Fundamental Analysis (Long term)

25 Jun 2025 10:50

RAYMOND REALTY: 2025–26 Launches Planned Across Thane and Mumbai

Raymond Realty plans to launch two new projects on its own land in Thane and four joint development projects in Mumbai during FY 2025–26. Additional joint development opportunities are currently under evaluation as the company expands its real estate footprint in key urban markets.

Fundamental Analysis (Long term)

25 Jun 2025 07:27

TRANSFORMER & RECTIFIER Management Says Expect Capex To Be Completed In Next 12-13 Months

Expect Margins To Be In Same Trend As Last Year

Expect Orderbook To Be At ₹8,000 Cr By End Of FY26

Fundamental Analysis (Long term)

24 Jun 2025 11:49

PARAG MUNOT KALPATARU says

Net Debt To Reduce From ₹11,000 Cr To ₹8,000 Cr

We Have Around 50 msf Of Ongoing, Upcoming & Planned Projects

Margins For Redevelopment Projects Are Approx 25%, Which Is Lower Than Those For Greenfield Projects

Hyderabad Is A Growing Market For Us, Have Some Presence In Noida As Well

Mumbai Metropolitan Region Remains Our Focus Market

Fundamental Analysis (Long term)

23 Jun 2025 10:11

Capital Goods sector valuations

Fundamental Analysis (Long term)

23 Jun 2025 09:15

VIP CLOTHING: Expands Frenchie X to Kerala, Enhancing National Footprint

Launches premium innerwear in 40+ Kerala outlets; now in 140+ stores nationwide.

Ties up with Swiggy Instamart and Zepto for 1-hour delivery.

Positive for brand growth, omni-channel expansion, and FY25–26 revenue visibility.

Fundamental Analysis (Long term)

23 Jun 2025 07:55

ITD CEMENT: CO SAYS LOWEST BIDDERS IN FEW JOBS WORTH RS 1,500 CR - CNBC TV18

ITD CEMENT: CO SAYS THAT THEY ARE TARGETTING 15000CR OF ORDER INFLOW THIS YEAR -CNBC TV18

Fundamental Analysis (Long term)

20 Jun 2025 12:29

Indian IT Services
🟠 Accenture’s results Today to provide some clarity on demand trends

Key Event Time
🕗 Accenture results at 5:30 PM IST, Friday, June 20, 2025

Estimates:
▪️ 3QFY25 Revenue seen at +5.5% CC YoY (vs. guidance of 3–7%) → implies ~3% QoQ decline
▪️ Growth driven by BFSI, Products, Healthcare, Public Services
▪️ Consulting Bookings expected to decline -10.5% YoY
▪️ Managed Services bookings expected +2.4% YoY
▪️ Operating Margin likely to improve +25 bps YoY to 16.7%

Inorganic Growth Focus
▪️ Accenture is relying on acquisitions for growth
▪️ Indian IT peers are holding back due to high payout focus

Discretionary Spending Still Weak
▪️ Muted demand in consulting and mega-deals
▪️ Lower visibility in discretionary IT spend
▪️ FY26 to start soft; growth recovery seen in 2HFY26

Antique’s View:
▪️ Demand environment uncertain; growth visibility limited
▪️ Expect revival only in late FY26
▪️ Top Picks: TCS, Infosys, Mphasis

Quick Metrics:
▪️ FY25e Revenue Growth: 4.7% CC (Guidance) | 6.3% (Consensus)
▪️ 3QFY25 Revenue: $17.3B
▪️ Net Headcount Addition: -4,064
▪️ Attrition down to 12%

Fundamental Analysis (Long term)

20 Jun 2025 10:19

BRITANNIA CEO Says Expect To Be A ₹25,000 Cr Revenue Co In 3-4 Years

BRITANNIA AIMS TO BE ₹25,000 CR REVENUE CO ; BRITANNIA CEO

NOTE ; CO. LAST YEAR FY25 REVENUE WAS AT 18,000 CR

Fundamental Analysis (Long term)

