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India's IPO market remains a hotbed of activity in 2025. Indian investors have been enthusiastic and actively participating in new issues. But they are also becoming far more selective, picking companies with strong fundamentals while staying away from ones with aggressive valuations.

An analyst noted at the ET Soonicorns Summit 2025, “IPOs are making a comeback, but the rules have changed. The old ‘growth at any cost’ approach is fading, and investors now want companies to show profitability, good governance, and transparency before putting in their money”.

Interestingly, while the total number of IPOs has dipped slightly from 217 in 2024 to 197 in 2025 in the January to August period, the amount of money raised has surged by nearly Rs 10,000 crore. This signals a trend of fewer but much larger companies going public. Much of this fundraising has been led by big-ticket issues such as HDB Financial Services (Rs 12,500 crore), Hexaware Technologies (Rs 8,750 crore), Knowledge Realty Trust (Rs 4,800 crore), NSDL (Rs 4,011 crore), and JSW Cement (Rs 3,600 crore), etc.

The pipeline of upcoming offerings is fueling further excitement. Audio and wearable brand boAt is targeting an IPO of Rs 2,000 - Rs 2,500 crore by late 2025. Digital payments leader PhonePe, which handles nearly half of all UPI transactions in India, is expected to file its papers by September 2025. Meanwhile, after a long wait, hospitality startup Oyo is making another attempt at going public, planning to file papers in November 2025. This is Oyo’s third DRHP filing - it withdrew the first, and SEBI sent the papers back on its second attempt. Maybe it will be lucky this time. 

The immediate calendar is also packed, with home-services leader Urban Company's Rs 1,900 crore issue that opened on September 10 with an expected listing on September 17. Dev Accelerator and Shringar House of Mangalsutra are also opening on the same dates.

In the edition of Chart of the Week, we take a closer look at India’s IPO market in 2025, highlighting strong investor interest, sector-wise trends, and how selective participation is shaping post-listing performance.

High-flyers and hard landings in 2025

The 2025 IPO market has split into two clear tracks. On one side are the standout performers, where strong fundamentals and heavy bidding translated into healthy gains. Highway Infrastructure leads the pack with a 64.3% listing gain, followed by Aditya Infotech (50.4%) and GNG Electronics (49.8%).

What these companies had in common was high subscription—Highway Infrastructure saw a subscription of over 300X, while Aditya Infotech and GNG Electronics drew bids of 100X and 148X, respectively. All three IPOs saw strong demand from institutional investors, even though the qualified institutional buyers’ (QIBs) average subscription was far behind the HNIs and retail investors.

On the other side are companies that have struggled since their listing day. Laxmi Finance and Indiqube Spaces listed at discounts, losing 13% and 8.9% respectively, while Arisinfra Solutions is currently trading at a 35% discount. The reasons are clear: investors were turned off by factors such as the company not yet being profitable (Indiqube), high debt and a negative PE ratio (Arisinfra), or an issue that simply failed to generate demand, with subscriptions at just 1.9X (Laxmi Finance).

While the overall IPO activity is high, mainline offerings drove the market. In 2024, more mainboard IPOs led to higher funds raised, unlike previous years when SME IPOs surged but raised less due to fewer mainline listings.

Where are investors betting big?

Diving down into specific sectors reveals where investor capital is flowing and why. The cement and construction companies saw one of the strongest listing gains, supported by the government’s infrastructure push through initiatives like the National Infrastructure Pipeline (NIP) and PM Gati Shakti. This policy-driven tailwind fueled the confidence behind Highway Infrastructure’s successful listing.

The hardware technology & equipment sector also delivered healthy listing gains, with Aditya Infotech and GNG Electronics gaining from rising digital adoption and demand for smart-home solutions.

Conversely, the hotels & tourism sector struggled, with Brigade Hotel Ventures and Schloss Bangalore (Leela Hotels) both debuting below their issue prices—at discounts of 9.9% and 6.7%, respectively. Investor caution was evident, as both IPOs were only moderately subscribed at 4.5X. The performance reflects underlying financial uncertainties: Leela Hotels returned to profitability in FY25 after a Rs 2 crore loss in FY24, while Brigade’s net profit declined in FY25.

The general industrials sector saw the highest mainline listings, including Ellenbarrie Industrial Gases, Standard Glass Lining, and Vikran Engineering. Overall, the sector saw generally positive performance, though listing trends were mixed. Ellenbarrie and Standard Glass Lining recorded strong listing gains of over 21%, while Vikran Engineering posted a modest gain of 2%.

The trend in 2025 so far is clear: investor appetite is selective. Companies tied to policy support or structural demand shifts are being rewarded, while those relying on market buzz or stretched valuations face immediate pushback.

Decoding the push behind IPO oversubscriptions

A look at subscription data reveals three distinct investor mindsets. Leading the charge are high-net-worth individuals (HNIs), who oversubscribed their portion by an average of 215X. This aggressive demand is driven by a strategy focused on short-term listing gains. 

HNIs often use leverage or borrow funds to place large bids, aiming to profit from the initial "listing pop." Their high-risk, high-reward approach is often a key factor in the massive oversubscription of a public issue, but it can also be a sign of a speculative bubble forming around a company.

Retail investors also showed considerable enthusiasm, with their category being oversubscribed by an average of 91.6X. However, the most insightful trend is seen in the QIBs, which include mutual funds and foreign institutional investors. Their average subscription stood at 45.5X – relatively lower, as the portion allotted to them is much higher than that of HNIs and retail investors, which naturally brings down their subscription multiples.

QIBs are long-term, fundamental-driven investors who are less influenced by market hype. Their participation is often seen as a mark of a company's genuine long-term value, as they are not chasing a quick exit.

Harshal Dasani, Business Head, INVAsset PMS, said, “This divergence—weak secondary trade but robust primary activity—is common in maturing markets. Domestic capital is able to support new issues even when global sentiment is weak. It shows investors prefer fresh growth stories over crowded secondary valuations.”

