by higher sales and better pricing. Net profit grew 35%, helped by a PLI incentive and slightly higher other income. Both revenue and profit were above Forecaster estimates.

Norton, a British motorcycle subsidiary of TVS, will begin commercial production in the second half of this fiscal year, with full-scale launches in Europe by FY27, followed by India. Kallani notes that this move will help TVS enter high-margin premium bike segments while also boosting its global visibility and sharing advanced technology across models.

Analysts expect domestic demand to also improve in the coming months, supported by a normal monsoon, the festive season, rising consumption, and a stronger replacement cycle. Tax reliefs announced in the Union Budget are also likely to boost spending.

4. GE Vernova T&D India:

ICICI Securities maintains a ‘Buy’ rating on this industrial machinery maker with a target price of Rs 3,000, a 6.4% upside. In Q1FY26, the company's revenue rose 38.7% YoY to Rs 1,346.4 crore, and net profit grew 116.5%, supported by higher exports and strong project execution.

Analysts Mohit Kumar and Mahesh Patil note that the government plans to upgrade power transmission lines to 900 gigawatts (GW) of capacity, up from 485 GW, by 2030, with an investment of Rs 3.4 lakh crore to meet rising power demand. They expect this investment in transmission projects to drive GE Vernova's order book in the medium term.

Management expects Power Grid Corporation to launch two high-voltage direct current (HVDC) contracts in FY26 with an order potential of over Rs 17,000 crore. Analysts note that the company's order book doubled to Rs 13,000 crore in Q1FY26 and expect strong revenue visibility over the next 18–24 months. They believe GE Vernova is well-positioned to benefit from upcoming domestic and export orders and expects its revenue to grow by 25% over FY26–28.

Sandeep Zanzaria, CEO, notes, “We plan to invest Rs 250 crore to expand manufacturing capacity for HVDC valves and control units amid rising demand from Asia, the Middle East, Korea, and Europe markets. We expect exports to account for 30% of the total order book in the long term, compared to 14% now.”

5. Voltamp Transformers:

Prabhudas Lilladhar maintains a ‘Buy’ rating on this heavy electrical equipment player with a target price of Rs 10,285, a 21.2% upside. In Q1FY26, revenue declined 1% YoY to Rs 423.5 crore due to lower order billing and higher employee costs, while net profit rose marginally to Rs 79.5 crore, supported by an increase in other income.

Analysts Amit Anwani and Prathmesh Salunkhe note that the company's order book increased 18.3% YoY to Rs 1,260 crore in Q1FY26 due to the execution of orders with shorter delivery timelines of under nine months. This helped the company secure a higher order book and reduced supply chain uncertainty.

Management expects to see strong demand for power transformers, helped by rising public and private sector capital expenditure across data centres, cement, oil & gas, and the green energy industry. Analysts note that to meet this growing demand, Voltamp is ramping up its 6,000 megavolt-ampere (MVA) capacity with a Rs 200 crore investment, expected to be operational by Q1FY27.

Analysts expect rising competition in 220-kilovolt (kV) power transformers and higher capacity additions to stabilise Voltamp's EBITDA margin at around 18.9% over the medium term. They also expect its strong market position in industrial transformers and strong demand momentum to grow a revenue CAGR of 11% by FY27.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

IPO

TREND | 04 Aug 2025

IPO calendar fills up: 12 new issues, and 12 listings this week

By Divyansh Pokharna

The market was under pressure for the fifth week in a row, with the Nifty 50 falling 1.1%. Weak quarterly results, US tariffs on India and other countries and persistent foreign investor selling all weighed on sentiment. Concerns about rising inflation in the US added to the cautious mood.

All eyes are now on the outcome of the RBI’s three-day policy meeting, which ends on August 6. With inflation cooling but global risks rising, most economists expect the RBI to keep the repo rate unchanged at 5.5%. However, investors will watch for any shift in the RBI’s stance amid US tariffs of 25%.

Barclays India noted, “That’s not to say the rate easing cycle in India is over, but it’s just about there. We expect the final 25 bps cut of this cycle to come in October.” Nomura has a different view, seeing a possible rate cut this week following the US move to impose a 25% tariff on Indian goods. It also expects additional 25 bps cuts in both October and December.

The IPO market is upbeat despite the broader weakness. Twelve companies, including four mainboard firms, will launch their public offers this week, aiming to raise around Rs 9,200 crore. That’s 26% more than the money raised by fourteen IPOs last week. Another twelve companies are also set to list on the exchanges this week, after eleven made their debut in the previous week.

Four mainboard and seven SME companies debut over the past week

GNG Electronics led the mainline listings last week with a strong 49.8% gain over its issue price of Rs 237. The computer hardware company, which refurbishes laptops, desktops, and ICT devices in India and abroad, was heavily subscribed, with 242.4X by QIBs and 221.5X by HNIs. However, the stock has declined since listing and is now up 34.8% from its issue price.

Shanti Gold International, a maker of 22 karat casting gold jewellery, listed with a 14.3% premium after being subscribed 81.2X. The stock edged up slightly after listing and is currently trading 15.7% higher than its issue price.

GNG Electronics surges 50% on listing; two IPOs lists below issue price

Indiqube Spaces and Brigade Hotel Ventures both listed below their issue prices following relatively lower investor interest. Indiqube was subscribed 12.4X, while Brigade saw a 4.5X subscription. Both stocks have recovered slightly but still trade at a 7.1% and 5.8% discount, respectively.

Among the SME IPOs, Monarch Surveyors & Engineering Consultants, Shree Refrigerations, and Patel Chem Specialities saw strong listing gains of over 30%. While all three stocks slipped after listing, they continue to trade above their issue prices.

Sellowrap Industries and Umiya Mobile debuted with moderate gains of 8.4% and 4.5%, respectively. Sellowrap has moved higher post listing, whereas Umiya has declined but remains above its offer price.

On the other hand, TSC India and Repono listed at a discount and have continued to decline. Both are currently down over 9% from their issue prices.

