Indian Equities
Independent
Equity Research
on Indian Markets.
Institutional-grade analysis on Indian listed companies and sectors. Mid-Cap focus. Data-anchored. No fluff.
5
Sectors Covered
3 Years+
Markets Experience
Research Note
Power & T&D
Transrail Lighting
NSE: TRANSRAIL · EPC Infrastructure
CMP
₹498
Target
₹818
Upside
+64%
Thesis: ₹9,680 Cr order inflows in FY25 (+121% YoY). Executable order book of ₹14,733 Cr | 2.6x annualised FY26E revenue. Integrated manufacturing (towers + conductors) captures margin competitors cede to suppliers. International business at 41% of revenue insulates from domestic PGCIL cycle risk.
Coverage Universe
Research across India's
high-conviction sectors.
Focused on mid-cap Indian equities where institutional coverage is thin and information edge matters.
Power & T&D
Transformer manufacturers, EPC players, transmission infrastructure. Value chain coverage from SME to listed majors.
Defence & Aerospace
Indigenisation beneficiaries, precision engineering, DRDO-linked supply chains and export-oriented defence players.
Banks & NBFCs
Small finance banks, MFI-NBFCs, fintech lenders. Focus on underserved credit segments and financial inclusion plays.
Capital Goods & Engineering
Industrial machinery, EPC companies, automation and robotics. Beneficiaries of India's manufacturing capex cycle.
Renewables
Solar EPC, C&I renewable developers, BESS integrators. Tracking India's energy transition capex and grid-scale storage buildout.
Selected Research
Recent coverage.
Published Research
Power & T&D
Transrail Lighting Ltd.: Initiating CoverageEPC · BUY · TP ₹818 · 64% upside · Blended EV/EBITDA + P/E valuation · 9th March 2026
Defence
India Precision Engineering: Sector Initiation$165Bn global TAM · Value chain mapping · 3 portfolio buckets · March 2026
Macro
The Indian Outlook: Market Outlook March 2026Geopolitical disruption · Valuation reset · 5 sector calls · March 2026
Valuation Model
Rajesh Power Services Ltd.: DCF ModelNSE: RPSL · Bear/Base/Bull · WACC 14.86% · TGR 4.5% · Base TP ₹1,668 · +92% upside · FY27E–FY29E
Valuation Model
Transrail Lighting Ltd.: DCF ModelNSE: TRANSRAIL · Bear/Base/Bull · WACC 15.57% · TGR 4% · Base TP ₹980 · +87% upside · FY27E–FY29E
About
Jimit Shah,
Founder, Avalon Investments.
Avalon Investments is an independent equity research platform built on the thesis that institutional-grade analysis of Indian mid-cap companies should not be locked behind a sell-side paywall.
Prior experience includes equity research at a CAT-III Alternative Investment Fund. Coverage spans three core sectors with a consistent focus on data-anchored, primary-source research methodology.
CFA Level II
NISM Series XV
Mumbai
Full Profile
5+
Sectors in active coverage
3 Years+
Indian capital markets experience
Midcap & Smallcap
Market capitalisation focus
4
Reports and sector notes published
DCF + Relative Valuations
Valuation methodology
Mumbai
Based in
Research inquiries,
collaborations, or coverage requests.
Looking to discuss a coverage idea, commission research, or explore a collaboration? Reach out directly.