1. Britannia Industries:

Axis Direct upgrades its rating to ‘Buy’ on this packaged foods company with a target price of Rs 6,750, an upside of 9.9%. Analyst Suhanee Shome cites the recent Goods and Services Tax (GST) reduction as the primary reason for the upgrade.

The GST on biscuits, packaged foods, chocolates, dairy products, and beverages has been lowered to 5%. Shome notes this will make products cheaper, boost demand, and narrow the price gap with unorganised competitors who previously benefited from tax evasion. This change should help Britannia compete more effectively on price and increase its market share. Additionally, she expects this could encourage premiumisation, where consumers shift to higher-value products within Britannia’s portfolio at more affordable prices.

In Q1FY26, the company reported revenue growth of 8.8% YoY, supported by higher sales volume and price hikes. Rural markets delivered double-digit growth, while urban growth was supported by e-commerce. Market share gains were seen in most regions, although East India was impacted by distribution restructuring.

2. ICICI Bank:

Emkay retains its 'Buy' rating on this bank, with a target price of Rs 1,700, an upside of 21.1%. In Q1FY26, ICICI Bank’s credit growth slowed to 12% YoY due to weaker demand in retail and corporate loans. However, growth in the small and medium enterprise (SME) segment remained strong at 30% and now constitutes about a fifth of the loan book. Management noted that home loan growth was affected by higher interest rates, but the recent rate cut could help improve demand. 

Analysts Anand Dama and Nikhil Vaishnav highlight that ICICI Bank is strengthening its position through digital banking and cross-selling products. Its SME loans are mostly large-ticket, which reduces risk. Investments in technology and better banking processes are helping the bank to manage costs, improve efficiency and maintain a strong portfolio.

Despite near-term challenges, Dama and Vaishnav expect ICICI Bank to deliver a return on assets of 2.1-2.3% over FY26-28, supported by cost control and stable asset quality. They also mention that the upcoming listing of ICICI Prudential Asset Management Company could unlock more value for shareholders.

3. Zydus Lifesciences:

Geojit BNP Paribas reiterates its 'Buy' rating on this pharma company, with a target price of Rs 1,121, an upside of 8.3%. In Q1FY26, the company’s revenue grew 5.9% YoY to Rs 6,574 crore, led by pharmaceuticals and consumer products. Domestic formulation sales rose 8%, driven by chronic therapies in oncology (cancer treatment) and cardiology (heart treatment).

Management noted that the impact of US pharmaceutical tariffs remains uncertain, but they will continue to supply generics, which constitute about 90% of the US market. They also guided growth in the high-teen to mid-20% range in international markets. The company plans to invest Rs 300 crore in medical devices and healthcare technology (MedTech) over the next 12-18 months.

Analyst Gopika Gopan expects key priorities to include the launch of the blockbuster drug Semaglutide, a treatment for type 2 diabetes and obesity. Other priorities are likely to be the commercialisation of Desidustat (an anaemia treatment) in China and the rollout of robotic surgery systems in Europe. She adds that Zydus is well placed to sustain growth across India, the US, and emerging markets, driven by specialty launches and MedTech expansion.

4. Premier Explosives:

ICICI Direct initiates a 'Buy' rating on this small-cap explosives manufacturer, with a target price of Rs 680, an upside of 26.9%. Analysts Vijay Goel and Kush Bhandari note that the company’s order book stood at Rs 989 crore in Q1FY26, which is 2.1 times its annual revenue, providing clear visibility for the next 2-3 years.

The company is undergoing a capacity expansion at its Katepally facility to integrate advanced explosives and rockets. At the same time, a new greenfield plant in Odisha is set to add ammunition and raw material production in phases. The company also plans to raise Rs 300 crore to fund expansion and repay debt. Management expects revenue to grow around 44% to Rs 600 crore in FY26.

Goel and Bhandari highlight that the company is benefiting from strong industry tailwinds, including higher defence spending and increased government procurement. Order inflows for FY26 year-to-date have already exceeded Rs 700 crore, more than the total for FY20-23 combined. They project revenue to grow at 27% CAGR over FY26-28, with EBITDA and net profit growing 40% and 54% respectively, supported by a shift towards higher-margin defence products.

5. SRF:

Sharekhan maintains its 'Buy' rating on this chemicals company, with a target price of Rs 3,540, an upside of 20.7%. Management anticipates a 20% growth in the chemical business in FY26. The specialty chemicals segment is likely to perform strongly, supported by new product launches and active ingredients.

Analysts note that India is now implementing the Kigali agreement, which requires countries to reduce their use of hydrofluorocarbons (HFCs). As India’s reliance on HFCs decreases, demand is shifting toward newer, cleaner alternatives like hydrofluoroolefins (HFOs). The company is well-positioned to benefit from this transition and is also expanding its production capacity for HFO refrigerant gas.

The brokerage highlights that Asia, including India, will remain the largest market for refrigerant gases. SRF’s backward integration, brand strength, and strong distribution network provide a competitive edge. Sharekhan expects the business to grow at a 20% CAGR, with EBITDA and net profit rising 32% and 51% over FY26-27.

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

(You can find all analyst picks here)

Indian stock benchmarks bounced back last week, with the Nifty 50 gaining 1.3%. While supported by GST rate changes and lower oil prices, global trade tensions and persistent foreign selling capped market gains.

India's GST Council announced a major tax overhaul at its 56th meeting, and narrowed the existing four-tier system into two main rates: 5% and 18%. The Council introduced a new 40% GST rate for sin goods and luxury products – high-end cars, tobacco, and cigarettes – effective September 22, 2025.

Siddhartha Khemka, Head of Research at Wealth Management at Motilal Oswal Financial Services, said, "Global trade uncertainties and tariff hikes remain a key risk. But the simplified GST framework combined with positive domestic economic factors should support market momentum in the near term."

The IPO market continues its strong activity this week, with eleven new issues set to open, including three from the mainboard segment. Additionally, seven companies will make their stock market debut, following 11 listings last week.

