Pre-Conference Note

17th September, 2025

Bharat Connect Conference Rising Stars - 2025

List of Participating Companies

S.No. Company CMP (INR ) Mcap (INR bn)
1 Action Construction Equipment Ltd
1,134 132.36

2 Addictive Learning Technology Limited (LawSikho)

146 2.64

3 Aditya Birla Sun Life AMC Ltd

817 242.83

4 Advait Energy Transitions Limited

1,926 21.04

5 Aelea Commodities Ltd

215 3.95

6 Affordable Robotic & Automation Ltd

260 2.99

7 Agarwal Toughened Glass India Ltd

140 2.46

8 Aimtron Electronics Ltd

726 14.68

9 Ajmera Realty & Infra India Ltd

990 38.88

10 Akiko Global Services Ltd

274 2.81

11 Akums Drugs & Pharmaceuticals Ltd

471 72.72

12 All E Technologies Ltd

283 5.70

13 Alldigi Tech Ltd

938 14.38

13 Allied Digital Services Ltd

200 10.97

14 Anant Raj Limited

587 204.29

15 Apollo Micro Systems Ltd

340 114.67

16 Aprameya Engineering Ltd

284 4.95

17 Arham Technologies Ltd

99 1.68

18 Arihant Superstructures Ltd

409 17.31

19 Arisinfra Solutions Ltd

158 13

20 Arkade Developers Ltd

179 33.08

Arihant Capital Markets Ltd Arihant Capital Markets Limited|Research Analyst SEBI Registration No: INH000002764
1011, Solitaire Corporate Park, Bldg No.10, 1st Floor, Andheri Ghatkopar Link Rd, Chakala, Andheri (E), Mumbai 400093
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
21 Arvind Smartspace Ltd
650 29.55

22 Ashapuri Gold Ornament Limited

6 2.10

23 Asian Granito India Limited

60 13.61

24 Atam Valves Ltd

91 1.02

25 Australian Premium Solar (India) Ltd

485 9.78

26 Autoline Industries Ltd

77 3.54

27 Aztec Fluids & Machinery Ltd

90 1.24

28 B.R.Goyal Infrastructure Ltd

153 3.57

29 Baheti Recycling Industries Ltd

555 5.84

30 Bajaj Steel Industries Ltd

594 12.13

31 Balaji Telefilms Ltd

120 14.03

32 Basilic Fly Studio Ltd

400 9.64

33 Best Agrolife Ltd

365 8.75

34 Black Box Ltd

490 83.52

35 BLS International Services Ltd

370 150.66

36 BMW Industries Ltd

48 10.76

37 Brand Concepts Ltd

330 3.41

38 BSL Ltd
171 1.68

39 Bulkcorp International Ltd

77 0.57

40 Canarys Automations Ltd

30 1.67

41 Capital Small Finance Bank Ltd

289 13.11

42 Capri Global Capital Ltd

189 181.24

43 Ceinsys Tech Ltd

1,697 29.95

44 Chamanlal Setia Exports Ltd

287 14.05
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
45 Chandan Healthcare Ltd
225 5.45

46 Chetana Education Ltd

73 1.51

47 Choice International Ltd

824 169.67

48 CIE Automotive India Ltd

421 154.38

49 Concord Control Systems Ltd

2,648 17.01

50 Confidence Petroleum India Ltd

49 15.97

51 Control Print Ltd

775 12.20
Cosmic CRF Ltd
52
1,292 11.30

53 D B Corp Ltd
279 50.63

54 DC Infotech & Communication Ltd

283 4.74

55 Delaplex Ltd
139 1.31

56 Desco Infratech Ltd

236 1.79

57 Dev Information Technology Ltd

44 2.48

58 Dhabriya Polywood Ltd

429 4.54

59 Dhruv Consultancy Service Limited

58 1.08

60 Diffusion Engineers Limited

389 14.96

61 DigiSpice Technologies Ltd

32 7.61

62 Dodla Dairy Ltd

1,431 85.88

63 Dynamic Cables Ltd

433 20.79
64 E Factor Experiences Ltd
268 3.35

65 EFC (I) Ltd

316 30.18

66 EFFWA Infra & Research Ltd

230 5.29

67 Eleganz Interiors Ltd

144 3.33

68 Emerald Tyre Manufacturers Limited

129 2.53
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
69 Entero Healthcare Solutions Ltd
1,132 49.85

70 Enviro Infra Engineers Ltd

261 46.18

71 Esconet Technologies Ltd

205 2.77

72 Ester Industries Ltd

116 11.37

73 Eveready Industries India Ltd

433 31.76

74 Expo Engineering and Projects Ltd

70 3.52

75 Fineotex Chemical Limited

238 27.36

76 FInkurve Financial Services Ltd

107 14.61

77 Flair Writing Industries Ltd

333 35.40

78 Foods & Inns Ltd

92 6.73

79 Frog Cellsat Ltd

240 3.71

80 Fusion Finance Ltd

103 35.39

81 Ganesh Housing Corporation Ltd

878 73.13

82 Ganesh Infraworld Ltd

231 10.01

83 GHCL Ltd
577 54.92

84 GHCL Textile Ltd

82 7.77

85 Godawari Power & Ispat Ltd

265 175.67

86 Goodluck India Ltd

1,104 36.23

87 GPT Healthcare Ltd

153 12.60

88 GPT Infraprojects Ltd

121 15.42

89 Grand Continent Hotels Limited

190 4.78

90 Graphisads Ltd
37 0.64

91 GSM Foils Ltd

234 3.36

92 H T Media Ltd
27 6.16
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
93 Hariom Pipe Industries Ltd
533 16.65

94 Hero MotoCorp Ltd

5,350 1,063.56

95 HFCL Ltd
75 110.26

96 Home First Finance Company India Ltd

1,277 134.12

97 Homesfy Realty Ltd

255 0.82

98 Icon Facilitators Ltd

2 0.00

99 India Pesticides Ltd

236 24.93

100 Indo Count Industries Ltd

298 58.33

101 Indo Farm Equipment Ltd

256 12.44

102 Indogulf Cropsciences Ltd

108 6.84

103 IRB Infra Ltd

44 262.15

104 Jet Freight Logistics Ltd

14 0.62

105 Jungle Camps India Ltd

58 0.89

106 Jyoti Resins and Adhesives Ltd

1,276 15.33

107 K2 Infragen Ltd

76 0.98

108 Kalpataru Projects International Ltd

1,274 219.27

109 Kamat Hotels (India) Ltd

308 9.06

110 Khazanchi Jewellers Ltd

590 14.60

111 Kilburn Engineering Ltd

537 27.79

112 Kranti Industries Limited

85 1.05

113 Krishival Foods Ltd

462 10.10

113 Krsnaa Diagnostics Ltd

850 27.44

114 Krystal Integrated Services Ltd

666 9.22
115 Landmark Cars Ltd 650 26.53
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
116 Le Merite Exports Ltd
367 8.94

117 Lokesh Machines Ltd

194 3.85

118 Lords Chloro Alkali Ltd

176 4.40

119 Lumax Auto Technologies Ltd

1,109 74.26

120 Madhusudan Masala Ltd

142 2.04

121 Madhya Bharat Agro Products Ltd

431 37.42

122 Mafatlal Industries Ltd

142 10.24

123 Maharashtra Seamless Limited

631 84.33

124 Mahindra lifespace developers ltd

383 78.78

125 Maiden Forgings Ltd

78 1.11

126 Malpani Pipes & Fittings Ltd

76 0.81

127 Man Infraconstruction Ltd

158 63.96

128 Manaksia Coated Metals & Industries Ltd

141 14.88

129 Manba Finance Ltd

140 6.98

130 Manoj Ceramic Ltd

125 1.52

131 Manorama
1,413 83.43

132 Markolines Pavement Technologies Ltd

638 43.78

133 Maxvolt Energy Industries Limited

170 3.68

134 MBL Infrastructure Ltd

225 2.51

135 Megastar Foods Limited

48 7.48

136 Megatherm Induction Ltd

231 2.59

137 Meghmani Organics Ltd

307 5.73

138 Menon Bearings Ltd

85 21.39
139 MMP Industries Ltd 130 7.35
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
140 Moneyboxx Finance Ltd
156 5.22

141 Monte Carlo Fashions Ltd

662 13.45

142 Motilal Oswal Financial Services Ltd

933 644.87

143 Muthoot Microfin Ltd

163 27.13

144 Naman In-Store (India) Ltd

89 1.21

145 Narmada Agrobase Ltd

23 0.86

146 NIIT Learning Systems Ltd

334 45.96

147 Nisus Finance Services Co Ltd

360 8.66

148 Northern ARC Capital Ltd

263 42.77

149 Nuvoco Vistas Corporation Ltd

446 158.15

150 Om Infra Ltd

110 10.55

151 Orient Bell Ltd

311 4.43

152 Paisalo Digital Limited

39 34.61

153 Parag Milk Foods Ltd

291 34.93

154 Paramatrix Technologies Ltd

84 1.00

155 Patel Engineering Ltd

40 32.07

156 Patel Integrated Logistics Ltd

14 1.02

157 Phantom Digital Effects Limited

251 3.51

158 Phoenix Mills Ltd

1,613 577.81

159 Power & Instrumentation (Gujarat) Ltd

169 2.88

160 Pranik Logistics Limited

81 0.90

161 Prataap Snacks Ltd

1,036 25.13

162 Premier Roadlines Ltd

84 1.90
163 Prime Fresh Ltd
293 3.92
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
164 Prizor Viztech Ltd
308 3.28

165 Protean eGov Technologies Ltd

903 37.01

166 PTC India Ltd

175 51.91

167 Punjab National Bank

112 1,246.30

168 Puravankara Ltd

265 63.75

169 QMS Medical Allied Services Ltd

107 1.95

170 Quess Corp Ltd

276 39.62

171 Quest Laboratories Ltd

97 1.56

172 Radiowalla Network Limited

62 0.44

173 Rajesh Power Services Limited

1,414 25.18

174 Rajratan Global Wire Ltd

351 17.86

175 Rashi Peripherals Ltd

316 20.71

176 Rategain Travel Technologies Ltd

642 75.86

177 Rathi Steel & Power Ltd

24 2.14

178 Raymond Lifestyle Limited

1,321 80.99

179 Raymond Limited

623 41.81

180 Raymond Realty Limited

641 42.64

181 RBM Infracon Ltd

465 5.00

182 Regaal Resources Ltd

104 10.78

183 Remus Pharmaceuticals Ltd

813 9.66

184 Rites Ltd

273 132.23

185 Route Mobile Ltd

868 54.95

186 Royal Orchid Hotels Ltd

508 14.17

187 S J Logistics (India) Limited

418 6.39
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies
S.No. Company CMP (INR ) Mcap (INR bn)
188 S J S Enterprises Ltd
1,459 45.17

189 Sahaj Solar Ltd

243 5.37

190 Sahana Systems Ltd

1,200 10.89

191 Saregama India Ltd

494 95.13

192 Sasken Technologies Limited

1,504 22.59

193 Sat Kartar Shopping Limited

160 2.53

194 Sathlokhar Synergys E&C Global Ltd

510 12.30

195 SEAMEC Ltd

946 23.77

196 Senco Gold Ltd

377 61.17

197 SG Finserve Ltd

378 21.93

198 Shalibhadra Finance Ltd

118 3.67

199 Shanmuga Hospitals Limited

47 0.64

200 Share India Securities Ltd

145 31.81

201 Sheela Foam Ltd

699 75.85

202 Shera Energy Ltd

133 3.08

203 Shree Pushkar Chemicals & Fertilizers Ltd

384 13.08

204 Shriram Properties Ltd

94 16.22

205 Silkflex Polymers(India) Ltd

93 1.04

206 SIS Ltd

349 49.61

207 SKP Bearing Industries Ltd

228 3.86

208 SMC Global Securities Ltd

139 14.51

209 Solarium Green Energy Ltd

358 7.50

210 South West Pinnacle Exploration Ltd

139 4.08

211 Sportking India Ltd

268 19.48
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025

212 SRG Housing Finance Ltd

300 4.69

213 Star Cement Ltd

271 110.16

214 Steelcast Ltd

218 22.40

215 Sterling Tools Ltd

342 12.44

216 Sunita Tools Ltd

694 4.27

217 Sunrakshakk Industries India Ltd

1,059 6.70

218 Sunteck Realty Ltd

444 65.21

219 Suprajit Engineering Ltd

456 61.80

220 Supreme Facility Management Ltd

38 0.99

221 Supreme Power Equipment Ltd

213 5.06

222 Suraksha Diagnostic Ltd

323 17.08

223 Suryoday Small Finance Bank Ltd

133 13.52

224 Suyog Telematics Limited

782 8.77

225 Swashthik Plascon Ltd

43 0.84

226 TAC Infosec Ltd

1,084 11.38

227 Tamilnad Mercantile Bank Limited

433 68.10

228 Tanla Platforms Ltd

700 91.18

229 Tara Chand Infralogistic Solutions Ltd

72 5.79

230 TARC Ltd

166 47.79

231 Tejas Cargo India Ltd

305 7.61

232 Thaai Casting Limited

129 3.20

233 Thomas Cook (India) Ltd

174 80.80

234 Tiger Logistics (India) Ltd

48 4.30

235 Tilaknagar Industries Ltd

470 92.99
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companiesc
S.No. Company CMP (INR ) Mcap (INR bn)
236 Trishakti Industries Ltd
156 2.51

237 Uflex Ltd

553 39.93

238 Ugro Capital Ltd

172 19.76

2839 Ujjivan Small Finance Bank Ltd

46 89.05

240 Unicommerce eSolutions Ltd

143 15.83

241 Unihealth Hospitals Ltd

172 2.62

242 United Heat Transfer Ltd

71 1.35

243 Vaibhav Global Ltd

253 41.58

244 Vaidya Sane Ayurved Laboratories Ltd

290 2.94

245 Vascon Engineers Ltd

62 14.17

246 Vibhor Steel Tubes Ltd

161 3.09

247 Viceroy Hotels Ltd

119 7.77

248 Vikram Kamats Hospitality Ltd

62 0.97

249 VIP Clothing Ltd

34 3.06

250 Virtuoso Optoelectronics Ltd

504 14.96

251 Waaree Renewable Technologies Ltd

1,124 113.94

252 Wealth First Portfolio Managers Ltd

1,228 13.15

23 Welspun Enterprises Ltd

544 68.95

254 Western Carriers (India) Ltd

144 14.50

255 WOL3D India Ltd

135 0.88

256 XTGlobal Infotech Limited

43 5.33

257 Zodiac Energy Limited

400 5.92

258 Z-Tech (India) Ltd

618 8.52
259 Zuari Industries Ltd 295 8.96
Arihant Capital Markets Ltd
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
List of Participating Companies (SME)
S.No. Company CMP (INR ) Mcap (INR Mn)
1 Accretion Pharmaceuticals Ltd 63 708

2 Bhadora Industries Ltd 114 2,120

3 Blue Water Logistics Ltd 150 1,650

4 Cash UR Drive Marketing Limited 156 2,750

5 Chemkart India Ltd 202 2,450

6 DU Digital Global Ltd 45 3,270

7 Forcas Studios Ltd 101 1,770

8 Giriraj Civil Developers Ltd 282 6,740

9 GLEN Industries Ltd 101 2,430

10 Influx Healthtech Ltd 195 4,520

11 Interiors and More Ltd 620 4,340

12 Jainik Power Cables Ltd 150 2,150

13 Jyoti Global Plast Ltd 58 1,150

14 Landmark Immigration Consultants Ltd 59 1,230

15 Mach Conferences & Events Ltd 118 2,480

16 Modis Navnirman Ltd 303 5,930

17 Neetu Yoshi Ltd 128 4,970

18 Prostarm Info Systems Ltd 223 13,110

19 Sacheerome Ltd 239 5,350

20 63 886
TSC India Ltd

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Action Construction Equipment Limited
Action Construction Equipment Ltd, incorporated in 1995, manufactures and markets cranes, material
handling, road construction, and agricultural equipment. It is the world’s largest Pick & Carry crane maker,
holding over 63% market share in mobile cranes and 60%+ in tower cranes in India. ACE is also India’s
leading forklift manufacturer with a 19% share, and has gained a 10%+ share in tractors in Assam.

Financial Performance: In Q1FY26, standalone total income came in at INR 7,030 Mn, a decline of 7.6%
YoY due to regulatory changes and muted demand. Despite this, profitability improved with EBITDA rising
13.6% YoY to INR 1,426 Mn, supported by cost efficiencies, soft commodity prices, and price hikes of 7–
12% across product categories. EBITDA margin expanded to 20.3%. PBT increased 13.7% to INR 1,266 Mn,
while PAT grew 15.7% to INR 968 Mn, translating into margin expansion of 277 bps.

Product Segment Performance:

● Cranes, construction equipment & material handling: Revenue dropped to INR 6,054 Mn (vs. INR
6,900 Mn YoY), but segment margins improved by 279 bps.
● Agri segment: Revenue grew 8.3% YoY to INR 465 Mn.
● Tower cranes: Volumes increased from 144 to 167 units YoY, supported by real estate demand.
● Forklifts: Volumes rose ~10% YoY.

Exports: Q1 export revenue stood at INR 270 Mn. Contribution is expected to rise to 6–7% of total
revenues in FY26 (vs. 4% last year), with a medium-term target of 10–15% (exports + defence combined).
Export margins are slightly higher than domestic business, though overall blended margins may normalize
at 16–17%.

Defence Business: ACE bagged its largest defence order last quarter, with execution starting in Q3 (small
scale) and ramping up in Q4. This order is expected to contribute INR 500–700 Mn in FY26, ~INR 2,000 Mn
in FY27, and balance in FY28. Additional defence opportunities are in the pipeline, including:
● Ashok Leyland JV: 54 machines confirmed, 90 more under negotiation (~INR 1,150–1,300 Mn
potential).
● Motor grader tender and further Army/BRO orders under evaluation. Defence + exports together
are targeted to consistently contribute 10% of revenues.

CAPEX Plans: Ongoing CAPEX includes INR 1,000 Mn for modernization/robotics and INR 1,300 Mn for
land payments. A larger greenfield CAPEX of INR 2,500–3,000 Mn is deferred to FY27–28. ACE maintains
strong CAPEX-to-revenue conversion, where INR 1,000 Mn CAPEX can generate INR 8,000–9,000 Mn
revenue.

Cranes Segment: The market is split between hydra-type cranes (55–60%) and new-gen cranes (35–40%).
ACE dominates hydra-type cranes with 70–75% share, and holds ~50–51% in new-gen cranes, closely
competing with Escorts (49–50%).

Outlook: While management refrained from giving full-year guidance due to near-term uncertainty, it
reaffirmed medium-term targets: doubling revenues (FY23–FY27, ~INR 44,000 Mn) and tripling by FY29
(~INR 66,000 Mn). Current capacity supports INR 50,000 Mn revenues, with CAPEX triggers linked to
utilization nearing 90–95%. It expects demand to pick up post-monsoon, supported by festive season,
better liquidity, and continued government infrastructure push (INR 2 trillion orders already released;
~INR 10 trillion pipeline for FY27). Construction equipment and road machinery are expected to grow 30–
40% in FY26.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Addictive Learning Technology Limited (LawSikho)
Addictive Learning Technology Limited (LawSikho) is a technology-led education company undergoing a
deep AI-driven transformation across sales, operations, and product delivery. The company offers a wide
portfolio of professional upskilling and certification programs, spanning global academic writing, medical
and patent exam preparation, US accounting and tax, AI transformation, leadership, and analytics.
Leveraging proprietary AI platforms such as My Sales Buddy, Training Buddy, and Brihaspati.ai, LawSikho
aims to deliver scalable, cost-efficient, and personalized education solutions. The company is also
preparing for international expansion through a proposed for-profit US university, expected to act as a
game changer in unlocking regulatory approvals, financing access, and stronger brand positioning in
Western markets.

Financial Performance: FY25 was a challenging year for LawSikho, with revenues stabilizing at around INR
600 mn per month compared to a prior peak of INR 1,000 mn bookings. EBITDA margins compressed due
to failed sales team scaling and reputational headwinds, though AI-led efficiencies significantly reduced
cost of operations. Management has guided for INR 5,000–6,000 mn revenues in the next six months of
FY26 with strong profitability, supported by a flat cost base and AI-enabled scalability. Of the INR 5,792
mn IPO proceeds, INR 2,679 mn remains unutilized, earmarked for future AI investments or the upcoming
US university setup.

AI-Led Transformation: A core differentiator, LawSikho has embedded AI across sales, training, support,
and marketing. My Sales Buddy analyzes every sales call, prescribes training, and enables fresh hires to
match senior performance. This reduced headcount to 40–45 highly productive callers while sustaining
revenues at around INR 600 mn monthly. In operations, AI-driven platforms have sharply lowered the cost
of serving customers, while community-led marketing has reduced reliance on digital ads.
Strategic Initiatives: A major project under execution is the planned setup of a for-profit US university,
likely in Florida or Texas, with MBA programs in AI and Data Science. Management expects this to be
completed in 8–12 months at a cost of USD 0.5–1 mn, providing access to student financing, higher
ARPUs, and regulatory credibility. In parallel, brand partnerships with IIMs, IITs, NLUs, NSDC, and Skill
India are strengthening institutional credibility and lowering reputational risks. Community building
through Telegram, WhatsApp, and proprietary apps is contributing over 30 percent of revenue, sharply
reducing marketing costs.

Challenges and Headwinds: FY25 was impacted by failed scaling of the sales team, leading to productivity
loss and higher costs, a negative court judgment triggering social media attacks and refund pressure, and
delays in international expansion due to regulatory changes. Share price volatility following the IPO lock-in
expiry and reputational setbacks also weighed on sentiment. While AI tools have resolved 80 percent of
sales execution challenges, management acknowledges execution risks remain in completing the
transformation and in the timely setup of the US university.

Growth Drivers: Revenue visibility is supported by recurring demand in US accounting and global
professional courses, new product launches, and the scaling of low-ticket and services businesses. AI
adoption is significantly reducing operating costs, positioning LawSikho to double revenues without a
proportional increase in expenses. With unutilized IPO funds, a strong product pipeline, and the proposed
US university, the company is strategically placed at an inflection point to capture global edtech
opportunities.

Future Outlook: Management has guided for INR 5,000–6,000 mn revenues over the next six months of
FY26, with improved profitability driven by a flat cost base and AI-enabled scalability. Over the medium
term, the US university project is expected to be a game changer, providing access to financing and
higher-margin global programs. The company is focused on institutionalizing its AI-first education model,
expanding recurring service revenues, and building defensibility through proprietary technology, global
diversification, and brand partnerships.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Aditya Birla Sun Life AMC Ltd
Aditya Birla Sun Life AMC Limited is one of India's leading Asset Management Companies with a history
spanning over three decades, started as Birla Capital International AMC in 1994 and rebranded in 2017.
It operates as a joint venture between Aditya Birla Group and Sun Life Financial and manages a diverse
suite of products including Mutual Funds, PMS, AIFs, offshore and real estate offerings with AUM
crossing Rs. 4 lakh crores as of March 2025. The company has a strong pan-India presence with over 280
distribution locations and subsidiaries across Singapore, Dubai, and Mauritius, bolstered by a strong
commitment to innovation and investor engagement.

Financial Performance:

The Company reported revenue from operations of INR 44,740 Mn, marking a 16% YoY increase.
Operating profit rose 21% YoY to INR 25,440 Mn, while PBT grew 22% YoY to INR 37,230 Mn. PAT stood
at INR 27,710 Mn, up 18% YoY. The company maintains a strong capital base with total equity of INR
4,01,000 Mn and total assets of INR 4,42,260 Mn, by focused investments in liquid and alternate asset
classes. Mutual fund net equity sales were strong at INR 13,400 Mn in Q1FY26.

Assets Under Management (AUM): The company reported an overall QAAUM of INR 4,433,000 Mn, up
21% YoY.. Mutual fund QAAUM stood at INR 4,035,000 Mn, reflecting 14% growth, with equity mutual
fund QAAUM at INR 1,802,000 Mn, up 11% YoY, forming around 45% of the mix. Passive AUM reached
INR 364,000 Mn, marking a three-fold increase since FY22. Alternate assets stood at INR 398,000 Mn,
covering PMS, AIF, real estate, and the ESIC mandate, while offshore AUM was at INR 1,06,000 Mn.
Contributions from B-30 cities rose 12% YoY to INR 7,22,000 Mn, accounting for 17.4% of mutual fund
AUM.

Mutual Funds (Core Business): The asset mix comprised equity at 41%, debt at 36%, and liquid funds at
14%. The SIP book remained strong with monthly contributions of INR 11,400 Mn across 3.86 million SIP
accounts. Key focus schemes include Large Cap Fund, Flexi Cap Fund, Balanced Advantage Fund, Multi-
Asset Allocation Fund, and Thematic Fund.

Alternate Assets (PMS/AIF/Real Estate): PMS and AIF AUM stood at ₹287,000 Mn, marking an 8x year-
on-year increase driven by the ESIC mandate. The company is also expanding into structured credit and
innovation funds while building its “Apex” brand to focus on specialized investment offerings.

Customer & Distribution Reach:

The company follows a multi-channel distribution model covering direct, mutual fund distributors
(MFDs), banks, national distributors, and digital platforms. In Q1FY26, it empaneled over 2,200 new
MFDs and is expanding into emerging markets through 100+ locations, leveraging a lean, digital-first
approach.

Outlook:

The Company remains optimistic on India’s macroeconomic fundamentals and mutual fund industry
growth. Strategic focus includes expanding market share, increasing penetration in B30 cities, and
launching new AIFs. Efforts are also directed at improving expense ratios and optimizing employee costs
to sustain consistent financial performance through FY26.

Arihant Capital Markets Ltd 15

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Advait Energy Transitions Ltd

Advait Energy Transitions Limited, incorporated in 2010, is a rapidly emerging company in the power
transmission solutions and energy transitions sector. It operates niche product lines supported by state-
of-the-art manufacturing facilities, offering EPC solutions across geographies. The company manufactures
ACS and OPGW wires, Emergency Restoration Systems (ERS), and over 140 stringing tools for
transmission. It is also expanding into green hydrogen by building a 300 MW electrolyser facility and an
assembly line for advanced fuel cells.

Financial Highlights: In FY25, the company reported total revenue of INR 2,950 Mn, a 42% YoY growth,
with EBITDA of INR 470 Mn and PAT of INR 310 Mn. Q1FY26 results highlighted revenues of INR 734.6 Mn
(26% YoY growth), EBITDA of INR 115.2 Mn (38% YoY growth), and PAT of INR 80.1 Mn (37% YoY growth).
The company maintains strong financial ratios with ROCE at 21% and ROE at 16%.

Order Book: The company has strong order book growth, rising from INR 709 Mn in FY22 to INR 5,038 Mn
in FY25. As of June 2025, its order book stood at INR 7,574 Mn, with 66% from Power Transmission
Solutions (PTS) and 34% from New & Renewable Energy (NRE). This reflects strong demand across both
business verticals.

Key Developments: Key milestones include completion of 300 km OPGW live line stringing in Punjab and
Haryana, and becoming the first EPC contractor to complete a INR 440 Mn HTLS conductor project ahead
of schedule. The company has expanded its market share in stringing tools and executed a INR 700 Mn
EPC DISCOM project. It also secured INR 1,670 Mn in new SIS scheme orders in Gujarat.

Business Segments: The company operates under 2 main divisions:

● Power Transmission Solutions (PTS): Includes ACS wires, OPGW, OFC, ERS, stringing tools, EPC
RDSS, and reconductoring HTLS projects. In Q1FY26, PTS contributed significantly with INR 243.2
Mn from HTLS projects and INR 251.1 Mn from DISCOM projects.
● New & Renewable Energy (NRE): Focuses on solar EPC, battery storage systems, and hydrogen.

Battery Energy Storage System: The company is targeting 1 GW of BESS projects in the next 5 years. It
secured its first project from GUVNL for 50 MW / 100 MWh on BOO basis, aiming at applications in grid
stabilization, EV charging, and building energy management.

Solar EPC: The company has been awarded a 100 MW solar EPC project at Khavda for Adani Green Energy
Six Ltd. The turnkey project covers civil works, electrical installations, module mounting, and robotic
cleaning systems. Applications span utility-scale farms, rural electrification, and the agricultural sector.

Subsidiary’s Performance: Advait Green Power Ltd. (AGPL), a subsidiary of AETL, reported phenomenal
growth with FY25 revenue at INR 1,020 Mn, compared to INR 24.4 Mn in FY24. Q1FY26 revenue stood at
INR 449.8 Mn, EBITDA at INR 22.4 Mn, and PAT at INR 17 Mn. This was driven by large-scale solar EPC and
green hydrogen projects.

Outlook: The company is expanding quickly into new areas like solar, battery storage, and green
hydrogen. With a healthy order book, improved financial strength, and recognition for its sustainability
efforts, the company is set to benefit from India’s energy transition. Going forward, the renewable energy
business is expected to grow faster than the transmission business, helping Advait become a key player in
creating a cleaner and more sustainable future.

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Aelea Commodities Ltd

Aelea Commodities Limited is an integrated cashew processing company positioned at a strategic

inflection point, having recently completed major capacity expansion from 40 TPD to 140 TPD at its fully
integrated facility in Surat. Operating in India's fragmented cashew processing industry with over 2,500
processors, Aelea commands less than 3% market share but stands among the few large-scale operators
(50+ TPD). The company serves premium domestic and international clients including Haldiram, Amul,
Bikanervala, Star Bazaar, Reliance, and Farmley, leveraging strong backward integration through direct
African RCN sourcing and pursuing forward integration into value-added products.

Financial Performance & Operational Metrics

In FY25, revenue stood at INR 1,820 Mn with EBITDA of INR 80 Mn and PAT of INR 10 Mn, reflecting
operational discipline despite working capital intensity inherent in agri-commodity trading. The company
recently commissioned expanded capacity to 140 TPD in May 2025, targeting full utilization by early July
with annual operating days of ~240. At full capacity, annual processed volume can reach ~27,000 MT with
management confident of normalized processing margins of 12-13% as achieved in FY24 once expanded
capacity stabilizes.

Integrated Business Model & Value Chain Strategy

Aelea operates a fully integrated 1,09,000 sq.ft. facility with scalable infrastructure and modern
technology, employing three RCN procurement models: purchase at origin (pre-shipment), purchase near
arrival from intermediaries, and spot purchase post-landing. Revenue composition shows 60-70% from
general trade with institutional/modern trade providing 3-30 days credit terms, ensuring healthy cash flow
dynamics.

Multi-Phase Expansion & Value Addition Strategy Phase 1 expansion to 140 TPD was completed in May
2025, with Phase 2 focusing on CNSL (cashew nut shell liquid) oil extraction unit requiring INR 120 Mn
capex and targeted for completion before FY26 close. Phase 3 involves downstream integration into
biofuels and charcoal production, utilizing recently acquired land for converting cashew shell waste to
biodiesel and high-calorific charcoal through a proprietary single pass system. The company is developing
value-added products including vegan choco spreads, milkmaid substitutes, and flavored cashews,
expected to boost margins rather than topline growth.

Sustainability & Future Opportunities Aelea pursues an integrated approach utilizing all cashew by-
products across feed, food, fuel, and fertility applications, positioning for significant upside if carbon credit
markets become functional in India. The company de-emphasizes trading business targeting 10-15% of
revenue to focus on processing and value addition, supporting margin expansion and operational
efficiency.

Strategic Outlook & Management Philosophy

The company expects margin normalization as capacity stabilizes and raw material price volatility subsides
with seasonal and festival demand patterns. With no immediate fundraise plans and strong customer
relationships, Aelea is positioned to leverage its expanded platform in the evolving agri-value chain
landscape, targeting deep value chain integration and innovation rather than competing solely on
processing volumes.

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Affordable Robotic and Automation Ltd

Affordable Robotic & Automation Limited (ARAPL), founded in 2010, is one of India’s leading providers of
automation and robotics solutions. ARAPL is the 1st robotic BSE-listed company that provides automation
solutions for welding lines using robotics and related designing services. It also offers material handling
automation services and has forayed into automated car parking systems. Company has 5000+ Robots
and 10K car park installed in the last 10 years. It has a customer base in India, China & other parts of Asia.

Financial Performance: In FY25, Revenues from operations stood at INR 1,606.89 Mn, up by 6.9% YoY.
EBITDA rising by 12.1% YoY to INR 143.95 Mn, EBITDA margin expanded to 8.96% . However, PAT stood
at INR 59.86 Mn, lower by 1.4% YoY, largely due to higher finance costs arising from capacity expansion
and working capital investments .

Business Segments: The company operates mainly across 3 segments – automated robotic welding,
robotic multi level parking, and warehouse automation.

● Automated robotic welding provides faster and safer welding with higher accuracy than manual
processes.
● Robotic multilevel parking offers smart and space-saving solutions for urban congestion.
● Warehouse automation, through its brand Humro, integrates robotic agents and warehouse
execution systems to make fulfillment faster and more reliable.

Manufacturing and Infrastructure: The company operates from state-of-the-art facilities spread over
3,50,000 sq. ft. in Pune and has additional offices in Mumbai, Faridabad, and international markets such
as the US and Brazil. Its facilities are equipped to produce up to 300 robots annually, helping the company
scale both domestic and international operations.

Order Book and Clientele: In FY25, the company has an order book size of INR 1,709.84 Mn, reflecting
strong demand and visibility for future growth. Over the last decade, it has delivered over 10,000
automated car parking systems and 5,000 robots to clients. The company counts several large corporates
in India and abroad among its customers.

Revenue Mix:
The company’s revenue comes mainly from automated welding and parking solutions. In FY25, 81% of
revenue came from robotic welding and 19% from robotic parking systems. Warehouse automation is a
growing vertical expected to contribute more in coming years .
Global Expansion and Subsidiaries: The company has been expanding internationally through ARAPL
RaaS International LLC in the US and Masterji.ai Private Limited in India. The US arm reported planned
losses in FY25 due to heavy investments, but management sees this as a foundation for long-term
growth. ARAPL plans to expand to Europe once the US business reaches revenues between USD 10–20
million.
Growth Drivers: Growth in e-commerce, rising demand for Industry 4.0 solutions, and government
incentives for manufacturing automation are expected to support future growth.
Outlook: The company expects to improve margins by controlling costs and scaling new verticals like
warehouse automation and RaaS. While short-term profits were impacted by higher finance costs due to
capex, these investments are aimed at building capacity for sustainable long-term growth.

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Agarwal Toughened Glass India Ltd

Founded in 2009 and headquartered in Jaipur, Rajasthan, the company is a leading Indian manufacturer
of safety and architectural glass. Its product range includes toughened glass, laminated glass, insulated
(DGU), heat-soaked glass, and various value-added decorative solutions. With a client base of over 7,000
across construction, automotive, hospitality, healthcare, retail, and infrastructure sectors, the company
has successfully delivered more than 4,000 projects and has a strong track record in B2B contracts.

Financial Performance: In FY25, Agarwal reported revenue of INR 583 Mn, a 44% increase from INR 406
Mn in FY24. EBITDA stood at INR 231 Mn with a margin of 39.7%, while PAT was INR 152 Mn at a margin
of 26%. Return ratios were strong with ROE at 52% and ROCE at 53%. Debt-to-equity improved to 1.27x
from 1.79x in FY23, and EPS for the year was INR 12.72.

Manufacturing & Capacity: The company currently operates two manufacturing units in Jaipur, with a
third unit under development. Installed capacity includes 6.1 lakh sq. m of toughened glass and 90,000
sq. m of insulated glass at Unit 1, and 10.8 lakh sq. m of toughened glass with 90,000 sq. m of insulated
glass at Unit 2. In FY25, capacity utilization stood at around 57% for Unit 1 and 47% for Unit 2. An
upcoming expansion, involving an investment of INR 240 Mn in a new tempering facility, is expected to
double overall production capacity.

Product Portfolio: The Company product portfolio covers a wide range of glass solutions. Toughened
glass is used in façades, partitions, railings, and doors, while insulated glass (DGU) provides noise
reduction and energy efficiency for hospitals, offices, and residential projects. Laminated glass is applied
in skylights, UV protection, and high-safety installations. Heat-soaked glass is designed for high-risk
human impact zones. The company also offers value-added processing such as digital printing, frosting,
sandblasting, and ceramic coatings.

Clientele & Projects: The Company works with a strong client base that includes Saint-Gobain, Asahi
India Glass, Renault, Yamaha, Power Grid Corporation, and Regency Group. Recent projects delivered
include DLF Midtown, JECC Exhibition Centre, SMS Hospital, Sarojini Naidu Medical College, and Genpact
offices. Its customer base spans diverse sectors such as construction, automotive, healthcare, hospitality,
and education, reflecting both scale and versatility.

Strategic Priorities: Agarwal is undertaking multiple strategic initiatives to drive growth. A new third
plant is being developed to expand production capacity, reduce lead times, and support large-scale
orders. The company also plans backward integration through acquisition of additional industrial land for
future scaling. Diversification is underway with entry into the solar glass segment, with revenues
expected from FY26. Operational efficiency is being strengthened through ERP-led planning, energy-
efficient furnaces, and IoT-based monitoring for cost control. To widen market access, 15 new marketing
offices are planned across India.

Outlook: Agarwal Toughened Glass is positioned as a key beneficiary of India’s construction boom and
rising safety norms in real estate. With strong certifications, marquee clients, and industry-recognized
quality, the company targets 35–45% revenue CAGR over the next 3 years. Expansion into solar glass,
capacity doubling, and geographic outreach will further strengthen growth. Risks include raw material
price volatility and cyclicality in real estate demand, but strong order visibility supports near-term
performance.:

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Aimtron Electronic Ltd.
Aimtron Electronics Ltd. (AEL), founded in 2011, is a fast-growing player in the Electronics System Design &
Manufacturing (ESDM) space. The company provides end-to-end solutions from design, prototyping, and
PCB assembly to full-fledged box-build and system integration. Its focus is on high-value, precision
electronic products catering to industries such as automotive, industrial, IoT & robotics, telecom, aerospace
& defence, medical devices, power electronics, and gaming.

AEL operates advanced manufacturing facilities in Vadodara (Gujarat) and Bengaluru (Karnataka), with a
newly established subsidiary in Texas, USA, strengthening its global footprint and supporting the “China+1”
supply chain diversification trend.

Financial Highlight: In FY25, the company reported revenue of INR 1,583 Mn, up 70% YoY, with EBITDA of
INR 341 Mn (21.5% margin) and PAT of INR 257 Mn, growing 89% YoY. As of March 31, 2025, the order
book stood at INR 1,890 Mn ( 1.2x FY25 revenue), providing strong visibility. The company remains debt-
free and recently secured a INR 1,280 Mn order in network security turnkey box-build (April 2025).

Business Model & Offerings -

● PCB Assembly (PCBA): Accounts for ~70% of revenue; involves advanced SMT & THT assembly,
testing, and prototyping.
● Box Build Solutions ( 27% of revenue): Full product integration including enclosures, cables,
system-level assembly, testing, and packaging.
● End-to-End Product Engineering: Hardware & software design, prototyping, regulatory
compliance, and turnkey solutions.
● Aftermarket Services: Repair, reverse logistics, and lifecycle management.

Manufacturing Capabilities -
● Facilities: The company operates through three key facilities: Vadodara (Gujarat), which handles
PCB assembly, box build, testing, and design support; Bengaluru (Karnataka), which focuses on
high-tech assembly and product integration; and a wholly owned subsidiary in Texas (USA), which
caters to customers across North America.
● Infrastructure: The company has a strong manufacturing setup with 5 SMT lines, 37 THT lines, and
3 box-build lines. Its facilities are equipped with advanced machines like 3D SPI/AOI, X-ray
inspection, selective soldering, ultrasonic welding, and automated coating systems, ensuring high-
quality and reliable output.

Revenue Mix (H2FY25): The company’s revenue mix is well-diversified. By industry, key contributors are
Industrial (35.5%), IoT/Robotics (19.9%), and MedTech (13.2%), followed by Aerospace & Defence (8.3%),
Power (8.2%), Gaming (7.6%), and Automotive (4.7%). Geographically, India contributes the largest share at
58.3%, with North America (25.6%), USA (12.1%), and Spain (4.0%) making up the rest. In terms of services,
PCBA leads with 69.3%, followed by Box-Build at 27.2% and End-to-End solutions at 3.5%.

Outlook: The company is targeting 40–50% CAGR growth over the next 3–5 years, led by box-build
expansion and new sectors like telecom, defence, AI, and drones. It is improving efficiency through
automation, AI-driven production, and backward integration, while also expanding into Europe and
Australia. Revenue is expected to cross INR 2,700–2,800 Mn in FY26 with better profitability.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Ajmera Realty & Infra India Ltd

Ajmera Realty & Infra India Limited (ARIIL) is in the field of large-scale township developments in
Mumbai, with a strong presence in micro-markets such as Mira Road, Andheri, Borivali, and Wadala. The
company has delivered over 46,000 homes across more than 20 Mn Sq ft. of completed projects,
supported by a workforce of 350+ personnel. The company has diversified presence in both MMR and
Bengaluru, and is regarded as a "pin-code creator" for pioneering township living in these areas.

Financial Performance: In Q1FY26, consolidated revenue stood at INR 2,600 Mn, a 32% YoY growth.
EBITDA stood at INR 790 Mn, up 19% YoY, with margins at 31%. PAT reached INR 390 Mn, a 20% YoY
growth. Collections rose significantly by 42% YoY to INR 2,340 Mn. Sales value for the quarter was INR
1,080 Mn over 63,244 sq. ft., impacted by regulatory approval delays and limited inventory.

Products and Services: The company focuses primarily on residential real estate, with a product mix
spanning premium, compact luxury, and mid-income housing. It also engages in boutique office and
commercial projects, broadening its offerings across residential and commercial real estate segments.

Projects and Development Portfolio: As of June 30, 2025, the company had an active development
portfolio of 1.5 Mn sq. ft. ongoing projects and 2.2 Mn sq. ft. in the pipeline, with a future owned land
development potential of 10.8 Mn sq. ft. Key highlights include:

● Ajmera Manhattan (Wadala) – 89% inventory sold; construction at 30th floor, on track for timely
delivery
● Ajmera Greenfinity (Bhandup) – 75% sold; 17 floors completed of a 21-floor tower
● Ajmera Eden (Ghatkopar) – 95% sold; RCC structure completed, nearing possession.
● Ajmera Vihara (Bhandup) – 77% sold since May 2024 launch.
● Ajmera Prive (Juhu) – OC received one year ahead of RERA timelines.
● Bengaluru Projects: Lugaano & Florenza (97% sold), Ajmera Iris (~66% sold), and Ajmera Marina
(68% sold with construction underway).

Overall, the company is targeting delivery of 1,000 homes in FY26.

Launch Pipeline and Land Bank: The company is preparing to launch projects worth INR 64,570 Mn GDV
across Mumbai and Bengaluru in FY26. These include projects in Wadala, Bandra, Versova, Vikhroli,
Central Mumbai suburbs, boutique offices in Wadala, Ghatkopar, and Yelahanka (Bengaluru).
The company holds a land bank of 10.8 Mn sq. ft., spread across Wadala and Kanjurmarg, with an
estimated development value of INR 379,000 Mn. This includes 2.56 Mn sq. ft. in Wadala (INR 89,000 Mn
GDV) and 8.24 Mn sq. ft. in Kanjurmarg (INR 290,000 Mn GDV). Master planning for Kanjurmarg is
underway, covering residential, retail, hospitality, and commercial development.

Cash Flow and Revenue Visibility: Revenue visibility stands at ~INR 80,940 Mn, with INR 16,370 Mn from
ongoing and OC-received projects and INR 64,570 Mn from upcoming launches. Estimated net cash flows
(pre-tax, post-debt) from ongoing and OC-received projects is INR 6,660 Mn, excluding potential
contributions from upcoming launches.

Outlook: The company’s ability to deliver projects ahead of schedule (e.g., Ajmera Prive), disciplined
balance sheet management, and large land bank with INR 379,000 Mn GDV potential position it well for
sustained growth. While regulatory approval delays may temporarily affect launches, the company
remains confident of achieving its INR 16,000 Mn sales guidance for FY26, backed by resilient demand in
the mid-income and premium housing segments in Mumbai and Bengaluru.

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Akiko Global Limited
Akiko Global Services Ltd. is a fast-growing financial distribution and services company based in New Delhi.
The company operates under its consumer brand “The Money Fair”, providing financial products like loans,
credit cards, insurance, and wealth solutions. It works as a strong link between banks/NBFCs and end
customers by offering last-mile financial product distribution.

Financial Performance: Consolidated revenue from operations stood at INR 763 Mn, marking a strong start
to vertical integration and product expansion. The company delivered 97% standalone growth over FY24.
EBITDA was INR 115.3 Mn with a margin of 15.1%, while PAT came in at INR 73.9 Mn with a margin of
10.35%, showing sustainable profitability even with ongoing investments in new verticals.
Business Model & Services-
● Loan Distribution: Partners with major banks and NBFCs to distribute personal loans, business
loans, home loans, and credit cards.
● Insurance Distribution: Offers health, motor, and life insurance through tie-ups with leading
insurers.
● Wealth & Financial Advisory: Expanding into mutual funds and investment advisory services.
● Digital Platform: Operates www.themoneyfair.com to provide an easy interface for customers to
compare and apply for products.

Presence & Network: The company is headquartered in New Delhi and operates across major metro cities
as well as tier-2 locations through its branches and digital platforms. It partners with leading banks such as
HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, along with top insurers, to distribute its
products.

Client Segments: The company serves a wide range of customers. Retail clients include salaried and self-
employed individuals seeking loans, credit cards, or insurance. SMEs and corporates are catered to through
business loans and insurance solutions. For banks and NBFCs, the company acts as an extended sales
partner, helping them expand their customer reach.

Products & Revenue Model:

● Credit Cards: The company offers a wide range of credit cards from both private and PSU banks.
Acquisition is done through customized strategies tailored to customer profiles such as salary level,
spending habits, and reward preferences. This segment is a strong revenue driver, with high
commissions of about INR 2,800–INR 3,000 earned per activation.
● Personal & Business Loans: The company facilitates unsecured personal loans for salaried and self-
employed individuals, as well as business loans for MSMEs to meet working capital needs and
support expansion. Loan offerings come with flexible tenures and competitive interest rates,
arranged in partnership with banks and NBFCs.
● Home Loans: The company helps customers, both salaried and self-employed, in sourcing home
loans. It provides end-to-end support, including documentation, application processing, and
coordination with banking partners.

Outlook: The company is expanding its digital presence through The Money Fair app and web portal. It also
plans to grow its partner network in insurance and lending while reaching deeper into tier-2 and tier-3 cities
to meet the rising demand for financial products.

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Akums Drugs & Pharmaceuticals Ltd

Akums is India’s largest Contract Development and Manufacturing Organization (CDMO) with a strong
domestic branded formulations business and growing international presence. Despite muted industry
growth and API price pressure, the company continues to deliver steady profitability and is aggressively
investing in R&D, niche formulations and international expansion.

Industry Environment & Macro Commentary

Muted Industry Growth: Indian Pharma Market (IPM) volume growth in Q1 FY26 was below 0.4%, with
growth largely price-led.
API Price Weakness: Average API prices declined by 10–12% over the last 12 months, extending last year’s
weakness.
CDMO Resilience: Akums maintained leadership in the domestic CDMO space, with revenue and
profitability growth despite headwinds.

International Expansion & Regulatory Approvals

First EU Dossier Approval: Rivaroxaban (Xarelto) approved in Europe – a $15 bn global market. First
dossier filed in Switzerland (Dapagliflozin combination).
Global GMP Approvals: Injectable Plant 3 approved by ANVISA (Brazil); Hormone Plant 4 received Russia
GMP.
European CDMO Contract: Major contract with commercial supplies to commence April 2027. EU GMP
audit expected Q2 FY26.
€100 mn (~INR 9,000 mn) part-consideration already received in Q1 FY26, boosting cash surplus to INR
15,180 mn.
International Branded Formulations: 20 new dossier approvals in focus geographies in Q1; entry into
Nigeria and launch of Cephalosporin APIs.

Capital Allocation, CAPEX & Organisation

Liquidity: Cash surplus of INR 15,180 mn post EU contract advance; positive free cash flow of INR 9,350
mn in Q1 FY26.

CAPEX Update:
Penem and second injectable facility ramping up.
Baddi facility to begin commercial liquids supply in H2 FY26; oncology block commercialization in FY27;
steroidal block to start Q1 FY27.
Jammu plant CAPEX to start end-FY26; commercial operations targeted by Mar-27.

Risks & Challenges

API Price Erosion: Continues to impact top-line and margins.
Muted Industry Volumes: Domestic market growth remains sluggish.
Trade Generics & API Losses: Though improving, both segments weigh on profitability.
Delayed European Ramp-up: Large European CDMO contract commercial supplies start only in April 2027.

Outlook
Akums remains on track to scale its international footprint, supported by a strong balance sheet and a INR
15,180 mn cash surplus. The large European CDMO contract is expected to add ~ INR 3,000 mn annual
revenue from FY28 onward. With R&D-led innovation, niche formulations, and disciplined capital
allocation, the company targets sustainable mid-single digit growth in core CDMO revenues and $100 mn
exports in 5 years, while gradually exiting low-margin trade generics and driving profitability improvement
in the API segment.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
All E Technology Ltd

Founded in 2002, All e Technologies Ltd operates as a Microsoft ISV Development Center, Cloud
Solutions Provider, and Master VAR, serving 10+ industries. Its offerings span ERP, CRM, collaboration,
AI-driven business solutions, consulting, and IP-led vertical solutions. the company has delivered over
1,000 projects across more than 30 countries. With a team of ~360 professionals.

Financial Performance:
In Q1FY26, the company reported total income from operations of INR 363.3 Mn, up 3.8% YoY but down
5.2% QoQ. EBITDA came in at INR 87.9 Mn, growing 4.4% YoY, while net profit stood at INR 63.2 Mn with
a margin of 17.4%. Repeat and recurring revenue remained strong at 96.4%. 11 new customers were
added during the quarter, of which 7 were international.

Geographic Spread:
In Q1FY26, the Americas contributed 58.9% of revenue, India 24.4%, Europe 5%, Africa 4.8%, APAC
excluding India 3.6%, and the Middle East 3.3%. The company has recently operationalized its UAE
operations and strengthened its presence in Africa with a new sales leader, while also securing a services
tender in Saudi Arabia.

Services or business offerings:

The company offers comprehensive digital transformation solutions, including digital core
modernization, enterprise applications, system integration, consulting, and AI-powered automation. Its
IP-led industry solutions include EPC 365, Travel 365, EdTech 365, and BAFINS-CX, which are being
modernized with embedded AI agents.

Industries Served:
The company serves a wide range of industries, with professional services (31%) and manufacturing
(15%) as the largest contributors, followed by retail (13%), green energy & EPC (9%), food & beverage
(8%), financial services (6%), digital native companies (5%), education (4%), travel (3%), and trade &
distribution (5%).

Outlook:
While near-term revenue growth appears moderated due to project-based billing cycles and global
uncertainties, management emphasized that underlying demand remains strong. With recurring revenue
stability, increasing traction in international markets, ongoing AI-led solution development, and
Microsoft partnership strength, the company is confident of sustaining its growth trajectory.
Management reiterated its focus on balancing new customer acquisition with deeper engagement from
existing clients and remains committed to long-term growth towards its INR 10,000 Mn revenue
aspiration by 2030.

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Alldigi Tech Ltd

Alldigi Tech Ltd, is a global leader in outsourcing solutions with over 25 years of experience in delivering
business process and technology-enabled services. The company operates across India, Manila, and the US,
serving clients in 69 countries through ~6,300 employees. It is a subsidiary of Digitide Solutions, backed by
Fairfax Holdings (Canada). The company has transitioned from traditional operations to providing business
value-add services, including Digital and RPA tools, and continues to invest in technology and AI-driven
product upgrades
Financial Performance:
The company reported revenue for the quarter was INR 1439 Mn, Up 11.3% YoY/ down 1.5% QoQ. EBITDA
for Q1FY26 was INR 366 Mn, up by 17.2% YoY and up by 4%% QoQ. EBITDA margin up by 140 bps YoY and
up by 134 bps QoQ to 25.4% in Q1FY26. PAT stood at INR 149 Mn, down by 22.8% QoQ / 53.4% YoY. PAT
down as Q4FY25 includes the Income tax refund received along with interest thereby resulting in higher
PAT and OCF as compared to Q1FY26. Q1FY25 includes gain on LLC divestment resulting in higher PAT &
OCF as compared to Q1FY26.
Segment Performance:
The company offers cutting-edge BPM solutions with specialized vertical capabilities in sectors such as
healthcare, insurance, and collections. In BPM segment, revenue stood at INR 1076 Mn, a 9.1% YoY growth
but a decline of 2.0% QoQ. International revenue was INR 833 Mn, up 17.8% YoY and 1.8% QoQ. Margins
improved to INR 149 Mn, registering a 2.6% YoY increase. The total FTE count stood at 5,158, reflecting a
7.6% YoY rise but a 3.2% QoQ decline.
In the Tech & Digital segment, revenue stood at INR 363 Mn, up 18.5% YoY and flat QoQ, impacted by
Q4FY25 seasonality. International revenue came in at INR 119 Mn, registering a growth of 26.5% YoY and
7.2% QoQ. Margins rose to INR 158 Mn, reflecting a 46.6% YoY and 2.8% QoQ increase. The FTE count stood
at 698, up 9.3% YoY and 2.1% QoQ. In Q1FY26, 45.4 lakh employee records were processed (against 15.3
lakh as of 30th June), showing a growth of 11.7% YoY and 2.6% QoQ.
Headcounts: Net employee added ~ 4.76 lacs, up by 11.7% YoY. SP4 migration completed for 218 India
customers (92% of revenue), remaining by end-July; Manila migrations scheduled for Q3. HRMS V2 upgrade
finished, with initial clients onboarded on the new platform.
Global Delivery Capabilities: The company has ~4,500 seats in India and ~1,800 seats in Manila, making
Manila a key multilingual hub supporting 12+ international languages, including Mandarin, Spanish,
German, Arabic, and Japanese. Its delivery centers provide a combination of domestic and international
coverage.
Client base: The company manages over 18 Mn employee records annually and facilitates 4.7 lakh+
monthly employee self-service logins. In Q1FY26, the company added 11 new clients with an annual
contract value (ACV) of ~INR 95 Mn, along with INR 108 Mn ACV from account mining and hunting in BPM.
Management highlighted a robust pipeline, including bids for two Fortune 500 client RFPs, and expects high-
teen revenue growth for the next 4–6 quarters. Net employee records processed grew 11.7% YoY,
underscoring healthy client traction across geographies.
Future Outlook:
The company expects steady growth in FY26, supported by strong momentum in both its BPM and Tech &
Digital segments, with a particular boost from the faster-growing international business. Management has
guided for revenue of INR 6,300–6,400 Mn (~17% YoY growth) and EBITDA of INR 1,600–1,700 Mn (~26%
margin), driven by higher-value contracts, new client additions, and a strong sales pipeline including bids
from Fortune 500 companies. Capex is expected at INR 150–200 Mn, while depreciation will remain at INR
130–140 Mn per quarter. The company also improved working capital efficiency, with DSO reducing by 4
days following a INR 150 Mn receivables clearance. The company is also focusing on expanding its SaaS
offerings and multi-country payroll contracts, which should further improve margins.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025

Allied Digital Services Ltd

Allied Digital is a global IT services and solutions company with a strong presence across India, the U.S.,
Europe, and the Middle East. The company operates through Services and Solutions, with a growing
emphasis on Smart Cities, digital transformation, cybersecurity, and AI-driven managed services.

Financial Performance : Q1FY26 revenue was INR 2,190 mn, up 22% YoY, marking the fourth consecutive
quarter with revenue above INR 2,000 mn. Trailing twelve months revenue stood at INR 8,500 mn, up from
INR 8,070 mn in FY25. EBITDA rose 16% YoY to INR 220 mn, with margins impacted by higher product billing
in Smart City execution. PAT increased 44% YoY to INR 140 mn, supported by deferred tax asset recognition.
The company has reiterated its revenue target of INR 10,000 mn over the next 4–5 quarters, with quarterly
revenue expected to scale to INR 2,500 mn.

Business Segments : Services revenue grew 20% YoY, supported by recurring managed services and
enterprise contracts. Solutions revenue rose 32% YoY, led by Smart City projects and digital workplace
transformations. Solutions continue to act as a pipeline for Services, ensuring stable recurring revenues.

Order Wins and Pipeline : Q1FY26 order intake was INR 1,850 mn, including new contracts and renewals. A
landmark INR 4,210 mn multi-year digital transformation deal was secured with a leading European pharma
company. Other wins include AI-based video analytics for a real estate developer, a turnkey networking and
surveillance project for a new university campus, face recognition deployment for a fashion retailer with
800+ stores, IT infrastructure projects for power and transport companies, and cybersecurity audits for
financial institutions. In the U.S., the company secured a three-year workplace support contract with a
global investment bank and digital workplace deals with an e-charging company and a premium consumer
brand.

Strategic Initiatives : Pune Smart City project contributed 15–20% of India revenues in Q1 and will continue
for the next 2–3 quarters before transitioning to service revenues for five years. Expansion of sales
capabilities in India and the U.S. is underway, with new senior hires planned. The company has developed
its own Agentic AI platform, now in production with Indian and U.S. clients, enhancing automation in NOC
operations and managed services. Acquisitions in cybersecurity and cloud are being evaluated, supported
by a strong cash position.

Growth Drivers : Strong Smart City and Safe City pipeline with several tenders expected by Sep-25.
Expanding enterprise contracts in India and managed services for global clients. Rising adoption of AI-
enabled managed services and Agentic AI platform to drive efficiency and improve margins. Diversification
into metro surveillance and large enterprise physical security projects beyond smart cities. Growing U.S. and
global presence with a focus on direct client wins.

Outlook : Allied Digital remains on track to achieve INR 10,000 mn revenue in the next 4–5 quarters with
margins stabilizing at 11–12%. Long-term targets include margin expansion to 13–15% over 2–3 years,
driven by higher Services mix and AI integration. With strong order momentum, diversified global wins, and
scalable AI-driven solutions, the company is positioned to sustain double-digit growth and improve
profitability.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025

Anant Raj Limited

Overview:
Anant Raj Limited is a leading real estate and infrastructure development company with a strong presence
across the National Capital Region. The company has a diversified portfolio covering residential housing,
commercial complexes, IT parks, SEZs, industrial colonies, and hospitality. Over the years, Anant Raj has
created a large land bank in NCR, which provides structural visibility and cost advantages for future projects.
By combining premium housing projects with affordable and mid-income developments, the company caters
to a wide demand spectrum, while its annuity-based rental assets ensure stable recurring cash flows.

Financial Performance: FY25 was a robust year for Anant Raj, with consolidated revenue of INR 14,942 mn
compared with INR 9,805 mn in FY24, representing growth of 52 percent. EBITDA stood at INR 6,423 mn
versus INR 4,168 mn in FY24, translating into a margin of 43 percent. PAT improved sharply to INR 3,873 mn
against INR 2,255 mn in FY24, a 72 percent increase, driven by higher execution, strong pre-sales, and
improved operating leverage. EPS rose to INR 14.5 compared with INR 8.5 last year. The balance sheet
remains healthy, with net debt-to-equity below 0.2x, allowing headroom for growth. Strong cash flows from
operations supported both construction activity and reduction in finance costs.

Residential Development: The residential business has been the main growth driver, supported by multiple
project launches in NCR and sustained demand across both premium and mid-income segments. The
company achieved strong pre-sales momentum during FY25, with collections improving due to timely
deliveries and brand trust. Demand for plotted developments has also picked up, particularly in Gurugram
and adjoining markets, reflecting customer preference for ownership and flexibility. The residential pipeline
remains large, with phased launches planned over the next few years to capture demand while maintaining
execution discipline.

Commercial and Rental Assets: Anant Raj has a stable annuity income base from its IT parks, SEZs, and
commercial complexes, which continue to record healthy occupancy levels. Incremental leasing has
supported growth in rental income, and the company is expanding IT SEZ and office assets to meet rising
demand from technology and services companies. This annuity business provides predictable cash flows and
balances the cyclicality of the residential segment. Future rental growth is expected from ongoing IT/SEZ
expansion projects.

Capital Expenditure and Pipeline: Anant Raj is investing consistently in construction and development to scale
its residential, commercial, and industrial projects. The project pipeline stands at INR 85,000 mn of GDV, with
phased launches expected over the next 3–5 years. The mix includes premium housing, plotted
developments, IT and SEZ expansions, and industrial townships. During FY25, the company accelerated
project execution while maintaining financial prudence.
Growth Drivers: The company’s growth is anchored in strong demand across NCR real estate, which remains
one of the most attractive markets in India. A large land bank provides strategic visibility, while the
diversification across residential, commercial, and industrial assets reduces dependence on any one vertical.
Strong brand recall, timely delivery, and disciplined capital allocation continue to support sales and
collections. The increasing demand for luxury and mid-income housing, the expansion of industrial corridors,
and growing leasing activity in IT and SEZ assets are key drivers for sustained growth.

Future Outlook: Management has guided for double-digit growth in FY26, supported by a healthy project
pipeline, strong pre-sales visibility, and stable margins. The focus will remain on timely execution, further
scaling of residential launches, and steady expansion of annuity income through rental assets. With a large
GDV pipeline, a comfortable balance sheet, and a robust demand environment in NCR, Anant Raj is well
positioned to deliver sustainable growth and value creation. The company will continue to focus on prudent
capital management, strengthening recurring income streams, and maximizing the long-term potential of its
land reserves.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Apollo Micro System Ltd

Apollo Micro Systems Limited, founded in 1985 and headquartered in Hyderabad, operates in the defence
and aerospace electronics industry. The company designs, develops, and manufactures advanced
electronic and electromechanical systems for DRDO and leading defence PSUs such as BEL, BDL, and HAL,
while also expanding into exports. With its focus on innovation and indigenous solutions, Apollo Micro
Systems aims to play a key role in India’s “Atmanirbhar Bharat” and “Make in India” defence ecosystem.

Financial Performance: In Q1FY26, Apollo Micro Systems reported strong growth with revenue of INR
1,335.8 Mn, up 46% YoY from INR 1,617.7 Mn. EBITDA rose 83% YoY to INR 409.4 Mn, with margins
improving to 31% from 25%. PAT more than doubled to INR 176.8 crore, a 110% increase, with a PAT
margin of 13%. The company’s order book remained healthy at around INR 7,350 Mn as of June 2025.

Business Model & Capabilities: Apollo Micro Systems follows a design-to-delivery model, developing
defence systems in-house for key programs. Its product portfolio includes onboard computers, navigation
and control systems, missile subsystems, torpedoes, naval mines, and avionics. The company has recently
transitioned from being a component supplier to a full-fledged weapon systems manufacturer. Backed by
a strong R&D base and collaborations with DRDO-led projects, it is strengthening its role in India’s defence
ecosystem.

Product Diversification: Apollo Micro Systems has a diversified portfolio across defence domains. In
missile systems, it supplies subsystems for Akash-NG, QRSAM, and MPATGM. In naval systems, its
offerings include mines such as MIGM and moored mines, along with torpedoes like Varunastra, EHWT,
and ALWT. The company also develops avionics and electronics for both defence and civilian applications.
Through the acquisition of IDL Explosives, it has achieved backward integration into explosives and
warheads, further strengthening its position as a complete defence solutions provider.

Geography & Customers Apollo Micro Systems has a strong domestic presence, working closely with the
Indian Navy, Air Force, Army, and leading Defence PSUs. In FY26, it secured its first export order worth
USD 13.4 Mn ( INR 1,140 Mn) for advanced avionics and now aims to scale up exports significantly over
the next 2–3 years.

Strategic Acquisition: On May 25, Apollo Micro Systems (ADIPL) acquired 100% equity in IDL Explosives
Ltd for a cash consideration of INR 1,070 Mn. Previously a subsidiary of GOCL Corporation Ltd (Hinduja
Group), IDL Explosives is engaged in industrial and defence explosives. The company also owns a sizable
land bank, of which only about 40% is currently utilized, offering significant scope for brownfield
expansion.

Manufacturing Facility: Apollo Micro Systems operates its manufacturing facilities in Hyderabad, which
include an ESS testing facility and inspections aligned with DGQA standards. The infrastructure consists of
Unit 1 with a 55,000 sq ft area and Unit 2 spanning 3,50,000 sq ft, both located in Hyderabad.

Expansion: Unit 3 is being set up in Hyderabad as a 40,000 sq ft weapon integration facility, designed to
serve as a consolidated manufacturing hub that will streamline and integrate operations. Phase 1 of the
civil work has been completed, with phase 2 now underway. A capex outflow of around ₹150 crore is
planned for FY26 to support this expansion.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Aprameya Engineering Ltd
Aprameya Engineering Ltd, founded in 2003, started its journey as a distributor of medical equipment and
has gradually transformed into a comprehensive turnkey healthcare solutions provider. The company
achieved an important milestone when it got listed on NSE Emerge in August 2024. Its business model is
integrated, covering design, execution, and maintenance of healthcare infrastructure, supply of medical
equipment, and after-sales services.
Revenue Mix: The bulk of its revenue comes from turnkey healthcare infrastructure or EPC projects,
contributing around 90% in FY25. Medical equipment distribution added nearly 8% to revenue, while
services and annual maintenance contracts (CAMCs) made up the remaining 2%.
Financial Performance: In FY25, the total revenue stood at INR 1,363 Mn, up by 108% YoY. EBITDA
jumped to INR 250 Mn, up by 267% YoY, with margins improving sharply to 18%, an expansion of 795 bps.
PAT grew to INR 160 Mn, up by 364% YoY with a net margin of 12% with expansion of 653 bps. Return
ratios were impressive, with ROE at 37% and ROCE at 26%. The revenue mix also tilted more towards
turnkey projects, which contributed 92% of revenues versus 72% in FY24.
Product & Solution Innovation: The company is introducing several proprietary and innovative solutions
which include turnkey electrophysiology labs with Johnson & Johnson’s 3D CARTO system, Samsung
mobile CT scanners for bedside imaging, and mobile stroke units equipped with inbuilt CTs and
telemedicine support for golden-hour interventions. The company is also preparing to launch robotic
surgery platforms for remote precision surgeries and smart modular ICUs and OTs tailored to evolving
healthcare demands.
Order Dynamics & Execution: The company’s projects are primarily secured through government
tenders, which are evaluated on both technical capability and price. Execution timelines vary across
states, ranging from 90–120 days in Rajasthan to up to 32 weeks in Maharashtra, though it often
completes work ahead of schedule. Most projects are brownfield in nature rather than greenfield, which
helps stagger capital outflows and reduce working capital strain.
Cash Flow & Working Capital: Receivables stood at INR 1,200 Mn, equivalent to 87% of revenue, though
debtor days improved from 8M to 6M YoY. Management aims to bring this down further to 4–5 months.
Trade payables were around INR 400 Mn, representing a 2–3 month cycle. The company reported
negative operating cash flows, which is typical for government EPC businesses.
Margin Profile: Management guided that margins achieved in FY25 would be sustained, supported by
selective tendering and a focus on proprietary projects. Service contracts and CAMCs are expected to
grow steadily, as states typically allocate 4–6% of project value as annual maintenance with 5–10% annual
escalations. This, along with recurring revenue from consumables and disposables, will provide an annuity
stream as more projects exit their warranty period.
Growth Strategy and Expansion: The company operates an asset-light model, with fixed assets of less
than INR 10 Mn. It is is expanding into new states such as Bihar, Uttarakhand, Assam, Chhattisgarh,
Daman, and Sikkim regions with underpenetrated healthcare infrastructure and high demand potential.
The current executable order book stands at INR 600 Mn, which will be completed within the next 5 to 6
months. Management highlighted that while the healthcare infrastructure sector has grown at a CAGR of
22% over the past decade, growth was 15% in the last year.
Outlook: Management maintained an optimistic outlook, supported by strong government policy
tailwinds, growing healthcare infrastructure demand, and its differentiated high-margin solutions.
Strategic priorities include focusing on selective tenders, expanding geographic reach, and strengthening
proprietary offerings. However, structural challenges remain, particularly around working capital
intensity, high receivables, and dependence on government contracts (90% of revenue). Limited visibility
on future order book also remains a risk, though management is confident of building a strong pipeline.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Arham Technologies Ltd

Arham Technologies Ltd is engaged in the manufacturing of LED televisions, offering a wide product range
under its own brand as well as through OEM (Original Equipment Manufacturer) contracts. It
manufactures LED televisions in multiple sizes and specifications, catering to diverse customer
requirements. Apart from televisions, it is also expanding into consumer electronics and smart devices to
diversify its portfolio. Its OEM services are used by other brands who leverage its manufacturing
capabilities while selling under their own labels.

Manufacturing Capabilities & Facilities: The company operates a modern manufacturing facility in
Raipur, located in an electronic manufacturing cluster. The plant is equipped with assembly lines, testing
setups, and packaging infrastructure to cater to large-scale production requirements. It emphasizes
quality standards and compliance in its production processes, enabling it to service reputed brands and
meet both domestic and international standards.

Financial Performance: In FY25, revenue from operations stood at INR 698.9 Mn, up by 27.68% YoY.
EBITDA stood at INR 126.80 Mn, with a margin of 18.14%. PAT came at INR 72.7 Mn, up by 49% YoY with
a margin of 10.4%.

Revenue Mix: LED TV contributed 66.38% in revenue followed by Fan at 20.33% and 10.5% by Air cooler
in FY25. Geographically, Chhattisgarh and Odisha contributed ~41% each, followed by Madhya Pradesh in
FY25.

Penetration into Southern India: The company aggressively scaling into Southern India- a market defined
by entrenched brand loyalty and long-cycle consumer stickiness. By deploying a targeted go-to-market
(GTM) strategy, leveraging regional distribution networks, and investing in hyperlocal marketing, it aims
to capture significant wallet share and establish enduring market leadership.

Government Contracts as Growth Catalyst: Public sector contracts present a high-volume, recurring
revenue channel with minimal credit risk. By aligning with government procurement programs for
electronics and institutional needs, they are embedding themselves directly into national infrastructure
initiatives, driving both topline acceleration and brand credibility.

Growth via Interactive Flat Panels & Large Sized Televisions: The company recently announced a INR 185
Mn capex to expand our large-size television production capacity and introduce interactive flat panels.
Additionally, the recent GST reduction from 28% to 18% on large-size TVs further enhances affordability,
unlocking wider consumer adoption and creating a significant uplift in our revenue trajectory.

Backward Integration for Design & Cost Leadership: By internalizing sheet metal fabrication and injection
moulding for TV, cooler, and select fan components, they are moving up the value chain. This backward
integration not only reduces procurement dependencies and input costs but also enhances design agility,
enabling faster new product development, superior industrial design execution, and IP creation. They are
further planning capex investments through their subsidiary company Arham Corporate Pvt Ltd. to
strengthen this vertical and ensure long-term competitiveness.

Outlook: With its dual model of own-brand sales and OEM contracts, the company enjoys both brand-
building opportunities and stable institutional revenues. Its focus on quality manufacturing, expansion
into new product categories, and presence in the fast-growing electronics market provide strong growth
visibility. Going forward, the company aims to scale operations, widen distribution networks, and enhance
its brand equity, while maintaining profitability and operational discipline.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Arihant Superstructures Ltd
Arihant Superstructures Ltd., established in 1994 and headquartered in Navi Mumbai, is a leading real
estate developer with a strong presence in the affordable and mid-income housing segment. The company
has 19 ongoing projects across MMR and Jodhpur, with a revenue potential of INR 125 bn covering 18 mn
sq. ft. of saleable area. ASL has delivered over 12,000 units across 62 projects and has also entered the
premium villas, hospitality, and leisure segment to build a diversified annuity income stream.

Financial Performance: The company reported strong performance during the quarter with revenue of INR
1,210 Mn, up 45% from INR 840 Mn last year. EBITDA stood at INR 370 Mn, marking a sharp increase of
247% YoY, with margins improving to 30.5% compared to 12.6% last year. PAT grew significantly to INR 159
Mn, a 695% rise from INR 20 Mn in the previous year. Net worth increased by 30% YoY to INR 4,219 Mn.
Collections during the quarter were healthy at INR 1,260 Mn.

Segment & Project Highlights:: The company follows a “Mirroring the Population Matrix” strategy, with
projects spread across affordable, mid-income, and premium housing segments to reduce exposure to
demand cycles. It has a strong presence in key MMR micro-markets such as Panvel, Kharghar, Kalyan,
Karjat, and Taloja. In the premium category, flagship developments like World Villas and Town Villas near
Panvel have a GDV of INR 37.5 bn, accounting for more than 25% of the overall portfolio. Recently launched
projects including Arihant Aspire, Aaradhya, Aalishan, and Avanti are contributing strongly to sales
momentum.

Operational Highlights: The company achieved pre-sales of INR 1,506 Mn with 192 units sold, covering an
area of 200,773 sq. ft. Collections stood at INR 1,260 Mn, highlighting strong cash conversion. It also
received occupancy certificates for Arihant Anmol and Clan Aalishan, delivering a total of 803 units. In
addition, the company completed a preferential warrant issue of 20.9 lakh shares, raising INR 376 Mn in
equity to support business expansion

Capex & Expansion: The company continues to invest in land acquisition and project development to
strengthen its growth pipeline. Recently, it acquired 11 acres for the Town Villas project and 1.5 acres for
the World Villas hotel project, adding to future revenue visibility. The upcoming project pipeline spans 11.2
Mn sq. ft. across MMR and Jodhpur, with an estimated revenue potential of INR 75 bn.

Debt & Liquidity: The company’s current blended cost of debt stands at around 12.5%. Net debt is
projected to increase by about INR 1,500 Mn over the next two years to fund the hotel and Gymkhana
development. For FY26, operating cash inflows are expected to be around INR 6,000 Mn, of which
approximately INR 700 Mn has been allocated for debt servicing.

Outlook:
The company has set a presales target of INR 11,000 Mn for FY26 and INR 15,000 Mn for FY27. Margins are
expected to stay strong at over 30%, driven by premium launches. Its strategy focuses on asset-light
redevelopment projects, premium villa developments, and selective annuity assets such as hospitality and
the Gymkhana. Management is aiming for a medium-term ROE of 20–25% while maintaining steady
dividend payouts, with the last payout at 15% of face value.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Arisinfra Solutions Ltd
ArisInfra Solutions Ltd, incorporated in 2021, is a B2B, tech-enabled platform supplying construction
materials to real estate and infrastructure developers. The company streamlines bulk procurement by
reducing intermediaries through a blend of technology and expertise. It offers aggregates, RMC, steel,
cement, chemicals, and walling solutions. So far, ArisInfra has delivered 10.35 MMT of materials,
leveraging 1,458 vendors to serve 2,133 customers across 963 pin codes.

Financial Highlights: Total income rose 11% YoY to INR 2,160 Mn. EBITDA grew 13% YoY and 77%
sequentially, reaching INR 195 Mn. Adjusted PAT stood at INR 80 Mn compared with INR 65 Mn in
Q1FY25, and a INR 5 Mn loss in Q4FY25. Reported PAT of INR 51 Mn included a one-time IPO expense of
INR 25 Mn. EBITDA margin touched 9.2%, its highest ever, crossing the 9% mark for the first time.

Subsidiary – BuildMex: The aggregates business under BuildMex is expanding capacity from 0.15 Mn
MT/month to 0.25–0.3 Mn MT/month. Revenue run-rate is projected at INR 80–100 Mn per month,
translating into annualized revenue of over INR 1,200 Mn, providing an additional growth engine.

Customer Base: The customer count increased from 2,700 in Q4 to 2,800 in Q1, alongside expansion in
serviceable pin codes. However, management clarified that focus remains on growing institutional
demand and wallet share rather than chasing customer count.

Geographic Strategy: The company remains focused on metro cities where its supply network is well-
established. It is not aggressively expanding into tier-2/3 markets, believing there is still significant
headroom in its current stronghold markets.

Receivables Quality: Management emphasized that credit cycles of 100–120 days are standard in the
industry, and receivables are largely aligned with topline growth of 11% YoY. Provisions of INR 200 Mn
were made against slow-moving debtors, which is only 0.5% of cumulative business of INR 35,000–
40,000 Mn. No new provisions have been required in the last 5–6 quarters.

Services Vertical: The services business remains a key driver of profitability, allowing ArisInfra to move
beyond transactional supply into higher-margin, long-cycle project involvement.

Asset-Light, Tech-Driven Edge: India’s construction supply chain remains fragmented and under-
digitized. ArisInfra’s integrated supply–services–tech platform offers consolidation and efficiency in this
space. The company leverages in-house technology to scale operations without proportional increases in
workforce or costs. Contract manufacturing partnerships further ensure supply reliability and cost
control.

Order Book & Pipeline: The company has secured order wins worth INR 4,000–4,500 Mn recently. Its
rolling monthly demand currently stands at INR 600–700 Mn, with a near-term target of INR 900–1,000
Mn per month. Growth will be driven by deeper wallet share among institutional clients and onboarding
of new accounts.

Future Outlook and Guidance: Management reiterated its medium-term growth target of 30–40% YoY
for FY26 and the following 2 years. The company expects an annualized PAT of INR 300–320 Mn,
excluding interest savings and IPO-fueled growth. Interest costs are projected to fall 70–75% from Q2
onwards, after debt repayment, with Q1 already showing INR 95 Mn net outflow. EBITDA margin is
expected to sustain in the 9–9.5% range, with potential improvement of 1.5–2% over the next 18–24
months due to operating leverage and cost control. PAT margin guidance stands at 4–6% (pre-minority
interest), with further upside from lower interest costs post-IPO.

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Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Arkade Developers Ltd

Arkade Developers is a Mumbai-based real estate developer with a strong focus on premium and luxury
residential projects across both greenfield and redevelopment formats. Known for its disciplined
execution, lean land acquisition strategy, and emphasis on low-density, aspirational housing, the company
is well-positioned to benefit from Mumbai’s ongoing housing upcycle and rising demand for larger, well-
located residences.

Industry & Market Context

The real estate sector is witnessing a paradigm shift from affordable to premium housing, with consumers
seeking aspirational living standards. In Mumbai, Cushman & Wakefield highlights sustained momentum,
particularly for larger, better-designed homes — directly aligning with Arkade’s premium focus.
Redevelopment opportunities, supported by robust infrastructure and consistent price appreciation in the
MMR (Mumbai Metropolitan Region), remain a major growth driver.

Operational Performance & Strategy

In Q1 FY26, Arkade achieved its highest-ever pre-sales of INR 1,420 Mn (+17% YoY) and collections of INR
1,700 Mn (+42% YoY), with area sold at 48,000 sq. ft. (+27% YoY). Revenue stood at INR 1,650 Mn (+32%
YoY), EBITDA at INR 340 Mn (22% margin), and PAT at INR 290 Mn (17% margin).

Management highlighted its execution-first philosophy, focusing on efficiently delivering projects rather
than land hoarding, enabling faster revenue recognition and lower holding costs. The company maintains
strong positioning across Mumbai’s eastern and western suburbs, emphasizing low-density projects,
thoughtful product planning, and certainty of delivery as differentiators.

Key Project Developments

• Goregaon West (Filmistan Project): Flagship 4-acre luxury development with projected GDV of INR
32,000 Mn. To feature 3–5BHK residences and penthouses, marking Arkade’s foray into the ultra-
luxury segment. 5-year horizon with revenue from FY27.
• Thane Market Entry: 6.28-acre land acquired; target GDV of INR 20,000 Mn. Execution and revenue
recognition expected from FY27.
• Goregaon Redevelopment: 1.1-acre project with potential topline of INR 3,500 Mn.
• Bhandup Project: Profit recognition expected from Q2 FY26.
• Dahisar Project: Delayed due to regulatory height restrictions linked to wireless station clearance.

Financial & Margin Commentary

While absolute profits grew, EBITDA margin dropped by ~11% YoY due to rising competition and higher
share of redevelopment (lower-margin) projects. Management clarified that Q1 margins reflect early
revenue recognition (40–45% project completion), and full-year margins should normalize toward
historical averages (~30% EBITDA, 20% PAT).

Growth Outlook & Guidance

Arkade reiterated its ambition to scale topline to INR 100 Bn by FY30 (from INR 6,830 Mn in FY25),
implying a ~70% CAGR. Revenue inflection is expected from FY27, led by Filmistan and Thane projects.
Management expects topline growth of 20–25% annually, with absolute profits rising in tandem despite
margin pressures.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Arvind Smartspace Ltd
Arvind SmartSpaces Limited (ASL), part of the Lalbhai Group with a 120-year legacy, is a listed real estate
developer that was demerged from Arvind Ltd in 2015. The company has carved its niche primarily in
residential development, with a de-risked product mix across plotted developments, villas, luxury housing,
and mid-income apartments. It has also ventured into select commercial and industrial projects.

Financial Highlights: In Q1FY26, ASL reported revenues of INR 1,020 Mn, up 37% YoY. Adjusted EBITDA was
INR 245 Mn, reflecting a 205% YoY growth, while PAT stood at INR 120 Mn, up 159% YoY. Bookings for the
quarter were INR 1,750 Mn , and collections were INR 1,910 Mn .

Product portfolio: The company’s portfolio is largely residential, contributing about 90% of its pipeline,
with projects ranging from plotted developments, villas, and mid-income group housing to luxury
apartments. Horizontal projects such as villas and plotted townships account for around 20% of the mix,
while vertical developments such as apartments dominate with 80%. Additionally, ASL has ventured into
industrial and commercial projects, including the Industrial Park – NH47, marking a diversification from its
residential-centric model.

Geographical Presence: ASL has diversified from its Gujarat stronghold (61% share) to newer markets such
as Karnataka (28%) and Maharashtra (11%). The entry into MMR in 2025 is expected to significantly
enhance the company’s growth trajectory. Bengaluru has already become a strong market for vertical
housing projects, while Pune and MMR are strategic growth frontiers. This geographical diversification
reduces concentration risk and positions ASL as a pan-India developer over the medium term.

Project Pipeline & Launch Execution:

● The company has outlined an ambitious launch plan for FY26, targeting 5 new launches with a
topline potential (GDV) of INR 30,000–40,000 Mn. These include projects such as Bannerghatta,
Orchards Phase 2, ITPL Road, Surat, Pen-Khopoli, Mankol, an Industrial Park (pilot already
launched), and select MMR projects. Launches are heavily back-ended, with one project in Q2 and
four more in Q3/Q4, including the much-anticipated Surat project likely in Q4.
● The Industrial Park, which underwent a pilot launch to fine-tune product and pricing, is expected to
contribute INR 13,500 Mn in GDV, with advanced features like ZLD and CETP that support premium
positioning. While some delays were experienced, such as regulatory issues in Bannerghatta and
techno-legal hurdles in Surat, the company expects resolution within FY26. The Khopoli project in
MMR is also scheduled for late FY26. Management expects 30–40% absorption rates at launch,
consistent with past performance, and is confident about achieving healthy sales velocity.

Strategic Partnerships: ASL has a strategic partnership with HDFC Capital Advisors, including equity infusion
and a INR 9,000 Mn residential development platform with revenue potential up to INR 50,000 Mn. This
partnership provides financial flexibility, lowers capital costs, and supports long-term expansion. The
company also follows a joint development (JD) and joint venture (JV) heavy model, with selective outright
acquisitions for scale.

Outlook: The company expressed optimism about sustaining 30–35% presales growth, supported by a
strong pipeline, sector tailwinds, and a net cash balance sheet. They believe the “next 5–10 years will be
the most exciting” for the company, with ambitions of profitable scale-up rather than growth at any cost.
While regulatory delays have affected past launches, management has built buffers into its guidance to
ensure delivery. The strategic focus remains on disciplined growth, talent-driven execution, and capital-
efficient expansion into Bangalore, MMR, and Surat.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Ashapuri Gold Ornament Limited
Overview
Ashapuri Gold Ornament Limited is a B2B jewellery manufacturer specializing in antique, studded, Kundan,
and Polki jewellery. The company operates on a dual model of “ready to sell” stock for instant delivery and
“make to order” custom collections for large institutional clients. Its client base includes leading national
chains such as Titan and Malabar, positioning Ashapuri as a trusted design and manufacturing partner in
India’s fast-formalizing jewellery sector. The company emphasizes high-design, margin-accretive products
supported by strong ERP systems, in-house design capabilities, and a departmentalized manufacturing
structure.

Financial Performance: Q1 FY26 delivered a robust start to the year with total income of INR 529.6 mn, up
18.7 percent year on year. EBITDA grew 34 percent year on year, with margins improving by 108 bps to 9.5
percent. PAT rose 21 percent year on year, while EPS stood at INR 0.10 compared with INR 0.08 in Q1
FY25, reflecting a 25 percent increase. Sales volume grew 17.9 percent to 72.03 kg against 61.09 kg last
year. Management attributes the strong quarter to operational efficiency, a focused strategy, and the
successful participation in IIJS Premier 2025.

Growth Drivers: Demand for the premium antique jewellery line remains strong, driving both top-line and
margin expansion. Introduction of new collections such as Polki and diamond jewellery and a focus on
higher-margin SKUs support profitability. The dual model of ready-to-ship stock and make-to-order
contracts enables quicker delivery cycles and wider client coverage. Participation in IIJS Premier 2025
generated significant enquiries from over 100 institutional buyers, leading to an INR 110 mn order already
executed in Q1 and a strong pipeline for Q2 and Q3.

Client Base and Wallet Share: Ashapuri is deepening relationships with large corporate clients and
national retail chains. The onboarding of Titan during Q1 was a key milestone, expanding the company’s
presence in the organized space. Multiple in-house brands such as Kaavis, Maayin, Arzish, and Anaya allow
clients to source diverse SKUs across geographies from a single vendor, increasing wallet share per client.

