15 IPOs to track in 8 days. GMPs hint at up to 41% listing gains for investors

 BEST DEAL

IPO Rush©The Economic Times

As many as 15 IPOs are on investors' radar, some of which have already opened for subscription. Grey market premiums signal strong interest for some marquee issues and muted for some other lesser known names. The highest GMP in the pack suggests potential gains of up to 41%, keeping both retail and HNI investors hooked as December momentum builds.# 15 IPOs to Track in 8 Days: GMPs Hint at Up to 41% Listing Gains for Investors

** December 4, 2025**

December is shaping up to be a blockbuster for India's IPO market, with a flurry of offerings across mainboard heavyweights and SME darlings set to hit the street over the next week. As per a fresh Economic Times roundup, 15 IPOs are worth radar-locking from today through December 12—spanning e-commerce unicorns to niche industrials. Grey Market Premiums (GMPs) are flashing bullish signals, with the top dog hinting at a sizzling 41% pop on listing day. Amid festive afterglow and FII inflows trickling back, this pipeline could mop up over Rs 10,000 crore, fueling the bull run into 2026.

GMPs aren't gospel—they're unofficial vibes from unlisted trades—but they've nailed 70%+ of listings within 5% accuracy this year. With Nifty at all-time highs, these could be your ticket to quick flips or long-haul bets. We've sifted the noise: here's the hit list, complete with timelines, pricing, and projected gains. Buckle up—retail quotas are filling fast.

### The GMP Game: What It Means for Your Wallet

Quick decode:

- **GMP**: Premium over issue price in grey trades; e.g., Rs 45 on a Rs 111 upper band = ~41% expected listing gain.

- **Why Track Now?** Subscriptions kick off today for some, with allotments by Dec 10-15. High GMPs (30%+) scream oversubscription; zeros flag caution.

- **Market Pulse**: E-commerce (Meesho) and manufacturing (Aequs) lead the hype, while SMEs like Riddhi Display lag. Total frenzy? Expect 5-10x bids on stars.

Data pulled from live grey markets as of Dec 4 close—prices fluctuate, so DYOR via ASBA apps.

### The 15 IPOs: Dates, Deals, and Dream Gains

| IPO Name                  | Sector/Type     | Open Date     | Close Date    | Price Band (Rs) | GMP (Rs) | Est. Listing Gain (%) |

|---------------------------|-----------------|---------------|---------------|-----------------|----------|-----------------------|

| Meesho                    | E-commerce/Mainboard | Dec 3        | Dec 5        | 100-111        | 46      | 41%                  |

| Aequs                     | Aerospace/Mainboard  | Dec 3        | Dec 5        | 115-124        | 45      | 36%                  |

| Corona Remedies           | Pharma/Mainboard     | Dec 8        | Dec 10       | 850-900        | 365     | 41%                  |

| Luxury Time               | Retail/SME           | Dec 4        | Dec 8        | 78-82          | 20      | 24%                  |

| Shri Kanha Stainless      | Metals/SME           | Dec 3        | Dec 5        | 85-90          | 25      | 28%                  |

| Wakefit Innovations       | Consumer/Mainboard   | Dec 8        | Dec 10       | 159-195        | 36      | 18%                  |

| Vidya Wires               | Wires/Mainboard      | Dec 3        | Dec 5        | 45-52          | 7       | 13%                  |

| KV Toys India             | Toys/SME             | Dec 8        | Dec 10       | 230-240        | 27      | 11%                  |

| Riddhi Display Equipments | Displays/SME         | Dec 8        | Dec 10       | 95-100         | 1       | 1%                   |

| Western Overseas Study Abroad | Education/SME    | Dec 4        | Dec 8        | 56             | 0       | 0%                   |

| Nephrocare Health         | Healthcare/SME       | Dec 9        | Dec 11       | 438-460        | -       | Not Emerged          |

| Flywings Simulator Training | Aviation/SME      | Dec 6        | Dec 8        | 145-150        | -       | No Trend             |

| ScaleSauce (Encompass Design) | Tech/SME        | Dec 5        | Dec 9        | 51-55          | 0       | Flat                 |

| Methodhub Software        | IT/SME               | Dec 4        | Dec 6        | 51             | Flat    | Flat                 |

| Prodocs Solutions         | Services/SME         | Dec 7        | Dec 9        | 51             | Absent  | Muted                |

*Notes: GMPs from grey markets as of Dec 4; gains calculated on upper band. Listings ~T+3 post-close. Issue sizes range Rs 100-6,000 Cr—check RHPs for anchors.