Eleven new companies debuted on the bourses over the past week

Two mainline IPOs debuted last week: Vikran Engineering and Anlon Healthcare. Vikran opened at a 1.1% premium and now trades 5.6% above its issue price. Anlon Healthcare had a slightly higher debut at a 2.1% premium, with shares now trading 2.2% higher. Vikran Engineering’s IPO was subscribed 23.6 times, while Anlon Healthcare was subscribed 7.1 times.

Anlon and Vikran Engg debut at a premium and extend gains post-listing

Current Infraprojects and Sattva Engineering stood out among the SME debuts, listing at 90% and 26.8% premiums to their issue prices. Current Infra’s IPO was subscribed 308.4 times, while Sattva saw 132.3 times. Both companies currently trade above their issue prices.

Oval Projects Engineering debuted with a modest subscription, receiving bids for 1.6 times the shares offered. Oval Projects currently trades at a 9.7% discount to its issue price. Meanwhile, Snehaa Organics had a flat debut at Rs 122 and is now down 9.8% from its issue price.

Globtier Infotech, Abril Paper Tech, and Rachit Prints all listed at a 20% discount to their issue prices. These companies are now trading 38.1%, 18.4%, and 24% below their issue price. Suggs Lyod also listed at a discount after its IPO was subscribed by 3.1X. The company is currently trading 4.1% above its issue price.

Eleven offerings open for subscription; three from the mainline category

The biggest IPO this week,Urban Company, offers a tech-enabled platform that provides a range of home and beauty services—from cleaning and repairs to grooming and home massages—all delivered by trained professionals. The company has also expanded into home solutions, launching its own line of water purifiers and electronic door locks under the brand ‘Native’. 

Urban Company turned profitable in FY25, reporting a net profit of Rs 240 crore, a major turnaround from last year's loss. The gain was mainly driven by a Rs 211 crore deferred tax credit. 

Shringar House of Mangalsutra designs and manufactures a wide variety of Mangalsutras with stones like American diamonds and pearls. The gems & jewellery maker sells its products to corporate clients, wholesale jewellers, and retailers nationwide. 

Urban Co and Shringar will open their IPOs on September 10, close on September 12, and list on September 17. Urban Co aims to raise Rs 1,900 crore, with a price band of Rs 98-103 per share. Shringar plans to raise around Rs 401 crore via a fresh issue, with a price band of Rs 155-165 per share.

Urban Company turns profitable in FY25; others see strong profit growth

Dev Accelerator is a special consumer services company that provides flexible office spaces, including coworking environments. It has a presence in major cities, including Delhi-NCR, Hyderabad, Mumbai, and Pune. Its IPO will also open for subscription on September 10, close on September 12, and list on September 17. The company aims to raise Rs 143.4 crore through a fresh issue, with a price band of Rs 56–61 per share.

The company plans to use the IPO funds for capital expenditure, repayment or prepayment of borrowings, and general corporate purposes.

Eight SME IPOs are also opening for subscription this week.

• Nilachal Carbo MetalicksandKrupalu Metals launched their IPOs on September 8, will close on September 10 and list on September 15. Nilachal aims to raise Rs 56.1 crore for Rs 85 per share. Krupalu plans to raise Rs 13.5 crore at Rs 72 per share.
• Karbonsteel Engineeringand Taurian MPS will open on September 9, close on September 11, and list on September 16. Karbonsteel aims to raise Rs 59.3 crore with a price band of Rs 151–159, while Taurian MPS plans to raise Rs 42.5 crore with a price band of Rs 162–171.
• Galaxy Medicare and Jay Ambe Supermarkets are set to open their IPOs on September 10, will close on September 12, and list on September 17. Galaxy Medicare plans to raise Rs 22.3 crore at Rs 51-54 per share, while Jay Ambe aims to raise Rs 18.5 crore at Rs 74-78 per share.
• Airfloa Rail Technology will open on September 11, close on September 15, and list on September 18. It plans to raise Rs 91.1 crore, with a price band of Rs 133-140 per share. Following that, L.T.Elevator will open on September 12, close on September 16 and debut on September 19. It aims to raise Rs 39.4 crore at a price band of Rs 76-78 per share.

Amanta Healthcare and six SME firms are lined up for listing this week

Amanta Healthcare is the only mainline IPO listing this week. It received bids for 82.6X the shares on offer, with HNIs showing the strongest demand at 209.4X, while QIBs subscribed 55.0X. The company will list on September 9. Amanta Healthcare is a pharmaceutical company that makes sterile liquid medicines, mainly injections. The company also makes medical devices.

Amanta Healthcare sees strong HNI demand

Six SMEs are lined up for listing this week:

• Optivalue Tek ConsultingandGoel Construction will list on September 10. Optivalue was subscribed 60X, while Goel Construction was subscribed 115.8X. Both companies witnessed strong interest from the HNI category.
• Austere Systems will close its IPO on September 9 and list on September 12. It saw a strong subscription of 63X at the end of day 3.
• Sharvaya MetalsandVigor Plast India will also close their IPOs on September 9 and list on September 12. Sharvaya's IPO has been subscribed 1.6X, while Vigor Plast remains undersubscribed at 0.7X at the end of day 2.
• Vashishtha Luxury Fashion will close on September 10 and list on September 15. As of day 1, its subscription stood at just 0.1X.

1. Blue Star:

A major government tax reform has provided a significant boost to this consumer electronics company, sending its stock up 3.4% in the last week. The Indian government’s GST overhaul slashed the tax on electronics like air conditioners from a steep 28% down to 18%.

Fueled by this news, the company’s managing director, B. Thiagarajan, has doubled the sales growth forecast for the upcoming festive season to 30%. He confirmed that the full benefit of the tax cut will be passed on to customers, predicting that the entire industry could see 20% growth in the next financial year thanks to the lower prices.

