Mumbai: Spices manufacturer Pushp Brand (India) is likely to file its draft red herring prospectus (DRHP) for over ₹1,000 crore initial public offering (IPO) in the last week of May, sources familiar with the development told ET.

The proposed issue of the Indore-based firm, owner of the ‘Pushp Masale‘ brand, is expected to be a mix of fresh issue and offer for sale, according to multiple sources. ICICI Securities and IIFL Capital Services are said to be the book-running lead managers for the issue.

Emails sent to the company and the bankers went unanswered.

Pushp’s closest listed peer is Orkla India, the Norwegian-owned parent of MTR Masala, which launched its ₹1,667 crore IPO in October 2025.

Shares of Orkla India with a market capitalisation of ₹8671 crore are down nearly 10% since listing in November, 2025.

Investors in emerging markets are getting slammed by a fresh wave of political turmoil that is derailing bets from Latin America to Eastern Europe.

With just weeks to go until key presidential votes, markets in Colombia and Peru are selling off as traders recalculate odds of left-wing candidates prevailing. Bolivian bonds have tumbled as street protests against the government threaten supplies of food and medicine to the nation’s capital. In Turkey, markets tanked after a court removed the leader of the country’s main opposition party.

The episodes are a fresh reminder of underlying risks that still plague the asset class, which has delivered strong returns for investors in the past year – even as tensions in the Middle East rattled global markets.

“Political risk manifests itself when the macro is under pressure, and in an environment where all the prices are going up, especially in oil-importing economies and poor countries the issues flare up, they come to the fore more vividly,” said Francesc Balcells, chief investment officer at FIM Partners, whose firm oversees $5 billion.

The political jitters are not contained to Latin America. In Malaysia too, markets were briefly roiled after Prime Minister Anwar Ibrahim raised the prospect of a snap election as friction with the ruling coalition deepened.

“The thinking now is to basically get small wins, small successes here and there, instead of these mega projects,” says Abdullah. “Like, for example, the Red Sea island resort of Sindalah could be one small win that they can promote, which is basically a very traditional style of resort, which can still be presented as part of the vision, instead of the likes of The Line and The Cube. And so they can say, ‘these represent the basis of Neom, and we didn’t have to have the whole thing’.”

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ET Intelligence Group: Sun Pharmaceutical Industries recorded double-digit growth in revenue and net profit for the March quarter; however, operating margin before depreciation and amortisation (EBITDA margin) was under pressure due to higher investments and lower milestone income from products. It is expected to stay range-bound given continued spending on specialty launches and higher research and development (R&D) expenditure. The proportion of R&D expenses in revenue hit an eight-quarter high of 6.7% in the March quarter.

The company expects revenue growth to moderate in FY27. After clocking 11.9% top line growth in revenue at ₹58,220.1 crore in FY26, growth is likely to slow down to high single-digit for FY27. The pipeline across dermatology, oncology and metabolic therapies, along with new launches and the proposed Organon acquisition, will be key growth drivers. The stock’s current P/E at 38.6 is at a premium to the three-year and five-year average P/Es of 35 and 32 respectively. That may limit the upside for the stock in the medium term amid pressure on profitability and a likely slowdown in revenue growth.

In the March quarter, EBITDA margin contracted 160 basis points year-on-year to an eight quarter low of 27.1%. The company expects the margin to remain range-bound in the near term amid temporary expenses which are expected to normalise over the coming quarters. It also anticipates R&D spends to remain elevated at about 6-7% of sales for FY27 given the focus on innovative therapies.
The domestic formulation (DF) segment remained strong, with the company continuing to outperform the broader industry for two consecutive years, driven by new launches and market share gains in existing products. This momentum is expected to sustain, supported by a robust product pipeline and expansion into high-growth segments such as GLP-1 therapies. The US formulations segment declined marginally in the March quarter and could remain subdued in the near term dragged by pricing pressure and erosion in the base portfolio. The recovery is expected to be gradual, supported by new product launches, pipeline approvals and capacity additions over time.