Fundamental Analysis (Long term)

20 February 2026 05:24

Time Technoplast Q3FY26: Ebullient Packaging Acquisition

Target Profile
- Unlisted Ebullient Packaging (flexible IBC focus).
- Plants in Vapi, Silvassa.
- ~₹250 Cr annualized revenue (~25-30% growth).
- Mix: 60% exports / 40% domestic.

Deal Status
- In-principle agreement signed.
- Due diligence ongoing; Board review ahead.
- Timeline: Decision by Mar 2026 (possible extension).

Funding
- Via QIP under general corporate purpose.

Key Takeaway
Ebullient buyout eyes ₹250 Cr revenue boost in high-growth flexible IBC segment.

Fundamental Analysis (Long term)

20 February 2026 05:18

Time Technoplast Q3FY26: Fire & Battery Launches

Composite Fire Extinguishers
- 6kg & 9kg products ready.
- Commercialization from Apr 2026.
- Volume-led pricing: Reasonable premium vs metal to drive adoption (no supernormal margins).

Battery Subsidiary (PowerBuild)
- Developed e-rickshaw batteries.
- Contract for advanced VRLA batteries for data centers with international listed company (disclosed on exchanges).

Key Takeaway
Apr launches + data center VRLA deal diversify into high-growth composites/batteries.

Fundamental Analysis (Long term)

20 February 2026 05:13

Time Technoplast Q3FY26: Solar Power Savings

Energy Footprint
- India: ~15 Cr units/year (+15% growth).

Savings Potential
- 75% sourcing: ₹40-45 Cr annualized (state-dependent).
- FY26/27 committed: ~₹10 Cr benefit.

Gujarat Initiative
- Consumption: ~4 Cr units.
- Savings: ₹2.55/unit → ~₹10 Cr annual.
- Equity investment: ~₹10 Cr (1-yr payback; 15-yr benefit).

Pipeline
- Maharashtra next post policy clearance.

Key Takeaway
Solar/open-access unlocks ₹10 Cr FY26/27 savings, scaling to ₹40 Cr+ potential.

Fundamental Analysis (Long term)

20 February 2026 05:08

Time Technoplast Q3FY26: Aggressive Deleveraging

Cash Flow & Debt
- 9M OCF: ₹332 Cr.
- Debt cut ₹380 Cr to ₹266 Cr (from ₹647 Cr).
- Debt-free visibility in next 6 months.

Finance Cost Outlook
- Historical: ₹90-100 Cr.
- Post debt-free: ₹25-30 Cr annualized (non-fund based: LC/BG).

Capex & Monetization
- 9M capex ₹177 Cr (maintenance ₹80 Cr; value-added expansion ₹97 Cr).
- Non-core assets: ₹125 Cr program; ₹37 Cr left (liquidate in ~6 months for brownfield).

QIP Update
- ₹800 Cr raised at ₹201.12/share.
- ₹340 Cr deployed; ₹460 Cr in FD (CARE monitored).

Key Takeaway
Debt-free in 6 months + capex focus unlocks ₹70 Cr+ annual finance savings for value-added growth.

Fundamental Analysis (Long term)

20 February 2026 05:05

Time Technoplast Q3FY26: Value-Added Mix Upgrade

Product Mix Shift
- Value-added sales +17% YoY in 9M.
- Share rises to 30% of 9M sales (from 27%).
- Target: ~35% in 2 years (from ~30% now).

Margin Profile
- Standard products: 12-13.5% EBITDA margin.
- Composites/value-added: 17-18%.

Geographic Breakdown
- India: 64% revenue; ~15% EBITDA margin.
- Overseas: 36% (packaging focus, 10 countries); ~14.5% margin.

Key Takeaway
Value-added push to 35% mix unlocks 17-18% margins, driving profitability parity across regions.

Fundamental Analysis (Long term)

20 February 2026 04:13

MOVING INTO HIGH VALUE ADDED PRODUCT

Fundamental Analysis (Long term)

20 February 2026 03:57

Composite product is value added product where margin is higher side

Fundamental Analysis (Long term)

16 February 2026 11:29

Glenmark pharma : Management Interview notes ✍🏻

Fy27 core business margins to expand 100-150 bos to around 23% 🔥

• US business to gradually improve
• Europe as additional growth lever

Fundamental Analysis (Long term)

16 February 2026 07:31

GK ENERGY Says

Growth Is Expected To Improve Going Forward

Increased Govt Funding To Spur States To Develop Agri Pumps

Fundamental Analysis (Long term)

16 February 2026 06:11

6. Insulator Sector: Structural vs Cyclical

Structural Story
Composite/polymer insulators tied to global transmission network expansion.
Long-term growth driver, resilient beyond short-term shocks.