This positive outlook comes despite a recent speed bump. Unexpected early rains led to a 28.4% YoY drop in the company's Q1FY26 net profit, as sales in its cooling products segment fell by 13% compared to the previous year. However, the company’s overall business is still growing. Total revenue climbed 3.8% YoY, beating Forecaster estimates by 5.5%, thanks to strong performance in its commercial refrigeration and engineering project divisions. The stock features in a screener of companies which have given consistent returns over the past five years.

Drilling down into its operations, the company's commercial projects division is sitting on a robust order book worth Rs 5,080 crore, with strong demand from data centers and the healthcare sector. On the other hand, its room air conditioner business faced challenges from the unusual weather. With a current market share of 14%, the company aims to increase this to 15% in the coming years.

Looking ahead, brokerage firm Sharekhan is optimistic. It believes the company is positioned to benefit from growing demand for air conditioners in India and has opportunities to export to the US and Europe. The firm highlights huge long-term potential, noting that AC ownership in India is still very low compared to the global average. With rising incomes and increasing urbanization, Sharekhan has maintained its ‘Buy’ rating on the stock, setting a target price of Rs 2,000.

2. Netweb Technologies India:

This cloud infrastructure company surged over 37% last week, hitting an all-time high of Rs 3,182.5 on August 5. The rise was fueled by a Rs 1,734 crore order to supply servers built on Nvidia's Blackwell architecture (AI-focused chips). As part of the contract, Netweb Tech will deploy an AI infrastructure facility using the latest GPU-accelerated platforms. This landmark deal, awarded under the IndiaAI Mission, excites analysts as India steps onto the global AI stage, currently dominated by the US and China. 

The order size represents around 102% of the company’s estimated sales for the current financial year and 72% for the next. Trendlyne’s Forecaster estimates Netweb’s profit to rise 48% in FY26, with revenue growth of 46.5% to Rs 1,683 crore. Also, it's worth noting that the promoters hold a substantial 71% stake in the company.

The company’s latest results showed revenue and net profit nearly doubling YoY in Q1 FY26. The AI segment contributed 29% of revenue with a 300% YoY growth. CEO Sanjay Lodha said, “AI’s share will continue growing at the same pace of 40% CAGR as before. We are raising the AI contribution guidance from 20% to 22% for FY26.”

While Netweb shows growth potential, its valuation is a point of discussion. The stock currently trades at an expensive PE of 115, giving it a low valuation score of 24. However, it's not all red flags – the current PE is still below its average and median, placing it in a neutral zone.

Ventura has given a ‘Buy’ rating for Netweb, citing optimism about its total order book of Rs 4,142 crore. The brokerage notes that AI investments and private cloud adoption are driving computing demand in India, while the company also plans to expand in Europe and the Middle East. They expect Netweb’s revenue and net profit to grow at a CAGR of 36% and 64% over FY25-28.

3. Ashok Leyland:

Thisvehicle manufacturer rose 2.7% over two trading sessions after the companyunveiled on September 1 a Rs 5,000 crore investment plan to develop battery manufacturing in India over the next decade. As a first step, the company will invest Rs 300-600 crore into a new lithium iron phosphate (LFP) battery pack facility within the next three years.

To power this ambitious supply, Ashok Leyland hasentered into a long-term partnership with the Chinese battery firm CALB Group. This collaboration will focus on technology sharing and joint research, with core goals of reducing vehicle manufacturing costs and lowering India’s dependence on imported battery components.

"The new battery business shall first focus on the automotive sector, and then move to non-automotive areas, including energy storage systems,”said Shenu Agarwal, the company’s MD and CEO. The new manufacturing capacity is set to be a key supplier for its own electric vehicle arm, Switch Mobility, while also serving other vehicle manufacturers in the market.

Following the announcement, Nomuramaintained its Buy rating but cautioned that the battery business will face initial margin pressure. The brokerage noted that profits will likely be thin at first, but will improve as production scales up significantly. With operations scheduled to begin in the first half of FY27, any delays in the timeline could impact cash flow and returns.

This strategic pivot comes at a time of strong performance for the company. InQ1FY26, the company’s revenue grew 9.2% YoY to 11,708.5 crore, driven by higher sales in its core commercial vehicles segment. Meanwhile, management isconfident its EV division will break even within the next year, fueled by a strong order book and soaring demand. Switch Mobility currently holds a market share of approximately 41% in India’s e-bus market.

In a separate but significant boost, the GST Council recently slashed the tax on commercial vehicles from 28% to 18%. Ashok Leyland’s CFO, KM Balaji,explained that previously, a tax disparity encouraged customers to buy a vehicle chassis and have the body built separately to save money. The new, unified 18% rate removes this incentive, simplifying the buying process and likely increasing demand for Ashok Leyland's fully-built vehicles.

4. Kaynes Technology India:

Thiselectronic component manufacturer jumped 8% on September 1 after its subsidiary, Kaynes Semicon, announced apartnership with technology services firm UST. The tie-up will fast-track Kaynes’ semiconductor packaging facility in Sanand, with UST providing equipment, technical know-how, and customer connections. Management sees a revenue potential of Rs 1,500 crore from this venture by FY28.

Revenue mix has shifted towards innovative, design-led, and high-margin businesses. In the first quarter of FY26, printed circuit board (PCB) assembly accounted for 45% of sales, while system-level integration (box-build) fell to 19%. Meanwhile, contributions from original design manufacturing (ODM) and product engineering skyrocketed to 36%, a huge leap from just 2% a year ago.

This pivot lifted the EBITDA margin to 16.8%, up 350 basis points YoY, and powered a 47% jump in net profit, beatingexpectations. CFO Jairam Sampath said, “For the remaining nine months, you can expect an EBITDA margin similar to the first quarter.” Revenue grew 34% YoY in Q1 but missed estimates slightly, as demand in the box-build segment softened.

