🟢Maharashtra NDA Win Beneficiary Companies
1. Gala Precision Engineering Ltd
2. CESC Ltd
3. Capacite Infraprojects Ltd
4. PNC Infratech Ltd
5. Ashoka Buildcon Ltd
6. KNR Constructions Ltd
7. CESC Ltd:
8. BIGBLOC Construction Ltd
9. GE Power India Ltd
10. NBCC (India) Ltd:
11. HPL Electric & Power Ltd
12. Ceinsys Tech Ltd
Garware Technical Fibres Exploring $20-Million Acquisition In Europe, Says CMD
Garware Technical Fibres Ltd. is actively on the lookout for an overseas acquisition worth about $20 million, said Chairman and Managing Director Vayu Garware. The top executive, speaking to NDTV Profit, said that since it will be the company's first ever acquisition, the size may not be big. “We will continue to look at the opportunities of M&As (mergers and acquisitions).
Size will not
initially be very large. We're looking at the $20-million range. It's very easy for us to digest,” he said.
However, there are a few prerequisites that the company looks for before acquiring a business. “It should be a business we understand well, products we understand well, and things that we can add value (to). That's a very core part of our strategy for acquisition,” Garware said.
He said that the company’s focus for this (acquisition) will remain outside India, “probably Europe”.
“A large part of our business is in Europe. Many of our customers also want us to be closer to them. For example, there have been so many challenges in the global supply chain. That's been one of the key drivers. So, yes, Europe is probably our primary target right now,” Garware explained.
The CMD asserted that there will be no impact on the return on capital employed due to a future acquisition. “If there is an acquisition that is significant, then we'll have to see at that time. But, in the normal capex, no,” he said.
Going forward, the company is “looking at aggressively growing”, and it is increasing its capital expenditure to meet this goal.
“We have good opportunities, including in value-added growth space, in some of these areas where we're increasing the capex,” Garware revealed.
The top executive further noted that the focus of his company was “always on profit growth”. Elaborating, he said, “So 20% profit growth is something that is very much on our plan. And we hope that we will be close to that.”
“This quarter, particularly, we've really been driven by the global aquaculture business as well as our geosynthetic business. The infrastructure investment in India driven hard by the government has been a very positive area for us, including soil reinforcement structures and things like that. So we are quite bullish on that area,” Garware noted.
P N Gadgil
I have added more today with a longer term horizon
- FY24 REV : 6032 Cr
- H1FY25 REV : 3650 Cr
Guidance
- FY25 : 8000 Cr
- FY26 : 9400 Cr
Growth momentum to continue in H2 led by strong wedding season
Growing 40 %, can surpass the guidance
During Navratri added 9 stores in 9 days
Total store tally count : 48
Tanishq has around 65-70 stores in Maharashtra, plans to surpass in next 2 years
Store Expansion rate @ 20+ %
Future Expansion plans
~ MP, Bihar, UP, Chattisgarh
Stud ratio currently near 11 %, targeting 15 % in next 2 years
Finance cost will reduce as they pay their borrowing & increase GML share
Margins will expand going forward
- They are moving from non retail portfolio as margins are lower
- Reducing finance cost
- Increase in studded share
- Operating leverage as stores mature
Also incurred inventory loss of 18 Cr during the quarter, this is one off in nature
Gross Margins will improve to 11-12 %
Hedging will increase to 70 % in H2
Mcap : 8450 Cr
Normalised PAT margins : 3 %
So Adj PAT : 240-250 Cr
Trading near 35 x on FY25 basis
Valuations are looking attractive if I compare with peers
Not a reco to buy/sell
Will keep tracking & updating
Epack Q2 Concall highlights
👉 $1 billion revenue target in next 5 years. Fy24 revenue 1420 cr
👉 New sricity plant utilization only 10% in H1. Will increase in coming quarters
👉 Washing machine & cooler assembly production start in Q4
👉 New capex in Andhra. Production starts from june 25
EPIGRAL Management Says Q3 & Q4 Will See Improvement In ECH & CPVC Demand
Realisations Are Improving Across The Value Chain
Saw 17% Volume Growth YoY In H1
Looking For More Value Chain - CNBC-TV18
AJANTA SOYA
Either sales growth or margin expansion.