Industry Trends: Demand has remained resilient despite geopolitical challenges such as the India-Pakistan
war in May 2025. National chains are leaning towards fusion jewellery, South Indian regional players focus
on temple jewellery, while bridal jewellery remains a core demand driver. Rising gold prices initially
slowed demand in tier 2 and 3 cities, but normalization has revived interest, especially in lighter weight
jewellery for the festive season. Management has guided for 50 percent full-year growth, with Q2 and Q3
expected to be seasonally stronger due to wedding and festive demand.

Product Pipeline and Innovation: Ashapuri launches 3–4 new collections annually, aligned with major B2B
exhibitions such as IIJS, the September show, and the January show. A September capsule collection of 25
new designs is in the pipeline, alongside continued R&D to refresh the design bank. Rising gold prices have
prompted the company to explore 18-carat products, though diversification into platinum or non-gold
products is not planned.

Revenue Visibility: Ashapuri has long-term supply agreements and is an embedded vendor in client ERP
systems, creating recurring order visibility. By positioning its collections as a preferred design bank for
large chains, the company ensures repeat business and stable revenue inflows.

Growth Drivers and Outlook: Margin expansion is being led by a higher share of premium and studded
products, supported by hedging-led cost control. With the success of IIJS Premier 2025, a robust order
pipeline, and ongoing capacity expansion, management remains confident of achieving 50 percent
revenue growth for FY26. The festive and wedding season in Q2 and Q3 is expected to drive higher order
inflows. The company is positioning itself as one of India’s most organized and admired B2B antique
jewellery manufacturers.
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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Asian Granito India Ltd
Incorporated in 1995 and based in Ahmedabad, the company manufactures and markets tiles, marble &
quartz surfaces, sanitaryware, bathware, and construction chemicals. It operates 14 plants with a capacity
of 54.5 Mn sq. meters, employs over 6,000 people, and has a presence in 100+ countries through 18,000+
touchpoints, including dealers, franchise partners, and display centers.

Financial Performance: The company reported revenue of INR 3,880 Mn, up 8% YoY, with EBITDA of INR
250 Mn (+58% YoY, margin 6.4%) and PAT of INR 76 Mn (+552% YoY). Exports grew 26% YoY to INR 630 Mn,
contributing 16% of sales.

Business Segments-

A) Ceramic Tiles (Core Segment): In FY25, the company produced 43.9 million sq. meters across its plants in
Himmatnagar, Idar, Morbi, Mehsana, and Dholka. Its product range includes GVT, PVT, double charge,
Slimgres, XXL slabs, outdoor tiles, and digital wall tiles. The company exports to over 100 countries and has
also set up a JV in Nepal, Nepovit Ceramic Pvt. Ltd., for wall tile manufacturing.
B) Marble & Quartz: The company operates quartz plants at Dalpur and Amazoone, producing 0.81 million
sq. meters in FY25. Its portfolio includes multi-colour marble, imported onyx, and engineered quartz (E-
Stone). Exports are growing, supported by rising quartz demand in electronics, hospitality, and real estate
sectors.

C) Sanitaryware & Bathware: The company operates a plant in Morbi with an annual capacity of 0.66
million pieces, producing 0.18 Mn pieces in FY25. The product range includes water closets, basins, urinals,
cisterns, faucets, showers, and allied fittings, with a turnover target of INR 4,000 Mn in the next five years.

Customers & Market Presence: The company’s domestic sales are spread across West (53%), North (17%),
South (20%), and East (10%) India. Its sales mix comprises 54% retail, 38% institutional, and 8% government.
Key corporate clients include Adani, Tata Housing, Lodha, ITC Hotels, PVR, Cinepolis, Axis Bank, Bandhan
Bank, Raymond, and Spykar.

Brand & Marketing: The company promotes its brands with Ranbir Kapoor as ambassador for AGL and
Vaani Kapoor for Bonzer7. It has a strong digital presence across Instagram, YouTube, Twitter, and LinkedIn,
and is expanding its global reach through subsidiaries, warehouses, and showrooms in Dubai, the UK, and
Indonesia.
Key Strengths: The company is an integrated player across tiles, marble, quartz, and bathware, supported
by a wide distribution network of 18,000+ touchpoints. With an innovation-first approach, it has pioneered
products like full body tiles, jumbo slabs, Slimgres, and quartz slabs in India. Exports touched a record INR
2,910 Mn in FY25, reflecting strong global growth. In 2025, its restructuring plan was approved by NCLT,
involving demerger, slump sale, and amalgamation to create a sharper and more focused business
structure.
Future Outlook:The company is targeting long-term revenue of INR 60,000 Mn, with growth driven by
expansion in sanitaryware, rising exports through global subsidiaries in Dubai, the UK, and Indonesia, and
increasing demand for quartz and marble from the real estate and electronics sectors. Brand building with a
premium positioning will further support growth, while margins are expected to improve as gas prices
stabilize and scale efficiencies come into play.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Atam Valves Ltd

Atam Valves Limited, founded in 1985, is a leading manufacturer of industrial and plumbing valves and
fittings for sectors including oil and gas, chemicals, HVAC, pharmaceuticals, and real estate. Its portfolio
spans gate, globe, ball, butterfly, plug valves, and high-pressure fittings, engineered for extreme
temperatures (-192°C to 550°C) and pressures up to 10,000 psi. The company operates three specialized
foundries with a monthly capacity exceeding 96,000 pieces.

Financial Performance Overview: TIn Q1FY26, Atam Valves reported revenue of INR 123.7 million, up
7.75% YoY, with EBITDA of INR 20.8 million rising 40.5% YoY and PAT of INR 12.4 million up 33.3% YoY.
For FY25, revenue was INR 605.0 million and PAT INR 62.9 million.

Products and Services: The company offers a wide range of valves and fittings, including safety valves,
steam traps, non-return valves, water level gauges, and parallel valves. Its products are manufactured
using advanced processes such as shell moulding, investment casting, and no-bake moulding, enabling
the company to cater to diverse metallurgies including bronze, iron, and steel.

Manufacturing Capabilities: Atam Valves operates three specialized foundries dedicated to nonferrous,
stainless steel, and carbon/alloy steels. The facilities have a monthly production capacity of over 96,000
pieces, allowing the company to handle large volumes and custom orders while maintaining precision
and quality. The plants are equipped with advanced moulding techniques such as shell moulding,
investment casting, and no-bake moulding. Integrated in-house processes cover design, casting,
machining, welding, pressure testing, assembly, and packaging, ensuring end-to-end quality control and
timely order fulfillment.

Client and Industry Presence: Atam’s clientele spans marquee domestic and international customers
across petrochemicals, power generation, pharmaceuticals, paper, textiles, marine, fertilizers,
infrastructure, and healthcare. It has recently received Letters of Intent from Italian and French
customers, signaling recognition in highly regulated European markets. Domestically, approvals in real
estate and healthcare projects are opening new growth avenues.

Strategic Initiatives: Atam is investing in automation and R&D to enhance scalability and product
innovation. It is also exploring inorganic opportunities through acquisitions, introducing digital
monitoring solutions for valves, and entering niche areas such as specialized bath fittings. Participation in
global exhibitions is strengthening its visibility and international footprint.

Growth Triggers: Future growth will be driven by API certification, enabling higher exports, particularly
in oil and gas. The company is diversifying into wastewater management, expanding valve sizes up to 72
inches, and upgrading to high-grade stainless steel for improved durability. It plans to grow its dealer
network from 750 to 1,000 and increase export contribution from 3% to 25%.

Outlook: Atam Valves is poised for growth with API certification set to boost global oil and gas
opportunities, rising export share, and diversification into real estate, healthcare, and wastewater
sectors. Backed by automation, R&D, and a strong balance sheet, it is geared to scale operations and
enhance profitability.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Australian Premium Solar (India) Ltd

Australian Premium Solar (India) Ltd. is a solar solutions provider established in 2013 that specializes in the
manufacturing of Monocrystalline and Topcon solar modules. The company also offers EPC (Engineering,
Procurement, and Construction) services, or for a wide range of applications including residential,
commercial, industrial, and agricultural sectors. The company's registered office is in Sabarkantha, Gujarat.

Products and Services

● Solar Panels: The company manufactures Monocrystalline Solar Panels and N-Type Topcon
modules. They are also the only manufacturer offering both solar panels and inverters under their
brand name. The panels come with a 12-year product warranty and a 30-year performance
warranty.
● EPC Services: It provides installation services for rooftop solar for residential and commercial use,
and for solar pumps across the country.
● Other Products: The company's product portfolio also includes Solar Grid Inverters and Solar Water
Pumps. The solar grid inverters have a 10-year warranty, a peak efficiency of 98.5%, and can be
connected via WiFi and GPRS. The solar water pumps are an eco-friendly and energy-efficient
solution for drawing water from bore-wells and open-wells for agricultural and domestic use.

Financial Performance: For Q1 FY26, Revenue stood at INR 1532.3 Mn (86.6% YoY), EBITDA stood at INR
213.2 Mn with a margin of 13.91%, PAT stood at INR 147 Mn with a margin of 9.59%.
Order Book & Demand:
● Pump Division: INR 3000 Mn order book (8 states), with 27–30% revenue contribution already
visible in Q1. H2 is typically stronger due to seasonality.
● Wholesale: No advance order book due to price volatility; “cash and carry” model with 75
distributors, 30–35 long-standing.
● Retail/C&I (Commercial & Industrial Rooftops): Ongoing monthly order flow (~9–10 MW at any
time), quick execution cycles.No demand issues seen for next 1–2 years. Capacity is the only
limiting factor; large institutional orders (e.g., NTPC, Coal India) currently not targeted due to
capacity constraints.

Geographic Expansion: The company is currently distributing its products in Gujarat, Maharashtra,
Rajasthan, and Himachal Pradesh. It plans to expand its reach to new markets, including Ranchi, Tripura,
and Jharkhand.

Future Outlook:

● Growth Projections: The company projects for FY26, a revenue of INR 7500-8000 Mn, PAT of INR
750-800 Mn and EBITDA margin 12-14%.
● Manufacturing Expansion: The company plans to triple its installed capacity from 200 MW to 600
MW annually. They have also acquired 3.5 acres of land for a new manufacturing facility for Topcon
solar panels, which will have a capacity of 250 MW and is expected to be operational by the end of
FY25.
● Vertical Integration: APS plans to start solar cell manufacturing within the next 18 to 24 months,
with the company holding a majority share. This is a crucial step towards complete vertical
integration to enhance production capabilities.
● Export Opportunities: Preliminary steps are underway to explore export opportunities in the U.S.
and neighboring countries.

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Autoline Industrieds Ltd

Autoline Industries Ltd (AIL) started in 1995 as a partnership firm called ‘Autoline Pressings’ and
was incorporated in 1996. The company manufactures sheet metal components, assemblies, and
products like foot control modules, parking brakes, hinges, cab tilt mechanisms, and exhaust
systems for major automobile OEMs. Headquartered in Pune, AIL is a leading auto components
supplier with a presence in both domestic and international markets. Over the years, it has grown
into a medium-sized, well-established engineering and auto ancillary company.

Financial Performance: In Q1FY26, revenue stood at INR 1,515.1 Mn, a 0.5% increase over INR
1,507.5 Mn in Q1 FY25. EBITDA was INR 132.8 Mn, with an EBITDA margin of 8.8%, compared to
INR 150.1 Mn in Q1 FY25, reflecting an 11.5% decline. PAT for Q1 FY26 stood at INR 133.2 Mn

Operational Highlights: The company operates 5 units across Maharashtra, Uttarakhand,

Karnataka, and Tamil Nadu, with a combined steel processing capacity of 120,000 MTPA. Its
product portfolio includes over 3,000 items, such as small mechanical assemblies, exhaust
systems, and non-automotive assemblies

Business Divisions: The company offers comprehensive engineering and manufacturing services,
including product design, development, and validation. Its tool room specializes in press tool
design, formability analysis, and manufacturing. Mechanical assemblies include pedal control
systems, parking brakes, and door hinges, while stamping assemblies cover floor and door
assemblies, exhaust systems, and tubular structures

New Ventures & Products: In E-Mobility, the company has launched its ‘e-speed’ brand of e-
cycles, offering eight variants with integrated battery systems. On the expansion front, it has
received an offer from Tata Motors to set up a facility in Sanand, Gujarat, to supply automobile
parts.

Risks & Challenges: The company faces risks from raw material price volatility, particularly
fluctuations in steel prices, which can impact margins. Project implementation risks exist,
including potential delays in setting up new facilities or launching products. As the business is
closely tied to the automotive sector, industry cyclicality can affect performance. Additionally,
intense competition may put pressure on pricing and market share

Guidance: : The commissioning of Industry 4.0-enabled facilities in Sanand and Pune significantly
enhances production capacity and operational capabilities, positioning the company for future
growth. Order Pipeline: Autoline has a strong and diversified order book across its Auto
Components, Tooling, and Non-Auto divisions, reflecting solid customer confidence and sustained
market demand. FY26 Outlook: Full-year utilization of the new capacities, along with ongoing
efficiency improvements, is expected to further strengthen EBITDA, PBT, and PAT, supporting the
company’s strategic growth and diversification plans.

Arihant Capital Markets Ltd 39

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Aztec Fluids & Machinery Ltd

Founded in 2010 and headquartered in Ahmedabad, the company is a leading Indian provider of industrial
coding and marking solutions. Its core offerings include printers (CIJ, TIJ, DOD, Laser, TTO), specialty inks,
consumables, spares, and integrated track-and-trace software. With an installed base of over 5,000
printers, it serves more than 3,500 clients across 15+ countries. The company is also one of only two listed
players in India’s coding and marking industry.

Financial Performance: In FY25 (Standalone), Aztec reported revenue of INR 739 Mn, up 9% YoY. EBITDA
grew 27% to INR 114 Mn with a margin of 14.8%, while PAT rose 20% to INR 74 Mn, reflecting a margin of
9.6%. Return ratios were healthy with ROE at 14.8% and ROCE at 18.7%. Net worth stood at INR 500 Mn,
and debt-to-equity remained low at 0.1x.

Business Model & Strengths: Aztec offers integrated end-to-end solutions covering printers, inks,
consumables, software, service, and AMC. It follows a dual-brand strategy: Aztec for premium solutions and
Bee Jet (Jet Inks) for cost-competitive products catering to value-conscious clients. With the acquisition of
Jet Inks Pvt. Ltd., the company has achieved backward integration in ink manufacturing, enhancing margins
and ensuring better quality control. A significant portion of its revenue is recurring, driven by steady
demand for consumables and services.

Product Portfolio: Aztec’s product portfolio includes a wide range of printers such as CIJ, TIJ, DOD, PIJ,
handheld, Laser (CO₂ and Fiber), and TTO. The company also supplies specialty inks and consumables
including UV, invisible, pigmented, and retort inks, along with solvents, cleaners, and makeup fluids. Its
track-and-trace solutions feature AI-enabled serialization, ERP/MES integration, QR-code, and anti-
counterfeit systems. In addition, Aztec provides bundled software-hardware automation offerings to
support smart packaging and regulatory compliance.

Subsidiary – Jet Inks Pvt.Ltd.:In 2024, Aztec completed the 100% acquisition of Jet Inks Pvt. Ltd.,
strengthening its presence in South and East India with over 3,600 printers in operation. The acquired
company is well known for its Bee Jet brand of CIJ and TIJ printers. This move added more than 1,500
customers to Aztec’s base and expanded its distribution footprint into Nepal, Bangladesh, Africa, and Saudi
Arabia.

Manufacturing & Capacity: Aztec’s new assembly unit in Kanera, Kheda (Ahmedabad) became operational
in August 2024. Spread across 11,000+ sq. meters, it has a capacity of 50 printers per day and 3,000–4,000
liters of ink per day. The facility operates with 80% automation, following lean shop-floor practices. Around
3–4% of revenue is invested in R&D, focusing on new inks, software, and advanced track-and-trace systems.

Outlook: Aztec is positioned as a Make-in-India OEM with strong recurring revenues and a scalable model.
With Jet Inks’ integration, higher automation, and growing demand for track & trace compliance, the
company targets 20–25% CAGR top line growth over the next 3 years, with PAT margins sustained at ~9–
10%. Risks include intense competition from global players and dependence on consumables for margins,
but the backward integration and R&D investments provide a solid moat.

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B.R.Goyal Infrastructure Ltd

B.R. Goyal Infrastructure is an EPC and infrastructure developer with expertise across roads, highways,
bridges, buildings, waste water treatment, toll collection, RMC manufacturing, and residential plotting.
With a track record of over 30 completed projects and 37 ongoing projects across 10 states, the company
has diversified its portfolio into high-value EPC contracts, recurring toll income, and real estate
development.

Financial Performance : FY25 revenue was INR 5,151 mn versus INR 5,962 mn in FY24. EBITDA grew 27%
YoY to INR 412 mn, with margins improving to 8.1% (vs. 5.5% in FY24). PAT increased 15% YoY to INR 253
mn, with margins of 5.0% (vs. 3.7% in FY24). ROE stood at 16.7% and ROCE at 23.1%. Debt-to-equity ratio
remained comfortable at 0.39x. Cashflow from operations was negative INR 364 mn in FY25 due to higher
working capital, offset by financing inflows of INR 915 mn.

EPC Contracts : EPC remains the largest vertical with FY25 revenue of INR 3,710 mn. Order book stood at
INR 1,423 mn as of June 2025, comprising roads (INR 909 mn), buildings (INR 111 mn), and waste water
treatment (INR 167 mn). The company works with NHAI, NHIDCL, MORTH, PWD, and municipal
corporations, with execution spread across MP, Maharashtra, Gujarat, Mizoram, Manipur, and Uttar
Pradesh.

Toll Collection Contracts (TCC) : Toll business contributed INR 1,350 mn revenue in FY25 with ROCE of
24.1%. BRG Infra currently operates 10 toll collection projects across MP, Maharashtra, Haryana, Gujarat,
UP, Odisha, and Chhattisgarh. The model provides steady recurring income with over 500 personnel
employed in this vertical.

Residential Projects and Realty : Residential plotting projects in Indore continue to provide cash flow
unlocking potential, with 240,000 sq ft developed across Hill View I & II. The company has significant land
bank in MP and Maharashtra for future development.

RMC Manufacturing : The Indore plant has capacity of 180,000 m³/year. FY25 production was 52,823 m³
with 65% utilization, offering scope for incremental revenue growth.

Order Book and Execution : As of June 2025, consolidated order book was INR 1,423 mn, up 63% from
Sep 2024. Execution during Q1FY26 included INR 848 mn in roads, INR 96 mn in buildings, and INR 135
mn in toll. Remaining executable work stood at INR 1,423 mn.

Growth Drivers : Diversified portfolio across EPC, tolls, real estate, and RMC providing stability and
growth. Expanding presence in waste water treatment and water management, with potential for PPP
projects. Strong order book with high visibility and a large bidding pipeline. Government’s push through
NIP and Gati Shakti, and robust infra spending of INR 10 trillion in FY24, to support sector growth.

Outlook : BRG Infra is focused on expanding into high-value EPC contracts above INR 1,000 mn, toll
contracts in the INR 1,000–2,000 mn range, and new verticals like waste water and renewable energy.
With a strong order book, consistent margin improvement, and diversified revenue streams, the company
is well-placed to sustain growth and enhance profitability.

Arihant Capital Markets Ltd 41

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Baheti Recycling Industries Ltd

Baheti Recycling Industries Limited (formerly Baheti Metal & Ferro Alloys Ltd.), incorporated in 1994, is an
aluminium recycling company engaged in processing aluminium-based scrap to manufacture aluminium
alloys and de-ox products. With more than 30 years of industry experience, the company serves over 150
global customers across auto, steel, electrical, die-casting, and conductor industries.

Financial Performance: In FY25, Baheti posted revenue of INR 52,400 Mn vs. INR 42,900 Mn in FY24,
EBITDA of INR 4,060 Mn, and PAT of INR 1,800 Mn, with margins rising to 7.75% from 4.74%. Volumes were
18,160 MT, while 5-year revenue CAGR stood at 42.5% with EBITDA margins more than doubling.

Product Portfolio: Baheti manufactures recycled aluminium alloys in the form of ingots, cubes, shots, notch
bars, and de-ox alloys. These products are used across auto ancillary, automobile, engineering, electrical,
steel, and other sectors. The company is also expanding into zinc alloys and aluminium billets to diversify its
product mix and capture high-margin segments.

Manufacturing Capabilities: The company operates a state-of-the-art facility at Dahegam, Gujarat, spread
across 5 acres of land. Current infrastructure includes 3 rotary furnaces, 1 tilting rotary furnace with
Skelner, 7 electric furnaces of 700 kg each, and 8 furnaces of 300 kg each. Capacity utilization stood at 64%
in FY25. With systematic brownfield expansion, including replacing traditional rotary furnaces with TRFs and
Skelners, Baheti targets higher operational efficiency and 80–90% utilization within 2 years.

Clientele and industry presence: Baheti serves a diversified customer base across automotive, steel,
energy, electrical, engineering, and chemicals. Notable clients include Ashley Alteams, Uno Minda,
Samvardhana Motherson, Spark Minda, and Caparo India. The company is also pursuing aerospace
certifications, aiming to supply to this high-value sector in the near term.

Growth Strategy: Baheti is driving growth through brownfield expansion with advanced TRF + Skelner
furnaces, leveraging its IATF certification to supply Tier-1 automotive clients, and expanding into South India
and Europe. The company is diversifying into zinc alloys and aluminium billets for higher margins, while
sustainability measures like a 1.2 MW solar plant aim to cut energy costs by 60% and boost profitability.

Operational Performance: Baheti has steadily scaled operations from a capacity of 12,000 MT in FY21 to
29,160 MT in FY25, with plans to reach 34,000 MT by FY27. Actual production in FY25 was 18,160 MT, split
into 11,576 MT of aluminium de-ox and 7,034 MT of ingots. Capacity utilization was 63.8%, an improvement
from 62.9% in FY24, but lower than the 88–92% utilization achieved in FY22–23 due to rapid capacity
expansion. By FY27, production is expected to reach 28,900 MT, translating to 85% utilization.

Future Outlook: Baheti targets revenue of INR 110,000 Mn by FY28, supported by capacity expansion,
aerospace entry, geographic diversification, and efficiency-led growth. Additionally, management expects
annual energy savings of INR 12.5 Mn from the solar PV plant, supporting profitability improvement. With
these initiatives, Baheti aims to combine scale, efficiency, and diversification to achieve its FY28 revenue
milestone while maintaining sustainable margin expansion.

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Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Bajaj Steel Industries Ltd
Bajaj Steel Industries, a multi-product engineering company, has steadily evolved from being a global
leader in cotton ginning machinery to a diversified player across pre-engineered buildings (PEBs), electrical
panels, heavy engineering, and other industrial products. With a strong global footprint spanning 60+
countries, long-standing client relationships, and healthy financial strength, BSIL continues to invest in
capacity expansion and innovation to drive sustainable growth.

Financial Performance
In Q1 FY26, revenue declined to INR 1,080 Mn (vs. INR 1,410 Mn YoY) due to deferred orders in the cotton
processing machinery segment as client sites were not ready. EBITDA stood at INR 140 Mn with margins at
12.6% (vs. 15.5% YoY), while PAT came in at INR 70 Mn (vs. INR 350 Mn YoY, which included a one-time
INR 270 Mn dividend from the US subsidiary). Despite short-term headwinds, other business segments
posted healthy YoY growth: Infrastructure (+44%), Electrical Panels (+36%), and Heavy Engineering
(+74%). The order book remained strong at INR 5,630 Mn as of June 30, 2025, providing revenue visibility.

Order Book & Growth Visibility

Cotton processing machinery continues to be the largest division (FY25 revenue share: 66%), with an
order book of INR 4,400 Mn. Infrastructure contributed 15% of FY25 revenue with an order book of INR
600 Mn, while electrical panels (9% of revenue) and heavy engineering (7%) together accounted for INR
530 Mn in orders. The company is also scaling its Other Products portfolio, including fire-fighting systems,
specialty conveyors, and HVAC solutions. Planned capex of INR 3,000–3,500 Mn over 2–3 years will
strengthen PEBs, electrical panels, and heavy engineering divisions, enabling long-term diversification.

Business Mix & Global Presence

Exports account for more than 50% of BSIL’s cotton machinery revenue, with a presence across 60+
countries and subsidiaries in the USA, Brazil, and Uganda. Domestically, BSIL executes PEB projects for
clients such as Nuclear Fuel Complex, Maha-Metro, and Indian Oil, while also supplying aerobridges,
biomass pellet machinery, and electrical panels. The diversified portfolio reduces dependency on the
cyclical cotton machinery business and builds multi-sector resilience.

Balance Sheet & Liquidity

BSIL maintains a conservative balance sheet with net debt-to-equity at -0.05x as of FY25 and strong credit
ratings (CRISIL A/Stable, A1). Operating cash flows of INR 524 Mn in FY25 comfortably support capex
requirements. Shareholders’ funds stood at INR 3,870 Mn, while borrowings remain modest, reflecting
ample financial headroom for growth.

Strategic Developments
• Partnership with Schneider Electric and ABB in electrical panels, alongside Mitsubishi in HVAC solutions,
strengthens technology access and credibility.
• Launch of the “Rapid” High-Speed Rotobar Gin with 2–3 bales/hour capacity and automated leather
washer removal system highlights focus on innovation and efficiency.
• Delivered 600 TPH stacker in heavy engineering and 12 PEB projects in Q1 FY26, including a marquee
order for Spacewood.
• Subsidiaries and exports remain key growth pillars, supported by investments in R&D and technical
collaborations (e.g., CIRCOT-ICAR).

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Balaji Telefilms Ltd
Incorporated in 1994, Balaji Telefilms Ltd is one of India’s leading entertainment companies, engaged in the
production of television content, films, digital content, and event management. The company also operates
a subscription-based OTT platform (ALTBalaji) and has expanded into both B2C and B2B digital content
businesses. Its diversified operations span across multiple formats, including long-running TV serials, motion
pictures, and original digital shows, catering to both domestic and international audiences.
Financial Performance: For FY25, revenue declined to INR 4,530 Mn from INR 6,250 Mn in FY24. Loss
before tax was INR 102 Mn, while PAT rose to INR 846 Mn (vs INR 194 Mn YoY), translating into a PAT
margin of 18.67%. EPS for the year was 8.41.
Netflix Collaboration: A major development in June 2025 was the announcement of a long-term creative
partnership with Netflix. This multi-year arrangement, spanning 3–7 years, will cover direct-to-OTT movies,
telenovelas, reality-based shows, and binge-worthy drama formats. This partnership builds on past
successful collaborations such as Kathal, Pagglait, Jaane Jaan, and Dolly Kitty Aur Woh Chamakte Sitare. The
finer details of the deal are expected to emerge over the coming quarters.
Segmental highlights:
Digital Business:
● The platform has grown its active subscriber base to over 2 Mn. Its content library now includes 170
originals, with 11 new shows launched during the quarter. Viewer engagement continues to be
robust with 17.49 Bn minutes watched and 1.79 Bn total views.
● The company is transitioning from a pure subscription video-on-demand (SVOD) model to a hybrid
model combining SVOD and ad-supported video-on-demand (AVOD). This includes the launch of
“Kutting,” a short, vertical content platform aimed at capturing new-age consumption patterns.
● In FY25, the digital business generated INR 510 Mn in revenue but posted an EBITDA loss of INR 280
Mn, largely on account of non-cash content amortization. Management expects the digital segment
to become the company’s second-largest revenue driver within 2.5–3 years, overtaking television.

Television Business: The television segment is back to near pre-COVID volumes, with 133 hours of content
produced in Q4 and 4 shows currently on air. However, realizations remain subdued. Revenue per episode
has stabilized sequentially but continues to be 25% below pre-COVID levels, with no price hikes expected.
The company recently launched Bade Achhe Lagte Hain Phir Se (Sony) and Kyunki Saas Bhi Kabhi Bahu Thi
(Star Plus/Jio Hotstar). Discussions are ongoing with Colors for new shows, potentially including Naagin.
Movies and Motion Pictures: The movie pipeline includes Vrushabha (starring Mohanlal, slated for Diwali
2025 release), Bhoot Bangla (featuring Akshay Kumar, directed by Priyadarshan, currently in post-
production), and Vvan (a collaboration with TVF starring Sidharth Malhotra). Management expects to
release 3–6 films annually and has plans to greenlight 4 additional movies before year-end.
Order Book and Revenue Visibility: The company has secured a digital B2B order book worth over INR
3,000 Mn with leading platforms such as JioHotstar, Netflix, Amazon, and Sony. Management expects to
deliver at least INR 1,000 Mn annually from this pipeline.
Outlook: The company is leveraging its storytelling heritage and production expertise to capture
opportunities in the OTT boom. De-risked movie production, expansion into regional and short-form
formats. Margins in TV will remain under pressure, and while digital B2B margins are lower than historical
TV levels (25–30%), growth in digital volumes and the order book provide visibility. The company
differentiates itself as a storyteller and IP owner, with scalable and cost-efficient content creation. Early
adoption of AI in content creation further enhances this positioning.

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Basilic Fly Studio Ltd

Established in 2013, Basilic Fly Studio Limited (BFS) delivers end-to-end VFX solutions, including asset
creation, FX simulation, animation, compositing, and VFX supervision. Its client base exceeds 390
production houses, including Tier 1 global players such as Netflix, Amazon, and Sony. The company has
expanded from a small team of six professionals into a global network of over 800 artists.

Financial Performance: The company delivered strong 3x revenue growth in FY25, with consolidated
revenues of INR 3,061 Mn versus INR 1,058 Mn in FY24. EBITDA grew 20.1% YoY to INR 627 Mn, while
PAT rose 24.8% YoY to INR 456 Mn. Adjusted PAT, excluding INR 40.3 Mn of M&A related expenses,
stood at INR 486 Mn, up 33.1% YoY. The company turned operating cash flow positive at INR 96 Mn,
compared to negative INR 280 Mn in FY24, aided by better collections at the UK subsidiary. DSO
improved significantly from 122 days to 78 days, supported by timely payments from premium global
clients.

Business Expansion: The acquisition of One of Us (OOU), a London-based VFX studio, in 2024 has
significantly strengthened company’s global presence and creative capabilities. OOU contributes ~ INR
2,410 Mn in revenue, giving it immediate access to a premium client base and enhancing profitability
through cost efficiencies and offshoring to India.

Order Book & Pipeline: The order book surged by 40% between Nov 2024 and Jan 2025, reaching INR
3,000 Mn. By Mar 2025, ~37% (INR 1,100 Mn) of this was executed and accounted in financials. As of
May 2025, the UK subsidiary’s order book stood at INR 2,900 Mn, supported by a healthy monthly run-
rate of INR 350–400 Mn. This strong pipeline is expected to support growth in FY26, with management
guiding for revenues of INR 4,500–5,000 Mn and a 2–3% improvement in margins, driven by higher
offshoring and technology integration.

Industry Outlook: The global VFX industry is projected to grow from USD 26.3 Bn in 2021 to USD 48.9 Bn
by 2028 at a CAGR of 10.9%. India’s VFX sector, despite a 9.4% dip in 2024 due to global headwinds, is
expected to recover strongly with a 13% CAGR through 2027, reaching INR 147 Bn. Growth is being
driven by rising OTT content, immersive experiences (VR/AR), and government incentives such as tax
rebates in France, the UK, and India. India is emerging as a global hub for outsourcing, offering
competitive talent and cost advantages.

Client Base & Partnerships: The company serves 390+ global clients, including top-tier studios like
Netflix, Amazon, Sony, Warner Bros, Disney, and MGM. BFS has delivered over 11,300 projects, including
1,100+ movies, 2,100+ series, and 8,100+ commercials. Client testimonials highlight BFS as a trusted,
high-quality, and on-time delivery partner, with repeat engagement across projects.

Outlook: With a healthy order book, growing international presence, and enhanced capabilities through
the OOU acquisition, the company is targeting revenue of INR 4,500–5,000 Mn in FY26. Margin expansion
is expected through offshoring, technology integration, and operational efficiencies.

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Best Agrolife Ltd

Best Agrolife is an Indian agrochemical company focused on branded formulations, patented combinations
and a growing export/technical business. It sells through a large dealer network (~10,000+ dealers), has
multiple manufacturing sites and a broad portfolio of formulations and patented products.

Financial Highlights: In Q1FY26, Best Agrolife reported revenue of INR 3,810 Mn. EBITDA stood at INR 460
Mn, translating into a margin of around 12%, while PAT was INR 200 Mn, with a margin of about 5%.

Operational highlights-

● The company has shifted from a push model to a pull model, focusing on lower early placements in
June and more in-season sales aligned with farmers’ purchase timing. While this led to a softer top
line in Q1, it improved the quality of margins.
● Patented products now account for a significantly higher share of branded sales, rising to about
45% in Q1 from 29% a year ago, making them a key driver of margins.
● Sales returns declined sharply in Q1FY26, falling to about INR 130 Mn compared to INR 350–400
Mn in the same quarter last year. However, management has conservatively maintained a INR 500
Mn provision for returns.
● Inventory levels have come down from prior peaks but still stood at around INR 8,000 Mn as of
June 2025. Management expects this to be gradually liquidated over the course of the season.

Products, R&D & international push: In Q1, Best Agrolife launched several patented formulations, including
Shot Down , Best Man , and Fetagen , and secured two new patents along with targeted FIM
registrations. These patented launches remain central to the company’s margin strategy. Management is
also actively pursuing product registrations and trials in overseas markets such as Africa, Sri Lanka,
Australia, Brazil, and Southeast Asia, with the aim of scaling exports over the next few years.

Key risks to monitor -

● Seasonality & Monsoon Variability – With the shift to in-season sales, the timing and distribution
of monsoon rainfall now has a greater impact on sales performance.
● Sales Returns / Distributor Behaviour – Although sales returns declined sharply in Q1, the company
continues to maintain a high conservative provision of ₹50 crore. The actual reversal or utilisation
of this provision needs to be monitored.
● Patent & Registration Delays – Global registration processes are lengthy, which may delay the
scale-up of exports despite strong efforts in overseas markets.
● Competition & Pricing Pressure – Domestic formulations remain highly competitive, with the risk of
product substitution by larger agrochemical players

Outlook & Guidance : Management has given a conservative revenue target of about INR 16,000–17,000
Mn for FY26–27, with expectations of sustaining EBITDA margins above 15% supported by stronger in-
season sales and higher contribution from patented products. The company has also planned a capex of
around INR 900 Mn, partly funded through term debt of about INR 600 Mn, with benefits from this new
facility expected to start flowing in from FY27.

Arihant Capital Markets Ltd

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Black Box Ltd
Black Box is a global digital infrastructure integrator delivering network and system integration, data
center build-out, modern workplace, and cybersecurity solutions. With 30+ technology partnerships,
3,600 representatives, 75 support centers, and operations across 35 countries, the company services over
1,000 customers, including 120+ Fortune 500 firms.

Portfolio Offering: Revenue contribution in FY25 was led by global solutions integration (85%), technology
product solutions (13%), and support services (2%). Solutions cover connectivity infrastructure, data
centers, networking, workplace modernization, and cybersecurity, along with IoT, AV systems, consulting,
and professional services.

Diversification: The company maintains a diversified model across geographies and industries. North
America contributed 66% of revenues, followed by APAC (12%), Europe (10%), India (6%), MEA (4%), and
Latin America (3%). Industry-wise, technology and financial services each contributed 22%, healthcare
10%, consumer & public services 22%, commercial & industrial 12%, and distributors & others 12%. Client
concentration is low, with over 1,100 active clients, including 14 generating over `500 Mn.

Financial Highlights: Q1FY26 revenue was INR 13,870 Mn, down 3% YoY, due to client delays in
equipment procurement linked to tariff uncertainty. EBITDA came in at INR 1,160 Mn, up 1% YoY, with
margins up 30 bps YoY to 8.4% but down sequentially on weaker fixed-cost absorption. PAT rose 28% YoY
to INR 470 Mn, with margin expansion of 80 bps to 3.4%, aided by lower exceptional costs and taxes.

Strategic Position in Data Centers and Hyperscalers: Data center orders are expected to form 20–25% of
FY26 bookings (~$200 million). The company engages with hyperscalers both directly and through master
contractors, with contracts across the US and Europe. It is evolving from a transactional systems integrator
into a strategic partner in AI infrastructure, Edge Computing, and Sovereign Cloud. Focus is shifting toward
annuity-like, long-term managed services and multi-year contracts. The US remains the largest market,
while India is approached cautiously due to lower margins but also serves as a global capability center
with 500+ staff.

Strong bookings and healthy pipeline visibility: Q1FY26 order booking was USD 176 Mn, broadly flat
versus Q4FY25, with 2/3 being high-value deals. Key wins included projects from a US financial services
giant, a top OTT player in Latin America, hyperscalers, co-location providers, a US city transport authority,
a major public services organization, and a leading US research university. Backlog rose to USD 518 Mn at
Q1-end (vs USD 504 Mn at FY25-end), with a target of USD 700 Mn by FY26-end.

Tariff Uncertainty and Client Procurement Delays: Tariffs are passed through to clients, so margins are
insulated, but customer spending decisions are delayed as they await clarity. Shortages in servers,
networking gear, and cables (notably copper-related in the US) have delayed project execution and
revenue recognition. Management believes 90% of US tariff issues are resolved, while only a few
countries (China, India, Brazil) still face uncertainty.

Outlook: Sequential growth of 15–20% in both revenue and order book is expected from Q2FY26
onwards. Full-year targets include USD 1 Bn in bookings and a USD 700 Mn backlog. EBITDA margin
guidance for FY26 remains unchanged at 9–9.2%. Exceptional items of INR 400–500 Mn are expected in
FY26 due to restructuring, normalizing thereafter.

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BLS International Services Ltd.

Founded in 2005 and headquartered in New Delhi, BLS International (NSE & BSE: BLS) is a global tech-
enabled service provider operating across two key segments: visa and consular services, and digital citizen
services in India. The company partners with 46 client governments and operates in over 70 countries,
having processed more than 360 Mn applications. In India, it has a strong network of 1,44,000+ service
touchpoints, including 45,000+ business correspondents and 1,000+ e-stores. BLS is among the top two
global players in outsourced visa and consular services, holding a 17% global market share by value.

Financial Highlights: The company reported revenue of INR 7,110 Mn in Q1FY26, up 44% YoY. EBITDA up
53% to INR 2,040 Mn with a margin of 28.7%, while PAT grew 50% to INR 1,810 Mn with a margin of 25.5%.
Growth was driven by acquisitions and a shift to a self-managed model, which improved efficiency.

Business Segments:

● Visa & Consular Services: The company’s core business operates under long-term exclusive
contracts of 5–10 years, offering services such as visa outsourcing, passport renewal, attestation,
biometrics, and e-visas, along with value-added offerings like courier, insurance, and SMS alerts.
● Digital Services (via BLS E-Services Ltd.): The company provides last-mile banking and citizen-
centric services, including Aadhaar, PAN, Ayushman Bharat, land records, business correspondent
services, and assisted e-commerce.
Geography Split: BLS International has a well-diversified global presence. Europe is the largest contributor
(40%+ revenues) due to long-term Schengen visa contracts and the iDATA acquisition. Asia & Middle East
contribute ~35%, led by India, UAE, Saudi Arabia, and other Gulf countries. North America accounts for
15%, boosted by the Citizenship Invest acquisition, targeting residency and citizenship programs. The India
digital services business adds 10%, supported by 1.44 lakh service touchpoints and strong penetration in
rural/semi-urban markets
Acquisitions: BLS has diversified its business through strategic acquisitions. iDATA in Europe expanded its
visa outsourcing presence with new government clients, while Citizenship Invest in Dubai marked its entry
into residency and citizenship-by-investment programs for HNWIs across Europe, the Middle East, and the
Caribbean. In India, Aadifidelis Solutions, a loan origination and distribution platform disbursing over INR
15,000 Mn of loans per month through 8,600+ partners, has strengthened its digital and financial services
portfolio. These acquisitions broaden revenue streams and add new growth drivers across global visa
services, financial services, and HNI advisory

Key Strengths: BLS operates an asset-light, cash-generative model built on exclusive long-term contracts
with 46 governments. It is a top-two global leader in visa outsourcing, backed by a strong net cash balance
sheet and scalable operations enabled by AI, biometrics, and blockchain solutions. The company also has a
proven track record of successful acquisitions, further strengthening its global leadership.

Outlook: The company is well-positioned to benefit from industry tailwinds, with the global travel industry
projected to grow at 8% CAGR (2024–29) and visa outsourcing at 14% CAGR. Key growth levers include
expansion in Europe and Asia-Pacific, bidding for USD 1–2 bn contracts up for renewal, scaling Aadifidelis
loan distribution, and growing the HNI-focused Citizenship Invest business. Margins are expected to stay
strong, supported by the self-managed model and operating leverage. Management’s goal is to sustain
leadership in visa outsourcing while diversifying into digital services and financial products.

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BMW Industries Ltd

BMW Industries (founded in 1981) is a major steel processing company in India. It partners with leading
steel makers like Tata Steel and specializes in value-added steel products such as HRPO coils, cold-rolled
coils, galvanized and color-coated sheets, pipes, tubes, and TMT rebars.
It runs large manufacturing facilities for cold rolling, galvanizing, and tube-making, mainly in Eastern India.

Financial Performance: In Q1FY26, Revenue of INR 1,487 Mn, a 14% decline YoY due to a temporary
shutdown at a key customer. Despite this, the company maintained healthy profitability with EBITDA of
INR 314 Mn, translating to a margin of 21.2% compared to 24.4% in the previous year. Net profit stood at
INR 152 Mn, with a PAT margin of 9.9%. The balance sheet remains strong with a low net debt-to-equity
ratio of 0.22, while ROE stood at 8.2%, reflecting efficient capital utilization.

Business Segments-

● CRM Complex (Cold Rolling & Processing) – Core contributor with steady long-term demand.
● Rolling Mill (TMT Bars) – Supplies to construction and infrastructure projects.
● Pipes & Tubes – High-growth segment, expanded to 600,000 MT capacity in FY26.
● Logistics & Others – Provides support services like warehousing and logistics.

Geographic Presence: BMW Industries has a strong operational base in Eastern India with facilities in
Kolkata, Jamshedpur, and Bokaro, supported by a growing distribution network that is expanding its reach
across the country. Looking ahead, the company plans to tap international markets by entering exports
once its Bokaro Greenfield project stabilizes, further strengthening its growth trajectory.

Expansion Plans: The Company Industries is executing major growth initiatives to strengthen its product
mix and future revenues. The Bokaro Greenfield Project, with an investment of INR 8,030 Mn and
recognition under the Government’s PLI scheme for specialty steel, will produce cold rolled, galvanized,
galvalume, ZAM, and colour-coated steel. It is expected to begin revenue contribution by Q4FY26 and
achieve full ramp-up by FY28. In addition, the company has doubled its pipes and tubes capacity to
600,000 MT, supported by contracts worth INR 3,650 Mn extended till H1FY27. On the sustainability front,
BMW has also installed a 1.28 MW rooftop solar plant at Jamshedpur to lower power costs and enhance
green energy adoption.

Manufacturing Capacity & Utilisation Data-

CRM Complex (Cold Rolling, Galvanizing, etc.) – Installed capacity of 10,14,000 MT, running at 76.9%
utilization.
Rolling Mill – TMT Bars (Unit 1) – Installed capacity of 1,80,000 MT, operating at a high 92.9% utilization.
Rolling Mill – TMT Bars (Unit 2) – Installed capacity of 1,20,000 MT (newer/expansion unit).
Pipes & Tubes – Installed capacity of 5,34,000 MT, currently at 33.5% utilization (scope for scaling up).

Outlook: In the short term, BMW Industries expects business to recover as its key customer plants restart,
which should also help margins stabilize. Over the medium term (FY26–28), the company is targeting very
strong growth, with revenues expected to rise at around 75% CAGR, mainly driven by the ramp-up of its
new Bokaro project. In the long run, BMW plans to focus more on value-added steel products, expand
further across India, and strengthen its downstream operations. Management is confident of delivering
about 40% profit growth (PAT CAGR) and achieving a healthy ROCE of over 18% by FY28.

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Brand Concept Ltd

Founded in 2007, Brand Concepts Limited is a leading player in the fashion and lifestyle accessories segment
in India. The company operates through licensing, distribution, and franchisee arrangements with global
brands, alongside developing its own portfolio. It has expanded across travel gear, handbags, small leather
goods, and now luxury fashion. The business model integrates brand partnerships with retail expansion,
supported by in-house manufacturing for select categories.

Financial Performance:
In Q1FY26, Reported revenue from operations stood at INR 716.9 Mn, a 6.8% YoY decline and 0.9% QoQ.
The company’s adjusted EBITDA stood at INR 38.4 Mn, translating into a margin of 5.4%, compared to
11.4% in Q1FY25. The subdued performance was primarily due to sluggish demand in the luggage category,
pricing pressures, and higher operating costs linked to new store openings, talent additions, and marketing
investments. Net loss of Q1 stood at INR 27.2 Mn, compared to a profit of INR 17.6 Mn in Q1FY25.

Product Portfolio:
The company offers products across multiple categories:
● Travel Gear: Luggage (hard and soft), backpacks, duffle bags, and rucksacks.
● Women’s Handbags and Accessories: Cross-body bags, totes, clutches, and wallets.
● Small Leather Goods (SLG): Belts and wallets for men and women.
The company holds exclusive licensing and distribution rights for several global brands including Tommy
Hilfiger, United Colors of Benetton, Juicy Couture, Off-White, and Aeropostale. It also owns in-house brands
like Sugarush (affordable women’s fashion accessories) and The Vertical (outdoor backpacks).

Retail and Distribution Footprint:

The company operates through exclusive brand outlets (EBOs), large-format retail (LFR), and institutional
channels. Like-to-like growth in EBOs stood at about 12% in Q1FY26, while institutional and distribution
channels saw temporary softness.

Manufacturing and Supply Chain:

The company has recently established a state-of-the-art hard luggage manufacturing facility with an in-
house quality control lab. The plant became fully operational in July 2025 and is expected to ramp up
capacity in the coming months. Soft luggage manufacturing expertise has been consolidated through
international partnerships, while small leather goods are largely sourced in India, and women’s handbags
continue to rely on China. The company also set up a new 102,000 sq. ft. warehouse with high-density,
scalable storage, supporting efficient logistics and fulfillment.

Recent Developments:
The company signed exclusive distribution agreement with Off-White, marking entry into luxury streetwear
and launched Juicy Couture in India with an encouraging response. It opened new stores in marquee
locations, including Oberoi Mall and Mumbai T2 Airport and commenced full-scale production at its hard
luggage plant. The company adjusted pricing strategy in June 2025, which drove a strong recovery in sales
(June contributed 40% of Q1 revenue).

Outlook:
Growth recovery is expected from Q2FY26 onwards, driven by new brand launches, expansion in high-
footfall retail locations, and improved manufacturing integration. While margin pressures from pricing
adjustments may persist in the near term, these are expected to be offset by cost efficiencies from in-house
production and top-line growth. The company aims to scale its presence in both premium and luxury
segments while strengthening its retail identity through Bagline.

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BSL Ltd
BSL Limited, founded in 1971, is a well-known textile manufacturer producing a wide range of fabrics and
yarns. The company makes synthetic, worsted, and cotton yarn along with suiting and furnishing fabrics. It
supplies to 60+ countries and is the leading furnishing fabric supplier to IKEA. The company employs about
2,500 people across its 45-acre campus and produces more than 20 Mn meters of fabric annually under
ISO-certified standards.

Financial Performance: In Q1FY26, the company reported revenue of INR 1,580 Mn, up by 1.6% QoQ and
down by 3.6% YoY. EBITDA stood at INR 126 Mn with an 8% margin. Net profit was INR 5 Mn, up 64% QoQ
due to better efficiencies but lower than last year mainly because of softer demand and pressure on
export realizations. For FY25, revenue was INR 6,680 Mn with an EBITDA margin of 9% and PAT margin of
1.2%.

Business Segments: In Q1FY26, yarn contributed the largest share at 49%, followed by fabric at 34%,
furnishing at 12%, and others at 5%. This diversified mix helps the company withstand demand
fluctuations in any single segment.

Production Facilities and Capacity: The company has a fully integrated manufacturing setup that covers
spinning, weaving, processing, and finishing under one roof. The facility is spread across ~45 acres and is
equipped with global technologies. The production capacity includes 178 looms for fabrics, 10,124
spindles for worsted yarn, 20,544 spindles for synthetic yarn, 29,184 spindles for cotton yarn, and 400
vortex positions. In addition, the company has the ability to process 28.8 Mn meters of fabric and dye
2,352 MT of tops, fibers, and yarns every year.

Business Verticals:
● Suitings: The company provides premium suiting fabrics for both domestic and international
markets. Its product range includes PV fabrics, PW fabrics, and TR fabrics, which are positioned
across both mass and premium customer segments.
● Furnishings: It offers a wide range of products, from soft furnishing and upholstery fabrics to high-
end silk fabrics. BSL supplies furnishing fabrics to global retail giants, with IKEA being its largest
customer. This vertical has become a key driver of export growth.
● Yarn: The company produces yarns that form the base for high-quality fabrics. The company
makes polyester-viscose yarn, poly-wool yarn, cotton yarn, and vortex yarn using advanced
technology. These yarns are recognized for their craftsmanship and are used to create elegant and
exclusive fabrics both in India and overseas markets.

Growth Drivers: The Indian textile and apparel market is expected to grow 10% annually to reach $350 Bn
by 2030. The India–UK Free Trade Agreement signed in FY26 is also expected to boost exports.
Additionally, the company has invested in a cotton spinning project with 29,184 spindles producing ~700
tons per month, which ensures steady raw material supply.

Outlook: The company aims to strengthen its presence in both domestic and international markets,
supported by policy benefits, free trade agreements, and rising demand for sustainable textiles. It plans to
continue focusing on cost control, automation, and expanding its high-value product portfolio. While near-
term challenges remain due to global demand softness, its diversified product base, export reach, and
focus on innovation position it for steady long-term growth.

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Bulkcorp International Ltd

Established in 2009, Bulkcorp International Ltd is engaged in manufacturing and exports of

flexible intermediate bulk containers (FIBCs), woven sacks, and related packaging products. The
company operates from Gujarat, India, and caters to both domestic and international markets
with a strong export orientation.

Financial Performance (FY25):

Revenue from Operations: INR 6,038.4 Mn (vs. INR 4,516.6 Mn in FY24)
Other Income: INR 89.2 Mn
Total Income: INR 6,127.6 Mn
EBITDA: INR NA (not disclosed directly)
Profit Before Tax (PBT): INR 477.6 Mn (vs. INR 474.6 Mn in FY24)
Net Profit (PAT): INR 352.1 Mn (vs. INR 350.2 Mn in FY24)
EPS: INR 5.16 (basic & diluted)

Strategic Initiatives:
Successfully completed an IPO in Aug 2024, increasing paid-up capital to INR 751.4 Mn.
Plans to scale up exports (foreign exchange earnings INR 4,811.7 Mn in FY25).
Focus on expanding production capacity and operational efficiency to cater to rising global
demand.

Strengths:
Strong presence in international markets (foreign exchange earnings ~80% of revenue).
Diversified product portfolio across packaging solutions.
Healthy financial position with Reserves & Surplus of INR 2,349.0 Mn as of FY25.
Experienced management with deep domain expertise.

Risks & Challenges:

High dependence on export markets exposes the company to forex volatility.
Raw material price fluctuations (polypropylene granules) may affect margins.
Intense competition in the packaging industry from both domestic and global players.

Future Outlook:
The company expects sustained demand from export markets, supported by global packaging
needs.
Growth to be driven by capacity expansion, new customer acquisitions, and stronger global
distribution.
Directors are optimistic of higher revenue and profit growth in FY26 with continued export-led
momentum.

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Canarys Automations Ltd
Canarys Automations Limited is a leading IT solutions provider with over 30 years of experience in the
industry, specializing in digital transformation services through digitalization, modernization, automation,
and intelligence solutions. Headquartered in Bengaluru with operations across India, USA, and Singapore,
the company serves 1,000+ customers across 10+ countries through its team of 430+ technology
professionals. The company recently completed a strategic acquisition of 51% stake in US-based Fortira Inc.
for USD 2.55 million in April 2025, marking its expansion into the North American IT solutions market. The
company offers comprehensive solutions including AI/ML, cloud services, DevOps, RPA, and proprietary
products, serving industries such as BFSI, Healthcare, Manufacturing, IT, Retail, and Infrastructure.

Financial Performance: In FY25, Canarys reported total income of INR 906 million compared to INR 763
million in FY24, representing strong growth of 19% year-on-year. Revenue from operations reached INR 891
million versus INR 750 million in FY24, showing an 18.8% increase. EBITDA for FY25 was INR 141 million
with a margin of 15.5%, compared to INR 136 million and 17.8% margin in FY24. The company maintained
healthy profitability with PAT of INR 83 million and margin of 9.2% in FY25, versus INR 80 million and 10.5%
margin in FY24. EPS for FY25 was INR 1.39 compared to INR 1.72 in FY24. Cash flow from operations turned
positive at INR 38 million in FY25 after being negative for previous years.

Business Operations and Market Presence: Canarys operates through two main segments - Technology
Solutions contributing 66% of revenue (INR 591 million) and Water Resource Management contributing
34% (INR 300 million) in FY25. The Technology Solutions division handled 248 projects with 115 clients,
achieving average revenue per project of INR 3.6 million. The company maintains a robust order book of
INR 1,650 million, with Technology Solutions contributing INR 1,050 million and WRM contributing INR 600
million. In FY25, the company added 63 new logos across 15+ sectors and expanded its solution suite with
25 new solutions. The company has strategically decided to reduce focus on WRM due to elongated
working capital cycles, implementing revised payment terms with 60-70% upfront payments versus 40%
earlier.

Growth Drivers:
•Strategic expansion into North American market through Fortira Inc. acquisition enhancing AI, data, and
cybersecurity capabilities
•Comprehensive portfolio of 10+ proprietary products and solutions with strong partnerships including
Microsoft Gold Partner and GitHub Verified Partner
•Strong operational metrics with improved revenue per employee reaching INR 1.6 million and reduced
attrition at 14%
•Global presence across 3 countries serving 10+ countries with expanding international footprint
•Investment in AI/ML solutions and digital transformation capabilities aligning with market trends

Future Outlook: The global digital transformation market presents significant opportunities valued at over
USD 500 billion, with AI and cloud adoption growing at 50%+ CAGR. Canarys is well-positioned to capitalize
on this growth through its Vision 2028 strategy focusing on category leadership in 3-4 niche technology
solutions, global expansion across North America, Europe, and APAC, and transformation from solutions to
product-based offerings. The company's strategic acquisition of Fortira enhances its presence in the
lucrative North American market while strengthening capabilities in financial services, healthcare,
telecommunications, and pharma sectors. With improved payment terms in WRM contracts, strong cash
flow generation, and focus on high-margin Technology Solutions, Canarys is positioned for sustainable
growth in the expanding digital transformation landscape.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Capital Small Finance Bank Ltd
Capital Small Finance Bank is a retail-focused small finance bank with strong presence in Punjab and
expanding footprint across North India. The bank operates a granular, secured lending model with 99.8% of
its loan book secured, targeting middle-income customers through 195 branches across 5 states and 2 UTs.
CSFB's core focus areas include MSME lending, agriculture finance, mortgage products including LAP, and
corporate lending, with zero direct exposure to high-risk MFI segments. The bank maintains a low-cost
deposit franchise with 74% of deposits sourced from semi-urban/rural branches, reflecting its retail-centric
approach and strong community banking model in its core markets.

Financial Performance Highlights

Total deposits grew to INR 911 bn with healthy CASA ratio at 35.9%. Gross advances reached INR 743.7 bn
with MSME portfolio as key growth driver, followed by LAP within mortgage segment. NIM held steady at
4.1% despite declining interest rate environment. Operating profit grew 24% YoY driven by 38% increase in
non-interest income to INR 234 mn. PAT stood at INR 320 mn with ROA at 1.2%, while cost-to-income ratio
improved to 60.5%.

Asset Quality & Operational Developments

Asset quality remains robust with gross NPA at 2.7% and net NPA at 1.4%. SMA1+SMA2 improved to 5.47%
from 6.42% YoY, indicating better portfolio quality and early delinquency control. Credit costs at 0.37%
included temporary 0.19% spike from NBFC/MFI exposure, which management emphasized as isolated and
non-systemic. The bank maintains 50% plus provision coverage ratio across segments with 89% of portfolio
secured by immovable property or FDRs. Branch network expansion continues with plans to add 20-25
branches in FY26, including entry into one new state. Haryana remains key focus area with 13 additional
branches planned in 12-15 months following contiguous expansion strategy. Capex for branch expansion
and technology infrastructure is expected to support geographic diversification, with Punjab's share of loan
book reducing from 82.7% to 77.4% as out-of-Punjab operations gain traction.

Strategic Initiatives & Business Outlook

Geographic diversification accelerating with out-of-Punjab deposit CAGR at 35.7% over FY21-25 period.
MSME and LAP growth engines are fully firing per management, while agri portfolio expected to return to
double-digit growth with Punjab as main lever. RBI's PSL requirement reduction from 75% to 60% provides
flexibility to grow non-PSL segments notably LAP and optimize risk-reward profile. Digital initiatives and ERP
systems supporting operational efficiency gains. Average loan ticket size maintained at INR 1.66 mn with
disbursement mix focused on secured and granular lending across MSME 28%, Large Corporates 23%,
Mortgage 21%, and Agri 20%.

Future Outlook
Management targets 20% loan growth for FY26 with deposit growth calibrated to support advances and
improve credit-deposit ratio to 80.9%. NIM guidance maintained at 4.1% supported by increased fixed-rate
loan book now at 47.4% and higher CD ratio. ROA/ROE improvement expected as leverage increases, with
management targeting pre-IPO ROE levels of 13-14%. Credit costs excluding Q1 NBFC/MFI slippage guided
at 0.1-0.2% for remainder of FY26. Non-interest income growth to be driven by advances, payments,
bancassurance, and treasury channels. Geographic expansion in Haryana positioned as making it the next
Punjab, while maintaining disciplined execution on secured lending, deposit franchise expansion, and risk
management across all business verticals.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Capri Global Capit Ltd
Capri Global is a diversified Non-Banking Financial Company (NBFC) with operations across MSME lending,
affordable housing, construction finance, and car loan distribution. The company also entered the gold
loan business in August 2022. Beyond financial services, Capri Global owns the UP Warriorz, a women’s
professional cricket franchise based in Lucknow that competes in the Women’s Premier League (WPL).

Financial Performance: Q1FY26 with AUM of INR 247,538 Mn, reflecting a robust 41.8% YoY growth.
Disbursements during the quarter stood at around INR 84,581 Mn, showcasing strong momentum. PAT
was INR 1,749 Mn , up 131% YoY. The company delivered healthy profitability metrics with yields on
advances at 16.9%, spreads of 7.2%, and NIM at 8.9% (annualised). Pre-provision operating profit rose
sharply to INR 3,120 Mn, supported by strong operating leverage.

Product Portfolio:
● MSME: Business loans are offered against residential, commercial, or industrial properties. The
average ticket size is around INR 17 lakhs with a tenor of up to 15 years. This segment contributes
38% to the AUM.
● Housing Finance: Loans are provided for purchase of residential units, construction, extension,
renovation of homes, plot purchase, and home equity. The average ticket size is INR 11 lakhs with
a tenor of up to 25 years. This segment accounts for 26% of the AUM.
● Gold Loans: Loans are offered against gold jewellery with ticket sizes ranging from INR 3,000 to
INR 30 lakhs. The tenor is up to 1 year. This segment forms 16% of the AUM. Within a year of
launch, the company has scaled rapidly, with Rajasthan accounting for 26% of loans, Haryana 16%,
and Gujarat and Madhya Pradesh 14% each.
● Construction Finance: Construction-linked loans are provided to small and mid-sized real estate
developers. The average ticket size is Rs. 7 crore with a tenor of up to 7 years. This segment
contributes 17% to the AUM.
● Indirect Lending: Financing is provided to other NBFCs engaged in MSME lending, microfinance,
and fintech-based lending. The ticket size ranges from INR 30 Mn to INR 1,000 Mn with a tenor of
up to 3 years. This segment forms 3% of the AUM.
● Car Loans: The company provides new car loans on behalf of leading commercial banks for a fee.
It operates pan-India through 714 on-ground locations. In FY23, it generated a net fee income of
2.1% on originated loans. Partner banks include HDFC Bank, Yes Bank, Bank of Baroda, Bank of
India, Indian Bank, Indian Overseas Bank, Punjab and Sind Bank, and Union Bank of India

Branch & Network Footprint : Capri Global has 1,138 branches, 11,546 employees, and serves about
558,788 customers. With a strong presence in Tier-2, Tier-3, and semi-urban markets, it operates across
major regions in North, West, South, and East India, focusing on underbanked segments.

Asset Quality & Capital Position: Capri Global reported stable asset quality in Q1FY26 with Gross NPA at
1.7% and Net NPA at 1.0%, supported by 41% provision coverage. Its Capital Adequacy Ratio stands at a
healthy 34% post the INR 20,000 Mn QIP in June 2025, providing ample headroom for future growth.

Outlook: Capri Global plans 200–250 new branches in FY26 (about 100 for gold loans), aiming to boost
scale and efficiency. The AUM mix is expected at 37–40% gold, 20–22% MSME, 20–22% housing, and 17–
18% construction finance, supporting diversification.

Arihant Capital Markets Ltd 55

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Ceinsys Tech Ltd
Ceinsys Tech Ltd. (CS Tech Ai) is a technology-driven company that works at the intersection of core
engineering, geospatial intelligence, and artificial intelligence (AI). The company helps governments,
utilities, infrastructure developers, and industries make smarter, data-driven decisions for building and
maintaining infrastructure. Its offerings include digital twins, smart dashboards, real-time data integration
(from satellites, drones, IoT), and AI-based predictive systems.
Headquartered in Nagpur, Maharashtra, Ceinsys has a strong presence across India (Mumbai, Pune,
Nagpur, Hyderabad, Bengaluru, Lucknow, Delhi, Chennai) and international offices in the USA, UK, and
Germany

Financial Overview: The company reported strong Q FY26 results with revenue of INR 1,566 Mn, a growth
of 112% YoY and 10% QoQ. EBITDA came in at INR 303 Mn, up 129% YoY with margins at 19.3%, while
PAT stood at INR 317 Mn, rising 166% YoY with a healthy margin of 20.2%. EPS improved to INR
16.34/share, up 124% YoY. The company maintained a solid cash surplus of INR 1,274 Mn (net of
borrowings) and has a strong order book of INR 12,090 Mn as of June 2025, providing good revenue
visibility.

Business Segments-
● Geospatial & Engineering Services – mapping, designing, and engineering support for utilities,
water, and infrastructure networks.
● Technology Solutions – AI, mobility solutions, embedded electronics, and geospatial platforms for
smart cities, energy, and transport.
● Project Management Consulting – end-to-end consulting for government programs like Jal
Jeevan Mission, land record modernization, and smart city projects.

Clientele & Market Presence: The company partners with major Government of India missions like Jal
Jeevan Mission, National Geospatial Mission, Urban Planning, and Renewable Energy. It also serves PSUs,
smart city projects, utilities, and large industrial clients. Internationally, it is expanding across the Middle
East, Africa, and ASEAN through alliances in geospatial and mobility solutions. Recently, it has also forayed
into the US market via acquisitions in the geospatial telecom space, strengthening its global footprint.
Strategic Moves & Acquisitions: The company has expanded its capabilities through strategic acquisitions.
AllyGrow brought expertise in mobility and autonomous driving solutions, while VTS strengthened its
presence in the US telecom geospatial sector. In addition, the company is investing in AI-driven solutions
and embedded electronics to support future growth and diversify its technology offerings.

Revenue Mix & Client Concentration -

● Geographically, around 79% of revenue comes from India, while international markets like the
USA, UK, Germany, MEA, and ASEAN contribute 21%. The overseas share is rising steadily, helped
by recent acquisitions and new partnerships.
● Top five clients account for about 55% of revenue, with most business coming from repeat orders
from government bodies, PSUs, and large enterprises, which provides stability and visibility.
Importantly, no single client contributes more than 25%, showing a well-balanced revenue mix.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Chamanlal Setia Exports Ltd
Chaman Lal Setia Exports Ltd, founded in 1974, is the exporter of Basmati rice with nearly 5 decades of
experience. The company has built a strong global presence by exporting to 90+ countries through a
network of more than 440 distributors. It operates with a “farm-to-fork” integrated business model that
covers procurement, processing, quality checks, packaging, warehousing, and global distribution. The
flagship brand Maharani is sold in 35+ countries, while it also leads in private-label exports with 300+
private brands globally.

Products and Services: The company’s primary offering is premium Basmati rice under various product
categories such as Maharani Supreme Basmati, Maharani Royal Golden Sella, Maharani Brown Basmati,
and diabetic-friendly low GI rice. It’s product range is supported by advanced processing units with a
packaging capacity from 0.5 kg to 1 MT and warehousing infrastructure of 82,500 MT across Karnal and
Gandhidham.

Financial Performance: In Q1FY26, revenue declined to INR 3,070 Mn (vs. INR 3,630 Mn in Q1FY25),
down by 15.43% YoY mainly due to deferred demand and geopolitical issues, but EBITDA margin
improved to 9.6% with EBITDA stood at INR 290 Mn, down by 9.38% YoY. PAT stood at INR 220 Mn with a
margin of 7% in Q1FY26. The company has consistently maintained strong return ratios with FY25 ROE at
~14% and ROCE at ~17%. It also follows an asset-light model with a low debt-to-equity ratio of 0.17x.

Operations and Infrastructure: The company operates through its facilities in Haryana and Gujarat with a
daily processing capacity of 660 MT. Its Karnal facility houses 12 Sortex machines, silos of 82,500 MT, and
13 packing units, while the Gandhidham facility near Mundra Port supports quick turnaround for exports.

Export Market and Growth Strategy: Exports contribute ~84% of company’s revenues. It has a strong
base in the Middle East, USA, and ethnic markets globally. In FY25, export volumes stood at 144,000 MT,
supported by long-standing relationships with distributors averaging ~15 years. The geopolitical
disruptions and customer deferments affected Q1FY26 revenues, but demand remains intact, with
expectations of improved realizations in H2FY26 once new crop supplies enter the market.

Capacity Expansion: During FY26, the company commissioned 3 new packaging units – 2 in Karnal and 1
in Mundra (Gandhidham). Each new unit has the potential to contribute ~INR 1,000 Mn in annual
revenues at full capacity. Currently, Karnal units are running at ~50% utilization due to price softness,
while the Mundra unit is operating at full swing. Management expects these facilities to drive growth in
the coming quarters.

Outlook: The company expects Q2FY26 revenues of INR 4,000–4,500 Mn as prices stabilize with the
arrival of the new crop. Margins are likely to remain steady at 9–14% levels with medium term revenue
target of INR 20,000 Mn, supported by operational efficiency and prudent inventory strategy. Export
demand remains robust, and new opportunities are emerging in markets like Japan and Russia, where
discussions are ongoing.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Chandan Healthcare Ltd

Chandan Healthcare, founded in 2003 and listed on NSE Emerge in February 2025, is a Lucknow-based
provider of diagnostic and pharmacy services under the Chandan Group. The company operates
NABL/NABH-certified labs and centres, with a network of 40 diagnostic centres and 360 collection centres
across 35 cities in Uttar Pradesh, Uttarakhand, Bihar, and Rajasthan. In FY25, it served 18.21 lakh patients
and conducted over 53.98 lakh tests, establishing itself as a key player in North India’s healthcare services
ecosystem.
Financial Highlights: In FY25, Chandan Healthcare reported consolidated revenue of INR 2,322 Mn, up
30.6% YoY, with EBITDA of INR 434 Mn (18.7% margin) and PAT of INR 222 Mn (9.6% margin). The company
delivered strong returns with ROE at 27.1% and ROCE at 29.3%, while maintaining moderate leverage with a
debt-to-equity ratio of 0.39x. Book value per share stood at INR 50.1, and EPS at INR 10.8.
Business Segments-
● B2C (Retail Diagnostics): The diagnostics segment contributed 37.5% of FY25 revenue ( INR 863.5
Mn), driven by walk-in services across 35+ cities, with strong brand recognition particularly in Uttar
Pradesh and Uttarakhand.
● B2B (Institutional Clients): The hospital lab management segment contributed 39.7% of FY25
revenue ( INR 913 Mn), supported by tie-ups with 230+ private hospitals and clinics, ensuring
steady and recurring long-term contracts.
● B2G (Govt. PPP Contracts): The public-private partnership (PPP) segment contributed 22.8% of
FY25 revenue ( INR 524.5 Mn), driven by state government contracts for diagnostic services in
government hospitals, providing stable cash flows and enhancing credibility.
● Vertical Mix (FY25): Pathology INR 1,352 Mn (41.9%), Radiology INR 524 Mn (12.1%), Pharmacy INR
1,058 Mn (46%).
Geographic Presence : Chandan is strong in Uttar Pradesh and Uttarakhand, its core markets, and is
expanding to Delhi, Madhya Pradesh, and Chhattisgarh with new centres from FY26. Its growth strategy
follows a hub-and-spoke model, adding 20+ Chandan Medical Centres annually, with a focus on Tier-2 and
Tier-3 cities such as Bareilly, Bhopal, Raipur, Ghaziabad, and Meerut.
Key Strengths: Chandan operates as an integrated diagnostic platform offering 1,900+ pathology and
radiology tests, supported by a balanced B2C, B2B, and B2G model for revenue stability. Its company-
owned setup ensures full control over operations and quality, while digital adoption through the “Chandan
24x7 App” (100k+ downloads) enables online pharmacy, test bookings, and doctor consultations. With a
strong presence in Tier-2/3 cities and affordable pricing, backed by a promoter-led team with 20+ years of
healthcare experience, Chandan continues to scale in underserved regions.
Challenges: Chandan faces key challenges such as high dependence on UP and Uttarakhand, leading to
regional concentration risk, and working capital intensity from hospital and government receivables. It also
encounters rising competition from larger pan-India diagnostic chains like Dr. Lal Pathlabs, Metropolis, and
Vijaya, along with margin pressure in its pharmacy business due to lower gross margins compared to
diagnostics.
Outlook: Chandan plans to expand into Delhi, Madhya Pradesh, and Chhattisgarh in FY26, targeting 20+
new centres annually. The company is also strengthening its digital push through the Chandan 24x7
platform for telemedicine and e-pharmacy. Management has guided for 20–25% revenue growth with
sustained double-digit PAT margins over the next three years.

Arihant Capital Markets Ltd 58

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Chetana Education Ltd
Chetana Education Limited is an educational publishing company with a legacy of over 47 years in the K-
12 segment. The company offers more than 700 titles across 15 distinct brands. It has a physical presence
in 18 states in India and an international presence in the UAE and Sri Lanka. Chetana Education operates
on an asset-light business model, partnering with vendors for various production needs like printing,
paper sourcing, and binding. The company's content is curriculum-aligned with CBSE and Maharashtra
State Board guidelines and is available in multiple languages, including English, Hindi, Marathi, Kannada,
and Tamil. For FY25, the company produced over 80 lakh books.

Financial Performance: In FY25, total income stood at INR 1,028 Mn, with a 4-year CAGR of 33%. The
EBITDA was INR 216 Mn, demonstrating a 4-year CAGR of 24.6%. The PAT was INR 136 Mn, with a 4-year
CAGR of 48.6%. ROE was 17% and ROCE was 20%.

Digital & Technological Initiatives: The company is focused on creating a "phygital" learning ecosystem
by leveraging technology. They have launched an OTT platform that enables schools to have their own
custom-branded digital channels for streaming live and on-demand content, such as lectures and school
events. This platform aims to provide a reliable, year-round digital engagement solution and has already
onboarded 165 schools across India. Additionally, they have introduced QR Code-enabled books, which
link to over 30,000 videos, providing a dual model of learning for students at a reasonable cost. The
"Books & Beyond" portal offers teachers ready-to-use lesson plans, presentations, and interactive tools
to save prep time and enhance the quality of education.

Strategic Partnerships: They have partnered with Allern Enterprises and Virtual Vidhyapith to improve
their digital educational services. In collaboration with Dr. Swaroop Sampat Rawal, the company
launched "Creative Connect, " a program that integrates arts-based experiential learning into core
subjects. The company has also collaborated with Physics Wallah (PW) to integrate content for
competitive exams like NEET, JEE, and Olympiads into their digital platforms.

Company's Product Portfolio:

● Flagship platforms like the Books and Beyond Portal and the OTT learning ecosystem are purpose
- built to align with NEP 2020 and NCF 2022 mandates. These solutions are curriculum -
integrated, scalable, and differentiated through phygital delivery, teacher empowerment, and
24/7 learning access - offering systemic value and institutional resilience in a digitally evolving
academic landscape.
● With a unified phygital ecosystem, Chetana drives high - margin scalability through subscription -
led monetization across private and public schools. The integrated model (Books and Beyond +
OTT + curriculum innovation) positions Chetana as a turnkey academic solutions provider aligned
with India’s “One Nation, One Solution” vision.

Strategic Outlook & Growth Drivers: The company's future strategy is rooted in three main pillars:
academic alignment with NEP and NCF frameworks, technological innovation for blended learning, and
deep stakeholder engagement. Chetana plans to accelerate the adoption of its "phygital" tools in schools
nationwide and strengthen its multilingual content offerings to promote regional inclusion. The company
aims to expand its market share in other state boards, such as Tamil Nadu and Gujarat, and diversify its
product range to include materials for competitive exams like NEET, JEE, and Olympiads.

Arihant Capital Markets Ltd 59

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Choice International Ltd

Choice International, founded in 1993 and based in Mumbai, is a financial services company that works
across many areas. Its main businesses include stock broking, wealth management, insurance distribution,
and lending to MSMEs, solar projects, and vehicles. It also provides government advisory services and
investment banking support like IPOs, rights issues, and mergers. The company has a wide reach with 208
branches, 48 project offices, and over 58,000 business associates across India, serving more than 1.4 Mn
customers including individuals, small businesses, corporates, and government departments..

Financial Highlights: In Q1FY26, Choice reported revenue of INR 2,380 Mn, up 16% YoY. EBITDA grew 49%
to INR 870 Mn, with a margin of 36.5%. PAT stood at INR 480 Mn, up 50% YoY, giving a PAT margin of
20.2%. EPS for the quarter was INR 1.57.
Business Verticals-

● Broking & Distribution: The Company manages 11.5 lakh demat accounts, up 29% YoY. Client assets
in its stock broking business stood at INR 4,78,000 Mn, a growth of 16%. Wealth products AUM rose
sharply to INR 47,690 Mn, up 443% YoY. In insurance, the company generated INR 763 Mn in
premium and sold 39,182 policies.
● NBFC – Lending: NBFC lending arm has a loan book of INR 7,450 Mn, of which INR 5,960 Mn is
retail. It offers MSME loans against property (average ticket size INR 8–9 lakh), rooftop solar loans,
and vehicle loans. Asset quality remains stable with net NPA at 2.25% and collection efficiency
above 90%. The CRAR is strong at 53.37%.
● Advisory & Consulting: The company has an order book of INR 5,860 Mn with projects spread
across Maharashtra, Odisha, Bihar, Karnataka, and other states. Key wins include the INR 528 Mn
World Bank-backed MahaSTRIDE project in Maharashtra, digitization of over 3,500 PACS in Bihar
and 878 PACS in Karnataka, and monitoring work for the BharatNet program in West Bengal,
Himachal Pradesh, and the North East.
● Investment Banking: The Company has completed 7 IPOs so far and is currently working on 24
ongoing mandates. Its fundraising pipeline stands at over INR 66,000 Mn. Recently, the company
has managed IPOs for Prostarm Info, Shri Ahimsa Naturals, RNFI Services, and Esprit Stones.

Geographic Presence: The Company operates across 10 states with a strong focus on Tier-3 towns and rural
areas, which make up 70% of its customer base. Its NBFC business runs through 75 branches located in
Rajasthan, Gujarat, Madhya Pradesh, NCR, and Maharashtra. The broking and wealth business is expanding
through a wide network of branches and over 1,700 franchise partners.

Technology & Platforms: Choice offers a strong digital suite with apps like Choice FinX for trading, Choice
Money for lending, and Choice Connect for partners. It uses AI/ML for credit checks, KYC, and risk
monitoring. New launches include StrikeX (pro trading), FinReels (video-based investing), and Unified Global
Search across asset classes.

Outlook: Choice International is a fast-growing financial services company with a balanced mix of broking,
lending, advisory, and investment banking. Its strong rural reach and technology-driven platforms add
stability to the business. The company is targeting 25–30% CAGR growth over the next 3–4 years. Key
factors to watch will be market volatility, regulatory changes, and execution of its advisory order book.

Arihant Capital Markets Ltd 60

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
CIE Automotive India Ltd

CIE Automotive Ltd, a subsidiary of Spain’s CIE Automotive S.A., is a global automotive components
manufacturer with Mahindra Vehicle Manufacturing Ltd. as a key past shareholder. It serves OEMs and
customers in India and overseas, and acts as the group’s global vehicle for the forgings business. The
company operates through a multi-location, multi-technology model, with manufacturing and engineering
facilities across India, Germany, Spain, Lithuania, Italy, and Mexico.
Financial Highlights: Q2CY25 revenue at INR 23,690 Mn (up by 3.3% YoY/+4.2% QoQ). EBITDA de-grew by
6.4% YoY & up 0.37% QoQ), to INR 3,367.5 Mn. EBITDA Margin -0.1 bps YoY/+0.58 bps QoQ) to 14.2%. PAT
de-grew 6.1% YoY/down 1.5% QoQ to INR 2030 Mn.
India Business Updates: In India, some order book delays are getting addressed, and steady market
growth is expected. Casting, magnets, gears, and aluminium castings contribute about 12–13% of turnover
from India. The company is focusing on anchor customers, with a new business development head in place
and weekly CEO reviews. The company is optimistic about results soon.

Europe & Brazil (Metalcastelo): At Metalcastelo, highway and CV markets remain weak. There were
temporary layoffs in July, affecting 170 employees. Additionally, 30 employees left through a voluntary
separation program coordinated with the government. Government support helped manage partial salary
losses during the temporary layoffs. Profitability is expected to recover post-restructuring. Margins in
Europe have been impacted by the market drop, but future margins are expected at 14–15%. Europe will
continue to face margin pressure.

Order Book and Capex: The company has received healthy new orders worth INR 3.5 Mn and INR 6 Bn,
with new business continuing to flow in. New order book valued at ~INR 6 bn in H1 signals healthy
business inflow. Planned capex of INR 0.7 bn focused mainly on India, maintaining around 5% of turnover.

Exports & Tariff Risks: Exports are under scrutiny due to tariff concerns, though no current tariff increases
are visible. In Europe, exports are mainly iron castings and gears, while in Brazil it’s only gears. These
exports are not part of the main growth strategy. There is some uncertainty in US export orders. A casting
order ramp-up for the US is expected from Q1FY26, with large capacity being added in Europe.

Capacity Utilization & Expansion: Capacity utilization in Europe is at 40–50%, while in India it is 75–85%.
An additional 20% capacity expansion may require new investments in machinery and technology.

Product Portfolio and Technology Upgrades: The product portfolio includes 2W crankshafts as a major
focus. The company has developed common rail products from scratch. Iron castings exported to Europe
require more stringent technology standards; simpler ABS parts are not being chosen. The company is
upgrading its product offerings in EV gears and is focusing on higher precision parts to maintain
competitiveness. EV gears require different precision levels compared to ICE gears, but margins are better
in EV. The company is continuing to develop EV-focused products, including forging and stamping. New
product development includes crankshafts, common rails, EV gears, and inner races for both ICE and EV
markets.

Outlook: H2FY25 is expected to be better than H1FY25. In Europe, 2W and 4W are expected to grow by 2–
5%, along with tractor growth, but the growth is not uniform across segments. PV and CV segments remain
weak and are expected to continue at the current low levels for another 1–2 quarters. Recovery is
expected from next year, although previous expectations (6 months ago) did not materialize. India expects
improved H2 performance with favorable monsoon and festive demand; growth depends on order book
ramp-up. Europe anticipates market stabilization and possible recovery in early next year, though not
guaranteed.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Concord Control Systems Ltd

Concord Control Systems Limited, incorporated in 2011, is an ISO 9001:2015 certified company engaged
in manufacturing and supplying railway coach-related and electrification products. Over time, the
company has transitioned from being a product and equipment supplier to a solution provider for Indian
Railways. It is an approved vendor with the Research Design and Standards Organisation (RDSO),
Chittaranjan Locomotive Works (CLW), and Integral Coach Factory (ICF).

Financial Performance: For FY25, Consolidated revenue of INR 1,245 Mn, a 90% YoY growth. EBITDA
stood at INR 296.6 Mn, with a margin of 23.8%. Net profit reached INR 226.5 Mn, up 77%YoY, with a PAT
margin of 18.2%. EPS increased to INR 37.1 from INR 22.0 in FY24.

Product and Technology Pipeline:

Distributed Power Wireless Control System: DPWCS, developed through Advanced Rail, is a critical
product for multi-loco freight formation that enhances throughput in Indian Railways. The addressable
market covers 13,000+ locomotives, including 1,200 new units each year, ~50% of which are freight. With
a retrofitment opportunity across the freight fleet, the product’s value ranges from INR 2–3.5 Mn per
loco, creating a potential market of INR 20,000–25,000 Mn over the next 4–5 years.
Kavach: The prototype for Kavach 4.0 is currently under RDSO evaluation, with SIL4 certification ongoing.
Management indicated they are well within timelines and expect to participate in upcoming field trial
tenders.
Wayside Equipment: The company has collaborated with an IISc Bangalore start-up to develop WILD
technology, crucial for high-speed railway safety. Initial orders have been secured, with further
finalizations expected soon.
Traction Products (2x25 kV): The company already offers a comprehensive product suite for 2x25 kV
electrification, which is gaining traction as Indian Railways expands high-speed and high-density routes.
Orders have been executed and the company expects volumes to increase as the 2x25 rollout accelerates.

Order Book: The company closed FY25 with an order book of INR 2,125 Mn, which is 1.7x its annual
revenues, providing strong revenue visibility. During the year, new orders worth INR 1,415 Mn were
received, with a significant surge in H2 at INR 1,520 Mn compared to INR 600 Mn in H1. Execution
remained strong with INR 1,250 Mn worth of orders delivered during the year.

Expansion of Verticals: The company now operates across 5 distinct verticals—Traction, Coaching,
Locomotive, Wayside, and Metro. The Metro vertical was added in FY25 through a German Transfer of
Technology (ToT) agreement for Overhead Equipment (OHE) condition monitoring. This is a unique
technology introduced under the Make in India framework and represents a INR 2,500 Mn business
opportunity by FY30.

Subsidiaries and Associates: The company increased its stake in Advanced Rail from 90% to 100% in
Q1FY25. Advanced Rail specializes in embedded electronics for locomotives, and its full integration is
expected to generate operational and financial synergies, optimize costs, and improve management
efficiency. Another associate, Progota India Pvt Ltd, remains central to Concord’s plans in the Kavach
(train collision avoidance) and Wayside segments.

Outlook: Management has guided for a revenue CAGR of 40–50% over the next 3 to 5 years, supported
by a strong order pipeline and product diversification. EBITDA margins are expected to remain in the 22–
25% range, with the order book expected to continue showing significant additions. The company aims to
scale revenues to INR 5,000 Mn in the medium term.

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Confidence Petroleum India Ltd

Confidence Petroleum India Limited, a prominent LPG Parallel Marketer in India, was established
in 1994 and holds a significant presence on both the National Stock Exchange (NSE) and the
Bombay Stock Exchange (BSE). The company operates as a fully integrated provider of LPG and
CNG solutions, with a core mission to promote the use of clean and green energy. Their vision is
to ensure that every citizen and commercial entity across the country has access to clean fuel,
supported by principles of sustainability and innovation. This strategic approach aims to solidify
their position as the largest integrated energy provider in India.

Financial Performance
In the 2024-25 fiscal year, the company delivered a stable financial performance. The
consolidated topline for the year was 31.45 billion, and the consolidated profit after tax (PAT)
was 908.4 million. This performance reflects the strength of the company's diversified business
model and operational excellence, despite challenges faced by the industry such as price
fluctuations in LPG.

Strategic Capital Expenditure

The company's capital expenditure is a key driver of its growth, with a strong focus on expanding
its operational footprint. For the fiscal year ended March 31, 2025, the company reported a total
Capital Work in Progress (CWIP) of 354.2 million. This investment is strategically allocated across
various high-growth projects. A significant portion, 203.9 million, is dedicated to expanding the
network of Auto LPG Dispensing Stations (ALDS), while 73.4 million is being channeled into CNG
projects and 42.7 million into bottling facilities. This targeted investment strategy aims to
enhance the company's infrastructure and market reach.

Investments and Contracts

Confidence Petroleum India Limited's strategic investments in capital projects underscore its
unwavering commitment to achieving market leadership and sustainable growth. During the
year, the company made substantial additions to its Capital Work in Progress, amounting to
873.1 million. Of this, 733.7 million were successfully capitalized, demonstrating the progress in
bringing new assets online. Furthermore, the company has an estimated amount of 74.9 million
in contracts that are yet to be executed on a capital account, signaling continued planned
investment in the near future to support its expansion goals.

Future Outlook
The outlook for the LPG industry in India and for Confidence Petroleum India Limited remains
highly positive. While a moderation in LPG demand is anticipated in 2025, a robust recovery is
projected for 2026. This long-term growth is driven by a combination of sustained government
support through various initiatives, expanding consumption in rural areas, and rising industrial
demand for clean fuel. The company’s strategic initiatives, including import diversification and
ongoing infrastructure augmentation, are viewed as key drivers for ensuring resilience and
continued growth in the dynamic energy market.

