Fundamental Analysis (Long term)

11 February 2026 11:01

ROLEX RINGS FY26–27 GUIDANCE — HIGH-TEENS FY27 TARGET

Guidance & Outlook
- Dec-25 rebound via normalized exports & festive season
- FY27: High-teens revenue growth (deferred orders + new wins)
- FY26: Mid-to-low teens (tariff dependent)

Capacity & New Projects
- 9 MW solar deferred to Dec-25 (regulatory delays)
- New 60 Cr annualized nomination; supplies from Feb-26
- Utilization: 62–64%; selective adds for high-demand products

Capex Plans
- H1 FY26: ₹13 Cr (value-added processes/equip)
- FY26 Total: ₹30–35 Cr (mainly forging lines)

Key Takeaway: Rolex Rings eyes rebound and high-teens FY27 growth, backed by new orders and measured capex. (Only Info)

@Concalls3

Fundamental Analysis (Long term)

11 February 2026 09:38

ASHOK LEYLAND:

CO MD SAYS REMAIN CONFIDENT ABOUT THE MEDIUM TO LONG-TERM GROWTH PROSPECTS OF THE CV INDUSTRY

Fundamental Analysis (Long term)

11 February 2026 08:53

PCB industry outlook is 40% CAGR growth. Key evaluation factors per
zerodhamarkets
podcast: (1) interconnect tech (HDI), (2) target industries, (3) materials used.

Here is a listed of companies and their technical capability score on 10

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Fundamental Analysis (Long term)

11 February 2026 06:03

GODAWARI POWER – Post Q3 Accident, FY27 Growth Story In Focus

- Q3 hit by plant accident
- Accident in pellet plant dented Q3 volumes and financial performance.
- Output from steel and pellet chain temporarily disrupted, weighing on topline.

- Q4 seen stronger than Q3
- Management expects Q4 performance to be better than Q3 as operations normalise.
- Recent improvement in demand and price support the recovery view.

- Demand back, prices up 15%
- Steel and iron‑ore demand has revived, and prices are up around 15% across the value chain.
- Higher realisations help mitigate the volume impact from the accident.

- Captive iron ore driving margins
- Captive iron‑ore mining is expanding at Ari Dongri and Boria Tibu, cutting dependence on costly external ore.
- This is lifting EBITDA per ton and supporting margin expansion across the iron–steel chain.

- Ambitious FY27 growth target
- Company guides around 30% revenue growth in FY27, led by higher captive‑ore volumes, better asset utilisation and price support.
- Pellets, steel and upstream mining are all expected to contribute meaningfully.

- Big spend on capex
- Plans capex of about ₹2,500 crore in FY27 for mining expansion, beneficiation, pellet‑chain upgrades and new‑energy projects including BESS.
- Aim is to lock in long‑term cost leadership and additional growth levers.

Key takeaway
Godawari Power’s Q3 got weighed down by an operational glitch, but with demand and prices improving alongside captive‑ore‑led margin expansion and a heavy FY27 capex‑driven growth plan, the structurally leveraged steel‑plus‑energy story looks poised for a turnaround.

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Fundamental Analysis (Long term)

11 February 2026 05:17

APOLLO HOSPITALS SUNEETA REDDY

8% Volume Increase Due To Insurance Tie-ups Rising

Expect Volumes To Improve In The Hospital Biz

Finished Tying Up Insurance Agreements In Q2, Numbers Showed Up In Q3

All Insurance Tie-ups Have Been Resolved, So Now We're In Steady State

Fundamental Analysis (Long term)

11 February 2026 04:30

Shriram Pistons – Antolin India Acquisition Angle

Shriram Pistons has announced the acquisition of Antolin India, a specialised player in automotive interiors and lighting products.

What Antolin India Does
- Manufactures automotive interiors such as headliners, sunvisors, door panels, trims, floor consoles and pillar trims.
- Supplies lighting and HMI components like dome lamps, ambient lighting and capacitive touch panels.
- Acts as a Tier‑1 supplier to major OEMs including Tata Motors, M&M, Hyundai, Volkswagen, Renault, Toyota and others.

