In conclusion,
1. Transrail Lighting Limited is an emerging T&D player with strong growth momentum post-IPO, higher EBITDA margins (13%+), and a robust international footprint. The company's backward integration and selective bidding strategy provide a competitive edge.
2. KEC International Limited is a well-established diversified infrastructure EPC company with a significantly larger order book and global reach. However, its lower EBITDA margins (6.6%) and working capital challenges in water and railways present risks.
3. Transrail offers higher-margin, T&D-focused growth, making it attractive for investors looking for strong profitability.
4. KEC provides diversification and stability, with upside potential from its T&D expansion and civil business.
5. Both companies are poised for growth, but Transrail’s aggressive revenue and margin expansion could yield higher returns in the short to medium term, whereas KEC’s large order book and global presence ensure long-term sustainability.
KEC International Limited
1. Revenue: ₹5,349 crore in Q3 FY25 (7% YoY growth).
2. 9M FY25 Revenue: ₹16,000 crore (9% growth).
3. EBITDA: ₹375 crore in Q3 (7% margin, 80 bps YoY increase); ₹1,056 crore for 9M (6.6% margin).
4. PAT: ₹161 crore in Q3 (32% YoY growth).
5. Order Book: ₹37,440 crore, with an L1 position of ₹4,000 crore.
6. Debt & Working Capital: ₹5,574 crore (reduced by ₹471 crore YoY); water and railway project receivables delayed, affecting collections.
KEC International Limited
1. Diversified Business Portfolio: Power T&D (59% revenue), civil, transportation (railways), cables, renewables, and oil & gas.
2. Global Presence & Expansion: Focuses on India, Saudi Arabia, and Abu Dhabi, with significant business in the Americas through SAE Towers.
3. Strategic Investments: Recently commissioned an aluminum conductor plant and is expanding manufacturing in Jabalpur.
4. Operational Efficiency: Streamlining the water and railway businesses due to high working capital requirements.
5. Renewable Energy Focus: Secured multiple solar EPC projects, including a 500 MW project in Rajasthan.
KEC International Limited
1. KEC International Limited is a diversified infrastructure EPC company with a significant presence in power T&D, railways (now rebranded as transportation), civil, cables, renewables, and oil & gas pipelines.
2. The company is a global leader in T&D, securing contracts in India, the Middle East, Africa, the Americas, CIS, and Australia.
3. KEC has expanded its manufacturing capacity in Dubai, Jaipur, and Jabalpur and has diversified into high-potential segments like elastomeric cables, e-beam cables, and aluminum conductors.
4. It also operates the SAE Towers business in Brazil and Mexico, focusing on tower supply and EPC projects.
Kaushalya Logistics Ltd ; Co. has started operations at the Darbhanga depot in Bihar for ACC and Ambuja Cement (Adani Group) under the CCFA model.
This marks its 7th CCFA location, with ACC's depot being the 9th and Ambuja's the 10th. In FY 2024-25, KLL added 21 depots, bringing its total to 95, strengthening its cement logistics network.
➡️Risks & Challenges :
🔴Potential Risks :
👉While IGIL has a stronghold, GIA remains a key competitor.
➡️New entrants could disrupt pricing & market share.
👉SEBI regulations & government policies on lab-grown diamonds could impact growth.
➡️Changes in jewelry certification standards may require operational adjustments.
👉Global recessionary trends may impact luxury spending on diamonds & jewellery.
➡️IGIL operates in multiple geographies foreign exchange risks can affect profitability.
📌Key milestones include :
👉1975 : Founded in Antwerp, Belgium.
👉1980: First to issue jewelry identification reports globally.
👉1999 : First to provide certification & accreditation services in India.
👉2005 : First to offer certification reports for lab-grown diamonds (LGDs) globally.
👉2018 : Introduced the Dcheck System to screen diamonds.
👉2020 : Expanded education services to digital platforms.
👉2021 : Established in-factory labs for LGD growers in India.
👉2024 : Listed on Indian Stock Exchanges.
👉2025 : Celebrating 50 years of operations.
