Solarworld Energy Solutions is an integrated solar EPC and solutions provider with a growing focus on module and BESS manufacturing. In FY25, the company reported Revenue/EBITDA/PAT of Rs5,448mn/Rs1,092mn/Rs770mn, with margins improving to ~20%/14%. Its growth is supported by strong execution for PSUs and C&I clients, expansion into manufacturing (1.2 GW TopCon modules, 2 GW BESS) and a healthy net cash position. As of July 31, 2025, the company has completed 46 solar projects aggregating 251 MW AC and had ~765 MW AC under execution. At upper price band and diluted equity, IPO is priced at 39.48x PE on FY25....
Incorporated in 1958, Hindalco Industries Ltd. is a flagship company of the Aditya Birla Group. The Co and its subsidiaries are primarily engaged in the production of Aluminium and Copper. It is also engaged in the manufacturing of aluminium sheet, extrusion and light gauge products for use in packaging markets like...
NMDC Ltd (National Mineral Development Corporation) is India's largest iron ore producer and exporter. It operates key mines in Chhattisgarh and Karnataka and has a strategic presence in minerals like diamonds and base metals. It plays a critical role in supplying raw material to the domestic steel industry....
The month of August, like the month gone by, continued to be volatile as ever. From our coverage universe, Methanol registered the highest price spurt of 14% MoM. This has been on the back of a recent US clamp down on Iran origin imports. This has led to a supply shortage in the West, while the capacities run in full swing. The prices for methanol are expected to stay elevated in the near term, even as the demand stays lackluster. Indian players (except the ones sanctioned due to Iran origin) stand on solid ground as Chinese excessive supply has led to Chinese Methanol prices melting. TDI prices, which had declined by...
During Aug-25, Indian steel prices remained flat MoM at Rs49,500/tonne, while Chinese steel rose by 2% MoM to $500/tonne due to government-led production cuts and anticipation of further output restrictions. Coking coal prices increased by 5% MoM to $155/tonne, driven by supply-side disruptions amid the monsoon. In Jul-25, Indian steel production rose by 3% MoM to 14 mn tonnes. Estimated Chinese steel output declined by 4% MoM to 80 mn tonnes, while global steel production contracted by 1% MoM to 150 mn tonnes. Chinese steel exports increased by 2% MoM and 26% YoY to 9.8 mn tonnes, driven by weak domestic...
Indian HRC: Indian HRC prices remained flat WoW to Rs 49,500/tonne, as market participants adopt wait and watch approach to gain further price clarity for September. Billet-Ex-Raipur: Billet prices increased by 1.6% WoW to Rs 37,200/tonne, supported by positive sentiment spill-over from GST 2.0 reforms, boosting steel demand from consuming industries. Chinese HRC: Chinese HRC prices decreased by 1.0% WoW to Rs 41,857/tonne, driven by concerns of potential domestic oversupply...
In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for August, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry had another month of ADR improvement on both YoY as well as MoM in key selected markets. We anticipate further strengthening of ADR aided by festive season followed by wedding season. We remain positive on domestic hospitality space led by demand-supply mismatch, FTA, increased corporate travel, and MICE will aid...