New orders worth Rs 1,480 crore in Q1 lifted the backlog to Rs 7,400 crore, nearly 2.7 times FY25 sales, providing visibility for future growth. The industrial sector has been a key driver, with orders soaring by over 40% YoY and now accounts for more than half of total revenue. Chairman Ramesh Kannansaid, “We are seeing strong traction in aerospace, industrials, and railways, which will continue to grow through FY26, giving us confidence that the order book will only strengthen from here.”

Macquarieinitiated coverage on the stock with an ‘Outperform’ rating and a target price of Rs 7,700. The brokerage is bullish on Kaynes’ pivot to high-value electronics manufacturing, its strategy of bringing more production in-house, and plans for global expansion. It argues that while the stock trades at rich valuations, they are supported by the trillion-dollar opportunity in India’s Electronics System Design & Manufacturing industry.

5. TBO Tek:

This travel support services firm saw its stock soar over 15% on September 3 following the acquisition of US-based Classic Vacations for approximately $125 million (Rs 1,100 crore). TBO Tek also features in a screener of stocks where mutual funds have increased their holdings over the past two months.

At its core, TBO Tek runs a digital marketplace for the travel industry, handling bookings for everything from flights and hotels to cruises and rail. Classic Vacations, on the other hand, is a specialist in premium luxury travel with a network of over 10,000 travel advisors. With this acquisition, TBO Tek gains direct access to this advisor network, enabling it to sell its high-end travel offerings and expand its presence in the North American market.

During Q1FY26, the company's revenue grew by a healthy 22% compared to last year, reaching Rs 511 crore, thanks to a boom in its hotels and packages segment. The hotels division alone grew by 32%, fueled by global expansion and the ramp-up of JumboOnline, a European company TBO acquired in December 2023. However, the air ticketing business faced significant headwinds, hit by disruptions like the Pahalgam incident, the India-Pakistan border clash, and the Air India crash in mid-June.

Looking to the future, TBO Tek believes it is in a prime position to ride the wave of a booming global travel market. Joint Managing Director Gaurav Bhatnagar stated, "The travel industry is expected to grow at an 8.2% CAGR, reaching nearly $2.6 trillion by 2027." He also highlighted a new trend: strong interest in niche travel, such as study abroad programs, luxury getaways, and cruises, particularly among customers in India's Tier 2 and 3 cities.

While the company's heavy investment in international expansion has temporarily squeezed its margins, which fell by 440 bps in Q1, analysts are optimistic. Brokerage firm Anand Rathi believes that as this spending phase concludes, TBO Tek is on track for revenue growth of 22-23% annually for the next few years, with margins expected to steadily improve from 2027. Reflecting this confidence, it has a 'Buy' stance with a higher target price of Rs 1,725.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations

Indian benchmark equities look flat over the past year. But the calm surface hides a turbulent story.

Investors have been on a wild ride, dodging trade fights, tariff announcements, and worries about corporate earnings. The action wasn’t just in the market – political tensions are rising, and the news headlines recently exploded with Trump advisor Navarro’s bizarre claim that the Russia-Ukraine war was “Modi’s war”. 

The drama is far from over. Now Modi is holding hands with a smiling Putin, and Russia, India, and China huddling together at the SCO summit. Modi has clearly been forced to look for economic concessions – partnerships with Chinese companies, and cheaper crude oil from Russia – to cushion the blow of US tariffs.

While the Nifty 50 and Sensex appear range-bound, one sector has stood out in this upheaval — the hospital industry.

Let’s dive in. 

A bull run in healthcare: Indian hospital stocks are defying the market

Traditionally a defensive play, hospital chains are behaving like growth stocks, and leaving the Nifty50 in the dust. 

The top seven hospital chains by market cap have all outperformed the benchmark. Over the last two years, Fortis Healthcare has surged 2.7x. Even Apollo Hospitals, the “laggard” of the group, beat the Nifty 50 by more than 30 percentage points in the past year.

Healthcare’s healthy run: hospital stocks surge past Nifty 50 returns

Post-Covid, there has been rising health awareness among Indians, but the health market is still massively underserved. India has just 0.5 hospital beds per 1,000 people, (compared to a global average of 3). Closing this gap means adding over 2 million beds, and hospital chains are racing each other to do that.

So bed additions have surged, and the key metric – average revenue per occupied bed (ARPOB) is climbing across companies. Price hikes, higher-margin elective surgeries, and more insurance coverage have all boosted this number. 

Occupancy has stayed stable even as prices and availability rise. There's just a lot of pent-up demand.  The revenue and net profit of these hospital chains have jumped. 

Hospitals enter FY26 on a high-growth trajectory

Profits have gone up across hospital chains, except for the Covid year, which saw low occupancies and postponed surgeries.

Rising ARPOB and better payer mix to power profit growth

The great hospital rush: build, build, build

Max Healthcare’s Managing Director, Abhay Soi, says, “We have per capita income increasing right now, aspirations are increasing, and the desire for proper hospitals is also increasing. I don't see us catching this curve for the next 20-30 years. We need to build, build, build.” 

Hospital chains are racing to increase their bed counts and have set aggressive targets for fiscal year 2026 and beyond. They are doing this in two ways: capex and acquisitions. 

Capex momentum in hospitals to stay strong for two years

Capex for all hospitals are up, with Max Healthcare leading the pack. Hospitals are funding expansions through cash flows, equity, and debt.

Hospital giants push bed expansion drive

Hospital chains are also doubling down on acquisitions to grow faster. Max Healthcare snapped up Lucknow’s Sahara Hospital in December 2023 for Rs 940 crore, and also bought a 63.65% stake in Jaypee Healthcare for Rs 398 crore. gaining control of a 500-bed hospital in Noida and a 200-bed unit in Bulandshahr. Others like Aster DM Healthcare are also expanding their footprint. 

An insurance stand-off even as ARPOB rises 

Ashutosh Raghuvanshi, MD and CEO of Fortis, says, “ARPOB growth is getting a boost from a rising share of complex cases, as reflected by a 75% increase in robotic surgeries. We are also seeing an improved payer mix via insurance payouts.” 