📌Key Ratios :
👉Market Cap : ₹ 17,587 Crs
👉Stock P/E : 40.0
👉ROCE : 43.1 %
👉ROE : 32.5 %
👉Debt to Equity : 0.01
👉Debt : ₹ 30.7 Crs
👉Promoter Holding : 76.55%
👉FIIs: 9.1%.
👉DIIs : 5.9%.
👉Public : 8.5%.
🏢Key Institutional Investors :
➡️Government of Singapore (1.4%).
➡️Nomura Funds (0.9%).
➡️Abu Dhabi Investment Authority (0.8%).
📌International Gemological Institute (India) Ltd 💎
👉A Company Analysis & #Q3FY25 Results analysis :
🏢About Company :
🔶IGIL Ltd is world's largest independent certification & accreditation services provider in the fields of Diamond, Gemstone & Jewelry
📌 Key Highlights :
👉Holds 50% market share in India in terms of certifications.
➡️33% global market share in diamond, studded jewelry & colored stone certifications.
💎65% market share in lab-grown diamond (LGD) certification, making it a global leader in the segment
Tamil Nadu Investors Association (TIA) - March 1st, 2025
1. Alivus Life Sciences / Glenmark Life - Maran Govindasamy - 884.9
2. Neuland Laboratories - Madanagopal Ramu - 10,693.75
3. Hitachi Energy - Balaji Vaidyanath - 11,284.35
4. JM Financial - Jatin Khemani - 92.29
5. Nuvama Wealth - Bhavin shah - 5,400.50
6. Kotak Mahindra Bank - Subash R - 1902.95
7. Venkys India - Viraj Mehta - 1635.9
8. Piramal Pharma - Naveen chandramohan 189.89
9. Timken India - Kunal Shah - 2474.2
10. Healthcare Global Enterprises - Aditya Khemka - 501.65
11. Mayur Uniquoters - Lalit Rathi - 468.55
12. Kitex Garments - Gunjan Kabra - 161.12
13. MPS Ltd - Yogesh Sundaram - 2364.90
14. CCL Products India - Puneet Khurana - 580.20
15. Vadilal Industries - Kiran Dhanwada - 3586.30
16. Ultramarine & Pigments - Rohit Balakrishnan - 436
17. Birla Corp - Ashwini Damani - 972.60
18. GOLD as an Asset Class (Gold Bees) - Naresh Katariya
19. Sanofi India - Karthik Ranganathan - 5011.55
20. Windlas Biotech - Ishmohit Arora - 763
21. Time Technoplast (357.45), Pennar Industries (156.75)- Kumar Saurabh
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All Company Conference Call Highlights
Jeena Sikho Lifecare: Riding the Ayurvedic Wave 🌿
🔹 CMP ₹1,720 | MCap ₹4,270 Cr
🔹 A leading Ayurvedic healthcare provider with 10+ years in the industry.
🔹 Sells herbal products under the “Shuddhi” brand, marketed directly to consumers.
Growth & Expansion 🚀
✅ Increased hospital beds from 1,277 to 1,530; occupancy up from 38% to 51%.
✅ Expanded to 100 cities in 21 states; adding 600 more beds soon.
✅ Aiming for 80% occupancy as operations scale.
Future Outlook 🔍
With Ayurveda’s popularity surging, Jeena Sikho’s aggressive expansion, rising occupancy, and new product launches position it for strong growth in holistic healthcare.
This is just an analysis, not a buy or sell recommendation—so don’t jump the gun! 😂📊💰
EPACK DURABLE Management Says Will grow >40% in FY26 with 7.5% margins - CNBCTV18
ACs and Coolers likely to do well for Co this summer
Air Fryers can be a 200 Cr biz opportunity for Co
PRESTIGE ESTATE: CO INFORMS INCOME TAX DEPARTMENT IS CONDUCTING A SEARCH AT THE REGISTERED OFFICE AND OTHER BRANCH OFFICES OF THE CO FROM FEB 25
Prestige Estates In Focus - Axis Cap Sees 52% upside
Axis Cap initiates Buy with TP of Rs 1810
Near-term recovery in sight; targets 34% CAGR in pre-sales over FY25-28E
On track to achieve multi-fold growth in annuity business
Balance Sheet and holding structure cleaned up, entering self-sustaining phase of growth
What does the growth look like going forward?