Palm oil prices have gone high by almost 30-40% and hence the difference between palm oil prices and seed oils have reduced rapidly.
Palm Oil prices have mostly been much cheaper than seed oil which is one of the main reasons for its high demand in the FMCG sector.
Due to this, we have seen rapid growth in margins of companies that produce seed oils by crushing seeds like Ajanta soya, Gokul agro resources,etc. I believe this trend has just started and there will be more clarity in the next 2 qtrs. I feel FMCG products premiumisation will take place with "no palm oil" labels or else margins for seed oil companies will go higher, hence we will either enjoy margin expansion or else sales growth due to premium FMCG products with "no palm oil".
FPIs still own 36% of our FF marketcap. Reason why their buying/selling becomes an event.
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TRANSFORMERS & RECTIFIERS Says Aims Revenue Of ₹3,500 Cr In FY26
Indian EPCs, Electricity Boards, European & American Customers Driving Demand
Warree Energies Management Says Volume growth was robust at 39%
Revenue is subdued due to decline in module prices
Gross margins have been robust, focusing on maintaining profitability
Seeing a little bit of stabilisation on pricing
Waarree Energies Says Company Also Takes On Spot Orders In Retail
Fulfillment Of Current 20 GW Order Book At 2-2.5 Years
Order inflow is not a challenge, expecting order inflows to ramp up with capacity expansion
WAAREE ENERGIES Says 5.4 GW Cell Capacity To Come On Stream In FY25, Aid Margins
Co To Wait & Watch Out For Potential Imports Tariffs From US
Co Will Also Be A Local US Player Facilities, Thus Tariff Impact Will Vary
Company Also Looking Into Diversifying Into Other Global Geographies
Madhukar Reddy Medplus says Expect Margin To Improve By Approx 1% Over Few Quarters
Expects 1% Volume Growth Every Month In Private Labels Going Forward
Will See 400-450 Net Store Additions In FY25
Will Likely Go Back To Adding 600 Stores In FY26
Medicines Private Labels Is At 16.5% Of Volumes For The Company
FY25 Q2 Summary of all the results: Total 280 companies passed.
Companies which grew more than 20% on Sales and 30% on PAT levels 👇
List of companies where promoters are continuously buying over the last two weeks
Orient Bell
Poonawalla Fincorp
Anjani Finance
Tokyo Plast
Om Infra
NRB Bearings
Muthoot Finance says
Crossed ₹1 lakh cr in AUM
Regulatory restrictions on unsecured lending aiding gold loan demand
Belstar Microfinance
May not grow for next 1-2 quarters
NPAs at 3.5% but should stabilize
Will revisit IPO plans in FY26
Glennmark Pharma says
FY25 margins guidance will be approx 19%
Price erosion has been a part of the market dynamics
Have launches lined up in the next 6-9 months which will aid growth
🎖️Maharashtra NDA Win: Beneficiary Companies
🎖️12 Companies that will benefit from BJP win in Maharashtra
Projections FY26
REV : 9400 Cr
PAT : 282-329 Cr
Optimistic Scenario
FY26
REV : 10,000 Cr
PAT : 300-350 Cr
Bear Case
FY26
REV : 9200 Cr
PAT : 276-322 Cr
Also possibility of re rating in future
EIH PLANS 20 Properties , 1,350 Keys In Next 5 Years
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3BBLACKBIO has garnered quite some popularity recently.
When looked at it a year back, one key doubt I had was - Are these margins true and sustainable for such small company?
A slide from my study highlighting how molecular diagnostic margins are across the world. Disc: Not a buy or sell reco.