A happy dozen: IPO rush continues with 12 issues set to open this week

Highway Infrastructure: This highways developer will open its IPO on August 5 and close it on August 7, with listing set for August 12. The company aims to raise Rs 130 crore, including Rs 97.5 crore from a fresh issue and the rest through an offer-for-sale (OFS). The price band is set between Rs 65 and Rs 70 per share. IPO proceeds will mainly go toward working capital and general business expenses.

Recent IPOs show mixed trends in FY25 revenue and profit growth

Knowledge Realty Trust: This REIT owns 30 commercial properties across six cities, including Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City. Its portfolio includes offices and business parks with facilities like food courts and clubs. The IPO opens on August 5, closes on August 7, and lists on August 12. It aims to raise Rs 4,800 crore entirely through a fresh issue, with shares priced between Rs 95 and Rs 100. IPO proceeds will be used for repaying debt of its property-owning entities.

JSW Cement: This cement manufacturer, part of the JSW Group, is launching its Rs 3,600 crore IPO on August 7, closing on August 11, with listing set for August 14. The price band is fixed at Rs 139 to Rs 147. Of the total issue, Rs 2,000 crore is a fresh issue.

The funds will be used to build a new cement plant in Rajasthan and repay some loans. The company reported a loss of Rs 163 crore in FY25, compared to a net profit of Rs 62 crore in FY24, due to lower revenue and higher expenses.

All Time Plastics: This plastic products maker, backed by Sunil Singhania’s Abakkus Asset Manager, will open its IPO on August 7, close on August 11, and list on August 14. The offer includes a fresh issue worth Rs 280 crore and an OFS of 43.9 lakh shares. The company will use Rs 143 crore to repay loans and Rs 113 crore to buy machinery and install an automated warehouse system at its Manekpur unit. The remaining funds will go toward general business purposes.

In addition to the four mainline IPOs, eight SME IPOs are lined up this week. Of these, six opened for subscription on August 4 and will close on August 6, with listing scheduled for August 11.

Bhadora Industries aims to raise Rs 55.6 crore through a fresh issue, with shares priced between Rs 97 and Rs 103 each.
Parth Electricals & Engineering plans to raise Rs 49.7 crore, offering shares in a price band of Rs 160 to Rs 170.
Jyoti Global Plast is looking to raise Rs 35.4 crore, which includes Rs 26.7 crore as a fresh issue and the rest as an OFS. The shares are priced between Rs 62 and Rs 66.
Aaradhya Disposal Industries plans to raise Rs 45.1 crore through a fresh issue, with shares priced between Rs 110 and Rs 116.
BLT Logistics aims to raise Rs 9.7 crore, offering shares in the Rs 71 to Rs 75 range.
Essex Marine is looking to raise Rs 23 crore through a fresh issue, with shares priced at Rs 54.

Sawaliya Foods Products is opening for bidding on August 7, will close on August 11, and list on August 14. It aims to raise Rs 34.8 crore, including a fresh issue of Rs 29.5 crore, with shares priced between Rs 114 and Rs 120.

ANB Metal Cast will open its IPO on August 8, close on August 12, and list on August 18. The company plans to raise Rs 49.9 crore entirely through a fresh issue, with a price band of Rs 148–156.

Twelve new IPOs are lined up for listing this week

Aditya Infotech leads with a strong 100.7X subscription, mainly driven by QIB interest at 133.2X. The IT networking and surveillance equipment maker will list on August 5. Laxmi India Finance, an NBFC offering loans to MSMEs, vehicle buyers, and construction firms, was subscribed 1.9X. It also lists on August 5.

QIBs drive demand for most IPOs listing this week

Three IPOs are set to list on August 6. Sri Lotus Developers & Realty, focused on residential and commercial redevelopment projects, saw a 69.1X subscription. National Securities Depository (NSDL), a SEBI-registered securities depository, was subscribed 41X.

M&B Engineering, which manufactures steel structures and roofing systems, recorded a 36.2X subscription. All three will be listed on August 6.

Additionally, seven SME IPOs are scheduled to list this week.

Kaytex Fabric (40X) will list on August 5 on NSE SME.
B.D. Industries (1.8X), Mehul Colours (7.5X), and Takyon Networks (20.4X) will list on August 6.
Cash Ur Drive Marketing (1.2X) and Renol Polychem (1.9X) are set to list on August 7.
Flysbs Aviation, subscribed 3.1X on day 1, will list on August 8.

Trendlyne Analysis released a IPO Note report for IPO on 11 Aug, 2025.

Vijay Kishanlal Kedia

29 Jul 2025

RARE Enterprises, Vijay Kedia and Sunil Singhania go on a selling spree in Q1FY26

By Divyansh Pokharna

Superstar investors scaled back their portfolios in the first quarter of FY26 amid market uncertainty and a muted outlook overall. Rakesh Jhunjhunwala’s portfolio, currently managed by Rekha Jhunjhunwala and RARE Enterprises, sold its entire 7.1% stake in gaming and esports firm Nazara Technologies during the quarter.

RARE Enterprises exits Nazara; Vijay Kedia trims portfolio in Q1FY26

The portfolio had been steadily reducing its holding in the company since Q3FY23. Jhunjhunwala had invested Rs 180 crore in Nazara Technologies during 2017–18, and the full stake sale is estimated at around Rs 770 crore, a return of nearly 4X.

Over the past year, the stock gained 51.1%, outperforming its industry by 10.5% points. However, Trendlyne has low scores for both its Durability and Valuation, due to a high PE ratio compared to the industry and an erratic net profit trend.

RARE Enterprises also sold a minor 0.02% stake in Valor Estate. Following these changes, the portfolio now consists of 26 stocks with a total net worth of Rs 61,424 crore.

Vijay Kedia trims holdings in three stocks, dips below 1% in one

Vijay Kedia made several changes to his portfolio in Q1, cutting stakes in multiple companies. He reduced his stake in Global Vectra Helicorp by 1.9%, bringing it down to 3%. Trendlyne classifies the stock as ‘Slowing Down’ due to its bearish Momentum score and moderate Durability and Valuation scores. The stock has declined 21.8% over the past year and currently has a negative price-to-earnings (PE) ratio.

