🔸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
Geography-wise Order Book:
India: ₹24,003.66 Cr (75.61%)
Outside India: ₹7,743.77 Cr (24.39%)
Order Book Break Down
Business Vertical-wise Order Book:
Marine and Industrial: ₹2,721.83 Cr (8.57% of the total order book)
Surface Transport: ₹3,091.27 Cr (9.74%)
Urban Infrastructure:
Underground and elevated metro: ₹11,742.80 Cr (36.99%)
Elevated corridors and bridges: ₹3,575.78 Cr (11.26%)
Hydro and Underground: ₹8,819.44 Cr (27.78%)
Oil and Gas: ₹1,796.30 Cr (5.66%)
Noteworthy Projects
1. Ghana Rail Project
2. Chenab Bridge
3. Fourth Container Terminal, Jawaharlal Nehru Port, Mumbai
4. Dry Bulk Cargo Terminal, Ivory Coast
5. Maharashtra Samruddhi Mahamarg (Package
6. Jammu-Udhampur Highway
7. South Surra Road Project, Kuwait
8. Lusaka City Decongestion Project, Zambia
9. Kolkata Metro
10. Atal Tunnel, Rohtang
11. MG Setu Bridge over the Ganga, Patna
12. Annaram Barrage (Kaleshwaram Lift Irrigation Project)
Project Details
In the last 11 years, company has completed 79 projects across 17 countries with a total contract value of Rs. 563.05 billion. As of June 30, 2024, it had 65 active projects (i.e., ongoing projects) across 12 countries.
Business Verticals
Their business model revolves around executing complex, large-scale EPC (Engineering, Procurement, and Construction) projects across five major verticals:
A) Marine and Industrial: Projects like ports, harbor jetties, LNG tanks, and material handling systems.
B) Surface Transport: Involving highways, railways, roads, and interchanges.
C) Urban Infrastructure: Focusing on metro works, bridges, flyovers, and elevated corridors.
D) Hydro and Underground: Involving dams, tunnels, underground works, and water and irrigation projects.
E) Oil and Gas: Executing offshore and onshore oil and gas projects.
Market Leadership
- 10th largest international marine and port facilities contractor globally.
- 12th largest contractor in the bridges segment globally.
- 42nd largest contractor in the transportation segment.
- 18th largest contractor in the transmission lines and aqueducts segment.
AFCONS INFRASTRUCTURE LTD
CMP: 475
Companies with FII Stake increase in September & Good Sales and Profit Growth:
👉All E Tech
👉ASK Automotive
👉Aurionpro Sol.
👉AYM Syntex
👉Bajaj Healthcare
👉Balu Forge
👉BLS Internat.
👉BSE
👉Dev Information
👉Divi's Lab.
👉Dixon Technolog.
👉E2E Networks
👉Emerald Finance
👉Garware Hi Tech
👉GE Vernova T&D
👉Genus Power
👉Guj. Toolroom
👉Hubtown
👉IIFL Securities
👉Indian Energy Ex
👉Jagsonpal Pharma
👉Jupiter Life Lin
👉Kirl.Pneumatic
👉Marksans Pharma
👉Naperol Invest.
👉Natl. Aluminium
👉Netweb Technol.
👉Newgen Software
👉Nippon Life Ind.
👉One Global Serv
👉PDS
👉Poly Medicure
👉Prudent Corp.
👉PTC Industries
👉R S Software (I)
👉S C I
👉Shaily Engineer.
👉Shakti Pumps
👉Shivalik Rasayan
👉Sterling & Wils.
👉T R I L
👉Tips Music
👉Yatharth Hospit.
@fundamental3
Alpha Ideas 20 20 Meet - 2024 Edition
1. Indostar Capital - Danesh Mistry
2. Hawkins India - Prajesh Maroo
3. NSE India (Unlisted) - Pritesh Vora
4. Cantabil Retail - Anshul Saigal
5. JM Financial - Jatin khemani
6. HIL Limited - Jiten Parmar
7. Greaves Cotton - Tushar Bohra
8. Sunteck Realty - Rushmik Oza
9. KRN Heat Exchanger - Abhisar Jain
10. Shankara Building Products - Abhinav & Raghav Aggarwal
11. Sai Silks Kalamandir - Ashwini Agrawal
12. Welspun Corp - Rakesh Laroia
13. Arvind Smartspaces - Ishmohit Arora
14. India Shelter Finance - Darshan Deora
15. E2E Networks - Sivaramakrishnan R
16. SAREGAMA INDIA - Aashish Upglanawar
17. MOIL - Digant Haria
18. Atlanta Limited - Ankit Kanodia
19. PG Electroplast - Vivek Mashrani
20. HBL Power and Atul Limited - Abhishek Basumallick
Vivek Mashrani
Techno Funda Research
PG Electroplast
CMP 628, MCap 16450 Crs
Ac, Washing Mchines, LED, Cowrs
Machine Framework
M - Mega Trend
A - Price Action
C - Competitive Edge
H - High RoCE
I - Inv in Co
N - New Products
E - Execution
Raised 500 Cr earlier with good names in QIP
Again raising 1500 Cr in QIP
2nd largest RAC- Focusing on Split AC
In 3 Years- 3-4x Capacity
Why PGEL
- Evonomy of Scale
- cross selling
- 70% Backward integration
- ebitda margin - higher than peers
- asset t/o RoCe increasing
JV with Jaina Group - 50-50
Access to Google ODM License
IT hardware PLU scheme - Cherry on cake
Walk the talk delivered higher growth in last 2 years
Now FY 25 guidance increased from 54% to 70% YOY
Anti Thesis
Competitive
Climate
Regulatory
Tech changes
Digant Haria
Greenedge Wealth
MOIL
CMP: 297, MCap: 6038Cr
Manganese - additive into steel mfg.