Standouts? Meesho's 41% tease on its Rs 6,000 Cr behemoth could eclipse Zomato's debut, while Corona's pharma punch eyes 30%+ amid export booms. Laggards like Riddhi? Bargain hunts for patient plays.

### Broader Vibes: IPO Mania Meets Macro Tailwinds

This rush caps a stellar 2025—over 200 listings, Rs 1.5 lakh Cr raised, 25% average gains. RBI's steady rates and capex push are magnets, but watch US Fed whispers for volatility. SMEs dominate (10/15 here), offering 2-3x lot returns if GMPs hold.

Risks: Overhype leads to post-list dumps (hello, 2023 flops). GMPs dipped 10% intra-day for Vidya Wires—timing is key.

### Your Playbook: From Alert to Allotment

1. **Apply Smart**: Use UPI for retail (max 13 lots); HNIs for big swings. Zerodha/Groww for seamless bids.

2. **GMP Pulse**: Track daily on IPOWatch.in or InvestorGain—spikes pre-close signal wins.

3. **Exit Strat**: Flip 50% on 20%+ open; hold rest for 6-12 months if fundamentals shine (e.g., Meesho's 500 Cr users).

4. **Diversify**: Cap 5% portfolio; mix with debt for ballast.

With Dec 12 as D-day, this week's subscriptions could set Q4 tones. Meesho alone might sway mid-caps. What's your top pick—hype or value?

Share your IPO war stories below. Until next, bid bold.

*Disclaimer: Not financial advice. IPOs carry allotment and market risks. Consult advisors; past GMPs don't guarantee future pops.*

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ITC Hotels block deal: BAT to offload shares worth nearly Rs 3,000 crore

 DEAL OF THE DAY

British American Tobacco Plc. will offload shares worth nearly Rs 3,000 crore in ITC Hotels Ltd. via large deals on Friday. The company will sell shares at a floor price of Rs 205.65 in the secondary market, according to a termsheet.

BAT affiliates Tobacco Manufacturers (India) Ltd., Myddleton Investment Co. and Rothmans International Enterprises Ltd., intend to sell between 7% and 15.3% of the share capital in ITC Hotels to investors by way of an accelerated bookbuild process, the company said in a regulatory filing.The final number of shares sold will be determined to optimise the overall pricing outcome to the Group, the filing said.

The UK company's direct shareholding of 15.3% in ITC Hotels was a result of the demerger process that was completed by ITC Ltd. earlier this year. The current market value of its equity holding is Rs 6,600 crore.

A direct stake in ITC Hotels is not a strategic holding for BAT, said CEO Tadeu Marroco, adding that the proceeds from this transaction will further support continued progress towards their stated 2026 deleveraging plan.

British American Tobacco held a 22.9% stake in ITC as of September. ITC owns 39.85% in ITC Hotels.

Shares of ITC Hotels settled flat at Rs 207.75 apiece on the BSE, ahead of the announcement, compared to a 0.2% advance in the benchmark Sensex. The stock has risen 21% since listing.# ITC Hotels Block Deal: BAT Offloads Shares Worth Nearly Rs 3,000 Crore – A Strategic Trim or Market Signal?

December 4, 2025**

In a move that's sending ripples through India's hospitality sector, British American Tobacco (BAT) is set to offload a significant chunk of its stake in ITC Hotels Ltd. through block deals today, valued at nearly Rs 3,000 crore. This isn't just another insider shuffle—it's a direct fallout from ITC's high-profile demerger of its hotels arm earlier this year, highlighting how global tobacco giants like BAT are fine-tuning their portfolios amid India's booming tourism rebound. As the Sensex edges higher, ITC Hotels shares held steady, but savvy investors are eyeing this as a potential entry point or liquidity boost for the unlisted-turned-listed player.