Transrail Lighting Limited
1. FY25 Revenue Growth Target: 30% YoY
2. FY26 Revenue Growth Target: 25% YoY
3. EBITDA Margin Outlook: Sustaining 12.5%+ due to backward integration and high-margin T&D orders.
4. Order Book Growth: Expected to maintain a 50:50 domestic-international mix.
5. Key Focus Areas: Expansion in solar EPC, civil infrastructure, and bullet train projects.
KEC International Limited
1. FY25 Revenue Growth Target: 12-14% (revised from 15% due to water and railway delays).
2. FY26 Revenue Growth Target: 15%+ across segments.
3. EBITDA Margin Outlook: Targeting 9-10% in FY26, driven by T&D business (already at double-digit margins).
4. Order Pipeline: Strong opportunities in India, Saudi Arabia, and Abu Dhabi, with a T&D tender pipeline of ₹50,000 crore.
5. Key Focus Areas: Scaling up renewables, expanding civil business, and optimizing working capital in water and railways.
Coming to their Financial Performance
Transrail Lighting Limited
1. Revenue: ₹1,357.56 crore in Q3 FY25 (62.13% YoY growth).
2. 9M FY25 Revenue: ₹3,361.74 crore (25.25% growth).
3. EBITDA: ₹179.80 crore in Q3 (13.24% margin); ₹438.48 crore for 9M (13.04% margin).
4. PAT: ₹93.24 crore in Q3 (91.87% YoY growth).
5. Order Book: ₹15,643 crore (49% domestic, 51% international), with an L1 position of ₹4,144 crore and the ₹2,572 crore recently won.
6. Debt & Working Capital: Maintains strong commercial payment security via letters of credit for international projects.
Let's understand their Business Model & Strategy
Transrail Lighting Limited
1. Core Business Focus: Primarily operates in the power transmission and distribution sector (85% of revenue).
2. Backward Integration: Manufacturing facilities for conductors, poles, and towers provide cost advantages over competitors.
3. Geographical Expansion: 51% of the order book is international, with a strong presence in Africa, SAARC, and Southeast Asia.
4. Capex Plans: Investing ₹327 crore over the next 18-24 months to expand existing plants and set up a new tower manufacturing unit.
5. Diversification Strategy: Entering the solar EPC segment and targeting government infrastructure projects like India's bullet train project.
Transrail Lighting v/s KEC International - A complete breakdown of what they do and what their future looks like along with the analysis of their Q3FY25 results.
Transrail Lighting Limited
1. Transrail Lighting Limited is an Indian Engineering, Procurement, and Construction (EPC) company with over 41 years of expertise in power transmission and distribution (T&D).
2. It operates across multiple verticals, including T&D, civil construction, poles and lighting, and railways.
3. The company has a global footprint in 58 countries and specializes in integrated manufacturing facilities, including lattice structures, monopoles, and conductors.
4. Transrail recently went public, raising ₹400 crore through an IPO to fund working capital and capex expansion.
📌Conclusion :
➡️IGIL is a market leader in diamond certification, with strong financials & growth potential.
👉Expanding global presence, tech investments & industry tailwinds make it a strong long-term investment.
➡️Risks exist in competition, regulations & macroeconomic factors, but the company’s leadership & strategy can compensate these concerns.
📌Industry Analysis & Growth Opportunities :
➡️Global Market Trends :
💎Diamond Jewelry Market :
👉Expected to grow from $100 billion to $140 billion (40% increase).
▶️95% of all polished diamonds globally come from India.
🔶India’s diamond jewellery market is expected to grow from $10 billion to $25 billion by CY28 @ 20% CAGR
💎India holds 60-70% market share in global diamond certification.