Kedia also trimmed his holding in Precision Camshafts by 1%. He held 2.1% in Q4FY25. This auto parts maker has declined marginally by 0.2% in the past year, underperforming both Nifty and Sensex returns.

The ace investor sold his stake in Tejas Networks to below 1% in Q1, after holding 1% in the previous quarter. The stock has fallen over 54.3% in the past year and hit a new 52-week low on July 29. It ranks low on the Trendlyne checklist and has weak scores for Durability, Valuation, and Momentum.

During the quarter, he also made a minor reduction of 0.05% in Elecon Engineering Co. With these changes, Kedia now publicly holds 14 stocks, with a total portfolio value of Rs 1,224 crore.

Singhania cuts holdings in five stocks in Q1FY26

Sunil Singhania cut his stake by 0.4% in Stylam Industries and by 0.1% in Carysil during Q1FY26. He now holds 2.1% in Stylam and 5.3% in Carysil. Both companies show up in a screener of stocks with expensive valuations based on their valuation scores.

Over the past year, Carysil has gained 12.8%, while Stylam has declined by 8.7%. However, both stocks have underperformed their respective industries.

Sunil Singhania cuts stakes in three companies to below 1%

During Q1, Singhania also reduced his stake in three companies to below 1% — Mastek, ADF Foods, and Ethos. He held a 2.8% stake in Mastek at the end of Q4FY25. During the quarter, promoters also lowered their shareholding in this IT consulting firm.

In ADF Foods and Ethos, he brought down his holdings to below 1% from 1.5% and 1%, respectively, in the previous quarter. Both stocks are currently in the PE Sell Zone. ADF Foods has risen 14.9% in the last year, while Ethos has declined 11.4%.

Additionally, Singhania made small stake reductions in J Kumar Infraprojects, Jubilant Pharmova, Ion Exchange, and Sarda Energy & Minerals. After these changes, his portfolio now consists of 19 publicly held stocks with a total value of Rs 2,267 crore.

IPO

TREND | 28 Jul 2025

IPOs pick up steam: 14 new issues and ten listings this week

By Divyansh Pokharna

Bears stayed in control of markets for the fourth straight week, with the Nifty 50 slipping 0.5%. The broader market saw heavier pressure due to weak June quarter earnings, global uncertainty, and persistent selling by foreign investors.

India signed a major Free Trade Agreement with the UK on July 24, which will eliminate tariffs on most Indian exports and gradually reduce duties on British imports like vehicles and whisky. Ajay Srivastava, Founder of the Global Trade Research Initiative, called it "a policy shift, especially as India has long used high tariffs to protect domestic manufacturers.”

Global trade will remain in focus this week, with August 1 set as the deadline for countries to finalise trade deals with the US. President Trump has warned of steep tariff hikes if agreements aren’t reached. Hopes of a mini trade deal with India are fading, with tariffs likely to rise to 26%. A US delegation is reportedly expected to visit India later in August to continue talks.

The IPO market this week is set to be the busiest in a long time. A total of 14 public issues are lined up, including five mainboard IPOs. Ten companies are also set to make their market debut, while three were listed last week. Together, these IPOs aim to raise over Rs 7,300 crore, with Rs 7,008 crore coming from the mainboard offerings.

Five new debuts over the past week, two from the mainboard

Savy Infra & Logistics, a construction & engineering firm, listed on July 28 at a 13.8% premium over its issue price of Rs 120. The IPO saw strong demand, with HNIs subscribing 261.6X and retail investors 121.7X. The stock is now trading 17.6% higher.

Savy Infra rises post listing; Monika Alcobev trades below IPO price

Swastika Castal, a forging company, also listed on July 28 with a 3.1% gain after a 4.9X IPO subscription. The stock is currently trading flat at the same level.

Monika Alcobev, a premium liquor importer and distributor, opened with a 0.7% gain and is currently trading 1% below its issue price after receiving a 3.8X subscription.

IPO pipeline swells: 14 issues set to open this week

Two IPOs, Laxmi India Finance and Aditya Infotech, are scheduled to open for bidding on July 29. They will close on July 31 and are set to list on August 5.

Laxmi India Finance is launching its Rs 254.3 crore IPO, with Rs 165.2 crore as a fresh issue and the rest as an offer for sale (OFS). This NBFC provides loans to MSMEs, vehicle loans, construction loans, and other lending products, supporting small businesses and entrepreneurs. The company plans to use the proceeds to strengthen its capital base for future lending needs. The price band for the IPO is set at Rs 150 to Rs 158.

Aditya Infotech, an IT networking equipment maker, manufactures and supplies video security and surveillance products, solutions, and services under the brand name 'CP Plus'. It is launching a Rs 1,300 crore IPO, which includes a fresh issue of Rs 500 crore and the rest as an OFS. The proceeds will be used to repay or prepay certain borrowings. The price band is set at Rs 640 to Rs 675.

Net profit growth outpaces revenue growth for mainline firms in FY25

National Securities Depository (NSDL), Sri Lotus Developers & Realty, and M&B Engineering are scheduled to open their IPOs for subscription on July 30. The issues will close on August 1 and list on the bourses on August 6. NSDL is the largest among them.

NSDL, a SEBI-registered market infrastructure institution, acts as a securities depository in India. It maintains electronic records of allotment and ownership transfer of securities and offers services like dematerialisation and trade settlement. The company is raising Rs 4,011 crore through a complete OFS, with promoters including NSE, HDFC Bank, and SBI offloading stakes. The price band is set at Rs 760 to Rs 800.

Sri Lotus Developers & Realty is launching a Rs 792 crore IPO through a completely fresh issue at a price band of Rs 140 to Rs 150. The Mumbai-based real estate company focuses on residential and commercial redevelopment projects. It plans to use the proceeds to invest in its subsidiaries and partly fund the construction cost of ongoing projects.