20 Jun 2025 07:53

DREAMFOLKS SAYS

BUSINESS IS GOING ON AS USUAL

ONBOARDING AND EVALUATING FRESH PARTNERSHIPS AS WELL

Fundamental Analysis (Long term)

20 Jun 2025 04:19

➡️ Why it matters:
- India needs scalable private defense OEMs.
- AXISCADES is becoming the backbone provider in radar, missiles, and ISR systems.
🗣️ “We are building and integrating unmanned, radar, sonar and missile systems across platforms...land, air, and sea.” - Sharadhi Babu, President – Defense

7⃣ FY26 – The Make-or-Scale Year
- All the levers - infra, partnerships, IP products, margin expansion, are converging.
✅ Non-core verticals (auto, energy) being exited
✅ Order book strength across aerospace, defense, and ESAI
✅ Infra execution in final stages

➡️ Why it matters:
- FY26 isn’t just another year.
- It’s the execution checkpoint for the Power 930 roadmap.
- A strong FY26 = stock rerating trigger.
🗣️ “We are highly enthusiastic and committed... This transformation enables us to unlock long-term value.” - Shashidhar S.K., CFO

🧭 Why Investors Should Pay Attention
- While the Street chases headlines, AXISCADES is laying silent groundwork for:
🔹Missile systems & integration (MBDA partnership + Hyderabad infra)
🔹Avionics IP & electronic warfare (Indra tie-up with DRDO linkage)
🔹Orbital surveillance & space safety (SSA with Aldoria + ISRO/ISTRAC)
🔹Radar, AI, EW manufacturing (₹120 Cr DAC near completion)
➡️It’s an emerging CRDMO (Contract R&D + Manufacturing + Integration) powerhouse, deeply embedded in India’s strategic tech ecosystem.
- And FY26 could be the inflection point.

Fundamental Analysis (Long term)

19 Jun 2025 05:39

Hospitals - Single specialty leaders and their organized market share plus other players in each of the segments.

IVF - Indira IVF
Eyecare - Dr Agarwals Eye Hospital
Mother & Child Care - Rainbow Childrens and Cloudnine Hospital
Dialysis - NephroPlus
Oncology - HCG
Dental Care - Clove Dental
Urology /Nephrology - RG Stone
Skin & Hair Care - VLCC

Credits: Avendus June 2025 report

Fundamental Analysis (Long term)

19 Jun 2025 04:01

NDR Auto – The ₹2,350 Cr Market Cap Stock with a ₹3,000 Cr Revenue Vision by 2030

From seat frames to full interiors – a ₹3,000 Cr story in motion
🔹FY25 Revenue: ₹717 Cr → FY30 Target: ₹3,000 Cr
🔹OEMs: Maruti Suzuki, Toyota, Kia
🔹Interior JV with Japan’s Hayashi Telempu
🔹Debt-free balance sheet, ₹80 Cr cash, disciplined capex
Let’s break down the roadmap ⤵️

1⃣ Organic Flywheel – High-Margin, High-Visibility Core
🔹₹2,000 Cr targeted from core seating, trims & BIW
🔹FY25 product mix: 60% frames, 40% trims
🔹Maruti EV supplies to kick off in FY26
🔹₹1,200 Cr organic order book already locked in
🗣️ “We’re focused on asset-sweating, not just asset-building.”
➡️ Margins hold firm at 10–12% even as volumes rise, NDR is sweating capacity, not inflating capex.

2⃣ JV Optionality – Hayashi Telempu (Japan): Gamechanger
🔹50:50 JV with $2.1 Bn Japanese leader in auto interiors
🔹First order: Toyota ambient lighting (shift lever, headliner, doors)
🔹Target: ₹300-400 Cr revenue in 5 years
🔹Kit value to jump from ₹10K–15K → ₹20K–25K per car
🗣️ “This JV opens up the entire interior trim opportunity for us.”
➡️ This is not adjacency, it’s vertical depth. A leap from low-complexity trims to full interior ecosystems.