ARPOB climbs on higher-margin surgeries and payer mix shifts

But the path to better numbers isn’t entirely smooth. While hospitals prefer patients who pay through insurance, friction is rising, with more disputes between insurers and hospitals. 

Hospitals accuse insurers of delays in claim settlements and unfair pricing pressures. Insurers have fired back, saying that hospitals have been inflating their bills.  

These tensions have flared to the point that over 15,000 hospitals — including Max Healthcare and Medanta—say they have stopped accepting cashless claims from Bajaj Allianz General Insurance from September this year.

In a workaround, Narayana Hrudayalaya has launched its own insurance arm, bringing the insurer and health provider under one roof to prevent patient overcharging. 

The final diagnosis: hospital stocks trading at premium valuations as growth looks rosy 

It’s no surprise that hospital stocks are trading at premium valuations: the market is betting on a bright future. All major hospital companies have forward P/E ratios lower than their current P/E levels, a sign that investors are expecting strong profit growth to continue.

Major hospitals trade at lower forward multiples vs current PE

Apollo Hospitals, Global Health, and Narayana Hrudayalaya are all trading below their historical and forward PEs. Narayana Hrudayalaya also appears attractive on an EV/EBITDA basis, at 26, compared to the sector average of 31.

The sector is in a sweet spot, with strong revenue and profit growth, and a massive IPO coming up in the $1 billion Temasek-backed Manipal Hospitals offering set for FY26 (targeting a valuation of around $13 billion).

But investors will be keeping an eye on whether capacity expansion continues to translate to profitable growth. Right now, occupancy rates are stable even as beds are being added. But any drops in efficiency would raise red flags—especially for chains like Narayana Hrudayalaya and KIMS, which are seeing lower occupancy levels.

You can deep dive into the Healthcare Facilities industry here. 

The old kings of India’s stock markets are being challenged. The centre of gravity is shifting to retail investors, and the engine driving this change is the humble SIP.

Month after month, we have seen SIP inflows breaking records, hitting an all-time high of Rs 28,464 crore in July 2025, as households across the country move their wealth into equities and long-term investment products.

This domestic firepower has helped steady Indian markets in a time of global volatility. When ‘hot’ foreign money has pulled out, retail investors have held the line, keeping the markets resilient and more independent. DIIs have now surpassed FIIs in shareholding of Indian equities, with their stake now at a record high.

Investors are also getting bolder. While large-cap stocks still get attention, more money is flowing into high-risk, high-reward small-caps and specialised theme-based funds. 

This trend is worrying insiders watching the market, such as S. Naren, CIO of ICICI Prudential Mutual Fund, who has warned against this all-in bet on equities. “Despite repeated advice from fund houses to diversify into debt or REITs, Indian households remain overwhelmingly focused on equities,” he said. 

So is this a story of empowerment or overconfidence? In this edition of COTW, we dig into where retail money is moving, and how the top funds are doing. 

Beyond the blue chips: small, flexi, and thematic funds take center stage

The shift in mutual fund preferences is the story of an Indian investor who is growing bolder, and more sophisticated. The appetite for stocks is strong – equity mutual funds saw record inflows of Rs 42,673 crore in July 2025, up 81% from June. 

But the real story here is where the money is going. Between Q1 2021 and Q2 2025, asset allocation has shifted away from the large caps, with their share declining from 28% to 17% as investors moved away from stability in search of high growth. Multi-cap funds tripled their share from 3% to 9%; thematic and small cap funds are also gaining fast.

A mood-shift post-Covid

There has been a break in how investors behaved, before Covid and after Covid. When investors returned to equities post pandemic, sector and theme based funds were the new favourites, as industries like technology, consumer discretionary, and renewable energy zoomed.Gold funds have also become a go-to safe haven amid global uncertainty.

Fueled by eye-popping returns (the Nifty Smallcap 250 index is up 248% in five years), a wave of FOMO—fear of missing out—has gripped Indian investors. As one expert notes, "A lot of retail investors continue to chase past performance" – and the performance of small- and mid-cap funds has been hard to ignore. 

Flexi-cap funds that can invest across company sizes and choose international stocks, like the popular Parag Parikh Flexi Cap Fund, have seen massive inflows. These funds offer diversification and allow fund managers to hunt for opportunities anywhere in the market. Small-cap and flexi-cap funds together attracted over Rs 26,000 crore in the June 2025 quarter.

A GST boost might be next

Mutual fund inflows have slowed relatively in 2025, but the AUM remains at an all-time high. But another new catalyst is on the horizon: the newly announced GST reforms.

These reforms slash GST rates into two simplified slabs of 5% and 18%, and cut taxes on essentials so that industries like FMCG, autos, healthcare, and cement are set to benefit. This will lift consumption and corporate earnings, while putting more disposable income in the hands of ordinary Indians. The shift could fuel even more money into SIPs, accelerating the trends we are seeing today.

Kranthi Bathini, Equity Strategist at WealthMills Securities, says, “We've already seen consumption-oriented stocks moving up after the GST reduction announcement. Mutual funds focused on this space could also benefit in the medium to long term.”

1. Bikaji Foods International:

Axis Direct maintains its ‘Buy’ rating on this packaged foods company with a target price of Rs 870, implying an upside of 10.2%. Analyst Suhanee Shome believes the company is strategically positioned to benefit from improving demand trends, rural recovery, and market share gains from unorganised players. She also expects its margins to rise on the back of strong topline growth, price hikes, and stable raw material costs.

In Q1FY26, Bikaji Foods' revenue and net profit grew 11% and 4.3% YoY, surpassing Forecaster estimates by 2.8% and 10.5%, respectively. This growth was driven by strong performance across segments, including ethnic snacks, packaged sweets, western snacks, and papad. Shome also believes the proposed GST cut on namkeens and bhujia (from 12% to 5%) could accelerate category consumption.

