Newsletter
Edtech IPO, Defence deals up, and Glenmark kicks off drug study.
🗓 Morning, folks!
💡 Spotlight : US President Donald Trump on Friday dropped a hint of strained US-India ties, declaring that America has “lost” India and Russia to a “dark” China.
His remarks came just days after the leaders of all three nations were spotted together at the Shanghai Cooperation Organisation (SCO) Summit, fueling chatter about shifting global alliances.
1 Big thing: Glenmark kicks off Phase 3 cancer drug study 🩺
Glenmark Pharma has begun a multi-country Phase 3 trial for Envafolimab, a cancer drug already in use in China. The stock rose 3% on the update.
The deets: Envafolimab is a new cancer drug that works by helping the body’s immune system fight tumors. It’s given as a quick under-the-skin injection, making treatment easier and more convenient than traditional methods.
Glenmark has DCGI’s nod to start patient enrollment in India, filed a Clinical Trial Application in Russia, and is prepping trial sites in Brazil and Mexico.
Background: the drug was invented by Alphamab Oncology and co-developed with 3D Medicines in 2016. Glenmark licensed rights last year to develop and commercialise it in select regions.
Envafolimab’s revenue is projected to touch $44M by 2026, scaling to $176M by 2029.
Zoom out: lung cancer is still the top cause of cancer deaths globally. With non-small cell lung cancer making up nearly 85% of cases and poor survival rates for Stage III patients, Glenmark sees an opportunity for Envafolimab to offer a more effective and patient-friendly immunotherapy option.
2. Knack Packaging Limited gears up for ₹475 crore IPO 📦
Knack Packaging Limited has filed its draft papers with SEBI to raise funds via an IPO. The company is looking to raise ₹475 crore.
Knack Packaging is a leading packaging solutions provider that caters to diverse sectors like food products and pet foods.
The deets: the proposed IPO consists of fresh issuance worth ₹475 crore and an offer-for-sale of 7,00,000 lakh equity shares.
The why: of the fresh proceeds, ₹450 crore will be earmarked for setting up new facilities in Borisana and Kadi in Gujarat. The remaining will be spent on general corporate expenses.
By the numbers: the company boasts a robust profit margin with PAT rising to 7.39% in FY25 from 7.04% in FY24. Total operating income also grew 22% in the last four years.
Big picture: India’s food packaging industry stands at a valuation of $22.44 billion in 2025 poised to reach $26.13 billion by 2030 at a CAGR of 3.09%. Food processing industry remains the top contributing sector to this growth. With its strong clients-base and surging demand, Knack Packaging can make the most of this momentum and expand its market share from the current 10.1%.
While we are on IPOs,
Edtech unicorn PhysicsWallah (PW) has filed updated draft papers with SEBI to raise ₹3,820 crore through an IPO.
The deets: the offering includes a fresh issue of shares worth ₹3,100 crore and an OFS of ₹720 crore by promoters.
Background: the company had earlier filed draft papers in March via SEBI’s confidential pre-filing route, a process that lets startups keep IPO details under wraps until later. SEBI cleared the proposal in July, and Saturday’s updated DRHP is part of the required next steps before filing the final RHP.
Zoom out: launched in 2016 by Alakh Pandey, PhysicsWallah has grown from YouTube lessons to a full-stack edtech player with offline centers, digital courses, and test-prep material. With an IPO on the cards, PW would join the likes of Byju’s (which shelved listing plans) and Eruditus as one of the few Indian edtechs to tap public markets.
3. Story in data: Old school advertising is back 📈
Traditional advertising is staging a comeback in India. Television and print ad spending jumped 27% and 26% respectively in the first half of 2025, while digital slipped 12%.
E-commerce remains the fastest-growing category across media, with FMCG driving TV and auto makers powering print. Major advertisers like Maruti Suzuki, Hindustan Unilever, and Amazon are doubling down on reach through old-school platforms.
The shift underscores how brands are rebalancing strategies to capture mass audiences as digital fatigue and rising online ad costs set in.