Steel demand is huge, capex is huge - manganese is automatic getting demand
3 states - orisa, Karnataka, MH
Once demand is up- import will further increase, currently only serving 40% in India.
MOIL 53% market share in India.
Sandur 15% Tata Steel - Captive
2010 to 2024
Price of manganese- 6.5 a kg to 11 rs a kg
Domestic demand of India is superb
Price of mangnese slightly went below 9 which is a long term average
MOIL made 2-3 rs per kg.
2008-23 stagnant
2024 30% growth
2025 guidance 14% growth
Stated vision for FY30
12% CAGR - 35L Ton
Ministry of Steel calls them in each 15 days to review.
Improved Tech, Manpower productivity
Production guidance from existing mines revised from 20L to 25L
34% employee cost - reduction can further increase the margins
Global average 18%
No of employee reducing and production is increasing
Emd - used in lithium ion battery, currently only player in India currently 15% market share
Rest imported
With volume guidance, profit for fy27 550-800Cr
Darshan Deora
Indvest Group
India Shelter
CMP: 644, MCap: 6914Crs
Affordable housing loan- 5 to 25L
100% secured portfolio
52% LTV
73% self employed 27% salaried
Chairman- Ex-Gruh Finance
CEO - Ex-Chola, entire team ex-Chola
AUM: 48% CAGR in 10 years
Pat : 68% CAGR
Planning IRR: 25% in 3 years
Massive operating leverage
Rakesh Loria
Oldpine Investors
Welspun Corp
CMP: 680, MCap: 17,800Cr
India
DI Pipes - Oil & gas, Jal Jeevan
Sintex - Acquired
ABG shipyard building - 750 Cr price(recd back from selling scrap)
2022- Huge Capex done
Bought companies at throwaway valuation
Sintex turnaround
US - oil and Gas grow by 50%, this company will get benefit
Plant is fully booked for 2 years
10000Cr order from Saudi Aramco - 2 yr order booked
Welspun TMT bar - 2x by FY27
Welspun speciality solution- double volume by FY27
More focus on Sintex
Huge distribution
Focus shifting to more export and product mix will also change
Sintex sales will 2x by FY27
Dependency on US will decrease
Present in almost all products compared to peers
Sintex - Joker in the Bag - 11% market share
Plan to increase this to 12-15% in 18 Months
Foraying into Plastic Pipes
Debt is at comfortable
Margins - Sustainable
LIST OF 90+ Companies across various sectors🔥
Management Guiding for 15-200 % Growth💹
All stocks must be on radar
Bookmark 🔖 for future reference
🔸Krsnaa Diagnostics:
- 25+ % REV growth
- 25-26 % EBITDA Margins
🔸Gravita India
- 25 % Volume Growth
- 35 % Profit Growth
- RoCE : 25 %
🔸POCL
- 20 % REV Growth
- 20 % Profit Growth
- RoCE : 20 %
🔸Antony Waste
- 20+ % REV Growth
- EBITDA Margins : 23-24 %
🔸Ganesha Ecosphere
- REV : 1500-1600 Cr for FY25
- EBITDA Margins : 14-15 %
🔸Tinna Rubber
- REV : 900 Cr by FY27 (35 % CAGR)
- EBITDA Margins : 18 %
- RoCE : 30 %
🔸Va Tech Wabag
- REV : 15-20%
- EBITDA Margins: 13-15%
- Orderbook: 3x of Revenue
- RoE: >15%, RoCE: >20%
🔸Salzer Electronics
- 18-23 % REV Growth
- EBITDA Margins : 10-10.5 %
Smart Meter (New Vertical)
- REV : 200 Cr for FY25
- REV : 1000 Cr for FY26
- EBITDA Margins : 14 %
Guidance does not include contribution from smart meter
🔸Indo count
- 20-25 % REV Growth
- EBITDA Margins : 16-18%
- Double the Revenue in the Next 3-4 Years
- EBITDA Margins 18-20 % as branded mix increases
- Volume guidance: 110-115 Mn Mtrs