Strategic Fit for Shriram Pistons
- Opens a new revenue and margin pool in high‑value interiors and lighting beyond traditional engine‑components.
- Provides diversification into EV‑ready cabins with lighting, HMI and ambient‑experience related products.
- Leverages an existing Tier‑1 OEM relationship base and can potentially cross‑sell engineered metal/systems from Shriram’s side.

Key Takeaway
The Antolin India acquisition reshapes Shriram Pistons from a core engine‑components supplier into a broader automotive systems player, giving it a toe‑hold in interiors and lighting for mass and emerging EV cabins, all via a Tier‑1 OEM‑linked platform.

Fundamental Analysis (Long term)

10 February 2026 08:56

MUTHOOT MICROFIN Says

Worst Of Microfinance Cycle Is Behind Us

Q4 Is Generally A Better Quarter

MUTHOOT MICROFIN Says

Aiming For ₹14,000 Cr AUM

Fundamental Analysis (Long term)

10 February 2026 05:27

🇮🇳 Sahana System forayed into Defence Technologies via a Strategic MoU withBharat Electronics (BEL) (First of its kind)

A strategic MoU to co-develop indigenous, mission-critical defence & digital technologies, aligned with Aatmanirbhar Bharat.

Key focus areas:
• Anti-Drone systems
• Electronic Warfare & Avionics
• Cybersecurity & Cloud
• Digital Governance & ERP

This will help company to achieve its guidance and growth plans:
• FY27: ₹350+ crore
• FY28: ~₹1,000 crore
• Medium-term vision: ₹5,000 crore revenue in ~6 years
• Defence vertical: ₹1,000–2,000 crore potential over ~5 years
• Current revenue run-rate is just ~₹210+ crore

A multifold growth is due for Sahana Systems in coming years, BEL Defence Technologies MoU is just paving for it.

The BEL partnership strengthens execution visibility in defence-led growth and accelerates Sahana’s scale-up into a strategic technology platform. 🛡️🚀

Fundamental Analysis (Long term)

10 February 2026 01:57

Adani Group has doubled down on Aerospace & Defense in a BIG way over the past year - lots of JVs, announcements & corporate action:

The Group is expected to spend ₹1.8 Lakh crore over the next few years to build & upgrade A&D manufacturing capability.

In June 2025, Gautam Adani confirmed that uCAS systems built by Adani Group were used in Operation Sindoor; a few months prior to that - the DRDO had showcased some of these vehicle mounted systems at Aero India 2025!

Adani forayed into A&D exactly 10 years ago

Fundamental Analysis (Long term)

09 February 2026 09:48

M & B Engineering Ltd

In terms of our FY 2026 annual guidance, we feel quite confident to achieve the overall numbers- with the topline expected to be in the range of around 1250 Cr and the EBITDA likely to be in the range of around 12.75%.

Fundamental Analysis (Long term)

09 February 2026 08:43

MINDA CORP – EXPORT & FY30 GUIDANCE

Exports Ramp
- To ₹1,500 Cr pa from ₹500 Cr; higher margins than domestic.

FY30 Targets
- Revenue: ₹17,500 Cr.
- EBITDA: ₹2,100 Cr.

E-2W Upside
- Kit value to ₹45k/unit from ₹30–35k.

Impact
- Positive: Boosts mix, profitability, visibility.

Key Takeaway:
Minda's 3x export growth + E-2W kit expansion drives FY30 ₹17.5k Cr ambition.

Fundamental Analysis (Long term)

09 February 2026 07:02

KAYNES TECH – CONCALL HIGHLIGHTS

Q4 & FY26 Outlook
- Industrial segment pickup expected in Q4.
- Industrials & auto share to decline.
- FY26 growth > Q3; Q4 topline ₹4,100 Cr.
- FY26 EBITDA target 16%.

OSAT Progress
- FSA signed; orders to hit book from Q1.

Long-Term Targets
- On track for ₹8,500 Cr FY28 (~$1 Bn revenue).

Working Capital & Orders
- Hope for better receivables; net WC to improve Q4.
- Aim 85 days net WC year-end; cash-flow positive consolidated.
- Book-to-bill improving; strong order book build.
- Aerospace boost ahead.