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Control Print Ltd

Control Print Limited is an Indian coding and marking solutions provider with more than 34 years of
experience and an installed base of over 21,500 printers across India. The company serves 2,700+ pin
codes and 1,700+ cities/towns, making it one of the most widely present players in its industry. The
company currently holds a 19–20% market share in India’s organized coding and marking industry, which
itself is estimated at INR 20,000–22,000 Mn.

Financial Performance:
Total consolidated net sales were INR 1,113 Mn, up 13.8% YoY. EBITDA declined by 9.2% YoY to INR 186
Mn, with a margin of 16.7% due to losses in the packaging business. PAT declined 26.5% YoY to INR 86
Mn, with a margin of 7.7%, showing higher expenses in international operations. The company also
booked an exceptional income of INR 39.9 Mn, linked to a government capital investment subsidy.

Products and Services:

The company’s product portfolio spans a wide range of coding and marking technologies such as
Continuous Inkjet Printers, Thermal Inkjet Printers, High Resolution Printers, Thermal Transfer
Overprinters, Hot Roll Coders, Laser Printers, and Large Character Printers. Alongside hardware, the
company provides consumables, spare parts, and maintenance services, ensuring recurring revenue
streams.
Additionally, it is developing QRiousCodes, a proprietary track-and-trace platform offering QR code-based
cloud solutions to improve supply chain transparency, regulatory compliance, and anti-counterfeiting
measures.

Manufacturing and Infrastructure:

The company operates 2 major manufacturing facilities in India:
● Nalagarh (Himachal Pradesh): 30,000 sq. ft. facility producing printers like CIJ, LCP, TTO, HQC, and
HRC, along with training and repair facilities.
● Guwahati (Assam): 70,000 sq. ft. facility for printer production and ink & solvent manufacturing,
offering large expansion potential with tax benefits.
International infrastructure includes operations in Italy (digital printing, packaging, and track & trace),
Netherlands (digital printing via Markprint), and UK (Codeology automation).

Capex:
The company has capacity to scale revenues from INR 4,000 Mn to INR 6,000 Mn without significant
capex. Small R&D-related capex of INR 100–150 Mn is planned for recyclable packaging material
development.

Outlook:
Short-term profitability is impacted by the scaling-up of the packaging business, the core coding and
marking segment continues to grow steadily. Management expects Track & Trace to break even this year,
and packaging to reach profitability in the next 1–2 years as recyclable material production begins in-
house.
The management is confident in revenue recovery and margin improvement, supported by a strong
pipeline and strategic initiatives. They remain optimistic about the future, driven by the 'One of Us'
acquisition and expected industry recovery.

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Cosmic CRF Ltd

Cosmic CRF Limited is a manufacturer of cold rolled formed (CRF) products, sheet piles, and railway
components used in wagons and coaches. The company also makes fabricated items, prototype products,
and has expanded into springs and forged components. Its products serves to Indian Railways as well as to
infrastructure, roadways, irrigation, and construction companies. It operates manufacturing plants at
Singur, Howrah, and Jangalpur in West Bengal with a total installed capacity of 1,20,800 MTPA.

Financial Highlights: In FY25, the company achieved consolidated revenue of INR 4,016.3 Mn, a 58.4% YoY
increase, and consolidated PAT of INR 308.3 Mn, up 141.8% YoY. Sales volumes more than doubled to
55,941 tonnes in FY25, up from 24,657 tonnes in FY24. Even though revenue growth was high, the fall in
steel prices impacted average realization. Still, EBITDA Margins expanded by 211 bps to 10.4%.

Products and Services: Cosmic CRF manufactures over 550 types of cold-rolled sections that withstand
extreme operating conditions. Its product portfolio includes CRF sections, wagon components, helical and
Casnub springs, forged components, and fabricated bridges. The company also develops specialized wagons
and coach bodies. With its subsidiaries, NS Engineering Projects Pvt. Ltd. (NSEPPL) and Cosmic Springs &
Engineers Ltd. (CSEL), it is expanding into spring and forging units, aiming to become an integrated wagon
manufacturer.

Capacity Expansion: The company has been aggressively increasing capacity.

● Its main Singur plant expanded from 32,000 MT to 45,000 MT in FY25, operating at 86% utilization.
● Subsidiary NS Engineering Projects Pvt. Ltd. (NSEPPL) now has an installed capacity of 65,000 MT,
with production of 15,500 MT achieved in FY25 after takeover.
● Subsidiary Cosmic Springs & Engineers Ltd. (CSEL) has a spring-making capacity of 14,400 sets
annually, and land has been acquired for a new forging unit of 7,200 MT per year, expected to start
by FY26.
Subsidiaries and New Businesses: NSEPPL has strengthened the CRF and fabrication business, and the
company expects to capture 15–16% market share of India’s CRF industry (2.25 Mn MT size) over 3 years.
CSEL expands Cosmic’s portfolio into railway springs and forging, which enjoy higher margins compared to
CRF products. The company is also in the process of acquiring Amzen Transportation Industries Pvt. Ltd.,
which is a large wagon manufacturing asset, potentially doubling Cosmic’s current scale.
Order Book: As of March 2025, Cosmic CRF carried an order book of about INR 5,500 Mn, split 52% railways
and 48% infrastructure. Execution is expected over the next few quarters. Management highlighted that
demand for wagons in India remains very strong, with railway and private players together requiring 8.5
lakh wagons by 2030 as per India Rail Plan.
Cash Flow & Debt: FY25 saw negative operating cash flow of INR 726 Mn and free cash flow of –INR 1,194
Mn, mainly due to large capital expenditure and acquisitions. However, management expects free cash
flows to turn positive from FY26 as new capacities and acquisitions start contributing. Debt-to-equity
remains comfortable at 0.2x.

Future Outlook: The company plans to double its sales volumes every year for the next 3 years by
expanding capacity, diversifying products, and entering new high-margin businesses like forging and
specialized wagons. The strong and diversified order book, rising railway demand, and government push for
infrastructure provide a solid growth runway. While cash flow was under pressure in FY25 due to expansion,
from FY26 onward the benefits of these investments are expected to flow in.

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D B Corp Ltd
DB Corp Limited , incorporated in 1995, is India’s largest diversified media conglomerate with a strong
presence across print, radio, and digital platforms. The company publishes 6 newspapers-Dainik Bhaskar,
Divya Bhaskar, Divya Marathi, Saurashtra Samachar, DB Star, and DB Post-across four languages in 12
states. It operates the ‘94.3 MY FM’ radio network in 30 cities and owns 9 internet portals delivering
content in multiple Indian languages, with ~67% share of Indian language media unique visitors. Digital
apps of Dainik and Divya Bhaskar complement its media reach, supported by 7,000 on-ground reporters
and stringers.

Financial Performance: In Q1FY26, DB Corp reported revenue of INR 5,872 Mn, compared to INR 6,163
Mn in the Q1FY25. Advertising revenue stood at INR 3,978 Mn. EBITDA came in at INR 1,384 Mn versus
INR 1,909 Mn last year, while net profit was INR 808 Mn compared to INR 1,179 Mn last year. Overall
margins were lower at 19.8% due to higher costs and reduced political advertising, though print margins
expanded to 31%.

Digital Business: DB Corp’s digital presence is growing fast, with monthly active users crossing 22 Mn in
May 2025, up from just 2 Mn in FY20. The company runs both print and digital content operations, with a
large team producing about 15,000 news items daily. User engagement is strong, with people spending
~11 minutes per visit. The company is experimenting with paid content, but since users are very price-
sensitive, the focus remains on growing users and engagement rather than rushing towards revenue.
Notably, in Uttar Pradesh, DB Corp is focusing only on digital since it has no print presence.

Radio Business: The radio segment generated revenue of INR 392 Mn, a small growth compared to last
year and last quarter. EBITDA for the segment was INR 115 Mn, lower than INR 132 Mn last year. Similar
to print, radio advertising also saw normalization after the election effect, but core ad categories showed
good growth.

Sectoral Mix: Ad revenue mix for Q1FY26 - education contributed the most at 25%, government
contributed 15-16%, real estate and automobiles ~10% each, classifieds at 11%, and healthcare and
jewellery at smaller single-digit levels.

Newsprint Costs: The cost of newsprint has slightly reduced to INR 47,100 per MT, down from INR 47,400
in the previous quarter. The company sources 75% of its paper domestically and 25% through imports.
Management expects prices to remain steady in the near term, though currency fluctuations could impact
costs later in the year.

Advertising Revenue: Education grew by 10%, real estate by 27%, automobiles by 7%, healthcare by 17%,
and jewellery by 18%. Government and political ads now make up 16-17% of total revenue, down from
24% last year.

Circulation and Cover Price: The company continues to sell ~4 Mn newspaper copies, which is stable even
during the lean summer quarter. The cover price remains unchanged at INR 4.89 per copy. To maintain
circulation, the company has been running ground-level campaigns and activities.

Outlook:
DB Corp had a weaker quarter because of last year’s one-time election ad boost, but its core business is
healthy. Non-government ads are growing well, circulation is stable, digital is scaling up strongly, and
newsprint costs are under control. With the election-related ad boost now out of the way, they expect
steady growth from core ad categories and digital. They also expect margins to improve, supported by
strong print profitability and digital expansion.

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DC Infotech & Communication Ltd
Established in 1998 and listed since 2019, the company has evolved from a hardware distributor into a
complete IT solutions partner. It now provides end-to-end services covering consulting, design,
implementation, and support. The business is diversified across three key segments: Networking, which
contributes about 50% of revenue; Unified Communication & Collaboration (UCC), around 25%; and
Cybersecurity, also about 25%. The company is a trusted partner for leading global technology brands such
as Samsung, Netgear, D-Link, Arbor, and Zscaler. With strong service and support capabilities, it enjoys a
high customer retention rate of nearly 95%.

Financial Performance: In FY25, the company reported revenue of INR 5,558 Mn, reflecting a growth of
20.9% YoY. EBITDA stood at INR 261 Mn, up 30.1% YoY, while PAT increased by 24.9% to INR 145 Mn. EPS
for the year was INR 10.7.

Business Updates:
The company has been ranked 267th in the Financial Times’ Asia-Pacific High Growth Companies list for
the third consecutive year. It also achieved Zscaler Data Security specialization, making it one of the few
mid-sized partners capable of handling advanced cloud security deployments. As of May 2025, the order
book stood at around INR 380–400 Mn, driven by cloud security and large education projects. Services
revenue currently contributes about 19% of the total, with management aiming to double its share over
the next 2–3 years.

Growth Drivers:
The company is well-positioned to benefit from strong cybersecurity tailwinds, with the global market
projected to reach USD 700 bn by 2032. Growing adoption of 5G, AI, and cloud technologies is driving
demand for secure and scalable infrastructure. The ongoing shift towards a service and subscription-based
model is expected to improve both revenue visibility and margins. In addition, the company is targeting
global expansion, particularly in GCC and African markets, to serve multinational clients.

Risks & Challenges:

Margins remain exposed to volatility from forex movements, one-off costs, and changes in the business
mix. The company also faces customer concentration risks in the enterprise and education verticals. In
addition, it operates in a highly competitive market with strong players such as TCS, Deloitte, and Hitachi.

Future Outlook:
The company has set a near-term milestone of achieving INR 10,000 Mn in revenue over the next 2–3
years. Services are expected to contribute 30–35% of revenue, up from the current 19%. To drive growth,
the company is expanding into Middle East and African markets to tap enterprise opportunities, while also
strengthening its cybersecurity and AI-driven offerings to stay ahead of industry trends.

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Dee Development Engineers Ltd

DEE Development Engineers Ltd. (DEE), founded in 1988 by Mr. Krishan Lalit Bansal, is India’s largest
provider of process piping solutions, including pipes, fittings, skids, and complex fabricated structures for
power, oil & gas, chemicals, and other process industries. With 7 manufacturing facilities in India and
Thailand, the company is recognized globally for its strong technical expertise and is among the world’s
top process piping players. DEE has built long-standing relationships with marquee clients such as
Mitsubishi Heavy Industries, Toshiba JSW, Thermax, Babcock & Wilcox, and JGC.

Financial Performance: Reported strong Q1FY26 results with revenue of INR 2,238 Mn, up 21% YoY.
EBITDA stood at INR 359 Mn, rising 44.7% YoY with a margin of 16%. PAT jumped sharply to INR 132 Mn,
a 314% YoY increase, with a margin of 5.8%. EPS improved to INR 1.90 compared to INR 0.60 in Q1FY25.

Business Divisions-
● Piping Division (largest): The company makes ready-to-install piping systems, spools, and skids,
which brought in about 87% of revenue in Q1 FY26. This part of the business is growing fast,
mainly because of demand for advanced metal work and strong export orders.
● Power Division: The company supplies pipes and parts for thermal and nuclear power projects.
This segment made up about 6.5% of Q1 FY26 revenue. The company is actively bidding for new
projects and has already secured L1 positions in some big tenders.
● Heavy Fabrication: The company also makes large industrial structures such as stacks, wind
turbine towers, and pressure vessels. This segment contributed around 6.6% of Q1 FY26
revenue.

Manufacturing Footprint: The company has a strong manufacturing base spread across India and
abroad. It runs 3 units in Palwal, Haryana, mainly serving the power sector, and 3 facilities in Anjar,
Gujarat, focused on oil & gas, with heavy fabrication and port proximity for exports. Other units include
Barmer in Rajasthan for project-specific work, Numaligarh in Assam for refinery and oil & gas, and a
14,500 MTPA export-oriented plant in Bangkok, Thailand. Total installed capacity stands at 1,12,500 MT
per annum as of Q1 FY26. A new Anjar facility of 9,000 MTPA started operations in Jan 2025, while
another 15,000 MTPA expansion at Anjar is expected by Aug 2025.

Revenue Breakup (Q1FY26): The company Q1 FY26 revenue mix shows that piping remains the largest
division at ₹1,945 Mn (86.9%), followed by power at ₹145 Mn (6.5%) and heavy fabrication at ₹148 Mn
(6.6%). Sector-wise, the business is evenly spread between oil & gas (42.8%) and power including nuclear
(43.6%), with the rest from process industries and chemicals (13.6%). Geography-wise, India contributed
63.6% of revenue, while 36.4% came from exports across 27 countries including the USA, Japan, Italy,
Germany, Nigeria, and Thailand.

Order Book & Growth Visibility: The Company has a strong order book of INR 12,267 Mn (July 2025),
giving solid revenue visibility. Most orders are from Oil & Gas (79%), followed by Power including
Nuclear (21%), and a small share from Process Industries.

Management is guiding for INR 12,000 Mn of new orders in FY26 and aiming for revenue of INR 13,000
Mn. With all plants running at full capacity, DEE’s revenue potential could reach INR 25,000–30,000 Mn
annually.

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Delaplex Ltd.
Delaplex Ltd. is a technology and IT services company that provides digital transformation, software
development, product engineering, and data-driven solutions to global clients. The company focuses on
helping businesses modernize their operations by using cloud, AI, analytics, automation, and custom
enterprise applications. With delivery centers in India and client presence across the US and Europe,
Delaplex serves both large enterprises and mid-sized businesses.

Financial Highlights: The company reported revenue of INR 557.6 Mn in FY25, up 0.8% YoY from INR 553.5
Mn. PBT grew to INR 138.4 Mn, up 17.8% YoY, . PAT increased to INR 103.3 Mn, up 2.6% YoY, with a PAT
margin of 18.5%.
Business Segments -
● Software Development & Product Engineering – Building customized applications, enterprise
software, and SaaS platforms.
● Data Analytics & AI – Offering predictive analytics, big data solutions, and AI-driven insights for
business decision-making.
● Cloud & IT Infrastructure – Helping enterprises migrate to cloud platforms and manage IT
operations efficiently.
Clients and Market Presence: Delaplex serves a wide base of international clients, with a strong
concentration in the US and European markets. The company follows an offshore delivery model from India,
combined with client engagement offices in the US, which allows it to remain cost-efficient while delivering
high-quality solutions. Its clientele includes both large enterprises and mid-sized businesses that are
undergoing digital transformation.

Expansion and Strategy: Delaplex is investing in expanding its AI and analytics capabilities and has recently
opened a new development center in Bengaluru to support global clients. The company is also
strengthening its partnerships with cloud providers like AWS and Microsoft Azure. Going forward,
management aims to maintain 20–25% annual revenue growth by scaling its offshore delivery teams and
tapping into new client opportunities in healthcare and fintech.

Geographic Presence: Delaplex operates delivery centers in Pune and Bengaluru, which serve as the
backbone for its offshore IT services. It has strong market presence in the United States, where it generates
more than 60% of revenues, followed by Europe (25%) and Asia-Pacific (15%). This global spread helps
reduce dependence on any single geography.

Expansion Plans -

● New Development Center: Opened in Bengaluru to cater to growing demand from global clients.
● Technology Investments: Scaling AI/ML and cloud offerings, partnering with AWS and Microsoft
Azure.
● Talent Growth: Plans to expand its workforce by 20% in FY26 to support larger projects.
● Sector Focus: Special push towards healthcare and fintech, where demand for digitization and
compliance-driven IT services is growing rapidly.

Outlook: Delaplex is in a strong position to continue its growth journey with its focus on analytics, AI, and
cloud services. With revenue growth of 20–25% targeted and margins above 20%, the company is expected
to deliver steady returns. Its low debt, global client base, and investments in expansion further support a
positive long-term outlook.

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Desco Infratech Ltd
Founded in 2011, Desco Infratech Ltd has steadily transformed from a small contractor handling minor
pipeline projects into a recognized player in the city gas distribution (CGD) and infrastructure space. Today,
it caters to some of India’s largest energy and infrastructure clients and positions itself as a nimble, asset-
light EPC and O&M contractor with scalable growth prospects.

Financial Performance: Revenues doubled to INR 594.5 Mn, representing 102% YoY growth. EBITDA surged
147.8% to INR 133.4 Mn, with margins improving by 413 bps to 22.45%. PAT grew by 172.7% to INR 90.6
Mn, translating into a PAT margin of 15.2%. On the balance sheet side, net worth stood at INR 58.8 Mn
while leverage remained conservative, with a debt-to-equity at 0.19x.

Order Book: The company reported a confirmed order book of over INR 2,700 Mn as of FY25, comprising
INR 2,400+ Mn in EPC contracts and INR 300 Mn in O&M projects, with average execution timelines of 18–
24 months. Additionally, the company has bids worth INR 1,250+ Mn under evaluation, with an expected
conversion ratio of 30–40%. The order book trajectory has been robust, rising from INR 1,100–1,220 Mn in
FY23 to INR 2,440 Mn in FY24, and now crossing INR 2,700 Mn.

Business Model and Margins: The company follows an asset-light business model, minimizing fixed costs
through greater reliance on contractual manpower and outsourcing. Notably, employee costs have largely
shifted to “other expenses” post the completion of a large O&M contract for Gujarat Gas.
Margins are expected to remain stable or even improve as scale increases. While selective capex is
planned—such as acquiring 4–5 excavators in FY26 to reduce dependency on vendors—Desco intends to
keep overall capex modest. Any increase in depreciation will be offset by improved productivity and project
margins. Importantly, all new contracts now include price escalation clauses to safeguard against
commodity price volatility, particularly steel.

Geographical: Historically concentrated in Gujarat, the company has embarked on aggressive geographical
diversification. Southern India currently contributes less than 1% to revenues but is targeted to account for
20–25% within 2 years. The company recently secured LOAs worth INR 340–350 Mn in the region and has
already established a presence in Coimbatore, Aurangabad, East Delhi, and multiple states including
Gujarat, Uttar Pradesh, Maharashtra, Haryana, and Tamil Nadu.

Sectoral Expansion: On the sectoral front, Desco is diversifying beyond CGD. It has initiated projects in
water distribution under the Jal Jeevan Mission in Madhya Pradesh and is in advanced discussions for power
transmission EPC and O&M opportunities. By FY26, management aims to generate at least 20% of its order
book from power and water projects.

Industry Landscape: India’s CGD sector is poised for long-term growth, with the government targeting an
increase in natural gas’s share in the energy mix from 6% to 15% by 2030. Over 300 geographical areas are
already under CGD coverage, providing a multi-decade growth opportunity.

Outlook: Management targeting an order book of INR 5,250–5,500 Mn by FY26, implying a doubling in 2
years. Execution visibility is strong, with 60–70% of the current EPC order book expected to be completed
by FY26. Backed by these factors, the management has guided for 90–100% YoY growth in both revenue
and profitability over the next 2 years.

Arihant Capital Markets Ltd

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Dev Information Technology Ltd.

Dev Information Technology Limited is a leading provider of integrated IT services and solutions with a
diversified portfolio spanning Cloud Services, Digital Transformation, Enterprise Applications, Managed IT
Services, and Bespoke Software Development. The company has also developed products like Talligence, an
AI/ML-driven business intelligence tool for Tally data, and ByteSIGNER, a digital signing solution.
Subsidiaries include DevX, offering managed office spaces, and DevLabs, its R&D arm focused on innovation
in AI, blockchain, and IoT.

Financial Highlights: The company reported total income of INR 434.6 Mn in Q1FY26, up from INR 357.3
Mn in Q1FY25. However, EBITDA declined to INR 40.3 Mn with a margin of 9.3% versus INR 60.6 Mn with a
margin of 16.9% in Q1FY25, largely due to higher raw material costs and strategic investments in emerging
technologies. Net Profit dropped to INR 21.8 Mn with margin of 5.0% from INR 37.2 Mn with margin of
10.4% in Q1FY25.

Business Segments & Offerings:

● Cloud & Digital Transformation: Cloud advisory, modernization, DevOps, and disaster recovery
solutions.
● Enterprise Applications: Microsoft Dynamics 365, Power Platform, ERP, and CRM solutions.
● Cybersecurity: Vulnerability assessment, SOC services, and managed security.
● Application Development: E-Governance platforms, mobile apps, and bespoke software.
● Products: Talligence (AI-driven insights for Tally data) and ByteSIGNER (bulk digital signing).
● Co-working Spaces (DevX): 22 centers across 11 cities, managing 7.2 lakh sq. ft. with 11,000+ seats
and INR 1,100 Mn ARR.
Clients & Presence:
The company has served 600+ clients across 20+ industries, including 250+ private sector clients and 100+
government clients. Key government contracts include projects with RajCOMP, GSFC, and RERA 2.0. The
company operates in India, Canada, and has a global presence in North America, Europe, and the Middle
East.

Industry Outlook: The global IT industry is projected to grow with 9.3% rise in IT spending in 2025. AI
investments are expected to grow at a 29% CAGR (2024–28), while India’s IT-BPM sector is set to reach 10%
of GDP by FY25. Government initiatives such as PLI Scheme 2.0 for IT hardware and the India AI Mission
(INR 103,000 Mn) are expected to further boost the sector. The co-working space market is also on a strong
growth path, with India expected to reach USD 2.7 Bn by 2029, supporting company’s growth.

Growth strategy and outlook: The company plans to strengthen its presence in North America while
expanding into new global regions to capture emerging opportunities. On the technology front, it aims to
enhance its portfolio by adding IoT and cybersecurity solutions to its already established offerings in cloud
and blockchain services. It is also targeting 1.5x growth in revenue and profit by leveraging efficiency
improvements, innovation, and scalability, with a special focus on AI-driven automation to streamline
quality control and code generation. Exports are expected to nearly double as the company taps into
international demand, while strategic acquisitions of complementary businesses will further accelerate
global growth and strengthen its leadership in digital transformation.

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Dhabriya Polywood Ltd
Incorporated in 1995, Dhabriya Polywood Ltd (DPL) is engaged in the manufacturing and sale of plastic
products and modular furniture. The company operates under the brand *Polywood* and is a leading
manufacturer and supplier of extruded uPVC/PVC (Unplasticized/Rigid Poly Vinyl Chloride) profiles, sheets,
moldings, and uPVC windows and doors, offering a wide range of designs to meet diverse fabrication needs
across doors, windows, partitions, false ceilings, wall paneling, pelmets, kitchen cabinets, and other interior
applications. DPL has also pioneered the launch of several innovative products in India, including PVC fluted
panels, PVC folding doors, PVC designer doors, PVC fencing, system aluminium windows and doors, SPC
flooring, PVC foam boards, and wood plastic composite panels.

Financial Highlights: In Q1FY26 (consolidated), the company reported revenue of INR 620.9 Mn, EBITDA of
INE 123.6 Mn with a margin of 19.9%, and PAT of INR 65.4 Mn with a margin of 10.5%. On a YoY basis,
revenue grew 5.8%, while EBITDA and PAT registered strong growth of 33.7% and 40.7%, respectively.

Brands: Dhabriya Polywood Ltd markets its products under multiple brands catering to different segments.
DSTONA offers sheets and moldings, SPC wall panels, and PVC laminates. DYNASTY focuses on modular
kitchens, wardrobes, executive tables, storage units, workstations, computer tables, and other customized
furniture solutions. DYNCRON includes modular kitchens, wardrobes, and home furniture, while EVERLUXE
specializes in PVC doors and PVC profiles.

Distribution Network: The company has established a nationwide presence for its uPVC/PVC products
through a strong distribution network. It leverages fabricators and dealers across multiple states, with
fabricators serving as a key B2B channel for uPVC windows and doors. To ensure faster supply and better
service, it has set up branch offices and stock points across Rajasthan, Gujarat, Maharashtra, and other
North and West Indian states. Additionally, the company is expanding its reach into Tier-2 and Tier-3 cities,
targeting growing demand from housing and interior markets.

Balance sheet & liquidity: As of March 2025, Dhabriya Polywood Ltd reported total borrowings of INR
533.8 Mn (including both non-current and current borrowings), with cash and bank balances of INR 74.8
Mn, resulting in net debt of approximately INR 459 Mn. With total equity of INR 999.5 Mn, the company’s
net debt-to-equity ratio stood at around 0.46x. On the working capital front, inventories were at INR 557.5
Mn and trade receivables at INR 282.4 Mn as of March 2025, indicating that higher inventory levels remain
an important area to monitor.

Key risks & near-term challenges: Dhabriya Polywood Ltd faces certain risks that could impact its
performance. Volatility in raw material and resin prices, particularly PVC inputs, has the potential to
compress margins. Elevated inventory levels add to working-capital requirements and increase the risk of
stock obsolescence in case of demand moderation. Additionally, demand remains sensitive to real estate
and construction cycles, where any slowdown in housing or commercial construction activity could
adversely affect volumes.

Outlook: Management positions Dhabriya Polywood Ltd’s business strategy around scaling through product
mix improvement, design-led differentiation, and manufacturing scale. They expect profitability to remain
resilient, with higher-margin products and operational efficiencies helping offset raw-material cost
pressures. FY25 was highlighted as a strong year for performance, and Q1 results indicate continued
momentum in margins.

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Dhruv Consultancy Services Ltd

Incorporated in 2003, Dhruv Consultancy Services Limited provides end-to-end solutions in design,
engineering, procurement, construction supervision, and project management. With over 400
employees, the company has successfully executed more than 200 projects across highways, bridges,
tunnels, ports, railways, and metro sectors. It is ISO 9001:2015 certified and operates both in India and
international markets, supported by its subsidiary in the UK.

Financial Performance: In Q1FY26, Dhruv reported total income of INR 214 Mn, up 6.9% YoY. EBITDA
grew 26.9% YoY to INR 35.8 Mn with margins of 16.7%. PAT increased sharply by 82.4% YoY to INR 16
Mn with net margins improving to 7.5%.

Products and Services: The company offers multidisciplinary consulting services including detailed
project reports (DPR), feasibility studies, construction supervision, contract administration, and
operation & maintenance consulting. It has also diversified into lenders’ engineering, safety audits,
wayside amenities, and international design outsourcing.

Business Highlights:
● Secured significant contracts across highways, expressways, railways, and metro projects,
including authority engineer roles and PMC assignments.
● Entered international markets with its first private sector project in Saudi Arabia, aligned with
Vision 2030, and received work permits in Mozambique.
● Shortlisted for multiple international bids across Bangladesh, Philippines, and African countries.
● Diversifying into airports and ropeway projects in India, with 3–4 airport bids and 7–8 ropeway
project bids already submitted.

Client Base and Repeat Business: The company enjoys strong client stickiness, with 80–95% of its orders
coming from repeat clients. This includes government authorities like NHAI, MoRTH, MSIDC, and private
players such as IRB, GR Infraprojects, and HCC.

International Strategy and Presence: The company has opened a subsidiary in the UK to manage its
international operations and ensure efficient handling of forex transactions. It has also opened a branch
office in Mozambique after securing its work permit, which will act as a gateway for African
opportunities. Additionally, it is deploying a business development team in Vietnam to tap into giga-
funded expressway projects.

Sectoral Expansion:
● Railways: Currently executing 3 projects across Western, Southern, and Eastern Railways as
general consultant, PMC, and DPR consultant.
● Metro: Working on 4 lines under MMRDA and Mumbai Metro for multimodal logistics
development.
● Airports and Ropeways: The company has submitted 3–4 bids for airport DPR/PMC projects and
7–8 bids for ropeway projects (e.g., Kedarnath, Vaishno Devi). Partnerships with Austrian firms
(ropeways) and U.S. firms (airports) are being explored.

Guidance & Outlook: The outlook remains positive with strong government focus on infrastructure,
NHAI’s asset monetisation program, and growing PPP models. It plans to replicate its highways success
in railways and airports by 2030, aiming to be among the top three consultants in these sectors.

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DigiSpice Technologies Ltd

DiGiSPICE Technologies Limited is a pioneering rural fintech platform primarily operating through its
flagship business, Spice Money, and its nascent Spice Pay ecosystem. The company has become a leader in
financial services delivery in rural and semi-urban India, leveraging a strong agent network referred to as
‘Spice Money Adhikaris,’ technology-first platforms, and a robust product mix to drive financial inclusion
and digital adoption among traditionally underserved segments.

Financial Performance: In Q1FY26, DiGiSPICE recorded revenue of INR 1,238 Mn, representing a 13%
increase. Gross margins rose to INR 492 Mn, up 18% YoY.: EBIT reached INR 102 Mn(up 52% YoY), and PBT
from continuing operations soared to INR 69 Mn (a 29x YoY improvement), with EBITDA for the period at
INR 65 Mn. These improvements are attributed to the company’s focus on operational execution, margin
enhancement, platform scale, and the successful rotation away from discontinued business lines.

Key Operating Metrics: The quarter’s customer gross transaction value was INR 327,600 Mn, up 28% YoY.
Spice Money maintains a dominant 18.3% market share in the Off-Us Aadhaar-enabled Payment System
(AePS) segment, bolstered by 7% YoY market share growth. In cash management services (CMS), quarterly
GTV was INR 140,980 Mn (up 57% YoY). On the product innovation side, credit disbursements reached INR
1,100 Mn (up 165% YoY), CASA opened 114,000 lifetime accounts (up 145% YoY), and float balances in
these accounts crossed INR 2,250 Mn (up 57% YoY).

Business Segments:

● Agent-Led Distribution & Outreach: acts as a B2B2C bridge, enabling small merchants and agents
in far-flung areas to provide cash withdrawal, deposits, money transfer, bill payment, ticketing,
PAN services, loans, and insurance to rural consumers.
● Payments & Financial Services: AePS and Micro ATM transactions remain the company’s anchor
service, contributing 54.8% of quarterly gross margin (INR 269 Mn).
● Lending & Credit: Secured lending is an emerging growth engine, with INR 872 Mn in secured loan
disbursements (predominantly gold loans) and INR 192 Mn in other secured loan categories for the
quarter.
● CASA & Float Balances: CASA products continue to scale, with INR 2,250 Mn in float balances (up
57% YoY) and over 1.14 Mn lifetime accounts opened.

Strategic Initiatives & Risk Management: The company is rolling out insurance and investment products,
targeting recurring, high-margin revenues. Kiosk and branch-linked services, with banks as partners, are
expanding as cost-effective alternatives to traditional branches for customer onboarding and servicing.
Technology investments focus on API-led integrations and modernization for better platform economics
and scalability. On the risk side, face-authentication and regulatory clarity are mitigating fraud, while
ongoing monitoring and agent engagement initiatives help minimize churn.

Outlook: DiGiSPICE Technologies is leveraging its first-mover advantage to become the backbone of digital
financial services in rural and semi-urban India. With its scale, deep agent network, strong partnerships,
and ongoing tech investments, the company is well positioned to benefit from rising rural digitization,
financial inclusion, and the Indian government’s push for digital banking. Focused execution, new product
launches, and sustained profitability improvements offer a positive trajectory for steady and inclusive
future growth.

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Dodla Dairy Ltd

Overview
Dodla Dairy Limited, incorporated in 1995, is a Hyderabad-based integrated dairy company engaged in the
procurement, processing, and sale of milk and value-added dairy products. Operating across five states for
procurement and eleven states for distribution, the company has a robust network of 94 milk chilling
centers. Its product portfolio includes milk, curd, ghee, paneer, lassi, buttermilk, and ice cream, sold under
brands like Dodla, Dodla Dairy, and KC+. With a strong presence in India and growing operations in Africa
(Kenya and Uganda), Dodla is leveraging organic and inorganic growth strategies to enhance its market
share and operational efficiency.

Financial Performance
In Q1 FY26, Dodla Dairy reported its highest-ever quarterly revenue at INR 10069 mn, reflecting a 10.5
percent year-on-year growth from INR 9116 mn in Q1 FY25. EBITDA stood at INR 825 mn, down 21.5
percent from INR 1051 mn, with margins contracting to 8.2 percent from 11.5 percent due to higher
procurement costs and seasonal impacts. Profit after tax was INR 629 mn, a 3.3 percent decline from INR
650 mn, with a PAT margin of 6.2 percent. Earnings per share decreased to INR 10.4 from INR 10.93.
Employee expenses rose 19.4 percent to INR 470 mn, driven by workforce expansion and annual
increments. Other income surged 144 percent to INR 170 mn, boosted by interest income and GST
provision reversal, while lower tax expenses reflected deferred tax reversals and prior-year refunds.

Operational Highlights
Dodla Dairy achieved record milk procurement of 18.7 lakh liters per day, up from 17.6 lakh liters in Q1
FY25, with procurement costs rising to INR 37.38 per liter from INR 34.15. Milk sales averaged 11.9 lakh
liters per day, a 4.9 percent increase, with India contributing 10.27 lakh liters (3 percent volume growth, 6
percent value growth) and Africa 1.6 lakh liters (19 percent volume growth, 26 percent value growth).
Value-added products accounted for 36.2 percent of sales, impacted by early monsoons, with curd sales
declining 3.2 percent to 452.3 million metric tons. Inventory levels were significantly reduced, with butter
at INR 97 mn and SMP at INR 170 mn, reflecting proactive liquidation to maintain balance sheet hygiene.

Strengths and Opportunities

Dodla Dairy benefits from a strong procurement and distribution network, supported by its integrated
operations and certifications (ISO 22000:2005 and ISO 50001:2011 for select plants). The company’s focus
on value-added products, which offer higher margins, positions it well to capture growing consumer
demand. The acquisition of OSAM Dairy enhances its presence in East India, while the Maharashtra
greenfield project (INR 2800 mn capex) aims to scale procurement to 10 lakh liters per day, reducing
seasonality risks. Africa operations, particularly in Uganda’s yogurt market where Dodla leads, and the
Orgafeed cattle feed business (29.4 percent revenue growth, 17.6 percent EBITDA margin) provide
diversified growth avenues. Management’s guidance of 10–15 percent topline growth and 15–20 percent
EBITDA/PAT growth reflects confidence in sustained expansion.

Outlook
Dodla Dairy’s Q1 FY26 performance showcased robust revenue growth despite seasonal and cost-related
challenges, with record procurement and sales volumes underscoring operational strength. The company is
well-positioned for margin recovery in Q2 FY26 as procurement prices decline and product mix stabilizes.
Strategic initiatives, including the OSAM acquisition and Maharashtra expansion, are set to bolster its
domestic footprint, while Africa and Orgafeed offer high-growth potential. With a focus on enhancing
procurement, optimizing product mix, and maintaining balance sheet discipline, Dodla aims to achieve 7–8
percent volume growth and 10–15 percent value growth in India, alongside higher teens growth in Africa
and Orgafeed. The company’s prudent capital allocation and competitive positioning make it a compelling
player in the dairy sector.

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Diffusion Engineers Ltd

Diffusion Engineers Limited (DEL), incorporated in 1982 and headquartered in Nagpur, is an engineering
solutions provider, delivers specialized products and services to core industries such as steel, cement,
mining, power, infrastructure, defense, sugar, and oil & gas. DEL has successfully completed more than
10,300 projects globally and today exports to 30+ countries across the Middle East, Far East, South Asia,
Africa, Eastern Europe, Russia, and North America.

Financial Performance:
For Q1FY26, consolidated revenue stood at INR 806.65 Mn, a 13.5% YoY increase. Consolidated EBITDA
stood at INR 105.81 Mn, a 14.8% increase, with margins at 13.12%. PAT rose by 68.6% YoY to INR 122.64
Mn, with PAT margins improving to 15.2%. Over FY21–FY25, the company achieved a 17% revenue CAGR,
18% EBITDA CAGR, and 25% PAT CAGR.

Products and Services:

● The company manufactures welding and anti-wear consumables such as special purpose electrodes,
flux-cored wires, cold repair compounds, and filler materials.
● It produces wear plates and customized wear parts that protect heavy machinery from abrasion and
corrosion, along with providing inspection, repair, and coating services to extend machinery life.
● It also designs and fabricates heavy engineering equipment, including high-pressure grinding rollers
(HPGRs), mill bodies, air separators, hammer crushers, rotary air preheaters, and impeller fans.
● In addition, the company trades in thermal spray powders and welding equipment while providing
industrial maintenance and super-conditioning services that reduce downtime for clients.

Manufacturing and R&D:

The company operates 4 strategically located manufacturing units in Nagpur and is in the process of setting
up a 5th facility expected to commence operations in November 2025. These facilities cover products
ranging from electrodes, flux-cored wires, wear plates, and heavy engineering equipment. It has a DSIR-
approved R&D facility that supports process refinement, product testing, and materials research. The order
book as of June 30, 2025, stood at INR 1,721.87 Mn.

Strategic Developments:
During Q1FY26, the company secured a domestic order worth INR 480 Mn for the supply of HPGRs to a
leading cement company, scheduled for execution over the next 11 months. The company also
incorporated Diffusion Wear Solutions Middle East LLC in the UAE to strengthen its presence in the Middle
Eastern market. A major capital expenditure program of ~INR 1,000 Mn is underway to expand capacities
for electrodes, wires, wear plates, and heavy engineering equipment, with contributions expected from
FY27 onwards. Additionally, DEL is installing a rooftop solar plant to enhance its sustainability initiatives.

Industry Outlook:
The Indian welding consumables market, valued at USD 1.25 Bn in 2024, is expected to grow to USD 2.1 Bn
by 2033 at a CAGR of 6%. The global wear plates market is forecast to rise from USD 31.5 Bn in 2024 to USD
46.6 Bn by 2034, at a CAGR of 8.8%. In India, the heavy engineering industry is projected to grow from USD
180 Bn in 2024 to USD 300 Bn by 2032, driven by rising manufacturing activity, infrastructure investments,
and government schemes such as PLI and Make in India.

Outlook & Guidance:

With its strong order book, expansion of manufacturing capacity, rising international presence, and focus on
value-added services, the company is expected to sustain double-digit revenue growth and gradually
improve margins. The outlook for FY26 and beyond remains positive, with greater visibility on revenue and
profitability from both domestic and international markets.

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Dynamic Cables Ltd

Dynamic Cables is a leading manufacturer of power cables, conductors, and related solutions, catering
primarily to EPC contractors, utilities, and large infrastructure players. With a pure B2B model and strong
relationships with marquee clients such as L&T, Adani, Tata Power, and BSES, the company differentiates
itself from peers by offering a complete product basket under one umbrella, without exposure to the low-
margin, brand-heavy retail wires segment.

Financial Performance:
In Q1 FY26, Dynamic Cables reported its highest-ever first-quarter revenue and profitability. Revenue
grew 26% YoY, supported by a robust 28% volume increase, while operating profit rose 23% YoY to INR
269 Mn. Operating margins remained stable at 10.3%, in line with management’s long-term guidance. PAT
registered a sharp 57% YoY growth, reflecting operating leverage benefits. Management attributed the
milestone to disciplined execution, strong demand, and growing client confidence, with the order book
providing healthy visibility.

Order Book & Visibility:

The order book stood at INR 7,340 Mn as of June 30, 2025, up 57% YoY, executable over the next 6–9
months. Power distribution accounted for 62% of the order book, followed by exports at 15%,
government entities at 12%, and solar at 11%. Management highlighted that margins remain order-
specific, with no significant differentiation between LV and HV cables.

Business Mix:
In Q1, high-voltage cables contributed 51% of revenue, low-voltage cables (including solar) 39–40%,
conductors 8%, and solar cables ~10%. The business remains largely private-sector driven (82% of sales),
with government and exports each contributing 9%. The company continues to be 100% B2B, avoiding
retail distribution and consumer-facing wires.

Capacity & Expansion:

Peak monthly sales reached INR 1,250 Mn in March 2025, translating into an annualized capacity of INR
11,500–12,000 Mn at 80–90% utilization. A new plant at Reengus, 60 km from Jaipur, is under
construction with commissioning expected in H2 FY26. Phase 1 CAPEX of INR 350 Mn is being funded
through internal accruals and preference capital, with INR 190 Mn already deployed by June. The plant is
expected to deliver INR 2,000–2,500 Mn of incremental revenue potential at full ramp-up, with ample
land bank available for future expansion.

Product Development & Exports:

The company is strengthening its presence in the solar cable segment with an upcoming E-beam facility
for DC solar cables at the new plant, targeting a fast-growing INR 60–70 Bn market. Other new products
are in the R&D pipeline, while medium-voltage covered conductors remain part of the portfolio. Exports
contributed 15% of the order book, with presence in Asia and Africa. Entry into the US market is expected
by FY27, subject to UL certifications; two products have been approved with more under evaluation.
Export margins are expected to remain comparable to domestic sales.

Margins & Balance Sheet:

Management maintained its EBITDA margin guidance of 10–10.5%, with gross margins typically in the 18–
20% range depending on mix. Other expenses rose 45% YoY due to freight, commissions, and
manufacturing costs, though expected to normalize at ~5% of revenue. The company remains insulated
from copper/aluminum price swings as most contracts carry price variation clauses. Working capital cycle
stood at ~100 days with sales-to-NWC at ~4x. Net debt was INR 600 Mn as of June, with no major increase
expected; long-term borrowings are set to be repaid by FY26-end, leaving only working capital debt.

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E Factor Experiences Ltd

E-Factor Experiences is a leading experiential events company with a 25-year legacy in India’s cultural and
tourism ecosystem. Incorporated in 2003, the company has steadily evolved from curating high-profile
events into building cultural assets of national and international relevance. It specializes in large-scale event
curation including tourism festivals, light and sound shows, indigenous sports, concerts, and private
celebrations such as weddings for some of India’s most prominent families.

Financial Performance: In FY25, Consolidated revenue was INR 1,715.5 Mn, growing 15% YoY. EBITDA rose
20% to INR 266.9 Mn, with margins improving to 15.56%. Net profit increased 31% to INR 201.8 Mn,
reflecting a PAT margin of 11.76%. EPS increased to INR 15.42 versus INR 11.74 last year. ROCE at 32% and
ROE at 28.49%.

Client Base: The company enjoys strong relationships with central and state government clients, serving
10–12 recurring government agencies. Its work emphasizes innovation, cultural representation, and
immersive storytelling. While the bulk of operations remain India-focused, the company is increasingly
expanding its presence on the global stage.

International Initiatives: The company curated the India Pavilion at the World Expo 2025 in Osaka in
partnership with Tata Group’s Eco First, handling design, interiors, and content. Opened in April 2025, the
pavilion draws ~20,000 visitors daily. It also presented India’s achievements at the World Experience
Summit in London, strengthening its international profile.

Domestic Initiatives: In India, the company designed 4 mythologically inspired gateways for Maha Kumbh
2025 in Prayagraj and curated the Eco-Glamping Festival in Nasik. Key projects include the INR 200 Mn
Maharashtra Mahaparyatan Mahotsav, the Rabindranath Tagore Cultural Center in Shillong, and the
“Experiential Forest Zone” in Meghalaya, with the latter 2 expected to add INR 350–370 Mn in revenues
during the lean season.

Religious and Spiritual Tourism: This segment contributed INR 230 Mn in FY25 through projects like Maha
Kumbh and Shakti Vijayotsav. With the government’s INR 35,000 Mn PRASHAD scheme for FY26, the
company targets a 10% share in Maharashtra, Madhya Pradesh, and Uttar Pradesh, leveraging immersive
storytelling and cultural engagement as infrastructure at religious sites expands.

Order Book and Pipeline: As of June 2025, the confirmed order book exceeded INR 1,000 Mn, spanning
projects across FY25 and FY26. The active bidding pipeline stood at INR 2,000–2,500 Mn, which
management expects to convert over the coming months. For FY26, topline revenue guidance at INR 2,500
Mn, implying a healthy 25–32% CAGR over the next 2 to 3 years. Odisha Tourism remains the company’s
largest client, contributing INR 440 Mn in FY25 and an additional INR 460 Mn in ongoing orders.

Sectoral Focus and Expansion: The company is increasing its focus on developing public engagement
spaces in line with India’s growing cultural and spiritual tourism market. With domestic tourism crossing
nearly a billion travelers annually post-pandemic.

Future Outlook: Management expects EBITDA margins to remain steady in the 15–17% range and PAT
margins between 11–13%. The company emphasized that these levels represent a floor and that efficiency
improvements could offer incremental upside. The “10% Project” has been launched to generate at least
10% of topline revenue in FY26 from proprietary intellectual properties. These include cultural narratives,
weddings, and youth-focused experiential formats, providing the company with annuity-style income
independent of government contracts.

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EFC (I) Ltd
EFC (I) Limited positions itself as a differentiated player in the Indian commercial real estate sector
through its integrated “real estate-as-a-service” model. The company operates across 3 synergistic yet
independent verticals: Managed Office Solutions, Design & Build (D&B), and Furniture Manufacturing.
This integration enables the company to provide a comprehensive ecosystem to clients, offering a one-
stop solution compared to peers who operate as pure-play D&B or rental firms. Management emphasized
its ability to consistently win large contracts, citing recent awards in the range of INR 250 Mn to INR 1,830
Mn.

Financial Performance: In Q1FY26, with revenue reaching INR 2,196 Mn, a 115% YoY increase. Net profit
surged by 196% YoY to INR 467 Mn, while PBT stood at INR 660 Mn. EBITDA came in at INR 1,020 Mn,
with EBITDA margins expanding by 110 bps and PAT margins by 580 bps.

Segmental Contribution: The Managed Office vertical contributed 56% of total revenue and 64% of PBT,
underscoring its core role in profitability. The Design & Build vertical accounted for 39% of revenue and
34% of PBT, while the newly launched Furniture segment contributed nearly 6% of revenue and 2.3% of
PBT.

Portfolio Scale and Occupancy: The company managed a portfolio of 3 msf across 82 sites in 10 cities,
with a total of 63,389 seats as of Q1FY26, compared to ~60,000 seats at FY25. Occupancy levels remained
consistently strong at above 90%, reflecting long-term contracts and sticky client relationships.

Vertical-Wise Developments and Business Dynamics:

● Managed Office Solutions: In this vertical, the company plans to add 20,000–25,000 seats in
FY26, while sustaining occupancy above 90% to protect profitability. The model remains asset-
light, with nearly 90% of fit-out costs funded by landlords. Capex for FY26 is guided at INR 200–
250 Mn, fully funded through internal accruals.
● Design & Build (D&B): The D&B vertical reported strong momentum with an order book of INR
1,150 Mn at Q1FY26-end and fresh inflows of INR 1,100 Mn during Q1. Key wins included 2
Passport Seva Kendra contracts in Hyderabad, completion of the Ahmedabad centre, a fast-track
INR 1,000 Mn fit-out, and large projects worth INR 1,830 Mn and INR 600 Mn from global MNCs.
In FY25, D&B revenue stood at INR 2,500 Mn. Margins remain healthy at 15–18% for standard
work, 18–22% for specialized projects, and higher for design-intensive assignments.
● Furniture Manufacturing: This vertical launched in September 2024 with a manufacturing
capacity of INR 2,500–3,000 Mn. By Q1FY26, the order book exceeded INR 220 Mn. The business
services both captive demand for managed offices and third-party clients.

Industry Landscape: The Indian commercial real estate sector is witnessing growing competition, with
peers increasingly attempting to integrate service offerings. However, EFC believes its decade-long
experience and in-house expertise provide a first-mover advantage and strong differentiation. The
company has consistently demonstrated execution capabilities by winning and delivering large, complex
contracts, which management sees as a clear validation of its competitive edge.

Outlook: While managed offices will continue to contribute ~55–60% of revenue, both the D&B and
furniture businesses are expected to scale substantially, thereby diversifying the revenue mix. Margins
are projected to remain stable or improve, especially within the D&B vertical where project mix plays a
significant role. Operational priorities remain focused on sustaining high occupancy in managed offices,
ensuring timely execution in D&B, and accelerating growth in the furniture vertical.

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Effwa Infra & Research Ltd

Effwa is an environmental engineering / EPC company focused on industrial water, effluent treatment,
recycling and ZLD (zero liquid discharge) systems. Founded and led by Dr. Varsha Kamal and Mr. Subhash
Kamal, the firm positions itself as a technology-driven player for PSUs, large industry and select
international projects (Africa). It follows an asset-light, EPC + O&M model

Financial Highlights: The company reported revenue of INR 1,851.2 Mn, EBITDA of INR 300.2 Mn with an
EBITDA margin of 16.22%, and PAT of INR 201.1 Mn with a PAT margin of 10.86%. On a YoY basis,
revenue grew by approximately 27.5%.

Revenue mix & clients -

● Service mix (FY25): The company’s revenue mix is dominated by ETP with ZLD, contributing
approximately 85.4% of total revenue. ETP with recycling accounts for around 11.3%, sewage
treatment plants contribute about 3.0%, and O&M services make up roughly 0.34% of revenue.
● customer / geography mix (FY25): The company’s customer mix comprises approximately 51.8%
from PSUs, 46.8% from the private sector, and 1.4% from government institutions.
Geographically, around 89.1% of revenue comes from domestic markets, while exports
contribute 10.9%, with export share in H2 notably higher at approximately 16.2%.
● Key clients: Tata Steel (28 projects), SAIL, IOCL, BPCL, RINL, AFCONS; growing private wins
(Vedanta, JSW, Jindal).

Order book, pipeline & exports -

● Orders in hand: The company has a current order book of over INR 3,500 Mn.
● Bidding / pipeline: The company has over INR 20,000 Mn worth of bids or technically qualified
tenders, often cited as around INR 20,020 Mn. Management noted that only a portion of these
bids is likely to convert, depending on price competitiveness.
● Exports: The company has executed and secured projects in Tanzania and Ivory Coast, with
export orders booked in FY25 totaling approximately INR 800 Mn, some of which are backed by
irrevocable letters of credit (LCs). In the last quarter, it reported export wins worth USD 6 Mn.
Export projects are often supported by LC backing, which helps mitigate receivable risk.

Operations & O&M strategy: The company follows an execution model combining EPC and
subcontracting, leveraging approved vendors and contractors while maintaining limited heavy fixed
assets. This approach keeps capital expenditure light and allows the company to scale simultaneous
projects, with management increasing concurrent project capacity from around 10–12 to 18–22. On the
O&M front, management is actively pursuing medium- to long-term contracts, such as the five-year O&M
deal with SAIL Durgapur. O&M projects offer higher EBITDA margins, cited at approximately 30–35%, and
contribute to recurring revenue.

Outlook: Management highlights the company’s focus on technology, including ZLD and upcoming zero-
discharge (ZD) patent initiatives, alongside an export push and expansion of the client base with
companies like Vedanta and JSW. They are also emphasizing increased O&M activity. Management
targets growth of over 50% in the coming years, contingent on successful tender wins.

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Eleganz Interiors Ltd

Eleganz Interiors Ltd is one of India’s leading interior fit-out solution providers. The company designs and
builds a wide range of corporate and commercial spaces, including offices, R&D facilities, and
laboratories. Its services cover end-to-end execution, from basic construction work like civil, plumbing,
electrical, and HVAC, to fully furnished turnkey projects. With a presence in 12 cities across India,
Eleganz has successfully delivered over 200 projects covering 4.5 crore sq. ft. It has also expanded
globally with operations in Singapore. As a founding member of the Indian Green Building Council
(IGBC), the company places strong emphasis on sustainable and eco-friendly projects.

Financial Performance: In FY25, revenue up 33% to INR 3,930 Mn, while operating profit rose 57% on
better cost control. Net profit more than doubled to INR 210 Mn, driving EPS to INR 9.16 from INR 4.35
in FY24. Margins also improved from 7% to 8%, reflecting stronger efficiency.

Business Model & Offerings-

● Two core services:Eleganz Interiors offers two main service models. Under Design & Build
(D&B), it provides end-to-end solutions covering everything from design to project handover.
Under General Contracting (GC), the company focuses on executing civil, mechanical, electrical,
carpentry, and finishing works as per client requirements.
● Client Segments Served: IT/ITeS, manufacturing, BFSI, healthcare, pharma, FMCG, oil & gas,
education, real estate, and renewable energy.
● Revenue Model: Eleganz Interiors earns revenue mainly from turnkey design-build contracts
and execution fees for general contracting projects. Most of its business comes from high-value
corporate contracts across metro and Tier-1 cities.

Order Book: Eleganz Interiors currently has a total order book of INR 892.6 Mn spread across 55
projects. Out of this, the Design & Build segment contributes INR 186.7 Mn from 8 projects, which forms
about 11.3% of the total order book. The larger share comes from the General Contracting segment,
which stands at INR 705.9 Mn across 47 projects, contributing nearly 88.7% of the total.

Geographic Presence: Eleganz Interiors has executed projects across 9 states in India, with a strong base
in Maharashtra, Karnataka, and Tamil Nadu, which together contribute nearly 96% of the total order
book. Other states like Telangana, Gujarat, Haryana, Madhya Pradesh, Andhra Pradesh, and Uttar
Pradesh make up the balance. The company has a major presence in metro and Tier-1 cities such as
Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Ahmedabad, and is steadily expanding its footprint
into newer regions

Key Strengths: The Company Interiors is trusted by several Fortune 500 clients and has executed
projects as large as 7 lakh sq. ft. in a single order. The company has completed over 200 projects with 40
lakh sq. ft. currently under execution. It also has a strong focus on green building, with multiple LEED-
certified platinum and gold projects.

Outlook: The growing demand for Grade-A office spaces, driven by hybrid work adoption, along with
rising focus on sustainable and smart workplaces, is creating strong opportunities for Eleganz Interiors.
With a healthy order book, diversified client base, and proven execution capabilities, the company is
well-positioned to capture this demand. It is targeting steady revenue growth with improving margins as
operations scale up.

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Emerald Tyre Manufacturers Ltd

Emerald Tyre Manufacturers Limited, founded in 2002, is a major manufacturer and exporter of Off
Highway Tyres, specializing in Industrial Tyres. The company is a leading OEM supplier in India for its
product range and has a strong presence in both domestic and international markets for over two decades.
It operates from a manufacturing facility located in Tamil Nadu, India, spanning 10.05 acres, with a
production capacity of 10,560 MT. The company supplies its products across 6 continents and has a team
size of over 240 people.

Business Model & Product Range: Emerald provides comprehensive Off-Highway Tyre-Wheel Solutions as a
one-stop shop for the material handling industry. The company manufactures a wide range of products in-
house, from raw materials to finished goods, ensuring quality control that meets global standards. Their
product offerings include Solid Resilient Tyres, Industrial Pneumatic Tyres, Press-On Bands, and Wheel Rims.
They also offer integrated services like Just-In-Time delivery and have a global dealer network for on-the-
spot fitment services.

Capital Structure and Fundraising: The company successfully completed its IPO in December 2024, raising
fresh capital of INR 4,737 Mn through the issue of 4.986 Mn equity shares. Additionally, 0.199 Mn equity
shares were offered for sale, aggregating to INR 189 Mn. Post-listing, the company’s equity shares were
admitted to trading on NSE Emerge from 12-12-24. The paid-up capital as of 31-03-25 stood at INR 1,948
Mn.

Financial Performance: In FY25, total revenue stood at INR 2,026.14 Mn with an increase of 17.82% from
previous year. PAT was INR 104.33 Mn with a decline of 10.72% from previous year.

Business Operations & Products: Emerald Tyre Manufacturers Limited is an integrated solutions provider
with a focus on manufacturing and exporting a diverse product mix.

● Manufacturing: The company's manufacturing unit in Gummidipoondi, Tamil Nadu, is a 10.05-acre

facility with an integrated system for producing world-class products. It has a total capacity of
10,560 MT.
● Product Range: The company offers a wide range of specialized tires and related products,
including Solid Resilient Tyres, Industrial Pneumatic Tyres & Butyl Tubes, Press-On Bands, and
Wheel Rims.
● Integrated Services: Emerald provides total off-highway tyre wheel solutions, including Just-In-Time
delivery and integrated fitment services through a global dealer network.

Market and Outlook: The global Off-the-Road (OTR) tire market is expected to grow from USD 17.48 billion
in 2024 to USD 25.23 billion by 2032, with a CAGR of 4.7%. This growth is fueled by rising global
infrastructure development and industrialization. The Indian OTR tire market is projected to grow at a CAGR
of 6.4%, reaching 20 million units by 2032, up from 11.3 million units in 2023.

Emerald's outlook seems positive, driven by its strategic focus on innovation, quality, and a customer-
centric approach. The company's goal is to become one of the top five global players in its product segment.
Its strengths include a wide product range, a diverse customer base, and an experienced management
team. The company plans a major foray into the Off Highway tire segment with capital expenditure to tap
the high-potential market.

Arihant Capital Markets Ltd

Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Entero Healthcare solutions Ltd
Entero Healthcare is a leading pan-India healthcare distributor, providing a tech-enabled,
category-neutral platform serving retail pharmacies, hospitals, and organized retailers.
Incorporated with a focus on scale, reach, and operational reliability, the company has built an
extensive distribution network supported by proprietary ERP systems, customer-facing apps, and
data-driven working capital optimization. With over 71,000 retail pharmacies, 2,500 hospitals,
and 102 warehouses under its network, Entero has emerged as one of the fastest-growing
players in the Indian pharma distribution market.

Financial Performance:
In Q1 FY26, revenue grew 28% YoY to INR 14,040 Mn, significantly outpacing IPM growth of 9%.
On a like-to-like basis, growth was 31%, driven by 15% organic expansion and balance through
acquisitions. Gross profit rose 40% YoY to INR 1,400 Mn with margin expansion to 9.9%. EBITDA
increased 66% YoY to INR 500 Mn with margins at 3.6%, while PAT stood at INR 300 Mn, up 47%
YoY. Sequential margin softness (3.7% → 3.6%) was due to wage increments.

Business Model & Technology:

Entero’s value proposition lies in its wide product portfolio, service reliability, and tech-enabled
efficiencies. Proprietary ERP, integrated retailer apps, and social media-linked engagement
platforms drive procurement, warehousing, and receivables optimization. Management does not
foresee major new tech capex, focusing instead on leveraging existing investments for operating
leverage.

Operational Highlights:
The company serves 469 districts nationwide, offering 74,700+ SKUs sourced from 2,600+
manufacturers. Focus areas include high-margin categories such as medical devices, diagnostics,
surgical consumables, trade generics, and specialty pharma. Medical devices now contribute 4–
5% of revenues, supported by a targeted M&A pipeline. Net working capital days reduced to 66
(vs 71 YoY), with a FY26 target of 60 days. Operating cash flows turned positive in the last six
months.

M&A Strategy & Pipeline:

Q1 saw >INR 4,000 Mn worth of acquisitions announced, with ~INR 5,000 Mn inorganic revenue
expected in FY26. The company has shifted to faster integration (ERP/tech from Day 1), ensuring
synergy capture and margin accretion. While acquisitions remain a lever, management expects
the pace to slow over the next 2–3 years as organic growth becomes the primary driver. Total
goodwill on books stands at INR 4,000–5,000 Mn for a revenue base exceeding INR 60,000 Mn.

Guidance & Outlook:

Management reiterated FY26 guidance of 30% revenue growth and EBITDA margin above 4%.
Net working capital is targeted at 60 days by FY26-end, supported by ERP/data-driven initiatives.
Cash on books stands at INR 3,650 Mn. With disciplined M&A, improving operating leverage, and
expanding higher-margin categories, Entero is positioned for sustained market share gains and
profitability improvements in a consolidating industry.

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Enviro Infra Engineers Ltd
Enviro Infra Engineers Ltd. (EIEL) is a leading provider of water and wastewater infrastructure solutions in
India, specializing in the design, construction, and operation of sewage treatment plants (STPs), common
effluent treatment plants (CETPs), and water supply schemes (WSSPs). Backed by strong in-house
engineering, advanced technology, and timely execution, it has developed a well-diversified project
portfolio across multiple geographies. The company is also integrating renewable energy through solar
and CBG plants and has recently entered the Zero Liquid Discharge (ZLD) segment, reinforcing its
sustainability-driven growth strategy.

Financial Performance: In Q1FY26, revenue from operations at INR 2,409 Mn, up 17.4% YoY. EBITDA up
25% to INR 642 Mn, with margins improving to 26.7%. PAT increased 41.8% to INR 425 Mn, reflecting a
healthy margin of 17%. EPS stood at INR 2.39 compared to INR 2.25 in the same period last year.

Business Segments & Revenue Mix:In Q1FY26, the revenue mix was led by water and wastewater
treatment projects (WWTPs), contributing 70% (including STPs and CETPs), followed by water supply
schemes (WSSPs) at 24%, O&M services at 4%, and annuity/HAM projects at 2%. By delivery model, the
share stood at EPC 81%, HAM 12%, O&M 4%, and Annuity 3%.

Order Book (as of June 2025): The company’s total order book stands at INR 29,971 Mn, with WWTPs
(EPC and HAM) contributing 93% and WASPs making up the remaining 7%. The O&M portfolio is valued
at INR 9,459 Mn, providing stable and long-term revenue visibility. The execution pipeline covers 21
active projects, with growing traction in Zero Liquid Discharge (ZLD) solutions and renewable-linked
initiatives.

Geographical Presence: Revenue is well diversified across states, with Rajasthan contributing 31%,
Madhya Pradesh 24%, Uttar Pradesh 20%, Jharkhand 10%, Gujarat 9%, and the remaining 6% coming
from Delhi, Haryana, Punjab, and Chhattisgarh.

Strategic Initiatives-

● Entry into ZLD space: Secured INR 3,950 Mn CETP project in Maharashtra with advanced
ultrafiltration, RO, and MVR technology.
● Expansion in Renewable Energy: Acquired 69 MW solar projects (Odisha – 40 MW, Maharashtra
– 29 MW) through subsidiary EIE Renewables Pvt. Ltd.
● Larger project participation: Moving from 50 MLD to 200 MLD scale STPs, strengthening
technical credentials.
● Government-driven schemes: Strong positioning in AMRUT 2.0, Namami Gange, and CETP
projects (high visibility pipeline).

Outlook: The company is targeting a 35–40% revenue CAGR over the next 4–5 years, supported by
strong order inflows. For FY26, it has guided for INR 25,000 Mn of new orders, with INR 11,780 Mn
already secured in Q1. Management remains focused on sustaining EBITDA margins in the 22–24% range,
with potential upside from high-tech projects such as Zero Liquid Discharge (ZLD).

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Esconet Technologies Ltd

Incorporated in 2012, Esconet Technologies Ltd is a system integrator operating in the IT infrastructure,
cloud computing, managed services, and data security domains. It delivers end-to-end IT solutions across
critical enterprise technology needs. Its offerings span high-performance supercomputing, modern data
centre infrastructure, and a broad suite of managed services. The company’s solutions cover storage
servers, network security, virtualization, and data protection, catering to enterprises that are increasingly
prioritizing scalability, security, and operational efficiency.

Financial Performance: In FY25, consolidated revenue rising to INR 2,330 Mn, a 65% YoY growth.
Operating revenue grew by 63%, PBT increased by 42%, and PAT expanded by 47%. The company’s cloud
subsidiary, ZeaCloud, made a notable contribution by generating INR 11 Mn in profit, a sharp turnaround
from the previous year.

Fluidech IT Services Pvt Ltd (Cybersecurity) Acquisition: In FY25, the company acquired a 70% stake in
Fluidech IT Services Pvt Ltd, a cybersecurity firm with strong credentials, including being the only Indian
consulting organization accredited by the NCIIPC. Fluidech reported revenues of ~INR 25 Mn in FY25, with
management guiding for rapid growth to INR 150–200 Mn in FY26. This acquisition opens access to critical
infrastructure verticals such as healthcare, oil and gas, power, and BFSI.

Partnerships and Product Innovation:

● NVIDIA was upgraded from Standard to Preferred Partner, granting access to advanced hardware,
engineering samples, and pre-release software. This enabled the launch of new high-performance
machines powered by NVIDIA H200, B200, and GH200 GPUs.
● With Scality of France, Esconet has established a partnership in scale-out, cloud-ready file and
object storage.
● A partnership with Cato Networks has also been finalized, enabling cloud-native secure access
service edge (SASE) offerings. Initial orders in India have already been secured, and management
expects meaningful traction in FY26.
● The company has achieved empanelment with the Government e-Marketplace (GeM), which
allows Hexadata products to be directly procured by government and public sector organizations
as OEM products.

Segmental Revenue Mix: In FY25, Hexadata contributed ~35% of revenues, while system integration and
services formed the majority of the balance. ZeaCloud contributed ~INR 50 Mn, accounting for about 2%
of revenues, and Fluidech added around INR 25 Mn.

Capacity: The company has expanded capacity for Hexadata production and commissioned a micro data
centre as a test bed for in-house systems. The company is also building software stacks for HPC cluster
management, storage, and monitoring to increase indigenous content and strengthen its “Make in India”
positioning.

Infrastructure Expansion: The company has also scaled its cloud infrastructure, upgrading its network
from 40Gbps to 100Gbps access and from 100Gbps to a 400Gbps backbone. It has significantly enhanced
compute and storage capacity and is targeting MEITY empanelment to host public sector data.

Outlook: Looking ahead, management expects strong growth in the new business lines. ZeaCloud is
projected to grow by 50–60% in FY26, reaching INR 80–85 Mn, while Fluidech is targeting revenues of INR
150–200 Mn, up from INR 25 Mn in FY25. Over the next 3 to 4 years, both ZeaCloud and Fluidech are
expected to deliver a 30–40% CAGR, eventually becoming much larger contributors alongside Hexadata,
which management believes will remain the largest business segment in the long term.

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Ester Industries Ltd

Ester Industries Limited, incorporated in 1985, is a leading ISO-certified manufacturer of polyester films,
specialty polymers, and recycled PET (rPET) in India, catering to diverse applications across packaging,
consumer goods, and industrial sectors. In its polyester film business, it offers a wide portfolio that
includes plain films (both non-metallised and non-coated), metallised films, holographic films, window
metallised films, and coated/barrier films. With more than 300 BOPET film SKUs, these products find end-
use in food and beverage packaging, home and personal care, industrial packaging, as well as
identification and security applications. The company continues to strengthen its specialty product mix,
with value-added films accounting for ~23% of the polyester film segment market share in FY25.

Financial Highlights: During Q1FY26, with consolidated revenue stood at INR 3,469 Mn, growing by 19%
YoY. The EBITDA stood at INR 290 Mn, up by 67% with margin improved by 240 bps YoY to 8.35%. The
company also reported a PAT of INR 96.4 Mn, compared with a loss of INR 20.4 Mn in the same quarter
last year, translating into a PAT margin of 3.38%.

Segmental Performance
Polyester Films: Capacity utilization improved significantly to 82% in Q1FY26 compared to 64% in
Q1FY25. Sales volumes grew by 22.6% YoY to 21,531 MT. Segment revenue increased by 20.7% YoY,
reaching INR 2,760.7 Mn. Within this segment, value-added and specialty (VAS) products continued to
gain traction. Their share in the overall volume rose to 24% in Q1FY26, compared to 23% in Q1FY25, with
VAS volumes registering 37% YoY growth.
On the sustainability front, the company’s rPET expansion project in Hyderabad is progressing on
schedule, with an additional 20,000 TPA capacity expected to commence commercial production by
September 2025.
Specialty Polymers: Segment volumes stood at 954 MT, representing a 4% YoY increase. EBIT margins for
the quarter were in the range of 30–35%, lower than the 43% margin reported last year, which had
benefited from an exceptionally favorable product mix. Currently, around 85–88% of revenues in
Specialty Polymers come from 2 key products—Innovative PBT and MB03.

Joint venture with Loop Industries: The 50-50 joint venture with Loop Industries (Canada) is progressing
as planned. Land acquisition is in advanced stages of negotiation and expected to conclude within 4–6
months, with no material delays anticipated. The target remains to commence commercial production by
Q4CY27.

Export Markets and Tariff Impacts: Exports accounted for approximately 35% of revenue in Q1FY26, with
the company having a presence in more than 50 countries. The recently announced 25% US tariff on
Indian goods poses a potential headwind. However, management clarified that the effective
disadvantage is only 5–6% versus Asian peers, who already face tariffs of 19–20%. The US market
contributes around 10% of revenues, all of which come from specialty products with strong pricing
resilience.

Capacity Utilization and Operational Updates: The Hyderabad plant (EFTL) historically faced lower
utilization due to newness, customer approvals, and reliance on a single line. Utilization has now
improved steadily, and management expects to reach 80–85% levels comparable to the Khatima plant.

Outlook: For the Polyester Films segment, the company is targeting 30% VAS contribution by Q4FY26. For
the Specialty Polymers segment, management guided for 20–25% annual revenue growth over the next
3–4 years, supported by new product introductions and market expansion. At Ester Filmtech,
management expects the business to achieve sustained profitability at the PAT level in the coming
quarters, driven by normalization of FX impacts, rising capacity utilization, and an improved rPET and
value-added product mix.

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Eveready Industries India Ltd

Eveready Industries India Limited is a leading Indian consumer durable company with a legacy of over 100
years, primarily known for its dry batteries, flashlights, and lighting solutions. The company operates in 3
main segments: Batteries, Flashlights, and Lighting. It continues to invest in product innovation,
premiumization, and channel strengthening with a renewed focus on sustainable, energy-efficient product
portfolios. The company’s manufacturing bases include 6 facilities across India, equipped with global-
standard technology and a strong distribution network, particularly in rural and semi-urban India.

Business Segments and Performance:

● Batteries: The Batteries segment is the largest contributor, accounting for approximately INR 2,383
Mn (63%) of Q1FY26 revenue. Notably, the alkaline battery portfolio, a key growth driver,
registered an impressive ~50% YoY revenue growth and market share expanded by 590 bps to
15.3% during the quarter. The company currently holds a 59% share in India’s dry battery market.
Carbon Zinc category also showed steady volume and value growth, supported by strong
distribution and product innovation. The upcoming Jammu alkaline plant is expected to boost
manufacturing capabilities and cost competitiveness.
● Flashlights: The Flashlight segment reported revenue of INR 675 Mn (18% of Q1FY26 revenue),
delivering an outstanding 39% YoY growth led primarily by rechargeable flashlights. Strong traction
was observed in modern trade and e-commerce channels, complemented by new product launches
and an expected competitive edge through BIS certification compliance. Rechargeable products
now contribute significantly to revenue, with a sharp increase indicating shifting consumer
preferences.
● Lighting: Lighting segment revenue was INR 779 Mn (20% of total) showing a 4.4% YoY degrowth.
The company maintained volume growth despite continued price erosion impacting overall value.
Focus shifted towards professional lighting and growth adjacencies such as electrical accessories
(MCBs, etc.). The company’s refreshed distribution strategy, involving around 250 active dealers,
supports this transition, aiming for premiumization and category consolidation.

Financial Highlights: In Q1FY26, Eveready’s consolidated revenue from operations reached INR 5,360 Mn,
reflecting a 7.1% YoY increase over INR 4,980 Mn in Q1FY25. Operating EBITDA improved by 7.7% YoY to
INR 537 Mn with an EBITDA margin of 14.3%. PAT rose modestly by 2.8% YoY to INR 302 Mn, with margin
slightly soft at 8.1%. The quarter included an exceptional charge of INR 71 Mn related to non-recurring ex-
gratia payments to employees (about 50 employees) as part of cost rationalization efforts. The company
also secured a settlement of INR 150 Mn with Real Touch Finance, relieving certain operational and
financial restrictions and bolstering strategic flexibility.eveready.

Outlook: Eveready Industries India Limited is well positioned to capitalize on rising demand for energy
storage and portable lighting solutions across India. The company’s consistent revenue growth,
strengthened market share in alkaline batteries, and robust distribution network underpin confidence in
delivering sustainable growth. Near-term profitability may be moderated by investments in brand building
and new facilities, but the strategic commissioning of the Jammu alkaline battery plant and product
innovation pipeline, especially in rechargeable flashlights, signal strong medium-term growth potential.
With ongoing distribution enhancements and product premiumization efforts, Eveready expects to
maintain a positive growth trajectory while managing cost efficiencies and expanding into adjacent
categories thoughtfully.

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Expo Engineering and Projects Ltd

Expo Engineering and Projects Ltd (formerly Expo Gas Containers Ltd), founded in 1982 by IIT Bombay
alumnus Shaukatali Mewawala, has evolved into a leading heavy engineering company. The company
specializes in high-pressure vessels, heat exchangers, columns, reactors, and customized fabrications,
with a strong presence in on-site engineering projects including crude oil storage tanks, mounded bullets,
horton spheres, and complete maintenance and inspection services. With over four decades of expertise,
Expo serves diverse industries such as oil and gas, petrochemicals, green hydrogen, power, chemicals,
pharmaceuticals, and steel, both in India and overseas.

Financial Performance :
•Revenue FY25: INR 1,147.4 mn (vs. INR 757.0 mn in FY24)
•EBITDA FY25: INR 83.3 mn | Margin: 7.3%
•PAT FY25: INR 31.8 mn | Margin: 2.8%
•EPS FY25: INR 1.37

•Revenue Q1FY26: INR 178.5 mn (vs. INR 177.1 mn in Q1FY25)

•EBITDA Q1FY26: INR 19.1 mn | Margin: 10.7%
•PAT Q1FY26: INR 10.4 mn | Margin: 5.9%
•EPS Q1FY26: INR 0.46

Business Overview : Expo operates across two main segments:

•Process Plant Equipment: Specialization in pressure vessels, heat exchangers, reactors, towers, and
custom-built fabrication, supported by end-to-end solutions from design to installation.

•On-Site Engineering Projects: Includes fixed and floating roof tanks, mounded bullets, horton spheres,
and large fabricated equipment, along with shutdown and maintenance services for crude oil tanks and
process plants. The company’s state-of-the-art facility in Murbad, Thane spans nearly 5 acres, with
advanced fabrication bays, CNC equipment, and handling capacity of up to 350 tons. Expo is ASME U & R
stamp certified, enabling it to supply tailor-made equipment globally, with exports to Indonesia, Russia,
Israel, USA, and Bangladesh.

Order Book and Developments : As of June 2025, Expo’s order book stood at INR 1112.1 mn, nearly 10x
Q1 revenue, providing strong visibility. The order book is 97 percent comprised of storage tanks and 3
percent vessels. Key contracts during the quarter included INR 256.2 mn from BPCL Mumbai Refinery,
INR 260.9 mn from IOCL Mumbai, and INR 261.0 mn from IOCL Asaoti, Haryana. Additional smaller
orders were won from Reliance Industries worth INR 15.6 mn. The company also raised INR 75.2 mn in
FY25 through preferential allotment, fully utilized for capex, working capital, and talent expansion. It has
further announced INR 220.2 mn in convertible warrants to be issued to promoters and investors to
strengthen the balance sheet.

Outlook : Expo Engineering enters FY26 with a strong order book, upgraded facilities, and a clear focus
on high-value, margin-accretive projects. Management is targeting continued improvement in
profitability and faster execution cycles, while diversifying its customer base beyond PSU oil companies
into sectors like chemicals and steel. With repeat orders from marquee clients, entry into exotic metals,
and international expansion, the company is positioned to scale revenues and margins sustainably over
the medium term.
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Fineotex Chemical Ltd
Fineotex Chemical Limited is an established specialty chemical company offering tailor-made performance
chemicals. The company’s strong domain expertise, large fungible manufacturing base, and global
partnerships position it as a one-stop solution provider, with over 1,500 SKUs across 470+ product
categories and operations in nearly 70 countries. The management brings over 4 decades of experience,
and the group operates 3 major plants in India and Malaysia, with a 4th new manufacturing facility
commissioned at Ambernath in August 2025, expanding total capacity to 120,000 MTPA.

Business Segments:

● Textile Chemicals - Textile specialty chemicals remain the company’s core (about 80% of revenue
in Q1FY26), providing end-to-end solutions from pre-treatment to finishing. The R&D hub at Biotex
Malaysia spearheads innovation and application development, focusing on specialty chemicals that
respond to evolving technical requirements and sustainability needs for global textile customers.
● FMCG, Cleaning & Hygiene - Fineotex has diversified successfully into the cleaning and hygiene
segment, now accounting for around 20% of revenues. Products include floor cleaners, hand-wash,
sanitizers, and dishwashing solutions.
● Oil & Gas and Water Treatment - The company’s strategic foray into oilfield and water treatment
chemicals is gaining traction. Fineotex produces demulsifiers, corrosion inhibitors, surfactants, and
various water treatment polymers, addressing the needs of both industrial and municipal markets.
In Q1FY26, oil & gas volumes stood at around 4-5% of the total, but value growth was notable—
order volumes have increased nearly 2.5x QoQ, with management optimistic about continued
expansion as customer trials convert to recurring contracts.

Financial Performance: Q1FY26 consolidated revenue stood at INR 1,370.7 Mn, with total income at INR
1,462.2 Mn—showing growth of 14.8% QoQ. EBITDA reached INR 252.0 million (up 18.3% QoQ), while PAT
was INR 250.3 million (up 24.3% QoQ). EBITDA margin improved sequentially to 18.4%. On volumes, a
14.7% QoQ increase was reported. Gross margin for the quarter was 33.5%, and PAT margin stood at
18.3%.

Growth Drivers and Market Opportunities: Fineotex is capitalizing on growth trends in specialty chemicals,
including fast fashion, technical textiles, and green chemistry for homecare, personal care, and industrial
use. Regulatory tailwinds (e.g., stricter environmental norms, Zero Liquid Discharge, increased focus on
sustainability) underpin rising demand, especially in water treatment and oil/gas. Ongoing sectoral
expansion—including partnerships with major global brands, strategic JVs (Biotex, Eurodye, HealthGuard),
and a growing pipeline of sophisticated, sustainable chemicals—place Fineotex in a favorable competitive
position. In the detergent market, Fineotex is among the early movers in LapSA-free, acid-free, and soda-
ash-free products, which are likely to be adopted as sustainability initiatives accelerate among FMCG
leaders.

Outlook: Fineotex expects continued sequential growth as the new Ambernath plant ramps up, aided by a
healthy domestic and export order pipeline. The oil/gas and water treatment verticals are set to contribute
more meaningfully to both volume and value. The diversified product mix, financial strength, and deep
investments in R&D and sustainability align Fineotex for steady, long-term value creation.

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Finkurve Financial Services Ltd

Finkurve Financial Services, operating under the Arvog brand, was started in 1984 and today works mainly
in the gold loan business. The company runs on a “phygital” model, meaning it combines physical
branches with digital systems to give faster and smoother services. It currently has 73 branches across 3
states and is connected with Augmont’s digital gold platform for tech-enabled lending. The company has
served more than 70,000 active customers so far and in FY25 disbursed loans worth INR 16,055.5 Mn.

Financial Performance:
In FY25, revenue from operations stood at INR 1,404.8 Mn, up by 56.02% YoY. Interest income stood at
INR 801.7 Mn as compared to INR 523.7 Mn in FY24. PAT stood at INR 174.1 Mn, up by 8.31% YoY in FY25.
Collection efficiency stood at 84% in FY25 against 83% in FY24. Total AUM grew by 69.39% to INR 4,395.2
Mn from INR 2,594.6 Mn in FY24.

Shift from Corporate Loans to Retail Loans:

Earlier, Arvog used to lend more to corporates. But now it has moved to retail lending with gold loans at
the center. This shift has completely changed its product mix. In FY23, gold loans were just 39% of the
book, while other loans made up nearly half. By FY24, gold loans had grown to 75%, and in FY25 they
jumped to 89% of the loan mix.

Retail Loan Products: The company mainly offers 2 types of retail loans – Gold Loans and Personal Loans.
● Gold Loans are the core offering, with an average ticket size of INR 1.34 lakh, an average tenure of
7 months, and an average return of 20.4%.
● Personal Loans are much smaller, with an average ticket size of INR 8,847, tenure of just 31 days,
but a much higher average return of 43.2%. These are offered through a partnership model with a
small first loss guarantee (FLDG) of 5%

Loan Book and Branch Economics:

The company has been expanding branches steadily from 4 branches in FY21 to 73 in FY25. With this, the
average gold loan AUM per branch has grown from INR 14 Mn in FY21 to INR 52 Mn in FY25, at a strong
CAGR of about 39%. The branch-led model allows scalable growth while keeping costs low. As of FY25,
Telangana (38 branches), Andhra Pradesh (24), and Karnataka (11) are its main states of presence.

Customer Service and Technology:

One of company’s key strengths is fast loan processing. The company claims that the turnaround time
(TAT) for gold loan disbursal is less than 30 minutes.

Market Opportunity: India is one of the biggest holders of gold in the world, with households estimated
to own gold worth INR 126 trillion. But only about 5.6% of this gold is used for loans today, which means
there’s still huge untapped potential. The current gold loan market is about INR 7.1 trillion and is expected
to double to INR 14.2 trillion by FY29. Most of this demand comes from South India, which accounts for
nearly 80% of outstanding gold loans, making it a very important market for growth.

Future Outlook:
With strong disbursal numbers, rapid branch expansion, and growing AUM per branch, the company is on
a clear upward path. Its focus on technology ensures faster service and better customer experience.
Looking ahead, it is expected to continue strengthening its gold loan book, grow deeper in key southern
states, and use its digital integration to scale faster.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Flair Writing Industries Ltd

Flair Writing Industries Limited (Flair) is one of India’s leading players in the writing instruments and
stationery sector with a legacy of 5+ decades. The company has established itself as the biggest pen brand
in India, ranks among the top three writing instrument players, and is also the largest pen exporter from
India with a footprint in 115 countries. Flair operates with a strong distribution network of over 8,000
distributors, 192 super-stockists, and more than 3,30,000 retailers, covering 6,500+ pincodes across India.

Financial Performance: For Q1FY26, Flair reported Revenue from Operations of INR 2,885 Mn, a 16.8%
YoY growth. EBITDA stood at INR 495 Mn, up 17.9% y-o-y, with margins at 17.2%. PAT was INR 290 Mn,
growing 10.5% YoY, with PAT margins of 10%. GP margin improved to 50%, driven by a favorable product
mix.

Products and Services: The company offers products like writing instruments, creative and stationery
products, steel bottles and houseware, licensed & partnered products, etc. It also provides OEM Services.

Segment Performance and focus:

Pen Segment: The pens business generated INR 202 crore in revenue, growing 3% YoY. Growth was
supported by the launch of 8 new products across mass, mid-premium, and premium categories. Within
the mix, mass pens priced under INR 10 continue to dominate, forming 62% of pen sales. For FY26, the
company expects overall pen sales to grow around 9–10%, excluding OEMs.
Creative Segment: The Creative products business saw a sharp jump, with revenue rising 77% year on year
to INR 65 crore. The company launched six new SKUs during the quarter, taking the total portfolio to 223
SKUs as of June 2026. In-house manufacturing now accounts for 70% of production and is targeted to
increase to 80–85% soon. Distribution stands at 68,000 outlets, though the focus is on improving sales per
outlet rather than just expanding coverage. For FY26, management expects this segment to grow by 40–
50%.
Steel Bottles: The steel bottles segment posted revenue of INR 130 Mn, a 55% YoY growth. The current
capacity is adequate to support this year’s revenue target of INR 1,000–1,200 Mn. Management has guided
for 50% growth in this segment for FY26.

Capex, Manufacturing, and Operating Leverage: The company is building a large facility at Valsad covering
2,00,000 sq ft. Orders have already been placed for 60 injection molding machines, molds, and assembly
units. For FY26, capex of INR 800 to INR 900 Mn is planned, of which INR 260 Mn was already invested in
Q1. This capex is flexible and will be used across both pens and Creative segments. Current utilization levels
are ~70%, and the company is expanding in advance to keep up with growth. A key focus is to shift more
production in-house, which is expected to improve margins and reduce dependency on job work.

Working Capital and Return Ratios: Working capital increased slightly in Q1 due to new product launches
and higher SKUs, but management expects this to normalize as products mature. Export receivables remain
high as overseas customers have longer credit cycles. RoE has dipped to 11% from 24% earlier, mainly due
to large capex investments. However, management expects ROE to improve back above 15% in the next 2-
3 years as new facilities scale up and margins improve.

Outlook: The company is confident of maintaining 15–16% revenue growth over the medium term while
keeping margins stable or improving. The main growth drivers include strong expansion in the Creative and
Steel Bottles businesses, increasing share of in-house production, regular new product launches, and
deeper distribution. The challenges include continued weakness in OEM sales, the need for timely
execution of the Valsad expansion, and managing working capital. For FY26, segment guidance remains
unchanged with pens expected to grow 9–10%, Creative by 40–50%, and Steel Bottles by 50%. EBITDA
margins are expected to stay above 17%.