Management's outlook for FY26 is to grow the topline by 9-10%, with momentum expected to build in H2, supported by festive and wedding season demand. The company expanded its direct distribution network by 15,000 outlets to 3.3 lakh in Q1FY26. Shome expects the company to deliver a revenue and net profit CAGR of 14% and 31.8% over FY26-27.

2. Allied Blenders & Distillers:

ICICI Securities maintains its ‘Buy’ rating on this beverage company with a target price of Rs 600, an upside of 18.3%. Analysts Dhiraj Mistry and Manoj Menon note that ABDL is focusing on premiumisation to drive its growth and margins.

The management is aiming for mid-teens revenue growth with double-digit volume growth by FY28. They also expect half of its sales to come from premium and higher-end products. Their premium products account for only a small share (~10%) of sales but generate approximately 42% of net profits. To strengthen its portfolio, ABDL has launched ICONiQ White whisky for mid-level consumers and revamped Sterling Reserve B7 whisky in the premium segment.

Mistry and Menon mention that the backward integration is on track to complete by FY27. Capacity expansion in plastic bottle manufacturing, single malt distillery, and high-purity alcohol distillation is expected to improve gross margins by ~300 bps over two years. They expect revenue, EBITDA, and net profit CAGRs of 12%, 18%, and 28% over FY26-27.

3. Radico Khaitan:

Ventura initiates a ‘Buy’ rating on this alcoholic products manufacturer with a target price of Rs 4,133, an upside of 42.7%. Analysts highlight that Radico Khaitan has strengthened its position in the Indian made foreign liquor (IMFL) market with successful launches such as Royal Ranthambore whisky and Jaisalmer gin, gaining recognition both in India and internationally.

Growth is expected to come from premiumisation, an expanded distribution network in Andhra Pradesh, and a higher focus on the prestige & above (P&A) segment. EBITDA margins are likely to improve as raw material prices stabilise and lower energy costs reduce glass packaging expenses.

The brokerage forecasts revenue to grow at a 20% CAGR to Rs 8,393 crore by FY28, led by a 29% CAGR in the P&A segment. However, analysts note that the recent 50% tariff imposed by the US on Indian goods, may impact whisky exports. Higher duties could increase retail prices by $5-10 per bottle, limiting competitiveness against local American spirits.

4. ITC:

Deven Choksey upgrades this food, beverages & tobacco company to a ‘Buy’ rating from ‘Accumulate’, with a target price of Rs 512, an upside of 25.9%. Analyst Ishank Gupta is optimistic about the medium-term outlook of the company, led by steady momentum across core FMCG categories, increasing premiumisation in the cigarette portfolio, and continued expansion of digital-first and modern trade channels.

ITC’s revenue grew by 15.3% YoY in Q1FY26, beating Forecaster estimates by 10.2%, while net profit remained flat, missing estimates. Revenue increased due to improvements across segments, including cigarettes, FMCG, agri, and paperboards, paper & packaging. 

Management expects stable growth and distinct brand positioning in the FMCG segment, helped by continued investments in trade and marketing. Gupta estimates ITC’s revenue to deliver a CAGR of 10.6%, while net profit and EBITDA will deliver 10.1% CAGR each over FY26-28.

5. Coforge:

Motilal Oswal maintains its 'Buy' rating on this IT major, with a target price of Rs 2,240, an upside of 27.7%. Analysts, Abhishek Pathak and Keval Bhagat, note that Coforge aims to achieve $5 billion in revenue, driven by strong deal momentum and resilient client spending. Management is confident in sustaining long-term growth through large deals, diversification, and inorganic opportunities.

A strong executable order book supports the company's growth plan. Coforge is targeting at least 20 deals worth over $20 million in FY26, with five deals over the line. The company has a high win rate of 40-45% in proactive proposals, outperforming traditional request-for-proposal-led deals. This strategy is crucial to maintain its growth trajectory.

Pathak and Bhagat state that Coforge's acquisition of Cigniti will create cross-selling synergies and enhance its capabilities. They also add that inorganic growth remains a near-term priority of the management to add capability depth and diversify further. 

The company has guided for an EBIT margin of approximately 14% for FY26, which it believes is sufficient to support its growth ambitions.

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

(You can find all analyst picks here)

Bears hit the market last week as Nifty 50 fell 1.8% on worries of tariffs weighing on India exports. Heavy FII selling outweighed strong domestic buying, dragging down stocks across large, mid, and small caps.

India’s gross domestic product (GDP) grew a surprising 7.8% in the April–June quarter. This was higher than expected in real GDP terms - adjusted for inflation, but nominal GDP growth (expansion at current market prices) slowed to 8.8% from 10.8% in the previous quarter, showing that inflation has cooled.

CLSA has raised its GDP growth forecast for FY26 from 6.1% to 6.3%, supported by steady performance in industry and services sector. Nikhil Gupta of CLSA said, “The outlook has a downward bias because the recent growth was driven by early government spending, which may not last in the coming quarters.” He also expects the RBI to cut interest rates by 25 to 50 bps by the end of 2025.

But the action in the primary market seems to be unstoppable, as there will be eight new public issues hitting this week, including one from the mainboard segment. In addition, ten companies will make their stock market debut, following ten listings last week.

Ten new companies listed in the past week

Patel Retail and Shreeji Shipping Global listed at premiums of 17.6% and 7.1% over their issue prices. Patel Retail’s IPO was subscribed 95.7X, while Shreeji Shipping saw 58.1X. Both stocks fell after listing but continue to trade above their issue prices.

Gem Aromatics and Vikram Solar debuted with moderate gains, with subscriptions of 30.3X and 54.6X respectively. Gem Aromatics has since slipped to a 15% discount, while Vikram Solar is trading 1.4% above its issue price.

IPO gains fade post listing amid weak market

Mangal Electrical Industries was the only mainline IPO to list at a discount, opening 0.9% lower after being subscribed 9.5X. The stock is now down 6% from its issue price.