CEAT says
👍 Hints at margin improvement on better prices & cooling RM costs
👉 RM costs will move up mildly in Q3 vs Q2 before cooling off in Q4
👍 Growth wil be in double digits In H2FY25
#Orient Technology
#Data centre
#cybersecurity
Tinna rubber green flag, Buy on dips
• Without EPR benefits Tinna rubber is confident on
margins & Expansions
• Good results
MEDPLUS Says Each 1% increase in volumes of Private Label Medicines adds 15 Bps to Margins
Target 1-1.5% QoQ Increase in Pvt Label Contribution
Expect Medicine Volumes to contribute 25% over the next few years vs 16.5% now
JYOTI CNC Says Will Be Able To Maintain Growth In Topline, Will See Contribution From Additional Facilities
Will Be Able To Maintain Margin In 25-27% Band In FY25
No Challenges Seen On Orderbook, Will Now Focus On Execution - CNBCTV18
HONASA
- Stock down another 15% Today
- Has fallen 30% This Week So Far
- Stock -53% from 52W High
- Market Cap Falls below $1 Bn
Important to see where the crowd at the exit door is?
PEs, Funds (Domestic and Foreign) own about 57% stake in Co
Valuations:
- Analysts cut FY25/FY26e EPS Estimates by 55-35% post Q2 Earnings
- At current levels, stock trades at 50X FY26e PE
Vinati organics says
ATBS plant will be commissioned in Feb 26 vs Jan expected earlier
Approvals are taking longer than expected for anti-oxidants
Seeing a lot of pricing pressure from China in anti-oxidants
20% rev/EBITDA growth guidance for FY25
Diagnostics Sector did very well
REV growth: 20+ %
Led by operating leverage
ANUPAM RASAYAN Management Says Working Capital Will Come To Normal Levels By FY26
Believe H2 Will Be Far Better Than H1
Expecting Significant Revenue Growth In FY26
EBITDA Margin Will Range Between 25-26%
Working Capital Lower Due To Lower Sales
Vinati Saraf Vinati Organics Says IBB remains stable, anti-oxidants has seen improvement in volumes
Percentage share of ATBS is constantly declining due to newer products gaining in volume
Anti-oxidants portfolio is picking up slower than expected
Revenues from ATBS-line to come through from FY26 onwards
Hold on to 20% revenue/EBITDA/net profit growth guidance for FY25
Expect 26-27% EBITDA margin in FY25 & FY26
Percentage share of ATBS is constantly declining due to newer products gaining in volume. There is pricing pressure in the anti-oxidants business
Hold on to 20% revenue/EBITDA/net profit growth guidance for FY25
Vinati Saraf, Vinati Organics to CNBC-TV18
🔸Anant Raj
- Scale up to 307 MW IT Load Data Centre within the next 4 - 5 years
- Revenue Potential: 15,000 Cr in the next 4 to 5 years from residential sales in Sector 63A, Gurugram
- Land Bank: 100 acres of fully paid freehold land in Delhi NCR for future residential, warehousing, and hospitality projects
🔸ACE Construction
- 15-20 % Growth in FY25
- 3 X REV in 5 Years
- Defence opportunity
🔸ZEN Tech
- FY24 REV : 440 Cr
- E FY25 REV : 900 Cr (2x growth)
- PAT Margins : 25 %
- E FY27 REV : 2000 Cr (> 4 X)
🔸C.E Info Systems
- 40 % REV CAGR
- 1000 Cr by FY27-28
🔸AMI Organics
- REV Growth 25 %
- Improvement in Margins
🔸Fino Payments
- 25 % REV Growth for FY25
- Profit growth will be higher due to operating leverage
- SFB licence ~ opportunity
🔸Phoenix Mills
- Retail :11 MSF ~ 14+ MSF
- Commercial : 3 MSF ~ 7+ MSF
- Hotels : 588 ~ 988 keys
- Residential : 3.5 MSF ~ 4.5 MSF
🔸CarTrade:
- High Double Digit Growth
- Profitability growth will be 1.5-2x higher than REV growth.