3⃣ Margin Discipline – Capital-Efficient Growth
🔹FY25 PAT: ₹53.25 Cr (+38% YoY)
🔹EBITDA Margin: 10.83% | PAT Margin: 7.4%
🔹ROCE: 32.3% | ROE: 25.8%
🔹FY26–27 EBITDA margin guidance: 10–12%
🗣️ “Margins will be stable, but our goal is to expand our share of the car.”
➡️ Few stocks show >30% ROCE with product complexity doubling - NDR is one.

4⃣ Capex & Cash – Lean, Loaded, Long-Term
🔹FY25 capex: ₹48 Cr (includes land & tooling)
🔹FY26 & FY27 capex guidance: ₹20 Cr each
🔹Tooling costs mostly reimbursed by OEMs
🔹₹80 Cr cash on books
🗣️ “We're not building white elephants, every rupee spent has to earn.”
➡️ Zero dilution + asset-light growth = high FCF optionality.

5⃣ Premiumisation Engine – ASP & Kit Value Expansion
🔹Kia’s artificial leather ramp-up to boost ASPs in FY26
🔹Seat fabric JV with Toyota Tsusho & Toyotsu Vehitecs underway
🔹Expansion into ambient lighting, premium trims, BIW components
🔹Total kit value per car expected to double
🗣️ “Each new vertical ... fabric, lighting, inserts adds ₹1,000–2,000 per car.”
➡️ Same OEM, bigger wallet share, think of it as an auto SaaS model.

6⃣ Strategic Landbank – Future-Proofing Capacity
🔹26 acres in Aurangabad for Toyota-linked expansion (FY28-29 start)
🔹10 acres in Kharkhoda aligned to Maruti’s future capacity
🔹Capacity ready to scale 2x over 5-6 years
🗣️ “We're buying land like a chess player, not a land banker.”
➡️ Capacity is demand-synced, not speculative, land becomes a strategic moat.

7⃣ JV Ecosystem – Leverage Beyond NDR
🔹Bharat Seats (28.66% stake) – ₹3,000 Cr revenue target, 100% MSIL-focused
🔹Toyota Boshoku JV – Interior systems scaling
🔹TISL JV with Toyo Seat – High-tensile seat structures
🔹Only NDR’s share (e.g., 50%) gets consolidated in topline
🗣️ “Each JV is customer-led and solution-focused.”
➡️ These aren’t passive investments, they’re deeply integrated supply chain extensions.

8⃣ Execution & Governance – Scalable Foundation
🔹Appointed Big 4 auditors for improved governance
🔹Strategic hires from UNO Minda for ops & finance
🔹Confident resolution of tax matters backed by legal opinions
🗣️ “Execution is 90% people.. we’ve built strong teams to scale responsibly.”
➡️ With execution talent & audit strength, NDR’s back-end matches its front-end ambition.

🧭 Investors Compass View – The Hidden Interior Empire
- NDR isn’t a seat supplier anymore. It’s a design + execution platform inside India’s biggest OEMs.
- With:
🔹Deep product stack
🔹Japanese partnerships
🔹Land-backed scalability
🔹Governance upgrades
➡️ The seat was just the starting point, the cockpit is the destination.

Fundamental Analysis (Long term)

18 Jun 2025 09:01

CEAT

Management says

Continue To Maintain Double-digit Growth Guidance, Demand Mixed

US Growth To return post Q2

India PV Growth Is Muted While Healthy Growth In Rural Area Is Helping 2-3 Wheeler growth

Impact Of Lower Input Costs seen from Q2

Fundamental Analysis (Long term)

18 Jun 2025 05:33

🚗 SJS ENTERPRISES – FY26 GROWTH GAMEPLAN

🗣 CEO: Sanjay Thapar

🔸 Growth Target

Aims to grow at 2x the auto industry rate in FY26
Has outperformed the sector for 22 consecutive quarters

🔸 Revenue Mix Shift

Passenger Vehicles now contribute 40% of total revenue
2W dependency strategically reduced to ensure stable growth

🔸 Kit Value Expansion Strategy

Walter Pack contributes ₹4,500 per vehicle
Entry into optical glass segment planned soon
* Targeting ₹10,000 per vehicle for premium model offerings

🔸 Export Growth Plan

Export share to rise from 7% to 13–15% by FY28

🔸 Strategic Focus Areas

Global scaling
Tech-driven product portfolio

✅ Outlook

Strong momentum across segments — diversified, export-oriented, and margin-steady.

