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Research Reports

22 Dec 2024 14:09

13. Shashank Singh (Value Educator): Khazanchi Jewellers; Organized market in Gold moved from almost 5% in 2000 to 40% in 2025. 90% revenues from B2B and 10% from B2C. 10K sq ft showroom is coming up. Going forward, B2C will become 25% thereby improving the margins. FY25 PAT will be about 40cr. Low debt name. IPO process used for 10K new showroom. Management also has silver business (better margins) and that might get merged; plans to add 6-8 stores of 1000 sq t each in next 2-3 years. Guidance of 30-35% growth for next 3-4 years. Risk is they don't hedge Gold and there is lot of competition in B2C market.

14. Ankit Kanodia (Smart Sync Services): Apcotex; ApcoBuild could be a trump card. Revenue should reach 2000cr in next 2-3 years

15. Vivek Mashrani (TechnoFunda): Jash Engineering; Exports revenue continues to increase; Under promise and over deliver mgmt. H2 > H1 due to the nature of the business. Strong order book. Revenue target of 1000cr for FY28.

16. Nitin Mangal (Trudence Capital): KSB Ltd. Consistently delivering, no debt, good ratios. Indian pumps market is to grow 12.29% between FY24-29. KSB, Kirloskar, WPIL and CRI Pumps control 45% of the market. Topline estimates of 3102cr for FY25 and 3572cr for FY26.

17. Tariq Hussain (The Wrap): Interarch Building Products. This market is growing 11-12% in India and globally. 60% is unorganized and 40% is organized. Within the 40% of organized market, top 6 players control 80% of the market. Kirby is the largest in India and Interarch is the second largest. Mid CY2026,Interarch capacity should overtake current capacity of Kirby. High asset turnovers (a 50-6cr plant can delivery 500cr topline), high ROCE and growing fast. Steel is the only RM and thats at 6 years low. A week ago, they got into a partnership with Jindal Steel which will give them better control on RM cost. 60% of the PAT comes in H2.

18. Amitabh Vatsya (Sadhan): Synergy Green Industries; It's a margin expansion + Top line expansion play; Every DISCOM must purchase certain amount of power from Wind until 2030 (WIND RPO). Wind space is better than Solar. Synergy Green has elite clientele and their GW installations continue to grow. Capacity going by 50% by March 25. They have high MW products and that's where the future is. They could do 500cr by FY27. Most of the future capacity is already booked for. This company has right ingredients to be a multibagger (higher degree of operating leverage). FY26 Estimates: Rev 450cr, EBITDA OF 15% could lead to the MC of 1550 cr (current MC is 730cr)

19. Kumar Saurabh (Scientific Investing): Sangam India; Peak capacity utilization (so demand is not an issue) and new capex coming live. Mgmt Guidance is 4000 cr revenue by FY26 with EBITDA of 12.5%. Even if we assume 4000cr topline will happen by FY27 with 10% EBITDA, 21% CAGR seems quite easy for the stock price. All the bad things to happen have happened!

20. Sandeep Singh: Effwa Infra & Research