M&B Engineering, a steel products manufacturer, is engaged in the business of Pre-Engineered Buildings and Self-Supported Roofing solutions. It manufactures and installs self-supported steel roofing systems. The company is launching a Rs 650 crore IPO, which includes a fresh issue of Rs 275 crore and the rest as an offer for sale. The price band is set at Rs 366 to Rs 385.

Nine SME IPOs to open for bidding this week:

Repono and Umiya Mobile opened for subscription on July 28 and will close on July 30. Both are set to list on the BSE SME on August 4. Repono is raising Rs 26.7 crore, while Umiya is raising Rs 24.9 crore.
Kaytex Fabrics, a textile company, is aiming to raise Rs 54.1 crore, largely through an offer for sale. Its IPO opens on July 29, closes on July 31 and will list on NSE SME on August 4.
B.D. Industries, Mehul Colours, and Takyon Networks are set to open on July 30, close on August 1 and list on August 3. B.D. Industries is raising Rs 45.4 crore, while Mehul Colours and Takyon Networks are each targeting around Rs 20 crore.
Cash Ur Drive Marketing and Renol Polychem will open for bidding on July 31 and close on August 4, with listing on NSE SME on August 7. Cash Ur Drive is looking to raise Rs 60.8 crore and Renol aims to collect Rs 25.8 crore.
Flysbs Aviation, which provides private jet services, is scheduled to open its IPO on August 1, close on August 5 and list on August 8.

Ten new listings lined up this week on the bourses

GNG Electronics leads in subscription bids with 137.8X oversubscription, driven by 242.4X subscription from QIBs and 221.5X from HNIs. The computer hardware firm, which refurbishes laptops, desktops and ICT devices in India and abroad, is set to list on July 30.

Indiqube Spaces saw a 9.3X subscription. The company provides plug-and-play office spaces and workspace services to businesses. It will also list on July 30. In FY25, it posted a net loss of Rs 139.6 crore, down from Rs 341 crore in FY24.

GNG Electronics tops mainline IPO subscriptions; others trail far behind

Brigade Hotel Ventures saw a moderate 1.1X subscription by day 2. The company, which develops and operates hotels in key South Indian cities, will close its IPO on July 28 and list on July 31.

Shanti Gold International, which makes 22 karat casting gold jewellery, recorded 1.1X subscription on day one. The IPO closes on July 29 and lists on August 1.

Property Share Investment Trust saw 5.9X HNI participation, with no bids from QIBs. The IPO was not reserved for retail investors. The issue is priced between Rs 10 lakh and Rs 10.06 lakh per share, with listing scheduled for August 4.

The high issue price reflects that each unit offers a share in a large, rent-earning commercial property. The investors expect a 9% annual yield from rental income, distributed like dividends.

Additionally, five SME IPOs are scheduled to list this week.

Monarch and TSC close with heavy bidding; others still open for subscription

Monarch Surveyors & Engineering Consultants will debut on July 29 on the BSE SME platform after being subscribed 231.4X, with HNIs bidding over 400X.

TSC India, subscribed 68X, is scheduled to list on July 30 on NSE SME.

Three more SME IPOs—Patel Chem Specialities, Sellowrap Industries, and Shree Refrigerations—will close bidding on July 29 and list on August 1. All three saw moderate demand across categories.

Trendlyne Analysis released a IPO Note report for IPO on 11 Aug, 2025.

The Baseline

24 Jul 2025

Five stocks to buy from analysts this week - July 24, 2025

By Divyansh Pokharna

1. Polycab India:

Sharekhan reiterates its ‘Buy’ rating on this cables and wires (C&W) manufacturer with a target price of Rs 8,000, a 16.9% upside. In Q1FY26, the company posted a 26% YoY revenue growth, driven by strong performance in both the C&W and fast-moving electrical goods (FMEG) segments. Exports rose 24% and made up 5.2% of total revenue, with the management aiming to grow this to 10% by 2030. Net profit grew 49% YoY during the quarter. Both revenue and profit exceeded Forecaster estimates.

Analysts highlight that the management is optimistic about domestic demand, supported by ongoing infrastructure projects and growth in the real estate sector. They expect real estate projects to play a key role in boosting wire sales, as it accounts for about 70% of demand in that segment.

Polycab’s order book stands at Rs 10,000 crore, with Rs 8,000 crore linked to the Bharat Net project (a government drive to expand broadband in rural areas). Analysts are optimistic as the company plans to bid for more such projects and has stated it faces no working capital concerns for executing them. During the quarter, Polycab spent Rs 410 crore on capex and plans to invest over Rs 6,000 crore in the next five years. It expects these investments to generate returns worth 4 to 5 times the amount spent.

2. Marico:

Emkay maintains a ‘Buy’ rating on this personal products company with a target price of Rs 810, indicating a 14.6% upside. Analyst Nitin Gupta notes that the company’s short-term performance may be affected by rising copra prices in both India and Indonesia. Over the past six months, copra prices have gone up by about 35% in Indonesia and around 70% in India due to the early arrival of the monsoon.

Gupta expects current cost pressures to ease as market supplies improve in the coming months, which is in line with the company’s view. He believes margins will recover in H2, helped by stronger volumes and better cost control. This, in turn, is likely to support double-digit growth in earnings.

For its India business, analysts expect Marico to slightly reduce volumes as copra prices ease in the coming months. The company is expected to stay cautious, since dealing with high-cost inventory in the supply chain is difficult. While Marico usually keeps its prices steady during inflation, the recent sharp rise in copra prices has led to monthly price hikes—adding up to a total increase of about 55% in the last six months.

3. Astral:

Axis Direct maintains a ‘Buy’ rating on this plastic pipes maker with a target price of Rs 1,680, a 14.1% upside. Analyst Eesha Shah notes that Astral is actively expanding both in India and overseas to tap into new growth opportunities. The company has opened marketing offices in Dubai to target the African and Middle Eastern markets with value-added products. It also plans to launch 12–14 new products from its overseas plants. For FY26, Astral has set a capex target of Rs 250–300 crore.