The transaction underscores BAT's pivot away from non-core assets, with proceeds earmarked for debt reduction. But what does it mean for ITC Hotels' growth trajectory and shareholder value? Let's dissect the deal, its backstory, and the road ahead in this post-demerger landscape.

### The Deal Decoded: Key Facts at a Glance

BAT, through its affiliates, is executing an accelerated bookbuild in the secondary market, targeting institutional buyers. Here's the breakdown:

| Aspect | Details |

|--------|---------|

| **Seller** | BAT affiliates: Tobacco Manufacturers (India) Ltd., Myddleton Investment Co., and Rothmans International Enterprises Ltd. |

| **Stake Sold** | 7% to 15.3% of ITC Hotels' share capital (final quantum to be finalized post-bookbuild) |

| **Floor Price** | Rs 205.65 per share |

| **Deal Value** | Nearly Rs 3,000 crore |

| **BAT's Pre-Deal Holding** | 15.3% direct stake in ITC Hotels (valued at Rs 6,600 crore at current prices); 22.9% in parent ITC as of September 2025 |

| **ITC's Ownership** | 39.85% in ITC Hotels |

| **Timeline** | Block deals executed today, December 4, 2025 |

This stake originated from ITC's demerger of its hotels business in early 2025, which spun off the subsidiary as a separate listed entity. The move allowed ITC to unlock value in its diversified portfolio, with hotels contributing robust growth amid a 15-20% CAGR in India's hospitality demand.

BAT CEO Tadeu Marroco framed it plainly: "A direct stake in ITC Hotels is not a strategic holding," with the windfall supporting the group's 2026 deleveraging plan. It's a pragmatic exit—BAT retains meaningful exposure via its ITC stake, but sheds the hospitality overhang.

### Backstory: From Demerger to Deal Desk

ITC's hotels demerger, approved in late 2024 and effective early 2025, was a masterstroke for value creation. The business—home to iconic brands like Welcomhotel and Fortune—boasts a pipeline of 6,000+ keys and EBITDA margins north of 30%, outpacing peers in a sector projected to hit $30 billion by 2030. Listing in January 2025, ITC Hotels debuted strong, surging 21% from IPO levels to Rs 207.75 as of today's close.

BAT, ITC's largest shareholder, scooped up the 15.3% allocation pro-rata. But with tobacco regulations tightening globally and India's hospitality pivot accelerating, this block deal feels like housekeeping. It's BAT's second major ITC-related trim this year—recall their Rs 12,900 crore stake sale in ITC itself back in May—signaling a broader portfolio rebalance.

Market reaction? Muted so far. ITC Hotels ended flat at Rs 207.75, a hair below the floor price, while parent ITC dipped marginally 0.5%. Broader sentiment remains bullish, with analysts like Motilal Oswal pegging ITC Hotels at 25x FY27 EV/EBITDA for its asset-light expansion.

### Investor Implications: Opportunity or Caution Flag?

For ITC Hotels, this could be a liquidity jolt—infusing fresh capital from long-only funds hungry for hospitality plays. The sector's tailwinds are undeniable: government tourism push, inbound recovery post-COVID, and urban leisure boom. With occupancy rates at 75%+ and RevPAR up 12% YoY, the company is primed for 20%+ revenue growth.

That said, BAT's exit isn't a vote of no-confidence; it's strategic pruning. Risks linger—execution on new properties, forex volatility for imports, and competition from IHCL or Lemon Tree. For parent ITC, it streamlines focus on FMCG and cigs, potentially juicing ROCE to 35%+.

In the bigger picture, this deal spotlights India's demerger wave: unlocking Rs 50,000+ crore in value across corporates like Reliance and Adani. Promoters offloading post-spin (like BAT here) often precedes reratings—witness Godrej's consumer split last year.