Fundamental Analysis (Long term)

17 Jun 2025 10:01

SJS Enterprises says

FY28 target 🎯 Revenues at ₹1250cr with margins around 25%.

🚘 PV kit value expected to scale to ₹10,000 vs current level of ₹4-4.5k

🎯 Look to acquire a company with topline of ₹300-400 cr

Fundamental Analysis (Long term)

25 Jun 2025 10:50

RAYMOND REALTY: FY26 GUIDANCE Eyes 20-25% Growth In Booking Value - CNBCTV 18

To Launch 14,000 Cr Housing Projects In FY26

Fundamental Analysis (Long term)

24 Jun 2025 11:50

AMBUJA CEMENTS IN FOCUS

GAUTAM ADANI SAYS THAT THE GROUP HAS ACHEIVED 100 MT CEMENT IN THE YEAR, LOOKING FOR 140 MT BY FY28

Fundamental Analysis (Long term)

24 Jun 2025 03:38

Good morning friends

Fundamental Analysis (Long term)

23 Jun 2025 09:36

ITD Cementation India says

FY26 Guidance
🎯 Revenue +25% with Margins at 10%
🎯 Order Inflows at ₹15000 cr, 35% of this from Adani

Fundamental Analysis (Long term)

23 Jun 2025 07:56

Jayanta Basu of ITDCementation

We Are Lowest Bidders In Few Jobs Worth ₹1,500 Cr

Have Approximately ₹4,000 Cr Projects In FY26 So Far

Will Target ₹15, 000 Cr Order Inflow This Year

Expect 25% Revenue Growth And >10% Margins In FY26

Expect 35% Of ₹15,000 Cr Order Inflows From Adani Group In FY26

Fundamental Analysis (Long term)

23 Jun 2025 04:26

Transmission & Distribution Value Chain - Performance & Valuation Compass

- This isn’t just a snapshot.
- It’s your investor roadmap through India’s T&D upcycle.

Let’s decode this T&D ecosystem by segments ⬇️

1⃣ Transformers
Players: TARIL, Shilchar, CG Power, ABB, Hitachi Energy

What to Track:
▪️ 220–765kV transformer expansion, HVDC entry
▪️ CRGO steel integration

Highlights:
▪️TARIL – ₹5,132 Cr OB, backward integrated, 129% PAT growth
▪️Shilchar – 71.1% ROCE, 29.7% OPM, niche EHV specialist
▪️CG Power – Scaled infra play, 25.6% sales growth
▪️ABB – Global digital edge, 38.6% ROCE
▪️Hitachi – EHV+digital control, 61.8% PAT growth

2⃣ Cables
Players: Polycab, KEI, R R Kabel, Dynamic

What to Track:
▪️HV/LV cable orders from infra, solar, data centers
▪️Export push, certifications, working capital health

Highlights:
▪️Polycab – ₹90,000 Cr+ mcap, 22% ROCE, 24.9% sales growth
▪️KEI – PEG 2.22, low capex growth engine
▪️R R Kabel – FMEG tilt emerging, 26.4% sales growth
▪️Dynamic cables – ₹726 Cr OB, 71.1% PAT growth

3⃣ Infra EPC
Players: Kalpataru, KEC, Transrail, Techno Electric, Skipper

What to Track:
▪️Infra + Railways + PGCIL execution
▪️Working capital cycles, order book visibility