Astral’s pipes business saw only single-digit volume growth in FY25, mainly due to fluctuating polymer prices, which fell by 18% during the year, and lower government spending. Its adhesive segment reported a 12% EBITDA margin, down by 120 bps, because of volatility in raw material prices and high operating costs. Looking ahead, the company expects EBITDA margins to improve to around 17–18%.

Hiranand Savlani, Director & CFO, said, “We’re focused on adding more value-added products—these may not boost volumes much, but they deliver higher margins.”

Shah expects Astral’s revenue and net profit to grow at a CAGR of 16.7% and 25.9%, respectively, over FY26–FY27.

4. Fine Organic Industries:

Anand Rathi initiates a ‘Buy’ rating on this specialty chemical company, with a target price of Rs 6,400, a 18.7% upside. In FY25, revenue increased by 7.8%, supported by higher exports and strong demand for its chemicals.

Analyst Nitesh Dhoot notes that in Q3 FY25, the management signed an agreement with the Jawaharlal Nehru Port Authority (JNPA) to establish a 70 kilo tonnes per annum (ktpa) manufacturing facility in a Special Economic Zone (SEZ) in Maharashtra to increase exports. The company also plans to establish a unit in South Carolina, US.

Analysts write that the company's international expansion will strengthen its presence and create new growth opportunities once facilities become operational. They expect the company to generate Rs 900 crore in cash by FY27 and project Fine Organic’s revenue and net profit to grow by 11.6% and 15.6%, respectively, over FY26–28.

Mukesh Shah, Chairman, notes, “Domestic demand for chemicals is growing at 8–10% CAGR. We expect the Patalganga facility, with a capacity of 10 ktpa, to reach full utilisation by the first half of FY27. We also plan to increase the facility’s capacity over the next 6 to 8 months to meet the rising demand.”

5. ICICI Lombard General Insurance Company:

Motilal Oswal reiterates its ‘Buy’ rating on this general insurance company with a target price of Rs 2,400, a 25.9% upside. In Q1FY26, the company's revenue rose 14.3% YoY to Rs 6,408 crore, driven by higher growth in auto and health segment premiums. Net profit grew 28.7% to Rs 747 crore, supported by strong investment income.

Management is prioritising profitability over volume in the auto, business insurance, and retail health insurance segments, and avoiding aggressive pricing. Analysts Prayesh Jain and Nitin Aggarwal note that the company is not expanding in the auto insurance segment due to intense competition. They expect margins to improve in third-party auto insurance if the Insurance Regulatory and Development Authority of India (IRDAI) approves the proposed rate hike.

Analysts note that ICICI Lombard is gaining traction in the retail health segment, supported by product innovation and expanding distribution. They expect the industry to gradually recover in FY26, supported by infrastructure spending and a rebound in auto sales, which could support growth.

Management aims to reduce the retail health loss ratio (claims paid to premiums earned) to below 70% this fiscal year, compared to 74.3% in FY25, through improved pricing and product mix. Analysts believe this focus on retail health, along with recovery in the business insurance segment and improved industry pricing, will support growth. They expect 23% profit growth in FY26.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

Ashish Kacholia

22 Jul 2025

Kacholia, Porinju and Dolly Khanna reshuffle portfolios with new buys and exits

By Divyansh Pokharna

The first quarter of FY26 has brought fresh changes to the portfolios of top investors. Ashish Kacholia added Gujarat Apollo Industries, a small-cap industrial machinery maker, to his holdings during this period. He invested around Rs 5 crore for a 1.1% stake in the company.

As soon as the news broke, Gujarat Apollo Industries' stock jumped over 14.9% in a week and touched a new high of Rs 479.4 on July 21. FIIs also raised their stake in the company, from a mere 0.01% to 0.14% during the quarter. The stock appears in a screener of stocks that outperformed their industry during the quarter.

Kacholia and Porinju make multiple portfolio changes in Q1FY26

During the quarter, Ashish Kacholia sold a 1.1% stake in auto parts maker Universal Autofoundry, bringing his holding down to 2.4%. The stock is currently trading in the PE Buy Zone, indicating that it is trading at a cheaper valuation. Over the past year, it has declined by over 59%.

In Q4, Kacholia trimmed his holdings in Awfis Space Solutions and NIIT Learning by 0.9%. Notably, he has been steadily reducing his stake in Awfis since Q2FY25. He initially bought a 4.8% stake in Q1FY25 but now holds only 1.6%. In contrast, his stake in NIIT Learning has remained unchanged since Q1FY25.

He also reduced his stake in several other companies during Q4, including Jyoti Structures, Advait Infratech Transitions, and Acutaas Chemicals (each by 0.6%), and Thomas Scott (by 0.3%). Additionally, he marginally cut his exposure to Man Industries and Yasho Industries.

Kacholia also picked up a 0.3% stake in Agarwal Industrial Corp during Q1FY26. He also made small additions to his holdings in Tanfac Industries and Aeroflex Industries. With these changes, his portfolio now consists of 49 stocks, with a total net worth of Rs 2,753 crore.

Porinju Veliyath cuts stake in three firms to below 1% during Q1

Porinju Veliyath cut his holdings in Kaya, Ansal Buildwell, and Max to below 1% during the quarter. In Q4FY25, he held 2.7%, 1.3%, and 1% in these companies, respectively. All three stocks are listed in a screener of stocks with expensive valuations based on Trendlyne’s valuation score, and all have declined over the past year.

He also reduced his stake in Kerala Ayurveda by 0.7%. This marks the second consecutive quarter of trimming his position in the company. Trendlyne classifies this stock as being in a momentum trap.

In the June quarter, Porinju increased his stake in Orient Bell by 0.9%, taking his total holding to 4.6%. The stock has a strong Durability and Valuation score but an average Momentum score. While it has fallen 16.4% over the past year, it gained 29.4% in the last quarter. However, it underperformed its industry in both periods.