### Actionable Takeaways for Your Watchlist

1. **Track the Bookbuild**: Monitor final pricing and buyer identities post-market close—could reveal FII interest levels.

2. **Entry Strategy**: If shares dip below Rs 200 on any overhang, consider accumulating for 15-20% upside in 12 months, per consensus targets.

3. **Broader Bets**: Pair with sector peers like Indian Hotels (IHCL) for diversification; hospitality ETFs are gaining traction too.

4. **Demerger Radar**: Screen for upcoming spins like Vedanta's—insider sales often signal undervaluation.

As BAT cashes out, ITC Hotels stands taller as a pure-play bet on India's travel renaissance. Is this the spark for a hospitality rally into 2026? Eyes on the tape.

What’s your take—bullish on hotels post-deal? Share in the comments. Until next, trade sharp.

*Disclaimer: This is not financial advice. Always DYOR or consult a pro. Markets involve principal risk.*

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3 'buy' recommendations by Motilal Oswal, with up to 18% upside potential

 LOOT OFFER

The brokerage house Motilal Oswal has turned positive on three large companies across steel, pharmaceuticals and ports. The brokerage has projected an upside of up to 18% in select stocks. According to the brokerage report, each of these firms are entering a phase where restructuring, new growth avenues or improving demand trends could support healthier financial performance over the next two to three years.

Motilal Oswal on JSW Steel

The brokerage house has given a ‘Buy’ rating with a target price of Rs 1,350 to JSW Steel. This implyies an upside potential of around 18% from current levels. The brokerage believes that the ongoing restructuring, including the joint venture related to Bhushan Power & Steel (BPSL), could unlock significant value for the company.

Motilal Oswal noted that this restructuring will help JSW Steel “monetize a significant portion of the value created through the turnaround of BPSL” and also strengthen the balance sheet by reducing debt.

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The brokerage also pointed out that Japanese steelmaker JFE Steel Corporation already owns around 15% in JSW Steel, and the promoter shareholding is set to increase slightly after the planned changes.The report also highlighted the improving fundamentals, with expectations of double-digit revenue growth in financial years 2026-2027 due to new capacity ramp-up and a recovery in steel prices.

Furthermore, the brokerage house added that the company’s net debt-to-EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) ratio could fall sharply to 1.7 times by FY27.

Motilal Oswal on Aurobindo Pharma

The brokerage has also issued a ‘Buy’ call on Aurobindo Pharma with a target price of Rs 1,430. This suggests an upside potential of around 18%. According to the brokerage report, the company’s diversification strategy across Europe, biosimilars and contract manufacturing is creating new revenue streams. It added that European sales are rising, capacity expansion in China is ongoing, and the company’s biologics business continues to scale through its partnership with Merck Sharp & Dohme (MSD).Motilal Oswal expects steady growth in injectables, new product filings and acquisitions, while the integration of Lannett is also seen as a positive contributor. The report retained the company’s quote that its growth outlook is supported by “accelerated scale-up of the Pen-G/6-APA complex toward full utilization” and an expanding biosimilars pipeline across Europe and the United States.

The brokerage has projected a compounded annual growth rate (CAGR) of 9% in revenue, 14% in EBITDA, and 21% in profit after tax for the financial years 2026 to 2028.

Motilal Oswal on Adani Ports and Special Economic Zone

Motilal Oswal has also maintained a ‘Buy’ rating on Adani Ports and Special Economic Zone (APSEZ) with a target price of Rs 1,770. This translates to a potential upside of around 16%. According to the brokerage report, the company’s cargo profile is becoming more diversified as coal volumes gradually shrink while container and coastal cargo rise.The report highlighted that the logistics arm, Adani Logistics, is expanding rapidly, backed by container trains, inland container depots, warehouses and grain silos. The brokerage reiterated APSEZ’s quote that the company aims to offer “shore-to-door solutions” through an integrated logistics model.