Highlights:
▪️Kalpataru – ₹64,495 Cr OB, infra leader
▪️KEC Intl. – 77.4% PAT growth, multi-sector synergy
▪️Transrail – ₹15,915 Cr OB, PEG 0.95, EV/EBITDA 11.6
▪️Techno Electric – Cash rich, 14.9% OPM
▪️Skipper – Solar EPC + Africa exports, 85.7% sales growth

4⃣ Grid Automation, Smart Infra & Full-Stack T&D Tech
Players: Schneider, GE Vernova, Siemens Energy, Hitachi

What to Track:
▪️Substation automation, grid SCADA, HVDC systems
▪️Full-stack presence from transformers to digital twins
▪️RE integration, smart grid rollout by govt

Highlights:
▪️Schneider – 1606% PAT growth, 65.8% ROE; SCADA + digital suite
▪️GE Vernova – PEG 0.85, 53.9% ROCE; GIS + automation play
▪️Siemens Energy – Infra + services across 220–765kV
▪️Hitachi – HVDC + digital infra, full-stack solution leader

5⃣ Smart Metering & Grid Intelligence
Players: Genus Power, HPL Electric, Polycab, Schneider (AMI software)

Why It Matters:
▪️₹1.5L Cr RDSS smart meter spend is game-changing
▪️Adds intelligence to infra – AMI, IoT, SaaS revenue models

What to Track:
▪️25 Cr+ meter rollout across DISCOMs
▪️Bundled contracts (hardware + infra + analytics)
▪️Shift from capex to recurring SaaS/O&M revenue

Highlights:
▪️Genus – ₹4,000 Cr+ OB, 308% PAT growth
▪️HPL Electric – ₹3,000 Cr OB, 171% PAT growth
▪️Polycab – ₹4,000 Cr of ₹7,000 Cr EPC from RDSS; turnkey metering infra
▪️Schneider – EcoStruxure Grid powers AMI backend

🧭 Investor Compass View
"Capex cycles don’t reward the loudest – they reward the leanest and fastest executors."

Use this to:
✅ De-risk capital
✅ Ride visible growth trends
✅ Spot inflection plays early
✅ Build conviction in infra winners

Fundamental Analysis (Long term)

20 Jun 2025 12:19

Aurobindo Pharma – Re-rating Ahead? | Nuvama BUY | TP ₹1,460

Strategic Pivot to Complexity
▪️ ₹10,000 Cr+ capex in Pen-G, injectables, biosimilars, peptides, biologics CMO
▪️ Target: Diversify from generics to complex therapies

Key Growth Triggers
▪️ Pen-G plant restart (post Apr-25 fire); supplies 80% of India’s Pen-G
▪️ Eugia-5 injectables ramp-up (BFS/PFS capacity)
▪️ Biologics CMO for MSD – underwritten project, commercial by FY28
▪️ Europe growth from China unit, biosimilar launch
▪️ US pipeline: gXarelto, gSprycel, gPomalyst, gSugammadex

📊 Financial Outlook (FY25–27E)
▪️ Revenue CAGR: 7% | EBITDA CAGR: 8% | PAT CAGR: 15%
▪️ Margins improving to 21.1% by FY27
▪️ Stock at 13.9x FY27E EPS – 16% discount to 5Y avg

Valuation Edge
▪️ DCF value of Pen-G unit alone = ₹50–80/share
▪️ Biologics CMO value (MSD contract) = ₹14–25/share
▪️ Massive operating leverage likely post FY27

Specialty Bets
▪️ 10+ biosimilars in pipeline; CuraTeQ’s EU supplies begin H2FY26
▪️ Peptide/GLP-1 capabilities scaling up; new Vizag facility by 2026

Risks
▪️ USFDA compliance (Eugia-3, Raleigh)
▪️ gRevlimid revenue dip from FY26
▪️ Biosimilar market scale-up execution

Nuvama's View
▪️ "BUY" with TP ₹1,460 (18x FY27E EPS). Capex cycle near inflection. Next few years could be transformative.