He also picked up a 0.4% stake each in Apollo Sindoori Hotels, and a 0.2% stake each in Sundaram Brake Lining and M M Rubber Company. With these changes, Porinju now publicly holds 11 stocks, with a total portfolio value of Rs 247.6 crore.

Dolly adds three new companies to her portfolio in Q1FY26

Dolly Khanna added three new companies to her portfolio in the June quarter. She picked up a 1.7% stake in Southern Petrochemicals Industries Corp, a fertilizer company, and a 1.6% stake in Coffee Day Enterprises, which operates coffee outlets.

Trendlyne classifies both companies as mid-range performers. Over the past year, Southern Petrochemicals has gained just 3.3%, while Coffee Day has fallen 24.9%.

She also bought a 1% stake in Sarla Performance Fibers, a textiles company. This stock has high Durability, Valuation, and Momentum scores, and ranks well on Trendlyne’s checklist. It has risen 19% over the past year.

Dolly Khanna cuts stakes in three companies to below 1%

Khanna increased her holding in Mangalore Chemicals & Fertilizers by purchasing a 1.1% stake, taking her total to 3.3%. It has surged 149.1% over the past year, outperforming its industry by 52.6 percentage points.

Khanna made some cuts as well. She trimmed her stake in Prakash Pipes, an SME plastic pipe maker, by 0.9%, reducing her holding to 3.2%. The stock has declined 18.1% over the past year, underperforming its industry by 10.3%.

She also reduced her holdings in Stove Kraft and Chennai Petroleum Corp to below 1%, after holding 1.3% and 1.1% respectively in Q4FY25. Both stocks are currently in the PE Sell Zone. They also appear in a screener of stocks with YoY declines in quarterly revenue and net profit.

Khanna trimmed her stake in Rajshree Polypack to below 1%. The packaging products maker has a bearish Momentum score and is currently in the PE Neutral Zone. She also reduced her holdings in Savera Industries, Polyplex Corp, Talbros Automotive Components, and Emkay Global Financial Services.

Additionally, Khanna picked up minor stakes in Som Distilleries (0.4%), 20 Microns (0.3%), and 0.2% each in Prakash Industries and Rajshree Sugars & Chemicals. She also made small purchases in KCP Sugar, Zuari Industries, and GHCL. Following these changes, Dolly Khanna’s portfolio now publicly holds 17 stocks, with a total value of Rs 568 crore.

IPO

TREND | 21 Jul 2025

IPO rush gains pace with Monika Alcobev’s listing and eleven new issues this week

By Divyansh Pokharna

The Nifty 50 declined by 0.7% last week as investors reacted to a slow start to the June quarter earnings and uncertainty around global tariffs. Foreign investors continued to sell, pulling out over Rs 6,670 crore from Indian equities during the week. However, domestic investors stepped in, buying shares worth over Rs 9,490 crore, which provided some support to the market.

Two major banks, HDFC and ICICI, reported their quarterly results over the weekend and opened higher on July 21 after posting net profits that exceeded Forecaster estimates. On the downside, Reliance Industries opened lower despite reporting better-than-expected profits. Infosys, Kotak Mahindra Bank, Bajaj Finance, and Eternal are expected to announce their results this week.

Vinod Nair, Head of Research at Geojit Investments, said, "If the US-India mini trade deal is settled positively, it could improve the outlook for export-focused sectors and make India more attractive to global investors. Also, strong earnings growth is vital to justify India's premium valuations."

Primary market activity is picking up again, with eleven IPOs set to open this week, including five mainboard IPOs, one of which is a real estate investment trust (REIT). Monika Alcobev is scheduled to list on the stock exchange next week, while five others made their debut last week.

Five new debuts over the past week, two from the mainboard

Anthem Biosciences, a pharma company, made a strong debut on July 21, listing at a 26.9% premium over its issue price of Rs 570. The IPO saw huge demand, especially from HNIs and retail investors, with subscriptions of 484X and 333.9X, respectively. The stock is currently trading 28.4% above its issue price.

Smartworks Coworking Spaces had a more modest listing on July 17, opening 6.9% higher. The IPO was subscribed 13.4X, and the stock has since moved up further, now trading 12.1% above its issue price.

Recent IPOs post strong listing gains, except Asston Pharma

In the SME segment, GLEN Industries and Spunweb Nonwoven saw strong interest. GLEN saw a 242.3X subscription and, despite dipping after listing, is now trading 37% higher. Spunweb, on the other hand, gained after listing and is currently trading 65.2% above its issue price.

Asston Pharma made a weak start, listing at a 3.3% discount despite being subscribed 173.5X. The stock is now trading 2.4% below its issue price.

Primary market gears up with eleven launches lined up this week

Property Share Investment Trust, a SEBI-registered REIT focusing on small and medium-sized properties, opened its Rs 473 crore IPO on July 21, which will close on July 25. The issue is priced between Rs 10 lakh and Rs 10.06 lakh per share, with listing scheduled for August 4.

The high issue price compared to regular IPOs is because each unit represents a share in a large, income-generating commercial property, not just a small equity stake like in most traditional company IPOs. The investors expect a 9% annual yield, which is derived from the rent paid by tenants occupying the property. It is distributed regularly and works like a dividend, giving investors a share of the rental income generated by the commercial asset.

All mainline IPOs witness revenue growth in FY25

Indiqube Spaces, a workspace solutions provider, will open its IPO on July 23 and close it on July 25. The shares are priced between Rs 225–237 each, and the company plans to raise Rs 700 crore, of which Rs 650 crore is a fresh issue and the rest is an offer for sale. The stock is expected to debut on the exchange on July 30.

Indiqube offers fully-equipped, plug-and-play offices and workspace services to businesses. In FY25, it reported a net loss of Rs 139.6 crore, narrowing from Rs 341 crore in FY24.

GNG Electronics, a computer hardware company offering refurbishing services for laptops, desktops, and other ICT devices in India and abroad, will open its Rs 460.4 crore IPO on July 23. The issue will close on July 25 and list on July 30. Of the total size, Rs 400 crore will come from a fresh issue. The price band is set at Rs 225 to Rs 237 per share.