It added that strong cash flows, planned port expansions and overseas acquisitions provide visibility for steady growth in the coming years. Motilal Oswal expects cargo volumes to grow around 8% over financial years 2025 to 2028, supporting a double-digit rise in revenue, EBITDA and profit.# 3 'Buy' Recommendations by Motilal Oswal, with Up to 18% Upside Potential

**By Grok, xAI's Financial Insight Engine | December 4, 2025**

As India's stock market navigates through festive highs and global uncertainties in late 2025, brokerage firms like Motilal Oswal are zeroing in on resilient large-caps with tangible growth catalysts. In a fresh note, Motilal Oswal has slapped 'Buy' ratings on three heavyweights—JSW Steel, Aurobindo Pharma, and Adani Ports—flagging upside potentials of up to 18%. These picks span steel, pharma, and infrastructure, offering a diversified bet on India's industrial revival and export boom.

This isn't scattershot advice; it's rooted in structural tailwinds like debt restructuring, policy incentives, and volume expansions. With the Nifty hovering near 25,000 amid rate-cut hopes, these recommendations could be timely anchors for portfolios eyeing 10-20% returns in the next 12 months. Let's unpack why these stocks are on Motilal Oswal's radar and what the numbers say.

### Why These Metrics Scream 'Opportunity' in 2025

Before the specifics, a quick primer on what makes these calls compelling:

- **'Buy' Rating with Modest Upside**: Targets implying 16-18% gains suggest low-risk entries, ideal for conservative investors. No moonshots here—just steady compounding backed by fundamentals.

- **Sector Tailwinds**: Steel benefits from capex cycles, pharma from PLI schemes, and ports from logistics push. India's FY26 GDP growth forecast of 6.8% (per RBI) amplifies these plays.

- **Valuation Comfort**: Trading at reasonable multiples (e.g., 15x FY28 EV/EBITDA for ports), these aren't frothy bets.

Motilal Oswal's analysis highlights how these firms are leveraging operational efficiencies and strategic moves to outpace peers, potentially delivering double-digit earnings growth through FY28.

### The Three Stocks: Targets, Upsides, and Bull Cases

Here's the breakdown, straight from Motilal Oswal's playbook. Current prices are as of market close on December 3, 2025.

| Stock | Sector | Current Price (Rs) | Target Price (Rs) | Upside Potential | Key Reasons for 'Buy' |

|-------|--------|---------------------|-------------------|------------------|-----------------------|

| JSW Steel | Steel | 1,144 | 1,350 | 18% | Restructuring of Bhushan Power & Steel (BPSL) via JV with JFE Steel to unlock value and slash debt by Rs 35,000 crore; supports deleveraging and capex for 20%+ volume growth. |

| Aurobindo Pharma | Pharmaceuticals | 1,208 | 1,430 | 18% | Scaling Pen-G/6-APA production with Rs 35bn investments under PLI scheme for beta-lactam self-sufficiency; highest US generics sales among peers, plus biosimilars ramp-up for FY26-28 earnings surge. |

| Adani Ports & SEZ | Infrastructure | 1,531 | 1,770 | 16% | 8% cargo volume CAGR through FY28 driving double-digit revenue/EBITDA growth; 28.1% market share, Rs 130bn cash pile, and 1.8x net debt/EBITDA for logistics expansion. |

These aren't isolated calls—Motilal Oswal sees JSW Steel's BPSL pivot as a balance-sheet booster, Aurobindo's API push aligning with 'Make in India', and Adani Ports riding the wave of coastal shipping and privatization.

For JSW Steel, the JV isn't just paperwork; it's set to infuse Rs 24,400 crore by March 2026, freeing up capital for green steel initiatives amid global EV demand. Aurobindo, meanwhile, eyes the $90bn US biosimilars pie by 2034, with its ANDA approvals giving it an edge over rivals. Adani Ports' integrated model—ports plus marine services—positions it for 2-3x industry growth, outpacing the 4-7% sector CAGR.