Key Takeaway:
Kaynes eyes Q4 acceleration, OSAT inflows, and $1 Bn FY28 goal — improving WC signals maturity.

More
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Fundamental Analysis (Long term)

09 February 2026 06:05

JK TYRE, ANSHUMAN SINGHAΝΙΑ

Margin Is Expected To Remain Above 13% Going Forward

Cons Volume Growth At 15% With Domestic Mkt At 16%

Replacement Volume Growth Was 11% & OEM At 27%

Mexico Has Done Well With Revenue Growth Rising To 21%

Fundamental Analysis (Long term)

09 February 2026 06:02

JK TYRES Says

Margin Is Expected To Remain Above 13% Going Forward

Market Remains Buoyant

Fundamental Analysis (Long term)

09 February 2026 05:25

🔹 SUMMARY IN ONE LINE

Fastest earnings growth → RR Kabel
Structural infra play → KEI
Stability & quality → Polycab

Fundamental Analysis (Long term)

11 February 2026 10:59

Godawari Power & Ispat targets revenue of 12000-15000 crores by FY28. Expects power costs per unit to fall from 7-11 to 3 rupees due to investments in Solar and BESS

@Concalls3

Fundamental Analysis (Long term)

11 February 2026 09:38

Strong commercial vehicles growth Outlook from Ashok Leyand

Fundamental Analysis (Long term)

11 February 2026 06:15

Gravita India Says

Current Working Capital Cycle is 80-90 Days, RMIL Business Is Not Expected To Adversely Impact This

Entire Funding Will Come From Internal Accruals, No Additional Debt Will Be Taken

Lead Business Expected To Grow At 18-20%

GRAVITA INDIA Says

1,200-1,300 Cr Capex Planned To Increase Capacity To Around 7 Lakh Tonnes By FY29

There Is Potential To Expand RMIL's Current Capacity To 15,000 mtpa

Fundamental Analysis (Long term)

11 February 2026 05:48

Management Commentary – 11 Feb 2026

Titan – Ashok Sonthalia
- Gold prices saw a temporary correction in January, but underlying demand stayed resilient.
- Studded jewellery demand remained strong in Jan, with both footfalls and buyer counts improving.
- Company expects to close Q4 on a strong note, helped by festive pull‑through into early January.
- Canada plan: Around 1–2 Tanishq store launches pencilled in for FY27, marking first‑phase international physical‑retail push.

Samvardhana Motherson – Pankaj Mital
- Q3FY26 delivered the highest‑ever quarterly revenue for the group.
- Emerging businesses contributed meaningfully to top line, showing early diversification success.
- 20% hike in copper price hit wiring harness margins, compressing them by ~100 bps in Q3.
- Group is scaling up: largest consumer‑electronics plant capacity will double by end‑FY26, adding export‑ready scale.

Apollo Hospitals – Dr Suneeta Reddy
- Occupancy at 67.1%, slightly below expectations, as the network continues to ramp post‑pandemic.
- Average length of stay reduced to moderate client bills, absorbing some of the pressure from higher treatment volumes.
- Plans to add 1,385 beds by Q1 FY27 across Bengaluru, Kolkata and Hyderabad, increasing network depth.
- 185 new physical pharmacies opened in Q3, broadening retail pharmacy footprint.
- Health & Lifestyle business is on track to turn profitable in Q4, backed by a 10.8% margin in diagnostics and cross‑selling to Apollo’s core base.
- Project work and overseas consulting performed well, showing leverage from Apollo’s brand and IP.
- HealthCo will be demerged into a separate fully capitalised company, creating a clearer, asset‑light platform for India‑wide health‑and‑lifestyle brand scaling.

Key Takeaway
Management comments across Titan, Samvardhana Motherson and Apollo point to cyclical strength in jewellery and autos, margin stress from commodity spikes, and deliberate re‑framing of Apollo’s health‑and‑lifestyle domain into a standalone, investor‑transparent entity – structurally positive for valuation clarity but near‑term execution and capacity‑pricing dynamics will guide implementation quality.