- Operating Leverage will drive future profitability
🔸RBL:
FY26 Aspirations
- Deposits & Advance Growth > 20 %
- PPOP Growth 30 %
- ROE : 14-15 % & ROA - 1.4-1.5 %
🔸Ugro:
Long term guidance
- Loan Book🔼30 %
- ROE > 18 %
- ROA > 4 %
- Credit Cost < 2 %
🔸Indian Hotel
- Double Digit Growth
- New Business Growth > 30 %
- Asset Management to drive profitability
🔸PGEL
FY25
- REV🔼33% - 3650 Cr
- PAT🔼60% - 216 Cr
- Margin Expansion
- Capex: 350-380 Cr
🔸Kaynes Tech
Aspiring for $ 1 Bn by FY28 (45-50 % CAGR)
FY25 Guidance
- REV Growth 60 %
- EBITDA Margins expansion > 100 bps
🔸Suraj Estates
- Pre-sales 🔼76% - 850 Cr
- Residential: 650 Cr, Commercial: 200 Cr
- Collections will be higher compared to FY24
- Total receivables: 1287 Cr in the next 4 years
🔸Prestige Estates
- Pre-sales growth: 25-30% (26,000-27,000 Cr)
- Annuity portfolio: 5X in the next 4 years (> 4,000 Cr by FY28)
- Total Launch Pipeline of over 60,000 Cr + 12,000 Cr worth of inventory
- Value Unlocking : Hospitality Portfolio
🔸SOBHA
FY25
- 9 msft Launches🔼30 %
- Pre Sales🔼28 % - > 8500 Cr
- EBITDA Margins 30 %
- Total launch pipeline - 18 MSF over 2 years
🔸Macrotech Developers
FY25
- Pre Sales : 17,500 Cr
- OCF : 6500 Cr
- New Project Additions : 21,000 Cr
- D/E < 0.5
Long Term
- ROE 20 %
- Pre Sales 20 % Growth
- Expand Rental Portfolio to 500 Cr by FY26
1500 Cr by FY31
- Embedded EBITDA Margins - 30 %
🔸Godrej Properties
FY25
- Booking Value🔼20 % - 27,000 Cr
- Cash Collections - 15,000 Cr
- Business Development - 20,000 Cr
- Deliveries - 15 Mn sqft
Launch Pipeline
- Area msf - 21.9
- Total Launch Value - 30,000 Cr
🔸Signature Global
FY25
- Pre Sales - 10,000 Cr🔼38 %
- Collections - 6000 Cr🔼93 %
- Launch Pipeline - 16,000 Cr🔼4 X
- Revenue Recognition - 3800 Cr🔼3 X
- Embedded PAT Margins 25 % - 2452 Cr
- EBITDA Margins 35 %
🔸Sunteck Realty
- Targeting pre-sales growth of at least 30-35%
- Aiming for higher growth in operating cash flow
- Launch pipeline of 5000 Cr for FY25
- Nepean Sea Project 2500 Cr launch in Q4/Q1FY26
- GDV 30,000 ~ 60,000 Cr in next few years
🔸Max Estates
Annuity Portfolio
- FY24 - 66 Cr
- FY25 Outlook 1.8 X - 120 Cr
- E Rental at 100 % Occupancy : 150 Cr
- Peak Rental Portfolio estd : 400-500 Cr
Pre Sales
- FY24 - 1800 Cr
- FY25 Outlook 2.2 X - 4000 Cr
Total GDV : 15,000 Cr
Aspiring to Add 3 MSF Every Year
- 2 MSF in residential segment
- 1 MSF in commercial segment
🔸TARC
FY25:
- Pre Sales Guidance ~ 5000 Cr (3 X)
- Become Net Cash
- Robust pipeline of launches for FY25/26
🔸Kolte Patil
FY25
- Business Development : 8000 Cr
- Launch Pipeline - 9 MSF
- Pre - Sales CAGR 25 % over next few years
🔸Ajmera Realty
FY25
- Pre Sales - 1350 Cr🔼33 %
- Launch Pipeline - 4570 Cr
- Project Additions - 3500 Cr
- D/E - 0.8 vs 0.9
🔸Aptus Value
FY25 : AUM Guidance : 30 %
🔸Star Housing
FY25 : AUM Guidance : 35-40 %
- 2000 Cr AUM in next few years
🔸India Shelter
FY25 : AUM Guidance : 30-35%
- Leverage & Return Ratio to improve
🔸Home First Finance
FY25 : AUM Guidance : 30 %
- Leverage & Return Ratio to improve