🔸GoodLuck India
- 15-20 % REV Growth
- Margin Expansion by increase in VAP
- Defence next big opportunity
🔸JustDial:
- 15 % REV Growth
- EBITDA margins 27-28 %
- Net Cash on B/S 4750 Cr+
- Dividend policy to be announced soon
🔸Yatharth Hospital
- 2800-3000 Beds by FY28
- ARPOB growth 10 %
- Increase in occupancy
🔸Supriya Lifescience
- 20+ % REV growth
- EBITDA Margins 30%+
🔸TRIL
- REV : 2000 Cr by FY25
- REV : 4500-5000 Cr by FY27
- Long term EBITDA Margins : 16-17 %
🔸SG Mart
- FY25 REV : 7000-8000 Cr (2.6 X)
- E FY27 REV : 18,000-20,000 Cr
- 2.5% EBITDA Margins
🔸Shriram Properties
Guidance FY27
- 2 X Booking : 5000 Cr
- 3 X REV : 3000 Cr
- 4 X PAT : 300 Cr
🔸Senco Gold
- 18-20 % REV Growth
driven by 12-13% SSSG and new store openings
🔸Shakti Pumps
- REV Guidance ~ 30 %+
- Margins at least 15-16 %
Long Term Guidance : 25-30 % growth
🔸Marksans Pharma
- 3000 Cr REV by FY26
- Doubling REV in US & North America
- Reaching top 5 private label OTC
- M&A led growth in Europe
🔸Dhabriya Polywood
- REV Guidance 25 % for next few years
- Orderbook 140 Cr
- ROCE will improve
🔸Lumax Auto:
- 15-20 % REV growth
- Margins will be sustained
🔸EMS:
- 1000 Cr REV by FY25
- 30 % REV Growth
- Margins to be maintained
🔸Jash:
- 675-700 Cr REV by FY25
- 25-30 % REV growth
- Margins to improve
🔸Vaibhav Global:
- 14-17 % Revenue Growth
- Mid Teens growth in long term
- Breakeven for Germany in H2FY25
- Margins Expansion in the next few years
- Operating Leverage will drive Profitability
🔸Rategain:
- Double REV by FY27 (26 % CAGR)
- Margins Expansion 150-200 bps
- Holds over 1000 Cr in B/S
🔸KEI Industries:
- 16-17 % REV growth
- 11 % EBITDA margins
🔸Anand Rathi:
- On Track to surpass FY25 guidance
- 910 Cr REV & 280 Cr PAT for FY25 (25 %+)
- Long term guidance 20-25 % growth
🔸L&TFH:
- Retail 25 % AUM Growth
- >95 % Retailisation
- ROA 2.8-3 %, NPA < 1 %
🔸Gulf Oil:
- Lubricants Volume growth 3-4 %
- 2-3 X growth than Industry
- Margins ~ 12-14 %
🔸Happiest Minds:
- 30-35% REV growth for FY25
- Margins 20-22 %
- Organic + Inorganic Expansion
- Long term guidance $ 1 Bn
🔸EMIL:
- Double Digit REV growth
- 25-30 stores addition in FY25
🔸Aditya Vision
- Double Digit REV growth
- 25-30 stores addition in FY25
- 200 Stores by FY26
🔸Ujjivan SFB
- Loan & Deposit Growth: 20%
- RoE: 20%
- Credit Cost: 1.7%
- Secured book 35 % by FY25 end
- Universal bank opportunity
🔸Utkarsh SFB
- Advances Growth: 30%
- Deposit Growth > 30 %
- Increase in secured book
- Credit Cost: 2%
- RoA : 2 % & RoE : 18 %
🔸Suryoday SFB
- Advance: 30-35%
- Deposits: 40-45%
- NIMs: 9.5-9.7%
- NNPA: <0.6%
- ROE: 14-16%
- ROA: 2.2-2.3%
🔸Jana SFB
- Loan & Deposit Growth: 20%
- RoE: 19-21%
- PAT: 30-40%
- RoA: 1.8-2%
- Credit Cost: 1.7%
Major Projects (by contract value):
C2 - Mumbai Ahmedabad High-Speed Rail: ₹5,322.76 Cr (16.77%)
Greater Male Connectivity Project, Maldives: ₹2,388.46 Cr (7.52%)
Jamrani Dam Project, Uttarakhand: ₹2,021.99 Cr (6.37%)
Basania Multipurpose Dam, Madhya Pradesh: ₹1,675.89 Cr (5.28%)
DC-05, Delhi MRTS Phase IV: ₹1,399.39 Cr (4.41%)
Client-wise Order Book:
Government: ₹22,160.24 Cr (69.80%)
Multilateral: ₹6,372.37 Cr (20.07%)
Private: ₹3,214.81 Cr (10.13%)
Order Book
As of June 30, 2024, Afcons Infrastructure Limited had an order book valued at ₹31,747.43 Cr.