👉Lab-Grown Diamond (LGD) Market Growth :
➡️LGD production has increased from 3 million carats (2019) to 15 million carats (2023E).
🔶Projected to grow to 27-29 million carats by 2028.
▶️IGIL leads this segment with 65% of global LGD certifications.
📌Financial Performance (CY24 Consolidated) :
👉Revenue : INR 10,532 million (+17% YoY growth).
👉EBITDA : INR 5,997 million (+21% YoY).
👉PAT (Profit After Tax) : INR 4,273 million (+29% YoY).
👉EBITDA Margin : 57%
👉PAT Margin : 41%
📌Competitive Advantage :
➡️Pioneer in lab-grown diamond certification.
➡️ISO 17025 Certified Labs & Proprietary Technology.
➡️Trusted by leading luxury brands globally.
📌Global Presence :
➡️Operations across 10 countries, 31 labs & 18 gemology schools.
👉Serves 7,500+ customers, including 9 of the top 10 jewelry chains in India.
Good companies now available damn cheap
PE
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Only for study no buy sell recommendation
(Price to Earning <15, Market Capt to Cash Flow <10 AND Return on equity >15%)
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Genus Power vs. HPL Electric:
The Smart Metering Battle in India ⚡️📊
India’s power sector is getting a digital facelift, and at the heart of this revolution are smart meters! 🚀 With the government aggressively pushing for modernization, two companies are leading the charge: Genus Power Infrastructures and HPL Electric and Power. But which one is better positioned to dominate the market? Let’s break it down. 👇
Meet the Smart Metering Contenders! ⚡️🏭
🔹 Genus Power Infrastructures (est. 1992) – A key player in smart metering, Genus is part of the Kailash Group and specializes in electricity, gas, and water meters. Beyond metering, they also handle power transmission & distribution projects, making them a major force in India’s energy tech space. 🚀🔌
🔹 HPL Electric & Power (est. 1992) – Based in Sonipat, HPL is a powerhouse in low-voltage electrical equipment. From smart meters and switchgear to lighting solutions and cables, they cater to both domestic & global markets. Their diversified portfolio gives them a strong edge in the electrical industry. 💡⚙️
Both companies are racing to lead India's smart metering revolution—who do you think has the upper hand? 🤔🏆
Order Book Showdown! 📜💰
🔥 Genus Power is sitting on a massive order book of ₹31,302 Cr (as of Dec 31, 2024)! 🚀 A big chunk (₹29,034 Cr) will be executed via a JV with Gemstar Infra, boosting execution power.
⚡️ HPL Electric isn’t far behind, securing orders worth ₹3,400 Cr (as of Feb 10, 2024), with 95% coming from metering solutions—a clear sign of strong demand!
Both companies have a solid pipeline, but Genus is leading the pack with sheer volume. Who do you think has the execution edge? 🤔🔍
Production Power ⚙️🏭
🔹 Genus Power cranks out 1 Cr+ smart meters yearly across its Jaipur, Haridwar, and Guwahati plants. ⚡️📟
🔹 HPL Electric goes big with 1.1 Cr meters, plus 2.6 Cr lighting units and 1.6 Cr switchgear units every year! 💡🔌
Both have serious manufacturing muscle, but who can scale faster to meet India's smart metering boom? 🚀🤔
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AGARWAL INDUSTRIAL GUIDANCE
Revenue: Targeting 20%+ YoY growth in revenue and volume.
Earnings: Aiming for 20% EPS CAGR, aligned with historical growth.
ROCE & ROI: Maintaining ~20%, consistent with past trends.
Industry: Indian bitumen market to hit $6.8B by 2032 (4.0% CAGR), driven by infrastructure projects. Bitumen imports rose 31% in 2023 to 3.42M tons.
SYRM SGS Says On Track To Achieve EBITDA Margin Of 7% For FY25 - CNBCTV18
FY26 Consumer Biz Should Come Down From 40% Το 35%
Ordering Activity Is Not Seeing Any Slowdown
Current Year We Will Account For Rs 18-20 Cr Of Total PLI Benefit