Cyclical Spike
Porcelain boom fueled by data center supply vacuum.
Current "high stage" with 12-month lead times; attractive entry window.

Key Risks
Commodity pricing risk if capacity overbuilds.
Watch: Addition speed + lead time sustainability.

Takeaway
Favor structural polymer plays; porcelain offers cyclical upside but capex vigilance needed.

Fundamental Analysis (Long term)

16 February 2026 06:10

4. Industry Context: The "Data Center Effect" and Supply Imbalances

For years, the industry consensus was a structural migration away from porcelain toward polymer. However, the industry suffered a collective blind spot regarding the indoor power requirements of AI data centers. Because these facilities require massive, fireproof indoor infrastructure, demand for porcelain insulators has spiked unexpectedly.

According to a Quality Power earnings calls, this supply-demand mismatch has caused lead times to balloon from a historical average of 2 months to as long as 12 months. This lack of immediate capacity has resulted in significant margin expansion for incumbents. While this provides short-term earnings visibility, the sector faces the risk of mean reversion as new capacity eventually enters the market to address the bottleneck.

Fundamental Analysis (Long term)

16 February 2026 06:09

2. Technical Foundation: Physics of Grid Protection

To understand the investment thesis, one must first understand the technical necessity. The primary function of an insulator is to prevent electricity from migrating from conductors (wires) to supporting structures, such as metal poles or transformer casings.

The towers in Transmission Line are made of metals and hence can conduct electricity. The tank (outer casing) of transformers are made of metal and they can conduct electricity too. Both these receive High Voltage inputs and hence we can't afford to get current leaking from these --> Lethal Electric Shock!

Hence, whenever High Voltage passes through any metal structure (Tower or Transformer or Any Other), it is imperative we provide the current a safe passage and insulate the metal from the high voltage lines. This is EXACTLY what insulator does.

Also, a good to know point is a primary operational risk in high-voltage transmission which is "flashover." This occurs when environmental pollutants—dust, salt, or moisture—accumulate on the insulator’s surface. This layer eventually becomes a conductor, allowing electricity to "flash" across the surface of the insulator, leading to system-wide failures

Fundamental Analysis (Long term)

16 February 2026 05:58

S SUBRAMANIAN OF AUROBINDO PHARMA SAYS

Pen G Plant Has A Capacity Of 15,000 Metric Tonnes, Capacity To Be Increased

PLI Benefit Estimated At 240 Cr For 10,000 Tonnes

January Posted A Small Profit On The Pen G Plant Even Without The MIP

Dayton Plant Set To Begin Production, Supporting EBITDA Margin For Co

Fundamental Analysis (Long term)

16 February 2026 05:49

How the three financial statements are interconnected...

Fundamental Analysis (Long term)

16 February 2026 04:37

This http://screener.in filter can be helpful to find out financially strong + undervalued Indian stocks 👇

Return on equity > 20 AND
Return on capital employed > 20 AND
Sales growth 5Years > 10 AND
Profit growth 5Years > 12 AND
Debt to equity < 0.5 AND
Interest Coverage > 5 AND
OPM > 15 AND
Price to book value < 3 AND
Current price < 0.75 * High price all time AND
Promoter holding > 50 AND
Pledged percentage = 0

Fundamental Analysis (Long term)

20 February 2026 05:21

Time Technoplast Q3FY26: Recycling Push via Time Ecotech

Subsidiary Launch
- Time Ecotech for pollution-free packaging recycling.
- Driven by govt mandates on recycling/PCR usage.

Expansion Plan
- Three plants starting West.
- First commissioning Mar; operational Apr 2026.

Economics
- Standalone profit center at ~15% EBITDA.
- No price cuts: Customer-mandated PCR compliance.
- Total capex ~₹75 Cr.

Key Takeaway
Ecotech recycling positions TT as PCR-compliant leader with 15% margins.

Fundamental Analysis (Long term)

20 February 2026 05:16

Time Technoplast Q3FY26: Composites Expansion

CNG Cylinders/Cascades
- Daman capacity nears completion (Mar); commercial from Apr 2026.
- Targets ~₹800 Cr revenue in 2 years.
- Large CNG shift: 156L → 250L (approvals in 45-60 days; cuts cylinders 60→36).

Oxygen Cylinders
- Approvals for 2kg, 4kg, 9kg secured; commercialization started.

Hydrogen for Drones
- Approvals submitted.
- Demo drone at Silvassa (8km range, weight reduction vs battery).
- Supply post Apr 2026 expansion (capacity full now).