4. India’s ethanol gamble – will it backfire on the roads? 🚗
India has rolled out E20 petrol, a blend with 20% ethanol, five years ahead of schedule. The government is hailing it as a policy win, saving ₹1.4 trillion in foreign exchange and delivering more than ₹1.2 trillion in farmer income.
Motorists, however, are bearing the cost. Mileage has dropped, repair concerns are rising, and drivers have no choice at the pump. A LocalCircles survey found two-thirds of vehicle owners oppose the mandate, while consumer groups have flagged the absence of labelling or ethanol-free alternatives.
For farmers and sugar mills, ethanol has been transformative. Output has surged from 40 crore litres in FY14 to 670 crore litres in FY24, with oil marketing companies mandated to buy under fixed contracts. Listed players like Balrampur Chini and Triveni Engineering have expanded aggressively, while smaller mills have taken on heavy debt to build distilleries.
Bottom line: India’s ethanol push strengthens farmer incomes and fiscal accounts, but risks becoming a hidden tax on drivers and a strain on natural resources. Whether it turns into a clean-energy bridge or a political stopgap will depend on how the next phase is managed.
Full story here.
5. Stocks that kept us interested 🚀
1. Indo Tech Transformers rises on fresh transformer order 📈
Indo Tech Transformers shares jumped after bagging a new ₹78.3 crore order from Avaada Clean Project.
Indo Tech Transformers, a small-cap company based in Southern India, specialises in transformer manufacturing and operates production facilities in Kancheepuram, Tamil Nadu.
The deets: the new contract involves the supply of nine high-capacity 125 MVA transformers.
By the numbers: the company's net profit surged 224.4% to ₹19.17 crore on a 99.5% increase in net sales to ₹163.93 crore in Q1 FY26 as compared with Q1 FY25.
The impact: this large order underscores the growing demand for high-capacity transformers in India's evolving energy sector. It also reflects positively on Indo Tech Transformers' capabilities and market position in manufacturing critical power infrastructure components.
2. Bharat Forge expands in Andhra with defence land deal 🚀
Bharat Forge’s subsidiary Agneyastra Energetics has inked a deal with the Andhra Pradesh Industrial Infrastructure Corporation for a major land acquisition in the state.
The why: the land will be used to develop an end-to-end defence energetics manufacturing complex. The facility will include a high explosives manufacturing plant, an ammunition filling plant, and a gun propellant facility. Provisions are also being made for future expansion into energetics for rockets, missile systems, space launch vehicles, and advanced energetics.
Why it matters: this land acquisition aligns with Bharat Forge's growth objectives and expansion plans in the defence sector. The company's move into defence energetics manufacturing showcases its commitment to diversifying its portfolio and strengthening its position in the defence industry.
Zoom out: India’s defence sector is buzzing with momentum after a string of major announcements by Defence Minister Rajnath Singh. According to brokerage firm Jefferies, the industry’s overall order book jumped 56% year-on-year in Q1 FY26.
3. Big boost for RPP Infra with Maharashtra road project 🛣️
RPP Infra Projects has secured a ₹134.2 crore contract from the Maharashtra State Industrial Development Corporation (MSIDC) for a road improvement project in Maharashtra.
RPP Infra Projects is an Indian construction company engaged in building roads, highways, bridges, irrigation, water supply, and industrial infrastructure.
What’s happening: The project will upgrade two key roads in Karjat, covering nearly 31 km. The work is expected to be completed within 12 months. The scope of work includes road improvement and associated infrastructure development.
Why it matters: this new order gives a strong boost to RPP Infra Projects’ order book. Valued at ₹134.2 crore, the project is substantial and is expected to add meaningfully to the company’s revenue in the coming year.
What else are we snackin’ 🍿
🎁 Swift surprises: Swiggy launches Giftables currently in Bengaluru, an instant gifting service with 10,000+ options like cakes, flowers, electronics, jewellery, toys, and more.
🌟 Sales milestone: Apple’s India sales hit a record $9 billion in FY25, driven by iPhone demand and plans to expand retail presence.
That’s a wrap! Don’t let the Monday blues get to you.
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