Fundamental Analysis (Long term)

20 Jun 2025 07:53

VERY IMPORTANT CLARIFICATION FROM DREAMFOLKS

NO DISRUPTION IN SERVICES

ALL CLIENTS ARE STILL WITH US

Fundamental Analysis (Long term)

20 Jun 2025 07:53

DREAMFOLKS SAYS WILL SEE 20% CAGR GROWTH

Fundamental Analysis (Long term)

20 Jun 2025 04:19

AXISCADES – Emerging as India’s Defense CRDMO

- CRDMO = Contract R&D + Manufacturing + System Integration.
- In 72 hours at Paris Air Show 2025, AXISCADES signed 3 global MoUs, not for buzz, but to plant its flag in the center of India's defense-tech stack.

If you’re betting on India’s defense-tech wave, this deserves your attention ⤵️

1⃣ MBDA x AXISCADES – The Missile Backbone Tie-Up
- MBDA is a European missile giant (makes the MICA air-to-air missile).
- AXISCADES has long been a support partner, but now it’s moving deeper into missile lifecycle support:
✅ Building testing equipment for MICA missiles
✅ Taking charge of servicing & repair (MRO) for launchers
✅ Setting up a dedicated MBDA-support facility in Bangalore

➡️ Why it matters:
- This is more than a vendor deal.
- AXISCADES is now embedded into MBDA’s India footprint, helping India reduce import dependence in missile tech.
🗣️ "AXISCADES proven track record and growing capabilities in India... will allow us to deepen our industrial cooperation." - MBDA official statement

2⃣ Indra x AXISCADES – The Anti-Missile Shield Co-Creation
- Indra (Spain) is a world leader in electronic warfare (EW) and avionics.
- Together, they’ll co-develop key systems to protect aircraft from threats like missiles:
✅ TACAN – lets aircraft know where they are in relation to ground stations
✅ DME – used for precision navigation
✅ Countermeasure systems – jammers that protect aircraft from missiles

➡️ Why it matters:
- These are core avionics systems India currently imports.
- AXISCADES and Indra want to design + manufacture them in India, supporting DRDO’s naval and air programs.
🗣️ “This partnership allows us to co-engineer world-class systems for India’s next-gen maritime and airborne defense platforms.” - Joint announcement

3⃣ Aldoria x AXISCADES – Eyes in Space
- Aldoria is a French startup specializing in Space Situational Awareness (SSA), tracking satellites and space junk to avoid collisions.
- AXISCADES and Aldoria will:
✅ Co-develop collision tracking software
✅ Integrate AI models to predict space object movement
✅ Work with ISRO + ISTRAC to deploy this for India’s satellite fleet

➡️ Why it matters:
- India’s satellite launches are rising fast. This gives India indigenous capability to monitor its space assets, ensuring no crash or loss.
🗣️ “Our vision is to make space sustainable for India’s future ...collision prediction is the first step.”
- AXISCADES Chairman

4⃣ Infra Build-Out – From Blueprints to Battlefield
- AXISCADES isn’t just signing MoUs, it’s building the physical backbone to deliver.
✅ ₹120 Cr invested in Devanahalli Atmanirbhar Complex (DAC) for radar, EW & strategic electronics
✅ Missile assembly complex in Hyderabad underway (for airframe, warheads, electronics)
✅ Phase-1 fully funded through internal cash flows + Axis Aerospace JV (AAIPL)

➡️ Why it matters:
- Tech is only as good as the infra that executes it.
- This is how AXISCADES ensures its R&D actually hits production floors.
🗣️ “Phase-1 is covered by internal funds. Missile infra is our next focus... assembly, warheads, electronics.” - Chairman, Q4FY25 Concall

5⃣ Power 930 – The Blueprint for a 10x Company
- AXISCADES isn’t scaling linearly.
- It’s shifting from services to high-margin product and IP play.
✅ Flip the model from 80% services → 80% products by FY28
✅ FY26 target: 35% revenue growth, 50% EBITDA growth (ex-ESOP), +300 bps margin expansion
✅ FY28 EBITDA margin aspiration: 24% (currently 13.8%)