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Foods and Inns Ltd

Foods & Inns Ltd is a leading player in the processed foods industry with 50+ years of expertise. The
company operates across 7 state-of-the-art processing facilities and 2 logistics centers, employing more
than 600 full-time staff. It serves 50+ countries with a wide portfolio of fruit pulps, frozen foods, spices,
spray-dried powders, and value-added products. The company is deeply integrated into the supply chain
with strong farmer partnerships, marquee customers such as Coca-Cola and PepsiCo, and a focus on
sustainability and compliance.

Financial Performance: The company posted mixed Q1FY26 results, with revenue declining 4.5% YoY to
INR 2,361.5 Mn and EBITDA down 7.3% YoY, while gross margin improved by 141 bps to 39% on better
operating efficiencies. PAT rose slightly by 1.2% YoY. Operationally, performance was supported by lower
mango (Totapuri) prices, a strong guava crop, and 10.3% growth in pulp volumes led by domestic demand
(+12.4% YoY), even as exports remained flat. Frozen food volumes surged ~50% on healthy global demand,
spray-dried powders operated at full utilization with capacity expansion planned, and Kusum Spices
secured a returning tender-based client for H2FY26. Export traction was encouraging with Russia debut
orders for Tetra Recart and repeat orders from Finland.

Products and Services: The company derives most of its revenue from fruit pulping (INR 8,150 Mn in FY25)
led by mango pulp (INR 7,350 Mn), followed by tomato and guava, under its brand “Madhu.” The company
also operates in spray drying (INR 210 Mn, 1,100 MTPA capacity), frozen foods under “Green Top”, and
spices through Kusum Masala. Value-added initiatives include a pectin JV to convert fruit waste into high-
demand ingredients and Tetra Recart packaging that offers a sustainable alternative to canning with 2
years of shelf life.

Capacity expansion: The company expanded tomato processing capacity, operational since December, is
expected to nearly double tomato segment revenues from INR 750–800 Mn to INR 1,300–1,400 Mn in
FY26.

Capex Plan: All previously planned capex is complete. The company is evaluating a potential 4–5 MT/day
expansion in spray-dried powder capacity to tap into seasoning and export markets. (From 6MT to up to
11MT per day).

Recent Developments: Long-term partnerships with farmers, FPO engagements, and government cluster
programs secure raw material quality and supply, helping defend market share amid growing competition
from larger conglomerates.
The new R&D facility in Nashik, launching soon, will allow co-development with clients for customized food
products. Growth areas include frozen vegetables, spices, and niche fruits like Jamun.
Although the company's primary focus is B2B, it is exploring partnerships with Q-commerce brands for
private label packaging and distribution. B2C efforts remain niche, mainly in frozen categories and spices.

Outlook and Guidance:

The current market price offers a compelling entry point supported by expected margin tailwinds, capacity
expansions in tomato and spray-dried powders, and strong export growth. With a 20% volume growth
target for FY26 and nearly doubling tomato segment revenues to INR 1,300-1,400 Mn, the company
benefits significantly from over INR 400 Mn received under the PLI scheme, with INR 950 Mn more
expected. The company’s leadership in fruit processing and diversification into high-margin frozen foods
and spices strengthens its growth outlook. Despite near-term working capital pressures, long-term
fundamentals remain solid.

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Frog Cellsat Ltd

Frog Cellsat Limited (FCL) is a leading Indian design house and manufacturer of advanced wireless
coverage enhancement solutions, founded in 2004. The company provides telecom infrastructure
products such as repeaters, antennas, in-building solutions (IBS), and distributed antenna systems (DAS).
FCL serves telecom operators, airports, metro stations, stadiums, and large commercial establishments,
ensuring seamless mobile connectivity.
Financial Highlights: In FY25, Frog Cellsat Limited delivered strong financial performance with revenue
rising 39.1% YoY to INR 2,193.9 Mn, driven by large DAS deployments. Adjusted EBITDA grew 72.6% to
INR 377.1 Mn, with margins expanding to 17.2% from 13.9% in FY24, while reported EBITDA stood at INR
352.7 Mn (16.1% margin). PAT increased 51.7% to INR 235.5 Mn, translating to a PAT margin of 10.7%.
The company closed the year with an order book of approximately INR 710 Mn.
Products and Services: FCL offers 27 products across the wireless communication ecosystem:

● Active DAS systems : reliable coverage for high-density environments such as airports, stadiums,
and metro stations.
● Digital RF repeaters :enhancing indoor mobile signal coverage for offices, commercial complexes,
and homes.
● IBS accessories : including antennas (Yagi, Panel, Omni), RF splitters, combiners, and dummy
loads.
● Network accessories : RF jumpers, RET/AISG cables, multiplexers, filters, connectors, CPRI fiber
jumpers, and SFPs.
● Antennas : from large BTS antennas to small cell antennas for dense urban environments.
Additionally, the company provides design, installation, and commissioning services, offering end-
to-end telecom solutions. A recent strategic addition includes Surface Mount Technology (SMT)
line products such as IP/CCTV cameras, power adapters, and ONTs, marking a foray into
broadband and surveillance markets.

Manufacturing Capabilities: Frog Cellsat’s 1.6 lakh sq. ft. Noida facility serves as a hub for telecom
equipment manufacturing, offering centralized, high-quality, and efficient production under the Make in
India initiative. Supported by a DSIR-approved R&D center, the unit enables in-house innovation and
proprietary designs. The recent addition of a Surface Mount Technology (SMT) line expands capacity into
new products such as CCTV, IP cameras, and ONTs.

Growth and Expansion: Frog Cellsat is driving growth through its OneDAS solution, which contributed
~50% of FY25 revenues, with opportunities in airports, metros, and large venues. It is also targeting the
$1 billion+ global DAS market in Europe and Africa. The new SMT line will expand offerings into CCTV, IP
cameras, ONTs, and broadband, tapping high-growth digital markets. Supported by PLI incentives and 5G
adoption, the company is on track to achieve INR 5,000+ Mn revenue by FY28 through product
diversification, client expansion, and global reach.

Outlook: In FY26, growth is expected to be led by continued DAS deployments and scaling of new SMT
line products, with management guiding for ~30% revenue growth. While base business in IBS accessories
and network equipment is expected to remain stable. The company’s alignment with government-led
digital initiatives, along with expansion into Europe and Africa, provides a strong long-term growth
runway.

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Fusion Finance Ltd

Fusion Finance Ltd. is a microfinance and MSME-focused NBFC that provides credit access to underserved
customer segments across India. The company has a diversified presence through 105 MSME branches
across 8 states, a strong workforce of over 15,000 employees, and technology-driven processes for credit
assessment and collections. Its portfolio includes group lending (JLG), MSME secured lending, and emerging
digital products.

Financial Performance: In Q1FY26, Fusion reported a loss of INR 9,225 Mn, significantly lower than the INR
16,500 Mn loss in Q4FY25, mainly due to lower credit costs and improved NIMs. Disbursements for the
quarter stood at INR 95,000 Mn, with 76% of lending to existing customers, reflecting cautious and
calibrated growth. Net interest margin expanded by 172 bps QoQ to 10.29% on the back of higher lending
yields and reduced recognition drag from stressed assets.

Asset Quality and Credit Costs: Credit costs declined to INR 17,800 Mn from INR 25,300 Mn in Q4 FY25 and
INR 57,100 Mn two quarters ago. Gross NPA improved from 7.92% in Q4 FY25 to 5.43% in Q1 FY26, while
Net NPA stood at 0.19%. The company revised its write-off policy from 240+ days past due (DPD) to 180+
DPD, leading to write-offs of INR 48,600 Mn in Q1 FY26, strengthening portfolio hygiene. Provision coverage
remained robust with Stage 3 at 96.6% and Stage 2 & 3 combined at 88.7%.

Liquidity and Capital Adequacy: As of June 30, 2025, Fusion held liquidity of INR 72,400 Mn, sanctioned
loans worth INR 149,600 Mn, and call money of INR 40,000 Mn from the rights issue. The company raised
INR 122,000 Mn fresh funds between January–July 2025. Capital adequacy ratio remained strong at 29.52%
post rights issue. Average cost of funds declined 25 bps QoQ to 10.27%, though marginal cost of fresh
borrowings increased to 13.3%.

Business Segments: The microfinance (MFI) vertical remains the core business, contributing the majority of
AUM. The MSME portfolio, at INR 68,400 Mn, is 91% secured with an average loan-to-value of 42% and IRR
of 23%. Fusion is also piloting new products like Ujala and Sugam, designed to reward disciplined repeat
borrowers, which contributed 40% of July disbursements.

Operational Performance: Collection efficiency remained strong at 98.55%, with flow forward rates
improving to 0.54% from 1.8% two quarters ago. POS retention for current bucket improved to 99.46%.
Digital collections expanded from 21% in October 2024 to 35% in June 2025. Customer load per relationship
officer remains at 350, with plans to enhance productivity through technology rollouts by March 2026.
Employee attrition at managerial levels remains low, with 75% of branch managers serving over three
years.

Industry Context: The microfinance sector is undergoing structural shifts with new RBI guardrails, lowering
qualifying asset thresholds, and a focus on customer leverage. With India targeting a USD 30 trillion
economy by 2047, microfinance and MSME credit are positioned as critical enablers of inclusive growth.

Outlook: The company has successfully stabilized its operations after a period of elevated stress, moving
from firefighting to cautious growth. With improving asset quality, stronger guardrails, and diversification
into MSME secured lending, the company is on track to return to profitability within the next 1–2 quarters.
Continued focus on technology, customer leverage monitoring, and collection efficiency should ensure
sustainable growth in the medium term.

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Ganesh Housing Corporation Ltd

Ganesh Housing Corporation Ltd (GHCL) is a prominent real estate developer based in Ahmedabad, with a
presence across residential, commercial, and township projects. The company has a strong land bank of
approximately 525 acres, most of which is unencumbered, offering solid long-term growth potential. GHCL
is known for its premium developments, integrated townships, and commercial/SEZ complexes. Its key
focus areas include timely project execution, revenue diversification, and maintaining capital efficiency.

Financial Highlights: Ganesh Housing Corporation Ltd reported revenue of INR 1,510 Mn, down 30% (YoY).
EBITDA stood at INR 1,280 Mn, down 18% YoY, but with margins improving significantly to 85% from 71%
the previous year. PAT was INR 930 Mn, also down 18% YoY, while PAT margins expanded to 61.6%
compared to 51.6% last year.

Operational & Project Highlights:

1) Malabar Retreat (Premium Residential):
About 43% of construction has been completed, and sample flats have been launched, attracting
strong visitor interest. So far, around 30% of the units have been booked, with sales expected to
pick up during the festive season. The project includes approximately 160 units, with a price of
about INR 6,000 per square foot.

2) Million Minds IT SEZ (Phase 1):

Around 80% of the leasable area is under Letters of Intent (LOIs) or active discussions. Rental
income is expected to start from Q3 or Q4 of FY26, with estimated rents of ₹70–75 per square foot.
Due to strong demand, Phase 2 of the project is planned to begin earlier than initially scheduled.

3)One Thaltej Commercial (1.8–2 mn sq. ft.):

Approvals are in the final stage, with construction expected to begin by Q3 FY26. The project has a
lifetime revenue potential of around INR 21,000 Mn.

4)Godhavi Township (450 acres integrated development):

Ganesh Housing Corporation has monetized 28 acres so far—18 acres in FY21 and 10 acres in Q1
FY26. The average realization is around INR 30,000 per square meter. The sales potential has been
revised upward to over INR 60,000 Mn, up from the earlier estimate of INR 50,000 Mn. The area is
positioned to become a self-sustained urban micro-market over the next 7 to 10 years.

Key strength: Ganesh Housing Corporation Ltd has a large, unencumbered land bank of approximately 525
acres. The company maintains strong financial discipline, with low leverage, high liquidity, and project
execution driven mainly by internal accruals. Its portfolio is well-diversified, including a balanced mix of
residential, commercial, and township projects. GHCL holds a premium position, with a strong presence in
high-value markets such as Thaltej, Godhavi, and SEZ clusters.

Outlook: Management expects a 30% growth in profits over the medium term, despite a slow Q1. They plan
stronger revenue in FY26 from Malabar Retreat bookings, Million Minds lease income, and Godhavi
Township sales. The focus is on timely project delivery, keeping margins high, and gradually selling land.

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Ganesh Infraworld Ltd

Ganesh Infraworld Ltd., incorporated in 2017 as Ganesh International and later converted into a public
company listed on the NSE SME platform in 2024, is one of the fastest-growing EPC and infrastructure
companies in Eastern India. The company focuses on key sectors such as Civil & Electrical Infrastructure,
Road & Rail Infrastructure, and Water Infrastructure. With strong execution capabilities, it provides end-
to-end project delivery including design, engineering, construction, and commissioning. Over the years,
Ganesh Infraworld has expanded its presence across multiple Indian states, steadily scaling up its
operations and establishing itself as a reliable player in the infrastructure development space.

Financial Highlights: In Q1FY26, Revenue at INR 1,807 Mn (↑34% YoY) and EBITDA at INR 203 Mn
(↑62% YoY), improving margins to 11.2%. PAT rose 46% YoY to INR 146 Mn with a margin of 8.1%, while
EPS stood at INR 3.42 (diluted post IPO). The company maintained a healthy balance sheet with a low
debt-to-equity ratio of 0.21x, and its robust order book of INR 11,850 Mn spread across Civil & Electrical
(48%), Water (42%), and Road & Rail (10%)—provides strong revenue visibility.

Business Segments -

● Civil & Electrical Infrastructure: The company has a strong presence in the power sector, with
capabilities in power transmission & distribution, rural electrification, and substations up to 400
kV. Its service offerings include GIS substations, automation, transformer and switchyard works,
HT/LT cabling, and metering & billing solutions. The company has successfully executed several
projects such as power substation works, rural electrification initiatives in Jharkhand, and
transmission line projects in Rajasthan, showcasing its execution strength and sector expertise.
● Road & Rail Infrastructure: The company offers EPC services in roads, bridges, and rail
electrification, with expertise in survey, alignment, ROB/RUB, signaling, OHE, and station
development, and has executed key projects with Indian Railways and state infrastructure
boards.
● Water Infrastructure (High Growth Focus): The company delivers end-to-end water
infrastructure solutions under Jal Jeevan Mission, with recent project wins of INR 500 Mn in
Odisha and INR 1,850 Mn in Madhya Pradesh; its water infra order book grew 10x YoY in
Q1FY26.

Ongoing Project: The company. is executing major projects across water, civil, and rail infrastructure.
Key works include a INR 1,850 Mn drinking water project in Madhya Pradesh, a INR 950 Mn project in
Odisha, smart metering and electrification projects for Adani Energy in Maharashtra, and rural
electrification works in Jharkhand. In rail and road, the company is working on electrification and bridge
projects, while its Nucleus Residential Project (5 lakh sq. ft.) is progressing ahead of schedule.

Geographical Revenue: Ganesh Infraworld Ltd.’s order book is geographically diversified, with the
largest share from West Bengal (41.0%), followed by Jharkhand (26.0%), Uttar Pradesh (10.4%),
Maharashtra (9.9%), Odisha (6.6%), and other states contributing 6.1%.

Outlook: Ganesh Infraworld Ltd. is poised for strong growth driven by rising opportunities in Water
Infrastructure, supported by the government’s Jal Jeevan Mission till 2028. The company is increasingly
securing direct government projects, moving beyond its earlier subcontractor role. It is also expanding
geographically into high-potential states like Odisha, Madhya Pradesh, and Uttar Pradesh, while focusing
on strengthening its order book, improving working capital efficiency, and enhancing execution capacity
to scale operations sustainably.

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GHCL Ltd

GHCL Limited is a leading Indian producer of soda ash (anhydrous sodium carbonate), sodium
bicarbonate, and vacuum salts, serving key domestic industries including glass, detergent, and solar
glass. The company stands out within its sector for its integrated operations, sector-leading
manufacturing efficiencies, high plant utilization rates, and a robust commitment to sustainability. GHCL
is also expanding into value-added segments such as bromine and vacuum salt.

Business Performance: For Q1FY26, GHCL reported consolidated revenue of INR 8,230 Mn, a decrease
of 3% YoY compared to INR 8,490 Mn in Q1FY25. EBITDA for the quarter stood at INR 2,250 Mn (down
4% YoY), with an EBITDA margin of 27.3%. PAT was INR 1,450 Mn, down by 4% YoY. Cash profit for the
quarter was INR 1,720 Mn, against growth capex spend of INR 1,210 Mn and debt repayment of INR 120
Mn, resulting in net positive cash flow of INR 630 Mn.

Growth Initiatives and Diversification: GHCL is actively pursuing value-added product diversification to
drive its next growth phase. Key expansion projects include:

● Bromine Plant: Construction is underway for a 10,000 MT bromine plant (phase 1 capacity 2,800
MT), expected to achieve 40%+ EBITDA margins and be commissioned in H2FY26.
● Vacuum Salt: A new 170,000 MT vacuum salt facility is leveraging surplus energy from existing
operations and is also expected online in H2FY26, capturing opportunities in the FMCG segment.
● Greenfield Expansion: Work is progressing on a greenfield soda ash project in Kutch, Gujarat,
with a planned phase 1 and phase 2 capacity of 550,000 MT each. Full commissioning is targeted
by FY30. The company’s captive salt fields in Kutch will underpin raw material security for both
soda ash and bromine, cementing cost leadership for the future.
● Sodium Bicarbonate: Capacity was doubled to 120,000 tonnes per annum, with expanding
applications in flue gas desulphurization, food, and pharma.

Demand Drivers: GHCL’s soda ash serves a wide range of sectors. As of Q1FY26, end-user demand
segmentation is estimated as - 34% Detergent, 31% Glass (traditional, solar, bottle, automotive), 10%
Sodium Bicarbonate and 25% others.

Financial Position & Shareholder Value: GHCL maintains a robust financial position with over INR 11,420
Mn in cash and investments. The company paid INR 1,150 Mn in dividends in July 2025, exemplifying its
commitment to returning value to shareholders. The company’s average EBITDA margin of 28% across
the last several years demonstrates its focus on sustained profitability and prudent capital allocation,
even amidst market softness.

Outlook: GHCL’s management expects global soda ash markets to remain volatile and challenging for the
next few quarters, primarily due to oversupply and price pressure. However, the company remains
highly optimistic about India’s robust medium- to long-term demand growth in core markets such as
glass, solar glass, and detergents, which should underpin industry recovery and support capacity
additions. As new projects in bromine and vacuum salt come online and greenfield expansion remains on
track, GHCL is well-placed to benefit from sector normalization and future upcycles. The company’s
sustained focus on operational efficiency, prudent capital allocation, and diversification will allow it to
weather near-term headwinds and tide smoothly into new cycles of growth once external conditions
begin to normalize. In simple terms, while the near future may be tough, GHCL is solidly positioned to
come out stronger and more diversified as the market improves.

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GHCL Textile Ltd

GHCL Textiles Limited is a textile manufacturer focusing primarily on cotton yarn production and the
expansion into ready-to-cut fabric. The company operates a high-capacity spindle manufacturing
operation with plans for further vertical integration including knitting, weaving, and processing. It is
working to increase its value-added product portfolio and improve operational excellence while
expanding sustainability initiatives such as renewable energy consumption.

Product and Capacity Expansion: GHCL has recently commissioned a state-of-the-art 25,000 spindle
unit, which began production on schedule and is expected to be fully ramped up by the 3rd quarter
of FY26. This new capacity is projected to generate an incremental revenue of INR 250 Mn.
Additionally, the company is investing in knitting capacity by installing 40 machines at a CAPEX of
approximately INR 38 Mn, which is expected to contribute about INR 80 Mn in revenue, with
margins estimated between 14-15%. The knitting operations are expected to be fully operational by
Q4FY26, forming part of the company’s vertical integration strategy to become a premium ready-
to-cut fabric manufacture

Financial Performance: In Q1FY26, GHCL reported revenues of INR 2,700 Mn, reflecting a 6.5% YoY
decline largely due to reduced yarn sales volume amid mixed market demand and uncertainty
caused by U.S. tariff issues. Despite this, EBITDA increased by 10.5% YoY to INR 320 Mn and PAT
grew 15% to INR 140 Mn, driven by operational efficiencies and savings in cotton costs. Export
revenues dipped significantly in the European markets, dropping to 6% of total revenue in Q1 from
11% in the previous quarter, though the company expects a rebound to approximately 18% in line
with the previous year.

Strategic Vision: The company’s long-term strategic vision focuses on expanding its vertical
integration into weaving and processing, targeting a doubling of topline revenue over the next 4-5
years with an EBITDA margin objective of 15-18%. The company has committed CAPEX of INR 1,000
Mn, with INR 570 Mn already invested, primarily funding vertical integration and renewable energy
projects aimed at sourcing 65-70% of power from renewables. GHCL expects margins to improve as
operational and integration efficiencies increase, coupled with anticipated benefits from potential
U.S., U.K., and European trade agreements reducing tariffs and increasing demand.

Market Environment and Industry Outlook: The textile sector is currently navigating volatile cotton
prices, trade tariff uncertainties, and mixed demand. While Indian domestic cotton prices have risen
to approximately INR 58,000 per candy, global market conditions remain unstable, affecting exports
notably in Europe. The recent India-UK Free Trade Agreement granting duty-free apparel market
access is anticipated to be a significant market growth driver, along with expected favourable
outcomes from ongoing U.S. and Europe trade negotiations. GHCL expects market conditions to
stabilize in the H2FY26, supporting an improved demand environment and margin recovery across
textile value chains

Outlook: GHCL is building capacity and moving up the textile value chain from yarn to fabric,
focusing on producing ready-to-cut fabrics to meet market needs. Short-term challenges include
market uncertainty and fluctuating cotton prices, but the company is confident that new production
units and vertical integration will boost revenues and margins in the coming years. International
trade deals are expected to open new opportunities, while investments in renewable energy help
reduce costs and support sustainability goals.

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Godawari Power & Ispat Ltd

Godawari Power & Ispat Ltd, incorporated in 1999, has 25+ years of industry experience and operates as
a fully integrated steel producer. The company owns 2 captive iron ore mines with reserves of 165 MnT,
providing over 35 years of mine life. It also operates captive power plants, ensuring cost efficiency. The
company has a comprehensive product portfolio covering iron ore, pellets, sponge iron, steel billets,
rolled products, ferro alloys, HB wires, and galvanized fabricated products.

Financial Performance: In Q1FY26, consolidated revenue stood at INR 13,230 Mn, down 10% QoQ and
1% YoY. EBITDA stood at INR 3,240 Mn, up by 2% QoQ and down by 20% YoY with a margin of 24% as
compared to 30% in Q1FY25, while PAT came in at INR 2,160 Mn, down by 2% QoQ and 24% YoY. The
margin contracted due to weaker realizations.

Strategic Capex & Diversification:

Cold Rolling Mill (CRM) Complex: The company has announced a INR 9,000 Mn investment in a 0.7 MnT
Cold Rolling Mill complex to diversify into higher-value products such as CRC, color-coated steel, ZAM
steel, and galvalume. The project will be funded through INR 6,000 Mn of debt and INR 3,000 Mn of
internal accruals, with commissioning targeted for March 2027. Located in Chhattisgarh within the
upcoming 2 MnT steel complex, this facility is expected to deliver EBITDA margins of INR 4,000–5,000 per
ton across its diversified portfolio.

Battery Energy Storage System (BESS) Project: The company is also investing INR 7,000 Mn in a 10 GWh
battery pack and container manufacturing facility at Bidkin, Maharashtra, under its 100% subsidiary,
Godawari New Energy Pvt. Ltd. The project is expected to deliver ~5% EBITDA margin with a rapid ROI of
18–24 months, translating into over 40–50% returns on investment. The facility is planned for
commissioning by March 2027, with scope to scale capacity from 10 GWh to 40 GWh in later phases.

Mining & Raw Material Update:

● The company continues to focus on securing raw material integration. Expansion at the Ari Dongri
mine, from 2.35 MnT to 6 MnT, is expected to receive approvals by Q3FY26, with operations
starting in Q4. The 2 MnT pellet plant expansion is progressing on schedule, with commissioning
slated for October 2025.
● Operations at Boria Tibu mines have resumed post-approval, with current ore grade at 48–50%
Fe and beneficiation yields of 50–55%. Plans are in place to expand Boria’s capacity from 0.7 MnT
to 3 MnT over the next 3 years, supported by an on-site beneficiation plant that will reduce
logistics costs.
● Additionally, the company continues to explore BMQ ore, though yields remain lower (~40%) and
costs higher (~20% above Boria ore).

Operational Performance: In Q1FY26, company’s iron ore output was 0.64 MnT (-9% QoQ, +9% YoY),
while pellets were steady at 0.67 MnT. Sponge iron rose 42% QoQ but fell 12% YoY, and billets dropped
16% QoQ/9% YoY. Value-added products showed growth, with HB wires up 5% QoQ/6% YoY and ferro
alloys up 15% QoQ/13% YoY, supported by better realizations in pellets, ferro alloys, and galvanized
products.

Future Outlook: The company continues to maintain a conservative financial strategy, with leverage
expected to remain below 0.5x during the current CRM and BESS capex cycle. Future capex for the 2 MnT
steel plant, estimated at INR 45,000–50,000 Mn, will be phased over FY27–29 and executed only post-
mining EC approvals. Management expects annual free cash flows to exceed INR 30,000 Mn by FY27–28,
enabling debt-equity ratios to remain under 1x even during peak expansion.

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Goodluck India Ltd

Goodluck India Ltd. is a leading manufacturer of precision-engineered steel products, including seamless
pipes, tubes, forgings, structures, and large-diameter pipes. The company serves diverse industries such as
infrastructure, automobiles, railways, solar, defence, and aerospace. It has also ventured into the defence
segment with a dedicated subsidiary, Goodluck Defence & Aerospace Ltd., which is setting up facilities for
artillery shell production.

Financial Highlights: In Q1FY26, the company reported revenue of INR 9,830 Mn, a growth of 7.7% YoY.
EBITDA stood at INR 958 Mn with margins improving to 9.7% from 8.5% last year. PAT up 16.5% to INR
401 Mn, while EPS increased to INR 12.6 from INR 10.8. The company delivered a healthy ROCE of around
22% and aims to sustain returns in the 22–25% range going forward.

Business Segment -
● Engineering Structures & Fabrication: The company makes bridges, girders, and heavy structures
for roads, railways, power plants, and infrastructure. Its key clients include Indian Railways, L&T,
Reliance, NTPC, and PowerGrid, serving sectors like highways, railways, solar, telecom, and power.
● Forgings: The company manufactures defence and aerospace components along with forged
products like flanges, shafts, and gear parts. Its clients include DRDO, ISRO, HAL, GE Oil & Gas,
BHEL, RIL, and L&T. End users span aerospace, defence, automotive, oil & gas, petrochemicals,
nuclear power, fertilizers, and general engineering sectors.
● Precision Pipes & Automobile Tubes: The company produces CDW and ERW tubes, including
specialized engineering and boiler tubes. Its clientele includes top global and Indian automotive
players like Volkswagen, Audi, BMW, Mercedes, Skoda, Renault, Tata Motors, Mahindra, Bajaj, and
Ashok Leyland. The end users span multiple industries such as aerospace, defence, automotive,
railways, oil & gas, petrochemicals, fertilizers, power (nuclear & thermal), construction equipment,
wind energy, heat exchangers, valves, and pressure vessels.
● CR Sheets & Pipes: The company offers products such as cold rolled coils and sheets, corrugated
sheets, hollow sections (square, rectangular, round), and GI pipes. Its clients include both public
and private OEMs, as well as central and state government bodies. The end users are primarily in
railways, road bridges, and support structures.

Division-wise Capacity: As of FY25, the company’s division-wise capacity stands at: Engineering Structures
& Fabrication 85,000 MTPA, Forgings 30,000 MTPA, Precision Pipes & Auto Tubes 170,000 MTPA, and CR
Coils, Pipes & Tubes 215,000 MTPA.

Defense & Aerospace Facility: Goodluck Defence and Aerospace Ltd., the company’s subsidiary, is setting
up a new facility in Sikandrabad (U.P.) to manufacture 1.5 lakh artillery shells annually. The project involves
a CapEx of around INR 2,160 Mn. Trial production started in Q1FY26, with commercial production
expected by Q2FY26 and full-scale ramp-up by FY27. The plant will focus on precision forging, machining,
and coating for defence and aerospace components, including missile parts.

Outlook: New hydraulic tube plant (Sep 2024) is ramping up to 70% utilization in FY26, with peak revenue
potential of INR 12,000–13,000 Mn. Solar structures are expected to double in FY26 on strong industry
demand. Overall, the company targets 15–20% growth in FY26, led by infrastructure, auto, solar, and early
defence contributions.

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GPT Healthcare Ltd

GPT Healthcare Ltd (GPT Health) operates a chain of multi-specialty hospitals across Eastern India, providing
tertiary care in underserved regions. The company follows an asset-light expansion strategy, combining
advanced infrastructure and skilled professionals to expand access to quality healthcare. With strong
patient demand and new capacity additions, GPT Health is steadily progressing toward its goal of a 1,000-
bed network.

Financial Performance : In Q1FY26, GPT Health reported revenue of INR 1,070 mn, marking a 9.5 percent
year-on-year growth. EBITDA for the quarter stood at INR 189 mn, translating into an EBITDA margin of 17.9
percent. The margin was impacted by start-up losses of around INR 45 mn at the new Raipur hospital;
excluding this, the company’s steady-state EBITDA margin would have been above 22 percent. Profit after
tax came in at INR 77 mn, with a net margin of 7.7 percent, also affected by higher depreciation and
interest costs linked to the Raipur facility. Operationally, the company continued to optimize throughput
with an Average Length of Stay (ALOS) improving to 3.4 days from 3.54 days in Q1FY25. Average Revenue
per Occupied Bed (ARPOB) stood at INR 38,913, reflecting GPT Health’s focus on the middle-to-high income
segment. Overall bed occupancy was 42 percent, temporarily diluted by the addition of the Raipur hospital.

Operations : The commissioning of a 158-bed hospital in Raipur in May 2025 marked a major milestone for
GPT Health. Established under an asset-light model, the facility provides advanced care across specialties
such as cardiac sciences, oncology, neurology, orthopedics, and pediatrics, and is equipped with state-of-
the-art infrastructure including a 3 Tesla MRI, 128-slice CT scan, cardiac cath lab, and modular operation
theaters. Despite being operational for just 1.5 months in Q1, the hospital reported an occupancy of 7
percent with an ARPOB of INR 39,180, and is expected to achieve EBITDA breakeven within 12 to 15
months. Other hospitals in the network also continued to perform steadily. The ILS Hospital in Salt Lake,
with 85 beds, delivered higher ARPOB of INR 42,313 alongside improved occupancy. The 205-bed Agartala
facility, the only corporate tertiary care hospital in Tripura, expanded oncology services during the quarter
and improved occupancy to 52 percent. The Dum Dum hospital, with 155 beds, maintained stable revenue
of INR 360 mn with ARPOB of INR 42,684, while the Howrah hospital saw revenue growth and introduced
robotic knee surgeries, conducting 12 such procedures during the quarter. With the addition of Raipur, GPT
Health now operates 719 beds across five hospitals.

Growth Drivers : The company’s growth is anchored by its strategy of expanding into underserved markets
through asset-light models. The upcoming 150-bed Jamshedpur hospital, with a capex of approximately INR
600 mn, is expected to be commissioned by the end of calendar year 2026 and will further strengthen GPT
Health’s regional footprint. Another hospital is under planning to take the total capacity to around 1,000
beds within the next two to three years. Expansion into high-demand specialties such as oncology, robotic
surgery, and critical care is expected to enhance ARPOB and drive patient inflows. The company is also
optimizing case mix to shorten ALOS while increasing throughput and occupancy levels across its hospitals.

Outlook : GPT Health remains committed to its goal of becoming a 1,000-bed hospital chain by FY28.
Management expects existing hospitals to deliver around 10 to 11 percent revenue growth in FY26, while
new facilities like Raipur and Jamshedpur will provide incremental contributions as they scale up. Steady-
state EBITDA margins of 22 to 23 percent are expected to normalize once the initial impact of Raipur
subsides. With strong demand in its core geographies, rising occupancy in mature hospitals, and disciplined
expansion into new regions, GPT Health is positioned to deliver sustainable growth in both revenues and
profitability while expanding access to affordable quality healthcare.

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GPT Infraprojects Ltd

GPT Infraprojects Ltd (GPT Infra) is an EPC and infrastructure company with established expertise in bridges, railways,
roads, and concrete sleepers. Over the years, the company has built strong execution capabilities and has emerged as
a trusted partner for major clients including NHAI, RVNL, and state governments. Its operations are structured around
two core business segments, namely Infrastructure and Sleeper Manufacturing, with a growing presence in
international markets such as Bangladesh, South Africa, and Ghana. Backed by a healthy order book, financial
discipline, and entry into larger contracts, GPT Infra is well-positioned to capture opportunities arising from India’s
sustained infrastructure push.

Financial Performance : In Q1FY26, GPT Infra reported consolidated revenue of INR 3,130 mn, reflecting a year-on-
year growth of about 30 percent. On a standalone basis, revenue stood at INR 3,100 mn compared with INR 2,360 mn
in Q1FY25, highlighting the company’s strong execution momentum. Consolidated EBITDA grew by 37 percent year-
on-year to INR 460 mn, with operating margins steady at around 13 percent. Profit after tax for the quarter increased
by 40 percent year-on-year to INR 240 mn, underlining the company’s improving profitability. The company also
announced an interim dividend of INR 1 per share, with the record date fixed for August 11, 2025

Segmental Performance : The Infrastructure division continues to form the backbone of GPT Infra, contributing nearly
95 percent of consolidated revenue. In Q1FY26, the segment recorded revenue of INR 3,000 mn, supported by
execution of projects such as NHAI Ganga, RVNL Kona Expressway, Mathura–Jhansi, and Raniganj. With an order
backlog of INR 33,160 mn, the segment provides long-term visibility and remains the key growth driver for the
company. The Sleeper Manufacturing division generated revenue of INR 100 mn during the quarter, driven by
domestic demand along with contributions from the South African subsidiary. The segment’s order backlog stands at
INR 2,540 mn, and the company’s Ghana facility is expected to commence production in Q2FY26. Management
expects this facility to begin contributing positively to EBITDA from Q3 onwards, further enhancing profitability.

Order Book and Contracts : As of June 2025, GPT Infra maintained a strong consolidated order book of INR 35,690 mn,
which is nearly three times its FY25 revenue and provides robust execution visibility. During the quarter, the company
secured significant contracts including an INR 3,510 mn order from Agra Gwalior Highway Pvt Ltd for the construction
of a bridge over the Chambal River, and an INR 130 mn order from Standard Engineers in Bangladesh for the supply of
concrete sleepers. The company has guided for total order inflows of around INR 20,000 mn in FY26, of which INR
4,000 mn has already been achieved, further strengthening its growth outlook.

Growth Drivers : GPT Infra’s growth is supported by several structural drivers. The company continues to maintain a
healthy bidding pipeline for large contracts above INR 10,000 mn, made possible by its strengthened balance sheet
and proven execution track record. Expansion into international markets such as Bangladesh and Ghana is expected to
add new revenue streams and improve margins, particularly through the sleeper manufacturing business. The
company has also undertaken capital expenditure of INR 250 mn in FY26, primarily towards construction equipment
and the commissioning of a new bridge girder manufacturing facility with an annual capacity of 10,000 tons, which will
support its execution capabilities for large projects. Strong government spending on railways, roads, and highways
under the NIP and Gati Shakti programs continues to create abundant opportunities for well-placed EPC players like
GPT Infra.

Outlook : GPT Infra is poised for sustained growth, driven by its robust order book, strong execution capabilities, and
diversification into international markets. Management has guided for revenue growth of around 22–23 percent for
FY26 with stable EBITDA margins of approximately 13 percent. With an order book covering nearly three times its
annual revenue and entry into larger-value contracts, the company is on track to scale its business significantly. Over
the medium term, GPT Infra aims to achieve revenue of close to INR 20,000 mn by FY28 while maintaining its
profitability discipline, ensuring strong visibility and consistent shareholder returns.

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Grand Continent Hotels Ltd

Incorporated in 2011 as Grand Continent Hotels Pvt. Ltd. and later converted to a public limited
company, the business was founded by hospitality veteran Mr. Ramesh Siva (ex-Oberoi, Ramada, Quality
Inn) and is headquartered in Bengaluru. Operating on an asset-light model through long-term leases and
selective franchise tie-ups, the company listed on NSE SME in March 2025, raising INR 745 Mn. As of May
2025, it manages 21 hotels across five states with an overseas entry in Dubai, totaling 1,014 operational
keys, supported by 640+ employees and an average occupancy of 61% in FY25.

Financial Performance: In FY25, the company reported revenue of INR 726 Mn, up 132% YoY, with
EBITDA of INR 192 Mn (26.4% margin) and PAT of INR 107 Mn (14.7% margin), translating to an EPS of
INR 5.73 versus INR 2.54 in FY24. Debt-to-equity improved sharply to 0.1 post-IPO from 0.8 in FY24.
Average occupancy stood at 61% (vs. 66% in FY24) due to new hotel additions, while ARR increased to
INR 3,830 from INR 3,410 and RevPAR stood at INR 2,447.
.
Business Segments-
● Corporate Hotels (70% of portfolio): Focused on business hubs (Bengaluru, Hyderabad,
Chennai).
● Leisure Hotels (20%): Goa, Jaipur, Mahabalipuram.
● Pilgrimage Hotels (10%): Tirupati, Dwarka (opening soon), Ayodhya (under development).
● Model: The company follows an asset-light model, with about 90% of its hotels on 10–15 year
lease agreements involving fixed rentals and refundable deposits, while owning only 2 hotels.
This model allows faster expansion at a cost of INR 7–8 lakh per key compared to the industry
benchmark of INR 18–20 lakh per key.

Geography Split: The group has a strong base in South India with 60%+ of its hotels in Bengaluru,
Hyderabad, Mysuru, Tirupati, and Mahabalipuram. It is expanding to Western and Northern markets
with upcoming hotels in Dwarka, Jaipur, and Ayodhya, while also marking its international entry with a
Dubai property opening in July 2025. Growth is focused on Tier-1 and Tier-2 cities with occupancy
potential above 70%.

Recent Developments: In FY25, the company added 8 new hotels with 425 keys, achieving its fastest
annual expansion and crossing the 1,000-key milestone in May 2025. It is strengthening its brand by
shifting from franchise-heavy operations to directly managed hotels under the Grand Continent name. A
strong corporate sales and marketing team has been built, with expansion into Mumbai and Delhi to
drive pan-India business. The company is also planning loyalty and membership programs to boost
repeat stays and cross-selling across its properties.

Key Strengths: The company operates an asset-light, scalable, and cost-efficient model with a strong
base in South India and expansion into North, West, and Dubai. Its balanced portfolio spans corporate,
leisure, and pilgrimage segments, supported by strong ARR growth and rising brand recall. With a healthy
balance sheet post-IPO, it has ample capital to drive future growth.

Outlook: The company plans to add 2,000 keys over the next two years, targeting 3,000+ keys by FY27.
The upcoming pipeline includes Dwarka and Ayodhya (pilgrimage), Jaipur (leisure), and Chennai T Nagar
(corporate), set to open in FY26. Margins are expected to improve as new properties stabilize within 3–6
months. The strategy is to focus on Tier-1 corporate hubs and pilgrimage centers for steady revenues,
with selective expansion in leisure. The long-term goal is to build Grand Continent into a strong mid-scale
hospitality brand in India and select international markets.

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Graphisads Ltd

Graphisads Ltd. is an advertising and media solutions company with over 40 years of experience. It provides
end-to-end services across outdoor advertising (like billboards and transit ads), digital media, events,
creative design, and print/radio/TV campaigns. The company is one of the few listed players in India’s highly
fragmented outdoor advertising market and works with both government and private sector clients.

Financial Performance: Graphisads reported strong growth with revenue of INR 1,540 Mn in FY25, up 36%
YoY and maintaining a 35% CAGR since FY21. EBITDA stood at INR 72 Mn with a 5% margin, while PAT came
in at INR 84 Mn, also reflecting a 5% margin. EPS nearly doubled to INR 4.8 per share compared to INR 2.5
last year.

Business Segments

● Outdoor Media (OOH/DOOH): Billboards, unipoles, street furniture, and digital LED screens across
railway stations, metros, and Vande Bharat trains.
● Events & Exhibitions: Large-scale cultural, government, and corporate events, including Hunar
Haat, film festivals, and science fairs.
● Digital Marketing: Social media campaigns, influencer marketing, SEO, and performance-driven
digital advertising.
● Creative & Print Media: Designing and executing ad creatives, radio/TV campaigns, documentaries,
and corporate films.

Geographic & Market Presence: Graphisads has a PAN-India presence across all 28 states, with over 1,000
outdoor and digital media assets in NCR and other metro cities. It works closely with 50+ ministries, PSUs,
and municipal bodies, ensuring steady government business. The company is also expanding its digital reach
with 450+ digital-out-of-home (DOOH) screens at key transit hubs like railways, metros, and airports.
Revenue Mix & Client Concentration: In FY25, Graphisads earned about 35% of its revenue from outdoor
media, 30% from creative and print, 20% from events and exhibitions, and 15% from digital media and
other services. On the client side, government and PSUs made up 53% of business, private sector clients
29%, and public sector enterprises 18%. This mix provides steady income from government contracts, while
private brands in sectors like BFSI, FMCG, real estate, and healthcare drive future growth opportunities.

Strategic Focus & Growth Plans: Graphisads is focusing on scaling its digital business, with a goal to make
Digital OOH contribute 25% of revenues by 2030. Key growth will come from large projects like the NDMC
OOH contract, Vande Bharat trains, and NCUI Auditorium. The events segment is expected to grow 20–25%
annually, driven by cultural and government-led programs. The company also plans to build its creative and
AV production into a INR 500 Mn vertical over the next 3–5 years, supported by strong government
empanelments. Additionally, it is exploring acquisitions and partnerships in advertising and marketing
services to further strengthen its digital portfolio.

Outlook: Graphisads is positioned to benefit from the growth of India’s advertising industry (8% CAGR) and
the faster expansion of digital OOH (24% CAGR till 2027). With its government relationships, expanding
DOOH assets, and diversified verticals, the company is expected to deliver 20–25% annual revenue growth
in the coming years.

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GSM Foils Limited

GSM Foils Ltd. is a pharma packaging company that makes aluminium blister and strip foils used for tablets
and capsules. These foils protect medicines from moisture, oxygen, and contamination, ensuring patient
safety. The company has over 65 pharma clients spread across 14 states in India, with a strong reputation
for quality and customization.
Financial Highlights: In Q1FY26 with revenue of INR 520 Mn, up 148% YoY and 14% sequentially. EBITDA
rose 171% to INR 58 Mn, with margins improving to 11.2%. Net profit jumped 174% to INR 38 Mn,
reflecting a 7.4% margin.
Business Segments -

● Blister Foils (65% of revenue): Used in push-through, peel-open, and tear-open medicine packs.
● Pharma Strip Foils (35% of revenue): 30 to 40-micron foils for strip packaging.
● New Segment – Lamitubes: Recently entered this space through trading; plans to expand into
manufacturing.

Manufacturing & Capacity: GSM Foils operates from Vasai, Maharashtra, with an installed capacity of over
10,000 MT per annum at its ISO 9001:2015 certified facility spread across 7,973 sq. ft. The plant is currently
running at 65–68% utilization, leaving enough headroom to scale up to full capacity with only minor capex.
To support future growth, the company is planning a new manufacturing plant in Ahmedabad, Gujarat, and
is also exploring capex for entering lamitube production by FY26.

Revenue Mix & Client Base: GSM Foils generates about 65% of its revenue from blister foils and 35% from
pharma strip foils. It supplies to over 65 pharmaceutical companies, with no single client contributing more
than 3–4% of total sales, which helps reduce dependency risk. While the company does not export directly,
nearly half of its sales eventually reach overseas markets through its pharma clients, giving it indirect global
exposure.

Growth Strategy: The Company is planning to expand its capacity with a new facility in Ahmedabad over
the next 6–9 months. The company is also diversifying into Lamitubes to capture a larger share of the
pharma packaging value chain. Alongside this, it is focusing on backward integration to cut external
dependency and improve margins. On the geographic front, it is strengthening its presence in Gujarat,
Maharashtra, and other key pharma hubs.

Industry Tailwinds: The Indian pharma market is set to grow strongly, doubling from USD 65 bn in 2024 to
around USD 130 bn by 2030, which will directly boost demand for pharma packaging. The packaging
industry itself is projected to reach USD 205 bn by 2025, creating a big opportunity for players like GSM
Foils. Government measures, such as anti-dumping duties on aluminium foil imports from China and
Thailand, provide additional protection to domestic manufacturers. At the same time, global regulations are
pushing a shift toward blister packs for tamper-proof drug packaging, further driving growth in this
segment.

Outlook: GSM Foils is on track to achieve INR 2,400–2,600 Mn revenue in FY26, supported by higher
capacity utilization, strong pharma demand, and new product lines like Lamitubes. With industry tailwinds,
government support, and strong execution, the company is well-positioned for sustained growth in the
pharma packaging segment.

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HT Media Ltd
Incorporated in 2002, H T Media Ltd is in the business of print, radio broadcast and digital services.
Hindustan Times Ltd (HTL), part of the KK Birla group and holding a 69.51% stake in HT Media Ltd (HTML)
as of March 31, 2024, transferred its print media business to HTML in July 2003 through a demerger. The
company’s flagship publication is Hindustan Times, the leading English daily in Delhi that was launched in
1924 with an inauguration by Mahatma Gandhi. Alongside this, HTML also publishes Hindustan and Mint.
Beyond print, the company operates in the FM radio segment through Fever FM, Radio Nasha, and Radio
One, and runs digital platforms including shine.com.

Financial Performance:
On a consolidated basis, total revenues of INR 4,510 Mn in Q1FY26, a 6% YoY increase, although down
by 23% sequentially due to seasonality. EBITDA of INR 100 Mn, a 33% YoY improvement, with EBITDA
margins stable at 2%. Net losses narrowed to INR 110 Mn compared with a loss of INR 280 Mn in the
Q1FY25.

Print Business:
The print segment remains the largest contributor to HT Media’s revenues. In Q1FY26, the English print
segment (Hindustan Times and Mint) saw a 19% YoY rise in ad revenue, aided by government, education,
real estate, and BFSI spends, though circulation revenue fell 22% due to discount-led reader acquisition.
The Hindi print segment (Hindustan) posted a 14% YoY ad revenue growth, while circulation remained
flat but showed sequential improvement as copy volumes continued to expand.

Radio Business:
The radio business, which operates under the Fever FM brand, faced challenges during Q1FY26.
Revenues fell to INR 310 Mn, 13% YoY decline, while margins dropped to –21%. Sequentially, revenues
fell sharply due to the absence of high-revenue events. To counter these challenges, the company is
reorienting the business towards non-free commercial time revenues and focusing on experiential and
integrated content formats.

Digital Business:
In Q1FY26, digital revenues rose 21% YoY to INR 560 Mn, supported by the performance of platforms
such as OTTplay, Shine.com, and Mosaic. This improvement was driven by broad-based revenue
expansion and greater rationalization of investments. Management reiterated its intent to accelerate the
growth of the digital portfolio, with OTTplay in particular showing strong momentum.

Strategic Highlights:
Circulation expansion strategies, particularly in Hindi markets, are being pursued aggressively through
discounts and reader incentives, with the objective of growing long-term readership. Newsprint prices,
which are a major cost component for the print business, have remained stable at ~ USD 500 per MT for
the past 2 quarters, and the company does not anticipate any significant volatility in the near term.

Outlook:
The company is seeing steady growth in its print business, led by higher advertising spends from both
government and commercial sectors like education, real estate, and BFSI. While circulation revenues are
under pressure because of discounts, the company is using this strategy to attract more readers, which
should help in the long run. The digital segment is gaining strong traction with platforms like OTTplay and
Shine, and losses there are reducing as revenues expand. The radio business is still facing challenges with
weak demand and pricing pressure, but management is trying to reshape it with new formats and
revenue streams.

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Hariom Pipe Industries Ltd

Hariom Pipe Industries Limited (HPIL) is a fully integrated steel manufacturer with 18+ years of industry
experience. The company operates 5 state-of-the-art manufacturing units across Telangana, Andhra
Pradesh, and Tamil Nadu with a cumulative installed capacity of 785,232 MTPA spread across ~115 acres.
It has a strong presence in Southern and parts of Western India, supported by a strong distribution
network of 900+ dealers and B2B clients. ~ 85% of sales are through the dealer network and 15% from
direct B2B relationships. The company has built trusted brands and holds ISO certifications for quality,
environment, and safety.

Financial Performance: In FY25, Hariom achieved record sales volumes of 2.45 lakh MT with revenues of
INR 13,570 Mn. Q1FY26 continued the growth momentum with volumes of 78,221 MT, up 35% YoY, and
revenues of INR 4,609.6 Mn, up 34% YoY. EBITDA stood at INR 576 Mn up by 29% YoY and 18% QoQ with
margins of 12.5%, while PAT grew 35% YoY and 37% QoQ to INR 236 Mn. The company maintains healthy
cash flows, net debt of INR 3,637 Mn as of June 2025 and a repayment plan that will reduce long-term
debt significantly over the next 2 years.

Products and Services: The company offers over 800 SKUs across 10 major product lines, including
sponge iron, MS billets, HR strips, MS tubes, scaffolding, galvanized pipes, and coils. Its specialization lies
in thin steel products (0.3–2.5 mm thickness), contributing a significant 13% market share in this niche
segment in India. Value-added products such as MS tubes and galvanized pipes contribute ~98% of
revenues.
The products find applications across housing, consumer appliances, automotive, infrastructure,
irrigation, solar structures, and engineering industries. Recent innovations include pre-galvanized tubular
sections for solar structures, replacing conventional HR steel channels

Dealer and B2B Network: The company engages dealers directly without intermediaries, enabling
competitive pricing and loyalty. It is also strengthening OEM and B2B relationships, especially in
automotive, engineering, and renewable energy sectors, with ~INR 750 Mn revenue from B2B in Q1FY26
alone. OEM partnerships in the solar sector are gaining traction with trial orders of ~200 tons/month in
solar structures.

Renewable Energy Initiatives: The company has set up Hariom Power & Energy Pvt. Ltd. to develop a 60
MW solar power plant under a PPA with MSEDCL at INR 2.96 per unit for 25 years. The project, expected
to be completed by September 2026, is covered under the PM Kusum scheme, providing subsidies and
incentives.

Future Outlook: The company is targeting 30% CAGR volume growth over FY26–27. Its focus on
integrated operations, product innovation in solar structures, and renewable energy initiatives provide
both growth visibility and margin stability. Sustainable growth driven by capacity expansion in value-
added products, deeper penetration into Tier 2/3 and rural markets, and strengthening of its dealer and
OEM network.

The company has a distinctive advantage with a backward-integrated model covering sponge iron, billets,
strips, and pipes, enabling hot charging that reduces logistics, power, and material costs. It is among the
few players offering this complete integration. Its plants are strategically located close to both raw
material sources and customers, ensuring operational efficiency. This model allows the company to
maintain sustainable EBITDA per ton levels (~INR 7,000–7,500) even in fluctuating steel price
environments.

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Hero Motocorp Ltd
Hero MotoCorp Ltd is the world’s largest manufacturer of motorcycles and scooters. With a strong legacy
of over 40 years, the company has maintained leadership in the 2-wheeler industry through a wide product
portfolio that caters to diverse customer needs across entry, deluxe, premium, and scooter segments. The
company also has a growing presence in electric vehicles (EVs) under the VIDA brand and operates in 40+
global markets.

Financial Performance:
Standalone revenue stood at INR 95,789 Mn, registering a de-growth of 5.6% YoY/down 3.6% QoQ. EBITDA
stood at INR 13,817 Mn, registering a de-growth of 5.3% YoY/ down 2.4%QoQ. On the margins front,
EBITDA margin up by 3 bps YoY/ up 18bps QoQ to 14.2%, led by supported by strong demand for entry &
deluxe motorcycles and 125cc scooter segments. Standalone PAT saw a growth of 0.3% YoY/ up 4.1%QoQ
to INR 11,257 Mn. EPS stood at INR 56.28 in Q1FY26 against INR 54.06 in Q4FY25. Consolidated profit in
Q1FY26 includes onetime gain of INR 7220 Mn on account of dilution of the Company’s share of investment
in associates consequent to public issue and private placement.

Domestic Market: The company regained a 30.9% Vahan market share in Q1FY26. It has leadership in the
entry segment, gaining 800 bps YoY in HF Deluxe, and continues to grow in scooters with a June share of
9.7%.

Electric Mobility: It achieved its highest-ever EV share at 7% in Q1 and over 10% in July 2025. The VIDA
VX2 launch with BaaS has accelerated adoption, with Hero securing over 20% market share in 27 towns and
top-2 position in 54 towns.

Premium Segment: The company is scaling up through Premia stores and Harley-Davidson collaboration.
New launches in the 440cc segment are planned in FY26.

Risk Management and Regulations: The company is actively addressing supply-side risks such as rare earth
material shortages for EVs by securing short-term supplies and working on alternatives. It is also engaged
with government authorities regarding upcoming ABS regulations for <125cc vehicles, highlighting concerns
on costs and implementation timelines while reaffirming commitment to rider safety.

Guidance:
The company expects to grow ahead of industry, with management guiding for EBITDA margins in the 14–
16% range. Its Vahan market share improved to 30.9% in Q1, and in the EV segment, market share more
than doubled YoY to 7%, exceeding 10% in July. Hero is seeing positive customer response to its Vida V2
BaaS model, aimed at expanding EV adoption. International business volumes grew 27% YoY, and
management targets ~10% of revenue from exports going forward. The PAM business contributed INR
12,960 Mn, though ASP saw seasonal pressure.Financing penetration recovered to 64–65% in July, in line
with prior-year levels. New launches in the 125cc and premium segments are expected to drive market
share gains, supported by 90+ Premia outlets and a portfolio revamp. Despite a temporary production
pause in April, operations have normalized and inventory stands at ~7 weeks, positioning the company well
for festive sales. Hero continues to invest in EVs, ICE models, and digital retail, reinforcing its position for
sustainable and profitable growth.

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HFCL Ltd

HFCL Limited is a technology-driven company specializing in telecommunications, optical fiber cables

(OFC), passive connectivity solutions, telecom products, and defense electronics. Positioned at the
forefront of India’s digital infrastructure growth, HFCL actively supports the rollouts of 5G, BharatNet,
and hyperscale data centers. The company is also a key player in defense modernization, developing a
wide range of indigenous and innovative solutions aligned with Atmanirbhar Bharat initiatives. HFCL
operates multiple manufacturing facilities and invests in capacity expansion, innovation, and strategic
partnerships to maintain leadership in its target markets.

Telecom and Optical Fiber Cable Business: HFCL’s telecom vertical—including optical fiber cable and
related connectivity products—forms the backbone of its revenue engine. In Q1FY26, the optical fiber
cable segment saw a strong demand revival after subdued activity through much of the past two years.
The company’s manufacturing plants operated at near full capacity, with export orders reaching around
INR 3,000 Mn and export revenues approximately INR 2,100 Mn during the quarter. HFCL serves reputed
global customers and is gaining traction for high-value, high-performance fibre products like
Intermittently Bonded Ribbon (IBR) cables.

Passive Connectivity Solutions (PCS): HFCL’s Passive Connectivity Solutions segment plays a critical role
in addressing last-mile network deployment challenges for telecom operators. Providing components
such as optical jointing boxes, splitters, manholes, and structural supports, this segment enhances
network resilience and operational efficiency. PCS has garnered multiple orders across domestic and
international markets, including exports of specialized FRP rods for cable reinforcement to countries like
the US, Belgium, UK, and Saudi Arabia.

Telecom Products and 5G Solutions: HFCL has successfully developed indigenous telecom electronic
products, such as MPLS routers supporting backhaul, fiber broadband, and enterprise networks. These
products are unique in the Indian market alongside only one other local player (Tejas). Commercial
deployment of these routers has begun in domestic telecom networks, with secured orders worth INR
6,500 Mn under the government BharatNet Phase III project and expectations of further orders from
state-level rollouts.

Financial Performance: The company posted a significant turnaround in EBITDA, reaching INR 429 Mn
with a margin of 4.93%, recovering from a loss in the prior quarter though still below last year's level of
16%. However, the company incurred a net loss of INR 293 Mn, substantially narrowed from the previous
quarter's loss. The order book stood robust at INR 10,480 Mn, up 5% QoQ and 55% YoY, providing
healthy visibility.

Capacity Expansion and Technology Development: To capture the fast-growing international demand for
hyperscale data centers, HFCL has initiated significant capacity expansions in high-count IBR optical fiber
cables, expected to double OFC revenues in FY26 compared to FY25. The company continues investing in
next-generation telecom equipment, including routers and 5G devices.

Outlook: HFCL Limited is positioned to capitalize on India’s digital transformation and defense
modernization trends. Its robust order book, capacity expansions, and technology leadership in fiber
optics, telecom products, and defense electronics are laying foundations for strong revenue growth and
margin recovery in FY26 and beyond. The company is expected to leverage expanding opportunities in
hyperscale data centers, BharatNet infrastructure, indigenous 5G hardware, and advanced defense
systems.

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Home First Finance Company India Ltd

Home First Finance Company Ltd. (HomeFirst) is a technology-driven housing finance company focused on
affordable housing loans. The company mainly serves first-time homebuyers from low and middle-income
families, especially salaried and self-employed customers. With quick loan approvals (90% sanctioned within
48 hours) and strong digital processes, HomeFirst has built a niche in the affordable housing segment.

Financial Performance:In Q1FY26, Home First Finance posted a total income of INR 4,550 Mn, up 33% YoY
and 9% QoQ, with NIM improving to 5.2%. PAT grew 36% YoY to INR 1,190 Mn, driving a strong ROA of
3.7% and ROE of 14.9% (16.6% on a pre-money basis). The company’s net worth rose sharply to INR 38,550
Mn (+76% YoY), and book value per share increased to INR 373, reflecting healthy capitalisation and growth
momentum.

AUM & Disbursement: The company AUM grew strongly by 28.6% YoY and 6% QoQ to INR 1,34,790 Mn.
Disbursements for Q1 stood at INR 12,430 Mn, the second highest ever (with Q4FY25 being the peak). April
disbursements were slightly below expectations at INR 3,800 Mn versus the usual INR 4,300–4,500 Mn run-
rate, but trends normalized from May onwards. Management has maintained its FY26 disbursement
guidance of INR 56,000–58,000 Mn.
Business Model & Product Offering-
● Primary Focus: Affordable housing loans with an average ticket size of USD 14,000 ( INR 11–12
lakh).
● Loan Mix: 83% housing loans, rest includes loans against property and developer finance.
● Customer Base: Over 1.23 lakh customers across 13 states and 142 districts.
● Funding: Diversified borrowings from 33 banks and financial institutions, with strong credit rating
(AA, stable).
● Technology: Uses data analytics and customer scoring for underwriting; integrated with account
aggregator framework.

Geographic Presence: The company operates through 158 branches and 362 touchpoints, giving it strong
on-ground presence. Its largest markets are Gujarat (28.7% of AUM), Maharashtra (14.2%), Tamil Nadu
(12.6%), Madhya Pradesh (8.6%) and Telangana (8.4%). Together, these regions form the bulk of its
business. The company is also strategically expanding into India’s top 200 districts, which account for nearly
78% of the country’s affordable housing demand, ensuring focused growth in high-potential areas.

Digital & Technology Initiatives: The company has gone digital in a big way — with its AI platform “Pulse”
handling leads, verification, underwriting, collections, and service. Most processes are now online: 78% of
approvals via account aggregator, 80% of loans digitally fulfilled, and 96% of customers active on the app.
This makes operations faster, more efficient, and customer-friendly.
Outlook: For FY26, the company expects disbursements of around INR 56,000–58,000 Mn, with steady
growth in the coming quarters. Credit costs are likely to stay low at 30–40 bps, while operating costs are
guided at 2.6–2.7% of assets, with a medium-term target of 2.5%. In the near term, ROE may remain slightly
lower due to a larger capital base, but management aims to reach 15% or more within 5–6 quarters. As
leverage increases, ROA is also expected to move closer to 4%.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Homesfy Realty Ltd

Homesfy is a technology-enabled real estate services company founded in India, specializing in residential
property transactions across major metropolitan markets. The company operates through multiple
business verticals including direct broking, channel partnerships via its mymagnet.io platform, real estate
mandates, and home loan facilitation services. Based primarily in Mumbai Metropolitan Region (MMR),
the company has expanded its operations to Bangalore, Pune, NCR, and recently entered Hyderabad
market in H2FY25. Homesfy facilitates property transactions with a focus on premium and mid-income
segments, handling an average ticket size of INR 1.3 crores per transaction. The company processed a
Gross Transaction Value (GTV) of INR 2,280 crores in FY25 through 1,774 gross bookings across its
diversified service portfolio.

Financial Performance: In FY25, Homesfy reported revenue from operations of INR 58.67 crores
compared to INR 60.86 crores in FY24, representing a decline of 3.6%. H2FY25 revenue was INR 28.5
crores versus INR 37.2 crores in H2FY24, showing a 23.4% decrease. EBITDA for FY25 was INR 1.55 crores
with a margin of 2.7%, down from INR 3.33 crores and 5.5% margin in FY24. H2FY25 witnessed negative
EBITDA of INR -0.31 crores with a margin of -1.1%, compared to positive EBITDA of INR 7.81 crores and
21% margin in H2FY24. Profit after tax (PAT) for FY25 reached INR 1.37 crores with a margin of 2.34%,
compared to INR 2.71 crores and 4.47% margin in FY24. H2FY25 recorded a marginal loss with PAT of INR
-0.05 crores compared to INR 6.83 crores profit in H2FY24. EPS for FY25 was INR 4.46 compared to INR
8.90 in FY24.

Business Operations and Market Presence: Homesfy operates across four main revenue streams with
direct broking contributing the largest share through 1,342 gross bookings generating INR 1,711 crores
GTV in FY25. The mymagnet.io platform, serving as a broker aggregator, achieved significant growth with
432 bookings and INR 569 crores GTV, up 60% year-on-year. The company's regional presence is
concentrated in MMR (63% of GTV), followed by Pune (18%), Bengaluru (12%), NCR (1%), and newly
entered Hyderabad (5%). Home loans business disbursed INR 271 crores in FY25 through partnerships
with 51 banks and NBFCs, while the recently launched real estate mandate business is in foundation
phase. The company maintains a workforce of 452 employees with recent hiring of 242 new employees
in H2FY25, reflecting a 52% year-on-year increase in recruitment.

Growth Drivers:
•Strategic market expansion into high-potential regions like Hyderabad and Western Mumbai micro-
markets
•Robust growth in mymagnet platform with 60% YoY GTV growth demonstrating scalable channel model
•Diversified developer partnerships with reduced concentration risk across top 30 developers
•Technology-enabled transformation initiative focusing on CRM upgradation and process re-engineering
•Strong positioning in premium residential segment with average ticket size increase of 22% YoY
•Comprehensive service ecosystem spanning broking, financing, and mandate services
•Ambitious vision to facilitate 5,000 home sales annually by FY29

Future Outlook: The Indian residential real estate market presents substantial growth opportunities
driven by rising disposable income, government policy support, and continued urbanization trends. The
sector is projected to grow from USD 650 billion in 2025 to USD 5,800 billion by 2047, supported by
initiatives like PM Awas Yojana Urban 2.0 with INR 10 lakh crore investment. Premium and mid-segment
demand remains robust in the INR 1 crore+ category, with top developers projecting 15-20% growth in
FY26. Homesfy is strategically positioned to capitalize on this growth through its multi-channel approach,
technology platform, and expansion into high-potential markets. With strong cash reserves of INR 25.4
crores and ongoing transformation initiatives, the company is well-positioned for sustained growth in the
expanding real estate services market.

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Icon Facilitators Ltd

Icon Facilitators Ltd (IFL), a Delhi-based technical facilities management services provider,
operates on a B2B model delivering integrated "Hard Services" such as electrical system
management, HVAC, captive power generation, sewage/effluent treatment plants (STP/ETP), fire
and safety systems, elevator maintenance, and building management systems (BMS). Primarily
focused on North India, the company serves commercial, retail, industrial, and residential clients.

Industry Backdrop & Macro Commentary

The Indian facilities management (FM) sector is witnessing steady growth, driven by increasing
demand for outsourced technical services, energy-efficient operations, and compliance with
regulatory standards. Large corporates, retail, and institutional clients are increasingly seeking
specialized service providers for integrated hard services, boosting opportunities for B2B players
like IFL. Key risks include rising labor costs, competition from organized and unorganized players,
and client concentration.

Core Facilities Management Business

IFL's standalone operations remain resilient despite market volatility, underpinned by long-term
contracts with diverse clients and a emphasis on technical expertise over traditional
housekeeping. For FY25, the company reported revenue of INR 580.6 Mn, reflecting stable
demand from North Indian markets. Operating profit stood at INR 65.5 Mn, with PAT at INR 44.7
Mn, indicating healthy margins driven by operational efficiencies and cost controls. Management
highlights its outperformance relative to industry peers through new client acquisitions and
service expansions, with potential upside from post-IPO capital deployment for geographic
diversification.

Consolidated Performance & Headwinds

IFL's consolidated figures align with standalone results. FY25 performance was solid, but near-
term headwinds include competitive pricing pressures in the fragmented FM space and potential
delays in project executions due to regulatory changes. Management views these as transitory,
focusing on scaling Hard Services to capture higher-value contracts.

Outlook & Strategic Initiatives

IFL is investing in technology upgrades and workforce training to align with sustainability trends.
Revenue visibility remains strong from existing contracts, with management targeting mid-teens
growth in FY26 amid industry tailwinds. Risks include dependency on North India and execution
in new segments.

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India Pesticides Ltd

Overview
India Pesticides Limited, incorporated in 1984, is a leading agrochemical company based in Uttar Pradesh,
India, specializing in the manufacturing of technicals and formulations for crop protection. Listed on the
BSE and NSE, the company operates ISO-certified facilities and serves both domestic and export markets,
with a product portfolio including herbicides, fungicides, and insecticides. With a focus on backward
integration, capacity expansion, and R&D-driven innovation, IPL is well-positioned to capitalize on the
growing global and domestic demand for agrochemicals, supported by its strong relationships with major
Indian and international clients.

Financial Performance
In Q1 FY26, India Pesticides reported revenue of INR 2820 mn, a 25.8 percent year-on-year increase from
INR 2241 mn in Q1 FY25, driven by volume growth and a favorable product mix. EBITDA rose 62.6 percent
to INR 520 mn from INR 320 mn, with margins expanding to 18.4 percent from 14.2 percent. Profit after
tax surged 79.2 percent to INR 349 mn from INR 195 mn, achieving a PAT margin of 12.3 percent, up 360
basis points. Exports contributed INR 870 mn (up from INR 770 mn), while domestic sales reached INR
1880 mn (up from INR 1430 mn). Return on capital employed improved to 18.34 percent from 14 percent,
reflecting efficient capital allocation and an optimized product mix.

Operational Highlights
IPL achieved significant operational progress, with overall capacity utilization at approximately 80 percent
(technicals at 73 percent, formulations at 100 percent). The PEDA intermediate facility expanded from
2000 TPA to 6000 TPA, with further ramp-up to 8500 TPA planned for Q2 FY26. The formulation plant
added 3500 TPA, now fully utilized. Pretilachlor sales reached INR 550 mn in Q1, with combined PEDA and
Pretilachlor sales projected at INR 1500 mn for FY26. Domestic herbicide and fungicide demand remained
robust, while exports (32 percent of revenue) saw strong orders for Prosulfocarb, Folpet, and Captan.
Backward integration, particularly for PEDA, has enhanced cost efficiency and reduced import
dependency, positioning IPL to meet over 70 percent of India’s PEDA demand.

Strengths and Opportunities

IPL’s strengths lie in its integrated operations, in-house R&D capabilities, and diversified product portfolio,
which includes high-demand molecules like Pretilachlor, Captan, and Folpet. The company’s backward
integration strategy ensures cost competitiveness and supply chain resilience, while its export order book
benefits from global agrochemical recovery and regulatory bans on competing molecules in key markets
like the EU. The Hamirpur greenfield project (INR 4000–5000 mn investment) offers significant revenue
potential (INR 10000–11000 mn in 3–4 years), and planned product launches (two in IPL, three in Shalvis
by FY27) strengthen its growth pipeline. Stable raw material prices and a 9–10 percent annual growth in
India’s agrochemical market further bolster IPL’s prospects.

Outlook
India Pesticides delivered a robust Q1 FY26, with strong volume growth, margin expansion, and successful
capacity additions. The company’s focus on backward integration, R&D-driven innovation, and strategic
expansions like the Hamirpur project positions it to achieve its FY26 revenue target of INR 10000 mn and
maintain EBITDA margins of 18–20 percent. With a healthy balance sheet, strong free cash flow, and
minimal regulatory headwinds, IPL is poised for sustained growth, targeting 15–20 percent topline growth
in FY27. The management’s confident outlook, underpinned by a recovering global agrochemical market
and robust domestic demand, makes IPL a compelling player in the sector, with execution of new projects
and product launches as key monitorables.

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Indo Count Industries Ltd

Indo Count Industries Limited is the world’s largest bed linen manufacturer with integrated operations
across spinning, weaving, processing, and cut-n-sew. The company has an installed capacity of 153 million
meters spread across Kolhapur in Maharashtra and Bhilad in Gujarat. It exports to more than 50 countries
across 5 continents, serving leading global retailers, while also strengthening its presence in India through
premium brands like Boutique Living and Layers.

Financial Performance: In Q1FY26, revenue stood at INR 9,670 Mn compared with INR 9,500 Mn in Q1FY25,
showing YoY growth of 1.8%. EBITDA stood at INR 1,190 Mn, declining 22.8% YoY, but showing a recovery of
35% compared to the previous quarter. The EBITDA margin was 12.26%, down from 16.17% a year ago. PBT
came in at INR 490 Mn, while PAT stood at INR 380 Mn, showing a YoY decline of 51.4%. EPS for the quarter
was INR 1.91 compared with INR 3.93 in the same period last year.

Business Mix and Revenue Contribution: The company’s core bed linen business contributed 87% of total
revenues in Q1FY26 compared with 98% in Q1FY25. The utility bedding and USA brand businesses together
contributed 13% of revenues versus only 2% in Q1FY25. Non-US markets contributed nearly 30% of the
overall mix, ensuring geographical diversification, while the domestic business accounted for 2.25% of
revenues. Branded business contributed about 20% of overall revenues, supported by e-commerce
channels, which themselves accounted for 12% of revenues, reflecting the growing digital engagement of
the company.

Business Verticals: The company’s core bed linen business remains its largest vertical, supplying sheets,
fashion bedding, and institutional bedding globally. Its utility bedding business, supported by manufacturing
bases in Ohio, Arizona, and North Carolina, positions Indo Count strongly in the US market with an
estimated revenue potential of INR 14,500 Mn. The USA brand business comprises Wamsutta, Fieldcrest,
Waverly, Gaiam, and Beautyrest, together targeting diverse consumer segments with a potential to
generate INR 8,300 Mn over the next 3 years. Domestic brands Boutique Living and Layers continue to
expand across India, reflecting Indo Count’s strategy to become a complete soft home textile solutions
provider through omnichannel distribution.

Strategic Initiatives: The company re-launched its iconic 180-year-old American brand Wamsutta through
D2C channels in the USA. This initiative supports premiumization, higher margins, and customer
engagement beyond the traditional B2B route. In the domestic market, Indo Count organized its largest-
ever trade meet in 2025 to strengthen retail partnerships, expanding the presence of Boutique Living and
Layers across 2,000 multi-brand outlets and large format stores. The company also invested in cotton
sustainability through a collaboration with the Government of Maharashtra and PDKV College, Nagpur, to
promote the High-Density Planting System (HDPS), which has demonstrated significant yield improvements
and has been adopted across 12,000 hectares.

Outlook: Despite near-term challenges from the US tariff situation and subdued sales volumes, Indo Count
is strategically well positioned for growth through premiumization, brand diversification, and capacity
expansion in the US. The relaunch of heritage brands, rising share of new businesses, increasing domestic
penetration, and a sharp focus on sustainability are expected to support growth and margin improvement
in the medium term. Management has guided for doubling revenues by 2028, with incremental
contribution of INR 22,900 Mn from brands and value-added segments, positioning Indo Count as a
complete global home textile solutions provider.

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Indo Farm Equipment Ltd
Overview
Indo Farm Equipment Limited, founded in 1994 and based in Baddi, Himachal Pradesh, is a leading
manufacturer of tractors and pick-and-carry cranes, operating under the “Indo Farm” and “Indo
Power” brands. Listed on the BSE and NSE following its January 2025 IPO, the company produces a
wide range of tractors (16–100 HP) and cranes (12–35 tons), with significant backward integration in
manufacturing. With a growing dealer network and strategic capacity expansions, Indo Farm is
capitalizing on India’s infrastructure boom and agricultural mechanization trends, while also venturing
into tower cranes to tap vertical construction demand.

Financial Performance
In Q1 FY26, Indo Farm reported standalone revenue of INR 9125 mn, up 31.23 percent year-on-year
from INR 6955 mn in Q1 FY25, driven by strong crane and tractor sales. EBITDA grew 22.59 percent to
INR 1180 mn from INR 963 mn, though margins contracted to 12.76 percent from 13.73 percent due to
higher employee and marketing expenses. Profit before tax surged 89 percent to INR 639 mn from INR
336 mn, aided by reduced interest costs. Segmental revenue showed cranes at INR 5304 mn (up 36
percent) and tractors at INR 3820 mn (up 24.6 percent). Tractor sales reached 600 units (vs. 471 in Q1
FY25), while crane sales hit 273 units.

Operational Highlights
Indo Farm’s crane segment operated at near 100 percent capacity (1400–1500 units/year), prompting
a INR 7000 mn capex for a new 3600-unit crane plant, targeting completion by December 2025.
Tractor capacity utilization was approximately 30 percent, with plans to reach 60 percent by FY27. The
company expanded its dealer network, aiming to add 80 tractor dealers and 60–65 crane dealers in
FY26, enhancing pan-India coverage. A new tower crane venture, leveraging Chinese technology, is set
for prototype development, with 200 units targeted for FY27. Backward integration in tractors and
emission norm transitions (cranes to Bharat Stage V, tractors evaluating Stage IV) ensure cost
competitiveness and regulatory compliance.

Strengths and Opportunities

Indo Farm’s strengths include its extensive backward integration, enabling cost-effective production,
and a diversified product portfolio covering tractors and cranes. The pick-and-carry crane market
(15000 units/year) offers high growth potential, with Indo Farm holding a 40–50 percent share in
North India and expanding into South and East India. The upcoming crane plant and tower crane entry
position the company to capture infrastructure-driven demand. Strategic financing tie-ups with HDFC,
Kotak, and its NBFC subsidiary, Barota Finance, address retail financing bottlenecks. Management’s
guidance of 30–35 percent revenue growth for FY26 (approximately INR 50000 mn) and 3000 crane
units by FY27 reflects strong market positioning and untapped geographic potential.

Outlook
Indo Farm delivered robust Q1 FY26 performance with 31.23 percent revenue growth and strong
volume increases in cranes and tractors, underpinned by its leadership in the pick-and-carry crane
market and expanding tractor portfolio. The INR 7000 mn crane plant expansion and tower crane
foray, combined with dealer network growth, position the company for significant scale-up, targeting
INR 75000–80000 mn in revenue by FY27. Management’s optimistic outlook is supported by
infrastructure tailwinds, product innovation, and financing improvements, though near-term margin
and working capital challenges require careful execution. Indo Farm’s focus on quality, backward
integration, and market expansion makes it a compelling player in India’s mechanization and
infrastructure growth story.

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Indogulf Cropsciences Ltd

Incorporated in 1993 and headquartered in New Delhi, the company is a leading manufacturer of crop
protection chemicals, plant nutrients, and biologicals. It is recognized as a Government of India “Two Star
Export House” with operations across 22 states, 3 UTs, and exports to 34 countries. The company offers a
wide portfolio of 285+ products with 980+ global registrations, supported by a strong distribution network
of 7,000+ distributors (B2C), 192 institutional partners (B2B), and 140+ overseas partners. With 4
manufacturing facilities in Haryana and J&K, it has a capacity of 42,500 MT formulations and 1,360 TPA
technical, ensuring strong backward integration.

Financial Performance: Q1FY26 Revenue grew 43.3% YoY to INR 1,894 Mn. Gross profit rose 28.3% YoY to
INR 417 Mn with margins at 22%. EBITDA increased 66.7% YoY to INR 99 Mn, improving margin to 5.2%.
PAT surged 187.4% YoY to INR 39 Mn, with margins at 2.1%.

Business Mix -
● Crop Protection (~89.5% of FY25 revenue): Insecticides (45–50%), Herbicides (30–35%), Fungicides
(~20%).
● Plant Nutrients (4%) – Micronutrients, chelated fertilizers, soil supplements.
● Biologicals (6.2%) – Biopesticides, biofertilizers, biostimulants – fastest growing category (+24% YoY
in Q1FY26).
● Others (0.3%) – small-scale specialty products.
● Sales split: 65% Formulations, 35% Technical.
● Geography split: Domestic 89% | Exports 11%.

Subsidiaries & Brands: AGPL’s “Mascot Giraffe” brand contributed 6% of Q1FY26 revenue, doubling
sequentially. Along with Parker and Orion Gold, its multi-brand strategy is fueling strong B2C growth.

Manufacturing & Expansion: The company operates 4 plants in Haryana and J&K with 42,500 MT
formulation and 1,360 TPA technical capacity. It is setting up a new dry flowable plant at Barwasni (INR 140
Mn, FY26) and a fifth unit ( INR 630 Mn ) that will expand overall capacity by 50–60%. Post-expansion, it can
target INR 17,000–20,000 Mn turnover capacity. Backward integration ensures raw material security with
22% captive consumption of technical.

Strategic Priorities: The company follows a strategy of launching 10–15 new products annually, with 9
launches in Q1FY26 contributing 21% of revenue. It has a strong pipeline in biologicals and plant nutrition,
aligned with sustainability trends. Funds from the INR 1,600 Mn IPO (Jun-25) are being used for working
capital ( INR 650 Mn), debt repayment ( INR 341 Mn), capex for the dry flowable plant ( INR 140 Mn), and
other corporate initiatives. Geography expansion is driving growth, with Maharashtra (+83% YoY), Odisha
(+50%), and Haryana (+27%) performing strongly. The company is also focusing on sustainability and R&D,
supported by a NABL-certified lab, 6 patents filed, and collaborations with universities and CROs.

Outlook: Management expects 30–35% annual growth in FY26–27, supported by new product launches,
brand expansion, and capacity additions. Margins are set to improve as high-margin biologicals and the B2C
segment scale up. The Barwasni expansion and new dry flowable plant will enhance efficiency and reduce
supply risks. Long-term priorities remain sustainability, R&D-driven innovation, and global market
expansion.

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IRB Infrastructure Developers Ltd

IRB Infrastructure Developers Ltd is India’s leading integrated infrastructure developer in the roads and
highways sector. The company operates across various business models, including Build-Operate-Transfer
(BOT), Hybrid Annuity Model (HAM), Engineering, Procurement, and Construction (EPC), and
Infrastructure Investment Trusts (InvITs). It was the first in India to launch both public and private InvITs,
allowing effective asset monetization and providing long-term cash flow visibility. As of now, IRB has a
strong order book of approximately INR 3,00,000 Mn , which includes around INR 21,000 Mn in EPC and
Operations & Maintenance (O&M) contracts.

Financial Performance: In Q1DY26 IRB Infrastructure Developers Ltd reported consolidated revenue of
INR 21,650 Mn, reflecting a 10% YoY growth. The BOT segment contributed INR 6,460 Mn, up 5% YoY,
while the construction segment generated INR 12,200 Mn, a slight decline of 2% YoY due to a higher share
of lower-margin utility and change-of-scope (COS) works. Revenue from InvIT and related assets surged to
INR 2,330 Mn, marking a strong 191% YoY increase.
EBITDA stood at INR 10,180 Mn, growing 4% YoY, while PBT was INR 2,860 Mn, up 2% YoY. PAT came in
at INR 2,020 Mn, a up by 45% YoY increase, largely driven by higher income from InvITs. Interest costs
rose 5% YoY to INR 4,620 Mn, and depreciation expenses increased 6% YoY to INR 2,690 Mn..

Toll Collections: IRB Infrastructure Private InvIT reported a daily toll collection of INR 112.6 Mn, reflecting
a 10% YoY growth. When combined with IRB’s own toll projects, the total daily toll collection stood at INR
184.6 Mn, up 8% YoY. A key milestone during the period was the achievement of Commercial Operation
Date (COD) for the Palsit–Dankuni BOT project, spanning 61.3 km. Following COD, toll rates were revised
upward by approximately 47%, which is expected to contribute an additional INR 1,000 Mn in annual toll
revenue.

InvIT Transactions:The Public InvIT sponsored by IRB Infrastructure has approved the acquisition of three
Special Purpose Vehicles (SPVs) — Kishangarh Gulabpura, Kaithal Tollway, and Hapur Moradabad — for a
total enterprise value of INR 84,500 Mn. This deal is expected to unlock about INR 49,050 Mn in equity
for IRB, giving it greater financial flexibility and the ability to bid for new projects worth around INR
1,50,000 Mn . It will also add roughly INR 31,000 Mn to IRB’s Operations & Maintenance (O&M) order
book, boosting its long-term revenue visibility.

Margins: IRB Infrastructure construction margins were lower this quarter due to about INR 1,500 Mn of
utility and change-of-scope (COS) work, along with a higher share of HAM projects, which have lower
margins. However, margins are expected to improve and stay in the 18–20% range in the coming quarters
as the project mix becomes more balanced.

Order Pipeline: NHAI’s awarding activity has been slow so far this year, with only around 180 km awarded
year-to-date. However, some BOT and TOT project opportunities are expected in the coming months.
Management remains optimistic that project awards will pick up pace, improving the overall outlook.

Outlook: IRB Infrastructure executable order book for the next two years stands at around INR 43,000
Mn, including both EPC and O&M contracts. The company remains focused on its asset rotation strategy,
aiming to unlock equity from completed projects and reinvest it into new growth opportunities.

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Jet Freight Logistics Ltd

Jet Freight Logistics Ltd is a full-stack integrated logistics company with both domestic and international
presence. Established in 1986 and headquartered in Mumbai, the company has evolved from a 2PL
operator into a 4PL solutions provider, offering comprehensive logistics and supply chain solutions across
air freight, ocean freight, rail, and surface transportation. It also offers courier services, customs
clearance, and warehousing facilities. Its services cover both domestic and international supply chains,
including door-to-door and port-to-port delivery. The company specializes in handling perishables,
pharmaceuticals, electronics, over-dimensional cargo, hazardous goods, and refrigerated shipments.

Financial Performance:
For FY25, Standalone Revenue from Operations of INR 4,366.4 Mn, a growth of 12.6% YoY. EBITDA stood
at INR 152.9 Mn, up 98.3% YoY, with an improved EBITDA margin of 3.5% (up 151 bps). Net Profit rose
sharply to INR 37.3 Mn, compared to INR 2.6 Mn in FY24, translating into a 1,310% YoY growth. On a
consolidated basis, Revenue from Operations stood at INR 4,437.6 Mn, EBITDA at INR 156.7 Mn, and Net
Profit at INR 37.5 Mn.

Volume: In FY25, JFLL handled 23,157 tonnes of air freight and 3,910 TEUs of ocean freight. Product mix
shows that perishables remain the largest contributor, though the share of general cargo is rising, showing
diversification beyond its traditional strength in perishable logistics.

Global and Domestic Presence:

The company operates 13 branches across major Indian cities including Mumbai, Delhi, Bengaluru,
Chennai, Hyderabad, and Kolkata. Internationally, the company has offices in Dubai, the Netherlands, the
USA, and the UK. It serves over 150 countries, handles more than 150 tonnes of cargo daily, and has a
strong employee base of 200+ supported by an agency network of 5,000+, supported by key hubs in
Dubai, London, Doha, Frankfurt, and Rotterdam. Through its subsidiary Jet Freight Express (JETXPS), JFLL
also provides domestic and global courier solutions.

Competitive Advantage:
The company’s edge lies in its global network, digital transformation initiatives, and specialization in
customized logistics solutions. JFLL is recognized for its ability to handle complex cargo types including
perishables, hazardous materials, and high-value shipments. Strong industry recognition, IATA affiliation,
and partnerships with over 100 airlines and major shipping lines enhance its credibility

Outlook:
The company is focused on scaling up its operations with a 10–15% volume CAGR and a 40% earnings
CAGR over the next 3–5 years. The company aims to expand its door-to-door delivery services, strengthen
domestic operations, and increase its global reach. A major milestone is becoming India’s first Airbus A330
P2F widebody cargo virtual airline operator, in partnership with EFW, Seclink Group, and Confity Capital
Partners. This initiative addresses the growing demand in Indian air cargo, driven by e-commerce, exports,
and infrastructure development.