Fundamental Analysis (Long term)

11 February 2026 04:30

Potential of 1300-1400 Cr revenue contribution from Antolin only in FY27

Fundamental Analysis (Long term)

10 February 2026 10:04

Companies with Revenue Growth Guidance Above 20%

Aggressive Growth Calls
- Avalon Technologies: 28–30% for FY26
- Syrma SGS Technology: 30% for FY26
- PG Electroplast: Approx 20% for FY26
- Quality Power Electrical Equipments: 130–135% for FY26
- AXISCADES Technologies: Targeting ₹9,000 Cr revenue by 2030
- Interarch Building Solutions: Earlier ₹1,710–1,720 Cr → now ₹1,900 Cr
- Zen Technologies: 50% for next 3 years
- TD Power Systems: 40% for FY26
- Skipper: 20–25% for FY26
- Stallion India Fluorochemicals: 30–35% CAGR over next 3 years
- MTAR Technologies: 30–35% FY26 & 50% FY27
- Enviro Infra Engineers: 35–40% for next 4–5 years
- Deep Industries: 30%+ for next 2 years
- Denta Water & Infra Solutions: 48% for FY26
- Sky Gold & Diamonds: 50%+ for FY26
- Frontier Springs: 50% FY26 & 30%+ FY27
- Genus Power Infrastructure: 80%+ FY26 & 25%+ FY27
- Azad Engineering: 25–30% for FY26
- KEI Industries: 20%+ for FY26
- Effwa Infra: 40%+ for next 2 years

Disclaimer
- For educational purposes only. Always conduct your own research and consult financial advisors before investing.

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Fundamental Analysis (Long term)

10 February 2026 08:03

Sky Gold & Diamonds

Raised Revenue guidance
FY26➤ ₹6100 Cr (vs ₹5400 Cr Earlier)
FY27➤ ₹8100 Cr ( vs ₹7600 Cr Earlier)

Fundamental Analysis (Long term)

10 February 2026 01:59

Adani Defence Systems & Technologies (ADSTL) – Powering India’s Defence Push

Revenue & Scale
- Consolidated revenue FY25: ₹2,007 crore
- FY24: ₹625 crore; FY23: ₹865 crore → FY25 up ~220% YoY after a down year in FY24
- Approx. 50% of revenue flows through Alpha Design Technologies Ltd (ADTL)

Business Segments
- Kinetic systems: Arms, ammunition, selected missile/rocket subsystems
- Unmanned systems: UAVs + loitering munitions
- Counter‑UAS/air defense: Detection + interdiction (electronics‑heavy)
- Defence electronics: Comms, avionics, EW, sensors, integration via ADTL
- Lifecycle services: MRO, training & simulation

Core Subsidiaries & JVs
- Alpha Design Technologies Ltd (ADTL):
- JV with Retd. Col H S Shankar + Muruguppa Group
- Handles Drishti‑10‑UAV components, 400 SDRs to DRDO, ISRO satellite components
- Crossed ₹1,000 crore revenue in FY25

- Atharva Advanced Systems & Technologies Ltd (AASTL):
- JV with Elbit (44%); focused on UAV & autonomous aerial tech
- Operations commenced in FY25

- PLR Systems (India):
- JV with Israel Weapon Industries (IWI; 49%)
- Adani owns 51%, driving arms & ammunition production

Flagship Systems Supplied (Past 2 Years)
- SkyStriker: Kamikaze drone system, heavily used in Operation Sindoor (Alpha Design + Elbit critical)
- Agnikaa Jet Series: India’s first indigenous jet‑powered loitering munitions
- Drishti‑10 Starliner: Long‑endurance UAV in service with Indian Navy
- Rudram‑1: Anti‑radiation missile
- ARKA MANPADS: Short‑range ground‑to‑air missile system

Order Book & Order Pipeline
- Order book: ~₹9,500 crore as of April 2025
- UAVs: ~₹4,200 crore
- Small arms & ammunition: ~₹3,000 crore
- Majority of orders from Ministry of Defence across arms, ammo, UAVs, missiles, counter‑UAS

Capex, Budget & Growth Outlook
- Adani earmarked ~₹5,000 crore capex for ADSTL until FY31 (pre‑Operation Sindoor) → likely accelerated spend now
- National defence procurement budget ₹2.2 lakh crore in FY26, intensifying competition among Adani, Reliance, Tata, Mahindra
- Expect ADSTL to broaden beyond Elbit/Alpha Design and scale OEM partnerships (Embraer, Leonardo etc.) over 4–5 years

Key Takeaway:
Adani Defence is on a sharp growth curve, backed by a large MoD‑weighted order book, in‑house tech depth via ADTL, and strategic JVs – positioning it as a multi‑segment defence integrator with material upside if execution stays on track.

