Preeti Kapoor

                                  Vishal Nirmiti vs Nityas Gems — Which IPO looks better? Vishal Nirmiti vs Nityas Gems — Which IPO looks better to me? I looked at both RHPs, but for me the comparison is quite simple. Vishal Nirmiti • Railway sleepers, MS pipes & infrastructure • FY26 Revenue: ₹339 Cr | PAT: ₹25 Cr • EBITDA Margin: 15.1% • IPO valuation: ~17.4x FY26 earnings at ₹220 • Main concern: high customer concentration and debt Nityas Gems • Jewellery + lab-grown diamonds • FY26 Revenue: ~₹203 Cr | PAT: ₹22 Cr • EBITDA Margin: 15.27% • IPO valuation: ~19.4x FY26 earnings at ₹75 • Main concern: working capital and customer/geographic concentration My View: Nityas has the stronger growth story , but Vishal Nirmiti looks more reasonable on valuation . But I would not ignore the risks—especially customer concentration and debt. This is my personal analysis,...

  SRIT India IPO — QuickView I went through the RHP, and honestly, this is not a “story-only” IPO. SRIT has been in the IT business since 1999 , working across e-governance, telecom & healthcare, with government/public-sector clients and a 26-year operating track record. Financials look decent: Revenue grew from ₹271 Cr → ₹450 Cr and PAT from ₹29 Cr → ₹43 Cr between FY24–FY26. At the ₹123–130 price band , FY26 EPS of ₹9.47 implies roughly 13.0–13.7x P/E . The disclosed peer average is 18.3x, so the headline valuation doesn't look stretched. Promoters: RHP does not disclose criminal proceedings, SEBI penalties, regulatory actions or material civil proceedings against the promoters. That’s a positive from a governance-screening perspective. But here’s what I don't want to ignore: FY26 operating cash flow was negative ₹12 Cr despite ₹43 Cr PAT . The company also has a sizeable working-capital requirement, which is why ₹124 Cr of IPO proceeds is earmarked for wor...

I went through the NSE RHP, and honestly, this is not a typical IPO story. What stands out? 🔹 Strong business moat: NSE has massive scale and around 51% global share in equity-derivatives contracts. 🔹 Excellent profitability: FY26 EPS ₹41.62 and RoNW 33.21%. The business has maintained strong profitability. 🔹 Ownership structure: NSE does not have an identifiable promoter . It is a widely held market-infrastructure company, so the usual promoter holding analysis is not directly applicable here. 🔹 100% OFS: Existing shareholders are selling their shares; NSE itself is not raising fresh capital through the IPO. 🔹 Valuation: At ₹1,785, NSE is valued at roughly 43x FY26 earnings — not cheap, but below BSE’s RHP-reported 54.3x P/E. 🔹 Key risks: High dependence on derivatives, regulatory changes and technology/cybersecurity risks. My takeaway: NSE looks like a high-quality and highly profitable market-infrastructure business, but the IPO comes at a premium valuation. The bigger ...

  Glass Wall Systems IPO — My Quick Take Went through the RHP of Glass Wall Systems .At first glance, the numbers look impressive: Revenue: ₹304 Cr → ₹457 Cr (FY24–FY26) PAT: ₹20 Cr → ₹84 Cr EBITDA Margin: ~23% ROCE: ~43% Debt/Equity: ~0.03x Fresh issue: ₹60 Cr, with ~₹50 Cr for a new Glass Processing Unit. But a few things make me cautious • Top 10 customers = ~86% of revenue • 45% revenue comes from international business • Receivables ~₹109 Cr • RHP highlights related-party & historical accounting/control issues . Valuation = Fair to Slightly Expensive At ₹182, valuation is ~18x FY26 earnings My view: Good business + strong financials, but risks need to be watched. Not an investment recommendation. Do your own research.

Zepto IPO: Why Everyone Is Talking About India's Next Big Startup Listing India's quick-commerce leader Zepto is preparing for a major IPO, and it's already creating excitement in the market. According to reports, the company plans to raise $800 million (around ₹6,900 crore) and could list at a valuation of $5.1 billion . What has caught investors' attention is the reported participation of Norges Bank Investment Management and Motilal Oswal , reflecting strong interest from both global and domestic institutional investors. Zepto IPO: Quick Snapshot Particular Details IPO Size                               Around $800 million Expected Valuation                               $5.1 billion Reported Investors                          ...