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Jungle Camps India Ltd

Jungle India is a consumer lifestyle and electronics company with a strong presence in appliances, audio,
and allied categories. It operates with a focus on affordability, innovation, and fast execution, catering to
the growing demand from India’s expanding middle-class and youth-driven consumption market. The
company is scaling through pan-India distribution and digital platforms while building brand recall in
competitive consumer segments.
Financial Performance: n Q1FY26, Jungle India reported revenue of INR 1,025 Mn, compared to INR 731
Mn in Q1FY25, a growth of 40% year-on-year. EBITDA in Q1FY26 stood at INR 98 Mn versus INR 62 Mn in
Q1FY25, translating into a margin of 9.6%. PAT in Q1FY26 was INR 52 Mn, more than doubling from INR
24 Mn in Q1FY25, supported by operating leverage and a better product mix. The company also
generated operating cash flow of INR 70 Mn in Q1FY26, reflecting disciplined working capital
management.
Appliances Segment: The appliances division remained the largest contributor in Q1 FY26, supported by
strong demand across core product lines. Revenue grew steadily on the back of expanding distribution in
tier-2 and tier-3 cities, while premium offerings in urban markets improved realizations. Focus on energy-
efficient and affordable models helped the brand capture market share, with appliances continuing to
provide a stable base of recurring sales.
Audio Segment: The audio vertical delivered healthy growth, driven by rising consumer adoption of
personal and home entertainment products. Sales were supported by new launches, improved product
features, and strong traction through online platforms. The company strengthened partnerships with
leading e-commerce players, widening reach and positioning the audio business as a high-growth driver
within the portfolio.
Emerging Categories & New Launches: Jungle India is scaling new lifestyle and electronics categories,
including wearables and accessories, to diversify its product mix. These segments, though smaller in
contribution, posted sharp year-on-year growth and are expected to gain share over the next few
quarters. The company’s agile supply chain and focus on innovation enable quick turnaround of launches,
allowing it to capture fast-changing consumer preferences.
Order Book & Pipeline: The company continues to strengthen its distribution network and order visibility.
It has an active pipeline driven by both online and offline retail channels, along with long-term
associations with leading e-commerce platforms and retail chains. A healthy inflow of repeat orders, along
with expansion into newer geographies, provides revenue visibility for the coming quarters.
Growth Drivers: Growth is being driven by rising consumer demand for affordable electronics,
premiumization trends in urban markets, and expanding retail penetration in tier-2 and tier-3 cities.
Jungle India’s investment in R&D, marketing, and brand positioning is helping it differentiate in a crowded
market. The company’s ability to quickly adapt to consumer preferences and scale production is a key
enabler for sustained growth.
Future Outlook:The management expects momentum to continue in FY26, targeting double-digit revenue
growth with stable margins. Expansion of product categories, deeper penetration into mass markets, and
disciplined cost management will remain the core focus. The company aims to strengthen its position as a
value-driven brand in India’s fast-growing consumer electronics space.

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Jyoti Resins and Adhesives Ltd

Overview
Jyoti Resins & Adhesives Ltd. a leading manufacturer of synthetic wood adhesives specializes in white glue
for the woodworking industry targeting carpenters and end-users in furniture and construction segments.
Incorporated with operations centered in Gujarat the company distributes through 13000 dealers and 52
depots across 14 states with top contributors Gujarat Rajasthan Madhya Pradesh Maharashtra and
Karnataka accounting for 75-80 percent of sales. Led by experienced management it emphasizes branding
via Pankaj Tripathi as ambassador and focuses exclusively on domestic white glue market avoiding
diversification into epoxy or construction chemicals.

Financial Performance (Q1 FY26)

Operating Revenue: 700 million (adjusted for loyalty redemptions)
YoY Revenue Growth: down 5 percent
Volume Growth: down 3 percent
EBITDA Margin: 27.5 percent
Marketing Spend Guidance: 7-8 percent of revenue for FY26

Distribution & Marketing Verticals

Aggressive branding campaign launched with TV ads on AajTak India TV CNBC and Zee Business plus
digital platforms reaching 70-80 percent territories via 30 dealer meets and carpenter engagements.
Network spans 13000 dealers with inventory on company books at stockist level and sales recognized on
dispatch to retailers. Customization in mature markets like Gujarat focuses on loyalty-driven volume
offers while new states UP and Delhi emphasize introductory schemes and 550 counter placements for
initial traction. No direct tie-ups with plywood manufacturers preferring hardware laminate dealers.

Operations & Product Focus

Core white glue segment with capacity utilization at 65-70 percent in Q1 limited to 85-90 percent max
due to operational factors; end-user centric on carpenters excluding tile adhesives or paints. Raw material
VAM procured via 3-month contracts at 65-75 per kg with stabilized pricing post-COVID; logistics costs 2-
2.5 percent of revenue optimal from Gujarat plant for western central India. Receivables reduced to
1050-1100 million from 1250-1280 million at FY25 end via seasonality and March push; debt-free with
1400-1500 million in fixed deposits ensuring robust adjusted operating cash flow of 480 million in Q4
FY25.

Investments & Capital Allocation

Brownfield expansion adding 1500 tons per month over 6-12 months to reach 3500 tons total capacity at
under 100 million outlay unlocking revenue potential to 6500 million at full utilization. Greenfield project
in Ahmedabad outskirts eyed at 450 million phased over two years for eastern expansion if volumes
justify. Marketing investments front-loaded in Q1 with 7-8 percent revenue allocation split between trade
and brand activities; conservative capex relative to cash reserves prioritizing network quality over rapid
scale.

Future Outlook
Targets 15-20 percent annual volume growth aiming for 5000 million turnover in three years and 25
percent state-wise market share in INR 7500 million TAM. Post-Diwali recovery expected to offset Q1
monsoon softness with FY26 EBITDA margins at 27-28 percent above long-term 22-25 percent guidance
due to moderated marketing post-Q1. Focus on sustainable profitable expansion in new states via gradual
channel onboarding; risks include channel ramp-up pace and loyalty accounting complexities with
management committing to enhanced disclosures. Positioned as number two player emphasizing steady
growth over aggressive market share chase in white glue segment.

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K2 Infragen Ltd

Incorporated in 2015 by Mr. Pankaj Sharma, K2 Infragen Ltd is an integrated EPC (Engineering,
Procurement & Construction) company. It executes projects across roads, water supply, power, railways,
and civil works, with operations spread across Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat,
Karnataka, Punjab, Haryana, and Delhi. The company also maintains a fleet of over 64 modern construction
equipment to enhance project efficiency.

Financial Performance: K2 Infragen Ltd reported revenue of INR 748 Mn in FY25, down from INR 1,468 Mn
in FY24 due to execution slowdown. EBITDA stood at INR 184 Mn compared to INR 210 Mn in FY24, with
margins reducing to 12.5% from 19.3%. PAT came in at INR 115 Mn, down 8% YoY, with a PAT margin of
7.8%. Net worth rose 70% YoY to INR 763 Mn, while ROCE and ROE stood at 22.5% and 15.1% respectively.
The company maintained a Debt/Equity ratio of 0.72x, indicating moderate leverage.

Total Order Book: The company has a total order book of INR 6,870 Mn, comprising INR 4,525 Mn under
execution and INR 2,345 Mn yet to be executed.

Segment Mix (FY25): In FY25, the segment mix of K2 Infragen Ltd stood at: Roads & Bridges – 42.8%, Water
Supply – 42.5%, Railways – 9.5%, Power – 4.8%, and Civil Works – less than 1%.

Key Ongoing Projects: Key projects under execution include highway projects in Gujarat (INR 1,421 Mn)
and Uttar Pradesh (INR 483 Mn), water supply projects in Sultanpur and Dostpur districts (INR 970 Mn and
INR 750 Mn), a power transmission substation in Madhya Pradesh (INR 346 Mn), and a railway ROB project
in the Jabalpur section (INR 236 Mn).

Geographical Presence: Headquartered in Gurugram, the company has a project presence across 9
states: Uttar Pradesh, Rajasthan, Madhya Pradesh, Karnataka, Haryana, Gujarat, Odisha, Punjab, and Delhi.

Key Strengths: K2 Infragen Ltd has a diversified portfolio spanning roads, water, power, railways, and civil
projects, with a proven execution track record of 48+ projects and 83% on-time delivery. Its marquee
clients include NHAI, GR Infraprojects, Vindhya Telelinks, Adani Renewables, and PWD. The company
leverages technology such as AI and IoT for real-time project monitoring, while a low working capital cycle
is supported by machinery ownership and strong vendor management.

Strategic Priorities: The company plans to expand into renewable energy projects (solar and wind EPC) and
target direct bidding in large road, transmission, and railway projects. It aims to strengthen its presence in
core states like Gujarat, UP, and Maharashtra, with a planned CAPEX of INR 120 Mn in FY26 for machinery
upgrades. The company also targets improving its EBITDA margin to 15–16% through scale and operational
efficiency.

Outlook: FY26 revenues are expected to recover, driven by road and water projects. Management is
confident of executing the current order book and adding new projects worth INR 8,000–10,000 Mn in
FY26. Margins are likely to improve from FY25 lows as project execution accelerates and fixed costs
normalize. Long-term growth opportunities are supported by a strong infrastructure pipeline, government
spending, and renewable energy investments.

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Kalpataru Projects International Ltd

Kalpataru Projects International Limited (KPIL) is a diversified EPC company with operations across
Transmission & Distribution (T&D), Buildings & Factories (B&F), Oil & Gas, Water, Urban Infrastructure,
Railways, and Roads. The company has a global footprint in over 30 countries, supported by subsidiaries
such as Linjemontage (Sweden) and Fasttel (Brazil), and is recognized for delivering complex projects
with strong execution capabilities.

Financial Performance: In Q1FY26, the company reported consolidated revenue of INR 22,290 Mn, up
35% year-on-year, marking its highest-ever first quarter performance. EBITDA rose 39% YoY to INR 1,895
Mn, with margins at 8.5%. PAT more than doubled to INR 1,390 Mn. At the standalone level, revenue
also grew 35% YoY, while PAT stood at INR 860 Mn, up 72%. Finance costs reduced meaningfully, and net
debt declined by 26% YoY to INR 27,650 Mn consolidated, reflecting strong balance sheet management.

Order Book and Inflows: Order inflows in FY26 till date were INR 98,990 Mn, mainly from T&D and B&F.
The overall order book stood at INR 654,750 Mn as of June 30, 2025, up 14% YoY. The order book is well
diversified across segments and geographies, offering multi-year revenue visibility.

Segmental Highlights:

● Transmission & Distribution: Revenue grew 56% YoY with an order book of INR 267,250 Mn.
Subsidiary Linjemontage in Sweden reported INR 7,740 Mn revenue, up 72% YoY, benefiting
from energy transition investments.
● Buildings & Factories: Revenues grew 13% YoY, with record inflows of INR 67,110 Mn taking the
order book to over INR 166,000 Mn. The company won its largest-ever residential design-build
order and expanded into data centers.
● Oil & Gas: Revenues doubled to INR 5,880 Mn driven by progress on the Saudi Aramco project.
KPIL is now qualified with major Middle Eastern clients, opening doors for larger contracts.
● Water: Revenue was INR 6,700 Mn, down 5% YoY, due to delayed payments from certain states.
However, receivables improved in other regions, and an order backlog of INR 89,000 Mn ensures
steady execution ahead.
● Urban Infra & Railways: Urban Infra revenue rose 42% YoY, led by metro projects. Railway
revenue was INR 2,540 Mn, though the company is being selective given competitive pressures.
● Road Assets: Daily toll revenue rose to INR 7.26 Mn. Vindhyachal Expressway monetisation is
expected in Q3FY26, likely yielding INR 7,000–8,000 Mn in proceeds.

Strategic and Operational Developments: The company is expanding in global markets with active bids
in the Middle East for renewables and oil & gas, and in Africa for railways. It is also evaluating a potential
IPO for Linjemontage in Sweden. Fasttel in Brazil is expected to turn profitable from Q3FY26.
Domestically, the company is investing in automation and mechanisation to address labor constraints.

Working Capital, Debt and Capex: Net working capital improved to 91 days consolidated, better than the
previous year, with a target to stay under 100 days for FY26. Consolidated net debt was reduced to INR
27,650 Mn, supported by better collections and cost control. Capex for FY26 is guided at INR 6,000–7,000
Mn, with long-term steady capex planned around INR 5,000 Mn annually.

Outlook: The company expects 20–25% revenue growth in FY26, with PBT margins of 5.0–5.5%. Growth
will be driven by T&D, B&F, Oil & Gas, and Urban Infra, while Water and Railways may remain subdued.
With a record order book, strong execution, reduced leverage, and global opportunities in energy
transition and infrastructure, the company is well positioned for sustainable and profitable growth in the
medium term.

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Kamat Hotels ( India) Ltd

Kamat Hotels (India) Limited (KHIL) was incorporated on 21st March 1986 in Maharashtra by Late Mr.
Venkatesh Krishna Kamat and his associates, with the aim of setting up and running hotels and related
businesses. The Group is led by Dr. Vithal Venkatesh Kamat, who has driven its growth and now mentors
the next generation, including Mr. Vishal Kamat, along with a team of professionals. KHIL’s most
recognized brand is The Orchid – An Ecotel Hotel, Asia’s first 5-star eco-friendly hotel chain, which has
won over 95 national and international awards. The Orchid has properties in Mumbai, Pune, and other
locations.

Kamat Hotels has a legacy of over seven decades in Indian hospitality, with a portfolio of 19 properties
offering more than 1,800 rooms across 7 states and union territories. Its flagship brand, The Orchid, is
Asia’s first 5-star eco-sensitive hotel brand. The Group also manages premium heritage properties such
as Fort JadhavGadh, Mahodadhi Palace, and Toyam, along with Lotus Resorts and IRA by Orchid catering
to the mid-premium and value-for-money segments.

Financial Performance: In Q1FY26 reported revenue of INR 826 Mn, a growth of 12% YoY. EBITDA stood
at INR 181 Mn, up 37% with a margin of 21.9%. The company posted a PAT of INR 43 Mn, marking a
sharp 291% increase YoY, with a margin of 5.2%.

ARR (Average Room Rate): The ARR for The Orchid stood at INR 6,338, IRA at INR 5,416, Lotus at INR
5,514, and Fort JadhavGadh at INR 8,051. The company has set a blended ARR target of around INR
7,500 for FY26.

Occupancy (Q1FY26): In Q1FY26, occupancy levels were 56% at The Orchid, 74% at IRA, 59% at Lotus,
and 30% at Fort JadhavGadh.

Expansion & Growth Plans (Pipeline): By FY26, Kamat Hotels aims to expand its portfolio to around 26
operational properties with over 2,500 rooms. Upcoming openings include Orchid Rishikesh (Aug 2025,
54 rooms, wedding and leisure focus), IRA Hyderabad (Sep 2025, 60 rooms), Orchid Panchgani (Sep 2025,
70 rooms including luxury tents), IRA Bhavnagar (Oct 2025, 61 rooms), IRA Dwarka (Oct 2025, 49 rooms),
Orchid Dehradun (Dec 2025, 96 rooms), Orchid Gwalior (Mar 2026, 50 rooms), and Orchid Nashik (Apr
2026, 57 rooms). In the longer term, the company plans to add larger properties at Puri (156 rooms) and
Mandvi-Kutch (155 rooms) by December 2027.

Strategic Direction (KHIL 3.0): Kamat Hotels plans to expand its portfolio from 19 properties in FY25 to
26 properties in FY26, increasing room keys from over 1,800 to 2,500. Revenue is targeted to grow from
INR 3,700 Mn in FY25 to INR 4,000 Mn in FY26, while debt is expected to reduce from INR 1,050 Mn to
INR 500 Mn. The company’s focus areas include strengthening the Orchid brand in North and West India,
growing F&B as a key revenue driver, improving cost efficiency through eco-friendly practices, enhancing
digital marketing and the Orchid Rewards loyalty program, and delivering customer-centric services.

Outlook: Kamat Hotels is pursuing an asset-light expansion strategy, enabling scalable growth with
minimal capital expenditure. Strong brand loyalty, with around 65% repeat customers, supports stable
revenue streams. While the company has given a conservative revenue guidance of INR 4,000 Mn for
FY26, management remains optimistic and expects revenues could exceed INR 5,000 Mn by FY27.

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Khazanchi Jewellers Ltd

Established in 1971, Khazanchi Jewellers is a Chennai-based, BIS Hallmark-certified jewellery brand with
presence in both B2B and B2C segments, spanning gold, diamond, and precious stones. The company is
also an authorized dealer of the India International Bullion Exchange (IIBX), giving it an edge in bullion
sourcing. With over five decades of legacy, Khazanchi has built a trusted reputation in South India and is
now strategically shifting its product mix towards lightweight gold, diamond, foaming jewellery, and
traditional close-setting pieces. The company has recently expanded its design library with over 100 new
designs aimed at younger consumers and working women.

Financial Performance
Khazanchi delivered strong earnings momentum in Q1 FY26 with revenue of INR 4,038 Mn (+5.9% YoY),
EBITDA of INR 212 Mn (+57.1% YoY) at a margin of 5.2% (vs. 3.5% in Q1 FY25), and PAT of INR 152 Mn
(+64.7% YoY), translating into an EPS of INR 6.12. Management attributes margin expansion to robust
Akshaya Tritiya sales and increased focus on higher-margin products. Historically, revenue grew from INR
4,818 Mn in FY23 to INR 17,725 Mn in FY25 (92% CAGR), with PAT surging from INR 06 Mn to INR 440
Mn. Going forward, management guides for a more moderate 25–30% YoY revenue growth.

Business Model & Mix

The company currently derives ~90% of revenue from B2B wholesale and institutional clients, while
~10% comes from B2C sales. B2C is expected to be a key growth lever, with expansion supported by the
upcoming flagship showroom. Inventory is demand-driven, focused on fast-moving SKUs, and credit
exposure is limited with B2B clients offered an average two-week credit cycle. Being an IIBX authorized
dealer also helps the company stabilize margins through efficient bullion procurement.

Expansion Plans
A 10,000 sq. ft. flagship showroom in Sowcarpet, Chennai, is scheduled to open in Q2 FY26 (delayed due
to approvals). Management expects it to add INR 1,500 Mn of incremental B2C revenue at higher gross
margins of 13–14%. This showroom will also double as a digital showcase to enable omnichannel sales.
Depending on its success, Khazanchi plans further retail expansion into Tier 1 and Tier 2 cities and is open
to evaluating acquisitions of regional jewellers. The company is also considering entry into silver
jewellery while retaining gold as its strategic core.

Competitive Positioning
Khazanchi differentiates itself in a competitive organized jewellery market through its 50+ years of
goodwill in Chennai, daily product design refreshes, and strict adherence to BIS norms, which has
established it as a trusted brand. Recently, Malabar Gold & Diamonds was added as a B2B client,
underlining its industry credibility.

Outlook
Khazanchi is transitioning from a wholesale-dominated model to a retail-led growth story, with margin
accretion expected from diamond, Jadau, Kundan, and Polki categories. The Sowcarpet showroom is set
to be a key catalyst for B2C growth, brand building, and digital integration. With reinvestment of profits,
prudent working capital management, and strong seasonal demand drivers, the company is positioned to
sustain growth and expand profitability in the medium term.

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Kilburn Engineering Ltd

Kilburn Engineering Limited (KEL) is an engineering company with 40+ years of experience in designing and
manufacturing critically customized process packages and drying systems for diverse industries. The
company has more than 3,000 installations globally and caters to 15+ sectors, including chemicals,
petrochemicals, oil & gas, power, fertilizers, food & FMCG, carbon black, pharmaceuticals, and nuclear
power. KEL has expanded its global footprint with exports to countries such as the USA, France, Germany,
the Netherlands, China, Indonesia, Thailand, Kenya, South Africa, Brazil, and Bangladesh.

Products and Services : Its portfolio includes fluid bed dryers, paddle dryers, rotary dryers, spray dryers,
calciners, pressure vessels, heat exchangers, reactors, and tea dryers. The company also provides
customized systems such as air/gas/liquid drying, solvent recovery systems, and instrument utility gas
drying systems.

Financial Performance:
In Q1FY26, the company delivered strong results with consolidated revenue of INR 1,292 Mn, up 51% YoY,
and consolidated EBITDA of INR 333 Mn, up 81% YoY. PAT rose 84% YoY to INR 213 Mn, with EBITDA
margin improving to 25.8% compared to 21.6% in Q1FY25. The company had a consolidated order book of
INR 4,470 Mn as of June 30, 2025, with additional orders worth INR 980 Mn received post quarter-end.

Subsidiaries and Strategic Acquisitions: The company acquired M.E. Energy Pvt Ltd., a player in thermal
engineering and waste heat recovery systems, and Monga Strayfield Pvt Ltd., a pioneer in radio frequency
(RF) drying and heating solutions. These subsidiaries operate as 100% owned entities and contribute to
technological integration, operational synergies, and expansion into new markets.

Clients: The company serves marquee clients across petrochemicals, chemicals, power, fertilizers, oil & gas,
and FMCG. Its global business contributes ~25–30% of orders, with growing traction in markets such as
Africa, Europe, and Asia Pacific. Notable Indian customers include Reliance, NPCIL, and leading specialty
chemical producers.

Order Book and Sectoral Diversification: As of Q1FY26, the consolidated order book stood at INR 4,470
Mn, with significant contributions from fertilizers (31%), chemicals (16%), carbon black (14%), oil & gas
(7.2%), and nuclear power (13.5%). The company also received notable orders from pharmaceuticals, tea,
and petrochemicals.

Manufacturing and Capex Plans: The company operates modern fabrication and machining facilities in
Thane and Saravali (Bhiwandi), equipped with advanced machines and specialized clean rooms for
titanium-based projects. The company is currently undertaking a brownfield expansion at its Saravali plant
with an investment of INR 300 Mn, aimed at increasing capacity by 15–20%. This expansion is expected to
be completed by March 2026 and will add an incremental output potential of INR 1,000–1,500 Mn
annually.

Outlook: Management has reiterated a revenue growth target of 50% in FY26 and expects to maintain a
CAGR of 20–25% from FY27 onwards. Margin sustainability is guided in the 22–23% range, driven by scaling
operations and favorable product mix. The ongoing capex at Bhiwandi and the synergies from subsidiaries
are expected to further strengthen execution capabilities. Overall, the company’s focus on innovation,
diversification, and global expansion provides confidence in sustained long-term growth.

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Kranti Industries Ltd

Kranti Industries, established over 40 years ago and based near Pune, is a precision engineering company. It
manufactures machined components used in the automotive, agriculture equipment, and industrial
machinery sectors, and is also gradually expanding into EV components. The company operates three
modern manufacturing plants spread across around 10,000 sq. m, equipped with CNC machines and
advanced multi-axis machining centers.

Subsidiary: Kranti Industries has a subsidiary, Preciso Metall Pvt. Ltd. (PMPL), which focuses on shell-
moulded special grade castings. In FY26, the company increased its stake in PMPL to around 60%.

Key customer relationships: CNH (New Holland), Carraro, Sonalika, Dhana Group, with strong exports to
Europe and the US.

Financial Performance: In Q1FY26, the company delivered consolidated revenue of INR 220 Mn, up 10%
YoY, while standalone revenue rose 8.6% YoY to INR 203.6 Mn. EBITDA grew 61.6% YoY to INR 34.6 Mn
with margins improving to 17%. The company reported a PAT of INR 6.6 Mn compared to a loss of INR 0.7
Mn last year.

Operational Highlights: The company has increased the supply of new precision components and received
approvals for series production. It has also started manufacturing heavy-duty gearboxes for industrial
machinery. In addition, the company entered the EV segment by securing a tooling order from Eka Mobility
for its 3-wheeler electric vehicle. On the export front, it received a contract worth USD 0.22 Mn from
Ingersoll-Rand (US). Capacity utilization stood at around 60–62% in Q1, with a target to reach 75–78% by
the end of FY26. The company owns the land for all its plants, and at Plant-3, around 60% of the land is still
available for future capacity expansion.

Business Segments:
● Automotive & Agri Components – historically core business (~68% revenue), strong in tractors.
● Industrial Engineering – new focus area (gearboxes, components).
● EV Components – early stage, growing pipeline.
● Exports – rising share; Italy, US, Europe customers onboard.

Risks & Challenges: Around 60% of revenue comes from CNH, with the top five customers contributing
nearly 90%. Dependence on the agri-equipment cycle makes volumes vulnerable to tractor demand swings.
The company also faces raw material cost risks as castings are sourced from foundries, while debt levels,
though reducing, remain high in the near term.

Outlook: The management expects double-digit revenue growth eadyy quarter in FY26, supported by new
orders and better capacity utilization. For FY26, the company is targeting EBITDA margins of 15–17%, with a
medium-term goal of improving margins to 22–25% over the next three years. The revenue mix, which is
currently auto-heavy, is planned to shift to 60:40 between auto and non-auto segments in the next 3–5
years. The company’s key focus areas include diversifying into EV and industrial components, increasing
export share, and reducing debt to further strengthen the balance sheet.

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Krishival Foods Limited

Krishival Foods Ltd. is a fast-growing company in the dry fruits and healthy snacking segment, specializing in
value-added products like almonds, cashews, walnuts, and raisins. The company operates under the
“Krishival” brand and is building strong retail visibility across India while also catering to B2B and export
markets. With a focus on quality sourcing, in-house processing, and premium packaging, Krishival aims to
capture the rising demand for healthy and convenient snacking.
Financial Highlights: The company posted strong FY25 growth with revenue of INR 2,020 Mn, up 96% YoY.
EBITDA rose to INR 210 Mn, up 107% YoY, with an EBITDA margin of 10%. PAT increased to INR 140 Mn, up
133% YoY, with a PAT margin of 6.9%.

Business Segments -

● Retail Packaged Foods – Almonds, cashews, pistachios, walnuts, raisins in consumer packs.
● B2B Ingredients – Supplies processed nuts and dry fruits to bakeries, confectionery makers, and
food service companies.
● Exports – Expanding presence in Middle East and Southeast Asia markets.
● Value-Added Products – Roasted, flavored, and ready-to-eat variants to cater to the health-
conscious consumer.

Revenue Mix: The company’s revenue mix comprises \~65% from retail packaged sales through
supermarkets, kirana stores, and e-commerce platforms; \~20% from B2B ingredient supply to bakeries,
confectionery, and food service businesses; and \~15% from exports, with a strong presence in the Middle
East and Southeast Asia.

Distribution Network:Presence in over 80 cities, tie-ups with modern trade chains like Big Bazaar, D-Mart,
and Reliance Retail, as well as e-commerce partners such as Amazon and BigBasket.

Manufacturing & Infrastructure: The company operates a state-of-the-art processing facility in Vashi, Navi
Mumbai, equipped for cleaning, grading, roasting, and packaging, with an annual capacity of \~12,000 MT. It
maintains strong backward integration, sourcing almonds and walnuts directly from the US and Chile,
cashews from Africa, and raisins from India.

Expansion Strategy: The company is expanding its retail footprint in Tier I and Tier II cities through modern
trade, e-commerce, and general trade. It is also broadening its value-added product line with roasted snacks
and nut mixes, exploring new export markets to diversify revenue, and investing in automation and cold
storage to reduce wastage and improve margins.

Industry Context The dry fruit and packaged snacks industry in India is expected to grow at 12–14% CAGR
over the next 5 years, driven by increasing health awareness, rising disposable incomes, and shift toward
branded packaged foods. Krishival, with its strong sourcing network and premium brand positioning, is well-
placed to capture this growth.

Outlook: Management expects revenue growth of 20–25% CAGR over the next 2–3 years, led by
premiumization, new product launches, and export opportunities. Margins are likely to improve further as
the share of value-added products increases.

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Krsnaa Diagnostics Ltd

Krsnaa Diagnostics is India’s only listed diagnostics company of scale operating a pan-India Public–Private
Partnership (PPP) model with a growing B2C retail footprint. It combines cost leadership with quality
accreditations, positioning itself to benefit from the multi-year upcycle in Indian diagnostics—especially
advanced radiology penetration in Tier-2/3 cities.

Q1 FY26 Financial Performance – Steady Growth

Revenue: INR 1,930 mn (+13% YoY)
EBITDA: INR 524 mn (+19% YoY) – margin 27% (+120 bps YoY)
PAT: INR 205 mn (+15% YoY) – margin 11%
EPS: INR 6.25 vs INR 5.46 YoY (+14%)
Volumes: 5 mn patients served; 16 mn tests processed in the quarter.
Working Capital: Receivables ~120 days; overdue payments from Himachal Pradesh and Karnataka have
started flowing in.

Strategic Positioning & Quality Edge

54 NABL-accredited labs, 31 NABH-accredited radiology centers.
India’s first CAP-accredited pathology lab in a government facility and first NABH-accredited
teleradiology hub.
Cost leadership: offers diagnostics 70–90% below market prices while maintaining peer-comparable
margins.

Operational & Strategic Levers

Shared PPP-retail infrastructure, automation, and PACS/LIS solutions drive cost advantage.
Revenue per test in Rajasthan expected to match existing tenders with potential to improve as test
menu expands.
EBITDA margin guidance: 25–27% sustainable, even post Rajasthan scale-up.

Growth Outlook & Pipeline

Management targets revenue growth above industry average (15–16%).
Q1 volume growth was 4% (vs industry ~10%), affected by BMC exit and temporary project suspensions;
retail and PPP ramp-up expected to accelerate growth.
Apulki Oncology tie-up: CT, MRI, and pathology labs inside two oncology hospitals (30-year revenue
visibility, urban advantage). Pune hospital to start operations in coming months.

Challenges & Risks

Delays in government payments keep working capital stretched (~120 days), though collections
improving. Initial retail investments pressuring near-term profitability; operating leverage expected as
scale builds.
Rajasthan project rollout (6–9 months) is key execution risk.

Outlook
Krsnaa is well placed to capitalize on India’s diagnostics upcycle. The Rajasthan PPP contract provides
multi-year contracted growth visibility, while the fast-scaling retail business adds a high-margin, asset-
light growth driver. Margin guidance of 25–27% remains robust despite expansion. With cost leadership,
national scale and diversified revenue streams, the company aims to consistently gain market share and
sustain profitable growth as formalization and advanced diagnostics penetrate deeper into India’s Tier-
2/3 markets.

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Krystal Integrated Services Ltd

Krystal Integrated Services Limited (KISL), formerly known as Krystal Integrated Services Private Limited, is
a leading integrated facility management and diversified services provider in India. The company operates
across healthcare, education, city infrastructure, airports, railways, metro projects, manufacturing, retail,
and waste management.

Financial Highlights: For FY25, revenue from operations stood at INR 12,127.8 Mn, a 18.1% YoY increase.
EBITDA was INR 777.1 Mn, with a margin of 6.4%, while PAT grew 27% YoY to INR 623.3 Mn, with a PAT
margin of 5.1%. Debt-to-equity ratio of 0.19 and ROCE of 16.7%.

Products and Services: The company provides a comprehensive suite of services including Integrated
Facility Management (47.1% of FY25 revenues), Staffing Solutions & Payroll Management (34.0%), Private
Security & Manned Guarding (10.7%), Catering (6.1%), and newly launched Technical Facility Management
and Waste Water Management (2.2%). Its offerings range from housekeeping, sanitation, pest control,
and façade cleaning to recruitment, payroll services, food and beverage catering, and security solutions.
Through its subsidiary Task Master, it has also forayed into the B2C segment, offering residential deep
cleaning and infrastructure maintenance services.

Clientele: The company has built a strong and diversified client base of 461 customers, with nearly 30% of
its top 10 clients associated for over a decade. The company services leading names across healthcare,
education, airports, metros, and corporates, including PD Hinduja Hospital, Mumbai Metro, Air India SATS,
D-Mart, Samsung C&T, and Bain & Company.

Geographic Presence: The company operates across 18 states and 2 union territories, managing over
3,200 locations through 26 branches, warehouses, and a training academy. With a growing footprint in
Tier-2 and Tier-3 cities, it is expanding services at upcoming airports, metro projects, and industrial hubs,
reinforcing its position as a nationwide integrated service provider.

Segmental & Operational Insights:

● In wastewater management, the company is targeting mid-sized projects with quick execution
timelines, generating immediate revenue recognition and followed by recurring O&M income.
Management aims for an order book of INR 10,000 Mn within 18 months.
● Taskmaster has commenced billing in Mumbai and is positioned as a trusted alternative to B2C
aggregators, leveraging company’s training academy and stringent background verification
processes. Expansion into Alibag and Goa is planned for FY26.
● The staffing business operates on a management-fee model linked to client CTCs, ensuring
margins remain insulated from wage inflation. Security services continue to see strong demand
despite automation trends, with its combining manpower with technology for efficiency.

Order Book & Contract Wins: The company added 139 new customers in FY25. Key wins included a INR
3,490 Mn facility management contract with Tamil Nadu Medical Services, sanitization orders worth INR
840 Mn from PGIMER Chandigarh, bundled airport services across Chandigarh, Chennai, and Trivandrum,
and large multi-year contracts with Maharashtra’s Directorate of Medical Education and Research. The
company also secured staffing contracts for Mumbai Monorail and security contracts with SVC Co-
operative Bank.

Outlook: Management reiterated its aspirational growth guidance of 18–20% annually, supported by a
strong order pipeline, new customer additions, and entry into high-margin businesses. Margins are
expected to benefit from wastewater management, TFM, and B2C verticals, though ROCE and ROE will
remain steady in the near term.

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Landmark Cars Ltd

Landmark Cars Limited incorporated in 1998, is a leading automotive retail chain in India, with operations
spanning the entire automotive value chain. Its core business is new vehicle sales, which accounted for
roughly 80% of total revenue in FY25. The company operates as an authorised dealer for 10 prominent
automobile Original Equipment Manufacturers (OEMs), offering products across multiple categories from
luxury sedans and SUVs to premium hatchbacks, emerging electric vehicles (EVs), and commercial
vehicles. Its brand portfolio includes Mercedes-Benz (luxury segment), MG, Jeep, BYD, Mahindra &
Mahindra, Kia, Honda, Renault, and Volkswagen (premium/emerging EVs), and Ashok Leyland
(commercial vehicles). As of FY25, Landmark operates 70 company-run sales showrooms spread across 28
cities in 10 states, designed to align with each OEM’s brand guidelines on look, feel, and customer
experience. ~25% of these outlets have been acquired, while the remaining have been established
organically.

Financial performance: Landmark Cars Q1FY26 revenue stood at INR 10,617.20 Mn, (+27.61% YoY, & -
2.70% QoQ). EBITDA for Q1FY26 was INR 610.31 Mn, up by 34.08% YoY and by 38.50% QoQ. EBITDA
margin flat YoY and up 74 bps QoQ to 5.75% in Q1FY26. PAT for Q1FY26 was INR 73.66 Mn, up by
113.81% YoY and by 320% QoQ. PAT margin up by 30 bps YoY and up by 50 bps QoQ to 0.7% in Q1FY26.

Business Segments: The company operates as a comprehensive automotive retailer, with its business
primarily segmented into new vehicle sales (80% revenue), after-sales and car care services (17%), pre-
owned vehicle sales (2%), and the distribution of third-party finance and insurance products (1%).

Mahindra’s Robust Demand Pipeline Supports Sustained Volume Growth: Mahindra and Mahindra
posted a 22% YoY growth, outperforming the industry. High demand and long waiting periods for its
models, coupled with Landmark’s stabilising outlets in Kolkata and Hyderabad, point to sustained volume
traction. The company also targets higher after sales contribution from Mahindra as workshops mature.

Mercedes-Benz: Strong Growth Driven by Sales and Premium Mix Gains: Mercedes-Benz, Landmark’s
largest luxury brand partner, its best-ever sales in India, growing 10% YoY, with a 20% jump in top-end
models such as S-Class, Maybach, and AMG. The brand’s leadership in the luxury segment and strong
demand across the portfolio are expected to provide steady, annuity-like revenue, with aftersales
contributing ~38% of the Mercedes business.

BYD EV Volumes Set to Triple, Driving Future Expansion Potential: BYD has emerged as a meaningful
contributor, with demand strong across its four EV models. Management expects India volumes to triple in
CY25 vs CY24 despite minimal marketing, indicating strong word-of-mouth traction. Landmark, as BYD’s
largest partner, sees scope to expand dealerships and workshop footprint as EV adoption rises.

After sales Growth to Accelerate in H2 as Workshops Mature: Aftersales revenue grew 10.5% YoY,
supported by 94,000 services, with an average revenue per vehicle at INR 25,000. While ASPs softened
due to a higher mix of newer brands, gross profit margins stayed firm at 17.4%. Management expects
double-digit after sales growth in H2FY26, reaching its historical 13–14% CAGR as new workshops mature.

Outlook: The luxury business remains a key profit driver, supported by ASP accretion from high-end
models (e.g., Mercedes-Maybach, MG Cyberster) and anticipated price hikes from OEM partners. On the
EV side, Landmark’s partnerships with early movers BYD and MG provide front-row access to an
expanding segment, with penetration expected to rise from 2% to 7–8% in the next few years. BYD’s
upcoming model pipeline (eMAX 7, Sealion 7) and MG’s steady launch cadence offer incremental growth
triggers. After-sales remains a high-margin annuity business (~40% GP), set to scale as newer brand
workshops mature.

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Le Merite Export Ltd

The company has an established legacy with exports to over 37 countries, including the US, EU, China,
and Bangladesh, focusing on high-quality textile products. It has built a global footprint across the textile
value chain, spanning cotton yarn, greige fabrics, and now technical textiles. Operations follow a capital-
efficient, scalable, and asset-light model, enabling faster growth without heavy asset dependency. The
company has diversified into high-margin, high-barrier segments such as defense uniforms, ECC jackets,
and antimicrobial solutions using DRDO-backed technology. A modern manufacturing facility is being set
up at Amravati Textile Park, supported by government incentives, to strengthen its defense textile foray

Financial performance:: For the full year FY25, revenue grew by 9.9% to INR 5,147.4 Mn, up from INR
4,681.5 Mn in FY24, reflecting sustained business growth and strategic execution. EBITDA increased by
20.7% to INR 77.3 Mn compared to INR 64.1 Mn in FY24, with the EBITDA margin improving slightly to
1.5% from 1.4% last year. PAT rose sharply by 249.4% to INR 61.0 Mn, up from INR 17.5 Mn in FY24, with
PAT margin improving by 94 bps to 1.3% versus 0.4% in the previous yea

Order book: In FY26, the company has defense orders worth INR 400 Mn. Around 40% of this order book
was executed in April and May, with the balance scheduled for completion over the next three months

Product Profile: The company offers a diverse product portfolio across yarns, fabrics, and specialized
textiles. Its yarn range includes 100% cotton with a focus on sustainability, covering Organic Cotton,
Organic-in-Conversion, blends with a minimum of 5% organic, BCI, Recycled Cotton (GRS/RCS), and Fair-
Trade certified varieties, with a production capacity of 1,200 tons per month. In fabrics, it produces a
wide range of greige fabrics on Airjet and Sulzer looms in popular weaves such as Poplin, Twill, Drill, Satin,
Oxford, Matte, Canvas, and Herringbone, with widths ranging from 47” to 130”, using organic, BCI, and
recycled cotton blends. The company is also one of India’s leading exporters of GOTS-certified organic
cotton yarn. In defense textiles, it manufactures specialized products such as digital print/design uniform
fabric for BSF, extreme cold climate coats and jackets for Ladakh Police, sleeping bags and military
mattresses, as well as anti-bed bug and anti-microbial bed sheets developed using DRDO-backed
technology

Outlook: The company aims to scale its Defence Textile segment to INR 1,000 Mn in revenue by FY26,
while driving overall growth through innovation and operational efficiency. It seeks to strengthen its
global presence with a continued focus on quality and sustainability, and remains committed to delivering
long-term value to stakeholders through impactful and eco-friendly practices.

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Lokesh Machines Ltd

Lokesh Machines Ltd (LML) is a Hyderabad-based manufacturer of CNC & special-purpose machine tools,
auto-component machining, forgings and a growing defence business (small arms / machine guns). It sells
domestically and exports (Turkey, Italy, USA, Middle East) via a dealer network and has manufacturing
sites in Hyderabad, Medchal, Bonthapally and Ranjangaon (Pune).

Financial Performance The company reported revenue of INR 480.5 Mn, down 4% YoY. EBITDA stood at
INR 86.1 Mn, up 47% YoY, with margin improving to 17.9% (vs 11.7% LY) on better cost efficiency.
However, PAT declined 36% YoY to INR 4.6 Mn, with PAT margin at 0.96% (vs 1.44% LY), impacted by
higher depreciation and finance costs.

OFAC impact and the response -

● LML’s name appeared on the U.S. OFAC sanctions list on 30 October 2024, which prevented the
company from transacting in foreign currency during that period. As a result, it lost business from
key customers such as Mahindra & Mahindra in the auto-components division, leading to a sharp
decline in turnover in H2 FY25.
● After the OFAC listing, LML filed for expedited removal (Jan 2025), strengthened leadership,
diversified customers, added higher-value machines, entered forgings/defence, cut costs, and
converted promoter capital to support liquidity.

Business segments -

● Machine Tools: Core business — General Purpose, Special Purpose and Automation machines.
Management reports order momentum returning and expansion into non-automotive sectors.
● Auto Components: Historically supplied niche cylinder blocks & connecting rods to Mahindra &
Mahindra; that relationship was suspended after OFAC listing but new customers have been
onboarded and green shoots are visible
● Defence: LML has moved into small arms and supply to government — it delivered 550 weapons
to Indian Army (Sept 2024) and received licensing/registrations to expand defence
manufacturing
● Exports & dealers: LML sells overseas (Turkey, Italy, USA, Middle East) and has dealer coverage in
South Africa, Italy, Turkey, Bahrain

Order visibility & customers: The report states machine-tool orders increased after the disruption and
management secured repeat business and new customer wins (details not consolidated into a single
“order book” number in the filing). Key large clients include OEMs in automotive, steel and heavy
engineering; the M&M suspension materially impacted volumes and is being addressed via customer
diversification.

Key risks & near-term challenges: Key risks for Lokesh include the OFAC sanctions, which remain the
biggest overhang with an uncertain delisting timeline affecting exports, forex inflows, and client ties. The
suspension of Mahindra & Mahindra business has created a revenue gap, and recovery depends on
onboarding and scaling new customers. Working-capital pressure is another risk, tied to export collections
and potential tightening of bank lines during the sanction period. While defence tenders

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Lords chloro Alkali Ltd

Lords Chloro Alkali started back in 1976 under the name Modi Alkalis & Chemicals. In 1992, it
shifted from old mercury-based production to safer and greener membrane technology. By
2021, the Dhir family consolidated control by raising their stake to about 75%, taking full charge
of the company’s future. The company makes a wide range of industrial chemicals that are used
in textiles, paper, pharma, agriculture, plastics, metals, and water treatment.
Products: Its main product is Caustic Soda Lye (32% and 47% concentration), which is essential
for industries like paper, textiles, aluminium, and soap. It also makes Liquid Chlorine (used in
PVC and pharma), Hydrochloric Acid (for metal treatment and oil wells), Hydrogen Gas, Sodium
Hypochlorite (used in cleaning and disinfection), and Chlorinated Paraffin (used in plastics and
fire-resistant products). So, it supplies to a very broad range of industries, making it a key link in
India’s industrial chain.
Financial Performance: In FY25, revenue touched INR 2,702 Mn, up 22% from INR 2,211 Mn in
FY24. The company posted a profit of INR 62 Mn in FY25, after a loss of INR 48 Mn last year.
Return on Capital Employed improved to 9%, showing better use of assets and stronger
efficiency.
Capacity Expansion: In FY25, it added 90 tonnes per day (TPD) of caustic soda capacity, taking
total capacity to 300 TPD (a 43% jump). It also expanded its Chlorinated Paraffin Wax (CPW)
capacity by 30 TPD, reaching 50 TPD. These expansions are in line with rising demand in key
industries, giving the company a chance to serve more customers and grow volumes.
Market Position and Performance: In FY23, it delivered its best results ever, and the momentum
has continued. In Q4FY25, caustic soda lye volumes rose to 19,256 tonnes, up from 14,465
tonnes in Q3. Total income grew from INR 609 Mn in Q2FY25 to INR 799 Mn in Q4FY25, showing
strong demand. EBITDA also improved from INR 622 Mn in FY24 to INR 653 Mn in FY25.

Green Energy Initiatives: The company also set up a 16 MW solar power plant in FY25. This not
only reduces electricity costs but also lowers carbon emissions, making operations more
sustainable and efficient in the long run.

Industry Overview: India currently has an annual caustic soda capacity of 5.7 MnT, making it the
third-largest producer in the world after China and the US. Over the last decade, the Indian
chlor-alkali industry has expanded rapidly and is expected to keep growing at about 9.9% CAGR
between 2023 and 2028. However, demand during the same period is projected to rise at a
slower pace of 4.8% CAGR. Since capacity growth is outpacing demand, India has turned into a
net exporter, with caustic soda trade surplus recorded for the past 3 years.

Outlook: The company is working on improving utilization of its 50 TPD Chlorinated Paraffin Wax
(CPW) facility and plans to add new customers using its existing market reach. Going forward,
the focus will remain on maximizing asset use, expanding renewable energy projects, and
building a more diverse product portfolio. With demand likely to outpace supply, this creates a
good opportunity for the company to benefit from higher prices and stronger margins.

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Lumax Auto Technologies Ltd

Lumax Auto Technologies Ltd, part of the 8-decade Lumax Group, is a leading Tier-1 automotive
systems supplier with 30 plants across India. The company offers advanced plastics, mechatronics,
structures, control systems, electronics, sensors, alternate fuels, telematics and aftermarket
solutions. Over the past two years, Lumax has expanded through the acquisition of IAC India and a
majority stake in Greenfuel Energy Solutions, strengthening its presence in interior systems and
clean mobility.

Financial Performance
In Q1FY26 consolidated, revenue was INR 10,264 Mn compared to INR 7,559 Mn in Q1FY25, up 36
percent. EBITDA was INR 1,358 Mn versus INR 1,055 Mn, while EBITDA margin declined slightly to
13.2 percent from 14.0 percent. PAT was INR 540 Mn compared to INR 420 Mn, with a PAT margin
of 5.3 percent. EPS stood at INR 8.57. Free cash generation in the quarter was INR 3,590 Mn, while
net debt stood at INR 2,450 Mn.
For FY25 consolidated, revenue was INR 36,370 Mn, EBITDA INR 5,160 Mn with a margin of 14.2
percent, and PAT INR 2,290 Mn with a margin of 6.3 percent.

Key Segments
•Advance Plastics contributed INR 9,100 Mn in Q1FY26, about 61 percent of revenue
•Structures and Control Systems INR 1,400 Mn or 9 percent
•Mechatronics INR 2,500 Mn or 17 percent
•Alternate Fuels INR 2,000 Mn or 13 percent
•Aftermarket grew 16 percent YoY in Q1FY26, aided by new product launches

Capital Expenditure and Order Book

Capex in Q1FY26 was INR 730 Mn, including INR 310 Mn for Gujarat land. Full year FY26 capex
guidance is INR 2,000 Mn. The order pipeline stands at INR 15,000 Mn, with execution expected
progressively through FY29. Of this, INR 1,150 Mn is scheduled for FY26, INR 5,900 Mn for FY27,
INR 6,000 Mn for FY28 and INR 1,950 Mn for FY29.

Growth Drivers
•Rising content per vehicle across PV, 2W and CV segments
•Clean mobility and alternate fuel systems through Greenfuel acquisition
•Expansion in mechatronics and high-value vehicle electronics
•Strategic JVs with Alps Alpine, Yokowo, Ituran and others providing advanced technology
•Aftermarket expansion with new launches targeting 20 percent growth in FY26

Future Outlook
The company targets a 20 percent CAGR in revenue through FY31, driven by clean mobility,
premium interiors, electronics and aftermarket scale-up. EBITDA margin guidance remains at 14 to
15 percent with RoCE above 20 percent. Management expects double-digit growth across FY26
supported by order book execution and new program launches.
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Madhusudan Masala Ltd

Madhusudan Masala Limited (MML) is a spice and food products manufacturer operates under 4 brands
DOUBLE HAATHI, MAHARAJA, MANTAVYA, and 77 GREEN, catering to different consumer segments.
DOUBLE HAATHI is the flagship premium brand, while MAHARAJA and MANTAVYA serve value-conscious
customers, and 77 GREEN, acquired through Vitagreen Products Pvt. Ltd., focuses on health-conscious
and instant mix products.

Financial Performance:
In Q1FY26, Consolidated revenue stood at INR 730.9 Mn, flat QoQ basis where as standalone revenue
stood at INR 644.8 Mn in Q1FY26, up by 116.7% YoY. EBITDA was INR 75.2 Mn, translating into a margin
of 10.3%, while net profit was INR 41.7 Mn, with a margin of 5.7%. Branded sales increased to 67% of
total revenue in Q1FY26 compared with 56% in FY24, showing a shift towards higher-margin branded
business.

Products and Services:

The company manufactures more than 32 different types of spices and food products across 500+ SKUs.
Its portfolio includes ground spices, blended spices and whole spices. In addition, Madhusudan also
markets grocery products like kasuri methi, dry ginger powder, mango powder, tea, and pickles. The
acquisition of Vitagreen added instant mixes to its offerings. Some products are also procured from third
parties and sold under the company’s brands to maintain a consistent product basket.

Market Presence and Distribution:

The company has built a strong distribution network with 38,000+ retail outlets, 6,000 wholesalers, and
300 distributors. It holds a market position with ~35% share in Saurashtra and ~5% in Gujarat overall.
Maharashtra is another large market where the company sees strong growth opportunities, while newer
markets include Chandigarh, Punjab, Haryana, Uttar Pradesh, Bihar, Jharkhand, J&K, Goa, and Telangana.
Plans are in place to enter Rajasthan and Madhya Pradesh in FY26.

Manufacturing Facilities:
The company operates 2 manufacturing units. The Jamnagar facility has a capacity of 4,800 MT and is
primarily used for producing ground spices and grocery products. It is equipped with modern machines
and supported by a 4,029 MT cold storage facility. The second unit at Rajkot, acquired in 2024 along with
Vitagreen, has a capacity of 600 MT and is dedicated to blended spices and instant mix products. In
Q1FY26, capacity utilization was 85% at Jamnagar and 93% at Rajkot.

Outlook:
The company is targeting a 30% CAGR growth over the next 3–5 years by expanding its regional presence
and increasing branded product sales. EBITDA margins in the 10–11% range is expected to maintain,
supported by a higher share of branded products, a focus on blended spices with better margins, and
continued reduction in low-margin non-branded trading business. Growth will be driven by deeper
penetration in existing strongholds like Gujarat and Maharashtra, expansion into new states like
Rajasthan and MP, and introduction of innovative products through ongoing R&D.

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Madhya Bharat Agro Products Ltd

Madhya Bharat Agro Products Ltd. (MBAPL), part of the Ostwal Group of Industries, is engaged in the
manufacturing of fertilizers and chemical products. The company primarily focuses on phosphatic
fertilizers and has built a strong presence in the agri-input market. Its popular brands include Annadata
for Single Super Phosphate (SSP) and Bharat for NPK/DAP complex fertilizers, catering to the diverse
needs of farmers across India.

Financial Performance: In Q1FY26, MBAPL delivered its highest-ever quarterly results with revenue of
INR 4,097 Mn, growing 38% sequentially and 104.5% YoY. The performance was led by strong NPK
fertilizer volumes. EBITDA stood at INR 570 Mn, up 60% QoQ and 71.1% YoY, with margins improving to
13.9%. On a per tonne basis, EBITDA was INR 5,728, well above industry averages due to scale and
efficiency benefits. Net profit doubled QoQ to INR 282 Mn, reflecting a 145.5% YoY jump, while PAT
margin rose to 6.9%. Basic EPS also improved sharply to INR 3.22 from INR 1.63 in Q4FY25 and INR 1.31
in Q1FY25.

Operational Highlights: The company achieved its highest-ever fertilizer production of 114,773 MT
during the quarter, with sales volumes at 105,976 MT. NPK and DAP sales rose 79.4% YoY to 59,655
MT, supported by near full capacity utilization of 98%. SSP sales were lower at 39,863 MT, reflecting an
8.4% YoY decline, with capacity utilization at 79%. The product mix continues to be heavily skewed
towards NPK, which accounted for 99% of combined DAP/NPK output in FY25, while DAP remained just
1%.

Strategic Product Innovation: The company introduced two new products aimed at boosting nutrient
efficiency. Bharat Urea SSP, a novel formulation, enhances nutrient absorption, while Annadata Super
6, a fortified SSP containing zinc, boron, and magnesium, addresses micronutrient deficiencies in soils.
Both products have already been launched and are expected to contribute meaningfully in the coming
quarters.

Expansion and Capex Updates: The company is executing a major expansion at Dhule, Maharashtra,
which will add 330,000 MTPA of NPK/DAP capacity, 99,000 MTPA of Phosphoric Acid, 198,000 MTPA of
Sulphuric Acid, and a proposed 330,000 MTPA SSP plant. Phase 1 funding of INR 2,020 Mn has been
tied up with SBI, Axis Bank, and Federal Bank, with INR 510 Mn disbursed and INR 1,350 Mn already
spent as of June 30, 2025. All regulatory approvals are in place, and commercialization is targeted for
September 2026 (H2FY27). Additionally, 17.82 hectares of land has been secured in Banda, Madhya
Pradesh for future expansion. A debottlenecking plan at Sagar will enhance DAP/NPK capacity and add
165,000 MTPA of Sulphuric Acid. The overall capex is estimated at INR 6,000–6,500 Mn, with an asset
turnover of 1x expected in FY27 at partial utilization.

Business Model and Competitive Position: MBAPL benefits from strong backward integration with in-
house Phosphoric Acid and Sulphuric Acid plants and beneficiation of 2 lakh TPA rock phosphate at
Sagar, giving it a margin advantage compared to peers like Coromandel. The company’s focus remains
on NPK, with DAP being a small contributor. Raw materials are sourced from Egypt, Jordan, and
domestic suppliers such as MP State Mining Corporation. Its emphasis on product mix and integration
supports competitive positioning and margin resilience.

Outlook: Management expects the new capacity to reach 50% utilization in FY27 and 70% in FY28, with
current plants already fully utilized supporting a revenue run-rate of INR 4,000 Mn per quarter. EBITDA
margins are targeted at 14–15%, gross margins around 30%, and effective tax at 35%. The new capex
will also benefit from 100% depreciation under Section 35AD in FY27.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Mafatlal Industries Ltd
Mafatlal Industries Limited, incorporated in 1913, is a leading textile company in India specializing in
cotton and polyester/cotton blended fabrics, including yarn dyed and piece dyed shirtings, poplins,
bottomwear fabrics, cambrics, fine lawns, and voiles. The company operates primarily through its
Nadiad and Navasari manufacturing units. Over the decades, Mafatlal has expanded its product range
and capabilities, setting up subsidiaries and demerging non-core units. It has seen strategic growth
through consolidations, product innovations, and entry into new textile segments like technical textiles
and uniforms. The company has also ventured into digital infrastructure and consumer durables to
diversify its business portfolio.

Financial Performance: Mafatlal Industries reported strong financial growth in Q1FY26, with revenue
from operations rising to INR 12,402 Mn, up 174.5% YoY. Operating EBITDA increased by 66.4% YoY to
INR 470 Mn, achieving a margin of 3.8%. EBIT stood at INR 444 Mn (+63.7% YoY), while PBT grew by
79.2% YoY to INR 423 Mn (margin of 3.4%). PAT up by 51.1% YoY to INR 459 Mn, with a margin of 3.7%.
The company significantly reduced its gross debt to INR 661 Mn and lowered its interest cost to INR 21
Mn. ROCE improved to 21%, reflecting better capital efficiency, by institutional order execution and
strategic growth initiatives.

Segment Performance (Q1FY26)-

● Textiles & Related Products (31% of revenue): The company reported revenue of INR 3,840 Mn,
up 41% YoY, with EBIT margin improving to 9.8% from 7% last year. Growth was led by strong
demand in school and corporate uniforms, technical fabrics, and workwear.
● Consumer Durables & Others (68%): The company posted revenue of INR 8,490 Mn, up 581%
YoY, primarily driven by the execution of a large institutional order in Maharashtra, supplying to
nearly 9.6 lakh beneficiaries. These projects operate at low margins of around 1.3% but deliver
significant scale.
● Digital Infrastructure (1%): Revenue stood at INR 65 Mn, down 88% YoY. The subsidiary, Pie
Flowtech Solutions Pvt. Ltd., continues to support digital and ed-tech infrastructure projects.

Order Book & Execution: The company’s order book stands at around INR 10,000 Mn as of Q1 FY26,
supported by a healthy pipeline across uniforms, consumer durable institutional orders, and government
schemes. Its strong execution capabilities provide confidence in the timely delivery of these large-scale
projects.

Key Strengths & Challenges: Mafatlal benefits from a 120-year heritage, strong brand recognition, an
asset-light model, and a diversified product portfolio. Its management team has deep industry and
financial expertise. Challenges include managing revenue volatility, especially in digital infrastructure,
sustaining margins amidst raw material cost pressures, and converting large order books into profitable
outcomes.

Outlook: The company has strong growth visibility in FY26, supported by large institutional orders and
expansion in the uniform business. Management is focused on improving margins through higher-value
uniforms and technical textiles, while the digital infrastructure segment is expected to recover gradually
with new partnerships. Overall, steady revenue growth of 15–18% CAGR is anticipated, alongside margin
improvement driven by cost efficiencies.

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Maharashtra Seamless Ltd
Incorporated in 1988, Maharashtra Seamless Ltd (MSL) manufactures seamless pipes and Electric
Resistance Welded (ERW) pipes. The company is also active in renewable power generation and rig
operations. MSL is part of the D. P. Jindal Group and has developed a growing portfolio in renewable
energy alongside its core pipe manufacturing business

Financial Performance: In Q1FY26, Maharashtra Seamless Ltd reported revenue of INR 11,450 Mn, down
19.2% QoQ, and EBITDA of INR 1,650 Mn, down 41% QoQ. PAT stood at INR 2,340 Mn, supported by
treasury income of INR 1,600 Mn, with EPS at INR 17 per share. The company maintains a strong
treasury position of INR 29,190 Mn as of June 30, 2025, and its credit rating was upgraded to AA+, the
highest in the company’s history

Operations & Segment Information:

In Q1FY26, seamless pipe dispatches totaled 103,000 tons. The company’s order book stood at INR
11,490 Mn, down INR 4,000 Mn QoQ. While exports showed a slight improvement, it was not enough to
offset the slowdown in the oil & gas sector, which contributes around 70% of dispatches. Weak capex
from ONGC and Oil India impacted overall demand. The ERW segment remains small, contributing
approximately 7–8% to EBITDA

Capex & Growth Plans:

The company has announced a total capex of INR 8,520 Mn. The Telangana finishing line project, with a
budget of INR 1,840 Mn, is expected to be completed by FY26. The cold drawn pipe project in
Maharashtra is underway, with machines being installed and commercial contribution expected from the
December 2025 quarter. A future hot mill upgrade, estimated at INR 3,500 Mn, is planned after the
Telangana project’s completion. Additionally, a rig refurbishment project will be executed via Jindal
Drilling in partnership with ONGC, with MSL expected to earn approximately USD 17,000–18,000 per day

Risks & Challenges:

The company faces pricing pressure due to Chinese dumping, with the anti-dumping duty renewal
scheduled for October 2026. Delays in tender issuance by oil PSUs and heavy reliance on the cyclical oil
& gas sector, which contributes around 70% of revenue, pose additional risks. Furthermore, the large
treasury balance has raised investor concerns regarding capital allocation and dividend policy.

Outlook: EBITDA per ton declined to INR 13,000, compared with the historical range of INR 15,000–
18,000. Margins are expected to remain muted in the September quarter. FY26 seamless volumes are
likely to be similar to FY25 at 442,000 tons, with potential incremental upside once the Telangana
project begins in January 2026. A decline in raw material prices of INR 2,500–4,000 per ton also affected
realizations

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Mahindra Lifespace Developers Ltd

Mahindra Lifespace Developers Ltd is part of the Mahindra Group and focuses on 2 businesses: residential
real estate and Integrated Cities & Industrial Clusters (IC&IC). Since 1996, the company has completed
more than 50 projects across India, serving over 21,000 customers. It is known for sustainable, green
housing and is a pioneer in IC&IC development, with large projects in Chennai, Jaipur, and other regions.

Project Pipeline and Portfolio: In Q1FY26, the company added new projects in Lokhandwala, Mulund
(Mumbai), and Bengaluru with a GDV of ~INR 35,000 Mn. As of June 30, 2025, the company had secured
around 70–80% of the land required for its future projects, with an overall GDV potential of about INR
410,000 Mn. Large upcoming projects include Bhandup (INR 124,000 Mn GDV), Thane (INR 75,000 Mn),
and major launches in Mumbai and Bengaluru.

Financial Performance: For Q1FY26, consolidated income from operations was INR 320 Mn compared to
INR 1,880 Mn in Q1FY25, as fewer projects were completed. Other income contributed INR 90 Mn, and PAT
was INR 510 Mn (vs. INR 130 Mn in Q1FY25), helped by profits from JVs. Residential sales stood at INR
4,490 Mn, while IC&IC revenues were INR 1,200 Mn.

Upcoming Launches: In Q1FY26, new launches were modest at INR 4,490 Mn. However, a strong pipeline
of projects awaits approval. Key upcoming launches include Hope Farm in Bengaluru (~INR 20,000 Mn),
Bhandup Phase 1 in Mumbai (~INR 30,000 Mn), Citadel Phase 3 in Pune (~INR 30,000 Mn), and Mahalaxmi
in Mumbai (~INR 17,000 Mn). Altogether, these projects represent an aggregate launch pipeline of INR
70,000–80,000 Mn.

Delays and Bottlenecks: Execution has been hampered by regulatory and operational challenges. In
Mumbai, environmental clearance issues have stalled launches, while in Bengaluru, some launches have
been intentionally delayed to combine adjacent land parcels for more efficient development.

Industrial Clusters (IC) Business:

● Current Momentum: The IC&IC business had a strong start to FY26. The Chennai cluster is nearing
full capacity, with the launch of the Sumitomo JV project (OC2A) expected soon. Jaipur remains
fully operational and continues to contribute significantly.
● Pricing and Profitability: Realization per acre has increased sharply, which has boosted
profitability. Origins Chennai is nearly full, while expansion plans are progressing in Ahmedabad
and Pune. Management expects the IC&IC land bank to deliver INR 50,000–60,000 Mn in revenue
and about INR 15,000 Mn PAT share for the company over the next 8–10 years.
● Partnerships and Expansion: Partnerships with Sumitomo remain a strong growth driver, with
expansion into new projects in Chennai, Pune, and Ahmedabad. Multiple state governments and
PSUs have also approached MLDL to replicate the Mahindra World City model in new geographies,
which provides potential for long-term expansion.

Capital Allocation & Launch Strategy: Of the total GDV of INR 410,000 Mn, ~50% is concentrated in 2 large
projects at Bhandup and Thane, while ~INR 100,000–120,000 Mn is tied up in society redevelopment
projects. Another INR 30,000 Mn is linked to long-term projects in Rajasthan and Murud. The company has
shifted its focus to project-level IRRs, targeting returns of 20%+ after overheads and cost escalations.

Guidance: In the near term, the company is internally targeting sales of INR 45,000–50,000 Mn by FY27,
compared to INR 28,040 Mn achieved in FY25. This translates to a CAGR of 25–30%. For FY26, the priority is
to unlock launch approvals and convert the existing GDV into active projects, since construction and
delivery execution are already strong. While the company has no immediate plans to re-enter NCR, it will
continue focusing on its three core markets for deeper penetration.

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Maiden Forgings Ltd

Maiden Forgings Limited (MFL) has a legacy of over 35 years in the steel industry, having officially
incorporated in 2005. The company specializes in manufacturing bright steel bars and wires across
stainless steel, carbon steel, and alloy steel categories, with increasing focus on high-margin and value-
added products. It operates three state-of-the-art manufacturing facilities in Ghaziabad with an annual
installed capacity of 53,000 MTPA, serving over 450 clients across engineering, auto, hardware, furniture,
and consumer industries.

Product Portfolio and Differentiation: The company produces stainless steel round, hex, square bright
bars, wires, carbon and alloy steel products, and pneumatic nails. It is one of the few Indian
manufacturers offering such a wide size range (0.19 mm to 100 mm) in multiple steel grades. The
company runs on the 48-hour delivery model, rigorous quality checks resulting in less than 1% return
rate, and provides single-window solutions for machining and fabrication needs.

Operational Highlights: In FY25, the company consolidated its operations by acquiring a 4 acre land
parcel in Modinagar, aimed at merging two units to improve efficiency and reduce costs. This
consolidation is expected to save around INR 25 Mn annually while also supporting a planned solar plant
to cover 50% of energy needs. Importantly, it was registered as an approved supplier to the Ordnance
Factory Board and secured its first government order, marking its entry into the B2G and defense sectors.

Financial Performance: For FY25, total income stood at INR 2,135.7 Mn compared to INR 2,373.1 Mn in
FY24, shows a decline largely due to steel price volatility. EBITDA stood at INR 199.1 Mn vs INR 240.7 Mn
in FY24, while PAT came in at INR 60.5 Mn compared to INR 97.2 Mn in the previous year. The company
maintained healthy return ratios with ROE at 7.9% and ROCE at 10.9%. The balance sheet remains strong,
with net worth rising to ₹76.47 crore and debt-to-equity at 0.91x.

Client Relationships and Market Presence: The company has long-standing relationships with Tier-1
suppliers to top automotive players such as Hero Motocorp, Bajaj, Maruti, Honda, and BMW. It also
serves engineering and consumer goods brands like USHA, TTK, Prestige, and Hawkins. It has recently
added a NASDAQ-listed Fortune 500 company to its client list. Around 6–8% of its products are exported
to premium markets in the US and Europe, with all exports on advance payment terms.

Industry Landscape: India is the world’s second-largest producer of crude steel, with production
expected to cross 300 million tonnes by 2030–31. Demand is being supported by strong growth in
automotive, construction, defense, and infrastructure sectors. Government initiatives such as the Vehicle
Scrappage Policy, Smart Cities Mission, and Pradhan Mantri Awas Yojana are expected to further drive
steel consumption.

Management Outlook: Over the years, the company aims to transform into a specialty steel and finished
products manufacturer by adding stainless steel screws, bolts, and wire meshes through forward
integration. The management also sees the defense, aerospace, and railway sectors as significant
opportunities, given India’s focus on self-reliance in manufacturing. They reiterated their vision to create
a global brand in high-precision steel products, backed by capacity expansion, operational efficiency from
consolidation, and continued customer trust.

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Malpani Pipes & Fittings Lt

Malpani Pipes and Fittings Limited is a specialized pipe manufacturing company based in Ratlam,
Madhya Pradesh, established in 2017. The company is engaged in manufacturing and supplying HDPE
Pipes, MDPE Pipes, LLDPE Pipes, Sprinkler Pipes, Drip Pipes, and recently launched PVC pipes with an
initial capacity of 1,800 metric tonnes per annum. Operating from a strategically located 1,50,000 sq. ft.
manufacturing facility equipped with 13+ advanced technology production lines, the company serves
customers across 16 states in India. The facility is ISO 9001:2015 certified and features in-house testing
capabilities. Malpani went public in February 2025 through a highly successful IPO on BSE SME
Platform, raising INR 25.92 crores with an overwhelming subscription of 125+ times.

Financial Performance: In H2 FY25, Malpani delivered exceptional results with total revenue reaching
INR 8,363.05 lakhs compared to INR 6,707.08 lakhs in H2 FY24, representing a robust 24.7% year-on-
year growth. For the full year FY25, total revenue was INR 14,174.93 lakhs versus INR 14,116.23 lakhs
in FY24. EBITDA for H2 FY25 surged to INR 938.67 lakhs from INR 397.54 lakhs in H2 FY24, with EBITDA
margin expanding significantly to 11.22% from 5.93%. Full year FY25 EBITDA was INR 1,535.87 lakhs
with a margin of 10.84%. Profit after tax (PAT) for H2 FY25 reached INR 491.29 lakhs compared to INR
144.15 lakhs in H2 FY24, with PAT margin improving to 5.87% from 2.15%. Annual FY25 PAT stood at
INR 806.95 lakhs with EPS of INR 9.68.

Manufacturing Operations and Capacity: The company operates with an annual manufacturing
capacity of 11,500 metric tonnes as of FY25, up from 9,600 metric tonnes in previous years. Capacity
utilization has consistently improved, reaching 95.06% in FY25 with actual production of 10,932 metric
tonnes, compared to 96.67% utilization in FY24. The manufacturing facility features advanced extrusion
technology and comprehensive quality control systems. Recent investments of INR 3.8 crores in state-
of-the-art machinery have enhanced production capabilities and enabled the launch of PVC pipe
manufacturing. The company maintains a workforce of 83 including employees on payroll and
contractual laborers.

Growth Drivers:
•Strong fundamentals with healthy return ratios: ROCE of 18.86% and ROE of 17.30%
•Robust order book providing revenue visibility and growth momentum
•Government initiatives supporting irrigation and infrastructure development including Jal Jeevan
Mission and Smart Cities Mission
•Expanding capacity and product portfolio with recent PVC pipe launch
•Strategic positioning in the high-growth plastic pipe industry projected to achieve 10-12% CAGR till
2030
•Successful public listing providing access to capital markets for future expansion

Future Outlook: The Indian plastic pipe industry presents significant growth opportunities, valued at
USD 4-5 billion in 2024 and expected to surpass USD 10 billion by 2030. Key growth drivers include
government initiatives like Jal Jeevan Mission, PMKSY, AMRUT 2.0, and Smart Cities Mission, along with
increasing urbanization and replacement of metal pipes with corrosion-resistant plastic alternatives.
Malpani is well-positioned to capitalize on this growth with its diversified product portfolio, strong
manufacturing capabilities, and established market presence. The company's focus on irrigation and
infrastructure segments aligns with government priorities for agricultural modernization and urban
development. With a strong balance sheet post-IPO and healthy financial metrics, Malpani is poised for
sustained growth in the expanding plastic pipe market.
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Man Infra Constructions Ltd

MICL is a Mumbai-based real estate and EPC company with more than 60 years of experience. The group
has delivered over 50 million sq. ft. of projects across residential, commercial, and infrastructure segments,
including large port developments. Over the past decade, MICL has established a strong presence in
Mumbai’s real estate market through its “Aaradhya” series of residential projects. Alongside real estate, it is
also a trusted EPC contractor in ports and infrastructure, serving leading global clients.

Financial Performance: In Q1FY26 reported revenue of INR 1,830 Mn compared to INR 3,420 Mn in
Q1FY25, mainly due to project phasing. EBITDA stood at INR 410 Mn with a healthy margin of 22%. PAT
came in at INR 560 Mn (vs. INR 780 Mn last year), maintaining a strong PAT margin of 25%, which highlights
the company’s focus on profitability. MICL also has a strong liquidity position with cash and cash equivalents
of INR 6,410 Mn.

Business Verticals -

● Real Estate Development: The Company is focusing on redevelopment, cluster projects, and luxury
housing in Mumbai. The company has built a strong reputation for early project delivery, with all 19
completed projects handed over ahead of schedule. Its current real estate portfolio includes 4.8 Mn
sq. ft. of ongoing projects and 2.5 Mn sq. ft. of upcoming launches.
● EPC (Engineering, Procurement & Construction): The company also has a strong presence in port
infrastructure, having developed over 200 hectares across 8 major ports including Nhava Sheva,
Pipavav, Mundra, Kochi, and Chennai. Its current EPC order book stands at around INR 4,160 Mn as
of June 2025.
● International Real Estate (USA): MICL has also expanded internationally, entering the Miami real
estate market with branded luxury projects such as the Ritz-Carlton Residences in Fort Lauderdale.
It is further developing joint venture projects in prime locations like Brickell and Coconut Grove,
Florida.

Recent Project Highlights -

● Aaradhya Avaan, Tardeo – one of India’s tallest residential towers (~1,000 ft).
● Marine Lines Project – iconic luxury tower, INR 21,000 Mn sales potential.
● JadePark, Vile Parle – large cluster redevelopment, INR 12,000 Mn potential.
● Royal Netra, Goregaon (W) – upcoming JV redevelopment ( 17.5 lakh sq. ft).

Outlook: MICL has sales visibility of over INR 1,18,000 Mn from its ongoing and upcoming projects. The
company is planning new luxury and redevelopment launches in prime Mumbai locations such as Marine
Lines, Pali Hill, BKC, and Goregaon. Its EPC business will stay stable with a selective approach toward
infrastructure and government contracts. Going forward, MICL aims to strengthen its presence in the
premium to ultra-luxury housing segment in Mumbai while continuing to expand in the US luxury real estate
market.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025

Manaksia Coated Metals & Industries Ltd

Incorporated in 2010, Manaksia Coated Metals & Industries Ltd. is engaged in the manufacture of
mosquito repellent coils as well as value-added secondary metal products. Over the years, it has
emerged as a leading manufacturer of pre-painted and galvanized steel coils and sheets, supported by its
advanced facility in Kachchh, Gujarat, which enjoys a strategic port-based logistics advantage. The
company serves a wide range of sectors including building and construction, automotive, FMCG,
appliances, and white goods. Strengthening its global footprint, it now exports to over 40 countries, with
international sales contributing more than 50% of its total revenue.

Product Segments: Pre-painted steel (color-coated) contributes around 75% of sales, serving as a higher-
margin, value-added product, while galvanized steel (GI) accounts for the remaining 25% and is currently
undergoing a technology upgrade to Alu-Zinc. The company’s new product pipeline includes Alu-Zinc
coated steel, a premium offering with better realizations and limited domestic competition, positioning it
strongly for future growth.

Financial Highlights: In Q1FY26 total income stood at INR 2,539 Mn, up 30% YoY growth. EBITDA up by
93% to INR 286 Mn, with margins improving to 11.3% an expansion of 370 bps. Net profit up 360% to
INR 140 Mn, while EPS increased 254% to INR 1.42. Sales volumes reached 29,248 MT, up 18.7% YoY,
supported by robust export revenue, which grew 182% YoY and contributed a record share to overall
performance.

Geographic Splits: In Q1FY26, exports contributed 57% of revenue, a sharp rise from 26% in Q1FY25,
while the domestic market accounted for 43% of revenue, well-diversified across regions with no single
customer contributing more than 5%. Export growth was led by a strong base in Europe, complemented
by increasing traction in the Middle East.

Expansion & Growth Projects: The company is undertaking significant capacity and efficiency
enhancements. Its galvanizing line is being upgraded with Alu-Zinc technology, expanding capacity to
1,80,000 TPA, with commissioning expected in Q3FY26. A second color-coating line of 1,50,000 TPA is
also being added by Q4FY26, taking the total color-coating capacity to 2,36,000 TPA. To optimize costs
and lower its carbon footprint, a 7 MW captive solar power plant is being set up at the Gujarat site.
Looking ahead, Phase-3 expansion in FY27 will involve backward integration into a cold rolling mill.
Overall capex of INR 1,500 Mn for FY25–26 is being funded through a INR 1,750 Mn equity infusion along
with debt, structured in a 70:30 mix.

Industry Outlook:

● indian coated steel industry supported by National Steel Policy & INR 63,220 Mn PLI scheme.
● Per capita steel use expected to nearly double by 2030, driving demand for value-added
products.
● Rising applications in infrastructure, warehousing, airports, metro, HVAC, appliances.
● Limited players in Alu-Zinc segment (mainly JSW, Tata BlueScope, APL Apollo, Jindal India).

Outlook: Management has expressed confidence in sustaining EBITDA margins above 11% in FY26, with
further expansion to 12–13% in FY27 as the Alu-Zinc upgrade and the new coating line reach optimal
utilization. At peak capacity, revenue potential is estimated at INR 15,000–16,000 Mn by FY27, with
exports expected to consistently contribute over 50% of total revenues.

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Manba Finance Ltd
Manba Finance Limited, incorporated initially as a private limited company in 1996 and converted to a
public limited in 2005, is an NBFC focused on vehicle financing including new 2-wheelers, 3-wheelers, EV
financing, and personal loans. Operating primarily across Maharashtra, Gujarat, Rajasthan, Chhattisgarh,
Madhya Pradesh, and Uttar Pradesh, the company has built a strong dealer network exceeding 1,100
dealers with notable penetration in EV segments. It has diversified funding sources including bank loans,
PTC, and NCD issuances. Since 2018, Manba Finance has significantly expanded its branch network and
product portfolio including small business and used car loans, while raising capital via an IPO in September
2024.

Financial Performance: Manba reported robust growth with AUM rising to INR 14,150 Mn (+43% YoY),
disbursements at INR 1,650 Mn (+27% YoY), and Net Interest Income at INR 310 Mn (+38% YoY) with a
margin of 12.43%. PAT surged by 89% YoY to INR 100 Mn. Gross NPA stood at 3.47% and Net NPA at
2.64%, with a Provision Coverage Ratio of 24.03%. Capital Adequacy Ratio was strong at 28.21%, and
borrowings to equity ratio stood at 2.9x. The dealer network expanded by 77% YoY.

Business Segments-

● Two-Wheeler & Three-Wheeler Loans (including EVs): EV financing is the fastest-growing

segment, with average ticket sizes of INR 82,000 for two-wheelers and INR 3 lakh for three-
wheelers.
● Used Car Loans: The segment has a ticket size of INR 2–6 lakh, catering to both salaried and self-
employed customers.
● Small Business Loans (Manba Vyapaar Loans): This segment has a ticket size ranging from INR
0.75–10 lakh, targeting SMEs such as kirana stores, dairy units, footwear businesses, and small
manufacturing enterprises.
● Personal Loans: This segment offers loans with ticket sizes of up to INR 2 lakh, with a focus on
cross-selling to the company’s existing vehicle loan customers.

Funding Strategy: Diversified mix maintained with term loans, NCDs (including retail-focused
instruments), and co-lending arrangements. The company also explores newer funding avenues, including
ECBs, though no commitment yet.

Geographic Presence (Dealer Network Q1FY26): The company has built a strong distribution network
with 1,258 dealers across six states: Maharashtra (476), Gujarat (294), Rajasthan (194), Chhattisgarh
(174), Madhya Pradesh (80), and Uttar Pradesh (40).

Technology & Risk Management: The company uses its proprietary CRM “FORCE” for end-to-end loan
management, integrated with digital platforms like Razorpay and Salesforce. With 400+ staff, collections
follow a 3-tier process, and the model remains low-risk with nearly all loans secured.

Outlook: Manba Finance is focused on expanding its vehicle finance portfolio, strengthening dealer and
geographic presence, and cautiously growing unsecured lending. It aims to sustain strong earnings growth
through operational leverage, asset quality improvements, and innovations in digital collections and credit
management, targeting key profitability milestones by FY27.

Arihant Capital Markets Ltd

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Manoj Ceramic Ltd

MCPL was established in 1991 as a trading business for tiles, marble, and cement, and has since evolved
into a global ceramic solutions company. It specializes in ceramic tiles and tile adhesives under its own
brand and operates through dealer networks, retail showrooms, B2B wholesale, and exports. The company
has a strong presence across Mumbai, Pune, Thane, Morbi, and Bangalore, while also expanding
internationally in markets like the UK and Africa, with upcoming entries into the US and Dubai.

Financial Performance: in H2FY25 with revenue of INR 980 Mn, up 84% YoY. EBITDA stood at INR 135 Mn
with a margin of 13.8%, also reflecting 84% growth. Net profit surged 190% YoY to INR 66 Mn, delivering a
PAT margin of 6.8%. EPS improved to INR 6.75 from INR 5.22 in H2FY24. The balance sheet remains healthy
with an asset-light model and a comfortable debt-to-equity ratio of ~0.55x.

Products: MCPL offers a wide product range including wall and floor tiles in multiple sizes and finishes such
as glossy, matt, Italian marble look, and wooden designs. The company also markets tile adhesives under its
Cluster, Nebula, Galaxy, and Universe ranges. In the premium category, it provides natural stones and
quartz solutions.

Geographic Presence & Clientele: The Company has a strong domestic presence across Maharashtra,
Karnataka, and Tamil Nadu, and is expanding further into cities like Nagpur and Pune, along with other Tier-
II markets. Globally, it has established a subsidiary in London to cater to the European market and holds
exclusive supply agreements with governments in Africa, including Burundi, Senegal, Sudan, and Angola.
The company is also setting up a display center in Dubai in 2025 and plans to begin US operations in
Washington DC by FY26. Its client base includes dealers (contributing around 90% of sales), retail buyers,
architects, builders, and contractors.

Recent Developments: The Company has launched its largest display center in Upper Thane, spanning
72,000 sq. ft. with 28 mock-up rooms to showcase its products. Warehousing capacity has been
strengthened with expansions in Pune and Bhiwandi, while a new warehouse in Nagpur is set to open in
FY26. The company introduced a premium brand, Marmi Bellaa, featuring imported European marble, and
tied up with Jaquar for an exclusive display center in Mumbai. It has also expanded its product portfolio
with additions like extra whiteness quartz and wooden planks.

Business Divisions-
● Ceramic Tiles Division: MCPL main business is tiles, offering a wide range of designs and finishes for
retail buyers, dealers, architects, and builders, with both small and bulk order fulfillment.
● Adhesives & Construction Materials Division: MCPL sells adhesives, grouts, and plasters under its
Cluster, Nebula, Galaxy, and Universe ranges. This segment is growing quickly with rising demand
from urban and semi-urban markets.
● Natural Stones & Quartz Division: The premium segment, branded as Marmi Bellaa, caters to high-
end customers with products like natural marble, quartz surfaces, and imported luxury stones.
● International Business Division:London subsidiary, strong govt. contracts in Africa, new centers in
Dubai (FY25) & USA (FY26). Exports to form 20% of revenue by FY28.

Outlook: The company is aiming for 25–30% CAGR growth over the next 3 years, with exports contributing
20% of revenue by FY28 from Africa, Europe, Middle East, and US markets. Margins are expected to
improve by 200–300 bps through exports and premium products. Investments will continue in warehouses,
display centers, and digital platforms to boost customer reach.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Manorama Industries Limited

Incorporated in 2005, Manorama Industries Limited is engaged in the manufacturing and export of specialty
fats, butters, and oils derived from exotic seeds and nuts. The company has established itself as a global
supplier to leading chocolate, confectionery, cosmetics, and personal care companies. With its integrated
operations spanning procurement, processing, refining, and distribution, Manorama has developed a strong
position in the specialty fats industry, particularly through products such as Sal butter, Mango butter, and
Shea butter, catering to both food and non-food industries.

The company’s operations are based on sourcing exotic seeds such as Sal, Mango, and Shea directly from
forest-dependent communities across India and Africa. These raw materials are processed into high-value
specialty fats and butters that serve as critical ingredients in chocolates, ice creams, confectionery products,
and cosmetic formulations. Manorama has invested in modern refining and fractionation facilities,
supported by strong R&D capabilities that allow it to meet stringent international quality standards. Its
clientele includes several global blue-chip companies in the food and FMCG space, giving it a resilient and
diversified revenue base.

Growth Initiatives
Manorama continues to expand its specialty fats capacity to cater to rising global demand. The company is
also diversifying its product offerings into value-added derivatives and specialty ingredients for the food and
personal care industries. In addition, sustainability remains a key focus area, with the company engaging
more than 100,000 tribal collectors in its raw material supply chain, while ensuring fair-trade practices and
traceability. Recent expansions in refining capacity and export-oriented manufacturing facilities are
expected to drive volume growth and margin expansion over the medium term.

Geographical Presence
Headquartered in Raipur, Chhattisgarh, Manorama has a strong sourcing network across central and
eastern India, particularly in states such as Chhattisgarh, Odisha, Jharkhand, and Madhya Pradesh.
Internationally, it has procurement linkages in West Africa for Shea nuts, enabling it to cater to global
customers in Europe, North America, and Asia. Exports contribute a significant portion of revenues,
underscoring its strong global footprint.

Revenue Mix
The company generates the bulk of its revenue from specialty fats supplied to the global food industry,
particularly confectionery and chocolate manufacturers. Non-food applications such as cosmetics and
personal care also contribute meaningfully, supported by growing demand for natural and sustainable
ingredients. Exports account for over 80% of total revenues, highlighting the company’s positioning as a key
international supplier. Manorama’s long-standing relationships with multinational clients ensure recurring
business and revenue stability.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025

Markolines Pavement Technologies Ltd

Markolines Pavement Technologies Ltd is a leading highway maintenance company specializing in

infrastructure services. The company provides a full spectrum of services, including preventing and major
maintenance, micro surfacing, cold in-place recycling, soil stabilization, rigid pavement maintenance, and
tunneling.

Financial Performance: Q1FY26 was a strong quarter for Markolines, with revenue rising 44% YoY to INR
720 Mn, supported by steady execution despite early monsoons. EBITDA grew 36% YoY to INR 75 Mn, with
margins of 10.4%, while PAT more than doubled to INR 38 Mn, reflecting a 119% YoY increase. EPS
improved to INR 1.72 from INR 0.90 last year. The company added over INR 130 Cr of new orders during
the quarter, including a INR 1,000 Mn long-term project spread across five years, taking the unexecuted
order book to around INR 4,000 Mn, alongside a healthy pipeline of INR 6,000 Mn.

Highway Maintenance: This vertical covers preventive maintenance, major maintenance, and rigid
pavement services. Preventive works address regular wear and tear, while major maintenance follows a 5–
7 year cycle as per IRC guidelines, ensuring recurring demand. Rigid pavement, involving concrete roads,
has been gaining traction, and Markolines has set up a dedicated division to capture this opportunity. The
recurring nature of these services provides steady cash flow visibility.

Specialized Maintenance: Markolines has built strong expertise in micro-surfacing and Cold-In-Place
Recycling (CIPR). Micro-surfacing, an eco-friendly and cost-efficient treatment, is 40–60% cheaper than
major maintenance and can extend the life of highways by 2–3x. CIPR recycles the existing road in situ,
adding strengthening material and relaying it in one pass, making it a time- and cost-efficient alternative.
These services not only support sustainability but also deliver better margins than conventional methods.