Fundamental Analysis (Long term)

09 February 2026 11:52

Aerospace Moat: 10-Year Entry Barrier

Timeline Breakdown
- Years 0-2: Plant Setup - Capex ₹100-500 Cr for land, equipment, clean rooms, aerospace layout, utilities
- Years 2-3: Certifications - AS9100 (6-8 months), NADCAP (8-10 months) via audits, documentation, validation
- Years 2-4: Customer Qualification - FAI, sample submissions, OEM testing, 12-24 months per program
- Years 3-6: Revenue Ramp - Start 2-5%, scale to 10-15% (Yr4), 30-40% (Yr5-6) via flawless execution
- Years 7-10: Complex Work - Shift to sub-assemblies (20+ parts), higher value
- Years 12-15: Tier-1 Status - Large assemblies, OEM direct ties, single/limited-source

Moat Pillars
- Time + Trust + Certification lock out rivals
- A320 example: 1987 first flight → 2025 production (38 yrs), core suppliers intact, 15-20 yrs more visibility
- Early movers: 40+ yr revenue streams; new entrants locked out decades

Incumbents' Edge
- Certifications (AS9100/NADCAP) done
- Multiple FAI cycles completed
- OEM trust earned
- Now scaling capacity, not proving basics
- New starters: Meaningful revenue only 2030-2033 (8-10 yr head start lost)

Valuation Reality
- Stocks at 50-80x PE, high EV/EBITDA seem rich
- But buy FY25-FY40 earnings: 30-40 yr visibility, 15-25% EBIT margins, zero churn, MRO recurring, no new competition

Indian Leaders
- Dynamatic: Tier-1 aero-structures
- Aequs: ₹800 Cr aerospace revenue
- Sansera: In-house CNC machines
- Azad: Engine airfoils (Rolls-Royce, Safran, P&W)
- Rossell/Unimech: Wiring, tooling specialists

Key Takeaway:
Aerospace's time-trust-cert moat delivers decades-long defensibility—early Indian players positioned for 30-40 yr cash flows.

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Fundamental Analysis (Long term)

09 February 2026 08:54

MAN IND

Says Will Achieve Revenue Guidance Of ₹3,600-3,700 Cr

Don't Expect To Record Any Revenue From Saudi & Jammu In FY26

Fundamental Analysis (Long term)

09 February 2026 07:11

MINDA Corp Says

Exports Contributes Much More To EBITDA Margin Than Overall Portfolio

Exports Are Expected To Contribute 1,500 Cr By FY30, Accounting For Around 15% Of Topline

25% Of Topline Will Come From Passenger Vehicles, Majorly From Wiring Harness

Demand Has Surged Significantly Following The GST Cut

We Maintain A Strong Focus On The Commercial Vehicles Segment

Fundamental Analysis (Long term)

09 February 2026 06:08

Sai Life sciences Capex tracker , mapping out phase wise ramp up

disc: no position

Fundamental Analysis (Long term)

09 February 2026 06:03

SHREE CEMENT – VOLUME OUTLOOK UPDATE

• Management indicated better cement volumes in February.

• Expects volume growth of 5–8% for Q4.

• Growth expected in both volume and value.

Fundamental Analysis (Long term)

09 February 2026 05:25

🔹 QUICK INVESTOR INTERPRETATION

If your preference is… Best Fit

High margin + balance sheet safety Polycab
Fastest earnings acceleration RR Kabel
Infra + EHV export megacycle KEI Industries

Fundamental Analysis (Long term)

09 February 2026 04:50

Key tailwinds in Auto sector

From Scientific Investing Market Manthan Newsletter

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