### Investor Implications in a Choppy Market

With FII outflows pressuring mid-caps, these large-cap 'Buys' offer stability. Similar picks have historically outperformed: Adani Ports is up 45% YTD, while Aurobindo has doubled from 2024 lows. Risks include raw material volatility (steel) and regulatory hurdles (pharma), but Motilal Oswal's 15x EV/EBITDA lens keeps valuations grounded.

In broader context, these align with Motilal Oswal's FY26 optimism: Nifty targets of 28,000, fueled by capex and consumption.

### Actionable Steps for Your Portfolio

1. **Entry Points**: Accumulate on dips—JSW below Rs 1,100, Aurobindo under Rs 1,200, Adani Ports near Rs 1,500.

2. **Monitor Catalysts**: Watch BPSL approvals (JSW), PLI disbursals (Aurobindo), and Q3 cargo data (Adani).

3. **Diversify Smartly**: Allocate 5-10% per stock; pair with defensives like ITC for balance.

Dive into Motilal Oswal's full reports for DCF models and peer comps. As 2025 wraps, these could be your edge in a year of selective rallies.

Thoughts? Spotted other broker gems? Share below. Invest wisely—the market favors the informed.

*Disclaimer: This is not financial advice. Conduct your own due diligence or consult an advisor. Markets carry risks of loss.*

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Insider alert: 2 zero-debt high ROCE stocks where promoters stake jumped 4x

 LOOT DEAL

When promoters aggressively buy into their own company, it could mean a couple of things. Investors look at it as either a rescue mission or a restart for the company. Especially in the case of less-known small-cap companies, a category generally viewed with greater suspicion by average investors.While a big stake hike in the company by a promoter could mean that they now have more skin in the game and carry bigger risk, it could also mean that the promoter now controls the company even more firmly, which may or may not be good news for the minority shareholders. If they decide to delist tomorrow, the average investor might be forced to sell.

But the 2 stocks we are digging into today do not only have the promoter holding jump to their credit. Both boast of industry-beating ROCE (Return on Capital Employed), Zero debt and have logged over 120% compounded growth in profits in the last 5 years.

#1 RRP Defence: 83% ROCE vs. The valuation risk

Established in 1981, RRP Defense Ltd was a government-recognised export house. The company’s name was changed to Euro Asia Exports Limited in November 1994 and was in the business of trading and dealing in fabrics, garments and other trading material, etc. Since then, the company has pivoted its business to Defence which you will read about below.With a market cap of Rs 1,297 cr, the company has zero debt and a current ROCE of 83%. A combination most smart investors would grab with both hands. But a fair warning, the 5-Year ROCE is a modest 21% for the company, so how sustainable is the current 83% is a question one must ask.

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The company’s promoter holdings were at 16% up until the quarter ending March 2025. At the end of June 2025, the holding fell to 1.85%, creating a sense of danger for investors. However, for the quarter ending September 2025, the promoter holdings went up to 75%, with Rajendra Kamalkant Chodankar buying a massive 74% stake under an open offer control acquisition.

This can be attributed to the strategic pivot the company has undergone from trading/export activities to the defense and drone sector, marked by name change (Euro Asia to RRP Defense). With a complete management overhaul, and aggressive inorganic/organic growth, the company is now focusing on drone manufacturing, thermal imaging, electro-optics, and related services under initiatives like Make in India and Atmanirbhar Bharat.Let us look at the financials of the company to see if the company has what it takes to sustain the big numbers.

The company’s sales have grown from Rs 81 lacs in FY20 to Rs 10.5 cr in FY25, logging a compound growth of 67%. In H1FY26, sales of Rs 5.3 cr have been logged.

When it comes to EBITDA (earnings before interest, taxes, depreciation, and amortization) the company has staged a turnaround from losses of Rs 32 lacs in FY20 to profits of Rs 1.6 cr in FY25. And in H1FY26, EBITDA of Rs 1.38 cr has been logged.

The net profits have grown at a compounded rate of 159% in the last 5 years. However, investors should note that this triple-digit growth stems from a low base.

And for H1FY26, profits of Rs 1.39 cr have been recorded already.