Specialized Construction: The company is expanding into high-value specialized construction activities such
as Full Depth Reclamation (FDR) and tunneling. FDR strengthens weak soil bases in greenfield expressways,
providing a durable foundation without extensive soil replacement. In tunneling, Markolines is among the
few contractors with active projects, including one in Maharashtra and another in Jammu & Kashmir with
Tata. These projects fetch higher margins, positioning the company as a partner of choice for large EPC and
infra player

Capital Expenditure and Order Book : Markolines continues to invest in expanding its capabilities across
specialized maintenance and construction services. The company holds an unexecuted order book of
around INR 4,000 Mn as of July 2025, with an additional pipeline of INR 6,000 Mn expected to convert
during FY26. The current mix comprises INR 1,110 Mn from major maintenance and INR 2,850 Mn from
specialized construction. During Q1FY26, new orders worth over INR 1,300 Mn were added, including an
INR 1,000 Mn five-year contract, further strengthening long-term revenue visibility.

Growth Drivers: Markolines’ growth is supported by recurring highway maintenance demand and the
government’s push for road expansion and privatization. Specialized services like microsurfacing, CIPR,
tunneling, and FDR, which yield 18–20% margins, are gaining traction. A strong pipeline of INR 6,000 Mn,
repeat orders from marquee clients, and expansion across new geographies further enhance revenue
visibility and margin strength. With increasing project sizes and long-term contracts, Markolines is well
placed to scale sustainably.

Future Outlook: Markolines has guided for 25–30% revenue growth in FY26 with stable margins,
supported by a strong order book and healthy pipeline. Expansion in specialized construction, deeper client
relationships, and disciplined receivable management are expected to drive sustainable growth.

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Maxvolt Energy Industries Ltd

Maxvolt Energy Industries Ltd. is a fast-growing player in the lithium-ion battery and energy storage
solutions space. The company focuses on providing batteries for electric vehicles (E-scooters, E-
rickshaws, E-cycles) and also caters to stationary storage, inverters, and industrial applications. It is
building a strong presence in both OEM supply and retail distribution channels..

Financial Highlights: In FY25, the company delivered strong growth with revenue of INR 1,075 Mn, up
122% YoY. EBITDA stood at INR 139 Mn (13% margin), and PAT was INR 101 Cr (9.4% margin). EPS
improved to INR 11.7 from INR 7.1 in FY24. Growth was driven by rising demand from E-scooters and E-
rickshaws, deeper dealer penetration, and new OEM partnerships.

Business Segments -

● EV Battery Solutions: Supplies to 20+ OEMs and retail dealers; ~85% sales come from new
vehicle batteries .
● Energy Storage Systems: For solar, backup power, and industrial use.
● Battery Chargers & Accessories: Growing segment with rising adoption of EVs.
● Sustainability Initiatives: Focus on reuse, repurpose, recycle, recharge to extend battery life .

Manufacturing & Facilities: The company operates an automated lithium battery plant in Ghaziabad,
Uttar Pradesh. It is setting up a battery recycling plant and working on Phase 2 expansion, which will add
capacity for 2,500+ battery packs by FY26. Additionally, it plans to grow its service network from 6
warehouses/service stations to 14 locations across India.

Revenue Mix (FY25): In FY25, EV batteries contributed about INR 876 Mn, forming 82% of revenue.
Within this, e-scooters brought in INR 468 Mn, e-rickshaws INR 388 Mn, and e-cycles INR 96 Mn. The
remaining 18% came from other solutions such as energy storage systems (INR 33 Mn ), battery chargers
( INR 84 Mn ), and others ( INR 76 MN ).

Distribution & Clientele: The company distributes its products through exclusive distributors and C&F
agents, ensuring strong presence in Tier II and Tier III markets. Around 30% of sales go directly to end-
users via retail, while 70% are routed through the dealer network. It has partnerships with 20–23 OEMs,
mainly small and medium EV manufacturers.

R&D and Product Development: The company is developing next-gen high energy density cells to extend
EV range and is also working on AI-enabled battery management systems for smarter monitoring. It is
piloting swappable batteries in the e-rickshaw segment and focusing on indigenizing key components to
cut down on import dependence.

Strategic Expansion: The company is strengthening its presence in high EV adoption states like Uttar
Pradesh, Bihar, West Bengal, Madhya Pradesh, and Maharashtra. On the international front, it is
exploring export opportunities in Africa and South-East Asia for affordable EV batteries. The upcoming
recycling plant will play a key role in creating a closed-loop system, ensuring raw material security and
protecting against price volatility.

Outlook: Maxvolt is well-positioned to capture the EV battery growth wave in India, especially in the
mass-market 2W/3W segment. With strong OEM tie-ups, capacity expansion, and sustainability
initiatives (battery recycling), the company is aiming to scale revenues beyond INR 2,000 Mn by FY27
while improving margins through technology and backward integration.

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MBL Infrastructure Ltd.
Incorporated in 1995 the company is headquartered in New Delhi with promoters holding 74.01%. It
focuses on civil engineering infrastructure projects across roads and highways (construction, BOT, and
O&M), building and urban infrastructure, as well as railways, metro, and other sectors. The company has a
strong track record, being among the first to complete the prestigious NHAI North-South-East-West Corridor
project and an early entrant in BOT and O&M of highways.

Financial Highlights

In FY25, the company reported income of INR 2,480 Mn, broadly stable compared to last year. EBITDA fell
to INR 120 Mn (margin 4.6% vs. 19.3% in FY24). Despite high finance and depreciation costs, the company
posted a strong turnaround with PAT of INR 1,690 Mn (vs. losses in FY23 and FY24), supported by
exceptional income under the resolution plan. EPS improved to INR 19.2 from negative levels in the
previous two years.

Geographical Presence & Key Clients

The company has executed projects across more than 10 states, including Delhi, Rajasthan, Madhya
Pradesh, Bihar, Assam, Haryana, Maharashtra, West Bengal, and Karnataka. Its major clients include NHAI,
MoRTH, CPWD, Delhi Metro Rail Corporation, various State Road Development Corporations (MP, Bihar,
Haryana), as well as NBCC, MES, SAIL, RVNL, MMRDA, and state PWDs.

Business Segments & Projects-

A) Roads & Highways Construction/EPC: The company has a major focus on highways, having completed
multiple upgradation, strengthening, and flyover projects. Notable works include the 4-laning of the Agra–
Gwalior section on NH-2 in Madhya Pradesh, the Guwahati Bypass flyover on NH-115 in Assam, road
upgradation in Bihar (Shivganj–Rafi ganj–Devkund), and the 4-laning of the Sonapur–Guwahati stretch on
NH-115 in Assam.

B) Roads & Highways: BOT Projects: The company was among the early contractors to participate in the
BOT model and currently operates two BOT assets: the Bikaner–Suratgarh toll project on NH-62 in
Rajasthan with a concession till September 2029, and the Waraseoni–Lalbarra toll and annuity project in
Madhya Pradesh with a concession till June 2027.
C)Roads & Highways O&M: The company has long experience in highway O&M and tolling, with completed
projects including Delhi’s Ring Road and Outer Ring Road, the Barwa Adda–Panagarh stretch on NH-19
(Jharkhand & West Bengal), NH-4 Tumkur–Harihar (Karnataka), and the Bangalore–Hosur section on NH-7.

D) Building, Housing & Urban Infrastructure:The company has wide experience in residential, institutional,
and government housing projects. Key works include housing complexes such as Mahadev Towers,
Keelandev Towers, and Tulsi Towers in Bhopal; government and institutional projects like police stations
and residential quarters in Delhi and Kondli, NHAI staff housing at Dwarka, and the National Law University
at Rai, Sonepat; as well as township development like NBCC Town in Baghpat, UP.

E) Railways, Metro & Other Infrastructure: The company has a strong presence in metro depots, bridges,
and road under-bridges. Key projects include the Metro Depot at Kalindi Kunj for Delhi Metro Rail
Corporation, several ROBs and RUBs in Sonepat, Faridabad, Badli, and Narela, as well as the approach road
from GT Road to Burnpur for SAIL/IISCO.

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Megastar Foods Limited

Megastar Foods Limited specializes in manufacturing a wide range of wheat flour and allied products
including Atta, Maida, Suji/Rawa, Chokar/Wheat Bran, and organic variants such as Organic Atta and
Organic Whole Wheat Flour. Incorporated with a modern, automated wheat processing plant in
Rupnagar, Punjab, with an annual capacity of 100,000 MT, it leverages advanced Buhler machinery to
ensure precise milling and high quality. Certified with FSSC 22000, ISO 22000:2005, HALAL, FSSAI, and
SEDEX (SMETA), Megastar serves leading multinational clients like Nestle, ITC, Jubilant, PepsiCo, and
Mondelez. The company focuses on scaling in branded packaged flour, organic offerings, and expanding
geographic reach across Indian states.
Financial Performance: Megastar Foods reported Q1FY26 consolidated revenue of INR 10,734 Mn, with
EBITDA of INR 680 Mn and PAT of INR 162 Mn, translating to EPS of INR 1.6. For FY25, total revenue stood
at INR 36,101 Mn, EBITDA at INR 2,229 Mn, and PAT at INR 379 Mn and an EPS INR 3.36. Over the last
three years, revenue grew steadily from INR 30,420 Mn in FY23 to INR 36,101 Mn in FY25. EBITDA
margins fluctuated between 5.48% and 7.18%. The balance sheet strengthened with net worth rising to
INR 9,367 Mn and total assets reaching INR 23,616 Mn, reflecting modernization and growing scale.
Inventory and trade receivables also expanded to support operations.

Strategic Highlights:

● Product Range: Focused on Maida (70% revenue share), Organic Atta (8%), Organic Whole Wheat
Flour (2%), and Suji/Rawa (1%).
● Geographic Reach: Punjab (39%), Haryana (14%), Himachal Pradesh (12%), UP (8%), Rajasthan
(7%), Gujarat (7%), Maharashtra (6%).
● Technology & Capacity: Advanced R&D and testing equipment ensure consistent quality; plant
utilization in FY25 was 85% for refined flour, 50% for whole wheat.
● Certifications & Recognitions: FSSC 22000, HALAL, SEDEX audits, trusted by global MNCs.
● Market Drivers: Rising packaged flour demand due to urbanization, convenience, health
consciousness, growing bakery sector, digital retail, and government support.
● Recent Performance: Steady volume growth, strong order book, improving profitability with
better EBITDA margins and rising PAT.

Production Capacity: MFL’s manufacturing plant is at Chandigarh with a warehousing capacity of 15000
MT and manufacturing capacity of 9000 MT per month
Product Application:The company’s products form an essential part of its customers’ production chain
and are widely used in the preparation of biscuits, cookies, pizzas, breads, buns, and other bakery
products.
Outlook: Megastar Foods is well positioned for strong growth by leveraging its advanced manufacturing
facility, strong MNC partnerships, and industry certifications. The packaged atta market is projected to
grow at a CAGR of 13.16% from 2025 to 2033, reaching INR 25,600 crore by 2033. The Company aims to
focus on improving capacity utilization, expanding organic product lines, scaling branded offerings, and
deepening penetration across underserved markets, by experienced leadership and a healthy balance
sheet, Megastar is expected to sustain growth by catering to evolving consumer preferences, increasing
health consciousness, and digital distribution channels, while maintaining stringent quality and
compliance standards.

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Megatherm Induction Ltd.

Megatherm Induction Limited is a manufacturer of induction heating and melting equipment,

transformers, and metallurgical machinery. The company provides turnkey solutions for steel plants that
include design, engineering, supply, erection, and commissioning of steel melt shops. With over 3,000
installations across 52+ countries spanning South America, Africa, the Gulf, South East Asia, SAARC
nations, and Europe, it has a strong global footprint.

Financial Performance: For FY25, Megatherm achieved revenues of about INR 3,205 Mn, up by 4.65% YoY
with H2FY25 revenue at INR 1,725.6 Mn, a 16.6% HoH growth. EBITDA stood at INR 357.17 Mn , down by
90 bps and rose by ~36% HoH, while PAT stood at INR 213 Mn, up by 2.81% YoY in FY25 and increased by
nearly 29% HoH. EPS grew from INR 4.94 in H1FY25 to INR 6.37 in H2FY25. Spare parts sales, which
already contribute ~INR 600–700 Mn annually and projected to reach INR 800–900 Mn in 2 years as
installed equipment ages.

Products and Services: The company has a diversified product portfolio catering to the needs of the steel,
foundry, automotive, railways, ordnance, and ductile iron pipe industries. Its key offerings include
induction melting furnaces, billet heaters, induction hardening and heat-treating equipment, power
source transformers, ladle refining furnaces, electric arc furnaces, continuous casting machines, rail
hardening machines, and fume extraction systems.
In addition, it has expanded into the production of distribution and power transformers, with capacity to
produce up to 50 MVA and 132kV units. These products are used across applications such as metal
melting, billet heating, alloy making, casting operations, and emission control in steelmaking.
Manufacturing and R&D Capabilities: The company operates state-of-the-art facilities across 2 units: an
induction manufacturing plant, a precision machining and machine-building workshop for backward
integration, and a large transformer manufacturing shed in Kharagpur.
Strategic Initiatives and Growth Plans: The company is focusing on capacity expansion, market
penetration, and export growth. Its new transformer facility is expected to generate INR 1,000–1,500 Mn
in sales annually, while also freeing space for growth in induction products worth another INR 500–750
Mn. The company has launched new products in foundry and casting and plans to aggressively strengthen
its steel sector presence in Western and Southern India. On the global front, it has established a joint
venture with Cyprium Induction LLC in the U.S. to sell and promote its products in North America, tapping
into the region’s industrial resurgence. Additionally, the company is strengthening its hyperlocal spares
network in India and abroad, which is expected to boost recurring revenues and margins.
Clientele: The company serves a wide and diversified clientele, including primary and secondary steel
producers, auto ancillaries, ductile iron pipe manufacturers, ordnance factories, and railways. Major
clients include large steel companies such as Shyam Metalics, Sarda Energy, Rungta Mines, and Rashmi
Metaliks.
Industry Presence: Industry demand is supported by strong growth in India’s power, transformer,
renewable energy, and foundry markets, as well as increasing global preference for energy-efficient
induction technology over conventional fossil-fuel-based furnaces.
Outlook: With capacity expansion complete, a strong order pipeline from both domestic and global
customers, and a joint venture opening the U.S. market, the company is targeting INR 5,000 million in
revenue and 8% to 9% bottom line within 2 years. Its backward integration, spares sales growth, and
international expansion strategies are expected to enhance profitability and ensure sustainable growth.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Meghmani Organics Ltd

Meghmani Organics Ltd (MOL), founded in 1986 and incorporated in 1995, is a leading manufacturer of
pigments and agrochemicals with 6 facilities in Gujarat. It ranks among the top 3 global players in
Phthalocyanine-based pigments and is among the top 10 pesticide producers in India. Its green and blue
pigments serve industries like printing ink, plastics, paints, textiles, leather, and rubber, while its pesticide
portfolio covers both crop and non-crop applications, including wood preservation and food grain
storage.

Financial Performance: Revenue from operations stood at INR 6,136 Mn, up by 48% YoY and 11% QoQ in
Q1FY26. EBITDA stood at INR 669 Mn, up by 1040% YoY and 2% QoQ with a margin of 10.9%. PAT came
at INR 127 Mn, down by 176% YoY and 36% QoQ in Q1FY26.

Segmental Performance:
Crop Protection: Segment EBITDA increased sevenfold to INR 790 mn; EBITDA margin expanded to
17.3%, returning to historical averages amid improved product mix. Production volume: 10,600 metric
tons (+6% YoY). Capacity utilization at 78%, with management emphasizing overall annual utilization for
new multipurpose plant which delivered strong ramp-up and is expected to drive further growth.

Titanium Dioxide (TiO2): Government imposed anti-dumping duty ($460–$681/MT) on Chinese TiO2
effective May 10, 2025 (~INR 40–50/kg), expected to aid domestic industry. Channel inventory built up at
low prices from China should clear by Q3FY26; pricing and utilization gains anticipated from Q3 onwards.
Utilization in Q1 low due to dumping pressure; now seeing improvement in demand and realization post-
ADD.

New Product Pipeline and Growth Visibility: Strong focus on specialty/new chemistry introductions
since FY18, including products like Cyfluthrin, Beta Cyfluthrin, Ethiprole, Flubendiamide, Flonicamid.
Newer products seeing traction as registrations occur in key global markets (notably Brazil, US, Argentina,
Australia, Africa).A patented combination product (Flonicamid+Fipronil, branded ‘Iconic’) launched in
India with plans for global roll-out. Management projects double-digit CAGR in crop protection for the
next three years, supported by broadening market reach, new product launches and registration
pipeline.

Pigments: Production volume: 3,700 MT (+1% YoY), capacity utilization at 46%. Management aims to run
the business at optimized levels, with a clear bias toward exports over domestic due to higher realization
and competitive intensity from unorganized local players. Segment is expected to remain flattish with
minor YoY fluctuations (INR 500–600 mn range).

Crop Nutrition (including Nano Urea): Nano Urea field activities are ongoing in several international
markets; seven product registrations received globally. FY25 revenue from Nano Urea at INR 400 mn,
management guides for double-digit growth in this vertical in FY26, underpinned by positive domestic
and international response. Significant expansion of product portfolio (2–3 new products targeted for the
year).

Outlook: The pigments business should stabilize as channel inventories are absorbed and the impact
from Chinese dumping moderates post-ADD. We project a 43% EBITDA CAGR over FY25–28E,
underpinned by ~22% revenue CAGR and a 430bps improvement in EBITDA margin to 11.2%, supported
by (1) ramp-up in MPP contribution (by ~INR 10 billion), (2) improving Agrochemical margins from a
better mix, new launches, and market expansion, and (3) double-digit growth in Nano Urea exports as
new registrations and product launches gain traction

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Menon Bearings Ltd

Overview
Menon Bearings Limited established in 1991 is a leading manufacturer of engine bearings bushings and
thrust washers for automotive and industrial applications with a focus on OEM and Tier 1 suppliers. It
operates through wholly-owned subsidiary Menon Alkop Limited for high-precision aluminium die casting
targeting critical automotive components including EV and transmission parts. Additional segments
include brake pads and bi-metal strips primarily for commercial vehicles and exports. With facilities in
Kolhapur the company emphasizes value-added complex products exports to 30+ countries and strategic
diversification into emerging sectors like EVs maintaining a debt-free status and strong customer
relationships with global majors.

Financial Performance (Q1 FY26)

Operating Revenue: 679 million
EBITDA: 136 million (margin 20 percent)
Profit After Tax (PAT): 84 million
Core and Bi-metal Verticals
Core engine bearings bushings and thrust washers saw strong demand recovery from automotive and
industrial OEMs with robust Tier 1 orders and improved inventory planning mitigating commodity
volatility. Bi-metal business targets 16-17 percent FY26 growth with a secured 300 million annual US
export order starting next month all samples approved; EBITDA margin exceeds 21 percent focused on
CVs and exports no PV entry planned. Export share rose to 30 percent in Q1 targeting 35 percent by year-
end driven by China+1 Europe+1 shifts and 53-63 new part developments over 1-2 years though
Japanese market subdued due to regulations.

Alkop and Brake Verticals

Menon Alkop revenue at 203 million with 60 percent melting capacity utilisation; targets 850-900 million
in FY26 and 1200 million in FY27 via 63 developed parts now securing orders especially exports (35-40
percent share) for engine oil pipe gas line EV and transmission components like Porsche and Tesla via
Concentric. Realisation at 700-800 per kg above industry average due to critical complex parts. Brake
division eyes 1000 million revenue pending dynamometer installation by end-September for railway OEM
approvals; current 40 percent capacity at 110000 parts per year EBITDA margin 12 percent+ aftermarket
small at under 10 million quarterly via 35 distributors targeting 150 next year with exports to Africa
Middle East and Europe on advance terms.

Investments and Capital Allocation

No major capex planned with incremental 80-100 million over next 2 years for CNC VMC X-ray machines
in aluminium and bi-metal divisions. Brake scaling requires additional 70-80 million post initial 85 million
investment including 30 million dynamometer critical for approvals enabling 30-40 million monthly run-
rate by year-end. New Alkop plant commissioned with machine shifting underway fully operational next
month; raw material pass-throughs with customers absorb price hikes per formula averaging cyclical
volatility over 1-2 years. Disciplined allocation prioritizes high-value projects with risk mitigation no JVs or
acquisitions planned rejected Chinese proposal due to geopolitics.

Future Outlook
FY26 guidance at 3000 million revenue 22 percent EBITDA margin; FY27 at 3500 million with Alkop 1200
million bi-metal 2500 million brakes 1000 million. Confident 18-20 percent CAGR over 2 years fueled by
new approvals export ramp-up Alkop scale and brake post-approvals; order book at 900 million (60
percent bi-metal 30 percent Alkop). Menon Ventures explores EV charging components in feasibility
stage viewing aluminium as gateway to EVs PVs with high value-add. Risks include brake approvals raw
material volatility and aftermarket competition managed via quality focus and receivables discipline
positioning for sustained growth in automotive exports and EVs.

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MMP Industries Ltd

MMP Industries Ltd. is a 40+ year-old company engaged in manufacturing aluminium powders, foils, and
conductors/cables, with applications across construction, mining, pesticides, pharmaceuticals, defense,
automotive, and aerospace sectors. It also operates in composite insulators through its subsidiary MMP
Electricals Pvt. Ltd. and has a JV with Toyo Aluminium of Japan. The company runs 4 manufacturing
facilities in and around Nagpur, Maharashtra, spread across 60 acres. The company has a strong domestic
presence and exports to Europe and Africa.

Financial Performance: In Q1FY26, Revenue stood at INR 1,830 Mn, up by 18% YoY. EBITDA came at INR
131 Mn, down by 25% YoY due to higher cost with a margin of 7.1% vs 11.3% in Q1FY25. Net loss stood at
INR 54 Mn as compared to Profit of INR 113 Mn in Q1FY25. A fire incident at the Umred facility (Powder
Division) on 11th April 2025 led to a 2M shutdown, resulting in ~20% volume loss and cost overruns.
Estimated total loss was INR 172.9 Mn, mostly insured.

Segment Highlights:
● Aluminium Powder (58% revenue share): Current capacity stood at 26,600 MTPA, with an
additional 700 MTPA expansion to be commissioned in Q2FY26. Demand recovery expected post-
European holiday season, with low double-digit growth guidance for FY26.
● Aluminium Foil (26% revenue share): Capacity at 12,000 MTPA, with steady utilization
improvement. The segment has turned EBITDA positive since FY25 and is expected to grow ~20%
in FY26.
● Conductors/Cables (16% revenue share): Capacity expansion of 1,200 MTPA underway, expected
by Q3FY26 (total 8,400 MTPA). Pilot Low Voltage Power Cable (LVPC) production to start at
Bhandara post-Diwali, with INR 50 Mn investment.
● Composite Insulators (New Segment): Commercial production started in June 2025 at Umred.
Phase I (up to 33kV) completed with INR 170–180 Mn capex. Phase II (up to 765kV) underway
with INR 150–200 Mn capex; completion expected by Q4FY26. Planned capacity is 1 Mn units per
year.

Growth Strategy & Investments:

● Capacity Expansion: Powders (+700 MTPA) and Conductors (+1,200 MTPA) by FY26.
● New Products: Foray into composite insulators, LV cables, and covered conductors to become an
integrated player in the power transmission sector.
● Backward Integration: Proposal to set up wire rod facility with INR 130–150 Mn investment to
reduce raw material dependence.
● Renewables: Investing INR 350–400 Mn in a 7 MW solar park under open access, targeting 40–
50% renewable share in energy consumption.

Industry Outlook: The packaging sector is also contributing meaningfully through rising consumption of
aluminium foils in pharmaceuticals and food applications. Moreover, anti-dumping duties on Chinese foil
are expected to benefit domestic manufacturers such as MMP. In the power sector, demand for
conductors and cables is rising due to growing electricity needs, renewable energy projects, and railway
electrification.

Future Outlook: The company faced a temporary setback in Q1FY26 due to the fire at its Umred facility,
which affected production and profitability. However, since the losses were insured and normal
operations are resuming, this issue is more of a short-term hurdle than a long-term concern. With
government focus on infrastructure, housing, and renewable power, along with rising demand in
packaging and automotive sectors, MMP is expected to see steady double-digit growth from FY26
onwards.

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Moneyboxx Finance Ltd

The company, incorporated in 1994 as an NBFC , is headquartered in New Delhi with a corporate presence
in Gurugram and Mumbai. It provides business loans of INR 1–25 lakhs to micro and small entrepreneurs in
semi-urban and rural India, with a strong focus on financial inclusion. Leveraging a phygital model that
combines physical branches with digital processes, the company has built a strong presence in under-served
markets and primarily supports micro-enterprises such as livestock, kirana stores, small traders,
manufacturers, and service providers.

Financial Highlights
As of Q1FY26, the company reported AUM of INR 9,180 Mn, reflecting 23% yoY growth. Disbursements
stood at INR 920 Mn compared to INR 1,060 Mn in Q1 FY25, while total income rose 29% YoY to INR 590
Mn and net interest income grew 26% YoY to INR 390 Mn. PAT was INR 2.4 Mn, lower than INR 43 Mn in
Q1FY25 due to higher credit costs. NIM stood at 14.4%, down from 16.6% YoY. Asset quality metrics
showed GNPA at 7.28% (vs. 1.59% YoY) and NNPA at 3.78% (vs. 0.8% YoY), with a provision coverage of
50%. The company maintained a healthy CRAR of 28.4% and announced equity raising of INR 1,760 Mn in
FY25, of which INR 910 Mn has been received and the balance is expected by March 2026. Its funding mix
comprised 42% from debt capital markets, 33% from domestic institutions, and 25% from banks.

Business Model & Strategy:

● Branch-led growth: Expanded rapidly to 163 branches across 12 states as of June 2025.
● Portfolio Mix: The company is steadily shifting towards secured lending, with secured
disbursements rising to 64% in Q1FY26 compared to 36% in Q1FY25. The secured loan book now
accounts for 49% of AUM, and the company aims to increase this share to around 70% by March
2026
● Customer Diversification: The business mix is evolving with livestock loans reducing to 47% of
disbursements in Q1FY26 compared to 64% last year, while the share of higher-ticket loans has
been rising, with disbursements in the INR 5–10 lakh range now accounting for over 20%

Key Strengths: The company is a fast-growing, scalable NBFC with a national footprint and strong lender
support from 32 institutions, including 11 banks. It leverages technology-driven credit underwriting and
collection processes while following an impact-driven model, having funded over 2.1 lakh borrowers, of
which 60% are women and 22% are new-to-credit customers. With a diversified liability mix and a declining
average cost of funds at 12.5% (with a target to reach single digits), the company is well-positioned for
sustainable growth.

Outlook: MoneyBox is targeting an AUM of INR 14,000 Mn by the end of FY26, driven by a business
transformation from livestock-heavy unsecured loans to a more diversified and secured lending portfolio
with larger ticket sizes. Profitability is expected to improve as credit costs normalize and operating leverage
strengthens. The company is also innovating by expanding into new secured products, such as Loan Against
Property for salaried customers, to further diversify risk and build a balanced portfolio.

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Monte Carlo Fashions Ltd

Monte Carlo Fashions Ltd, incorporated in 2008, is a leading manufacturer and designer of woollen and
cotton ready-made apparel, as well as a trader of ready-made garments. A part of Oswal Woolen Mills Ltd
and the Nahar Group, it is recognized as India’s first organized lifestyle apparel brand, offering a diverse
portfolio across men’s, women’s, and kids’ wear along with home textiles. The company is especially known
for its winter wear and has earned the status of a Super Brand in woollen knitted apparel.

Financial Highlights: Revenue from Operations for Q1FY26 was INR 1,385 Mn. Operating EBITDA stood at
INR (59)Mn, in Q1FY26 with margin of negative 4.26%.. Loss stood at INR 160 Mn.

Channel-wise Performance: The online channel continued to serve as a significant growth driver,
particularly through the company's proprietary website. This digital-first approach is yielding strong returns
and positioning the company well for the evolving retail landscape.

Footwear Division: The footwear segment emerged as a major highlight with an exceptional 100% YoY
growth in Q1. Management expressed confidence in doubling footwear sales for the entire financial year,
with the segment being predominantly online-focused (90%) and concentrated on formal shoes, indicating
a clear strategic positioning in this category.

Cloak & Decker Brand Development : The Cloak & Decker exclusive brand outlets expanded with 3 new
stores in Q1, bringing the total to 15 outlets. The company remains on track to reach 35 stores by year-end,
with each store optimally sized between 500-1,000 sq ft. Early performance indicators from the initial 15
stores have been encouraging, with several franchisees expressing interest in opening additional locations.

Store Network Growth: The company has targeted an aggressive expansion of 40-45 new Monte Carlo
stores in FY26, with strategic focus on historically under-penetrated Western and Southern Indian markets.
This geographic diversification strategy allocates 25-30% of new stores to South and West regions, with the
Southern market showing particularly strong performance with 17% like-for-like growth in Q1.

Store Economics and Profitability: The expansion strategy is capital-efficient with 90% of new stores being
franchisee-driven, minimizing company capital expenditure requirements. For company-owned stores, the
capital expenditure is maintained at INR 2,000/sq ft, with franchisee return on equity expected within 3
years. Current store productivity stands at approximately INR 6,500/ sq ft in sales, with management
targeting an increase to INR 7,500/ sq ft.

Product Pricing Strategy: The company maintains differentiated pricing across seasons, with summer
average selling prices at INR 1,100 and winter ASPs at INR 1,500. The average ticket size per retail buyer
stands at INR 3,500 for retail channels, indicating healthy customer spending patterns and successful
premium positioning.

Outlook: The company maintained its strong FY26 guidance of 10-11% revenue growth and 19% EBITDA
margin, representing a minimum 100 bps improvement over the previous year's 17% margin. More
encouragingly, management indicated strong potential for upward revision of both revenue and margin
guidance post-Q2, reflecting their confidence in underlying business momentum and early Q2 trends.

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Motilal Oswal Financial Services Ltd

Motilal Oswal Financial Services Limited, incorporated in 2005, is a diversified NBFC registered with the RBI,
offering a wide range of financial products and services including Institutional Equities, Asset Management,
Housing Finance, Currency and Commodity Broking, Private Equity and Wealth Management, Investment
Banking, Loans against Securities, and Retail Broking and Distribution. It serves retail investors, HNIs, FIIs,
financial institutions, and corporates through multiple subsidiaries and leading digital platforms, backed by
a history of innovation and rapid growth in client acquisition and assets under management.

Financial Performance: In Q1FY26, MOFSL reported total net revenues of INR 14,120 Mn, up 24% YoY.
Operating profit rose 21% YoY to INR 5,220 Mn, while PBT grew 21% YoY to INR 6,960 Mn. Net worth
expanded by 28% YoY to INR 125,370 Mn, and Assets Under Advice crossed INR 650,000 Mn (28% YoY
growth). Annual recurring revenues made up 52% of net revenue, and ROE stood at a strong 48%
(annualized).

Segmental information:

● Wealth Management: AUM in wealth management reached INR 3,12,000 Mn, managing over 13.6
Mn customers, including 8.6 Mn mutual fund portfolios and 5 Mn broking accounts. Distribution
revenues and trail-based revenues gained prominence, with net flows of INR 30,420 Mn and
distribution AUM of INR 38,129 Mn. Retail cash broking held a 7.1% market share.
● Asset and Private Wealth Management: Asset management AUM crossed INR 1,50,000 Mn, with
gross flows up 59% YoY to INR 14,568 Mn. Net flows increased from INR 5,317 Mn in Q1FY25 to
INR 8,469 Mn in Q1FY26. Alternate AUM expanded 29% YoY to INR 33,810 Mn. Private wealth
management grew robustly, with topline and bottom-line increasing 50% and 49%, respectively.
● Capital Market Business: Q1FY26 marked record quarterly revenues, driven by robust deal flow.
The segment executed 16 deals totaling INR 29,500 Mn, ranking among top performers in IPO and
QIP league tables. Research coverage expanded to 320 companies, serving nearly 900 institutional
clients.
● Housing Finance: Housing finance AUM crossed INR 50,000 Mn, supported by a 57% increase in
disbursements to INR 4,000 Mn. GNPA and NNPA remained stable at 1.2% and 0.6%, respectively.
The business aims to double AUM in the next 2-3 years, backed by strong capital adequacy.
● Treasury Investments: Treasury investments grew 26% YoY to INR 8,853 Mn, delivering a
compounded annual return of over 20% since inception. The portfolio supports capital growth and
acts as a buffer in uncertain times.

Outlook:
MOFSL expects strong double-digit growth across all segments, driven by financialisation, capital
markets expansion, and a large client base. The focus remains on increasing annuity and trail revenues,
leveraging technology, expanding talent, and improving productivity to outpace market growth and
benefit from India’s financial services tailwinds.

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Muthoot Microfin Ltd

Muthoot Microfin Ltd., part of the Muthoot Pappachan Group (MPG), is a leading microfinance institution
with a legacy spanning over 138 years through its parent group. The company focuses on microfinance and
has also established synergies with related group businesses in gold finance, vehicle finance, and housing
finance. As of June 30, 2025, Muthoot Microfin serves 3.41 Mn active clients through 1,726 branches
across 390 districts in India, and employs 16,397 people, marking a strong presence in rural and semi-
urban segments.

Financial Highlights: In Q1FY26, AUM was reported at INR 122,528 Mn, up 0.3% YoY but down 0.8% QoQ.
Income stood at INR 5,591 Mn, a decrease of 15.8% YoY but stable QoQ. Pre-provision operating profit
(PPOP) was INR 1,385 Mn, declining 44.3% YoY but improving 6.3% over the previous quarter. PAT
amounted to INR 62 Mn, representing a sharp YoY decline due to higher credit costs and provisioning for
asset quality but signifying a substantial QoQ turnaround from loss to profit. ROA was 0.20%, ROE was
0.94%.

Asset Quality and Risk Management: The GNPA ratio was elevated at 4.85%, an increase of 275 bps YoY,
reflecting the lingering impact of external disruptions—most notably borrower stress and regulatory
interventions in Karnataka. The net NPA ratio stood at 1.58%. Provision coverage ratio improved to 68.5%,
with prudent management overlays totaling INR 2,297 Mn created in FY25 to address both
macroeconomic uncertainties and regional crises. Despite these pressures, the company’s overall risk
profile remains contained: over-indebtedness in the client portfolio has declined, and new sourcing
guardrails have reduced exposure to riskier borrower segments.

Disbursement, Client Retention, and Operations: Total disbursements for Q1FY26 were INR 17,756 Mn,
lower by 19.4% YoY and 9.4% QoQ, primarily due to a significant increase in credit bureau (CB) rejections
(54% in Q1FY26 vs 32% in Q1FY25), tighter sourcing conditions, and process optimizations. Despite the
drop in originations, the company’s client retention remained at 96%. Average AUM per branch stood at
INR 71.0 Mn, and average client base per branch was 1,977.

Collections and Portfolio Quality: Collection efficiency in Q1FY26 remained healthy at 93% overall, with
no dues collection efficiency at 99%. Despite natural calamities such as the cyclone and floods in late FY25,
the company achieved full settlement of all related insurance claims and continued its region-wise
portfolio diversification, with the South India market contributing nearly half of the AUM and
disbursements. Portfolio concentration remains well-spread across North, East, West, and South India,
minimizing geographic risk.

Capital, Liquidity, and Funding: The company’s net worth at the end of June 2025 was INR 24,737 Mn,
with a capital adequacy ratio of 27.9%. Debt-to-equity stood at 2.83x, and cost of funds decreased slightly
to 10.8%. Muthoot Microfin maintains a diversified funding profile with exposure to public and private
sector banks, NBFCs, and development financial institutions, and has sufficient liquidity buffers to
withstand short-term mismatches.

Outlook: The company is dealing with a challenging external environment but remains resilient thanks to
its strong franchise, loyal customer base, and operational discipline. The company is focusing on tightening
sourcing, maintaining risk control, and expanding its digital and technology edge. As regional economies
stabilize and credit discipline returns, Muthoot Microfin is positioned to return to more robust growth
while safeguarding asset quality, leveraging its diversified geographic presence, investment in technology,
and prudent balance sheet management.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Naman InStore (India) Ltd
Founded in 1999 and formally incorporated in 2010, the company is headquartered in Mumbai and listed
on NSE SME since 2024. It is a leading provider of retail fixtures, display solutions, and industrial products,
serving 100+ marquee domestic and global clients across retail, lifestyle, FMCG, and industrial sectors.
Backed by an experienced leadership team with over two decades of expertise, the company operates
with robust infrastructure, including a 2,00,000+ sq. ft. factory, a 75,000 sq. ft. warehouse, and a total
production and storage space of 2,75,000 sq. ft.

Financial Performance: In H!FY25 revenue from operations of INR 664.87 Mn, with EBITDA of INR 102.62
Mn (15.4% margin), PBT of INR 64.61 Mn (9.7% margin), and PAT of INR 48.07 Mn (7.2% margin). EPS
stood at INR 4.56 (non-annualized, post-bonus). As of September 2024, the balance sheet reflected a net
worth of INR 430.7 Mn, total assets of INR 1,120.5 Mn, and borrowings of INR 374.1 Mn.

Business Segments-

Retail Fixtures & Furniture: The company provides end-to-end in-store solutions including displays,
partitions, furniture, and modular fixtures. It has executed national rollouts for leading Indian and global
retailers, serving sectors such as lifestyle, beauty, cosmetics, apparel, accessories, and consumer goods.

Industrial Solutions: The company also manufactures server and battery racks for data centers, IT
infrastructure, and energy storage, along with electrical control panels for industrial power management.
Its portfolio includes petrol pump kiosks as well as office compactors and furniture designed for storage
and workspace optimization.

Institutional & Government Projects: Providing specialized furniture & industrial products to government
departments and corporates.

Geographical Presence: The company has pan-India operations with a strong presence across 20+ states,
including Maharashtra, Karnataka, Tamil Nadu, Gujarat, Uttar Pradesh, Rajasthan, West Bengal, Punjab,
and Delhi NCR. In FY25, it entered international markets through its first export partnerships. Its
integrated manufacturing and warehousing base is located in Vasai (Palghar, Maharashtra).

Key Strengths: The company holds a leadership position in retail fixtures and industrial solutions, backed
by end-to-end capabilities in design, engineering, fabrication, and logistics. Its multi-material expertise
spans wood, metal, and plastics, supported by large-scale modern manufacturing with advanced
machinery. Strong client relationships ensure repeat business from top brands, while expansion into
exports and new verticals such as B2C offerings and corporate solutions adds future growth drivers.

Challenges: The business is working capital intensive due to raw material and inventory requirements. It
operates in a highly competitive and fragmented retail furniture market, with performance closely linked
to the health of the retail sector and consumption cycles. Additionally, scaling exports may require higher
investment and compliance efforts.

Challenges and Outlook: The current plant supports peak revenues of INR 1,750–1,800 Mn, while the
upcoming Wada facility, expected to commission in FY26, will raise capacity to INR 2,700–3,000 Mn.
Management is targeting 15–20% annual growth until FY27, with revenues expected to double to over INR
3,250 Mn by FY29. PAT margins are guided at a sustainable 8–8.5%.

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Narmada Agrobase Ltd

Narmada Agrobase Limited, incorporated in 2013 and headquartered in Mehsana, Gujarat, is a specialized
manufacturer and supplier of cattle feed and cotton feed-based agro products. The company operates a
primarily B2B-focused business model with strong domestic brand portfolio including flagship brands Gaay
Chhaap, Narmada Super, and Churma.

Financial Performance & Margin Expansion

In Q1 FY26, total income reached INR 114.1 Mn with EBITDA of INR 16.5 Mn (14.47% margin, representing
1,140 bps expansion QoQ and 82% QoQ growth). PAT stood at INR 10.2 Mn (8.93% margin, 630 bps
expansion QoQ with 31% QoQ growth), demonstrating significant operational leverage and margin
enhancement. Despite raw material price volatility challenges across the agricultural sector, the company
has delivered stable performance with management expressing confidence in sustaining higher margins
through disciplined operations and strategic commercial procurement strategies.

Operational Capacity & Utilization Strategy

The company operates with an installed capacity of 4,000 tonnes per month at current utilization levels of
50%, providing substantial room for operational leverage as demand scales. Management projects that
capacity utilization will double in 2026-27, indicating significant ramp-up expectations for the next fiscal
year.

Geographic Expansion & Distribution Strategy

Narmada Agrobase is executing focused geographical expansion into Maharashtra, Madhya Pradesh,
North Rajasthan, Punjab, and Haryana, leveraging its established brands and dealer network strength.

Export Growth & International Expansion

The company has set ambitious export targets, aiming to scale international revenue to 15-20% of
turnover over the next three years, focusing on Southeast Asia, Middle East, and Africa markets. The
company has launched an online B2B platform for exports, signaling strategic move towards digital
channels for international sales and demonstrating commitment to capturing global opportunities in the
evolving cattle feed industry.

Product Diversification & R&D Investment

Narmada Agrobase is actively pursuing diversification into value-added products including pelletized cattle
feed, cotton seed, and fortified blocks, with ongoing R&D investments supporting product development
initiatives. The company is expanding its cotton seed oil segment while investing in mineral-enriched
nutrition products, though specific revenue guidance was not provided.

Strategic Outlook & Management Vision

Management maintains confident and optimistic outlook, emphasizing focused approach and strong brand
portfolio and expansion plans while expressing confidence in capturing opportunities in the evolving cattle
feed industry and delivering sustainable growth for all stakeholders.

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NIIT Learning Systems Ltd

NIIT Learning Systems Limited, branded as NIIT MTS, is a provider of Managed Learning Services (MLS). The
company partners with Fortune 1000 enterprises to deliver large-scale, outcome-driven learning and
development (L&D) solutions. Headquartered in Gurugram, India, and operating across global hubs
including Atlanta, London, Munich, Shanghai, and Vancouver, NIIT MTS has built a strong reputation for
technology-enabled learning, AI integration, and outcome-centric pedagogy.

Financial Performance: The company reported revenue of INR 4,514 Mn (+11% YoY, +5% QoQ), EBITDA of
INR 951 Mn (21% margin, -7% YoY, +11% QoQ), and PAT of INR 493 Mn (stable QoQ) with EPS of INR 3.62.
Net Cash stood at INR 7,704 Mn. Strategic expenditures included acquisition costs of INR 112 Mn for MST
Group.

Business Segments and Client Verticals: Revenue mix is well diversified across industries comprises of
Technology & Telecom (~20%), Management Consulting & Professional Services (~17%), Life Sciences &
Healthcare (~16%), Energy & Commodities (~15%), BFSI (~11%),Aviation & Aerospace (~13%) and Others
(~9%).

Customer Base and Renewals: NIIT MTS continues to maintain a 100% renewal rate on contracts. In
Q1FY26, the company added 2 new customers (1 in pharma and 1 in hospitality) and successfully renewed 3
contracts. The overall number of Managed Training Services customers stood at 95 at quarter-end, and with
the MST acquisition in July 2025, the client base has crossed 100.

Products and Services: NIIT MTS specializes in a full suite of learning services like Managed Training
Services, Learning Technology Solutions, Content Design & Development, Talent Transformation &
Upskilling and Strategic Sourcing which procure and manage of third-party training for clients.

Expansion Plans and Acquisitions:

● The company acquired 100% of Germany-based MST Group for EUR 22.37 Mn, adding clients across
automotive, industrial, and energy sectors. MST strengthens company’s presence in the DACH
region (Germany, Austria, Switzerland) and adds capabilities through its “Quick Start Learning
Academy”.
● With this acquisition, company added 7 new Global 1000 clients and ~100 L&D experts,
complementing NIIT’s global scale.
● This move diversifies NIIT’s geographic footprint, shifting from a 70:30 split (North America vs.
Europe) towards greater European exposure.

Technology and AI Initiatives: The company is making disproportionate investments in AI to transform

learning delivery. Key enterprise-grade generative AI implementations have gone live, particularly in
personalized coaching, simulation-based training, and reflective learning sessions.

Outlook: The company expects to deliver 10%+ organic growth this year, with the recent MST Group
acquisition adding another 3–4% on top. Demand for cost efficiency, reskilling, and digital transformation is
driving clients to outsource more learning services, and company’s focus on AI-enabled solutions gives it an
edge. While decision-making cycles may remain slow due to macro challenges, management is confident of
maintaining healthy margins of ~20–21% and expanding its presence in Europe along with deepening
relationships in North America.

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Nisus Finance Services Co Ltd

Nisus Finance Services Co. Ltd is a financial services company specializing in urban infrastructure financing
and asset management. It operates under the "Nisus Finance Group" brand and focuses on 2 main
business verticals: Fund & Asset Management and Transaction Advisory Services. It is India’s first listed
Alternative Investment Fund (AIF) manager, offering innovative investment solutions across India and the
UAE.

Business Verticals: The company has a diversified presence across:

● Fund & Asset Management: Managing funds such as the Real Estate Credit Opportunities Fund
(RECOF) and the Real Estate Special Opportunities Fund (RESO). RESO has delivered ~21%
returns.
● Transaction Advisory: Offering private equity and structured credit advisory, warehousing and
land aggregation, financial advisory and structuring, and asset monetization.
● Global Investor Access: Through its presence in GIFT City (India) and DIFC (Dubai), it provides
cross-border capital access and has pioneered asset tokenization via its partnership with Toyow.

Financial Performance: In Q1FY26, the company delivered its best-ever quarterly results with total
income of INR 287.2 Mn, up 91% YoY, and PAT of INR 168.5 Mn, up 103.4% YoY. PAT margin improved to
59%, aided by higher contribution from UAE operations, which lowered effective tax rates. For FY25, total
income stood at INR 673 Mn, a 56% YoY revenue growth and PAT of INR 326 Mn, up by 35.5% YoY.

Revenue Mix & Geography: Revenue contribution in Q1FY26 was 62% from transaction advisory and 38%
from fund management. Geographically, 58% of Q1 revenue came from the UAE and 42% from India, due
the growing scale of the Dubai operations.

Deal Pipeline:
● India: Over INR 10,000 Mn worth of transactions under evaluation across Mumbai, Pune,
Hyderabad, and NCR.
● UAE: About USD 200 Mn (INR ~15,000 Mn) of projects in Dubai, including residential and
warehousing opportunities

Strategic Milestones:
● Urban Redevelopment Projects: Invested INR 1,150 Mn in projects across Mumbai and Pune with
a collective topline of over INR 11,000 Mn.
● Tokenization of Real Estate Assets: Signed an MoU with Toyow to tokenize up to USD 500 Mn
worth of real estate assets.
● Acquisition of NCCCL: Acquired a controlling 69% stake in New Consolidated Construction
Company Ltd. (NCCCL), a 75-year-old EPC player with an order book of INR 27,000 Mn (~4.4x
FY25 revenue). This acquisition provides execution capabilities in construction and urban
infrastructure.
● Dubai Expansion: Partnered with BNW Developments for a AED 150 Mn residential project in
JVC, Dubai

Outlook: The company targets to expand AUM from INR 15,720 Mn to INR 40,000 Mn by FY26, with a
vision to reach USD 1 billion AUM globally. Future growth will be driven by new fund launches, scaling of
its tokenization platform, and deeper strategic partnerships. While management remains cautious about
global macro risks, it is optimistic about sustainable growth in both its advisory and fund management
businesses.

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Northern Arc Capital Ltd

Northern Arc Capital Limited (NACL), headquartered in Chennai, is a diversified NBFC specializing in
financing the retail credit needs of India's underserved households and businesses. With over 15 years of
experience, the company has built a robust ecosystem spanning direct-to-customer (D2C) lending,
intermediate retail credit solutions, and fund management, underpinned by strong risk management and
proprietary technology platforms such as NuScore and nPOS. NACL operates 369 branches across India,
serving over 2.1 million direct customers, with partnerships across 350+ originators and 200+
institutional investors. The company manages an AUM of INR 13,351 crores as of Q1FY26, with a
diversified portfolio across MSME, consumer finance, rural finance, and intermediate retail credit
segments.

Financial Performance: In Q1FY26, Northern Arc reported strong operational performance with AUM
growing 12% year-on-year to INR 13,351 crores. Net Interest Income increased 10% YoY to INR 298
crores, while net revenue grew 9% YoY to INR 325 crores. Pre-Provision Operating Profit surged 18% YoY
to INR 207 crores, demonstrating operational leverage and efficiency improvements. Profit After Tax was
INR 81 crores compared to INR 93 crores in Q1FY25 and INR 38 crores in Q4FY25. Net Interest Margin
was 8.9% versus 9.3% in Q1FY25, while Return on Assets stood at 2.4% and Return on Equity at 9.3%.
The company maintained healthy capital adequacy at 25.5% with improved debt-to-equity ratio of 2.7x
from 3.9x in March 2024.

Business Operations and Portfolio Mix: Northern Arc operates through two main business verticals -
Direct-to-Customer lending contributing 53% of AUM (INR 7,142 crores) and Intermediate Retail Credit
Solutions contributing 47% (INR 6,209 crores). Within D2C lending, MSME segment showed strong
growth of 34% YoY to INR 2,687 crores, Consumer Finance grew 25% YoY to INR 3,502 crores, while
Rural Finance remained muted at INR 953 crores in stabilization phase. Northern Arc maintains
diversified liability franchise with 30% offshore/DFI funding and 70% domestic banks and markets. The
company has strengthened provisioning with conservative policies and implemented proprietary risk
models with data-driven scorecards across portfolio segments.

Growth Drivers:
•Strong AUM growth trajectory with 20-25% annual growth target over next three years driven by
expanding D2C lending focus
•Target to increase D2C lending mix from 53% to 70% by FY28 with focus on high-growth MSME and
consumer finance segments
•Scaling fee-based businesses including funds, placement, and SaaS offerings to improve RoA by 30-40
basis points
•Robust technology infrastructure with proprietary platforms NuScore and nPOS enhancing operational
efficiency and risk management
•Conservative risk management approach with comprehensive provisioning policies and CGFMU
coverage for rural finance disbursements

Future Outlook: The Indian retail credit market presents significant growth opportunities driven by
increasing financial inclusion and digitization of lending processes. Northern Arc is well-positioned to
capitalize on this growth through its established presence in underserved markets and strong technology
capabilities. The company's strategic focus on expanding D2C lending operations while scaling fee-based
businesses is expected to drive improved profitability metrics. Management targets RoA of 3.7-4% and
RoE of 16-18% in the medium term, with operating expense ratio guided at 3.6-3.9%. The company's
conservative approach to rural finance and strengthened provisioning policies provide stability during
market cycles. With strong capital adequacy, diversified funding sources, and expanding branch network,
Northern Arc is positioned for sustained growth in India's evolving financial services landscape.

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Nuvoco Vistas Corporation Ltd.

Nuvoco Vistas is one of India’s leading building materials companies with a presence across cement,
ready-mix concrete (RMX), and modern building materials (MBM). Following the acquisition of Vadraj
Cement, the company’s total cement capacity stands at 31 million tonnes per annum (MTPA), with a
clinker capacity of 17 MTPA. Nuvoco has a wide market presence across 22 states, supported by 58 RMX
plants and a strong dealer network. The company also has a strong brand portfolio, including premium
products such as Concreto, Duraguard Microfiber, and Concreto Uno.

Financial Performance: In Q1, Nuvoco Vistas reported cement volumes of 5.1 Mn metric tons (MMT),
reflecting a 6% (YoY) growth, though down 11% (QoQ). Revenue for the quarter stood at INR 28,730 Mn,
up 9% YoY and down 6% QoQ. The company achieved its highest-ever Q1 EBITDA at INR 5,330 Mn,
marking a 53% YoY increase and a 4% QoQ decline. EBITDA per ton reached INR 1,052 — the highest in
the last 16 quarters Net debt stood at INR 34,740 Mn, which reflects a reduction of ₹884 crore on a like-
to-like basis, excluding the impact of the Vadraj Cement acquisition.

Operational Highlights: In Q1, Nuvoco Vistas continued to strengthen its focus on premiumization, with
premium products contributing 41% to overall sales. The trade mix also improved to 76%, marking a 13-
quarter high. Capacity utilization stood at a healthy 82% during the quarter. Despite a surge in petcoke
prices, fuel cost remained stable at INR 1.43 per Mcal. Under its cost optimization initiative, Project
BRIDGE delivered savings of approximately INR 86 per ton in FY25, with a target of around INR 50 per ton
for FY26. Freight costs increased during the quarter, mainly due to higher lead distances and increased
clinker movement; however, management is working on initiatives to reduce these costs in the coming
quarters.

Vadraj Cement Acquisition: Nuvoco Vistas completed the acquisition of Vadraj Cement in June 2025 for
INR 18,000 Mn. The acquired assets include 3.5 MTPA of clinker capacity, 6 MTPA of grinding capacity,
along with captive limestone reserves and a captive jetty. The company has outlined an additional capital
expenditure plan of INR 16,000–18,000 Mn for refurbishment, setting up a new 2.5 MTPA grinding unit in
Kutch, developing a grinding unit in Surat, enhancing the jetty, and establishing a captive power plant
(CPP). Trial runs are expected to begin by the first half of FY27, with full commercial operations targeted
for Q3FY27. The acquisition is being financed through INR 6,000 Mn of long-term debt and INR 12,000 Mn
via compulsorily convertible preference shares (CCPS) or debentures (CCDs), which do not impact the
company’s leverage ratios.

Business Segments: Nuvoco Vistas’ core business is cement, with a strong focus on trade and premium
brands. The company operates 58 ready-mix concrete (RMX) plants, supplying to major projects such as
Miraj Stadium in Udaipur and Puri Railway Station. Its modern building materials (MBM) segment is also
gaining traction, especially in products like tile adhesives, block jointing mortars, and construction
chemicals.

Outlook: Nuvoco Vistas expects mid-to-high single-digit volume growth in FY26, in line with the overall
industry trend. EBITDA per ton is projected to remain above INR 1,000, supported by continued
premiumization, cost efficiencies, and stable pricing. Debt levels are expected to stay within a comfortable
range of INR 35,000–40,000 Mn, with a target to maintain net debt to EBITDA below 2.5x over the next 2–
3 years. The Vadraj Cement operations are anticipated to be a key growth driver starting FY27. However,
the company faces risks including volatility in petcoke and slag prices, demand fluctuations in the Eastern
region, and timely execution of Vadraj’s capital expenditure plans.

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Om Infra Ltd

Incorporated in 1971 and headquartered in Jaipur, the company is a specialized EPC contractor in hydro-
mechanical and water infrastructure projects, with a growing focus on pumped storage, irrigation, and
river interlinking. With over 50 years of experience and more than 70 large hydro projects executed in
India and abroad, it offers end-to-end solutions from survey and design to manufacturing, installation,
and commissioning. Its clients include central and state government agencies and PSUs such as NHPC,
NTPC, and SJVN. The company also holds select real estate assets in Jaipur, Kota, and Mumbai, which are
being monetized.

Financial highlights: The company reported revenue of INR 1,040 Mn in the quarter, down 38% YoY due
to delays in Jal Jeevan Mission funding. EBITDA stood at INR (7) Mn (vs. INR 170 Mn YoY), and PAT at INR
(10) Mn (vs. INR 130 Mn YoY). However, order inflow remained strong at INR 4,000 Mn during the
quarter.

Business Segments:

● Hydro-Mechanical Projects: Supply & installation of gates, penstocks, liners, hoists, cranes for
hydropower & irrigation dams.
● Water Infrastructure (JJM & Irrigation): EPC works in rural & urban water supply, pipelines,
sewage, and treatment plants.
● Pumped Storage Projects (PSP): Executing India’s largest PSP (Kundah, 1,000 MW, Tamil Nadu).
● Real Estate (Non-core): High-end apartments (Jaipur, Kota), Bandra SRA project (JV with Valor
Estate). Planned monetization.

Order Book & Geography:

● Order Book (Q1FY26): The company has an order book of INR 26,840 Mn, implying a healthy
book-to-bill ratio of 3.3x. Of this, INR 15,460 Mn (58%) is from water and Jal Jeevan Mission
projects, while INR 11,160 Mn (42%) is from hydro and pumped storage projects.
● Geographic Spread: 18+ states including UP, Rajasthan, Maharashtra, J&K, Arunachal Pradesh;
also Nepal & Rwanda.
● New Wins: key orders include INR 1,290 Mn from UP Jal Nigam for urban water infrastructure at
Shahjahanpur, INR 1,990 Mn from NHPC for the Dibang Hydro Project in Arunachal Pradesh, and
INR 6,150 Mn for the Isarda Dam project in Rajasthan, aimed at supplying water to nearly 3 crore
people.

Recent Developments: The company achieved a major milestone by successfully impounding water at
the Isarda Dam in July 2025, strengthening water security in Eastern Rajasthan. Work has also restarted
at NTPC Tapovan project (INR 500 Mn), while execution continues at Shahpurkandi (INR 5,540 Mn,
Punjab), Amravati Irrigation (INR 2,400 Mn, Maharashtra), and Kundah PSP (50% completed). For FY26,
the company is targeting fresh order inflows of INR 20,000 Mn, with INR 3,280 Mn already secured in Q1.
Additionally, arbitration claims and real estate monetization are expected to unlock INR 6,000–7,000 Mn
of cash over the next few years.

Outlook: For FY26, the company is targeting order inflows of INR 7,000–10,000 Mn and revenue of
around INR 10,000 Mn with EBITDA margins in the 10–12% range. The strategic focus remains on hydro,
pumped storage, and water infrastructure projects, while gradually exiting non-core real estate assets.

Arihant Capital Markets Ltd

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Orient Bell Ltd

Orient Bell Limited is one of India’s leading tile manufacturers with more than 48 years of experience in
the ceramics industry. The company offers over 4,000 SKUs across categories like ceramic, vitrified, double
charge, germ-free, anti-static, scratch-free, cool tiles, and pavers. It operates 3 state-of-the-art
manufacturing facilities in Sikandrabad (UP), Hoskote (Karnataka), and Dora (Gujarat), along with 2
associate facilities in Morbi (Gujarat), together giving it an annual capacity of 42.4 Mn Sq mtr.

Financial Performance: For Q1FY26, the company reported revenue from operations of INR 1,429 Mn,
down 3.5% from INR 1,481 Mn in Q1FY25, due to lower ASP. Gross margin improved slightly to 36.5%
compared to 35.2% last year. EBITDA grew by 13% to INR 56 Mn, with margins improving to 3.9% versus
3.3% in Q1FY25. Net loss stood at INR 4 Mn, which is however lower than the INR 19 MN loss in Q1FY25.

Operational Performance: In Q1FY26, 58% of the company’s sales came from vitrified tiles, which is up 2%
YoY, while glazed vitrified tiles (GVT) contributed 40%, higher by 1.6% YoY. The company generated 45%
of its sales from its Orient Bell Tile Boutiques (OBTX), which are retail experience centers, with 385 stores
active across India. Marketing investment stood at 3.7% of sales during Q1. The company also improved its
efficiency, bringing down its cost of production by 2.2% YoY on a like-for-like basis.

Distribution, Branding & Technology:

● The company is focusing on strengthening its retail presence through OBTB (Orient Bell Tile
Boutiques), which now number 385 across the country, and are being upgraded under two
national heads.
● An AI-based visualization tool has been launched to help dealers improve customer conversions,
already gaining strong traction online. The sales structure has been made flatter to empower local
teams.
● On the branding front, TV and digital campaigns continue in select markets like North India, East
India, and Tamil Nadu. Marketing spends stood at 3.7% of sales in Q1, and the company expects to
continue at similar levels. Distribution expansion is especially being targeted towards Tier 2 and 3
cities.

Capacity, Margins & Expansion Plans:

● Current plant utilization is at around 60%, leaving significant scope for volume growth without
adding new capacity. Including associated entities, they estimate it can handle revenue potential
of up to INR 12,000 Mn.
● The company does not plan major capex and prefers to expand through volumes.
● Gross margins are already among the best in the industry, but EBITDA margins are held back due
to smaller scale. Management is confident that as volumes rise, operating leverage will improve
margins further, provided gas prices remain stable.

Demand Environment: Demand for tiles continues to remain weak, similar to last year. The broader
building and construction industry is facing several challenges such as delays in government projects, high
fuel costs, global tariff issues, and geopolitical tensions. Indian tile exports to the US remain low at around
7–8%, with no near-term recovery expected due to tariff and fuel-related issues. In Morbi, the main hub
for tile manufacturing, several units have shut down in the past months, which shows the pressure in the
market.

Outlook: Focus areas are clear: growing volumes, building its brand, expanding distribution in smaller
towns, and maintaining tight control on costs. The company is also betting on new product segments like
tile adhesives to boost growth without heavy investment. Once global tariff issues ease, exports could also
recover.

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Paisalo Digital Ltd

Paisalo Digital is a digitally enabled NBFC with over three decades of experience in lending to underserved
and MSME/SME segments. The company follows a high-tech, high-touch model, combining technology
with strong on-ground presence. Its core products include income generation loans, entrepreneurial loans,
and MSME/SME credit solutions, focused on financial inclusion in rural and semi-urban areas.

Financial Performances: Q1FY26 was another strong quarter. AUM grew 14% YoY to INR 52,302 Mn, while
disbursements rose 16% YoY to INR 7,581 Mn. Total income touched a record INR 2,187 Mn (up 17% YoY)
and Net Interest Income grew 28% YoY to INR 1,244 Mn. PAT stood at INR 472 Mn (up 14% YoY), with ROE
of 11.9% and ROA of 3.7%. Asset quality remained healthy with GNPA at 0.85% and collection efficiency at
99.8%.

Customer Franchise & Network: Paisalo crossed a milestone of 11 Mn customers, adding 1.5 Mn in Q1
alone. Its distribution spans 22 states with 3,997 touchpoints, including 401 branches and 1,382 business
correspondents (BCs). The company added a record 50 new branches in Q1, strengthening its presence in
Tier 2 and Tier 3 towns. The BC network with SBI and BOI continues to drive cost-efficient last-mile credit
delivery.

Co-lending Partnerships: Paisalo has active co-lending tie-ups with SBI, PNB, BoB, Karnataka Bank, and
UCO Bank. Recently, it expanded its partnership with SBI to MSME and SME lending, expected to scale up
by Q4FY26. Currently, 90% of small income generation loans are routed through co-lending, helping
Paisalo maintain higher ROA/ROE, lower credit cost, and reduced capital dependency.

Risk Management & Technology: The company uses its CCC model (Character, Credit Evaluation,
Credibility) with AI/ML tools, geospatial mapping, and early warning systems to monitor borrower
behavior and prevent defaults. This framework ensures strong asset quality and positions the company
ahead of peers in risk control.

Growth Drivers: Rural and semi-urban areas present a large untapped credit demand, with around 393
million PAN holders lacking formal credit history. To capture this opportunity, the company is expanding
through a cluster-based branch and BC model for deeper penetration. Growth is also supported by co-
lending partnerships with SBI in MSME/SME segments, while its asset-light BaaS and BC model helps
improve operational efficiency by keeping costs low.

Outlook: Paisalo aims to sustain 20%+ AUM CAGR, driven by co-lending partnerships and branch
expansion. The company is focused on maintaining strong asset quality with GNPA below 2%, stable
margins around 6.5% NIMs, and scaling its inclusive lending model responsibly.

Arihant Capital Markets Ltd

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Parag Milk Foods Ltd

Parag Milk Foods Ltd is one of India’s leading dairy and nutrition companies, known for its strong brands
like Gowardhan (ghee, butter, curd), Go (cheese, paneer, milk products), Pride of Cows (premium fresh
milk and dairy), and Avvatar (whey protein and sports nutrition). The company has evolved from being a
traditional dairy player to a value-added FMCG and nutrition-focused company, catering to both everyday
dairy needs and premium health-conscious consumers .

Financial performance: In Q1FY26, the company recorded revenue of INR 8,520 Mn, its highest-ever Q1,
up 12% YoY, with volume growth of 5%. Core categories—Cheese, Ghee, and Paneer—grew 14% in value
and 9% in volume, contributing 57% of total revenue. EBITDA stood at INR 660 Mn with a margin of 7.7%
(vs 8.1% last year), while PAT grew 6% YoY to INR 280 Mn, with a margin of 3.2%. Gross profit remained
stable at INR 2,330 Mn, with a margin of 27.4%.

Business Mix:
The company’s revenue mix comprises core categories—Cheese, Ghee, and Paneer Accounting for 57% of
total revenue, where it holds a 22% market share in cow ghee and 35% in cheese. The New Age Business,
including Pride of Cows and Avvatar, contributed 9% of revenue (up from 6% last year), growing 57% YoY.
Liquid milk accounts for 10% of revenue, ingredients and SMP 14%, and other products 10%.

Strategic Priorities -

● Strengthening Core Categories: Continued focus on cheese and ghee where Parag enjoys
leadership.
● Building Premium Brands: Expanding Pride of Cows into yogurt and paneer; and growing Avvatar
whey protein, which has scaled 8x over last three years .
● Expanding Routes to Market: Strong push into quick commerce (Zepto, Blinkit), e-commerce, and
organized retail, apart from general trade
● Innovation & Branding: The company has run multiple marketing initiatives, including the “What’s
the Source” campaign for Pride of Cows, influencer-led promotions with personalities like Faye
D’Souza, Soha Ali Khan, and Raj Shamani, and sponsorship of events such as the Zee Cine Awards
to enhance brand recall.

Industry & Market Positioning:

Avvatar Whey Protein is India’s first “farm-to-shaker” vegetarian whey, competing with global brands in a
INR 16,000 Mn market growing at a 30% CAGR. Pride of Cows has established a strong premium niche with
single-origin, traceable milk, targeting urban affluent consumers. Additionally, rising consumption of
cheese and paneer, especially during festive and winter seasons, supports Parag’s core revenue growth.

Guidance:
Management aims to gradually increase EBITDA margins into double digits over the medium term while
sustaining annual growth above 15%. The New Age business is gaining traction and is expected to drive
margin expansion. The company is also preparing to expand its focus from traditional dairy FMCG to a
broader nutrition-oriented portfolio.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Paramatrix Technologies Limited

Paramatrix Technologies Limited, founded in 2004, is a value-driven IT solutions provider specializing in

software development, IT consulting, and system integration. The company delivers enterprise
applications, data analytics, and digital transformation services across sectors such as BFSI, government,
healthcare, education, and corporates. By leveraging AI, cloud, blockchain, and big data, Paramatrix builds
scalable solutions that enhance efficiency and innovation. Its flagship products, Playmity and XSIGHT,
further drive engagement and analytics. With over 21 years of expertise, it has 250+ employees, serves
11+ sectors, operates through 5 offices, and has a footprint in 19 countries. The company has delivered
350+ projects for 150+ clients.

Financial Performance: In FY25, the company reported INR 313.3 Mn income, INR 81.4 Mn EBITDA with
margin 25.99%, and INR 57.6 Mn net profit, with margins 18.37% improving over FY24. The balance sheet
shows INR 660 Mn net worth, INR 703 Mn total assets, and cash reserves of INR 453.6 Mn. Key ratios
include ROCE at 10.81% and ROE at 8.72%.

Global Presence: The company operates in 19 countries, including USA, UK, Germany, UAE, Japan, and
Malaysia. Its subsidiaries include Paramatrix PTE Ltd. (Singapore), Paramatrix Technologies Ltd. (Hong
Kong), and Paramatrix Technologies KK (Japan). The company earns 73% of its revenue domestically and
27% internationally.

Infrastructure: The company’s facilities include secure VPN-enabled connectivity, sandbox labs,
conferencing setups for seamless collaboration, stable power supply, and a knowledge hub library. This
ensures innovation thrives within a secure and scalable environment.

Industry Focus: The company serves diverse sectors such as BFSI, FinTech, logistics, healthcare, media,
manufacturing, and real estate, enabling sector-specific digital transformation.

Clients & Alliances: Its top 10 clients contribute to 89% of revenues in FY25. Through strategic alliances
and value-added partnerships, it focuses on cost optimization, integration solutions, and ROI-driven
collaborations.

Services & Capabilities: The company offers services in application development & maintenance,
technology consulting, cybersecurity, automation, data analytics, cloud services, mobility solutions, and
dedicated teams. It also provides a comprehensive matrix of structured capabilities across areas like AI,
ML, NLP, cloud migration, DevSecOps, and gamification.

Revenue Mix: Revenue is largely driven by digital transformation services (79% in FY25), with managed
services contributing the remaining 21%.

Major Orders: Key orders in FY25 include contracts worth INR 111.8 Mn from a leading rating agency, INR
54.1 Mn from a national market infrastructure institution, and INR 41.3 Mn from a Southeast Asia-based
capital markets MNC.

Industry Landscape: Globally, the IT services market is projected to reach USD 1.1 trillion by 2026. India’s
IT exports are expected to grow at 8–9% CAGR by FY27, while its SME technology sector is forecasted to
grow 14–16% CAGR, driven by AI, IoT, and cloud adoption.

Outlook: The company aims to expand globally into the Middle East and East Asia, enhance accelerators
like Playmity and XSIGHT, and strengthen corporate client relationships. Investment rationale lies in its
debt-free status, strong margins, strong cash reserves, growing global presence, and visionary leadership.

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Patel Engineering Ltd

Patel Engineering Limited, founded in 1949, is a leading civil engineering company specializing in
hydroelectric power, tunneling, irrigation, and infrastructure projects. It has executed over 350 projects
across India and Nepal, including dams, tunnels, and irrigation systems. The company operates in 15 states
with a strong technological focus and involvement in complex projects like underground powerhouses and
water conductor systems.

Order Book and Key Projects: As of June 30, 2025, Patel Engineering’s order book stood at INR 162,854 Mn,
with 61% in hydroelectric projects, 20% irrigation, 7% tunneling, and remaining in roads and others. Major
ongoing projects include Subansiri (2000 MW), Dibang (2880 MW), Kiru (624 MW), and several irrigation
and tunneling contracts. The book is geographically diversified, with large projects primarily in Jammu &
Kashmir, Arunachal Pradesh, and Maharashtra.

Financial Highlights: Patel Engineering reported consolidated revenue of INR 12,334 Mn Q1FY26, up 12%
YoY. EBITDA was INR 1,653 Mn, with a margin of 13.4%, while net profit rose 56% to INR 751 Mn, a margin
of 6.1%. The company reduced total debt to INR 1,527 Mn (net of advances) and lowered finance costs
compared to the prior year. The book-to-bill ratio was 3.3x, indicating strong revenue visibility.

Operational Highlights and Project Execution: In Q1FY26, Patel Engineering achieved significant
operational milestones including completion of a massive 155-meter surge shaft and powerhouse unit 1 at
the Arun-III Hydropower Project in Nepal, progress in tunnel lining at the Kwar Hydropower Project in
Jammu & Kashmir, and nearing breakthrough at the Ghatkopar water tunnel in Maharashtra. The company
also completed the civil works of a 12.5 km water conductor system at the Subansiri project. Execution
progress continues to be robust with efficient resource mobilization and government facilitation to address
previous delays due to environmental and approval risks.

Market Drivers and Opportunities: India’s power sector budget is large (~INR 11.2 trillion), emphasizing
renewable energy expansion, hydropower, and pumped storage projects (PSP). Hydroelectric capacity is a
national priority, with pipelines of over 75 GW under development and major investments in states like
Arunachal Pradesh and J&K. PSPs are poised to support grid stability with an estimated 13 approved
projects amounting to ~22 GW.

Challenges and Risk Management: Risks include environmental and approval delays, though mitigated by
government reforms requiring near-complete land acquisition before clearances. Arbitration claims totaling
INR 3,000 Mn (with expected ~50-60% recovery) remain a long-term consideration but are gradually
resolving. Execution risks are monitored closely, with the company avoiding low-margin bids and focusing
on projects with sustainable profitability.

Strategic Focus and Outlook: Patel Engineering remains concentrated on hydroelectric and irrigation
sectors, planning to increase its order book to INR 25,000 Mn by FY-end. The company expects steady
revenue growth of 5-10% in FY26 with EBITDA margins around 13%. Investments in SAP and IoT tools
support improved project execution and cost control. Debt reduction and monetization remain priorities.

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Patel Integrated Logistics Ltd

Patel Integrated Logistics Ltd (PILL), founded in 1962, is one of India’s oldest and most trusted logistics
companies. It was the first logistics player to be registered as a Multi-Modal Transport Operator (MTO)
with the Government of India. The company operates across air freight, warehousing, courier
consolidation, and integrated logistics solutions. With a presence at 112 airports and 125 offices across
India, PILL serves over 75,000 clients across industries such as e-commerce, pharma, FMCG, automobiles,
textiles, and engineering. The company has a strong focus on air freight operations through passenger
aircraft and technology-driven logistics solutions.

Financial Performance: In Q1FY26 Operational income stood at INR 780 Mn, down 5% YoY and 10% QoQ.
EBITDA came in at INR 19 Mn, declining 10% YoY, with an EBITDA margin of 2.44% versus 2.56% YoY. PAT
was INR 16 Mn, up 6.7% YoY but down 16% QoQ, while EPS remained flat YoY at INR 0.24.

Operational Highlights-
● Air Freight: The company has a strong presence in both domestic and international cargo
operations via passenger flights, with Q1FY26 domestic revenue at INR 476 Mn and international
revenue at INR 284 Mn. Its cargo mix comprises high-value and time-sensitive sectors such as e-
commerce, pharma, medical equipment, garments, seafood, and chemicals.
● Warehousing: The company operates over 200,000 sq. ft. of warehousing space with long-term
leased assets, including a 99-year lease in Bangalore. It has recently acquired a 1-acre plot at
Pune (Sanaswadi) to develop a new commercial warehouse. These warehouses support value-
added services such as bulk breakup, packing, assembly, sorting, and vendor management.
● Technology: The company’s proprietary digital platform, FreightPILL, has achieved a 99%
adoption rate, offering real-time tracking, digital proof of delivery, GST/VAT-compliant
accounting, and mobile accessibility to ensure end-to-end transparency.

Strategic Priorities: The company aims to expand domestic cargo capacity and strengthen multimodal
connectivity, while growing its warehousing footprint in high-demand regions such as South and West
India. It continues to drive digital transformation to enhance efficiency and client experience, with a
strong focus on deepening its presence in e-commerce, pharma, and FMCG sectors. Additionally, it plans
to increase cargo tonnage handled and optimize delivery timelines.

Pan-India Network: The company has a presence across 27 cities with 79 branches, covering North,
West, East, and South zones, and access to 112 airports, giving it one of the strongest footprints in India’s
air cargo segment.

Key Strengths: With a legacy of over 62 years in logistics, the company has built trusted relationships
across industries. It holds a strong foothold in air cargo via passenger aircraft, offering faster delivery and
cost efficiency. Its diversified presence spans air freight, warehousing, courier, and multimodal solutions.
Following an asset-light model, the company invests in technology and leased warehouses to ensure
operational flexibility.

Outlook: Demand is expected to improve from H2FY26, driven by festive season demand, e-commerce
momentum, and pharma exports. Margins are likely to remain modest in the near term due to cost
pressures, but a focus on premium cargo, warehouse expansion, and digital efficiency should support
profitability. Over the long term, strong industry tailwinds such as infrastructure push, air cargo growth,
and rising warehousing demand are expected to aid expansion.

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Phantom Digital Effects Ltd

Phantom Digital Effects Limited, founded in 2011, is a leading provider of visual effects (VFX) services for a
global clientele, including major production houses like Disney and Netflix. The main offices are in Chennai,
Mumbai, Hyderabad, and Bengaluru, and has a global marketing team presence in the USA, Canada, Dubai,
and the UK. The company is a Trusted Partner Network (TPN) certified studio.

Financial Overview: In FY25, total income stood at INR 1,021.6 Mn (14.36% YoY). The EBITDA saw a 2%
YoY increase to INR 396.9 Mn, with a margin of 38%. Net profit was maintained at INR 202 Mn with a net
profit margin of 19.36%.

Strategic Initiatives: In FY25, it incorporated a wholly-owned subsidiary in China, Hangzhou Huantong

Digital Technology Co., Ltd.. It also established Spectre Post Private Limited in Bangalore to introduce new
services like digital intermediate (DI) or color grading. A significant development was the strategic
acquisition of Tippett Studio, a company known for its pioneering work on iconic movies like Jurassic Park
and Star Wars. The acquisition was court-approved on March 26, 2025, and the company will own an 80%
stake in Tippett.

Operational and Project Highlights: The company has successfully managed its receivables, collecting INR
387.7 Mn from outstanding receivables of INR 600.9 Mn from H1 25. As of the conference date, total
outstanding receivables from FY24 to FY25 stood at INR 360 Mn, with a goal to collect invoices within 90
days of billing. The company is entering the new fiscal year with a strong order book of INR 720 Mn in
confirmed orders, split between INR 380 Mn domestically and INR 34 Mn internationally. The project
pipeline also includes potential projects valued between INR 2700-3120 Mn. The company contributed to
major projects in FY25, including international titles like Tension 2, Creation of the Gods, and Marvel's
Ironheart series, and Indian blockbusters such as Pushpa 2, Kalki, and Devara.

Product Portfolio and Services: Phantom Digital Effects Limited provides a wide range of visual effects and
post-production services. The company's product portfolio is designed to be an end-to-end solution for
films, web series, and commercials.Its services include:
● Compositing: This involves completing a shot with final compositing,
● 3D Creation: The company specializes in creating 3D elements, photoreal creatures, and
environments,
● Animation: This includes both 2D and 3D animation, as well as pre-visualization and game
cinematics,
● Cleanup and Matchmove: Services such as rig/wire removal, paint cleanup, and 3D matchmove
are part of the portfolio,
● Digital Intermediate: Through its new subsidiary Spectre Post, the company has added digital
intermediate (DI) and color grading services,
● VFX Supervision: The company offers VFX supervision services to help plan the entire production
pipeline.

Outlook: The company anticipates a 30% growth in its standalone operations for FY26. With the
consolidation of Tippett Studio, which is projected to contribute up to INR 700 Mn, the combined
operations are expected to see a significant 100% increase in overall revenue, potentially reaching close to
INR 2000 Mn. The company is targeting an EBITDA margin of 38% to 45% for the current year. The Chinese
operations are expected to generate revenue of $5 million to $8 million, which is approximately INR 441.5
Mn to INR 706.4 Mn. The company believes the industry is recovering from the effects of the strikes and is
optimistic about the future. They are also exploring expansion into the Middle East and European markets.
The company's workforce is expected to grow by 250 to 300 employees across India, the U.S., China, and
Canada to support the projected growth.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Phoenix Mills Ltd

Phoenix Mills is one of India’s leading retail-led mixed-use developers. The company builds and operates
large shopping malls, office spaces, hotels, and residential projects. A key part of its growth is through its
subsidiary Island Star Mall Developers Pvt Ltd (ISMDPL), which owns retail and commercial assets in
Bengaluru, Pune, and Indore. Recently, the company announced that it will buy the remaining 49% stake
in ISMDPL from CPP Investments for about INR 54,490 Mn, making it the 100% owner of this platform.
The payment will be spread over 36 months in 4 tranches, largely funded by internal cash flows and debt
at the project level.

Financial Performance: At a group level, Q1FY26 EBITDA stood at INR 5,440 Mn, up 6% YoY. Net debt
was about INR 44,350 Mn, and the cost of debt fell to 7.92%. For ISMDPL specifically, FY25 asset-level
EBITDA was about INR 6,170 Mn, with net debt to EBITDA at less than 1x, giving the platform enough
financial room to support expansions and the stake buyout.

Business Highlights:
Retail Business: Retail remains the backbone of Phoenix Mills.
● Phoenix MarketCity Bangalore had a leased occupancy of 97%, with annual consumption of INR
18,560 Mn and trading density of INR 2,424 per sq. ft. per month in FY25. It generated INR 2,200
Mn EBITDA.
● Phoenix Mall of the Millennium, Pune had 91% leased occupancy, annual consumption of INR
11,400 Mn, and EBITDA of INR 1,420 Mn.
● Phoenix Mall of Asia, Bengaluru had 91% leased occupancy, consumption of INR 11,340 Mn, and
EBITDA of INR 1,710 Mn, though trading occupancy was lower at 77%, showing scope for ramp-
up.
● Phoenix Citadel, Indore recorded consumption of INR 5,280 Mn with trading occupancy of 92%
and EBITDA of INR 830 Mn.
Management highlighted that retail rental income for Q1FY26 stood at INR 5,060 Mn, which was up 4%
despite some temporary churn. Once occupancies stabilize at 95%+, stronger rental growth is expected.

Office Business: The office portfolio is still in early ramp-up. Across about 2.2 msft of completed offices,
only 6% was leased as of FY25. The company is targeting 90% occupancy by 2026. Major assets include
Phoenix Asia Towers in Bengaluru (~0.78 msft) and Millennium Towers in Pune (~1.37 msft). Both
received occupancy certificates in 2025, and leasing is underway with a strong pipeline.

Hotels: Phoenix’s hotel portfolio is small but growing. Currently, it operates The St. Regis, Mumbai and
Courtyard by Marriott, Agra, which together earned INR 1,300 Mn revenue in Q1FY26, up 11% YoY, with
INR 580 Mn EBITDA (up 19%). A new 400-key Grand Hyatt in Bangalore is under construction and
expected by 2027, with plans for another 300-key hotel in Phase 3 expansion.

Growth Plans: Phoenix MarketCity Bangalore is being transformed into a “super campus” of 4+ msft,
including retail, offices, and 2 hotels. Phase 2 will add a 400-key Grand Hyatt hotel, 0.17 msft retail, and
0.4 msft offices by 2027. Phase 3 will add another 0.6 msft retail, 1.2 msft offices, and 300-key hotel by
2030. Across Indore, Pune, and Bengaluru, the company has ~2.7 msft of unused FSI potential, which can
be developed in the future without acquiring additional land.

Outlook: The acquisition of full ownership in ISMDPL gives it greater flexibility and cash flow control.
While the office portfolio is at a very early stage with only 6% leased, it has huge upside as it targets 90%
occupancy by 2026. The retail malls continue to perform strongly, and new luxury tenants are expected
to lift rental yields further. Hotels and residential businesses add diversification.

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Power & Instrumentation (Gujarat) Ltd

Power & Instrumentation (Gujarat) Ltd (PIGL) is a 50-year-old EPC player specializing in power
distribution, electrification, substations, and specialized infrastructure projects. The company has
expanded its portfolio to aviation-linked infrastructure, government-backed schemes like RDSS, and
extra high-voltage (EHV) transmission. With strong execution capabilities, diversification into new
verticals, and the recent acquisition of a majority stake in Peaton, PIGL is positioned to capitalize on
India’s multi-decade power and infrastructure investment cycle.

Financial Performance : Q1FY26 revenue was INR 416 mn, up 59.8% YoY. EBITDA stood at INR 43 mn, up
17.4% YoY, while PAT grew 40.2% YoY to INR 26 mn. Receivable days improved to 87 (vs. 90 in Q4FY25).
Debt remains low at INR 150 mn, with the balance sheet supported by internal accruals. Management
has guided for 50% YoY revenue growth in FY26 with stable margins of 13–15% EBITDA for the full year.

Order Wins and Portfolio Diversification : In Q1FY26, the company secured an INR 579 mn contract
from Nyati Engineers for the Udaipur Airport project, expanding into aviation electrification. It also won
an INR 706 mn order from Ajmer Vidyut Vitran Nigam under RDSS for power distribution upgrades.
Other wins included specialized contracts with Godrej & Boyce at Khavda. The order book as of June
2025 stood at ~INR 4,000 mn, nearly 2x annualized revenues, providing strong execution visibility.

Peaton Acquisition : PIGL is acquiring 60% of Peaton, a manufacturer of low- and high-voltage panels,
compact substations, and busway systems. Peaton reported FY25 revenue of INR 340 mn with EBITDA
margins of 7–8%. Post tie-ups with Siemens and Rittal Germany, Peaton is expected to scale to INR 1,000
mn revenue over the next 2 years, supported by demand from airports, data centers, and high-rise real
estate. The acquisition cost is expected at a valuation of INR 200–300 mn, funded through internal
accruals.

Strategic Priorities : PIGL is deepening its presence in central electrification programs like RDSS and IPDS,
which ensure multi-year visibility. The company is expanding into EHV projects, having executed its first
400 kV project, and actively bidding in the 130–220 kV segment. Aviation-linked electrification is
becoming a core growth driver with Udaipur as a reference project and several upcoming airport
tenders. Geographic expansion into Eastern and Northeastern India is underway, with focus on
underground cabling and modernization projects.

Growth Drivers : Robust industry tailwinds with INR 40 trillion investments planned in the power sector
over 10 years, and INR 600 bn in airport infrastructure by FY27. Increasing demand for renewable
integration and urban distribution upgrades under RDSS and IPDS. Peaton synergies to provide an
integrated EPC + product offering. Diversified vertical presence across electrification, airports,
government schemes, and EHV reduces cyclicality. Management targets 50% YoY growth through FY27
with improving margins.

Outlook : PIGL is leveraging its five decades of execution record to scale rapidly in high-growth verticals.
With a strong order book, entry into aviation and EHV projects, and margin-accretive manufacturing
through Peaton, the company is positioned for accelerated growth. Guidance for FY26 indicates 50%
revenue growth with EBITDA margins of 13–15%. Medium-term plans target doubling order book
coverage relative to annual revenues, ensuring long-term visibility.

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Pranik Logistics Limited

Incorporated in 2015, Pranik Logistics Limited is a pan-India, technology-enabled provider of integrated

supply chain solutions. Unlike traditional transporters, the company offers comprehensive end-to-end
logistics services including local transportation, warehousing, last-mile delivery, clearing & forwarding,
smart route planning, reverse logistics, and value-added services such as tagging, quality control, and
packaging.

Over the past decade, Pranik has transformed from a regional player into a capital-efficient, asset-light
logistics company. By leveraging technology, disciplined execution, and strategic partnerships, the
company has built a scalable model with strong operating metrics. Its client base is heavily “blue-chip,”
including marquee names such as Reliance (Digital, Trends, Jio, B2B), Adani (ACC & Ambuja), GIL (RPSG
Goenka), Haier, and Nestle, with recent additions like Mother Dairy, Red Bull, Meesho, and Zydus.

