In this briefing: Primer: CG Power and Industrial Solutions (CGPOWER IN) - Apr 2026 Primer: Kaynes Technology India (KAYNES IN) - Apr 2026 Aequitas: Integris Medtech Ltd Pre-IPO: Medtech Platform with Strong Growth but Elevated Leverage Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 1. Primer: CG Power and Industrial Solutions (CGPOWER IN) - Apr 2026 CG Power and Industrial Solutions is a leading Indian engineering conglomerate with a strong market position in the power and industrial systems sectors. The company has demonstrated a significant turnaround since its acquisition by the Murugappa Group in 2020, with a focus on operational efficiency, debt reduction, and strategic growth initiatives. The company is well-positioned to benefit from favorable industry tailwinds, including government impetus on manufacturing, modernization of railways and the power sector, and rising private capital expenditure. Strong order inflows and a focus on high-growth areas like renewable energy and data centers provide a positive outlook for future growth.

In this briefing: Aequitas: Integris Medtech Ltd Pre-IPO: Medtech Platform with Strong Growth but Elevated Leverage Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 Primer: Arvind Fashions (ARVINDFA IN) - Apr 2026 Primer: Vedant Fashions (MANYAVAR IN) - Apr 2026 1. Aequitas: Integris Medtech Ltd Pre-IPO: Medtech Platform with Strong Growth but Elevated Leverage Integris Medtech Limited (1234518D IN) (IML) plans to raise around US$340m in its upcoming IPO. IML is a diversified India-based global MedTech company engaged in the development, manufacturing, and commercialization of medical devices and laboratory solutions. In this note, we talk about the company's historical performance. 2. Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Delta Corp is India's only listed company in the casino gaming sector, holding a dominant market position with licensed operations in Goa and Sikkim. The company faces a significant existential threat from a large retrospective Goods and Services Tax (GST) demand from Indian tax authorities, which alleges underpayment of tax by calculating it on gross bet value instead of gross gaming revenue.

In this briefing: Primer: Global Palm Resources Holdings (GPR SP) - Apr 2026 Primer: First Resources (FR SP) - Apr 2026 Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 Primer: Arvind Fashions (ARVINDFA IN) - Apr 2026 1. Primer: Global Palm Resources Holdings (GPR SP) - Apr 2026 Privatized Entity with a History of Profitability: Global Palm Resources was a profitable, Indonesia-based palm oil producer that was delisted from the Singapore Exchange in July 2023 following a privatization offer from the controlling Adijanto family. The rationale for the privatization included gaining greater management flexibility and reducing compliance costs associated with a public listing. Small-Scale Producer in a Major Palm Oil Region: The company operates palm oil plantations and a mill in West Kalimantan, East Kalimantan, and Central Sulawesi, Indonesia, a key region for global palm oil production. As a smaller player, it was susceptible to the broader dynamics of the palm oil industry, including commodity price fluctuations and regulatory changes.