Brigade Hotel Ventures, a wholly-owned subsidiary of Brigade Enterprises, is coming out with a Rs 759.6 crore IPO consisting entirely of a fresh issue. The IPO is set to open on July 24 and close on July 28, with the listing scheduled for July 31. The company develops and operates hotels across key cities in South India.

Shanti Gold International, a manufacturer of gold jewellery, will open its IPO on July 25 and close it on July 29. Listing is expected on August 1. The company specialises in making 22 karat casting gold jewellery, focusing on quality craftsmanship and design.

Two SME IPOs opened for subscription on July 21 and will close on July 23, with listing scheduled for July 28.

Swastika Castal is looking to raise Rs 14.1 crore through a fresh issue, with shares priced at Rs 65 each.
Savy Infra & Logistics plans to raise Rs 70 crore through a fresh issue, offering shares in a price band of Rs 114–120.

Three more SME IPOs are set to open this week.

Monarch Surveyors & Engineering Consultants will open its IPO on July 22 and close on July 24, aiming to raise Rs 93.8 crore in a price range of Rs 237–250. Listing is scheduled for July 29 on BSE SME.
TSC India will launch its Rs 25.9 crore IPO on July 23, close on July 25, and list on July 30 on NSE SME. The shares are priced in the range of Rs 68–70.
Patel Chem Specialities and Sellowrap Industries will open their IPOs on July 25 and close on July 29. Patel Chem aims to raise Rs 58 crore with a price band of Rs 82–84 per share, while Sellowrap’s pricing details are yet to be announced. Both companies are expected to list on August 1.

Moderately subscribed Monika Alcobev to list on July 23

Monika Alcobev, an importer and distributor of premium alcoholic beverages across India and nearby regions, launched its IPO on July 16, which closed on July 18. The stock is scheduled to list on the BSE SME platform on July 23. The IPO was subscribed 3.8X overall, with the HNI portion seeing the highest demand at 12.1X.

HNIs lead Monika Alcobev’s subscription bid; QIBs show little interest

The company plans to use the funds to meet working capital needs, repay certain loans, and for general corporate purposes. In FY25, its revenue rose 25% to Rs 238 crore, while net profit grew 39%

Trendlyne Analysis released a IPO Note report for IPO on 11 Aug, 2025.

IPO

TREND | 14 Jul 2025

IPO spree continues with Anthem and two SME issues opening this week

By Divyansh Pokharna

Indian equities came under pressure last week, with the Nifty 50 falling over 1%. Weak global cues, continued foreign fund outflows, and delays in finalising the India-US trade deal weighed on sentiment. The mood worsened after IT major TCS reported weaker-than-expected results, dragging down the entire IT sector.

Adding to the uncertainty, Bloomberg reported that the US is working toward an interim trade deal with India that may reduce its proposed tariffs to below 20%. While this seems like a step forward, analysts cautioned that timelines are unclear, as are the impacts of Trump’s sector specific tariffs.

Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), added, “A hasty deal under pressure could have irreversible consequences, especially when such agreements may not survive the next shift in US politics.”

In the IPO market, activity is expected to cool a bit this week. Only three IPOs are set to open, including the Rs 3,395-crore offer from pharma company Anthem Biosciences on the mainboard. The other two are from the SME segment. Meanwhile, three companies are lined up to list on the stock exchanges, following seven listings in the previous week.

Seven new companies debuted on the bourses over the past week

Crizac, a B2B education platform, listed on July 9 at a 14.7% premium to its issue price of Rs 245 after its IPO was subscribed 59.8X. QIBs led the demand with 134.3X bidding. The stock is currently trading 36.3% higher.

Travel Food Services made a modest debut on July 14, listing at a 2.3% premium. The IPO was subscribed 2.9X, and the stock is now trading 1.8% below its issue price.

SMEs shine with strong gains while mainline IPOs see a subdued debut

Among SME listings, Cryogenic OGS, Smarten Power Systems, and Meta Infotech saw strong gains. Cryogenic, which was subscribed 646.5X, is now up 109.5%. The other two are also trading higher post listing.

Happy Square Outsourcing Services and Chemkart India listed with moderate gains of 1.3% and 0.8%, respectively. Happy Square, subscribed 3.3X, is now up 11.6%, while Chemkart, subscribed 5.6X, is trading 3.9% above its issue price.

Three new offerings this week, with Anthem on the mainboard

Anthem Biosciences, a pharma company that helps other firms with drug research, development, and manufacturing, launched its IPO on July 14. The IPO will close on July 16, with listing set for July 21.

Smartworks posts net loss in FY25; TFS and SMEs outshine with profit growth

The Rs 3,395 crore offer is a complete offer for sale (OFS), meant to give an exit to its promoters. The price band is Rs 540–570 per share, with 50% reserved for institutional investors, 35% for HNIs, and 15% for retail investors.

Alongside, two SME IPOs are also opening for subscription.

Spunweb Nonwoven, a textile company that makes non-woven fabrics used in products like doormats, bags, carpets, and tarpaulins, opened its IPO on July 14. The Rs 61 crore offer, entirely a fresh issue, will close on July 16 and list on July 21 on the NSE SME platform.

Monika Alcobev, an importer and distributor of premium alcoholic beverages in India and nearby regions, will open its IPO on July 16, close on July 18, and list on July 23 on the BSE SME platform. The Rs 153.7 crore IPO includes both a fresh issue and an offer for sale. The price range is set between Rs 271–286 per share.

Three fresh IPO listings are scheduled this week

Smartworks Coworking Spaces, a workspace manager, offers fully serviced office spaces with customized managed setups. Its IPO will close on July 14, with listing expected on July 17.

By day 2 of bidding, the issue was subscribed 1.1X, with the QIB segment lagging at 0.6X. The company aims to raise Rs 582.6 crore, including Rs 445 crore as a fresh issue and the rest via OFS.