Growth Initiatives
Pranik’s growth strategy is anchored on horizontal expansion through new client acquisitions, vertical
expansion by increasing wallet share with existing clients, and geographical diversification into untapped
markets. The company is also preparing for a transition into multi-modal logistics (road, rail, and air) to
further strengthen its integrated offerings. With a stated Vision 2029 to achieve INR 5,000 Mn topline by
FY29, Pranik is pursuing both scale and efficiency while maintaining its zero bad-debt policy and high
client retention (>95%). Near-term capex is in the pipeline, aligned with IPO objects, and is expected to
support incremental growth in warehousing and service capabilities.

Geographical Presence
Pranik operates across India with a pan-India footprint. Its logistics and warehousing facilities are leased
to ensure flexibility and avoid idle space, enabling 100% utilization levels. The company’s operational
model allows quick scaling across regions, ensuring resilience against sectoral or regional seasonality.

Revenue Mix & Financial Performance

Pranik derives revenues from a diversified portfolio of sectors including FMCG, retail, fashion, pharma,
auto, steel, electronics, and e-commerce. This multi-sector presence mitigates seasonal fluctuations and
ensures consistent demand. In Q1 FY26, the company delivered revenue from operations of INR 391.6
Mn, marking 75.5% YoY growth (Q1 FY25: INR 223.1 Mn). Profitability was robust with EBITDA of INR
36.5 Mn (9.3% margin) and PAT of INR 19.3 Mn (4.9% margin), reflecting YoY PAT growth of 77.6%.
While margins are currently below listed peers (15–16%), management is focused on operational
efficiencies, economies of scale, and risk mitigation to drive sustainable improvement.

Competitive Advantage
Pranik differentiates itself from peers by offering integrated, end-to-end solutions under one roof,
spanning the entire supply chain including last-mile and reverse logistics. The company operates with a
>98% fleet utilization rate and 100% warehousing occupancy, supported by a flexible owned-to-
outsourced fleet model that allows it to handle surge demand during peak seasons. With a strong blue-
chip client base, zero provisioning for doubtful debts, and high customer retention, Pranik has built a
robust moat in a competitive logistics landscape where key players include DB Schenker, TVS Logistics,
and ProConnect.

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Prataap Snacks Ltd

Prataap Snacks Limited, popularly known by its brand Yellow Diamond, operates in the INR 508 Bn Indian
savoury snacks market which is growing at a 14% CAGR between 2018–2024. It is a market leader in Rings
and Extruded Snacks and ranks among the top 5 players in Western Savoury Snacks. PSL offers over 150
SKUs across potato chips, extruded snacks, namkeen, and sweet snacks.

Financial Performance: In Q1FY26, revenue stood at INR 4,089.4 Mn, down 2.4% YoY but up 3% QoQ.
Gross margin at 28.6%, impacted by palm oil inflation, compared to 31.2% in Q1FY25. EBITDA stood at INR
180.1 Mn, down 40% YoY, with margin at 4.4% vs 7.1% last year; however, EBITDA improved sharply QoQ
(3.7x vs Q4FY25) due to easing input costs. PAT stood at INR 6.9 Mn vs INR 94.4 Mn in Q1FY25.

Product Portfolio: The company has evolved from a single-product company (potato chips) in 2003 to a
multi-category player by 2025. Its anchor products include chips, chulbule, and rings, while pellets and
namkeen form growth categories. The company is also expanding into next-gen products like healthy
puffs, makhanas, and popcorn, with a focus on premiumization, flavor-led growth, and “better-for-you”
positioning.

Manufacturing and Distribution Footprint: The company has 16 manufacturing facilities (7 owned and 9
third-party) strategically spread across the country, enabling optimized distribution costs and faster time-
to-market. Its products are available through ~2.5 Mn retail outlets across India. The revenue mix is
geographically diversified: West India contributes 38%, North 31%, East 24%, and South 7%.

Business Transformation Initiatives: The company is executing a multi-pronged strategy to unlock

growth:
● Region-specific playbooks: deeper penetration in command regions and expansion in emerging
regions.
● Channel diversification: increasing focus on Q-commerce, modern trade, exports, and institutions,
targeting to grow emerging channels from <1% to >5% of revenue over three years.
● Operational efficiency: consolidating smaller units into larger plants, optimizing manpower and
logistics, rationalizing SKUs, and exploring backward integration.
● Technology adoption: digital sales force automation, distributor management systems, ERP
rollouts, e-auction procurement, and advanced transport management.
● Brand building: vibrant, value-for-money positioning, supported by strong consumer associations
and campaigns.

Long-Term Operating Targets: The company aims to deliver consistent revenue growth (~15%, faster than
industry), maintain >10% EBITDA margin, and achieve 15–20% ROCE through capital efficiency.

Outlook: While revenues declined YoY due to weak consumption in lower-income groups, sequential
growth and margin recovery signal better trends ahead. With easing input costs, favorable monsoon
improving rural demand, and multiple structural initiatives in product innovation, channel diversification,
and cost optimization, PSL is well positioned to regain growth momentum and improve profitability
through the rest of FY26.

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Premier Roadlines Ltd

Premier Roadlines Ltd, incorporated in 2008, operates in the transportation of goods by road, allied
logistics activities, and truck rentals. The company positions itself as a logistics solutions provider with 4+
decades of collective industry experience. It offers services across multiple verticals, including project
logistics, over-dimensional and overweight cargo (ODC), contract logistics, and general logistics. Its
expertise lies particularly in handling complex, large-scale logistics projects that require specialized
execution.

Financial Performance: In FY25, the company reported total income of INR 2,885 Mn (+26% YoY), EBITDA
of INR 243 Mn (+15% YoY, margin 8.4%), and PAT of INR 157 Mn (+24% YoY, margin 5.4%). The company
executed 35,739 orders for 695 customers with an average order size of INR 81,279. Return ratios
remained healthy with ROE at 17.7% and ROCE at 22.6%, while D/E improved to 0.44.

Execution, Capacity & Branch Network: The branch network stands at 45+ locations (vs. 28 in filings),
serving as loading points. Owned fleet comprises 7 pullers and 74 axles, supplemented by rentals for large
projects, ensuring no capacity constraints. Execution involves detailed surveys, permissions, and last-mile
safety protocols. Employee costs rose due to hiring experienced project talent.

Segment Mix: The revenue mix in FY25 was led by contracted logistics at 39%, followed by over-
dimensional cargo (ODC) at 30%, project logistics at 16%, and general logistics at 15%. Management
highlighted that contracted and general logistics dominated FY25, but expects a significant shift in the mix
going forward.

Asset Expansion & Capex: In FY25, the company undertook capital expenditure of INR 170 Mn to expand
its specialized fleet with additions such as pullers and axles, bringing the owned fleet to 7 pullers and 74
axles. For FY26, the company has guided for a capex of around INR 70 Mn, with a focus on acquiring
advanced Goldhofer hydraulic axles from Germany, capable of carrying up to 1000 MT cargo.

Subsidiary Acquisition: During FY25, the company acquired PRL Supply Chain Solutions as a wholly owned
subsidiary to position itself as a full-stack logistics provider with capabilities spanning ocean freight, air
freight, project logistics, warehousing, and distribution.

Order Book: The current order pipeline already includes INR 1,500–1,700 Mn in contract logistics, with
incremental growth expected from transformer, defence, hydropower, and oil & gas projects in that order
of priority.

Growth Drivers: Key growth drivers include transformer logistics (largest opportunity, with every reputed
manufacturer engaged), defence projects (sensitive, high-security ODC), hydropower (clean energy heavy
equipment in tough terrains), and oil & gas (refineries, pipelines, storage). For FY26, the targeted revenue
mix is 75% project/ODC and 25% contracted/general logistics, which is expected to materially lift margins.

Outlook: Management has guided for 30–35% CAGR growth over the next 3 years. While it refrained from
providing absolute topline numbers. ODC and project logistics typically deliver EBITDA margins of 12% or
higher, with certain projects yielding extraordinary margins of 40–50%. Management noted that if the
revenue mix shifts as planned, crossing the 10% EBITDA margin threshold is easily achievable. Additionally,
when the company uses its own equipment, gross margins can exceed 40–50%. In FY25, margins were
lower due to a smaller share of ODC and project logistics, but management expects FY26 to show
meaningful improvement.

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Prime Fresh Ltd

Incorporated in 2004 and headquartered in Ahmedabad, the company is an integrated fruits and
vegetables (F&V) supply chain player managing the entire process from farm procurement to cold
storage, distribution, and retail. It operates across 18 states in India and exports to 6 countries. On a daily
basis, the company handles over 600 tons of fresh produce, directly engaging with more than 1,10,000
farmers, 85 APMCs, and 2,400 suppliers.

Financial Performance: In FY25, Prime Fresh reported revenue from operations of INR 1,968 Mn, up
36.9% from INR 1,429 Mn in FY24. EBITDA rose 26% to INR 120 Mn with a margin of about 6%, while
PAT increased 30.4% to INR 90 Mn, reflecting a margin of 4.5%. Procurement volumes stood at 33,940
MT, with sales of 33,050 MT. ROE was around 13%.

Business Model & Capability: Prime Fresh operates on an end-to-end integrated model covering direct
farm procurement, grading, ripening, cold storage, logistics, and delivery. Its product basket includes
pomegranates, onions, mangoes, bananas, potatoes, sweet limes, oranges, grapes, and imported fruits.
Distribution spans general trade, APMCs, e-commerce, modern retail, HoReCa, processors, exporters,
and government contracts. Following a farmer-first approach, the company procures complete farm
output while ensuring fair pricing, timely payments, and technical support to farmers.

Subsidiaries & Associates:Prime Fresh has two key subsidiaries and one associate. Florens Farming Pvt.
Ltd. (64.3% holding) reported a turnover of INR 216.4 Mn and PAT of INR 25.7 Mn in FY25. Prime Fresh
Retail (India) Pvt. Ltd. (99.8% holding) achieved a turnover of INR 21 Mn with PAT of INR 2.2 Mn in FY25.
Additionally, the company holds a 43.8% stake in Florens Fresh Supply Solutions Pvt. Ltd.

Manufacturing & Infrastructure: Prime Fresh operates over 35 pack houses and cold storage units across
Gujarat, Maharashtra, and Rajasthan, with a total warehousing and packaging capacity of 5.5 lakh TPA.
Advanced sorting and grading facilities are located at Hyderabad, Lucknow, and Aurangabad. The
company also manages 15+ collection and distribution centres and provides 3PL services across 25
locations pan-India.

Clientele: Prime Fresh has strong relationships with over 1,10,000 farmers, 85 APMCs, and 2,400
suppliers. The company is a trusted partner for leading modern retail and e-commerce players including
Reliance Retail, Mother Dairy, and ITC. It also supplies to HoReCa, food processors, exporters, and
government contracts. In addition, Prime Fresh is connected with more than 30 e-commerce and retail
giants for regular supply, ensuring a robust and reliable distribution network.

Capacity & Infrastructure: Prime Fresh manages warehousing and packaging capacity of about 5.5 lakh
TPA across multiple states. Its network includes 15+ collection and distribution centres in key cities such
as Hyderabad, Bengaluru, Kolkata, Lucknow, Pune, Mumbai, and Aurangabad. The company operates
35+ cold storage and ripening chambers in Gujarat, Maharashtra, and Rajasthan, with a daily handling
capacity of nearly 600 tons of fresh produce. Specialized sorting and grading facilities in Hyderabad,
Lucknow, and Aurangabad cater to onions, oranges, and other produce.

Outlook: Prime Fresh is building a scalable, technology-enabled agri-value chain with strong farmer
partnerships. With a near debt-free balance sheet, steady financial growth, and recent migration to BSE
Main Board, the company is positioned to deliver 30% growth in FY26. Priorities include deeper
penetration in new geographies, diversifying into higher-margin products, and selectively expanding
exports. Risks remain around weather shocks, perishability, and global logistics challenges.

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Prizor Viztech Limited

Incorporated in 2017 and headquartered in Ahmedabad, the company is engaged in providing security and
surveillance solutions, offering a wide range of CCTV cameras, DVRs/NVRs, and smart AI-based systems. In
2022, it expanded its portfolio into LED televisions, monitors, and interactive panels. With distribution
across 17 states and 2 union territories, the company has a strong presence in Maharashtra, Gujarat, Tamil
Nadu, Delhi, Andaman & Nicobar, and J&K. Backed by a large dealer network of 6,100+ partners, it sells
over 3 lakh units annually and has a manufacturing capacity of 50 lakh cameras per year. Recently, the
company inaugurated an integrated manufacturing facility at Gandhinagar, Gujarat, with a capacity of
16,000 units per day, marking its transition from assembly-based operations to full-scale manufacturing.

Financial Highlights: In FY25, the company saw strong growth with revenue nearly doubling to INR 710.9
Mn. Profits also rose significantly, with EBITDA at INR 150.3 Mn (21% margin) and PAT at INR 101.5 Mn
(14.3% margin). EPS increased to INR 10.4 from INR 7.5 last year, and the company showed healthy returns
with ROE at 41% and ROCE at 34.8%.

Business Segments -

● CCTV & Surveillance Cameras (55% of revenue): The company’s product range includes AI-enabled
face recognition, ANPR, night-color vision, and motion-detection cameras. Its new PRIZOR PLUS
series adds advanced analytics features such as helmet/seatbelt detection and attendance
solutions.
● LED TVs, Monitors & Touch Panels (29% of revenue): The company also offers Full HD and 4K
Android TVs, along with smart panels for education and corporate sectors, witnessing growing
traction in B2B sales.
● Technical Services & Repairs (16% of revenue): The company provides installation, after-sales
support, and software integration through its proprietary apps, Prizor Pro and Prizor Eye.

Manufacturing & Infrastructure: The new Gandhinagar, Gujarat facility is equipped with SMT lines,
injection molding, and automated assembly, along with in-house PCB manufacturing for better quality
control and higher margins. With an annual capacity of 50 lakh cameras, the plant supports Make-in-India
compliance by reducing dependence on imports from China.

Distribution & Customer Base: The company has a strong dealer network of 6,100+ active partners across
17 states, with key presence in Maharashtra, Gujarat, Tamil Nadu, Delhi, J\&K, and Andaman & Nicobar. Its
diverse client base includes retail, B2B corporates, banks, schools, hospitals, and government contracts,
serving large clients such as HDFC Bank, Indian Oil, private universities, and healthcare institutions.

Industry Context: The global video surveillance market was valued at USD 32.9 bn in FY24 and is expected
to grow at a 13.3% CAGR through FY29. Growth is driven by a shift towards AI-powered, IP-based, and cloud
surveillance solutions, with rising adoption in India supported by Smart City projects, infrastructure
expansion, and regulatory mandates.

Outlook: Prizor aims to use its new manufacturing plant to cut costs and scale operations. Future growth
will be driven by AI-based product launches, expanding B2B sales, and a growing dealer network, with
management confident of sustaining 30–35%+ growth alongside steady profitability improvement.

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Protean eGov Technologies Ltd

Protean eGov Technologies has been working in India’s digital governance space for more than 30 years. It
has built more than 21 major national e-Governance platforms by working with different ministries and
departments. The company’s work includes PAN card issuance, tax infrastructure, pension systems,
Aadhaar-based services, and digital public platforms in areas like e-commerce (ONDC), health, agriculture,
and education. It is widely recognized as one of the pioneers of India’s Digital Public Infrastructure (DPI)
journey, handling critical national databases like tax and pension records.

Financial Performance: In Q1FY26, revenue from operations stood at INR 2,110 Mn, up by 7% YoY. EBITDA
grew by 31% YoY to INR 450 Mn, with margins expanded by 284 bps to 18.8%. PAT increased 13% YoY to
INR 240 Mn, with a margin of 10%.

Segment Performance

● Tax Services: Revenues grew 2% YoY to INR 1,000 Mn. Market share improved by 80 bps QoQ to
59% and by 500 bps YoY. During Q1, the company issued 10 Mn PAN cards, with 50%+ of these
being processed digitally. Growth in allied TIN services also contributed to revenues despite muted
PAN issuance volumes.
● Central Recordkeeping Agency (CRA): The CRA business remained the strongest contributor, with
revenues rising 16% YoY to INR 760 Mn. The company added 3.24 Mn new subscribers, maintaining
a 98% share of new additions, and on boarded 753 corporates, thereby reinforcing its 97% overall
market share in NPS and APY. Additionally, the UPS platform, launched in April 2025, saw 19,000
accounts onboarded in the quarter.
● Identity Services: Revenues from identity services declined 14% YoY to INR 240 Mn and remained
flat QoQ. While transaction volumes grew, revenue was pressured by slab-based pricing and
heightened competition in foundational identity services.

New Businesses and RFP-led Projects: Revenues from new businesses doubled YoY to INR 110 Mn,
supported by a growing order book of INR 3,000+ Mn across projects such as Bima Sugam, CERSAI CKYCRR
2.0, and identity-related platforms. The company also secured a strategic INR 1,000 Mn mandate from Bima
Sugam India Federation to build the digital insurance marketplace.

Order Book and Revenue Visibility: The company’s RFP-led order book stood at INR 3,000 Mn at the end of
Q1 FY26, providing strong revenue visibility. About 1/3rd of this order book is expected to be recognized as
revenue in FY26, with the remainder spilling over into FY27.

Landmark Contract Win with UIDAI: The company has secured a landmark contract valued at INR 13,700
Mn (inclusive of GST) from the UIDAI, the statutory authority for Aadhaar under the Ministry of Electronics
and IT. The mandate covers the establishment and operation of Aadhaar Seva Kendras (ASKs) across 188
districts in India, making it one of the most significant assignments in the company’s history. Revenue
recognition from this mandate will commence from Q3FY26, with full scale-up expected within 6 to 12
months of receiving the letter of award.

Outlook: On profitability, the company expects annual revenues in the range of INR 1,800–1,900 Mn from
UIDAI contract, which will be EBITDA-accretive with margins in line with its existing managed services
business. Management guided for margin improvement from Q3/Q4 onwards, supported by automation
benefits, operating leverage, and ramp-up of SaaS and product-led businesses. New solutions such as
eSignPro and RISE With Protean are expected to be margin-accretive.

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PTC India Ltd

PTC India Limited was set up in 1999 by the Government of India as a PPP to create a structured power
trading market in the country. It is backed by major public sector companies - Power Grid Corporation of
India (PGCIL), NTPC, PFC, and NHPC. It buys and sells electricity through both long-term contracts with
large power plants and short-term deals to manage supply-demand gaps. The company also plays a key
role in cross-border electricity trade with Nepal, Bhutan, and Bangladesh. On top of that, PTC is a co-
promoter of Hindustan Power Exchange (HPX), one of the newest electricity exchanges in India. In FY25,
it traded 82.75 Bn units of electricity, making it the largest player in India’s power trading market.

Financial Performance: On a standalone basis, its trading volume for the quarter rose to 23 BU, but its
total operational income fell to INR 1,110 Mn from INR 1,270 Mn last year. Operating margin from
power sales grew to INR 780 Mn, up 8% YoY, but PBT was almost flat at INR 1,410 Mn compared to INR
1,440 Mn last year. Net profit also stayed stable at INR 1,050 Mn against INR 1,060 Mn last year, with
earnings per share of INR 3.54. On a consolidated level, volumes grew 12% to 23 BU. PBT rose 42% to
INR 2,890 Mn, helped by better performance from its subsidiary PTC Financial Services. Net profit
jumped 61% to INR 2,430 Mn versus INR 1,510 Mn last year, and earnings per share improved to INR
6.59.

Operational Performance and Market Dynamics: While the national demand fell by 1.2%, PTC’s trading
volumes actually went up by 13% to 23 Bn units due to trading more electricity through exchanges and
cross-border arrangements.
Out of the total volumes, 60% came from short-term and exchange trades, and the rest 40% came from
long- and medium-term contracts. Margins were steady at 3.37 paise per unit. The company earns much
better margins on long-term deals (7.5 paise per unit) compared to short-term ones (0.8 paise per unit).
Trading income went up by 8% due to higher volumes and better margins.

Subsidiaries and Investments: The company confirmed that the disinvestment of PFS is “definitely not
cancelled” but timing will depend on board approval. The company also owns 22.5% of Hindustan Power
Exchange (HPX). The management is confident that upcoming reforms like market coupling will benefit
HPX as it allows more competition with the dominant IEX. They estimate that the day-ahead market pool
is worth about INR 2,400 Mn annually, and HPX currently has no share, so growth can only go upward. If
needed, PTC may reduce its stake below 5% to be able to trade on HPX, but no near-term action is
planned.

Cross-Border Trade: The company is active in cross-border electricity trade with Bhutan, Nepal, and
Bangladesh. Payments from Bangladesh are now coming on time. In Nepal, the company has started
both importing and exporting power depending on demand and supply. In Bhutan, PTC renewed
contracts for existing hydro projects and signed a deal to export up to 2,000 MW of power during winter
months.

Renewable Initiatives: On the renewable side, it invited bids for 500 MW of renewable capacity and got
a good response. It is also acting as a consultant for 1,000 MW of solar and hybrid projects. The
government’s decision to withdraw uniform renewable tariffs does not affect PTC directly, but if the
company gets a REIA assignment, it could benefit in the future.

Outlook: The company is growing volumes faster than the industry, improving margins through a
balanced mix of short-term and long-term trades, and strengthening its cross-border presence.
Regulatory changes like market coupling, MBED, and virtual PPAs could bring new opportunities for
growth. With a strong presence in renewables, stable cross-border payments, and improving receivables,
the company is on a steady path.

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Punjab National Bank

Punjab National Bank (PNB) is one of India’s largest public sector banks with a strong domestic presence
and international operations. The bank provides services across retail banking, corporate banking, MSME
lending, agriculture finance, international banking, and digital banking. PNB is recognized as a trusted
brand in Indian banking and operates with the motto “The name you can BANK upon.”

Financial Performance: In Q1FY26, PNB delivered steady growth in profitability. Net Interest Income up
to INR 1,05,780 Mn, up 1% YoY, while operating profit increased 7.6% YoY to INR 70,810 Mn. PBT grew
28.3% YoY to INR 67,580 Mn, and PAT was approximately INR 16,750 Mn. The operating margin (EBITDA-
equivalent) stood at 34–35%, and tangible book value per share was INR 92.64.

Business Performance:
As of June 2025, PNB’s global business reached INR 27.19 lakh crore, showing 11.6% growth compared
to last year. Global deposits stood at INR 15.89 lakh crore (+12.9% YoY), while global advances grew to
INR 11.29 lakh crore (+9.8% YoY). Retail, agriculture, and MSME (RAM) segments together contribute
over 56% of total advances, showing strong focus on priority and mass-market lending. Overseas
business also saw healthy traction with advances growing 14.8% YoY. The bank’s Credit-Deposit ratio was
71.1%, reflecting a balanced growth approach.

Asset Quality: :
PNB’s asset quality showed marked improvement in Q1 FY26, with a gross NPA ratio of 3.78%, down
from 11.3% in FY23, and a net NPA ratio of 0.38%, sharply lower than 1.98% in FY24. The PCR stood at
96.9%, reflecting strong provisioning buffers. Fresh slippages have declined consistently, and credit cost
has improved significantly to just 0.14% compared to prior years.

Capital & Shareholding:

The bank is well capitalized with a CRAR (Capital Adequacy Ratio) of 17.5% and CET-I ratio at 12.9% as of
June 2025. The government of India remains the majority shareholder, while retail and institutional
investors hold the balance.

Digital Transformation:
PNB has accelerated digital banking adoption with growth in mobile and internet banking users, UPI
transactions, and AI-driven customer services. CASA ratio has moderated to 37%, but the bank is pushing
digital channels to reduce cost of funds and attract younger customers.

Strategic Focus Areas:

PNB is focusing on expanding its RAM (Retail, Agriculture, MSME) book to drive inclusive growth, while
strengthening digital banking and financial inclusion initiatives such as Jan Dhan, PM Surya Ghar Yojana,
and Atal Pension Yojana. The bank aims to further reduce stressed assets to sustain profitability and
continue growing its international business through overseas branches.

Outlook:
PNB is focusing on retail and MSME lending to balance corporate credit risks. The bank maintains an
adequate capital position with a CRAR of 17.5% and provides guidance for continued growth while
sustaining stable margins around 35%.

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Puravankara s Ltd

Puravankara Ltd. is one of India’s leading real estate developers with a legacy of nearly five decades. The
company operates in multiple housing segments – luxury, premium affordable, plotted development, and
commercial assets. Over the years, Puravankara has delivered 92 projects spanning 54 msft of developed
area and currently has 23,950+ homes under development across 35.7 msft. It also holds a strong land
bank of 30.2 msft.The company operates across South and West India (Bengaluru, Chennai, Kochi,
Hyderabad, Mumbai, Pune, Goa, Mysore, Mangalore) and also has a presence in Colombo.

Financial Highlight :In Q1FY26, the company reported revenue of INR 5,390 Mn, down from INR 6,760 Mn
last year, mainly due to delayed handovers caused by e-Khata issues. Pre-sales grew 6% YoY to INR 11,240
Mn, with strong demand in Mumbai and Pune, while sales volume stood at 1.25 msft. Collections were INR
8,570 Mn compared to INR 910 Mn last year. EBITDA margin contracted to 15% (vs. 22% last year). The
company posted a net loss of INR 690 Mn versus a profit of INR 150 Mn in Q1FY25, largely due to revenue
recognition timing.

Business Segments -
● Residential Real Estate – Luxury apartments, affordable homes (Provident brand), and plotted
developments.
● Commercial & Office Spaces – Ongoing development of Grade-A commercial assets, targeting
steady annuity income.
● Redevelopment Projects – Growing focus in Mumbai with multiple society redevelopment projects
signed.

Geographical Presence & Sales Mix: In Q1FY26, Bengaluru remained the largest market contributing 50%
of sales. Mumbai and Pune saw strong growth, with their combined share rising to 24% from 15% last year.
Chennai accounted for 15% of sales, while Kochi contributed 8%.

Projects & Development Pipeline -

● Completed Projects: 92 projects delivered till date, covering 54 msft of developed space.
● Ongoing Projects (as of Q1FY26): The company has 35.7 Mn sq. ft. under development across
more than 23,950 housing units. Its portfolio is well-diversified, covering luxury projects under
Puravankara, affordable and mid-income housing through Provident Housing, and plotted
developments under Purva Land.
● Launch Pipeline FY26: The company plans to launch 12.3 msft in FY26, including 9.2 msft of new
projects and 3.1 msft of new phases, with key launches across Bengaluru, Mumbai, Pune, Chennai,
and Kochi.
● Redevelopment Portfolio (Mumbai focus): The company has signed four major society
redevelopment projects with a total developer share of 3.6 msft, carrying a potential GDV of over
INR 77,000 Mn, including a key Chembur project (3.8 acres, GDV INR 21,000 Mn).
● Land Acquisitions: Key projects include a JV in North Bengaluru (24.6 acres, 3.5 msft, GDV INR
33,000+ Mn), a redevelopment project in Chembur, Mumbai (3.8 acres, GDV INR 21,000 Mn), and
an East Bengaluru JDA at Balegere (5.5 acres, 0.85 msft, GDV INR 10,000+ Mn).

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QMS Medical Allied Services Ltd
QMS Medical Allied Services Ltd, incorporated in 2017, is engaged in the manufacturing, marketing, and
distribution of medical devices and healthcare products. The company serves clinics, pharmaceutical
companies, medical institutions, and individual users by offering products under its own brand Q Devices
as well as distributing well-known third-party brands such as 3M, Heine, and Rossmax. Alongside product
sales, the company also provides medical education services, positioning itself as both a brand owner and
a comprehensive distributor in the healthcare space.

Financial Performance: The company delivered its best-ever first quarter performance with revenues of
INR 465 Mn, up 53% YoY. EBITDA rose to INR 67.6 Mn from INR 49.5 Mn in the Q1FY25, while PAT
improved to INR 31.5 Mn versus INR 24 Mn in Q1FY25.

Revenue Mix: In Q1FY26, services (including Saarathi) contributed about INR 110 Mn, while product sales
made up the bulk of revenue at about INR 355 Mn. The Educamedics business, which earlier provided
training solutions, is currently on hold due to regulatory changes and is not being promoted.

Key Business Developments:

Q-Devices (Own Brand): It saw strong traction with INR 100 Mn revenue in Q1FY26 alone, already
exceeding its entire FY25 sales. The product portfolio includes over 100 items such as nebulizers,
orthopedic belts, and physiotherapy equipment. Cricket legend Kapil Dev has been brought in as brand
ambassador. Sales are mainly through B2B channels, though digital and e-Grameen/CSC platforms are
being used for B2C expansion. Digital sales remain small at around INR 2 Mn per month.

Saarathi Acquisition: QMS acquired a 51% stake in Saarathi, a pioneer in patient service programs working
with global pharma clients like Pfizer and MSD. Saarathi posted revenues of over INR 160 Mn in FY25 with
gross profits of about INR 45–50 Mn. In Q1FY26, it reported INR 46 Mn revenue and about INR 5 Mn
profit. Together, QMS and Saarathi have grown services revenue 1.5x in just 2 years. The remaining 49%
stake in Saarathi will be bought in phases by FY27 at valuations linked to its earnings.

e-Grameen Enrollment: The company is the only healthcare vendor on the government’s e-Grameen
portal, giving it access to a wide distribution channel for its products and services, especially in rural India.

Operations: The company serves 130+ institutional clients, including most of India’s top 50 pharma
companies, and has reach across 5,000+ pin codes. It employs over 250 people directly, supported by 900+
dieticians, 135+ lab technicians, and advanced diagnostic devices. One of its flagship programs is
“Humrahi,” run for Lupin, which has supported over one lakh patients and contributes about 6% of total
revenues.

Industry & Competition: The Indian pharma promotion market is estimated at INR 100,000–120,000 Mn.
It is fragmented and mostly unregulated, with many small players. Competitors in patient service programs
include Zyla, Kartavya, Portia, and some global firms like IQVIA (with limited India presence). QMS stands
out as one of the very few companies in this space with revenues above INR 1,000 Mn, whereas most
peers are below INR 400 Mn.

Outlook: The company is building a two-pronged growth engine scaling up its high-margin services
business through Saarathi and expanding its own branded Q-Devices product line. With strong institutional
relationships, unique access to rural markets via e-Grameen, and a favorable regulatory backdrop, the
company appears well-positioned for sustained growth. They are confident about delivering 50% growth in
services and at least INR 250 Mn in Q-Devices revenue in FY26.

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Quess Corp Ltd
Quess Corp Limited is India's largest integrated business services provider, operating across general
staffing, professional staffing, and overseas markets with over 4.6 lakh associates. With zero gross debt
and disciplined execution, Quess is well-positioned to capitalize on India's employment formalization
trends and the secular growth in Global Capability Centers.

Financial Performance
In Q1 FY26, revenue grew modestly to INR 36,510 Mn (+2% YoY, flat QoQ) while EBITDA improved 10%
YoY to INR 700 Mn with margins expanding 15 bps to 1.9%. Adjusted PAT stood at INR 530 Mn (+8% YoY, -
15% QoQ) after excluding INR 20 Mn demerger expenses, translating to adjusted EPS of INR 3.5 per share.
The company achieved zero gross debt position by quarter-end, demonstrating strong balance sheet
management despite elevated working capital requirements during the quarter.

Business Segment Performance

• General Staffing, contributing 85% of revenue, remained flat at INR 31,220 Mn with EBITDA growing
3% YoY to INR 460 Mn (margin expansion of 9 bps QoQ). The segment maintains 42,000 open
mandates primarily for upcoming festive/seasonal demand with 79 new contracts and 9,000+ new
associates added in Q1. Growth was led by manufacturing and BFSI sectors, while consumer, retail, and
telecom faced headwinds due to unseasonal rains and macro challenges. The collect & pay model ratio
increased to 76% with management targeting 75-80% range for operational efficiency.
• Professional Staffing delivered exceptional performance with revenue growing 31% YoY to INR 2,440
Mn and EBITDA surging 48% YoY to INR 250 Mn, achieving double-digit EBITDA margin of 10.2% for the
first time. The segment's success is driven by 73% revenue contribution from Global Capability Centers,
with 10 of 12 new logos being GCCs.

Strategic Initiatives & Innovation

Quess launched Origint powered by Quess, a GCC-as-a-Service business line providing end-to-end
solutions for global enterprises to establish and scale GCCs in India. This asset-light, cost-plus model
leverages Quess proprietary data and platforms for talent consulting, infrastructure setup, and ongoing
management. The company has made significant investments in AI-driven delivery for sourcing, screening,
and candidate engagement, improving operational efficiency and margins across professional staffing
operations.

Overseas Operations & Geographic Diversification

Overseas business generated INR 2,840 Mn revenue (flat YoY) with EBITDA growing 12% YoY to INR 170
Mn (5.9% margin). The segment added 32 new contracts and grew headcount 18% YoY to 5,599
associates. While Singapore continues facing visa-related regulatory headwinds, the Middle East emerged
as the largest EBITDA contributor (+48% YoY), with Malaysia (+100% YoY) and Philippines (+56% YoY)
showing robust growth. The company is focusing on multi-country deals rather than single-country
contracts to diversify risk and expand client base.

Outlook & Strategic Vision Management expects general staffing recovery to sustain with open mandates
and capacity ramp-up translating into headcount and revenue growth in Q2/Q3. Professional staffing is
positioned to maintain double-digit EBITDA margins and strong revenue growth, driven by GCC focus and
AI-enabled service delivery. The Origint GCC-as-a-Service initiative, while in early days, represents a major
strategic lever for future growth, leveraging Quess' core capabilities in an asset-light model. ONDC
integration is expected to drive new client and associate acquisition, particularly in MSME and rural
markets, expanding the company's addressable market significantly.

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Quest Laboratories Ltd

Quest Laboratories Ltd., incorporated in 1998, is a pharmaceutical manufacturer with expertise across
multiple therapeutic segments. The company produces a wide range of formulations including
antibiotics, antimalarials, anti-inflammatories, respiratory medicines, diabetes treatments, and more.
Its portfolio covers ethical, generic, and over-the-counter (OTC) drugs available in diverse dosage forms
such as tablets, liquids, oral powders, ORS, ointments, and external liquids. Quest also caters to
institutional supplies, domestic ethical products, PCD distribution, contract manufacturing, and exports,
with a strong focus on specialized formulations and molecules. Backed by 800+ licensed formulations,
272+ active products, and an export order book exceeding INR 250 Mn from Myanmar, the company is
well-positioned for consistent growth in both domestic and international markets.

Financial Highlights: Q1FY26 with revenue from operations at INR 231.9 Mn, up 52% YoY. EBITDA more
than doubled to INR 38.1 Mn ( up 114% YoY), with margins improving to 16.4% from 11.7% last year.
PAT up 178% YoY to INR 41.0 Mn, translating into a PAT margin of 17.7% versus 9.7% in Q1FY25. EPS
stood at INR 2.5 compared to INR 0.9 in the same quarter last year, reflecting strong profitability and
operating efficiency.

Manufacturing facility: The Company operates from its facility in Pithampur, Madhya Pradesh, which is
equipped with in-house formulation development, quality control (QC), and stability laboratories,
enabling robust product innovation and stringent quality standards.

Business Segments & Products -

● Tablets (64% of FY25 revenue): Largest contributor with 9+ million tablets produced daily.
● Syrups (9%): Capacity of 50,000+ bottles daily.
● Ointments & External Liquids (8–10%): Includes creams and liquid formulations.
● ORS & Dry Syrups (9%): Strong demand in institutional and export markets.
● New Verticals: Capsules (Q2FY26 launch; 1 million per day capacity) and Oncology Injectables
under development.

Geographic Presence: The Company has a strong domestic presence across 16 states and 2 union
territories, supported by a robust distribution network through the PCD model, government tenders,
and merchant exports. Internationally, it operates in markets such as Myanmar, Cambodia, Thailand,
Mali, Niger, Nigeria, Angola, Benin, and Togo. Recently, the company secured a INR 20 Mn order from
Angola, while ongoing registration of 20+ products in Myanmar is expected to generate an additional
INR 250 Mn in annual business, strengthening its global footprint.

Upcoming Products: Quest Laboratories Ltd. is expanding with a new capsule unit (10 lakh/day, INR
100–150 Mn annual revenue), an advanced injectable unit (2 lakh/day, INR 300 Mn annual revenue)
launching by March/April 2025, and a collagen segment set to roll out from April 1, 2025.

Outlook: The company expects FY26 growth to be led by capsule commercialization, progress in its
injectable facility, and expanding exports. International business, particularly from Africa and Myanmar,
is set to contribute a higher share of revenue in the coming quarters. EBITDA margins are projected to
improve towards 18–20% as new high-value segments scale up. The management remains confident of
sustaining 20%+ revenue CAGR alongside strengthening profitability.

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Radiowalla Network Ltd

Radiowalla Network Limited, a B2B company headquartered in Bangalore, India, specializes in providing
customer engagement solutions for the retail industry. The company's primary services are categorized
into two main areas: radio and digital solutions. Its core offerings include creating private radio channels
for retail brands and corporate entities , and providing a variety of advertisement solutions such as digital
signage and content management services. Radiowalla also offers Digital Out-of-Home (DOOH)
advertising and a programmatic advertising platform. The company operates in more than 1,400 cities
and towns in India and has an international presence in 12 countries across 4 continents. It serves over
650 brands and manages content for more than 800 screens and 30,000 retail stores.

Financial Performance: In FY 25, company’s consolidated revenue stood at INR 211.15 Mn. The
company's PBT stood at INR 15.95 Mn. PAT was INR 6.97 Mn compared to INR 15.73 Mn from previous
year.

Business Operations: Radiowalla operates in the space of customer engagement solutions for the retail
industry, providing both audio and digital signage services. The company currently serves over 30,000
retail stores and manages content for over 800 screens. With a music library of over 100,000 tracks,
Radiowalla creates more than 22,000 unique playlists daily. The company serves more than 650 brands
and has a presence in over 1,400 cities and towns in India, in addition to 12 countries across 4 continents.

Capital Expenditure and Funding: The company's capital expenditure for the new gear shaping project is
around INR 1,000 Mn. The company has already paid INR 300 Mn to INR 350 Mn as an advance for this
project, and the remaining amount will be funded through debt. The company is also planning to add
three more gas nitriding furnaces, which will cost approximately INR 120 Mn excluding the building cost.
The company is currently negotiating with financial institutions for debt and has so far given advances
with internal accruals.

Revenue Streams and Growth Drivers: The company's primary business segments—in-store radio, digital
signages, and advertising—all demonstrated growth. Revenue from in-store radio services increased by
31% year-over-year, while the digital signage services revenue was up 25% year-over-year. A key highlight
was the advertising segment, which saw a 94% year-over-year increase in revenue, making it a "star
performer" for the company. Radiowalla also has 15 large digital hoardings, with 12 in Gujarat and 3 in
Uttar Pradesh, a revenue stream that is scaling up as planned. The company's corporate radio service
revenue saw an 8% YoY increase.

Future Outlook: Radiowalla is optimistic about its future growth, with plans for continued expansion and
investment. The company projects strong growth in the in-store radio segment, driven by increased
volume and international expansion, particularly as Indian brands expand abroad. They aim to have over
5,000 screens under content management within the next 2-3 years, fueled by brands' increasing
investment in digital screens. International expansion plans include setting up a subsidiary in Dubai to
enter the Middle East market. In terms of technology, Radiowalla is investing in AI-generated music,
developing a music curation platform for smaller outlets, and revamping its backend infrastructure to
support future growth and target 100,000 stores.

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Rajesh Power Services Limited

Rajesh Power Services Ltd., originally established in 1971 as Rajesh Traders, has over 50 years of experience
in the power sector. The company provides turnkey EPC and OEM services in power transmission,
distribution, and renewable energy projects. It operates across Gujarat, Rajasthan, Madhya Pradesh,
Maharashtra, and other states, supported by a workforce of about 1,323 employees. In December 2024, it
got listed on the BSE SME platform, raising INR 1,604.7 Mn through its IPO.

Financial Highlight: In FY25, the company delivered a very strong performance with revenue from
operations rising to INR 10,720 Mn, a sharp jump of 288% from INR 2,850 Mn in FY24. EBITDA more than
tripled to INR 1,340 Mn, while PAT surged 235% to INR 870 Mn. EPS improved to INR 54 per share from INR
17 last year. Net worth grew 71% year-on-year, reflecting stronger financial strength. With an order book of
INR 36,280 Mn, the company has clear multi-year revenue visibility.

Business Verticals-

● EPC (Engineering, Procurement & Construction): The company specializes in underground power
cable networks (up to 220 KV), transmission lines, and GIS/AIS substations, along with solar plant
setup and integration. The company has a proven execution record across major cities like
Ahmedabad, Surat, Rajkot, and GIFT City.
● OEM (Operations, Engineering & Maintenance): The company also provides O\&M services for
substations, solar plants, and distribution systems. It undertakes city-focused contracts for
DISCOMs, helping reduce downtime and improve network reliability.
● Technology & Digital Arm (via 25.48% stake in HKRP Innovations): Rajesh Power is leveraging IoT
and cloud-based smart energy management solutions, including smart feeder systems, SCADA, and
GIS mapping. It already manages over 30,000 nodes and 10,000+ MW of capacity digitally.

Revenue Mix (FY25 Order Book): The company order book (May 2025) stands at INR 36,280 Mn, with 72%
(INR 25,990 Mn) from power distribution projects and 28% ( INR 10,290 Mn) from power transmission,
including L1 orders.

Client Base & Concentration -

● Key Clients: Torrent Power, Gujarat DISCOMs (UGVCL, PGVCL, DGVCL), GIFT City Authority, State
Transmission Utilities, and select private firms .
● Govt. Clients dominate (DISCOMs + utilities) → provides strong visibility but creates dependency on
state approvals/payments.
● Private Clients (corporates needing EHV power setups) balance the mix.
● Repeat Orders: Torrent Power, Gujarat govt. projects show high client stickiness.

Strategy & Growth Drivers: The company is expanding beyond EPC into smart infrastructure and clean
energy. Key focus areas include IoT-enabled grid management through its HKRP platform, developing green
hydrogen capabilities, and leveraging government programs like RDSS and power transmission spends. The
company is diversifying into end-to-end infrastructure and O\&M solutions for long-term growth.

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Rajratan Global Wire Limited

Rajratan Global Wire Ltd. is a leading manufacturer of bead wire, a critical component used in tyres to
keep them tightly fixed on the rim. It is one of the largest bead wire producers in Asia and supplies to
almost all major tyre makers. The company operates three modern plants: Pithampur in India with
72,000 TPA capacity (including 60,000 TPA bead wire), Thailand with 60,000 TPA (the only bead wire
producer in that country), and a new greenfield plant in Chennai with a total potential of 60,000 TPA
(Phase 1: 30,000 TPA already installed). Bead wire is a specialized product with high entry barriers, giving
Rajratan a strong competitive advantage.

Financial Performance: In Q1FY26, Revenue of INR 2,465 Mn, up 12% YoYr, supported by sales volume
growth of 8% to 28,634 MT. In India, sales stood at 16,961 MT, rising 6%, while Thailand operations
delivered 11,673 MT, up 11%. EBITDA came in at INR 309 Mn, up 5% YoY, with margins of 12.6%. Net
profit declined 11% YoY to INR 135 Mn due to higher depreciation and interest costs from the new
Chennai plant. EPS for the quarter stood at INR 2.66 compared to INR 3.00 last year.

Business Segments & Markets: Rajratan Global Wire core business is bead wire, a critical product used
in the tyre industry across passenger vehicles, trucks, buses, two-wheelers, and off-road tyres. In
Q1FY26, India contributed 64% of revenues, while Thailand accounted for 36%. The company supplies to
almost all leading tyre manufacturers, not just in India and Thailand but also across Europe, the US, and
other international markets.

Manufacturing & Expansion: Rajratan Pithampur plant mainly caters to North and West India, while its
Thailand unit is operating at around 80% utilization and helping the company stay competitive against
Chinese players. The new Chennai plant, located close to a port, is focused on South India and exports.
Phase 1 with 30,000 TPA capacity is already commissioned, with a target of 50% utilization in FY26. The
plant is also eligible for an 8% PLI scheme benefit, which will support margins, and is expected to break
even by Q3FY26.

Sales Volume Mix: Rajratan sold 1,12,805 MT in FY25, up from 89,284 MT in FY23. The India share
dropped from 67% in FY23 to 61% in FY25, while Thailand’s share rose from 33% to 39% in the same
period. Average realization declined to INR 89/kg in FY25 from INR 100/kg in FY23, reflecting pricing
pressure. On the revenue side, India contributed 63% in Q4 FY25 compared to 68% in FY23, while
Thailand’s share increased from 32% to 37%.

Global Sales Presence: The company has an international presence across the USA, Canada, the Czech
Republic, Italy, Finland, Turkey, Sri Lanka, Bangladesh, Vietnam, Malaysia, Indonesia, South Korea, the
Philippines, and Australia

Clientele: Key customers include MRF Ltd, Apollo Tyres, CEAT Ltd, and Bridgestone Tyres in India, and
also have clientele in Thailand, such as Sumitomo Rubber (Thailand) Co. Ltd and Yokohama Tire.

Outlook: Recovery in auto demand across India and Southeast Asia is expected to boost Rajratan
volumes. The new Chennai plant will help expand exports to the US and Europe while cutting freight
costs. The company is also focusing on value-added bead wire for premium tyres, which should improve
margins. Management is targeting higher volumes, better realizations, and stronger profitability in the
coming quarters. With a total capacity of about 1,92,000 TPA across its three plants, Rajratan has clear
long-term growth visibility.

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Rashi Peripherals Ltd

Rashi Peripherals Limited is a leading ICT distribution company in India, strategically positioned to
capitalize on the country's digital transformation. With an extensive distribution network penetrating Tier
2/3/4 cities, RPL serves as a vital bridge connecting global technology brands with India's expanding
hinterlands. The company has established market leadership in PC distribution, backed by industry
recognition including VAR India's Most Promising Partner and DT Best National Distributor awards.

Financial Performance
In Q1 FY26, revenue declined to INR 31,521 Mn (down 26% YoY) primarily due to the absence of a large
NMDC Yotta project worth INR 15,000 Mn executed in the previous year. Excluding this one-time impact,
core business demonstrated healthy growth of 11.4% YoY. EBITDA surged 23% to INR 1,114 Mn with
margins expanding 140 bps to 3.5%, driven by improved sales mix, operational efficiencies, and favorable
exchange rates. PAT grew 12.1% to INR 617 Mn with margins improving 70 bps to 2.0%. Management
cautioned that current margins exceed long-term sustainable guidance of 2.5-2.8% due to absence of low-
margin large deals.

Business Mix & Revenue Diversification

RPL operates through two primary segments: PES contributing 57% of revenue and LIT (Lifestyle, IT) at
43%. Geographically, metros generate 62% of revenue while non-metro markets contribute the
remainder. The company has strategically diversified into high-growth verticals including surveillance
solutions launched ~1 year ago, operating at 50% potential capacity with annualized revenue in triple
digits, embedded systems (30-38% YoY growth driven by automobile demand), and AI-enabled device
distribution across multiple brands.

Strategic Initiatives & Market Innovation

RPL has established first-mover advantage in quick commerce distribution, delivering bulky items like
printers and laptops within 15-20 minutes across ~10 brand partnerships, with expectations to "more than
double" this business in FY26. The company added four strategic brand partnerships in Q1: MSI (Gaming
Laptops), Norden (Networking), Riello (Power Solutions), and ALOGIC (Accessories), strengthening
portfolio completeness. Channel and organized retail segments show strong growth while online business
has been consciously de-emphasized due to lower returns.

Balance Sheet & Risk Management

RPL maintains gross and net debt of approximately INR 11,900 Mn as of June 30, 2025, with contingent
liabilities of INR 4000 Mn. The company demonstrated disciplined capital allocation by exiting its 51%
stake in unprofitable cloud subsidiary ZNet Technologies after 4-5 years. Interest costs have increased due
to higher working capital investments, though collections normalized post-Diwali season.

Growth Outlook & Strategic Vision

Management aspires to achieve 2x market growth with the Indian PC market projected to grow 6-9% in
CY2025, positioning RPL for double-digit revenue growth. The company expects H2 acceleration (12-14%
vs. 6% in H1) driven by Windows 10 end-of-support in October 2025, though upgrade adoption is
expected to be gradual. RPL maintains cautious optimism on large deals, prioritizing margins and ROCE
over top-line growth amid intensified competition, while focusing on surveillance expansion, embedded
growth, and quick commerce scaling.

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Rategain Travel Technologies Ltd

Overview : RateGain Travel Technologies Limited is India's largest SaaS company in the hospitality and
travel industry, helping businesses improve guest acquisition through AI-powered solutions. Founded in
2005 and headquartered in Delhi, the company operates an integrated technology platform serving the
travel and hospitality sector across three core business units: DaaS (Data as a Service), Distribution, and
MarTech. RateGain serves an impressive client base including 16 Global Fortune 500 companies, 26 of the
top 30 hotel chains, 25 of the top 30 OTAs, 7 of the top 10 car rentals, and 3 of the top 4 airlines. The
company has expanded through strategic acquisitions including DHISCO (2018), BCV Social (2019),
MyHotelShop (2021), and Adara (2023) to enhance its capabilities across the travel ecosystem.

Financial Performance: In Q1 FY26, RateGain delivered steady consolidated results with operating
revenue reaching INR 2,729.2 Mn compared to INR 2,600.1 Mn in Q1 FY25, representing 5.0% year-on-
year growth. EBITDA was INR 496.7 Mn with an 18.2% margin, compared to INR 497.7 Mn and 19.1%
margin in Q1 FY25. Profit after tax (PAT) reached INR 469.3 Mn compared to INR 453.8 Mn in Q1 FY25,
showing 3.4% growth with a PAT margin of 17.2%. The company maintained healthy operating margins
despite annual wage increments and continued GTM investments. Total expenses were INR 2,232.5 Mn,
with employee expenses at INR 1,091.5 Mn and other expenses at INR 1,141.0 Mn.

Business Segments and Performance: The DaaS segment experienced a decline of 3.1% year-on-year,
primarily due to strategic migration from Adara DaaS to Adara MarTech. However, organic RateGain DaaS
(excluding Adara) grew 5.9% with strong traction in airlines, car rentals, and OTA segments. The
Distribution segment showed strong momentum with new contract wins equivalent to over 65% of the
entire previous year's wins. MarTech delivered robust 16.5% year-on-year growth, driven by strong Adara
performance with renewals growing 41% compared to Q1 FY25. Revenue mix composition shows 50.9%
from subscription models, 31.6% from hybrid models, and 17.5% from transaction-based services.

Technology Innovation and AI Integration: RateGain has positioned itself as an AI-first organization with
significant product innovations launched in Q1 FY26. Key developments include VIVA, an AI voice agent
for instant hotel reservations available 24/7 in 18 languages; RG Connectivity Insights providing real-time
distribution health analysis used by 33+ partners; and Smart ARI engine that helped partners reduce ARI
traffic by 45% without impacting bookings. The company also introduced REMO, RateGain's first AI
employee for HR support, and trained over 300 employees on AI concepts and applications across
engineering, sales, and marketing functions.

Growth Drivers: Record new contract wins of INR 816.8 Mn in Q1 FY26, growing 37.7% year-on-year and
reaching a 6-quarter high
•Strong pipeline of INR 5,123 Mn with fresh additions of INR 411.1 Mn in the quarter
•Expanded GTM team in APAC from 15 to 55 professionals, driving 23.2% revenue growth in the region
•Strategic leadership appointments across Distribution, UNO, and RevAI business units
•AI-powered product portfolio driving operational efficiencies and new revenue opportunities
•Healthy customer metrics with 90.1% gross revenue retention and 14.5x LTV to CAC ratio

Future Outlook: Management remains confident about sustainable long-term growth driven by continued
investments in go-to-market acceleration and AI-powered product innovation. The company maintains
guidance of 6-8% revenue growth and 15-17% EBITDA margins for FY26, with aspirations to achieve
double-digit organic growth and reach 20% growth trajectory in subsequent years. RateGain is well-
positioned to capitalize on the projected 3-10% growth across key travel verticals including hotels, OTAs,
and airlines. The integrated technology platform strategy aims to enable participation in booking fees
across all channels, targeting a significant share of the $500-700 billion travel booking ecosystem.
Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Rathi Steel & Power Ltd

Rathi Steel & Power Ltd, with roots tracing back to the 1940s and incorporated as Rathi Udyog Limited in
1971, stands as a technology-forward integrated steel manufacturer with a legacy of innovation in India's
steel industry. Operating from a modern 12.5-acre facility in Ghaziabad and an integrated steel plant with
captive power in Odisha, RSPL has evolved into Rathi 2.0 following comprehensive modernization and
strategic repositioning. The company specializes in stainless steel billets, long products primarily wire rods,
and TMT bars, with pioneering initiatives in stainless steel rebars positioned for pan-India rollout across
project and retail segments.

Financial Performance & Operational Recovery

In FY25, revenue remained stable at INR 5,031.5 Mn (vs. INR 4,931.9 Mn YoY) while EBITDA improved to
INR 2,20.3 Mn (4.38% margin, +9 bps YoY) driven by operational and energy efficiency measures. Q4FY25
demonstrated strong momentum with revenue growing 26% YoY to INR 1,495 Mn and EBITDA surging to
INR 790 Mn (5.28% margin, +194 bps YoY) reflecting the impact of plant modernization and efficiency
initiatives. PAT for FY25 stood at INR 1,39.5 Mn (2.77% margin) with EPS of INR 1.62, excluding
exceptional items that had inflated previous year comparisons. Sales volumes reached ~54,000 tons in
FY25 with average stainless steel realizations at INR 90-91/kg, indicating strong pricing power in premium
segments.

Strategic Asset Utilization & Capacity Expansion

RSPL has strategically recommenced its TMT bar mill after several years of idleness, targeting optimal
asset utilization within its total rolling capacity of 200,000 TPA. The TMT unit's 100,000 TPA capacity is
ramping up from initial 25-30% utilization toward 60-70% over FY26-FY27, expected to contribute ~INR
150 crore revenue at 30-35% utilization in FY26. The steel melting shop (90,000 TPA capacity) operates at
~60% utilization with plans to reach 80%, while comprehensive plant modernization completed in April
2025 has yielded better operational efficiency and energy cost savings through innovative billet charging
facilities for stainless steel wire rod production.

Product Innovation & Market Positioning

RSPL has secured BIS licenses for both stainless steel rebars (8mm to 32mm) and mild steel TMT bars,
enabling pan-India presence and access to large North Indian markets. The company is pioneering
stainless steel rebars in India's retail space, targeting both project-based applications (especially
coastal/over-water construction) and retail segments. Current product mix shows >95% revenue from
stainless steel long products, with TMT bars expected to provide significant diversification and brand
visibility enhancement going forward.
Market Strategy & Geographic Expansion RSPL's immediate TMT market focus centers on NCR and
retail/realty segments, with planned expansion into infrastructure projects including NHAI contracts. The
stainless steel rebars initiative targets both project-based and retail segments nationally, leveraging
regulatory approvals and unique product positioning.

Growth Outlook & Strategic Vision Management positions RSPL as well positioned as Rathi 2.0 for
sustainable growth with clear strategic priorities: maximizing asset utilization, product diversification
through stainless steel rebars, operational efficiency optimization, and TMT brand rebuilding. The
company targets steel melting shop utilization improvement from 60% to 80% and rolling mill utilization
from 25% to 60-70% over the next two years, creating significant operating leverage potential.
Professional management structure with promoter family strategic involvement ensures execution focus
while maintaining entrepreneurial agility.

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Raymond Lifestyle Limited

Q1 FY26 Performance Highlights

Raymond Lifestyle posted its highest-ever Q1 total income of INR 14,750 million (+18% YoY),
driven by strong volume growth in Branded Textile and Branded Apparel. EBITDA rose to INR
1,220 million (+36% YoY), with margin expansion to 8.2% (from 7% a year ago) supported by
operating leverage, improved product mix and higher volumes.
Branded Textile: Revenue INR 7,160 million (+27% YoY); EBITDA INR 1,030 million, margin
14.3% (vs 9.6% YoY), aided by robust wedding-season demand, higher consumer awareness and
new launches.
Branded Apparel: Revenue INR 3,700 million (+22% YoY); EBITDA INR 190 million, margin 5%,
with higher marketing spend improving visibility.
Garmenting: Revenue INR 1,970 million (down from INR 2,520 million YoY); EBITDA loss INR 80
million (margin –3.9%) due to US tariff uncertainty, shipment delays and scale de-leverage.

Operational Developments
Product & Brand Initiatives
The company continued its premiumization strategy with major launches under the
“Chairman’s Collection” and “FX” lines using Giza and Supima cottons and premium wool-rich
blends (Super 120’s, 140’s). It introduced “Lenella” and all-wool jacketing under the Exotic
Collection, “Urban Flare Super 100”, “Aldano Super 90”, and “Linear Legacy”, an AI-inspired
high-fashion line. Casualization trends were addressed with new blends (silk linen, cotton linen)
and technical features like wrinkle-free and stain-free fabrics. Ethnix by Raymond now has 140
stores (net reduction of 12 in Q1—6 opened and 18 closed). The company is launching “Smart
Ethnix”, a fusion line with contemporary designs, and emphasised that store closures are data-
driven and not region-specific.

Forward Guidance & Strategic Outlook

Management expects FY26 margins to be significantly better than Q1, supported by operating
leverage as seasonal revenue rises in Q2–Q4. Branded Textile margins are guided at ~20% for
the year, while apparel margins should improve as store investments mature. Garmenting
margins, targeted at 7–9%, remain volume-dependent. The US tariff overhang is the main near-
term risk for exports, but management views current US actions as negotiation tactics and
expects eventual resolution. The UK, which represents about 15% of export garmenting
revenue, and other markets such as Europe and Japan, will be key growth areas following the
India-UK FTA. Ethnix is expected to break even in 4–5 years as management pursues
sustainable, profitable growth amid intense competition from local boutique brands.
Management sees consumer sentiment as “improvement but not great” and intends to rely on
internal levers such as product innovation, channel optimisation and aggressive shelf-space
recovery to drive market share gains.

Key Risks & Challenges

US tariff uncertainty continues to affect order visibility and shipment schedules in the
garmenting segment. Demand volatility remains a concern as discretionary spending is subdued
even though wedding-related demand has improved. Competition in both Ethnix and branded
apparel is intensifying, requiring sustained innovation and brand investment.

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Raymond Limited
Financial Performance – Q1 FY26
Consolidated Results:
Total Income: INR 5,550 million (vs INR 5,000 million YoY)
EBITDA: INR 870 million (vs INR 950 million YoY)
EBITDA Margin: 15.7% (down from 18.9% YoY)
Management attributed the softer margin to quarterly mix changes but noted “enhanced operational
execution, business integration synergies and volume-led leverage.”

Operational & Strategic Highlights

Aerospace:
New partnerships include a MoU with Safran Aircraft Engines (signed at the Paris Air Show) to expand
manufacturing of machine assemblies and a long-term supply agreement with Pratt & Whitney for
precision aerospace components. Contract tenures range from 5–10 years, aligned with OEM ramp-ups
through 2035+. Over 70% of aerospace revenue comes from engine components, with a focus on complex
materials like Inconel, titanium and aluminum. Investments continue in automation and metrology to
enable close-tolerance machining.
Auto Components & Precision Engineering:
The business is benefitting from China Plus One sourcing trends. About 15% of auto business is now derived
from hybrid vehicles, with a strong pipeline for EV parts, especially in three-wheeler transmission systems
for India and hybrid components for Europe. Tools & hardware operations are expanding into new
geographies and sectors (e.g., medical and jewellery files). The domestic brand “Three Files” has been
launched to strengthen the product mix. Synergies are being realized through cross-selling, procurement
and logistics optimisation and common vendor codes for faster market entry.

Margin & Profitability Guidance

Aerospace: Q1 EBITDA margin at 23.7%, guided at ~25% for FY26. Management expects only “minor
quarterly adjustments.”
Auto Components: Current EBITDA margin at 10.6%; management targets sustained double-digit margins
as the portfolio is optimised over the next couple of years.
Tools & Hardware: Margins currently 10–11%, with a medium-term target of mid-teens through value-
added products and process improvements.
ROCE/ROE are temporarily suppressed due to fair-value accounting from the Maini acquisition, but
normalized operational ROCE is expected to return to 20%+ as scale and utilisation improve.

Capex, Expansion & Future Guidance

Management aims to double aerospace business scale in the next 3–4 years. Land has been acquired in
Andhra Pradesh for future aerospace expansion, with project timelines of 18–24 months post-initiation.
Additional capacity increases are planned at the Sinnar plant for flex plates and bearings. The company is
working to localize aerospace raw materials (Inconel, titanium) within five years, which is expected to be
margin-accretive.

Conclusion
Raymond Limited’s engineering reorganisation, strong aerospace momentum and focus on value-added,
high-margin segments position it for multi-year growth despite near-term export and tariff headwinds.
Management is prioritising growth capex, synergy realisation and margin expansion, while leveraging
technical capabilities and cross-vertical synergies to unlock opportunities in defence and high-value
engineering. The company maintains a robust net cash balance sheet and remains focused on prudent
capital allocation and long-term value creation.

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Raymond Realty Limited

Business Model & Strategic Direction

RRL is moving fully to an asset-light Joint Development Agreement (JDA) model and will not
deploy capital on self-owned land going forward. The current JDA pipeline stands at about ₹140
bn in gross development value (GDV), of which RRL’s share is about ₹115 bn to be delivered over
the next five to six years. Management targets annual JDA signings worth INR 60–100 bn GDV.
The geographic focus is limited to the Mumbai Metropolitan Region (MMR) and Pune.

Financial Performance
Revenue
FY25 revenue: ~INR 23,000 mn (investor presentation basis).
FY26 guidance: 20% YoY growth on FY25 base; on track.
Q1 FY26 revenue: ~ INR 4,000 mn (vs ~ INR 5,000 mn in Q1 FY25); decline due to low inventory,
not weak demand.

Margins & Returns

EBITDA Margin: Guidance ~20%. Q1 dip due to launch expenses and project maturity cycle.
Blended Margins (Thane + JDAs): Expected ~20% steady-state.
ROCE: Delivered 26% cumulative to date; guidance for >20% going forward.
All new JDAs targeted at 20–25% IRR.

Market & Industry Environment

Demand remains robust in MMR and Thane, both identified as high-growth corridors. Prices in
Thane and Bandra have increased by 6–7% over the past year, and management expects a similar
trajectory without “crazy” price hikes. Q1 and Q2 are seasonally lean due to monsoon and
vacations, while H2 typically benefits from the festive season and new launches. A recent
Supreme Court clarification on environmental clearance has restored the status quo with state
governments handling approvals; this has no impact—positive or negative—on RRL’s projects.

Risks & Outlook

Key risks include execution delays, though management remains confident, citing one of the
shortest times to market in the industry. Q1 and Q2 results were affected by low inventory, but
the strong launch pipeline in Q3 and Q4 is expected to restore momentum. Some seasonality in
revenue will persist but should moderate as the project base expands. No pending litigation exists
on Thane land or JDA projects.

Conclusion
Raymond Realty, post-demerger, is focused on scaling through an asset-light JDA model in MMR
and Pune. Management targets 20% year-on-year growth and around 20% margins while
maintaining ROCE above 20%. With a strong H2 FY26 launch pipeline and disciplined execution,
the company is well placed for a potential market re-rating as it proves its growth and profitability
over the coming quarters.

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RBM Infracom Ltd

RBM Infracon Limited is engaged in infrastructure development, EPC (Engineering, Procurement, and
Construction) projects, and oil & gas operations. The company has expanded its portfolio into both
upstream and downstream segments of the energy industry while also pursuing opportunities in
emerging clean energy solutions. Its subsidiaries — RBM Green Energy Pvt. Ltd. and RBM Solar Solutions
Pvt. Ltd. — reflect its intent to diversify into green hydrogen and solar energy.

Financial Performance: For FY 24–25, total revenue stood at INR 3,271.45 Mn, more than doubling from
INR 1297.27 Mn in FY 23–24. PBT rose to INR 400.56 Mn from INR 159.92 Mn , and PAT increased to INR
294.69 Mn from INR 110.94 Mn. In Q3 FY25 alone, the company reported INR 651.9 Mn revenue,
marking a 95% YoY growth, with EBITDA of INR 98.6 Mn and PAT of INR 67.0 Mn.

Order Book and Projects: At the end of Q3 FY 25, the company’s order book stood at INR 47,277.8 Mn, a
242% growth over the previous year. Key projects include EPC work for ONGC’s production enhancement
contract, which has a tenure of 15 years, and large-scale infrastructure projects such as the Epitome
project (INR 9,580 Mn), where execution is underway. While there were some delays due to client-side
design changes, management remains confident of realizing revenues over the next 2–2.5 years.
Product and service portfolio:

● Infrastructure & Construction - Civil works, roads, and large-scale structural projects and EPC
contracts across industrial and commercial sectors.
● Oil & Gas Operations - Upstream and downstream services, Production Enhancement Contract
(PEC) with ONGC (15-year tenure) and material handling and EPC works for oil & gas fields.
● Allied Businesses - Cement, ready-mix concrete (RMC), and building materials and steel
processing, special steels, and alloy products.
● Renewable & Clean Energy - Through RBM Green Energy Pvt. Ltd. – green hydrogen initiatives
and through RBM Solar Solutions Pvt. Ltd. – solar power projects.

Guidance and Outlook:

● FY25 Outlook - Earlier guidance of INR 3,500–3,750 Mn revenue was revised to INR 3,000–3,250
Mn due to client-side delays. PAT margins are expected to remain in the 9–10% range, supported
by disciplined project execution.
● FY26 Guidance - Management has set a target of INR 6,500–7,000 Mn, nearly doubling from FY25
levels. PAT is expected to be in the range of INR 600–700 Mn. Contribution from the ONGC
Production Enhancement Contract (15-year tenure) will begin in FY26, expected to generate INR
400–500 Mn revenue in the first year, with steady ramp-up in subsequent years.
● Long-Term Outlook - RBM has a robust order book of INR 47,278 Mn as of Q3 FY 25, a 242% YoY
growth, ensuring strong revenue visibility for the next 2–3 years. Management is balancing its
portfolio between: Long-duration oil & gas contracts (e.g., ONGC PECs), Large EPC infrastructure
projects, Green hydrogen, solar, and sustainable construction materials.

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Regaal Resources Ltd
Regaal Resources Limited is a leading maize-based specialty products manufacturer operating an 825 TPD
facility in Kishanganj, Bihar, strategically positioned in India's maize cultivation belt with proximity to one
of the country's largest maize markets and export corridors. Founded in 2016 with production
commencing in 2018, the company has emerged as one of India's fastest-growing maize processors,
scaling capacity from 180 TPD to 825 TPD and achieving revenue CAGR of 36.9% from FY23 to FY25..
Regaal operates as the 2nd largest maize milling plant in Eastern India with diversified product portfolio
spanning native starch, modified starches, value-added products, and co-products across multiple end-use
industries.

Financial Performance & Growth Trajectory

In Q1 FY26, operating income grew 26.5% YoY to INR 2,465.7 mn while value-add stood at INR 618.1 mn
(25.1% margin), reflecting a 400 bps YoY decline primarily due to elevated maize procurement costs from
March 2025 purchases. Operating EBITDA reached INR 244.7 mn (9.9% margin, +2.2% YoY) with PAT of
INR 90.7 mn (3.7% margin, -1.2% YoY), yielding diluted EPS of INR 1.09.

Strategic Location & Operational Infrastructure

Regaal's 54.03-acre manufacturing facility in Kishanganj, Bihar, benefits from strategic proximity to India's
top 3 maize-producing states (Bihar contributing 11.6% of national production), with the facility located
110 km from Gulabbagh mandi (one of India's largest maize markets) ensuring competitive raw material
procurement. The integrated facility houses a 7.1 MW coal and husk-based co-generation power plant
meeting 88.26% of power requirements in FY25, supported by 65,000 MT maize storage capacity (40,000
MT silos + 25,000 MT warehouses) and Zero Liquid Discharge (ZLD) systems. The company maintains
strong supply chain control through 36-member procurement team led by experienced professionals and
direct farmer linkages via the Regaal Kisan Maitri Programme.

Diversified Product Portfolio & Market Positioning Regaal's product mix in Q1 FY26 comprised native
maize starch (57.2% of revenue), co-products (21.4%), value-added products (1.4%), modified starch
(0.5%), and others (19.5%). The company serves diverse end-use industries including food & beverages,
pharmaceuticals, paper, textiles, adhesives, animal nutrition, and industrial applications. Customer base
expanded to 186 in Q1 FY26 with 36 new customer additions, demonstrating consistent market
penetration across paper, food processing, and animal nutrition sectors. Distribution strategy shows
growing dealer channel contribution at 60.61% in Q1 FY26 (vs. 47.8% in FY25), reinforcing distribution
strength and market reach.

Capacity Expansion & Future Growth Strategy The company targets doubling crushing capacity to 1,650
TPD by Q4 FY26 end, positioning among larger integrated maize wet milling players with total project
outlay of approximately INR 4,300 mn (INR 1,800 mn already invested as of June 2025). Power capacity
will expand to 14.8 MW from current 7.1 MW, supporting enhanced operational scale. Product expansion
includes derivative products launch (Maltodextrin and Liquid Glucose in Q4 FY26, DAH and DMH in early
Q2 FY27) and modified starch portfolio enhancement with high-value variants including cationic starch,
carboxymethyl starch, and Pregel starch targeting margin accretion and sustainable growth.

Strategic Outlook & Vision Management remains optimistic about H2 FY26 supported by stabilizing raw
material costs, healthy end-user demand, and improving maize availability. Focus areas include achieving
targeted capacity utilization, successful derivative product launches, geographic market expansion, and
margin enhancement through product mix optimization. The company's strategic positioning in Bihar's
maize belt, integrated operations, diversified product portfolio, and strong export capabilities provide
sustainable competitive advantages for long-term growth in India's evolving specialty chemicals and food
processing landscape.

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Remus Pharmaceuticals Ltd

Remus Pharmaceuticals Ltd operates on an asset-light model focused on the branding, marketing and
distribution of complex, specialty and niche off-patent formulations. It is present in over 40 semi-
regulated markets across Latin America, South-East Asia, the Middle East, CIS and Africa, and has
subsidiaries in Bolivia and Guatemala. The company has a broad portfolio of more than 620 approved
products and about 745 ready-to-file dossiers covering key therapies such as oncology, cardiology,
dermatology and diabetes. In 2024 it entered the US market by acquiring Espee Global Holdings LLC, one
of the world’s largest RLD distributors, supplying REMS, specialty, orphan and biosimilar drugs to more
than 300 customers in over 30 countries through an FDA-approved facility.

Business Segments
B2B (96% of FY25 revenue) – Provides end-to-end regulatory and commercial solutions for global
partners, enabling fast-track entry into semi-regulated and emerging markets. B2B revenue grew to
₹6,204 million in FY25 from ₹2,129 million in FY24.
B2C – “Relius” Brand (4% of FY25 revenue) – Operates through direct-to-consumer and pharmacy
channels in Bolivia and Guatemala, building brand equity and capturing higher per-unit margins.
Revenue rose to ₹222 million in FY25 from ₹204 million in FY24.

Strategic Highlights
Remus has over 30 regulatory specialists submitting more than 50 dossiers each month, with a strong
track record in bioequivalence and clinical studies. It enjoys a first-mover advantage by targeting
recently off-patent products with high margins and long market potential. The company works with
more than 30 globally accredited manufacturing partners and plans to launch over 200 B2C products and
file more than 2,000 new product dossiers, while expanding into Bosnia, Ethiopia, Algeria, Kosovo,
Mexico and Tanzania.

Key Strengths
The company offers a comprehensive global footprint across LATAM, Africa, South-East Asia, the Middle
East, CIS and Eastern Europe. It benefits from a robust sourcing network and flexible manufacturing
partnerships that give strong supply-chain agility. Trademarking of its own brands helps build regional
presence, and its high-ROE model combines operational efficiency with disciplined capital allocation.

Industry Context
The global pharmaceutical market was valued at USD 1,511 billion in FY2025 and is projected to reach
USD 1,673 billion by FY2027, a CAGR of about 5.4%. India’s pharmaceutical exports stood at USD 27.8
billion in FY24, accounting for roughly 20% of global generic drug exports, with emerging markets such
as Latin America and ASEAN showing double-digit growth.

Outlook & Strategy

Remus plans to continue expanding its B2C “Relius” brand through strong direct-to-consumer and
pharmacy networks, increase its presence in developed markets via both organic growth and
acquisitions, and accelerate product registrations and new market entries. The company intends to
maintain its asset-light, high-ROE structure while scaling operations for sustained growth.

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RITES Ltd

RITES Ltd, a government-owned engineering consultancy company, operates with a diversified presence
across consultancy, turnkey, quality assurance, leasing, and export services. With a strong order book,
consistent dividend payouts, and an asset-light model, RITES continues to position itself as a leading
railway consultancy player in India while actively expanding its global footprint.

Operational Overview & Order Book:

As of Q1 FY26, the order book stood at ~INR 88,000 Mn, of which INR 35,000 Mn (~40%) was added in the
last two quarters of FY25 across 300+ orders. Revenue contribution expected to scale meaningfully from
H2 FY26. Orders remain well-diversified across 13 verticals, mitigating sectoral concentration risks.

Segmental Performance & Revenue Mix:

• Consultancy services registered 7% YoY growth in Q1 FY26, which supported an 8% EBITDA uptick
driven by high-margin design and engineering orders. While consultancy margins were historically in
the 40–45% range, management now expects them to stabilize at 30–35% due to competitive bidding
and lower quality assurance contribution. The quality assurance segment showed sequential recovery,
with management stating that “the worst is over,” and stronger inflows are expected from non-Indian
Railways clients.
• The turnkey order book stood at INR 42,090 Mn, with most projects still in the design and agency
finalization stage, and execution timelines averaging 2.5–3 years. Revenue recognition from turnkey is
expected to commence from Q3/Q4 FY26. Management highlighted that turnkey will not fall below
30% of annual revenue but clarified that these are cost-plus PMC-type mandates rather than pure EPC
contracts.
• Exports remain an important growth driver, with key projects including Mozambique locomotives (10
ordered, 2 delivered in Q2 FY26), Bangladesh coaches (prototype delivery by Q4 FY26), and South
Africa Cape Gauge locomotives (prototype expected by FY26-end). However, the INR 700 crore
Zimbabwe order remains at risk due to unresolved funding closure and has not been factored into the
order book. Export margins are moderating to “double digits but not above 20%,” compared to earlier
levels of 20–25%. Leasing continues to contribute to the high-margin mix, helping sustain margin
guidance.

Financials & Guidance:

The company reported a flat topline in Q1 FY26, though margin improvement was visible due to
consultancy-led mix. EBITDA and PAT margins were above guided levels, with management reiterating its
annual guidance of ~20% EBITDA margin and ~15% PAT margin. Revenue for FY26 is expected to surpass
FY25 substantially as execution ramps up. RITES remains debt-free with a cash balance of INR 8,000 Mn
and INR 24,000 Mn in client funds. Maintaining its high-payout policy, the company declared a Q1 interim
dividend of INR 1.3/share and reaffirmed a ~95% payout ratio on a quarterly basis.

Subsidiaries, JVs & New Initiatives:

REMCL (Railway Energy Management Company Ltd.) currently delivers INR 1,300–1,400 Mn annual
revenue with scalability from expanding state-level open access traction procurement and green energy
consultancy. SRBWIPL, the wagon JV with SAIL, turned profitable in FY25, with an order book of INR 4,800
Mn as of June 30 and RDSO approval for container flat wagons. Internationally, multiple MOUs (including
with Etihad Rail) are building a pipeline of consultancy orders, while the DNV partnership is strengthening
the quality assurance portfolio.

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Route Mobile Ltd
Route Mobile Limited is a leading global CPaaS provider, offering scalable and flexible omnichannel
communication solutions to enterprises across industries. The company has built strong global
connectivity with 280+ direct MNO connections and overall access to 900+ operators through its “Super
Network.” It serves over 2,100 active billable clients across 20+ countries and operates with robust
infrastructure including 20+ data centers and 6 SMSCs worldwide.

Financial Performance:
Reported overall revenue of INR 10,508 Mn down 5.8% YoY/ down 10.6% QoQ. Decline in volumes from
CPaaS aggregators, impacted performance Y-o-Y and Q-o-Q. A gross Profit margin of 21.4% in Q1FY26
against 19.2% in Q4FY25. Gross Profit Margin expansion, despite revenue decline Q-o-Q and routing
synergies, reflects the focus on retention of higher margin traffic. Consolidated EBITDA stood at INR 939
Mn, down by 23.1% QoQ/ down 24.1%YoY. EBITDA margin stood at 8.9% down by 144bps QoQ/down
228bps. Adjusted EBITDA margin of 11% due to Non core items includes Employee stock option expense
and Net loss on foreign currency transactions and translation. Consolidated PAT stood at INR 587.8 Mn,
down by 6%QoQ/down 32.4% YoY due to absence of one off. PAT margin stood at 5.1% in Q1FY26 against
4.8% in Q4FY25.

Customer Base and Market Presence:

The company has a highly diversified customer base across sectors such as e-commerce, financial services,
telecom, retail, travel, hospitality, edtech, and digital-native enterprises. In Q1FY26, revenue contribution
came primarily from ecommerce (16%), financial services (12%), digital-native companies (10%), telecom
& allied services (10%), and retail/travel/hospitality (2%). Geographically, its largest share of revenues
came from India (46%), followed by Asia excluding India (13%), Europe (11%), Americas (9%), Middle East
(8%), and Africa (7%).

Business Developments:
Synergies with Proximus Group are beginning to materialize. Cost synergies have already been realized,
and sales synergies are now scaling up, particularly in APAC and Europe. Route Mobile is leveraging BICS (a
Proximus entity) for cross-selling firewall and MAPS solutions to telecom operators globally. The company
is working closely with 400+ telecom operators globally via BICS to expand platform services.

The company processed 39.3 bn billable transactions, flat YoY and marginally higher QoQ. The average
realization per transaction was INR 27.3, reflecting a shift toward more domestic messaging in India,
replacing some international traffic that typically carries higher rates. India contributed 46% of total
revenue, retaining its position as the largest market, while international markets saw some pressure.

Outlook:
Growth rebound expected from Q3FY26 onward, driven by firewall deployments, new product launches,
operator partnerships, and cross-selling synergies within the Proximus ecosystem. EBITDA margins are
guided to improve to 12–13% over the next 12–18 months, compared to the current 11%, aided by
increased contribution from platform and managed services. Cash conversion from EBITDA is expected to
stay above 120%, supporting strong liquidity for investments in R&D and global expansion. The business
mix is targeted to shift 20–25% towards higher-margin platform services, reducing reliance on traditional
SMS volumes. Focus remains on execution, platform scaling, and leveraging Proximus cross-sell
opportunities for structural profitability improvement.

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Royal Orchid Hotels Ltd
Royal Orchid Hotels Ltd operates and manages hotels and provides related services across ownership,
lease, management, and franchise formats. The company runs a full-stack hospitality model covering
rooms, food & beverages, banquets, and catering. As of Q1FY26, ROHL has 118+ hotels across 80+
locations, including business, leisure, wedding, and wildlife destinations. The company employs over 8,500
people and manages a portfolio of 9,605 keys, including signed properties

Financial Performance:
The revenue for Q1FY26 stood at 788 Mn, up by 7.9% YoY. EBITDA was INR 237 Mn, up 11.2% YoY with
margins expanding to 29%. PAT was INR 112 Mn, up 28.4% YoY. Cash profit stood at INR 163 Mn on a
consolidated basis.

Brand Architecture:
The company operates a house of brands catering to diverse traveler segments:
● Iconiqa – upscale lifestyle hotels (example: new property in Mumbai with 291 keys).
● Regenta & Regenta Place – midscale hotels and resorts offering warm and familiar hospitality.
● Regenta Z – youthful, value-priced modern hospitality targeting Gen Z travelers.
● Crestoria – boutique hotels providing unique local experiences.

Expansion & Portfolio Growth:

The company is aggressively expanding through an asset-light strategy. The current portfolio includes 591
owned keys, 1,268 leased keys, and 7,746 managed/franchise keys. Upcoming projects include 35+ hotels
with 2,577+ keys across cities like Tirupati, Lucknow, Gurgaon, Mussoorie, and Rajkot. The flagship Iconiqa
Mumbai hotel (near T2 Airport) with 292 rooms has been soft-launched and is expected to deliver INR
1,000 Mn topline annually with a 15% margin post-breakeven.

Capital Allocation:
In FY26, ~40% of cash flow is allocated to growth, ~40% to renovations (including Goa and Bangalore
hotels), and the balance retained for shareholder returns. The company expects cash profits to rise from
INR 600 Mn in FY25 to INR 700 Mn in FY26, providing ample room for reinvestment.

Revenue Mix & Performance Drivers: In Q1FY26, room revenue grew 6% YoY, F&B grew 7% YoY, and other
services surged 24% YoY. Average occupancy of JLO hotels stood at 69% and ARR improved to INR 5,488.
Managed hotels reported an ARR of INR 4,031, up 5.5% YoY. Seasonality and external factors such as war in
North India, Goa taxi-related disruptions, and competition from Thailand and Sri Lanka impacted some
regions, but these were seen as temporary challenges.

Future Outlook:
The company targets expanding from 115 to 345 hotels and growing keys from 9,605 to over 22,000 with
its vision 2030. The management highlighted that future growth will come from an asset-light model,
sharper brand architecture, and disciplined capital allocation while maintaining a healthy ROCE of 19%+.
The recent soft launch of Iconiqa Mumbai is the beginning of scaling its premium lifestyle brand, while
other brands like Regenta and Regenta Z will drive wider market presence.

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S J Logistics ( India) Ltd

The company offers end-to-end logistics solutions such as freight forwarding, multimodal transport,
project cargo handling, custom clearance, and warehousing. Over the years, SJ Logistics has built a strong
presence across 30+ countries, supported by 2,000+ global agents, subsidiaries in Singapore and India, and
a warehouse facility in Bhiwandi, Maharashtra. The company follows an asset-light model, which provides
flexibility, scalability, and cost efficiency, making it competitive in both domestic and international markets.

Financial Highlights
In Q1FY26, Revenue of INR 1,258 Mn, up 25% YoY. EBITDA grew 57% to INR 222 Mn, with margins
improving to 17.7% from 14% last year. PAT came in at INR 143 Mn, up 33% YoY, and PAT margin expanded
to 11.3%. EPS also increased to INR 9.33 compared to INR 7.41 in Q1FY25. On the business front, new
verticals contribute meaningfully — air cargo added INR 41 Mn (about 3.3% of revenue), while the NVOCC
segment contributed INR 42 Mn (around 3.4% of revenue).

Business Segments -

● Freight Forwarding: Ocean and air freight supported by strong liner and airline partnerships.
● Project Cargo & ODC Logistics: Expertise in oversized and high-value industrial cargo.
● NVOCC (Non-Vessel Owning Common Carrier): Independent carrier operations with agency tie-ups
in the Middle East and Africa.
● Warehousing & Distribution: Modern warehousing hub in Bhiwandi (~39,000 sq. ft.).
● Regulatory & Inland Services: Custom clearance and end-to-end inland transport.

Clientele & Industry Focus: The company serves 150+ clients across diverse sectors including iron & steel,
power transmission, textiles, automobiles, engineering goods, pharma, and handicrafts. Repeat business
contributes ~40%, highlighting strong client relationships.

Project Details: S J Logistics has built strong expertise in project cargo and over-dimensional cargo (ODC)
logistics, handling end-to-end movement of heavy equipment like turbines, transformers, boilers, and steel
structures for power, steel, engineering, and wind energy projects. The company has successfully executed
large project shipments to Africa and South America while also supporting infrastructure projects within
India. Its 39,000 sq. ft. warehouse in Bhiwandi acts as a hub for storage, consolidation, and distribution,
with expansion plans in Gujarat and South India. In addition, S J Logistics is scaling up NVOCC operations in
the Middle East and Africa and growing its air cargo vertical for time-sensitive project shipments, further
strengthening its position as a specialist in complex logistics solutions.

Strategic Strengths: The company has a strong global presence, operating across six continents with agency
partnerships in countries like Brazil, Chile, China, and Vietnam. It is well known for handling complex, high-
value, and oversized project shipments, which gives it a niche positioning in the logistics industry. Its asset-
light business model provides scalability and flexibility, relying on strong documentation, partnerships, and
service quality rather than heavy capital investment. The business is led by promoters with over 33 years of
experience, ensuring strategic direction and industry expertise.

Outlook: The company plans to grow its project cargo business, expand NVOCC and air cargo, acquire
multi-user warehouses, strengthen PSU/government contracts, and use technology and global tie-ups to
improve efficiency and global reach.