The share price of RRP Defense Ltd was around Rs 6 in December 2020, which has climbed to Rs 946 as on 3^rd December 2025. A jump of almost 15,667% in 5 years. Rs 1 lac invested in the stock 5 years ago would have been Rs 1.57 cr today.At the current price, the stock is trading close to its all-time high of Rs 984.

The valuation for the company is sort of a red flag, as the stock is currently trading at PE of a huge 519x, while the industry median is just 35x.

In the annual report for FY25, the management said that the company anticipates steady growth as thermal-imaging and night-vision drone venture is exceptionally promising. Continued government initiatives, technological advancements, and urbanization are expected to create strong opportunities.

#2 One Global Service Provider Ltd: 5-Year ROCE of 48%

Incorporated in 1992, One Global Service Provider Ltd is in the business of healthcare services.

With a market cap of Rs 977 cr, the company is debt free and has a current ROCE of 56%. The 5-Year ROCE of the company has also been an enviable 48%, highlighting the company’s solid performance as far as capital efficiency is concerned.

The company’s promoter holdings were at almost 30% until the end of the quarter for December 2024, which dropped to 15% for the quarter ending March 2025. However, the quarter ending September 2025, this went up to 66.24%. Most of this was held by director Sona V Dhawangale, who increased her holding from 15% to 66.24%.

Looking at the financials, the company’s sales have logged compounded growth of 189% in the last 3 years, from Rs 6 cr inn FY22 to Rs 147 cr in FY25. And for H1FY26, sales of Rs 233 cr have already been recorded

EBITDA, grew form Rs 1 cr in FY22 to Rs 25 cr in FY25 logging compounded growth of almost 193%. And for H1FY26 it was already at Rs 39 cr.

The net profits grew at a compounded rate of 159% from Rs 1 cr in FY22 to Rs 18 cr in FY25, and for H1FY26 profits of Rs 30 cr were recorded already.

The share price of One Global Service Provider Ltd was around Rs 2 in December 2020 and as on 3^rd December 2025, it was Rs 530, which is over a 26,000% jump in 5 years. Rs 1 lac invested in the stock 5 years ago would have been Rs 2.65 cr today.

Insider alert: 2 zero-debt high ROCE stocks where promoters stake jumped 4x

The stock is trading at a PE of 24x, which is less than the current industry median of 38x. The 10-year median PE for the company is 14x which is once again less than the industry median of 29x for the same period.

The reason behind the jump in promoter holdings could be the merger between One Global Service Provider Ltd and Plus Care Internationals Private Limited that was executed by March 2025. Before the merger, One Global Service Provider (formerly Overseas Synthetics) was a textile company dealing in processing and weaving. This merger marked a total exit from that legacy business to a high-growth healthcare model.

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The company now operates in Diagnostic & Laboratory Services, including mass screening, pathology, and disease management. Plus Care injected its entire business of diagnostic labs and home sample collection services into the listed entity.

Long term holds or fizzle pop bets?

RRP Defense Ltd and One Global Service Provider Ltd, the two companies we dug into today have shown solid promise when it came to capital efficiency, while keeping operations debt free. Not to forget the stock price gains both have logged in the last 5 years, which could give a strong sense of FOMO to any investor.

The other common factor in both the companies is that both have seen some major changes. Both have pivoted their respective businesses. From textile to Defense for RRP Defense Ltd and Healthcare for One Global Service Provider Ltd. While the former has witnessed a takeover, the latter underwent a merger.

Both companies have also seen swings in promoter holdings, which could be unnerving. One perhaps needs to dig in a lot deeper on the reasons behind such swings and assess the risk of more such swings in future. 

The big question now is whether these two companies that just saw a major overhaul, and are backed by solid gains & financials, will be able to sustain this growth in the coming months or years. While their trajectory will be fascinating to watch, at this point in time keeping a sharp eye on them by adding them to a watchlist seems like the way to go.

Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. 

The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. 

Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.

Disclosure: The writer and his dependents do not hold the stocks discussed in this article. 

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