Key Takeaway
Daman ramp + H2/oxygen launches target ₹800 Cr composites revenue in 2 years.

Fundamental Analysis (Long term)

20 February 2026 05:10

Time Technoplast Q3FY26: ROCE Path to 20%

ROCE Trajectory
- 9M ROCE: 18.6%.
- Roadmap: 14% → 16% → 18% → 20%.
- Confidence in ~20% target post seasonality.

Working Capital
- Cycle down to 98-99 days (from ~120 days 4 yrs ago).
- Target: ~90 days in 2-3 years (inventory 65d, receivables 70-75d, payables 40-45d).

Efficiency Initiatives
- Plant consolidation for overhead cuts, specialization.
- ₹75 Cr automation: ~₹20 Cr annual EBITDA uplift (~4-yr payback).
- Post FY27/28: Additional ₹25 Cr EBITDA from manpower/power savings.

Key Takeaway
Efficiency + consolidation drive 20% ROCE and 90-day WC cycle, adding ₹45 Cr+ EBITDA.

Fundamental Analysis (Long term)

20 February 2026 05:05

Time Technoplast Q3FY26: Strong Order Visibility

Order Book Highlights
- Type 4 composite cylinders: ₹165 Cr healthy book.

Pipeline Strength
- Industrial Packaging: >₹400 Cr for CY26 (domestic + exports).

US Operations
- Georgia plant operational.
- Insulated from tariffs via local manufacturing.
- US business growing 10-12%.

Key Takeaway
₹565 Cr+ pipelines across composites/packaging ensure multi-quarter revenue momentum.

Fundamental Analysis (Long term)

20 February 2026 05:04

Time Technoplast Q3FY26: PAT +25% YoY

Q3 FY26 Headlines
- Revenue ₹1,567 Cr (+13% YoY).
- EBITDA ₹236 Cr (+17%).
- PAT ₹126 Cr (+25%).
- Volumes +15%.

9M FY26 Performance
- Revenue ₹4,433 Cr (+11%).
- EBITDA ₹655 Cr.
- PAT ₹337 Cr (+21%).
- Volumes +15%; Composites +21% (CNG Cascade +23%).

Key Drivers
- Revenue-volume gap from lower polymer prices (despite 3-4% FX hike).
- Capacity utilization gains + disciplined finance cost control.

Key Takeaway
Composite surge + cost discipline fuel double-digit volume/PAT growth trajectory.

Fundamental Analysis (Long term)

20 February 2026 03:58

Established Products: HM-HDPE plastic Drums/Jerry Cans and Pails, Polyethylene
(PE) pipes, Turf & Mattings, Disposable Bins, Energy storage devices, Auto Products
and Steel Drums.

Value Added Products: Intermediate Bulk Containers (IBC), Composite Cylinders
(LPG, Oxygen & CNG) and MOX Films.

Fundamental Analysis (Long term)

20 February 2026 03:56

Time Technoplast: Business Segments

Polymer Products (~62% Q3 FY26):
- Down from 69% FY22.
- Products: HM-HDPE plastic drums/jerry cans/pails, PE pipes, turf & mattings, disposable bins, MOX films.

Composite Products (~38% Q3 FY26):
- Up from 31% FY22.
- Products: IBCs, composite cylinders (LPG, oxygen, CNG), energy storage devices, auto products, steel drums.

Key Takeaway:
- Composites gaining mix share vs polymers, signaling diversification into higher-growth areas.

Fundamental Analysis (Long term)

16 February 2026 07:41

NBCC & Kwality Walls Concall Updates

NBCC (India)
EBITDA guidance cut: 5-6% FY26 (prior 6-6.5%).

Kwality Walls
- Targets double-digit volume growth.
- EBITDA guidance intact next 5 yrs.
- Views huge ice cream opportunity.
- Dropped Magnum prices pre-GST cut.

Takeaway
NBCC trims margins amid pressures; Kwality Walls bullish on volumes + EBITDA stability.

@Stocksip

Fundamental Analysis (Long term)

16 February 2026 06:18

LUMAX AUTO Says

Don't See Any Inorganic Opportunity Fructifying In FY26

Will Continue To Outperform The Industry

Guldance Increased On The Back Of Improved Demand Post GST Rate Cut

Advanced Plastics Forms 50% Of Our Revenue

Fundamental Analysis (Long term)

16 February 2026 06:11

5. Insulator Plays: Red Flags & Opportunities

Modern Insulators
India's top porcelain insulator exporter benefits from supply crunch, record margins.
Red Flag: Cash diverted via interest-free loans to promoter's Modern Denims; NCLT merger scheme pending.
Governance risk warrants skeptical stance.