Among SMEs, Anondita Medicare stood out with a strong debut, listing 90% higher after a massive 277.5X subscription. ARC Insulation Insulators also listed on August 14 with a 16% premium, after a 17.5X subscription.

Classic Electrodes and Shivashrit Foods listed on September 1 with gains of 14.9% and 4.6% respectively. Their IPOs were subscribed 165.4X and 2.8X. LGT Business Connextions had a weak debut, listing at a 20% discount after a modest 1.2X subscription. The stock has dropped further and is now down 31.4% from its issue price.

Amanta Healthcare opens for subscription; seven SMEs to hit the market

Amanta Healthcare is a pharmaceutical company that makes sterile liquid medicines, mainly injections. The company also makes medical devices. Its IPO opened for subscription on September 1, will close on September 3, and is set to list on September 9. The company aims to raise Rs 126 crore through a fresh issue, with a price band of Rs 120–126 per share.

Amanta’s revenue falls slightly but net profit nearly triples in FY25

The company plans to use the IPO funds for capital expenditure, including civil construction, equipment, plant, and machinery to set up two new manufacturing lines—SteriPort and SVP—at Kheda, Gujarat. A portion will also go towards general corporate purposes.

In FY25, the company’s revenue declined 2%, but net profit rose 189%, helped by inventory destocking and lower finance and depreciation costs.

Along with Amanta Healthcare, seven SME IPOs are also lined up this week.

• Rachit Prints opened its IPO on September 1, will close on September 3, and list on September 8. It aims to raise Rs 19.5 crore in a price band of Rs 140–149 per share.
• Optivalue Tek Consulting and Goel Construction will open on September 2, close on September 4, and list on September 10. Optivalue Tek aims to raise Rs 51.8 crore with a price band of Rs 80–84, while Goel Construction plans to raise Rs 99.8 crore with a price band of Rs 250–263.
• Austere Systems will open for subscription on September 3, close on September 8, and list on September 11, planning to raise Rs 15.6 crore in a price range of Rs 52–55 per share.
• Vigor Plast Indiaand Sharvaya Metals are scheduled to open on September 4, close on September 9, and debut on September 12. Sharvaya Metals plans to raise Rs 58.8 crore with a price band of Rs 192–196, and Vigor Plast aims to raise Rs 25.1 crore at Rs 77–81 per share.
• Vashishtha Luxury Fashion will open on September 5, close on September 10, and list on September 15. It plans to raise Rs 8.9 crore, with a price band of Rs 109-111 per share.

Ten fresh IPO listings are scheduled this week

Vikran Engineering received bids for 23.6X the shares on offer. The HNI category showed the strongest demand at 58.6X, while QIBs subscribed 19.4X. The company will list on September 3. This heavy electrical equipment maker focuses on energy and water infrastructure and provides end-to-end services including design, installation, and commissioning for the power, water, and railway sectors.

HNIs drive Vikran’s IPO subscription; retailers favor Anlon

Anlon Healthcare was subscribed 7.1X overall, held back by a weak QIB response at 1.1X. Retail investors, however, bid strongly at 47.3X. The pharma company makes intermediates and active pharmaceutical ingredients (APIs) used in medicines, nutraceuticals, personal care, and veterinary products. It will also list on September 3.

Eight SMEs are lined up for listing this week:

• Globtier Infotech and NIS Management will list on September 2. Globtier was subscribed 1.3X, with the QIB portion undersubscribed, while NIS Management was subscribed 3X.
• Sattva Engineering Construction and Current Infraprojects will list on September 3, after strong demand with subscriptions of 132.3X and 308.4X respectively.
• Oval Projects Engineering will close its IPO on September 1 and list on September 4. It remains undersubscribed at 0.7X by the end of day 2.
• Sugs Lloyd, Snehaa Organics, and Abril Paper Tech will close on September 2 and list on September 5. Subscriptions so far stand at 0.9X, 1.8X, and 1.3X as of day 1.

1. Maruti Suzuki India:

This car manufacturer hit an all-time high of Rs 14,895 on August 28 following reports that the government may announce a cut in GST on most cars and two-wheelers before Diwali 2025. The proposals under discussion include lowering GST on small cars and two-wheeler petrol vehicles to 18% from 28%, while large cars may see a cut to 40% from the current 43–50%.

Global brokerages Nomura and Jefferies are positive on Maruti Suzuki, noting that carmakers are likely to benefit more than two-wheeler makers from the proposed GST cuts. This is because two-wheeler companies will soon face higher costs from implementing anti-lock braking systems, which the government has mandated from January 2026. Maruti, with 68% of its sales coming from small cars, is well placed to benefit from the tax cuts. Jefferies expects the company’s earnings to rise by 2–8% over FY26–28.

Nomura highlights that since carmakers usually offer higher discounts, there is room to reduce them now. The brokerage estimates this could lead to a margin improvement of 100–150 bps for all OEMs, even if the full GST reduction is passed on to customers.

On August 26, Maruti launched its first all-electric SUV, the e-Vitara. The model is aimed mainly at global markets, with plans to cover over 100 countries, starting with Germany, the Netherlands, and Sweden. Analysts however, expect domestic EV demand to slow, since GST cuts on conventional vehicles could make electric cars comparatively more expensive, potentially delaying the EV adoption by 2–3 years.

Rahul Bharti, Chief Investor Relations Officer (CIRO), said, “We expect SUVs, including electric models, to be a key driver of growth during the festive season and in the medium term." But he cautioned that Maruti faces supply challenges for EV magnets and is working on alternatives through localization and diversified sourcing.

2. Titan:

Thisgems & jewellery maker has risen by 7% over the past month. Bernstein recentlyinitiated coverage on the company with an ‘Outperform’ rating and set the target price at Rs 4,200. The brokerage believes the company is well-poised to benefit from India's growing shift towards organised players and modern consumer preferences. This is the highest target in the consensus – the average target from analysts on Titan, according toTrendlyne’s Forecaster, is Rs 3,941.