Smartworks Coworking draws weak bids, while SMEs see strong oversubscription

Among SME listings, GLEN Industries will be the first to debut this week, with listing scheduled for July 15. The IPO was subscribed 242.3X, driven largely by HNIs, who bid 612.9X, while QIB participation stood at 98.7X.

Asston Pharmaceuticals, which closed its IPO on July 11, is slated to list on July 16. The pharma company saw a strong overall subscription of 173.5X.

Trendlyne Analysis released a IPO Note report for IPO on 11 Aug, 2025.

The Baseline

08 Jul 2025

Five stocks to buy from analysts this week - July 08, 2025

By Divyansh Pokharna

1. Abbott India:

BoB Capital Markets reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 40,128, a 17.5% upside. Abbott currently sells Novo Nordisk’s insulin products in India, including Mixtard, but this arrangement is set to change. Novo Nordisk plans to phase out its older insulin pens and replace them with newer injectables like Wegovy, which are in higher demand. However, Novo plans to distribute Wegovy directly, rather than through Abbott.

Abbott’s insulin sales from Novo are estimated at around Rs 1,500 crore in FY25, with margins in the low single digits. Analyst Foram Parekh expects profitability to improve once these lower-margin products are phased out. He highlights that Abbott’s core business operates at significantly higher margins of around 38–39% and expects the company to deliver a net profit CAGR of 12.1% over FY26–27.

The company currently generates about Rs 1.3 crore in sales per medical representative (MR), with a field force of 3,250 MRs. It plans to improve productivity by launching new products, entering additional therapy areas and regions, and taking price hikes. By FY27, the company aims to raise MR productivity to Rs 1.5 crore with a team of 3,500 MRs.

2. Affle (India):

Sharekhan maintains its ‘Buy’ rating on this internet software firm with a target price of Rs 2,250, a 13.7% upside. In FY25, Affle's revenue and net profit grew 23% and 28.5%, driven by a 28.3% rise in revenue per converted user. The company is targeting over 20% revenue growth in FY26 and aims for 10x growth over the medium term.

During the year, developed markets grew faster than India and other emerging markets. However, the company expects more balanced growth in FY26. Growth in developed markets is likely to come from new client additions, while in India and emerging markets, it is expected to be driven by increased spending from existing clients.

Analysts believe the company is well-positioned to benefit from rising global digital spending and the shift toward performance-driven advertising, supported by its strong presence across key sectors and markets.

3. HDB Financial Services:

Emkay initiates coverage on this NBFC with a ‘Buy’ rating and a target price of Rs 900, a 6% upside. The company listed on the exchange on July 2, at a 12.8% premium to its issue price of Rs 740. Analysts Avinash Singh, Kishan Rungta, and Mahek Shah note that HDFC Bank’s parentage gives HDB Financial Services (HDBFS) key advantages, including access to low-cost funds due to its AAA rating and strong brand visibility. The company currently has assets under management (AUM) of over Rs 1.1 trillion.

The company’s lending capabilities and improved capital position after the IPO mean it’s likely to benefit from rising credit demand, helped by government and regulatory growth measures. It also expects a boost from improving net interest margins (NIMs) driven by potential rate cuts.

Singh, Rungta and Shah believe that the company’s diversified product mix and continued focus on underserved segments are expected to drive AUM CAGR of around 20%, reaching Rs 1.8 trillion by FY28. They also expect net profit to grow at a CAGR of 28.7% over FY26–28.

4. Chalet Hotels:

ICICI Securities initiates a ‘Buy’ rating on this hotel company with a target price of Rs 1,058, a 23.1% upside. Revenue rose 22% to Rs 1,754 crore in FY25, driven by higher average room rates and improved occupancy.

Analysts Adhidev Chattopadhyay and Saishwar Ravekar note that the company’s capex plan of Rs 700–800 crore is on track to open new properties in Lonavala, Bengaluru and Delhi by H1FY27. They expect this expansion to increase the hotel’s room inventory to 4,685 keys by FY28, up from the current 3,314 keys.

CEO Sanjay Sethi notes,“We aim to achieve double-digit revenue per available room (RevPAR) growth through FY26 to FY28, supported by favourable demand-supply dynamics and strategic expansions in the Bengaluru, Goa, and Delhi regions. The capex for these new projects is funded through internal accruals and intend to maintain net debt-to-EBITDA below 3.5x.”

Management aims to generate Rs 700–800 crore in annual operating cash flow by FY28 as new properties become operational and the portfolio expands to 5,000 keys. Analysts expect Chalet’s annuity assets, including commercial rental spaces, to contribute over Rs 300 crore in annual EBITDA once fully stabilised by FY28. They project revenue to grow by 17% over FY26–27.

5. ACME Solar Holdings:

Motilal Oswal initiates a ‘Buy’ rating on this renewable energy company with a target price of Rs 347, a 34.3% upside. Analysts Abhishek Nigam and Preksha Daga note that ACME's operating solar capacity has reached 2.9 gigawatts (GW) from 1.3 GW since its public listing in November 2024.

The company has a project pipeline of 6.9 GW. Analysts believe that once commissioned, this could generate EBITDA of Rs 8,100 crore by FY29. They expect the company to commission 1.9 GW of capacity in FY27, which could act as a key catalyst for the stock.

In FY25, its revenue grew by 7.4% to Rs 1,575 crore, driven by capacity expansion and increased power generation. The company has planned capital expenditure (capex) of Rs 13,690 crore in FY26. Analysts estimate EBITDA margins of 88.5% in FY27, up from 87.9% in FY25, as they expect the Sikar solar project to commission by FY28, a year earlier compared to the previous deadline.

Analysts note that the timely commissioning of solar projects, low-interest expenses, and potential new project wins are catalysts driving the company’s performance. They estimate revenue and net profit to grow by 67% and 56%, respectively, over FY26–27.

The analysts project mid-single-digit growth for the domestic tractor segment in FY26 from new product launches in the construction equipment and tractor segments. They expect exports to grow by 20–25% in FY26 and estimate revenue and net profit will rise by 10.5% and 16%, respectively, over FY26–27.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)