MMP Industries
Structural polymer/composite bet; ₹40 Cr capex for silicone insulators.
Validating 400kV PGCIL samples; approvals from MH, GJ, CG, HP utilities.
Toyo Japan JV boosts tech; margins 6-11% post-factory fire, FY27 normalization eyed.

Olectra Greentech
Insulator arm: high-margin cash cow funding EV buses.
PBT margins: FY23 17% → FY25 25% → Q3FY26 32% (+YoY surge).
Benchmark for MMP potential.

Investment Lens
Modern: Avoid on cash siphon/merger risk.
MMP: Watch capex execution, approvals.
Olectra: Stable insulator growth amid EV push.

Fundamental Analysis (Long term)

16 February 2026 06:09

3. Classification of Insulators: Materials and Market Dynamics

The insulator market is segmented into three primary types, each with a distinct demand driver and environmental application.

3.1 Polymer (Composite) Insulators (45–50% Market Share): These represent the modern standard for outdoor transmission and coastal grids. Their primary advantage is their hydrophobic (water-repellent) nature, which prevents the formation of a conductive layer of moisture or dust. They offer a superior strength-to-size ratio and are significantly lighter than traditional materials, facilitating easier installation in difficult/congested terrains.

3.2 Porcelain Insulators (35–40% Market Share): Long considered a legacy technology, porcelain has seen a massive resurgence due to its superior fireproofing and durability in indoor environments (which is exactly the requirement in indoors of Data Centres). Polymer insulators don't offer this kind of fire safety. Hence, porcelain material is now the preferred choice for indoor distribution, substations, and the burgeoning data center vertical.

3.3 Glass Insulators (10–15% Market Share): Primarily utilized in Ultra-High Voltage (UHV) lines, glass insulators are prized for their transparency. This allows maintenance crews to perform visual surveillance from a distance to detect structural cracks or dirt accumulation before a catastrophic failure occurs.

Fundamental Analysis (Long term)

16 February 2026 06:09

What is up with Insulators?

1. Introduction: The Invisible Enabler of Grid Reliability
Recent concall of Quality Power and margin expansion in Modern Insulators have generated a lot of interest in Insulators, a product which was being ignored (and is easy to ignore) up until the Modern Insulator stock started to roar.
Crucially, the exponential growth of AI-driven data centers as well as the on going Power Super-Cycle has fundamentally altered the demand profile for the sector. What was once viewed as a stable, commodity-adjacent business is now characterized by significant supply-side constraints that caught many industry participants off-guard.

Fundamental Analysis (Long term)

16 February 2026 05:51

IRCTC MD Sanjay Kumar Jain – Full Outlook

Pricing & Margins
- Price cuts reduced margins for affordability vs market.
- Introduced new players experimentally for more options.
- Margins to sustain 15–20% ahead.

Tourism Push
- Affordability focus to grow tourism segment.
- Unified travel portal for integrated services.
- Upcoming tenders: Mysore, Bhagalpur, Ranchi.

Ticketing Growth
- More trains/routes to boost volumes.

iPay Momentum
- ₹13,000 Cr GMP potential in iPay.

Guidance
- Revenue: 9–10% growth.
- EBITDA: 9% growth.

Catalysts
- Administered fares → quality control focus.
- New trains aid 2027 revenue expansion.
- iPay higher growth expected.

Key Takeaway:
IRCTC balances affordability push (15–20% margins) with 9–10% growth via trains/iPay/unified portal.

Must JOIN
@Stockupdate9

Fundamental Analysis (Long term)

16 February 2026 05:40

Zaggle Q3 FY26: SaaS Fear vs Fintech Reality

Headline Beat
- Revenue ₹498 Cr (+15.5% QoQ / +47.9% YoY).
- 9M PAT > Full FY25 PAT; EBITDA/PAT growth outpaced revenue.
- PAT margin expanded to 7.2%.

Model Reality
- Not pure SaaS: FY25 SaaS revenue ~₹355 Cr out of ₹1,303 Cr total.
- Q3 breakdown: Program fees ₹211 Cr | Propel points ₹275 Cr | SaaS ₹11–12 Cr.
- Transaction-led (program fees) drives core growth; SaaS ensures stickiness.

AI Tailwind
- AI cuts manpower costs, speeds deployments (75–80 days → <30 days, target <10 days).
- Enables faster ERP/payment integrations, new market entry.

Margins on Track
- Adjusted EBITDA margin 10.3% (Q3) vs FY25 10.1%.
- FY26 guidance 10–11%; 5-yr target 14–15%.

