Entities & Joint venture
The eight entities (including three joint ventures) few notable ones are :-
• 50:50 joint venture between Valvoline International Inc., USA, a global leader in lubricants and engine oils.
• Owns 48% shareholding in the Associate Company CGT which is in the business of design, manufacturing, marketing, sales and service of alternators and related spare parts
Engines Business Division (~69% of revenues)
The company's business division is divided into 4 main segments :-
1) Engine Business Unit: It designs and manufactures diesel and natural gas-powered engines. The business also offers new parts and remanufactured parts and engines.
2) Power Systems Business Unit: It provides power generation systems in standby power and distributed power generation for individual and institutional customers in various segments, such as infrastructure, IT/ITES, data centers, realty, healthcare.
3) Components Business Unit: It consists of four businesses with key technologies for delivering integrated solutions: Cummins Filtration, Cummins Turbo Technology, Cummins Emission Solutions and Fuel Systems.
4) Distribution Business Unit: Cummins in India serves customers through their network of 3 Generator Original Equipment Manufacturers (GOEMs), 21 dealerships and more than 120 dealership and branch offices in India. It supports more than 5,75,000 engines out in the field with more than 2,25,000 + customers across various markets in India, Nepal and Bhutan.
Lubes Business Division (~31% of revenues)
The lubricants division comprises of the JV viz. Valvoline Cummins Pvt Ltd in which the company holds 50% stake. The company sells Valvoline branded lubricants under this division.
Formed in 1962, Cummins India Limited, the largest entity of Cummins in India, is the country’s leading manufacturer of diesel and natural gas engines.
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EARNINGS
GOOD-CUMMINS INDIA, INDIAN HOTELS, LUPIN, EMAMI, ITD CEMENTATION
INLINE/MIXED-GE SHIPPING, COCHIN SHIPYARD, ABFRL, NHPC, VA TECH WABAG, NHPC
WEAK-ASTRAL, SAIL, GUJARAT STATE PETRONET, RVNL, IRCON
Here are some key applications:
Grid Storage: Used by utilities to store excess energy from renewable sources during times of high production and low demand, then releasing it when demand is high. This helps to stabilize the grid and prevent outages.
Renewable Energy Systems: Solar and wind installations often include battery storage to store generated energy for use when the sun isn’t shining or the wind isn’t blowing. This enables a more reliable energy supply.
Residential and Commercial Use: Home and business battery systems store energy from solar panels or the grid, providing power during peak rates or outages. Tesla's Powerwall is a well-known example for home use.
Electric Vehicles (EVs): EV batteries store energy for transportation. Increasingly, EVs are being explored as a resource to feed power back into the grid or home (known as vehicle-to-grid or V2G technology).
Remote and Off-Grid Locations: Battery storage provides power to areas not connected to the grid, often paired with solar or wind generation to create self-sufficient energy systems.
Backup Power: Battery systems serve as backup power sources in hospitals, data centers, and other critical facilities to ensure continuous operation during grid failures.
Apollo Hospital mngmt Says Occupancy Expected At 70% In H2FY25
Worli Hospital Building Cost At 1,300 Cr Over Next Couple Of Yrs
Medical Discharge And Surgical Work Were Major Growth Drivers In Q2
Q2 Is Usually A Very Good Quarter For The Company
Stock of the day ApolloHosp's Suneeta Reddy says, co expects ARPOB at ₹60,000 in H2FY25 with a growth rate of around 4-5%
'Looking at the insurance space closely, have plans in place for the insurance space' she adds
Confident of reaching ₹4,000 cr FY25 GMV target for 24/7 ; Appolo Hospital
Will share One stock in detail stay tuned
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Public Capex - Railways - State - Telangana Sanctions Rs 24,269 Crore for Metro..
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Earnings Post Market (Till 10 PM, 6th Nov)
1) Tata Steel (Above Estimate)
2) Apollo Host (Good, Above Est)
3) Chambal Fert (Good)
4) Endurance Tech (Good)
5) Rain Ind (Good)
6) Avalon Tech (Good)
7) Blue Star (QoQ Weak, YoY Good)
8) Gujarat Gas (QoQ Weak, YoY Good)
9) Sonata Software (YoY Weak, QoQ Flat)
10) Pricol (YoY Good, QoQ Flat)
11) Delta Corp (YoY Weak, QoQ Better)
12) Power Grid (Flat)
13) Gulf Oil (Flat)
14) JK Lakshmi Cem (Weak)
15) Kansas Nerolac (Weak)
16) JSPL (Weak)
17) Wardwizard Mobility (Weak)
SHYAM METALICS OCT BIZ UPDATE
Pellet Avg Realisation Down 6% YoY & Up 10% MoM At ₹8,503/t
Stainless Steel Sales Volumes Up 21% YoY & Down 20% MoM At 6,533 tonne
Pellet Sales Volumes Down 31% YoY & Down 31% MoM At 63,377 tonne
JK TYRE Management Says Have been able to pass on 50% of the RM price hikes, took another price hike earlier
May increase prices once more if RM prices continue to increase
Looking to get back to the margin range of 13- 15% on a full year basis
H2FY25 will definitely be better than H1FY25
Expect high single-digit growth for replacement market at this point
Most likely Cummins India listed entity growth wont be impacted by downgrade of global entity
Cummins lowers guidance for India business from 8% to 1% owing to reduction in its industry truck demand guidance from 0-5% to -5 to +5%
As per GS, this business is not served by listed Cummins India
The power generation segment in India grew 49% yoy attributed to pre-buying of gensets as well as data center demand
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APL Apollo Tubes says
Guidance for FY25 Volumes at 3.2-3.3mt
H2FY25 EBITDA/tn ₹4k-5k/tn
Promoter entity will not reduce stake
Priority is to be debt free, then can think about a buyback
Geographical Split (FY20)
Domestic: 70%
Export: 30%
The company exports its products to the United States, the United Kingdom, Mexico, Singapore, and China.