International Presence
Afcons has delivered projects in 30 countries, including major infrastructure and construction projects in Ghana, Zambia, Kuwait, the Maldives, etc.
Revenue Bifurcation
Urban Infrastructure - 48%
Hydro & Underground - 27.75%
Surface Transport - 9.75%
Marine and Industrial - 8.5%
Oil & Gas - 6%
Business Profile
Afcons Infrastructure Limited is the flagship infrastructure, engineering, and construction company of the Shapoorji Pallonji Group, a diversified Indian conglomerate with over six decades of legacy.
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.
Читать полностью…
Will share you one detail study on one stock which have good potential over long term
Stay tuned 😊🙏
Very Good quarter for many Pharma companies
High Double digit growth (17-22%)💹
Lot of Interesting names⏬
~ Windlas
~ Supriya
~ Marksans Pharma
~ SMS
~ Caplin Point
~ Innova Cap
More detail Join @companyupdate
Abhisekh Basumalik
Intelsense
1. HBL Power
CMP: 541, MCap 15000Cr
Not much revenue from Kavach System
Recently got into Electric truck tech
Key man risk- Grand daughter coming
2nd largest Ni-cd Battery Producer
Fresh tendering of kavach
2. Atul Limited
First company inaugurated by Nehru Ji
Huge Capex, operating leverage kick in
Seeing growth in every segment
API, Bulk deal - all segment growing
Number started improving in quarterly results
Ankit Kanoria
Smart Sync Services
Atlanta Limited
CMP:54 , MCap: 440Cr
Earlier used to do EPC business, optionalities for arbitration Awards
2024 - ventured into real estate
Multiple filings on vivad se vishwas money coming from different project
PROMOTER - 1% CLAIM COMMISION
means expecting higher claim compensation
Recently awarded 2 project - Borivali(redevelopment)& Thane
Thane 5L sq ft
7000 rs sq ft rate - 350 Cr
Promoter shareholding increased to 75%
PWC Auditor resign, promoter verified that they were ready to share
Cash 120 Cr
Land 70Cr
Existing Projects 400Crs
Vs Current MCap 440 Cr
Aashish Upganalwar
Invesco PMS
SAREGAMA INDIA
CMP:488, Mcap: 9427Cr
Users of paid music streaming subscription increasing
India just 1% paid subscriber in population
High potential market 9x growth possible per user vs ad based
50% revenue is coming from Youtube Views
2 Companies only - Tips and Saregama
Tips - 30k song
Saregama - 1.5L song, 70 Films, 6k TV Content, 45 Digital series
Aggresive on content acquisition
Current 20% market share, adding 30% incremental share in the industry.
Revenue come from lag because of high investment in coming content, bottom line is started declining.
FY26, PAT will start recovering, which is degrowing as of now.
Ishmohit Arora
SOIC
Arvind Smartspaces
CMP: 870, MCap: 3970Cr
Formed Business, Professional Management and Demerger
Market share of listed players are growing
Inventory Months are lowest
Business -
Long term platform funding from 2019 HDFC Capital
200Cr net cash in Balance sheet
Joint Development and Joint ventures - Quick turnaround, balance sheet is asset light
75Mn sq ft is upcoming
65% Ahemdabad, Gujarat
34% Banglore
1% Pune
Pre sales 1107 Cr in FY24, Collection 876Cr at 37% CAGR
Net cash positive
Pre Sales 30-35% in FY25
Completed 6 Mn Sq ft
1000Cr Ahemdabad Aqua Project
RISK
SLOW DOWN in Real Estate
Natural Calamity
Macro Shock
Ashwini Agrawal
Demeter Advisor
Sai Silks Kalamandir
CMP: 652, MCap: 4052 Crs
Largest apparel of South India
4 Formats - Kalamandir-17%, Mandir, varahmahalakshmi-47%, kLM Mall-33%
Tech First Approach
Promoter - Ex-SAP, Ex-FIS
Premiumisation Play
Expansion of varahmahalakshmi - 100k sq ft to 250k sq ft., higher Rev, Higher EBITDA
Focus on store expansion, sourcing & Design
Tech led inventory Management