➡️ Why it matters:
- This is rare: A defense-tech stock rewriting its business model around scale + margin + IP.
🗣️ “We want to increase the quality of revenues. That alone gives us 300 bps EBITDA headroom.”
- Alfonso Martínez, CEO

6⃣ Defense CRDMO – From Services to Strategic Core
- AXISCADES is positioning itself as a private CRDMO in India : Contract Research + Manufacturing + System Integration.
✅ R&D: Radars, AI systems, EW, unmanned platforms
✅ Manufacturing: Drone kits, missile parts, seeker electronics
✅ Integration: LCA Tejas, Su-30 upgrade, AWACS, land systems

Fundamental Analysis (Long term)

19 Jun 2025 04:01

Siemens Energy India – India's Largest T&D Pure Play Lists June 19 | Jefferies Deep Dive

- Jefferies calls it India’s largest listed T&D pure-play with 15,000 Cr order book, explosive upside as infra tailwinds align.
- Here's your insight-packed breakdown ⤵️

1⃣ Largest Power T&D Player in India
🔹Demerged from Siemens Ltd on Apr 7, 2025
🔹Implied reference price: ₹2,478
🔹Expected listing range: ₹2,995 – ₹3,711
🔹Market cap to exceed $10 Bn – ahead of Hitachi ($6.8 Bn) & GE Vernova ($9.6 Bn)

2⃣ Massive Transmission Capex Tailwinds
🔹FY25 saw ₹1.5 Lakh Cr worth of transmission project awards
🔹FY24: just ₹39,500 Cr
🔹India’s overall power infra capex to rise 2.5x to $300 Bn+ by FY30
🔹Siemens Energy is core OEM for transformers, switchgear & HV infra

3⃣ Underutilization = Operating Leverage Optionality
🔹Current capacity utilization <60%
🔹High fixed cost absorption yet to kick in
🔹₹460 Cr capex underway to double power transformer capacity
🔹Full benefits likely to reflect from FY26E onward

4⃣ Strong Order Flow & Visibility
🔹FY25 (Apr–Aug): ₹5,100 Cr new orders
🔹FY24: ₹8,800 Cr order inflow
🔹Order Book as of Mar 2025: ₹15,100 Cr
🔹That’s 2.4x FY24 revenue – strongest visibility in the industry

5⃣ Key Financial Estimates (FY24 → FY27E)
🔹Revenue: ₹6,345 Cr → ₹8,175 Cr → ₹10,853 Cr → ₹15,164 Cr
🔹EBITDA: ₹992 Cr → ₹1,336 Cr → ₹1,917 Cr → ₹2,950 Cr
🔹Net Profit: ₹884 Cr → ₹1,088 Cr → ₹1,571 Cr → ₹2,404 Cr
🔹PAT CAGR: 40% over FY24–27E
🔹EBITDA Margin: Expanding from 15.6% → 19.5%
⬆️ Margin Expansion Story + Underutilized Capacity = Operating Leverage Goldmine

6⃣ Valuation Benchmarking vs Peers – Room to Rerate
🔹Hitachi Energy PE (Mar-27E): 66x
🔹GE Vernova T&D PE (Mar-27E): 54x
🔹Jefferies assigns Siemens Energy 60x PE → Target: ₹3,350 (55x Mar-27E EPS)
🔹Sub-₹3,000 listing offers high margin of safety + growth optionality

7⃣ Jefferies View – Full Cycle Participation
🔹Strong growth + infra visibility = compounding engine
🔹High capex, low utilization, and margin leverage all align
🔹“Below ₹3,000 offers healthy upside potential” – Jefferies

🧭 Investors Compass Insight
🔹This isn’t just a demerger, it's India’s infra flywheel being unlocked
🔹With Biggest T&D Tailwind buildout ahead, Siemens Energy is poised to lead

Fundamental Analysis (Long term)

18 Jun 2025 13:48

Sheela Foam – Low Expectations, High Execution Stakes | Delivery is the Key

- FY25 Margins down. Credibility dented. But FY26 is the test, if guidance holds, a rerating path opens.