Solution Provide to all major industry
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Cummins India Ltd is a part of the Cummins Inc. Group USA.
It designs, manufactures, distributes and services diesel and alternative fuel engines from 2.8 to 100 liters, diesel and alternative-fueled power generator sets of up to 3000 kW (3750 kVA), as well as related components and technology.
today we try to study one company
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India Pesticides says
Volumes improved by 35%, prices declined by 20% this quarter.
Margins will be around 18-19% in FY25.
Intermediate plant will reduce costs by 10%, we have completely stopped importing the intermediate now
BATTERY STORAGE ( BESS )
Battery storage is a technology that stores electrical energy in rechargeable batteries for later use.
It involves capturing energy, storing it, and then releasing it when needed. Battery storage is essential for balancing energy supply and demand, especially as renewable energy sources, like solar and wind, are inherently variable.
These systems use technologies like lithium-ion, lead-acid, or newer alternatives like solid-state batteries and flow batteries.
KAYNES Management Says Will be beneficial for India on overall basis
Import substitution and geographical expansion to be growth factors
Will augur well for demand of products and services
Positive for most of the EMS cos working in infra, defense and other sectors
Many OEMs are looking at India seriously to increase their presence
Companies with good value proposition will benefit the most
Indian cos will receive more inquiries from global EMS
Kaynes Says Manufacturing in the US will get tailwinds
Maintain guidance of Rs 3000cr of topline with EBITDA exceeding 15%
For next 5-10 years 40-60% growth should be feasible
For EMS will have capex of Rs 200-Rs 250cr by end of the year
Capex will grow at 50% from next year
Expecting to clock Rs 4000cr revenue from Semicon Biz by FY30
Nomura on India T&D
CG Power – Initiate Buy with TP of Rs 970
GE T&D – Initiate Buy with TP of Rs 2500
Apar Industries – Initiate Buy with TP of Rs 11700
LAKSHAY POWER SME
Cmp 336
Lot size 800
Stock available an Attractive Valuations
Strong management to deliver decent growth. O&M, EPC & Data Centre
FY25E Rev 190 Cr EPS 20(PAT Margin can b 11%)
FY26 E Rev 240 Cr EPS 28(PAT Margin can be 12%)
FY27E Rev 320 Cr EPS 39(PAT Margin can be 13%)
Deserves 20 PE at least
WONDERLA HOLIDAY
Expect flat to mild decline in overall footfalls in FY25
Bhubaneshwar Footfalls seen at 3.5 lk this year
Could see about 2-3% improvement in Non Ticket Revenue contribution
Welspun Ent
Targets 17000-20000 Cr orderbook by end of the year
Maintains 4000 Cr revenue guidance for the year
Expect another 3000-4000 Cr worth orders from DoT
In L1 at 1850 Cr worth orders
GAIL In Focus
Double Upgrade By Jefferies
Buy from Underperform; Hike TP to Rs 240 from Rs 190
Upgrade to Buy after Correction
New pipelines are driving market share gains
See this continuing as more pipelines are commissioned by mid-CY25
Trading profitability should continue on muted Henry Hub price, given elevated US gas inventories.
Expect 9% Ebitda CAGR over FY24-27
20% correction from recent peak makes risk reward favourable
EARNINGS
GOOD-PB FINTECH, CCL PRODUCTS, MAX HEALTHCARE
INLINE-DRL, MANNAPURAM FINANCE,
WEAK-TITAN, BERGER PAINTS, JK TYRES, GAIL, OIL INDIA, RAYMOND LIFESTYLE, CHEMPLAST SANMAR
JK Paper Mngmt Says There Is A Pressure On Profitability Due To High Inflated Raw Material Costs
Have Not Seen Such High Raw Material Costs In The Last 7-8 Years
Demand Was A Major Issue
Cheaper Imports Have Started Coming To India And Are Impacting Market Sentiment
FY25 Volume Growth Seen Higher Than FY24 By 6-7%
JK PAPER Management Says High Wood Cost Hit Q2 Margins
Wood Supply Shortage Set To Continue For 3 Qtrs
Cheaper Imports Impacted Overall Pricing
Tilaknagar Industries says
Guidance for FY25
🥃 Revenues at ₹1300cr with margins of 15.5% ex of incentives
🥃 When quizzed on their interest in Imperial Blue, mgm clarifies they will look at prudent inorganic growth