Growth Momentum
- 40% topline guidance likely to exceed (strong organic India business).
- Consolidated revenue ₹535 Cr (incl. GreenEdge, Mobileware scaling).
- Zag.money (4th pillar): 3.7M salaried users, ₹100+ Cr capex.

Long-Term Vision
- $1 Bn (₹10,000 Cr) revenue by 2032.
- 4 pillars: Enterprise | Banking | Merchant | Retail (Zag.money).

Key Takeaway:
Zaggle’s transaction-heavy fintech model delivers operating leverage — ignore SaaS noise, track 40% growth + margin path to ₹10,000 Cr ambition.

Fundamental Analysis (Long term)

16 February 2026 03:52

Vintage Coffee & Beverages – Emerging Microcap to Track Closely

Product Mix Shift Driving Margins
- 2 years ago: 80–85% Bulk | 10–15% Consumer
- Now: 50–55% Consumer | 45–50% Bulk
- Shift toward consumer segment = higher realizations & margins
- Transition from Spray-Dried → Freeze-Dried Coffee underway
- Freeze-dried coffee offers premium pricing; new capacity to go live by FY27

Growth Outlook
- FY26 topline growth expected around ~100%
- FY27 growth may sustain at ~70%
- Timely execution & capex completion could unlock strong operating leverage

Company Overview (Pg 5)
- Incorporated in 1980, listed on BSE & NSE, HQ in Hyderabad
- Manufactures & exports: Spray Dried Coffee, Agglomerated Coffee, Instant Chicory
- Strong private label presence, advanced tech plant commissioned in 14 months

Manufacturing Infrastructure (Pg 8)
- Vintage Coffee Pvt Ltd – 100% EOU, spread across 23 acres
- Delecto Foods Pvt Ltd – Chicory manufacturing, covers 2 acres

Installed Capacity (Pg 23–24)
- Instant Coffee: 6,500 MTPA | Chicory: 1,700 MTPA | Packing: 3,000 MTPA
- Q3 FY26 at 100% utilization of 6,500 MTPA
- Expansion: +4,500 MTPA by FY26-end → Total 11,000 MTPA
- Greenfield Freeze-Dried Coffee Plant (5,500 MTPA) under execution

Market Strategy (Pg 27)
- Current markets: Russia & CIS, SE Asia, Africa, Europe
- New markets: USA, New Zealand, Australia
- Built strong Russia–CIS base within 12 months

Revenue Mix (Pg 29)
- Q4 FY24: ₹6.7 Cr Domestic | ₹35.7 Cr Exports
- Q3 FY26: ₹16.9 Cr Domestic | ₹133.6 Cr Exports
- Export-led growth clearly visible

Geographical Mix (Pg 30)
- Russia & CIS – 28.65%
- Domestic – 20.18%
- Europe & US – 24.68%
- SE Asia – 11.23%
- Middle East & Africa – ~15%
- Well-diversified global presence

Revenue Concentration (Pg 31)
- Top 5 customers: ~52% of revenue
- Others: ~48% → moderate concentration

Financial Highlights (Pg 32)
_Q3 FY26 vs Q4 FY25_
- Revenue: ₹150 Cr (↑43% QoQ, +143% YoY)
- Operating Profit: ₹19.1 Cr (↑22% QoQ)
- Net Profit: ₹27.6 Cr (↑29% QoQ, +122% YoY)
- Sustained margin expansion trend visible

Technology Strength (Pg 19–22)
- Probat profile roaster (Brazil tech), aroma recovery, 60% water recovery
- Fully automated extraction, zero liquid discharge system
- Modern, sustainable manufacturing practices

ESG & CSR (Pg 33)
- Zero liquid discharge, rainwater harvesting
- Biofuel (rice husk), LPG roasting, exploring solar power
- Reuse of spent coffee as boiler fuel

Product Portfolio (Pg 6–7)
- Spray Dried, Agglomerated, Freeze-Dried (upcoming), Chicory
- Packaging: 1g sachet to 25kg bulk – strong private label positioning

Management Strength (Pg 17–18)
- Chairman with 30+ yrs in coffee industry (ex-Tata Coffee)
- 100+ years of combined leadership experience
- CFO with CA + MBA background

Strategic Takeaways
Strengths:
- Export-led scalable model
- Major capacity expansion in motion
- Freeze-dried coffee = margin accretive
- Strong growth visibility & leadership experience

Watch Points:
- High export exposure
- ~50% revenue from top 5 customers
- Coffee bean price volatility
- Capex execution timelines

Key Takeaway:
Vintage Coffee is evolving from a bulk exporter into a premium, globally scaled instant coffee player — a high-growth microcap worth tracking closely.