- Here’s why FY26 could be Sheela Foam’s bounce-back year ⤵️

1️⃣ What Went Wrong in FY25?
🔹Kurlon integration brought higher debt & inefficiencies
🔹₹35 Cr one-time loss from obsolete Kurlon inventory
🔹Interest cost tripled due to acquisition loan
🔹Shift to small towns & online = lower pricing power
🔹Depreciation rose from full-year consolidation

🗣 Amit Kumar Gupta, Group CFO
“The integration of Kurlon led to additional costs and inefficiencies… margins were impacted by one-offs and elevated overheads.”

2️⃣ Numbers That Hurt – FY25 vs YoY
🔹Revenue: ₹3,439 Cr ( +15%)
🔹EBITDA: ₹286 Cr (-5%)
🔹Net Profit: ₹97 Cr (-47%)
🔹EBITDA Margin: 8.3%
🔹PAT Margin: 2.8%
🗣 “Despite volume growth and synergy execution, bottom-line lagged due to sectoral headwinds and financing cost.”

3️⃣ Why FY26 Could Be Different ?
🔹₹250 Cr in cost savings fully executed
🔹Manufacturing footprint streamlined: 18 → 12 units
🔹Lower overheads through admin & freight optimization
🔹 ₹200 Cr asset monetization targeted to cut debt
🔹Interest cost to drop from ₹100 Cr → ₹10-15 Cr
🔹Margin levers now operational, not aspirational
🗣 “We’ve executed major cost savings. FY26 will reflect full synergy benefits.”

4️⃣ FY26 Management Guidance
🔹15% revenue CAGR over next 2-3 years
🔹EBITDA margin target: 13-14% (vs 8.3%)
🔹Aim to become net debt-free in 2-3 years
🔹Growth from premium SKUs, rural expansion, ecommerce
🗣 “Our target is 13-14% EBITDA margin. We’re confident FY26 will show significant improvement.”

5️⃣ Growth Triggers in Motion
🔹1,000+ new EBOs planned in FY26
🔹Rural brand Tarang: 7% of volumes → aiming for 12-15%
🔹Ecommerce revenue: ₹175-200 Cr; targeting 60-80% growth
🔹Furlenco now profitable (ARR ₹300 Cr)
🔹STAQO (IT arm): ₹50 Cr revenue with 28% EBITDA margin
🗣 “Retail and digital levers are scaling up. FY26 is about growth with margin discipline.”

6️⃣ Final Take – From Pain to Pivot
🔹FY25 = Cost drag, execution lag
🔹FY26 = Margin reset, deleveraging trigger
🔹FY27 = Potential re-rating if guidance is met
🗣 “The worst is behind us. FY26 will show what the integrated Sheela Foam can really deliver.”

🧭 Investor Compass View
- This isn’t about flashy growth.
- It’s about profitable recovery.
- If margin guidance plays out, Sheela Foam may wake up as a rerating story
💡 From pain to pivot, Sheela’s re-rating depends on delivery, not promises.

Fundamental Analysis (Long term)

18 Jun 2025 08:50

PUNJAB NATIONAL BANK

Will see a mild dip in NIMs, due to RBI rate cut, however, shall recover that in a quarter or two

CRR Cut by RBI will free up another 15000 Cr to Co’s books to lend

Target ROA >1%

Canara HSBC IPO likely to happen around Q3FY26

Fundamental Analysis (Long term)

17 Jun 2025 11:31

TRUMP SAYS PHARMA TARIFFS COMING VERY SOON

HIGHEST IMPACT AUROBINDO PHARMA

US EXPOSURE

Fundamental Analysis (Long term)

17 Jun 2025 04:40

The Indian pump market was ₹ 380.5 billion in FY25 and is expected to reach ₹ 591 billion in FY30, growing at a CAGR of 9.2% between FY25 and FY30

The Indian solar pump market was valued at ₹ 164 billion in FY25 and is expected to grow at a CAGR of 11.0% between FY25 and FY30