In this briefing: Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 Primer: Arvind Fashions (ARVINDFA IN) - Apr 2026 Primer: Vedant Fashions (MANYAVAR IN) - Apr 2026 Aequitas: Rentmojo Ltd Pre-IPO Tearsheet 1. Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Delta Corp is India's only listed company in the casino gaming sector, holding a dominant market position with licensed operations in Goa and Sikkim. The company faces a significant existential threat from a large retrospective Goods and Services Tax (GST) demand from Indian tax authorities, which alleges underpayment of tax by calculating it on gross bet value instead of gross gaming revenue. Despite the severe regulatory overhang and declining recent financial performance, the company is pursuing expansion plans, including a new, larger offshore casino vessel in Goa and new hotel projects, while trading at a significant valuation discount to its peers. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Tetratherix Limited - Commercialising the Platform Primer: Ampol (ALD AU) - Apr 2026 Primer: ALS Ltd (ALQ AU) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 1. Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Delta Corp is India's only listed company in the casino gaming sector, holding a dominant market position with licensed operations in Goa and Sikkim. The company faces a significant existential threat from a large retrospective Goods and Services Tax (GST) demand from Indian tax authorities, which alleges underpayment of tax by calculating it on gross bet value instead of gross gaming revenue. Despite the severe regulatory overhang and declining recent financial performance, the company is pursuing expansion plans, including a new, larger offshore casino vessel in Goa and new hotel projects, while trading at a significant valuation discount to its peers. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Tetratherix Limited - Commercialising the Platform Primer: Ampol (ALD AU) - Apr 2026 Primer: ALS Ltd (ALQ AU) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 1. Primer: Delta Corp Ltd (DELTA IN) - Apr 2026 Delta Corp is India's only listed company in the casino gaming sector, holding a dominant market position with licensed operations in Goa and Sikkim. The company faces a significant existential threat from a large retrospective Goods and Services Tax (GST) demand from Indian tax authorities, which alleges underpayment of tax by calculating it on gross bet value instead of gross gaming revenue. Despite the severe regulatory overhang and declining recent financial performance, the company is pursuing expansion plans, including a new, larger offshore casino vessel in Goa and new hotel projects, while trading at a significant valuation discount to its peers. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Primer: Ampol (ALD AU) - Apr 2026 Primer: ALS Ltd (ALQ AU) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 Primer: Arvind Fashions (ARVINDFA IN) - Apr 2026 Primer: Vedant Fashions (MANYAVAR IN) - Apr 2026 1. Primer: Ampol (ALD AU) - Apr 2026 Ampol is Australia's leading transport energy provider, leveraging a vertically integrated model that includes the Lytton refinery, an extensive logistics network, and over 1,800 branded retail sites across Australia and New Zealand. The company is navigating the energy transition by optimizing its legacy fuel business for cash flow while strategically investing in 'future energy' solutions, primarily focusing on its AmpCharge EV charging network and exploring renewable fuels. Financial performance is subject to the volatility of global refining margins and crude oil prices, with a strategic focus on growing higher-margin, non-fuel convenience retail earnings to provide more stable cash flows. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Primer: Ampol (ALD AU) - Apr 2026 Primer: ALS Ltd (ALQ AU) - Apr 2026 Primer: Page Industries (PAG IN) - Apr 2026 Primer: Arvind Fashions (ARVINDFA IN) - Apr 2026 Primer: Vedant Fashions (MANYAVAR IN) - Apr 2026 1. Primer: Ampol (ALD AU) - Apr 2026 Ampol is Australia's leading transport energy provider, leveraging a vertically integrated model that includes the Lytton refinery, an extensive logistics network, and over 1,800 branded retail sites across Australia and New Zealand. The company is navigating the energy transition by optimizing its legacy fuel business for cash flow while strategically investing in 'future energy' solutions, primarily focusing on its AmpCharge EV charging network and exploring renewable fuels. Financial performance is subject to the volatility of global refining margins and crude oil prices, with a strategic focus on growing higher-margin, non-fuel convenience retail earnings to provide more stable cash flows. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Primer: Page Industries (PAG IN) - Apr 2026 Primer: Arvind Fashions (ARVINDFA IN) - Apr 2026 Primer: Vedant Fashions (MANYAVAR IN) - Apr 2026 Aequitas: Rentmojo Ltd Pre-IPO Tearsheet Primer: Solara Active Pharma Sciences (SOLARA IN) - Apr 2026 1. Primer: Page Industries (PAG IN) - Apr 2026 Market Leader with a Strong Brand Moat: Page Industries is the dominant player in the Indian premium innerwear and athleisure market, primarily through its long-term, exclusive license for the Jockey brand, which has been extended until 2040. This strong brand recognition and perceived quality command premium pricing and foster high consumer loyalty. Extensive and Evolving Distribution Network: The company possesses a formidable pan-India distribution network, including over 1,450 exclusive brand outlets (EBOs) and more than 125,000 retail touchpoints. Continuous expansion into Tier-2 and Tier-3 cities, coupled with a growing e-commerce presence, provides a robust platform for future growth.