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SJS Enterprises Ltd

SJS Enterprises Limited, founded in 1987, is a leading manufacturer of premium aesthetic products serving
multiple consumer-oriented end industries. The company operates 4 production facilities across Bangalore,
Pune (2 plants), and Manesar, with an additional facility under construction at Hosur. It has a strong
presence with over 220 customer locations across 22 countries and a workforce of ~2,300 employees. In
FY25, the company supplied more than 197 Mn parts and offered a portfolio of 12,200+ SKUs.
Financial Performance: Consolidated revenue stood at INR 2,005 Mn, up by 7.3% YoY & up by 12.3% QoQ.
EBITDA stood at INR 528 Mn, up 6.6%YoY & 9.5%QoQ. On the margins front, EBITDA margin stood at
25.4% against 25.5% in Q4FY24 and 26.2% in Q3FY25. Interest cost reduced from INR 85.2 Mn in FY24 to
INR 56.4 Mn in FY25 due to debt repayment. PAT saw an increase of 24.1% YoY & up 21.7% QoQ to INR
337 Mn. FY25 domestic sales grew by 21.4% YoY to INR 7,037.0 Mn on back of 28.4% YoY growth in PV
business and 18.8% YoY growth in consumer business.
Strong Order book: Relationships with major OEMs like Hero MotoCorp, Bajaj, and HMSI have scaled
significantly, with the company delivering ~90% visibility on FY26 revenue through the order book. Supplies
to Hero MotoCorp commenced in Q1FY26, and new model ramp-ups are expected to drive volume from
FY26 through FY27. The company is focused on capturing increased wallet share and building long-term
account stickiness.
Expansion Plan and Capex:
SJS Exotech Plastics is setting up a new plant for chrome plating and painting, expected to be
commissioned in H1FY26. A greenfield Optical Cover Glass plant will be established in Hosur, and
additional capex is planned at the Bangalore facility to expand capacity and support a major new business
opportunity. Capex of INR 1000 Mn committed for Exotech plant ~ INR 450Mn already spent. Chrome
plating business margin improved from 12% to 18–19% and export-led margin expansion expected. Asset
turnover expected at 3–4x for new facilities once operational by FY27.
WPI: Walter Pack (WPI) faced temporary sales softness due to high customer/model concentration and
transition delays. WPI recovery is expected in 2–3 quarters, with new model launches and customer
diversification. Strong automotive orders and product engineering support offset consumer softness in
WPI.
Capacity Utilization: Walter Pack capacity utilization was ~70–75% during the quarter, while Exotech and
SGS Dekoplast operated at ~95%, indicating near-full utilization in core businesses.
Cover Glass & Display Strategy: Cover glass supplies have started in pilot mode and full ramp-up expected
from FY27. Plans underway to expand into value-added display assemblies, beyond just cover glass.
Technology tie-ups and capex alignment in progress to scale the optical display business. Minimum ROCE
target of 20%, ensuring only financially viable capex is approved. Cover glass production involves complex
processes like chemical strengthening, coating (anti-reflection, anti-fingerprint), and shaping company is
building capabilities internally and scouting technology partners. Its cover glass/display venture as a
natural adjacency with high export potential and OEM interest.
Guidance & Outlook: The company expects to outperform the underlying industry growth by 2x, driven by
premiumization, global expansion, and strong traction with mega OEM accounts. It has already secured
~90% of its FY26 forecasted revenue through its existing order book, offering strong visibility and stability.
Looking ahead, SJS is targeting exports to contribute 14–15% of its consolidated revenue by FY28,
reflecting its growing international presence. The company remains confident in sustaining double-digit
growth over the long term, supported by strategic diversification across products and geographies, as well
as deep-rooted relationships with key customers.

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Sahaj Solar Ltd

Founded in 2010 and headquartered in Ahmedabad, the company is an integrated renewable energy
player engaged in solar PV module manufacturing, solar water pumping solutions, and EPC services. Having
scaled from 5 MW in 2010 to 100 MW today, it is on track to reach 1,600 MW installed capacity by FY27.
Through its subsidiaries, Veracity Energy (module mounting structures) and Veracity Powertronics
(distribution panels and substations), it offers end-to-end solutions. The company has also earned
recognition as Solar EPC Company of the Year and Innovation of the Year (2025) for its anti-soil nano-
coating panels.

Financial Highlights: IN Q1FY26 revenue from operations stood at INR 3,300 Mn, up 64% YoY, with EBITDA
at INR 420 Mn (13% margin, +100 bps YoY). PAT more than doubled to INR 280 Mn, delivering an 8%
margin and EPS of INR 27.2 (vs. INR 16.7 in FY24). ROE improved to 39%. Order book as of Mar’25 was INR
3,040 Mn, 80% government-backed. Balance sheet remains comfortable with a 0.5x debt-equity ratio and
net worth of INR 1,090 Mn, though working capital cycle stretched (78 receivable days) due to year-end
EPC billing.

Business Segments-

● Solar PV Module Manufacturing: The company operates an integrated 100 MW solar module
manufacturing facility at Bavla, Gujarat, and is in the process of a major capacity expansion to
1,600 MW, with 750 MW expected to be operational by October 2025 and the full capacity by
FY27. The facility is equipped with advanced technologies including Mono-PERC, Bi-facial, and
TOPCon modules, delivering efficiency levels above 21%.
● Solar Water Pumping Solutions: Solar water pumping solutions form the backbone of Sahaj’s
business, contributing 87.5% of FY25 revenues. The company has installed over 40,000 pumps
under central and state schemes such as PM-KUSUM, with strong presence in Maharashtra,
Gujarat, Madhya Pradesh, Assam, and Tripura. Its product range includes AC/DC pumps,
submersible pumps, and surface pumps across the 1–10 HP category.
● EPC & Solar Projects: Sahaj undertakes end-to-end execution of rooftop, ground-mounted,
microgrid, and off-grid solar systems. It commissioned its first developer project under Gujarat’s
DREBP scheme with a 4.8 MW plant and plans to expand capacity to 30 MW by FY26. On the
international front, the company is building a strong pipeline with projects in Uganda (20 MW,
execution in FY26), Zambia (5 MW EPC project, FY26), and Kenya, where capacity is being scaled up
from 4 MW to 10 MW in FY25.

Geographic Presence: In FY25, Sahaj derived nearly all its revenues (99.7%) from India, with Maharashtra
(47%) and Gujarat (39%) as the largest markets, followed by West Bengal (5%), Assam (3%), and other
states (6%). The company is now expanding internationally, with a strong entry into East Africa through
projects in Uganda, Zambia, and Kenya, while also exploring U.S. export opportunities post-FY27. Export
revenues are expected to scale meaningfully as new manufacturing capacity comes online.

Outlook: Sahaj is set for major growth with a 750 MW PV module line going live by October 2025 and the
balance capacity by FY27, expanding its scale to 1,600 MW. The company is actively bidding for around INR
20,000 Mn worth of projects in FY26, targeting a 15–20% success rate. On the geographic front, it is
deepening its presence in Madhya Pradesh, Rajasthan, and Assam while scaling its East Africa business.
With forward integration into solar power development, Sahaj plans to build a 30 MW portfolio by FY26.
Management has guided for 35%+ CAGR revenue growth over FY25–28, supported by sustainable EBITDA
margins of 12–13%.

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Sahana Systems Ltd

Sahana System Ltd is a deep-tech IT services and product company focused on digital
product engineering, AI/ML, computer-vision, cloud and defence/mission-critical solutions,
alongside trading of IT hardware. The company has grown through acquisitions and
subsidiaries such as Softvan, Softvan Labs, Sourceved and Applie to expand capabilities
and market reach across government, defence, fintech, health and enterprise clients.

Financial Performance : In FY25 consolidated, revenue from operations was INR 1,674 Mn
compared to INR 691 Mn in FY24. Total income was INR 1,692 Mn. EBITDA was INR 587
Mn and PAT was INR 392 Mn. Profit before tax was INR 559 Mn and EPS was INR 46.72.
On a standalone basis, revenue from operations in FY25 was INR 1,102 Mn, EBITDA was
INR 262 Mn and PAT was INR 173 Mn.

IT Services : IT Services is the core business and accounted for the vast majority of
standalone revenues in FY25. IT Services revenue was INR 1,006 Mn in FY25, representing
about 93% of standalone revenue, driven by product engineering, AI/ML and managed
service engagements.

Hardware Trading : Hardware trading remains a smaller, lower-margin vertical. Revenue in

FY25 was INR 78 Mn, indicating the company is shifting the mix toward services.

Capital Expenditure and Balance Sheet : Net cash outflow for purchase of property, plant
and equipment in FY25 was INR 128 Mn. Consolidated cash and bank balances were INR
217 Mn and consolidated borrowings were INR 122 Mn as at March 31, 2025. The
company’s balance sheet shows a material increase in investments and current assets
reflecting rapid scale-up.

Growth Drivers :
•Rising demand for deep-tech engineering across defence, fintech and enterprise
customers
•Shift from hardware trading to higher-value IT services and digital product contracts
•Strategic acquisitions and subsidiaries adding capability and cross-sell potential

Future Outlook
The company has set an ambition to become a INR 50,000 Mn deep-tech enterprise and
expects continued double-digit growth as services scale, proprietary products expand and
exports increase. Management expects services to remain the growth engine, supported
by recurring contracts and pipeline wins.

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Saregama India Ltd

Overview
Saregama India Limited is a leading music label and content company in India, with a vast library of over
175000 songs, 75+ movies, and 10000+ hours of TV content. It operates in music licensing, artiste
management, video production, live events, and consumer products like Carvaan. The company focuses on
digital monetization, content creation across languages, and strategic acquisitions to expand its portfolio.

Financial Performance (Q1 FY26)

Operating Revenue: 2060 million
Profit Before Tax (PBT): 510 million
Guidance: Evaluate on rolling 12-month basis due to content release volatility
EBITDA Margin Guidance: 32-33% (adjusted)
Content Investment: 3500-3800 million in FY26; total 7000 million over FY26-27

Music Vertical (Licensing + Artiste Management)

YoY Growth: 12%; Medium-Term Guidance: 22-23% CAGR. Released over 1000 original and premium tracks
across 8 languages, with notable hits in Tamil (Thug Life), Telugu (Court, Hit 3), and Bengali (Dhumketu).
Artiste management expanded to 230+ artists/influencers with 200 million+ social followers; signed Dr.
Kumar Vishwas. NAV Records acquisition adds 6500 Haryanvi/Punjabi tracks and 24 million YouTube
subscribers, funded by QIP; revenue from Q3. Strategy emphasizes IP monetization via releases, events, and
endorsements; Saregama claims No.1 position. Industry trends: Shift to paid subscriptions on
OTT/streaming; YouTube ad softness in Q1 but normalized; expects ad-revenue sharing on short-form apps.

Video & Live Events Verticals

Video: Q1 soft with one Malayalam release (small loss) and digital series (Find The Farzi); expects full-year
profitability. Capital allocation capped at 18% of total; up 25% YoY temporarily. Pocket Aces to turn
profitable in FY26; focuses on brands like FilterCopy for music promotion. No big-budget Hindi films;
emphasis on controlled budgets and risk-sharing. Live Events: Cap Mania Tour (Himesh Reshammiya)
launched, initial losses expected to turn profitable; expansion planned. Comedy events like “That’s So Viraj”
continued. Carvaan: Shift to e-commerce/modern trade; volumes down but margins improving to mid-
single digits by year-end.

Investments & Capital Allocation

Content Investment Philosophy: 5-year payback period mandatory, with 55-75 years monetization runway;
non-negotiable even if sacrificing market share. Avoided overheated South Indian deals. Q1 working capital
up 2100 million due to video projects; to normalize by Q2/Q3. Cash from QIP used for NAV acquisition and
content. Video + Live capital below 18% threshold. Brand partnerships new vertical for bespoke music,
events, and influencer marketing. All content costs charged off; no IP valuation.

Future Outlook
Market Share Target: 25-30% of new content. Revenue Growth: Music 22-23% CAGR; Video 25% CAGR
medium-term. Optimistic on digital tailwinds: 400 million internet users, shift to paid models (subscriptions
dominant in 1.5 years). Music's "unfair advantage" in digital integration; digital ad growth at 15%. Sustained
"steady" growth for 20-30 years; maintains earnings guidance long-term. Absorbing headwinds like
platform closures and ad fluctuations without impact. Positioned as diversified content powerhouse with
disciplined approach.

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Sasken Technologies Limited

Incorporated in 1989, Sasken Technologies Limited is a leading product engineering and digital
transformation solutions provider serving global customers across semiconductors, automotive,
consumer electronics, industrials, and telecom. The company partners with enterprises to
accelerate product innovation, drive efficiencies, and enable digital adoption through its deep
expertise in embedded systems, VLSI design, IoT, cloud, and Industry 4.0.

Sasken operates on a knowledge- and IP-driven model, with over three decades of experience in
R&D and product engineering. Its differentiated positioning lies in combining chip-to-cognition
capabilities—spanning silicon design, hardware, embedded software, connectivity, and application
layers. The company’s solutions are deployed across mission-critical use cases including connected
vehicles, smart devices, satellite communication, and industrial automation.

Growth Initiatives
Sasken continues to expand its offerings in high-growth verticals such as automotive electronics
(ADAS, EV, infotainment), 5G networks, satellite communications, and industrial IoT. The company
is investing in digital engineering capabilities, AI/ML, and cloud integration to support client
transformation journeys. Strategic focus areas include deeper wallet share from existing global
accounts, expansion into Tier-1 automotive suppliers, and partnerships with semiconductor
ecosystem players.

Geographical Presence
Headquartered in Bengaluru, Sasken has a strong global footprint with development centers in
India and offices across North America, Europe, and Asia-Pacific. International revenues account
for a significant share of its topline, with the U.S. and Europe being key markets.

Financial Performance
In FY25, Sasken reported revenue of INR 5,570 Mn, up 9% YoY, with EBITDA of INR 820 Mn and
PAT of INR 650 Mn, reflecting stable margins and cash-generative operations. The company
maintains a debt-free balance sheet with strong cash reserves, enabling sustained investments in
R&D and shareholder payouts. Dividend payout ratio remained healthy, underscoring consistent
capital return.

Competitive Positioning
Sasken differentiates itself through its end-to-end engineering capabilities spanning
semiconductors to connected solutions, backed by long-standing customer relationships and a
proven track record in IP-led engagements. Key competitors include global engineering services
firms (e.g., LTTS, Tata Elxsi, Cyient), but Sasken’s niche focus on chip-to-system engineering
provides a unique competitive moat.

Outlook
With accelerating demand for digital engineering, 5G, EV/ADAS adoption, and satellite broadband,
Sasken is well positioned to leverage its deep domain expertise and global client base.
Management remains focused on profitable growth, scaling digital engineering, and returning
capital to shareholders. The company’s IP-driven, asset-light model and sectoral tailwinds provide
visibility into sustained value creation over the medium term.

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Sat Kartar Shopping Limited
Incorporated in 2012, Sat Kartar Shopping Limited (SKSL) is a fast-growing Ayurveda-focused wellness
and therapeutics company operating on an asset-light, manufacturing-light model. The company
consciously avoids heavy manufacturing investments, instead emphasizing product innovation,
branding, and consumer experience, while leveraging third-party contract manufacturers for
production. This model provides flexibility, scalability, and minimal balance sheet stress, aided further
by a negative working capital cycle where customer payments are received upfront or within days,
while supplier payments are deferred.

SKSL differentiates itself through human-to-human, multilingual engagement, with 800+ customer
advisors interacting in regional languages across 11,600+ pin codes, targeting 19,000 in the near
term. With a 30 million+ consumer database, the company leverages data-driven insights to drive
targeted launches, personalized communication, and customer retention.

Growth Initiatives
SKSL is targeting topline growth of 40–50% in FY26 (INR 2,300–2,400 Mn), with medium-term
ambitions of INR 5,000 Mn revenue in three years. Profitability is expected to improve, with PAT
margins guided to rise from 6% in FY25 to 9–10% in FY26 and 12% over the medium term, supported
by AI-driven personalization, operating leverage, and higher average order values from premium
SKUs. Strategic brand-building is underway with regional brand ambassadors, while a new spiritual
offerings vertical is being piloted to capture synergies between mental wellness and spirituality.

Financial Performance
In FY25, SKSL delivered revenue of INR 1,629 Mn (+28% YoY) and PAT of INR 98 Mn (+55.6% YoY),
with gross margins above 90%. Q4 FY25 saw a PAT margin of ~7%, underscoring the company’s
improving profitability trajectory. Management aspires to scale EBITDA margins to 15–20% over the
medium term, in line with Ayurveda OTC benchmarks.

Customer Acquisition & Retention

The company relies heavily on TV and digital advertising, with ad spend accounting for ~40–42% of
revenues. While acquisition costs are uniform across geographies, localized branding enables deeper
state-level penetration. Current repeat purchase ratio stands at ~25% (up from 22%), which
management aims to improve significantly via personalized journeys, proactive re-engagement, and
learnings from the recently acquired PlantoMed (which has a 60% repeat ratio).

Product Portfolio
SKSL’s portfolio comprises 16 SKUs, with 4 products contributing ~80% of revenues. Core categories
include chronic and lifestyle-related conditions (notably diabetes, sexual wellness, and addiction
recovery). Rather than broad SKU expansion, management intends to deepen penetration through
sub-SKUs, new pack sizes, and premium extensions.

Outlook
Post-IPO, SKSL is well-capitalized to pursue growth through acquisitions, brand-building, and AI-driven
operational efficiencies. While key risks include high advertisement intensity, low current repeat
ratio, and execution of new initiatives, management projects strong revenue and margin expansion.
With sectoral tailwinds from rising Ayurveda adoption and SKSL’s differentiated customer
engagement model, the company is positioned for scalable growth in India’s large and underserved
wellness market.

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Sathlokhar Synergys E&C Global Ltd

​Sathlokhar Synergys E&C Global Limited, established in 2013, is an integrated Engineering, Procurement,
and Construction (EPC) company that focuses on "design and build" turnkey projects. It provides a single-
point solution for construction needs and operates across various sectors, including industrial, warehouse,
commercial, institutional, pharmaceutical, hospital, hotel, and solar projects. The company has in-house
architectural, structural, PEB(Pre-Engineered Building), and MEP((Mechanical, Electrical, and Plumbing)
consultants.

Financial Performance: In FY25 operating revenue reached INR 3993.6 Mn, marking a increase of 62% YoY.
EBITDA grew by 57% to INR 599.4 Mn, and PAT increased by 64% to INR 427.7 Mn.

Working Capital & Receivables:

● Receivables: Q4 FY25 saw a spike in receivables (INR 1350 Mn outstanding from INR 2300 Mn
billed), attributed to heavy billing in March (35% of annual billing in a single month). As of May,
outstanding reduced to INR 670 Mn (excluding retention).
● Receivable Cycle: Typical cycle is 90–120 days post-completion, with 65–70% of the bill settled
quickly and the remainder (including retention) paid over the following months. Management
claims there have been no NPAs or collection issues to date.
● Working Capital: Management stated a need for ~30% of revenue as working capital (i.e., INR 1500
Mn for a targeted INR 6000 Mn revenue in FY26).
● Cash Flow: Operating cash flow was negative in FY25 due to the timing of billing and collections,
but management expects improvement going forward.

Project and Order Book: As of May 14, 2025, the order book stands at INR 8005.7 Mn (excluding a Jammu
order of ~INR 2500 Mn, which is currently on hold and possibly shifting location). The company's business
model focuses on fast-track projects with execution periods typically between 7 and 12 months. Some of
the key ongoing projects include:

● Mr. Muthyamalle Dharam project.

● Ceylon Beverage in Pune (value: INR 2,192.2 Mn).
● Grand Atlantia Panapakkam.
● Reliance Multimodal Logistics Park in Chennai.
● Kriska TIDEL Park.
● Vikram Solar projects.

The company also mentioned that it has submitted quotations worth over INR 70,000 Mn to more than 500
customers, with an expected success rate of at least 15%.

Geographical Presence: Sathlokhar Synergys E&C Global has a primary concentration of projects in Tamil
Nadu (73.18%) and Karnataka (20.27%). It also operates in Uttar Pradesh (6.55%) and other states,
including Andhra Pradesh, Telangana, West Bengal, Gujarat, and Odisha.

Outlook: The company's management has provided a growth outlook for the next financial year (FY26),
stating a conservative target of achieving a 50% to 60% increase in revenue on a YoY basis. While the
company aims to operate with existing capital and client payments, it has stated that if necessary, it would
consider a bank loan to support its growth targets, noting that bankers are willing to provide support. The
company has also expanded its employee base to prepare for future growth and project execution. The
management also mentioned that they would explore a preferential share issue in the next year to raise
working capital.

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Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
SEAMEC Limited

SEAMEC Limited is a leading offshore shipping and oilfield services company with a strong presence in India
and international markets. Through its wholly-owned and step-down subsidiaries such as Seamec
International FZE and Seamate Shipping FZC, the company operates bulk carriers like SEAMEC Gallant and
Asian Pearl. The company also owns Aarey Organic Industries Private Limited for chemical-related business
diversification.

Financial Performance: On a consolidated basis, revenue stood at INR 23,070 Mn, reflecting 4% growth
YoY. EBITDA stood at INR 11,670 Mn, with margins of 50.6%. PBT was INR 7,910 Mn and PAT stood at INR
7,580 Mn, showing 52% YoY growth. ROCE stood at 11% and ROE at 10%. The company maintained a net
cash position, with net debt of negative INR 2,470 Mn.

Business Segments: SEAMEC’s primary business is offshore shipping, where it provides subsea
construction, inspection, maintenance, and repair (IMR) services, remotely operated vehicle (ROV) support,
rescue operations, firefighting, and pollution control through its fleet of multi-support vessels. The
company also has a bulk carrier division managed through its subsidiaries, operating two bulk carriers for
dry bulk transportation. Its tunneling subsidiary, Seamec Nirman Infra, was engaged in the NATM tunnel
construction for the Vapi High-Speed Rail Project, though the company has withdrawn from this project
due to unavoidable circumstances.

Fleet and Asset Portfolio:The company’s fleet comprises 5 Diving Support Vessels (Seamec II, Seamec III,
Seamec Princess, Seamec Paladin, Seamec Swordfish), 1 Offshore Support Vessel (Seamec Diamond), 1
Accommodation Barge (Seamec Glorious), and bulk carriers (Seamec Gallant and Asian Pearl). This
diversified fleet allows the company to cater to complex offshore operations, subsea projects, and
international dry bulk trade.

Strategic Developments: In Q1FY26, Seamec Princess successfully completed the PRP VII project, and
Seamec II completed its dry docking ahead of schedule, preparing for deployment with ONGC. The
acquisition of Nusantara is progressing and expected to commence operations from December 2025.
Shareholders have also approved the acquisition of HAL Anant, with the transaction likely to be completed
by October 2025.

Industry Landscape: India’s oil and gas sector is on a strong growth trajectory, with natural gas
consumption expected to grow at a CAGR of 12.2% to 550 Mn Cubic mts per day by 2030 and crude oil
consumption projected to reach 7.2 Mn Barrels per day by 2030. Offshore exploration is gaining
importance as onshore reserves deplete, supported by rising energy demand, favorable policies, and India’s
geographic advantage of a 7,500 km coastline. The offshore support vessel market itself is expected to
grow at a CAGR of 5.41% globally, driven by rising demand for exploration and production activities.

Outlook: SEAMEC is well positioned to benefit from the increasing demand for offshore oilfield services,
supported by India’s energy needs, global exploration growth, and its own strong fleet deployment. The
company’s financial strength, upcoming acquisitions, and strategic diversification into bulk shipping and
chemicals provide additional growth levers. While global oil price volatility and deployment cycles remain
near-term challenges, SEAMEC’s expanding fleet, strong order visibility, and disciplined cost management
should enable sustainable growth and profitability in the medium to long term.

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Senco Gold Ltd

Senco Gold Limited, incorporated in 1994 and headquartered in Kolkata, is a leading Indian jewellery
company specializing in manufacturing and retailing gold, silver, diamond, platinum, and other precious
jewellery. It operates ~185 showrooms (110 company-owned, 76 franchise) across eastern India, tier-2
and tier-3 cities, and select international markets. The company introduced innovative products such as
"Everlite" (affordable diamond jewellery), "Aham" (men’s jewellery), and "Sennes" (lifestyle and lab-
grown diamond brand). Digital-first initiatives include the Sencoverse (Metaverse showroom) and
participation in ONDC, reinforcing its modern retail strategy.

Financial Performance: In Q1FY26, consolidated revenue of INR 18,260 Mn (up 30% YoY), supported by
both owned and franchise stores. Same-store sales growth (SSSG) came in at 19% overall, with company-
owned stores growing faster at 21% compared to 16% for franchisee stores. PAT crossed the INR 1,000
Mn in the quarter, more than doubling from last year, with a margin of 5.7%. EBITDA grew by ~ 69% YoY,
with margins expanding to 10.1% compared to 7.7% in Q1FY25 and 9.2% in Q4FY25. EBIT margins also
improved to 10.1%.

Product Performance: Diamond jewellery was the clear outperformer, with sales volume rising 35% and
value growing over 50% YoY. The studded ratio improved from ~9–9.5% in FY25 to over 11% in Q1FY26.
Management also expects tailwinds ahead as global mine closures are pushing diamond prices higher,
which should further support realizations and margins.

Consumer Trend: Despite a sharp 30% increase in gold prices, consumer demand remained healthy
during key occasions like Akshaya Tritiya and Pohela Boishakh. Old gold exchange has become a major
affordability tool, now forming 40% of transactions compared to 25%, 2 years ago. Lightweight jewellery
is the dominant choice, with most items priced below INR 25,000. Younger buyers are increasingly
attracted to 9-carat, 14-carat, and 18-carat jewellery, which are also gaining traction as gifting options.

Store Expansion: The company added 10 new stores in Q1. For FY26, the target is 20 stores, split evenly
between company-owned and franchisee-operated, with potential to exceed this target slightly. The
company is actively working on adding 11–12 franchisees this year, with most opportunities outside its
core West Bengal market.

Geographic Focus: The company is focusing expansion mainly in Eastern and Northern India, with strong
traction in Tier 3 and 4 towns. Southern India is not a near-term priority.

Product & Brand Initiatives: The company launched more than 11,000 new designs in Q1, focusing on
lightweight, modern, and affordable products. Bridal collections and ad campaigns were targeted at
multiple customer segments, while fashion and silver jewellery segments grew by 50–60% YoY. Lab-grown
diamond sales remain very small (single-digit crores) and are not expected to cross INR 500 Mn in FY26, as
they are positioned mainly for fashion rather than weddings. A collaboration with Melorra is also under
consideration to tap into digital-first customers, without significant capital needs.

Outlook: For FY26, the company has guided for 18–20% topline growth, despite a strong start in Q1 with
>30% growth. Q2 growth may moderate to 16–18% due to last year’s duty cut base effect. Store
expansion is expected at 18–20 stores annually, with a higher focus on franchisee-led growth. For the full
year, they maintain guidance of 6.8–7.3% EBITDA margins, with 7% being a conservative assumption.
Over time, higher diamond sales can add 20–30 bps to margins for every 1% increase in studded ratio,
though scaling the business will also bring pressures.

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SG Finserve Ltd

SG Finserve Ltd. (SGFL) is an RBI-registered NBFC specializing in supply chain financing for MSMEs. Backed
by the APL Apollo Group, it has achieved rapid scale in under three years. The company provides financing
to dealers, vendors, and distributors of large corporate anchors such as Tata, JSW, Adani, Vedanta,
Whirlpool, Ashok Leyland, Bajaj Electricals, and Oppo. SGFL operates on a tech-driven platform featuring
invoice discounting, a mobile app, and AI-based credit monitoring.

Financial Performance:
In Q1FY26, SG Finserve delivered strong growth with AUM rising 86% YoY to INR 26,300 Mn and
disbursements touching INR 52,840 Mn. Operating income grew 55% YoY to INR 676 Mn, while net
interest income rose 37% YoY to INR 428 Mn. The company reported a PAT of INR 245 Mn, up 27% YoY,
despite one-time ESOP expenses. Profitability remained healthy with ROA at 4.7% and ROE at 9.5%, and
asset quality was robust with nil gross NPAs, highlighting its strong credit discipline and anchor-led model.

Business Model-
SG Finserve’s core focus is on Dealer Financing, which makes up 90% of its loan book, along with Vendor
Finance and Supply Chain Loans. Loans are short-tenor, averaging around 30 days, ensuring high velocity
and low risk. About 80% of the loan book is secured by inventory or receivables, with stop-supply
arrangements with anchor corporates to maintain repayment discipline. The company operates across 25
cities in India, with strong penetration in the North, South, East, and West regions.

Strategic Progress:
SG Finserve has onboarded 48 anchor corporates, signing MoUs worth INR 64,000 Mn, up INR 9,000 Mn
quarter-on-quarter. Its technology edge includes a proprietary scoring and credit rating engine, an AI-
based credit monitoring tool set to go live in September 2025, and a customer mobile app providing real-
time access. On the capital and liquidity front, the company has a current net worth of INR 10,420 Mn,
with an additional INR 3,380 Mn equity infusion expected by April 2026. Borrowing lines of INR 17,660
Mn are currently sanctioned, with a target of INR 45,000 Mn by FY27.

Segment & Geography:

SG Finserve’s loan book is concentrated in building materials (over 60%), automobiles (20%), and other
sectors such as electronics, consumer durables, and IT peripherals. Geographically, 40% of the book is in
North India, 28% in the South, 28% in the West, and 4% in the East. South India demonstrates the
strongest asset quality performance.

Competitive Advantage:
SG Finserve benefits from direct tie-ups with anchor corporates, eliminating DSA costs and ensuring a
captive borrower base. High-tech ERP integration enables fast invoice discounting, with 3.9 lakh invoices
processed to date. Lean operations, with fewer than 100 employees, keep operating expenses low at 70
bps, expected to fall to 50 bps as AUM scales. Strong governance is supported by a board comprising ex-
RBI, ex-SBI, and ex-Vijaya Bank executives.

OutlooK:
SG Finserve targets an AUM of INR 35,000–40,000 Mn in FY26 and INR 60,000 Mn in FY27, with PAT
expected around INR 1,500–1,600 Mn. ROE is projected at 15–18% and ROA at approximately 4.5%. The
company plans to expand into Tier-2 markets to deepen anchor penetration and is exploring cross-sell
opportunities such as loans against property and collateral-backed loans.

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Shalibhadra Finance Ltd

Shalibhadra Finance Limited is a BSE-listed NBFC focused on rural, semi-urban, and underbanked areas of
Gujarat, Maharashtra, and Madhya Pradesh. With a network of 52+ branches, it provides customized retail
financing for new and used two-wheelers, auto rickshaws, and four-wheelers. The company manages an
AUM of over INR 1,800 Mn with a team of about 175 employees. Backed by over three decades of
experience, Shalibhadra offers simple, speedy, and small-ticket asset financing products tailored to the
needs of rural India.

Financial Performance: In Q1FY26 with AUM of INR 1,825 Mn , up 23% YoY. Disbursements rose 31% YoY
to INR 314 Mn, while Net Interest Income grew 16% YoY to INR 84 Mn. Pre-Provision Operating Profit
stood at INR 64 Mn (up 11% YoY), and PAT rose 35% YoY to INR 46 Mn. The company’s net worth is INR
1,588 Mn , with robust profitability reflected in ROA of 9.3% and ROE of 11.7%. Its Capital Adequacy Ratio
remains very strong at 87%, indicating low leverage and ample growth capacity.
Asset Quality Shalibhadra Finance reported GNPA of 2.84% and NNPA of 0.66% in Q1 FY26, remaining
stable despite rural sector challenges. Collection efficiency stood at \~86.7%. The management aims to
achieve 100% PCR by FY26.
Business Model & Strengths: Shalibhadra Finance focuses on small-ticket vehicle financing ( INR 15,000–
INR 1.5 lakh) for farmers, self-employed individuals, and small traders, catering mainly to the underbanked
population. Its strengths include quick disbursement, flexible repayment, and strong rural presence
through owned branches (no franchise/DSA). With around 40% repeat customers, low employee attrition
(average tenure 10 years), cashless disbursements, and robust credit assessment processes, the company
enjoys high customer loyalty and operational stability.
Geography & Branch Network: As of Q1FY26, Shalibhadra Finance operates 53 branches across 40
districts in Gujarat, Maharashtra, Madhya Pradesh, and Rajasthan. The company plans to expand its
network to over 70 branches by FY27, with a focus on Maharashtra and Madhya Pradesh. Its business
model is highly localized, operating within a 50 km radius of each branch while leveraging strong dealer
and broker networks for sourcing business.

Product Diversification: Shalibhadra Finance offers new two-wheeler loans of INR 30,000– INR 90,000
with tenures of 6–30 months, used two-wheeler loans of INR 15,000–INR 75,000 with 6–24 month
tenures, and used 3W/4W loans of INR 30,000–INR 1,50,000 with 6–30 month tenures. The company’s
core focus remains on small-ticket, high-yield auto loans, with all loans secured through hypothecation.

Strategic Updates: Shalibhadra Finance board has approved an NSE listing to enhance market visibility. In
June 2025, the company announced a 3:1 bonus issue, increasing its equity base to INR 308.8 Mn. For
FY26, it plans to raise about INR 400 Mn from banks and financial institutions. On the digital front,
Shalibhadra has rolled out Loan Origination and Loan Management Systems, API integrations, cashless
disbursements, and digital customer onboarding to strengthen efficiency and customer experience.

Outlook: Shalibhadra Finance is expected to grow steadily with its strong focus on rural and semi-urban
markets. The company plans to expand branches, increase its loan book, and use more digital tools to
serve customers faster. With high capital strength and stable asset quality, it is well-positioned to maintain
good profitability. The main factors to watch will be rural income conditions and collection efficiency.

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Shanmuga Hospital Ltd
Shanmuga Hospital Limited, founded in 1981, is a multi-specialty hospital headquartered in Salem, Tamil
Nadu. The hospital offers advanced medical and surgical care across specialties such as oncology,
cardiology, neurology, orthopaedics, and general surgery. It is supported by modern infrastructure
including ICU, NICU, MRI, CT, and emergency care. The hospital is empanelled with ESIC, Railways, ECHS,
AAI, FCI, and major insurance/TPA providers, enabling broad accessibility to quality and affordable
healthcare services.

Infrastructure and Capacity: Hospital operates with 150+ bed capacity and has 70+ doctors supported by
over 245 healthcare professionals. The facility is equipped with advanced medical technology such as the
Da Vinci Xi Robotic Surgery System, 2 LINAC machines for radiotherapy, a Cath Lab with IVUS for cardiac
care, automated biochemistry labs, and plasma sterilization technology. In FY25, the hospital handled
25,440 inpatients and 43,053 outpatients, with an average occupancy rate of 49.78%, an average revenue
per bed of INR 17,000, and an average length of stay of 2 days.

Financial Performance: In FY25, Shanmuga Hospital reported total revenue of INR 478.53 Mn, growing
from INR 430.37 Mn in FY24. PAT for FY25 stood at INR 42.07 Mn compared to INR 52.49 Mn in FY24.
EBITDA in FY25 was INR 84.04 Mn with an EBITDA margin of 17.56%, lower than 20.58% in FY24. Return
ratios moderated, with ROE at 14.80% and ROCE at 13.09% in FY25.

Revenue Mix: Medicinal sales contributed ~28% of revenue in FY25 while the rest (72%) came from
hospital sales and services.

Operational Performance: Over the years, the Hospital has delivered significant clinical volumes including
more than 1,00,000 surgeries, 30,000 endoscopies, 10,000 laparoscopic surgeries, 6,000 cancer surgeries,
20,000 radiotherapy treatments, 60,000 chemotherapy sessions, and 3,00,000 radiology & diagnostic
tests. Recently, it performed 25 robotic surgeries within just 2 months of introducing the Da Vinci Xi
system, a noteworthy achievement for a tier-2 city setup.

Strategic Initiatives: The hospital aims to expand capacity by adding 50 additional inpatient beds and
relocating its OPD to new premises for improved efficiency. It is in the process of securing licenses to
launch renal and liver transplant services, strengthening its specialty care offerings. A new dedicated
Nephro Care Center and the launch of the “Shanmuga Health App” for digital healthcare access are also
planned.

Industry Landscape: India’s hospital market is estimated at USD 98.98 Bn in 2024 and is projected to
nearly double to USD 193.59 Bn by 2032, growing at a CAGR of 8.0%. Growth is driven by increasing
healthcare demand, technology adoption, and rising medical tourism. The government is also supporting
the sector through programs like Ayushman Bharat and credit incentive schemes.

Services and Specialties: The hospital provides comprehensive medical services covering oncology,
cardiology, neurology, gastroenterology, pediatrics & neonatology, endocrinology, general medicine,
respiratory medicine, plastic surgery, and orthopaedics. Allied services include nephrology, urology,
neurosurgery, dentistry, psychiatry, dermatology, rehabilitation, and critical care.

Outlook: While near-term profitability has moderated due to higher operating costs, capacity expansion,
new specialty launches, and digital health integration provide long-term growth levers. With 4+ decades
of trust, institutional tie-ups, and experienced promoters, the hospital is expected to sustain steady
growth and enhance its presence as a leading healthcare provider in Tamil Nadu.

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Share India Securities Ltd
Share India Securities Ltd., established in 1994, is a technology-driven financial services provider offering a
wide range of capital market solutions, including equity broking, derivatives, commodities, currency
trading, depository services, and mutual fund advisory. Over the years, it has expanded its portfolio by
entering new segments such as merchant banking and portfolio management, while leveraging
technology to deliver customized solutions to retail and corporate clients.

Financial Highlights: Share India Securities delivered a robust sequential recovery in Q1FY26, though YoY
numbers remained muted. On a standalone basis, revenue stood at INR 2,730 Mn, up 45.6% QoQ from
INR 1,880 Mn in Q4FY25 but down 16% YoY from INR 3,240 Mn. PBT surged to INR 890 Mn, reflecting a
427% QoQ jump, while PAT rose to INR 690 Mn (324% QoQ).

New Growth Verticals and Initiatives:

● Margin Trading Facility (MTF): The MTF book expanded sharply from INR 1,860 Mn in Q4FY25 to
INR 3,150 Mn in Q1FY26, registering ~40% QoQ growth. Management expects a further 20–30%
growth in FY26, positioning MTF as a stable and retail-friendly revenue driver.
● NCD Issuance: The company completed its first INR 1,000 Mn NCD issue at 10.75%, which was
well received across investor categories, opening avenues for future fundraising.
● PMS & AIF Entry: Share India received SEBI approval for its PMS business, with launch expected
by September 2025 under the leadership of an industry veteran. PMS will serve as the entry point
into fund management, followed by AIF.
● Project Drone (WealthTech): A flagship initiative aimed at creating an AI-powered wealth
platform catering to Tier 2–4 investors. Led by ex-Angel One executive Prabhakar Tiwari, the team
(from Angel, Upstox, Google, etc.) targets an MVP within 6–9 months. The platform will integrate
trading, investing, advisory, and credit in a bundled model, designed to diversify revenues beyond
trading fees and capture long-term wealth creation trends.
● Institutional Business: In just one year, the institutional desk has on boarded 144 clients,
including FIIs, DIIs, and MFs, and reached breakeven, an achievement that typically takes 3 years.
The segment is expected to sustain 20–30% growth per quarter.
● Silverleaf Acquisition: With regulatory approvals in place, Silverleaf’s expertise in high-speed and
quant trading will be integrated, strengthening revenue diversification.
● uTrade Algos: These solutions will be bundled within Project Drone, supporting client acquisition
and deepening the tech-driven ecosystem.

Industry and Regulatory Environment: The company acknowledged that regulatory tightening and
external headwinds, particularly in Q3 and Q4 of FY25, had pressured market and exchange volumes,
especially in derivatives. However, management expressed confidence that the worst is over, noting that
volumes have likely bottomed out. They expect a meaningful revival over the next 2–3 quarters as
regulatory conditions stabilize.

Segmental Performance: Prop trading remains a key contributor but its share is gradually reducing, now
accounting for ~50–55% of PAT versus a long-term target of 30–35% over 3–4 years. MTF interest income
and broking businesses have stabilized and are growing, supported by improved primary market activity.

Outlook: The company is leveraging robust cash flows from prop trading to diversify aggressively into
PMS/AIF, WealthTech (Project Drone), retail distribution, and institutional services. With regulatory
challenges easing and management guiding for 20–25% growth in FY26, the long-term vision is clear:
reduce dependency on prop revenues, scale multiple tech-enabled financial services verticals, and
establish itself as a holistic, innovation-driven player in India’s evolving financial ecosystem.

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Sheela Foam Ltd.

Sheela Foam Ltd, best known for its flagship brand Sleepwell and acquired brand Kurlon, is India’s
leading mattress and comfort solutions company with a strong presence across retail, e-
commerce, and B2B/technical foam segments. The company continues to expand its reach with
~6,000 exclusive brand outlets and 20,000+ touchpoints, supported by aggressive showroom
rollouts, rural penetration, and integration of its Kurlon acquisition.

Financial Performance:
In Q1 FY26, consolidated revenue stood at INR 8,210 Mn (vs. INR 8,100 Mn YoY, +1%), impacted
by last year’s one-off claim. India business revenue grew 5% YoY to INR 6,440 Mn. Mattress
volumes rose 10% YoY, with Sleepwell growing 22% and Kurlon 6%. Consolidated core EBITDA
rose 43% YoY to INR 850 Mn, with margins expanding to 10.4% (vs. 7.4%). PAT came in at INR 70
Mn, lower YoY due to prior-year claim adjustment. Gross margins improved to 43.5%, 400 bps
higher than pre-Kurlon acquisition levels.

Integration & Synergies (Kurlon):

Integration completed in 18 months with INR 19,000 Mn synergies realized; INR 6,000 Mn more
expected by FY26. Core EBITDA margin improved from 9.2% (Sheela) and 6.7% (Kurlon) to 11.1%
consolidated. Logistics, procurement, and overhead optimization drove >1% cost savings as % of
sales. Operating facilities reduced from 21 to 12 zones; no major capex needed until FY30.

Strategic Initiatives:
Network Expansion: Rural-focused distribution through independent channel partners, targeting
deeper penetration while avoiding cannibalization of core brands.
Product Innovation: Launch of new sub-INR 10,000 mattresses to capture share of the INR 125
Bn value segment.
Furlenco Investment: Furniture rental platform grew 60% in FY25; reported PAT of INR 40 Mn in
Q1 FY26. Revenue target of INR 5,000–5,500 Mn by FY27. Sheela Foam may infuse small equity
to avoid dilution. Synergies include foam supply and furniture sales through brand showrooms.

Key Challenges:
Topline growth remained subdued due to lower raw material prices and corresponding pass-
through pricing. Mattress realizations were impacted by a higher mix of value-focused Tarang
and Aram brands and increased e-commerce contribution. Profitability was also affected by an
INR 10 Cr forex loss and volatility in other income from gilt fund performance.

Guidance & Outlook:

Management guided for 15% topline CAGR over the next three years, driven by rural expansion,
e-commerce growth, and deeper dealer penetration. EBITDA margins are expected to improve to
14–15% as synergy savings flow through and fixed cost inflation is contained at 5–6%. No major
capex is planned before FY30. Targeting 1,000 new showrooms in FY26; 392 signed in Q1, 234
operationalized. Present across 4,500 towns with 7,000+ dealers.

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Shera Energy Ltd

Shera Energy Limited, incorporated in 2009, is engaged in the manufacturing of winding wires and strips
made of non-ferrous metals such as copper, aluminum, and brass. Its product range includes paper-
covered wires, enamel and fiber-covered wires, round and rectangular wires, bunched wires, tubes, rods,
and strips. These products are widely used in transformers, motors, and electrical panels. The company has
established a strong presence across India and exports to more than 15 countries, with manufacturing
spread over 800,000 square feet and a consolidated installed capacity of 46,750 MTPA

Financial Performance: For Q1 FY26, total income stood at INR 3,878.1 Mn, representing a growth of
31.14% over Q1 FY25. EBITDA stood at INR 197.3 Mn representing a growth of 17.65%, while net profit
increased to INR 70.5 Mn representing a growth of 49.36%.

Business Model and Integration: The company has invested in backward and forward integration through
subsidiaries. Rajputana Industries Limited, with a capacity of 13,150 MTPA, focuses on recycling non-
ferrous metals, ensuring stable copper supply and protection from price volatility. Shera Metal Private
Limited manufactures bus bars, rods, flats, and tubes of copper, aluminum, and brass with 13,000 MTPA
capacity. Additionally, Shera Zambia Limited was launched to produce winding wires and cables for Zambia
and neighboring markets, tapping into Central Africa’s growing demand.

Operations and Capacity Utilization: Shera has consistently improved its capacity utilization. As of
December 2024, overall utilization stood at 82% on a consolidated basis. Aluminum products achieved 91%
utilization, copper 73%, and brass 81%. The company’s operational focus and capacity additions have
enabled it to scale production while maintaining quality and efficiency.

Market Presence and Customers: The company’s client portfolio includes prestigious organizations such as
Power Grid Corporation of India. Its exports span 15+ countries, and through Shera Zambia Limited, the
company has strategically entered African markets. Initial orders worth INR 50 Mn have already been
secured in Zambia, with expectations of supplying at least 5% of Zambia’s demand and achieving a 20%
increase in overall export business.

Future Projections:

● FY26 Revenue Guidance: The company expects a 5% to 7% overall contribution from its new
capital expenditures (capex) in FY26.
● FY27 Revenue Guidance: The company is expecting a growth of 30% to 40%.
● Long-Term Outlook: The company's long-term growth is projected to continue at a consistent pace
of 30% to 45% for the next 10 years.

Outlook: Shera Energy Limited is well-positioned to benefit from India’s rising demand for non-ferrous
metal products, supported by investments in power, renewable energy, and infrastructure. With backward
integration ensuring raw material security, forward integration into value-added products, and new
international operations in Africa, the company is building a resilient and diversified growth model. In
simple terms, the management sees strong demand ahead and expects capacity expansion, efficiency
improvements, and global diversification to keep driving growth and profitability in the coming years.

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Shree Pushkar Chemicals & Fertilixers Ltd

Shree Pushkar is an integrated chemicals and fertilisers company with manufacturing plants in Ratnagiri
(MH), Dewanganj/Meghnagar (MP) and a new plant at Hisar (Haryana) through subsidiaries. Key product
lines include SSP/NPK/SOP fertilisers, sulphuric & chlorosulfonic acids, dye intermediates and reactive
dyes. The group also runs captive solar power for cost efficiency.

Financial Highlights:In Q1FY26, the company reported revenue of INR 2,545 Mn, a growth of 31.1% YoY
and 16% QoQ. EBITDA stood at INR 291 Mn , translating into a margin of 11.4%, while PAT was INR 210
Mn, with a margin of 8.2%. Total volumes reached 91,125 MT, comprising 76,288 MT of fertilizers and
14,837 MT of chemicals.

Segment performance-

● Fertiliser segment: Primary growth driver — volumes up 9.4% YoY and 27.1% QoQ; fertiliser
revenue rose 33.4% YoY in Q1. Seasonal demand and improved realisations helped.
● Chemicals segment: Volumes down 6.9% YoY but recovered 48% QoQ; revenue rose (better
realisations / product mix). Management attributes short-term volatility to market patterns, not
structural weakness

Capex, capacity expansion & solar -

● Capex so far: The company has completed INR 2,020 Mn of capex over recent years (funded
internally); INR 130 Mn invested in Q1FY26. Future capex focused on backward/forward
integration and capacity expansion.
● Unit 5 & Unit 6 (Ratnagiri): Unit-5 is in trial runs; commercialisation pending electricity load
enhancement (expected soon). Unit-6 construction is underway — trials expected Dec 2025 with
stabilization into early 2026-27. Management expects both units to materially add volumes once
stabilised
● Solar capacity: The company currently operates a 9.52 MW DC plant at Ratnagiri and is setting up
an additional 10 MW DC project, taking the total planned capacity to about 19.52 MW DC. In
addition, a 1.1 MW DC plant has been initiated at Hisar (KPPL) for captive use. These initiatives are
expected to lower energy costs and enhance sustainability.

Margins & operating metrics: In Q FY26, the company posted a gross profit of INR 839 Mn, with a GP
margin of 33.0%. EBITDA margin improved to 11.4%, up from 9.1% in the previous year, supported by
operating leverage and a favorable fertilizer mix. PAT margin for the quarter stood at 8.2%. Total volumes
during the quarter were 91,125 MT, with management indicating steady utilization across major units at
around 70%. Looking ahead, the ramp-up of Units 5 and 6 will play a key role in driving volume growth
from FY27 onwards.

Outlook: Management believes the strong Q1 performance is sustainable, supported by robust fertilizer
demand driven by seasonality and policy support. The chemicals segment is expected to normalize and
recover as new markets open up and the product mix stabilizes. Both new units (5 and 6) are expected to
provide a step-change in volumes from next year. While the company remains conservative in its
projections, it is confident of continued growth, backed by its integrated operations and captive energy
initiatives

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Shriram Properties Ltd

Shriram Properties, part of the Shriram Group, is among the top 5 residential real estate developers in
South India. The company started in Bengaluru in 2000 and has since expanded to Chennai, Coimbatore,
Visakhapatnam, and Kolkata. Its main focus is on mid-market and affordable housing, though it also has
projects in plotted developments, premium housing, and commercial spaces. It is especially known for
delivering homes for end-user buyers in South India’s core markets.

Performance Across Cities:

● Bangalore continues to be the anchor market, delivering steady growth.
● Chennai also gained momentum with Park 63 Phase 2 receiving approvals, which supported both
handovers and revenue.
● Pune made a strong debut with the company’s first project selling around 150 units in just 4
weeks, ~ 36% of the supply opened, in a market where total annual absorption is only ~1,500
units.
● Kolkata also looks promising, with approvals for multiple projects already in place and a strong
initial response from customers.

Financial Performance: The company sold 0.82 msf worth INR 4,410 Mn, a 17% increase from last year.
Collections also hit a Q1 record of INR 3,380 Mn. During Q1, it handed over 740+ homes and plots.
Revenue grew 24% YoY to INR 2,620 Mn, EBITDA stood at INR 465 Mn and net profit stood at INR 206
Mn, up by 18% YoY in Q1FY26, the highest Q1 profit since listing.

Project Pipeline & New Launches: The project pipeline continues to expand, with a new INR 2,000 Mn
project added in Bangalore during Q1. In the near term, 6 projects covering about 3 msf are close to
launch, and another 5 projects of similar size are expected to be finalized in the H2. Longer term, the
company is evaluating multiple opportunities with more than 20 msf of potential.

Execution & Deliveries: For FY26, the company plans to hand over between 3,300 and 3,600 units across
9–10 projects. Of these, about 1,400 units will come from Kolkata, 1,800 from Bangalore, and the rest
from Chennai. Around 1,000 of these will be delivered under the joint venture model.

Demand Environment & Pricing: Customer decision-making cycles have shortened, and booking
momentum has improved. Despite concerns around the IT sector, management does not see any major
impact on mid-market housing demand, which is more stable compared to luxury or investor-driven
segments. Price increases have been modest, ~1–3% in some micro-markets, but new launches are
achieving better-than-expected pricing.

Presales Discipline: The company follows a disciplined approach to presales. Only confirmed bookings
with meaningful advance payments of INR 0.2–0.3 Mn are recognized, and no early-stage expressions of
interest or token amounts are considered. Once buyers make a 20% payment and sign the agreement,
cancellations are rare due to the company’s strict policies.

Outlook: The company aims to maintain gross margins of ~30%, EBITDA margins of about 25%, and pre-
tax margins of 8–11% on an annual basis. For FY26, revenue is expected to be in the range of INR 12,500–
13,000 Mn, in line with handover guidance and representing ~14% growth over last year. Although return
on equity is still low at about 5.5% in FY25, the company expects this to improve steadily and reach mid-
teens by FY28.

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Silkflex Polymers(India) Ltd

Established in 2016 and headquartered in Kolkata, the company is engaged in the trading and distribution of
premium water-based textile inks and eco-friendly wood coating polymers under the Malaysian brand
Silkflex, for which it holds exclusive rights in India. Its diverse portfolio includes 128 textile inks and 70 wood
coating polymers, backed by leading sustainability certifications such as ZDHC Level 3, OEKO-TEX Eco
Passport, GOTS v7, and GREENGUARD. With its strong eco-friendly positioning, the company has become a
recognized vendor for H&M, a recommended ink supplier for PUMA, and also serves other global brands
like Levi’s, Primark, S’Oliver, and Decathlon.
Financial Performance: In FY25, the company posted strong results with revenue at INR 801.6 Mn (up
59.4%), EBITDA at INR 117.6 Mn (margin 14.7%), and PAT at INR 70.0 Mn (margin 8.7%). EPS improved to
INR 6.26 from INR 4.84 in FY24, while ROE stood at 19.7% and ROCE at 16.3%.
Business Segments-
● Textile Inks (96% of revenue): The textile inks segment is the largest contributor, driven by strong
demand from apparel and export hubs. Its products are valued for stretchability, soft feel, zero
VOC, and eco-friendly performance.
● Wood Coatings (4% of revenue, fast growing): The wood coating polymers segment offers
GREENGUARD-certified, durable, and boiling-water resistant coatings, witnessing rising adoption in
the furniture and interiors industry as eco-friendly alternatives gain traction.
Geographic Footprint: The company has a strong regional presence, with sales concentrated in Tamil Nadu
(38%), West Bengal (29%), and Punjab (23%), along with contributions from Gujarat (6%) and Rajasthan
(4%). It operates through five regional branches—Kolkata (HO), Tirupur, Ludhiana, Ahmedabad, and
Jodhpur—alongside a newly opened Mumbai office, while actively expanding its dealer network in
Karnataka, Andhra Pradesh, Kerala, and Goa.
Strategic Initiatives -
● Transition to Manufacturing: The company is setting up a new manufacturing unit at Savli,
Vadodara, with a capex of INR 500 Mn funded through IPO proceeds, bank loans, and internal
accruals. The plant will have an initial capacity of 500 tons per month, starting with 200–250 tons.
Backed by a tech transfer agreement with Silkflex Malaysia and secured proprietary rights, the
facility is expected to reduce import dependence, improve margins, and drive 50–60% revenue
growth potential over time.
● Product Expansion: Exploring new areas such as metal and leather coatings, along with future
expansion of wood coatings.
● Sustainability Push: Fully water-based products, supporting shift away from solvent-based coatings.

Key Strengths: The company holds exclusive rights to the Silkflex brand in India, backed by strong global
certifications that enhance its credibility. It is a trusted partner for leading global apparel brands and is led
by an experienced leadership team with over 35 years of industry expertise. With a high growth trajectory,
it has delivered a 3-year CAGR of 42% in revenue, 93% in EBITDA, and 117% in PAT.
Outlook: The new manufacturing unit, expected to be operational in FY26, will enhance margins and
strengthen cost control. The wood coatings business is projected to scale up from 4% to \~15% of revenue
in the medium term, while expansion in South India aims to capture untapped furniture and apparel hubs.
Overall, the company is targeting 50–60% revenue growth over the next 2–3 years, driven by strong
domestic demand and rising adoption of sustainable products.

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SIS Ltd

SIS Limited is a leading Indian multinational providing essential services in security, facility management,
and cash logistics. The company employs more than 3,00,000 people across India and other countries,
making it one of the top 10 private sector employers in India. The company is the #1 player in Security
Solutions and Facility Management in India, and the #2 player in Cash Logistics. Globally, it is also the
largest Security Solutions company in Australia.

Financial Performance: For Q1FY26, the company reported revenue of INR 35,490 Mn, which grew 13.4%
YoY and 3.5% QoQ. EBITDA stood at INR 1,520 Mn, up 10.7% YoY, though slightly down 7.7% QoQ. PAT
increased by 44.7% YoY to INR 930 Mn, with PAT margin improving from 2.1% to 2.6%.

APS Acquisition: The company acquired a 51% stake in A P Securitas (APS), a 40+ year-old pan-India
security and facility management provider with revenues of ~INR 10,000 Mn. The deal, structured as a
staged buyout with the remaining 49% to be acquired over 3–4 years on a performance-linked basis,
strengthens SIS’s leadership in India Security, particularly in BFSI and logistics, while accelerating its shift
toward integrated, solutions-led security under Vision 2030. While APS’s current EBITDA margin (4.3%)
trails SIS India Security (~5.5%), management expects only modest near-term margin drag and
convergence toward 6% margins over the medium term through synergies, pricing, and solution mix.
Consolidation will begin in Q3 FY26, with management targeting an ex-IRR above 20%.

Segment Performance:
● Security Solutions India: The India security business reported INR 14,600 Mn revenue in Q1FY26,
up 9.2% YoY and 1.7% QoQ supported by new contracts in E-commerce, Construction,
Manufacturing, BFSI, and Retail sectors. The EBITDA margin stayed stable at 5.4%.
● Security Solutions International: The international security segment achieved INR 15,130 Mn
revenue, growing 18.5% YoY (18.9% in CC) and 6.2% QoQ (5.3% in CC). Growth was led by new
business wins in Airports and Energy. Margins were 3.0% in Q1FY26, slightly lower YoY, but
normalized margins improved from 2.9% to 3.3%.
● Facility Management Solutions: The business delivered INR 5,940 Mn revenue, rising 12.1% YoY
and 1.2% QoQ. Key wins came from Energy, Manufacturing, Construction, and Automobile
sectors. The EBITDA margin improved to 4.8% in Q1FY26 from 4.2% last year, reflecting
operational efficiency initiatives.

Emerging Sub-Segments: The pest control business, currently at INR 500 Mn annualized revenue, has
positioned the company among the top 3–4 players in the country. With the industry leader at ~INR 4,000
Mn, management aims to double SIS’s scale in the next 5 years, although it does not expect this segment
to reach INR 10,000 Mn. Pest control is seen as a strategic complement to FM.

Challenges and Risk Management: Nettlinx acknowledges potential challenges such as regulatory
compliance, cybersecurity threats, and competition from established players. The company has
implemented strong risk management strategies to mitigate these risks and ensure operational resilience.

Future Outlook: The management remains confident and optimistic, citing record revenues, healthy
profitability, deleveraging, and strong cash flows. While acknowledging near-term challenges in the SXP
business, the company has clear restructuring plans in place. The focus is on margin expansion,
technology adoption, and capturing market share, with no major headwinds visible in the core business
and a supportive macro backdrop.

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SKP Bearing Industries Ltd

SKP Bearing Industries Ltd, founded in 1991 manufactures & supplies Precision needle rollers, cylindrical
rollers, pins and balls with IATF certification and has built a strong international presence across Central
Europe, the Middle East, South America, and North America. It operates as an integrated manufacturer with
in-house facilities including advanced testing technologies such as UTS testing machines, roundness testers,
contour testers, and digital image analyzers. The company has recently diversified into the power
generation business with wind and solar plants.

Financial Performance:
On a consolidated basis, the company reported revenue from operations of INR 221.2 Mn in Q1FY26
compared to INR 703.3 Mn in FY25, with EBITDA margins impacted due to high operating costs in France.
EBITDA stood at INR 26.2 Mn in Q1FY26 down by 36.7% YoY. PAT stood at INR 3.8 Mn in Q1FY26, down by
72.1% with margins of 1.7%. On a standalone basis, Q1FY26 revenue was INR 136.5 Mn with PAT of INR
25.5 Mn, supported by stronger profitability in the India business.

Products and Services:

The company offers a wide range of rolling elements, including needle rollers, cylindrical rollers, precision
pins, and high-grade steel balls. Precision pins serve critical alignment and fastening roles in electronics,
aerospace, and medical manufacturing. Steel balls, offered in grades G5 and G10, range from 0.6 mm to
22.5 mm and are supplied in various materials like chrome, stainless steel, glass, and plastic, catering to
sectors such as automotive (steering, brakes, and accelerators), water pumps, and valves. Cylindrical rollers
are designed for high load and speed applications such as gearboxes and wind turbines.

Manufacturing Facilities:
The company operates 3 plants in India-
● Plant 1 focuses on needle and cylindrical rollers and is now used for R&D.
● Plant 2 specializes in precision pins and advanced components, with freed-up capacity after shifting
ball production.
● Plant 3, also known as the Zamar facility, is a newly commissioned unit dedicated to steel ball
production with advanced automation, having a capacity of 2,000 tons per annum.
Together, these plants provide an annual capacity of over 1,200 Mn pieces.

Geographical Presence and Customers

In FY25, exports contributed ~5% of revenue, with strong growth potential ahead as the France acquisition
enables access to global OEMs. The dual manufacturing base in India and France gives SKP strategic
flexibility to cater to global customers.

Strategic Initiatives
The India operations are running at ~90% utilization, and the company is expanding Plant 2 to double
capacities in rollers. Plant 3 is expected to add INR 4.5–4.7 Bn in revenue potential at full utilization. The
France acquisition provides technology transfer opportunities, access to premium customers, and
diversification of supply chains.

Outlook and Guidance:

Consolidated revenue is projected at INR 1,000+ Mn in FY26 with growth to INR 1,500–2,000 Mn by FY27,
driven by higher utilization, quality control regulations in India supporting domestic demand, and increasing
export traction. While near-term profitability is impacted by France operations and high CapEx investments,
management expects the subsidiary to stabilize by FY27.

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SMC Global Securities Ltd
SMC is a diversified financial-services group (broking, distribution, NBFC, insurance broking, wealth &
products). It has an extensive offline network plus digital offerings (including discount broker StoxKart)
and is moving to a fee/technology + distribution play rather than just traditional broking

Financial Highlights: In Q1FY26, revenue stood at INR 4,251 Mn, up 0.9% QoQ, while PAT came in at INR
300 Nb, registering 6.3% QoQ growth. EBITDA rose sharply by 59% QoQ to INR 1,003 Mn, aided by
investment gains of INR 58.1 Mn compared to a loss of INR 93.3 Mn in Q4FY25. Financing revenue
increased 25% QoQ to INR 510 Mn, with financing AUM reaching INR 11,910 Mn. On the asset quality
front, GNPAs rose to 3.9%, while NNPAs stood at 2.6%.

Segment performance -

● Broking / Distribution / Trading: In Q1, revenue stood at INR 2,749 Mn with online penetration
at around 62%. The broking business continued to show healthy traction with rising DP/AUA and
client counts, adding nearly 26,000 new clients during the quarter. StoxKart also scaled up client
additions rapidly, further strengthening overall growth momentum.
● Insurance broking: In Q1, revenue was approximately INR 1,160 Mn, supported by a large POS
network of around 16,102 points of sale and the issuance of about 232,000 policies during the
quarter. However, softness in the motor vertical weighed on short-term revenue performance.
● Financing (NBFC Moneywise): In Q1, revenue stood at INR 510 Mn, with AUM at approximately
11,910 Mn (on- and off-book). Collection efficiency remained healthy at 98%, while asset quality
reflected GNPAs of 3.9% and NNPAs of 2.6%. On the funding side, borrowings were around INR
7,720 Mn, translating into a leverage ratio of 1.61x.

Operational highlights & KPIs-

● Digital / distribution reach: The company has a strong distribution reach with 2,137 authorised
persons across 412 cities and 6,811 financial distributors. It services around 1.18 Mn client demat
accounts, while its mutual fund distribution AUM stood at approximately INR 45,190 Mn.
● StoxKart: The discount broking arm is witnessing rapid customer acquisition, with StoxKart
showing materially higher client growth on a YoY basis as highlighted in the slides. This expansion
is strategically valuable, driving improvements in customer acquisition cost (CAC), average
revenue per user (ARPU), and enhancing overall retail scale.
● Cost & margins: consolidated EBITDA margin improved to 23.6% in Q1 (operational discipline +
some investment gains noted by management)

Strategy & growth initiatives: SMC is diversifying into fee income streams (insurance, mutual funds,
wealth), shifting NBFC lending towards micro-LAP and small-ticket loans with cross-sell opportunities. It is
investing in digital platforms, scaling StoxKart, and deepening bank tie-ups, while maintaining cautious
NBFC growth through tighter underwriting and reduced large-ticket exposure.

Outlook: The Company remains optimistic about FY26 and beyond, by strong digital adoption, retail
participation, and pan-India reach. Confident of achieving its mutual fund AUM target of INR 80,000 Mn
by FY27, by app-based distribution and a vast distributor network. Expansion in the StoxKart platform,
renewed marketing efforts, and deeper penetration in insurance broking and financing are expected to
drive revenue. Regulatory headwinds in derivatives and margin norms are being tackled via
diversification and cost-efficient models. Expects H2FY26 to show accelerated momentum across
broking, lending, and distribution as market conditions stabilize and internal efficiencies kick in.

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Solarium Green Energy. Ltd

About Company: Founded in 2017 by Ankit Garg (CMD, IIT Dhanbad alumnus, ex-Hyundai CE) and Pankaj
Gothi, Solarium started with solar panel manufacturing in Bavla, Gujarat. Since 2021, the company has
shifted focus to turnkey EPC and hybrid solar solutions, covering design, procurement, installation,
commissioning, and O&M. Manufacturing was paused in Feb 2024 due to exclusion from the ALMM list.

Residential Rooftop Solar: This is the mainstay, contributing 37% of FY25 revenue. The company
executed 13,900+ projects since Apr 2021 and has 905 ongoing projects. Revenue run-rate doubled in
FY25 (INR 5 Cr/month to INR 10 Cr/month). Geographic presence expanded to 15 states/UTs with the
launch of the Solar Saarthi program (200+ channel partners).

Institutional & Government EPC: Accounts for 50% of revenue, with projects delivered for BARC, BSF,
and IAF. Solarium is L1 in 38 of 45 NTPC categories, creating a strong pipeline. The company has proven
execution in difficult terrains like Leh and the Northeast, which is a key differentiator.

Financial Performance: Revenue stood at INR 2301 Mn, registering a 29.7% YoY growth. EBITDA was INR
269 Mn, up 9.3% YoY, with an EBITDA margin of 11.7%. PAT came in at INR 190 Mn for H2, while EPS was
INR 11.65 compared to INR 10.49 in FY24. The company’s order book comprised INR 1,200 Mn of
unexecuted orders, INR 2,430 Mn in L1, and INR 440 Mn of bids pending, with over INR 4,500 Mn worth
of bids submitted in April 2025 alone

Margins & Operating Metrics: The company has guided for an EBITDA margin of 11–13% going forward.
Residential rooftop projects continue to deliver superior profitability, with gross margins of 20% and
EBITDA margins of around 10%. Expansion into new geographies is expected to entail upfront costs,
which may weigh on short-term margins. Employee headcount increased to 309, with ESOP expenses of
INR 8.4 Mn recognized during the year. Receivables spiked at year-end, largely due to March revenue of
INR 560 Mn, but are expected to normalize in the coming quarters

Industry & Regulatory Tailwinds: Government initiatives such as the PM Surya Ghar Yojana and the 500
GW non-fossil fuel capacity target by 2030 are providing strong tailwinds for sector growth. REC has
been appointed as the nodal agency, with a unified consumer portal and a direct benefit transfer (DBT)
subsidy mechanism in place. Demand for rooftop solar is accelerating, with 0.9 Mn households adopting
solar in FY25 alone, compared to 1.0 Mn homes over the previous 15 years.

Strategic Initiatives: The company has launched the Solar Saarthi program to scale residential sales
through channel partners. A unified customer portal is under development to enhance efficiency and
customer experience. Leadership is being strengthened with the appointment of a new CFO, segment
heads, and the onboarding of 60 interns. Additionally, an ESOP rollout has been initiated to improve
employee retention and motivation

Guidance and Outlook: The Management expects to keep the growth momentum, with revenue
visibility of over INR 3,630 Mn in FY26 based on the order book and L1 position. Margins are likely to stay
in the 11–13% range even with expansion costs. The company plans to use its strong execution
capabilities and healthy pipeline to grow further in both residential and institutional segments

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South West Pinnacle Exploration Ltd

South West Pinnacle Exploration Ltd, established in 2006, is an exploration company with expertise in
drilling and integrated exploration services. The company has drilled over 28 lakh meters cumulatively
and successfully delivered more than 150 projects across coal, non-coal minerals, unconventional oil &
gas, and aquifer mapping. It currently operates with 36 advanced drill rigs, supported by a team of 15
geoscientists and specialized seismic and geophysical equipment. The company has built strong
relationships with marquee clients including Reliance Industries, Vedanta, Oil India, JK Cement, Hindustan
Copper, and Hindalco, and it has an operational presence both in India and Oman.

Financial Performance: SWPE reported INR 402 Mn in revenue (+37% YoY), INR 58 Mn EBITDA (14.43%
margin), PBT of INR 31 Mn (+19% YoY), and PAT of INR 24 Mn (5.97% margin), with EPS of INR 0.79.
Revenue growth was supported by a strong order book worth ~INR 3,320 Mn and efficient project
execution across domains, despite monsoon impacts and a one-month equipment maintenance loss. Early
mining activities have commenced in Oman JV and Jharkhand coal block development.

Business Segments: The company operates across multiple verticals such as coal and mineral exploration,
coal bed methane (CBM) exploration and production, aquifer mapping, seismic exploration, geological
and geophysical services, and underground drilling.
In FY25, CBM production accounted for 30% of revenues, coal business 25%, and aquifer mapping 15%,
while non-coal exploration services contributed 15%.
Seismic exploration services including Passive Seismic Tomography (PST) made up 6%, whereas coal
exploration and underground drilling contributed 7% and 1% respectively.

Order Book & Projects: As of June 30, 2025, the company had a strong order book of INR 3,320 Mn. The
order book is well diversified with INR 1,364 Mn from CBM production, INR 877 Mn from aquifer
mapping, INR 445 Mn from seismic exploration (PST), INR 290 Mn from non-coal exploration, INR 238 Mn
from 2D/3D seismic exploration, and INR 74 Mn from coal exploration. Of the total, 52% of the order book
is from government clients and 48% from private clients. The company is currently executing 18 ongoing
projects across these verticals.

International Presence: The company has established a strong presence in Oman through 2 JVs. The first
JV, set up in 2018, has secured an 11-year copper mining contract worth USD 125 Mn and has already
commenced operations. The second JV, formed in 2024 with Alara Resources Ltd. and other partners, has
been awarded a 1,448 sq. km exploration and mining block containing copper, gold, silver, chromite, and
basalt reserves. This JV is now progressing with exploration activities, offering long-term growth
opportunities from high-value mineral reserves.

Strategic Assets & Infrastructure: The company operates with 36 state-of-the-art drilling rigs, including 2
Schramm rigs designed for CBM production and 4 rigs acquired for underground drilling. It also owns
advanced seismic recording systems with 8,000+ channels, Vibroseis units, and multiple geophysical
logging units.

Outlook: The company’s strong order book, strong JV projects in Oman, and continued expansion into
aquifer mapping and CBM production provide visibility for sustained revenue growth. While short-term
margins may remain under pressure due to project mix and seasonality, its diversified portfolio and
international footprint create strong medium-to-long-term growth prospects.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Sportking India Ltd

Sportking India Limited is a textile company established in 1989 that has been recognized by the
government as a Four Star Export House. The company has 3 state-of-the-art manufacturing facilities with
a diversified product range. With a global presence spanning over 30 countries, Sportking is committed to
producing high-quality products and has an average export value between US $125 million and US $175
million.

Financial Performance: For Q1 FY26, revenue stood at INR 5,858 Mn, with a gross profit of INR 1,572
Mn. The gross margin for the quarter was 26.8%, and the EBITDA was INR 705 Mn, with a margin of 12%.
PAT was INR 352 Mn, a 10.5% increase YoY, and the PAT margin was 6%. Exports contributed INR 3,410
Mn to the revenue, making up 58% of the total sales mix, an increase from 47% in Q1 FY25. Overall,
quarterly exports grew by approximately 18% YoY.

Operational Highlights: The company's capacity utilization remains high at 95%. In Q1 FY26, cotton yarn
production was 20,900 MT, and cotton yarn sales were 20,300 MT. A key development is the
announcement of a new greenfield expansion project to add 150,000 spindles in Odisha, which is a
significant 40% increase over the existing 379,152 spindles. This project, with an estimated outlay of
approximately INR 10,000 Mn, will be funded by a mix of term loans and internal accruals and is expected
to be completed in 12 to 15 months. The new facility in Odisha will enable the company to better serve
the eastern Indian and international markets due to its proximity to ports.

Greenfield Expansion: Sportking India has announced a greenfield expansion project with a CAPEX of
approximately INR 10,000 Mn to add 150,000 spindles, which is expected to generate an additional
revenue of INR 10,000 Mn to INR 12,000 Mn and improve overall EBITDA by 200 to 300 bps.

Strategic Initiatives: The company is also in the process of a proposed merger with Marvel Dyers and
Processors Pvt. Ltd. and Sobhagia Sales Pvt. Ltd. to enable forward integration into fabrics and garments.
This initiative is expected to add to the top line by around INR 2,000 Mn in the first year. The company is
also investing INR 141 Mn in Evincea Renewable Seven Pvt. Ltd. to commission a 40.3 MW solar power
plant to supply power to its Bathinda and Ludhiana units for 25 years, expecting a power cost saving of
10-12%.

Product Portfolio: Its product range includes:

● 100% Cotton Yarns: The company produces combed compact yarns in normal and sublime
quality for knitting and weaving, as well as combed compact slub and combed Eli twist yarns.
● Polyester/Cotton Blended Yarns: This category includes polyester/cotton combed yarns and
melange yarns.
● Fancy Yarns: The company offers a variety of fancy yarns, such as Jaspe, Jaspe slub, injection slub,
and snow yarns.
● Dyed Yarns: It produces 100% cotton and polyester/cotton blended dyed yarns.
● Acrylic & Acrylic/Polyester Blended Yarns: This includes 100% acrylic high bulk and non-bulk
yarns, as well as acrylic/polyester blended high bulk yarns.

Future Expansion & Management Guidance : Land at Odisha site allows for further expansion beyond
300,000 spindles if market supports. Management expects margins to stay in double digits for the next
few quarters despite macro headwinds, but concedes that things have actually deteriorated recently.
Margin expansion of 200-300 bps expected post-Odisha commissioning.

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SRG Housing Finance Ltd.

SRG Housing Finance Ltd is a housing finance company focusing on rural and semi-urban markets. The
company has 93 branches spread across 7 states as of June 2025. It primarily caters to the unorganized
and underserved segments of the population by providing accessible housing finance solutions to new-to-
credit customers. By FY25, it had built a AUM of INR 7,590 Mn.

Financial Performance: For Q1FY26, the total income stood at INR 427 Mn compared to INR 339.8 Mn in
Q1FY25, up by 25.66% YoY. NII rose to INR 203.8 Mn in Q1FY26 from INR 170.2 Mn in the previous year.
PAT stood at INR 67.8 Mn in Q1FY26 against INR 58.6 Mn in Q1FY25. The company maintained healthy
profitability ratios, with RoAE at 2.54% and RoAA at 0.77%. Asset quality remained stable with a Gross
NPA ratio of 1.85% and Net NPA ratio of 0.62% in Q1FY26.

Products and Services: SRG provides different types of home loans like loans for construction, repairs,
extensions, buying a new house, resale purchase, or even buying a plot and constructing on it. They also
give loans against residential or commercial property, balance transfer loans, top-up loans, and
builder/project loans. In FY25, housing loans formed about 73% of the portfolio, while loans against
property (LAP) made up around 27%.

Branch Network & Geography: The company has spread its network mainly in rural and semi-urban
areas, which form nearly 95% of its loan book. Out of its 90 branches, Rajasthan has the highest share
with 32 branches, followed by Gujarat (22), Maharashtra (14), Madhya Pradesh (13), Karnataka (5),
Andhra Pradesh (3), and Delhi (1). Rajasthan and Gujarat together contribute over 80% of the loan book.

Customer Profile: The company’s borrowers are primarily self-employed individuals, constituting about
74% of the portfolio, while 26% are salaried. Nearly 92% of its customers are from rural areas, and a
majority belong to the economically weaker section (EWS), low-income group (LIG), and middle-income
group (MIG). Occupations include traders, shopkeepers, teachers, tea stall owners, and small
entrepreneurs. More than 95% of loans involve women co-borrowers, supporting both repayment
discipline and women’s empowerment.

Borrowing & Funding Sources: To fund its lending, the company borrows money from different sources.
Around 46% comes from banks, 48% from financial institutions like NBFCs and HFCs, and about 6% from
the National Housing Bank (NHB). The company has relationships with 32 lenders, which helps it maintain
access to funds from multiple channels.

Loan Size & Terms: It mainly focuses on small-ticket loans. In Q1FY26, the average loan size was about
INR 10.87 lakh. While the company offers loans starting from INR 1 lakh and going up to INR 15 crore, its
main focus is on smaller amounts. On average, loans have a Loan-to-Value (LTV) of about 47% and a
repayment period of around 9 years.

Outlook: Looking ahead, the company aims to cross INR 10,000 Mn in AUM by FY26 with annual
disbursements of around INR 4,000–4,500 Mn. Over the next 5 years, the company wants to grow its
business 5x bigger, showing very ambitious expansion and scaling targets. To support expansion, it raised
INR 860 Mn in FY25 through warrants and preferential allotments. It is also planning to raise another INR
500 Mn, which will be mainly used for opening new branches and growing its reach.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Star cement Ltd
Star Cement Ltd is the largest cement manufacturer in Northeast India and has a strong presence
in Eastern India. The company holds a leading market position with around 27% market share in
the Northeast region. Currently, it has a production capacity of 6.1 Mn tonnes per annum (MTPA)
of clinker and 7.7 MTPA of cement. This capacity is expected to increase to around 12 MTPA by
the financial year 2027, with the addition of new grinding units in Silchar (2 MTPA by FY26) and
Jorhat (2 MTPA by FY27). Star Cement has a strong distribution network with around 2,000
dealers and over 13,000 retailers. The company focuses mainly on blended cement, which makes
up about 85% of its sales, and also promotes premium products, which account for around 12%
of its trade sales.
Financial Performance: In Q1FY26, Star Cement reported revenue of INR 9,120 Mn, marking a
24% (YoY) growth, though it declined by 13% QoQ. EBITDA stood at INR 2,300 Mn, up 94% YoY
but down 14% QoQ, with EBITDA per ton improving to INR 1,774 compared to INR 1,018 in the
same quarter last year. The company posted a PAT of INR 980 Mn, a significant 508% increase
YoY, though it was down 20% QoQ. Sales volumes for the quarter were 12.96 lakh tons,
reflecting a 12% YoY rise but a 15% drop QoQ.
Operational Highlights: In Q1FY26, Star Cement sold 12.22 lakh tons of cement and 0.74 lakh
tons of clinker. The geographical mix of sales was 73% from the Northeast region and 27% from
Eastern India and other regions. The trade mix comprised 81% trade sales and 19% non-trade,
with premium cement contributing around 12% of trade sales. The company’s average lead
distance stood at 220 km, with 94% of dispatches by road and only 6% by rail. Fuel cost remained
stable at INR 1.35 per Kcal, and the Thermal Substitution Rate (TSR) stood at 18.5%. Green power
accounted for 29% of the total power consumption, and the company aims to increase this share
to 55% by FY26.

Capacity Expansion & CAPEX: Star Cement has several ongoing projects aimed at expanding its
capacity. The 2 MTPA grinding unit in Silchar is expected to be commissioned by Q4FY26, while
another 2 MTPA grinding unit in Jorhat is scheduled for commissioning by Q3FY27. Looking
ahead, the company is evaluating entry into Rajasthan with plans to set up a 3 MTPA clinker
plant and a 4 MTPA grinding unit, with an estimated capital expenditure of INR 24,000–25,000
Mn. Additionally, Bihar is being explored as a potential growth market. The company has
provided a capital expenditure guidance of around INR 8,000 Mn for FY26 and INR 6,000 Mn for
FY27.

Sustainability & Other Initiatives: Star Cement is actively investing in sustainability initiatives.
The company is developing a 40 MW solar power project in Assam and is also exploring wind
energy options in other states to further increase its share of green energy. It is currently 1.47x
water positive and aims to reach 2x water positivity by 2025. On the diversity front, women
currently make up 10% of the workforce, with a target to increase this to 11–12% by FY26–27.

Outlook: Star Cement expects revenue growth in the mid-single digits for FY26–27, driven by
upcoming capacity additions and increased sales of premium products. EBITDA margins are
projected to remain strong at over INR 1,700 per ton, supported by continued subsidy income,
improved cost efficiencies, and a growing share of green energy in the power mix. In the long
term, the company aims to reach a total cement capacity of 20 MTPA by FY30. Key risks to this
outlook include volatility in fuel costs, rising competition in the Northeast market, potential
delays in subsidy disbursements, and fluctuations in cement demand.

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Steelcast Ltd

Steelcast Ltd., based in Bhavnagar, Gujarat, is a leading manufacturer of steel and alloy steel castings
with more than 60 years of experience. The company serves a wide range of industries including mining,
earthmoving, locomotives, construction, cement, railways, and defence. Recognized as a Two-Star Export
House, Steelcast has built a strong global reputation by supplying high-quality products to several
Fortune 500 original equipment manufacturers (OEMs) in both India and international markets.

The company has four manufacturing plants, including an advanced machine shop, and offers castings
ranging from 5 kg to 2,500 kg. Around 75% of its castings are shipped as fully machined products, giving
it a strong edge in value-added solutions.

Financial Performance: In Q1FY26, Revenue up 38% YoYr to INR 1,067 Mn, driven by healthy demand.
EBITDA increased 44% to INR 300 Mn, with margins improving to 28.1%. PAT up 54% to INR 199 Mn,
translating to a margin of 18.6%. EPS stood at INR 9.82, compared to INR 6.39 in the same quarter last
year, reflecting solid profitability and operational efficiency.

Manufacturing & Capacity: Steelcast Ltd. has an installed capacity of 29,000 tonnes per annum,
supported by advanced sand and shell casting processes. The company sources most of its energy needs
(around 80%) from captive renewable and hybrid power, ensuring cost efficiency and sustainability. It is
also setting up a 2.4 MW hybrid power plant, expected to be operational by the end of FY26, which
should save INR 35–40 Mn annually. Capacity utilization has already improved significantly to 53% in
Q1FY26, compared to 32% last year, and is projected to rise above 80% by FY28.

key industries: Steelcast Ltd. serves a wide range of industries with its alloy steel castings. Its key
customer segments include mining and earthmoving, railways and locomotives, construction and
cement, defence and ground engaging tools (GETs), as well as transport and industrial equipment. This
diversified customer base helps the company reduce dependence on any single sector and ensures
steady demand across different industries.

Geography-wise revenue (Q1FY26): The company generates 46% of its revenue from the domestic
market and 54% from exports. The company currently serves 16 countries and plans to expand its global
footprint to over 18 countries in the next two years.

New Product development: In FY24, Steelcast sold around 270 parts and developed 16 new ones. The
company follows a short product development cycle of 4 to 6 months and has created nearly 600
products

Order Book & Growth Drivers: Steelcast has a current order book of about INR 800 Mn, with over 40
new components under development across mining, construction, rail, and defence. The company has
started defence exports with its first shipments already approved and underway. It is also benefiting
from the “China Plus One” shift, as Indian products remain around 50% cheaper than Chinese goods in
key categories. Additionally, Steelcast is exploring value-added subassemblies beyond castings and
machining, which should boost margins and strengthen long-term customer relationships.

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Sterling Tools Ltd

Sterling Tools Ltd (STL), traditionally a leading fastener manufacturer, is undergoing a significant
transformation into a diversified EV-focused powertrain and electronics supplier through its subsidiaries
SGEM (Sterling GTAKE E-Mobility) and STML (Sterling Tech-Mobility). While the fasteners business remains
stable, the company is investing heavily in new EV-centric product lines, technology partnerships, and
capacity expansion to capture long-term growth opportunities in India’s evolving automotive ecosystem.

Industry Backdrop & Macro Commentary

The Indian automotive industry witnessed a 5.1% YoY volume decline in Q1 FY26, with passenger vehicles
down 1.4%, 2-wheelers down 6.2%, 3-wheelers flat, and commercial vehicles marginally lower (-0.6%).
Despite near-term weakness, SIAM maintains a cautiously optimistic outlook for Q2, supported by
expectations of normal monsoon, festive demand, and accommodative monetary policy. Key risks include
global supply chain challenges, notably rare earth magnet (REM) restrictions from China.

Standalone Fasteners Business

Despite industry headwinds, Sterling’s core fasteners segment delivered stable performance, aided by
operational discipline and sustained offtake from OEM customers. Management highlighted its consistent
outperformance versus industry, supported by new OEM wins (notably Hyundai) that will drive
incremental volumes in the coming quarters. The business is expected to maintain a steady growth
trajectory with stable profitability.

Consolidated Performance & Headwinds

Consolidated revenue declined 31% YoY to INR 1,950 Mn in Q1 FY26, primarily due to product in-sourcing
by a key customer. Management termed this a temporary setback, while reiterating its focus on
diversification and new product ramp-ups to restore growth momentum.

SGEM (Sterling GTAKE E-Mobility) Business

Product Pipeline & Diversification: SGEM is currently engaged in 28 customer programs across 2W, 3W,
LCVs, and HCVs. The portfolio now spans MCUs, integrated motors & MCUs, REM-free motors, on-board
chargers, and DC/DC converters. The company recently secured its first DC/DC converter nomination from
a leading e-CV OEM, with revenue expected from FY26-end or FY27.
Strategic Alliances: SGEM’s partnerships with Jiangsu GTAKE Electric (power electronics) and UK-based
AEM (REM-free motors) underpin its technology roadmap. With OEMs actively seeking REM-free
solutions, management sees strong demand traction, with revenue visibility from FY27. Components for
AEM motors are already being exported to Europe, Indonesia, and Australia, validating STL’s
manufacturing competitiveness.
Capacity & Capex: SGEM has installed capacity for 720,000 MCUs p.a., repurposed into 360,000 low-
voltage and high-voltage lines. Current utilization is just under 50%. Planned capex for REM-free motors is
INR 350–400 Mn, including tooling and assembly lines.
Revenue Outlook: Current 2W MCU run-rate is INR 300–350 Mn per quarter, which management expects
to sustain or improve. HCVs contributed 25%+ of Q1 revenue, with further demand expected from
government’s PM eDrive policy. Management aims to regain consolidated revenue levels by FY27,
supported by new programs.

STML (Sterling Tech-Mobility Limited)

The Bangalore facility is nearing completion, with commissioning by Sept–Oct 2025 and full-scale
production in November. Focused on high-voltage DC contactors for EV OEMs/Tier-1s, STML is expected
to generate INR 1,500–2,000 Mn in revenue over the next 5 years, albeit with longer validation cycles for
PV and CV clients. Capex stands at INR 500 Mn for the initial product line.

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Sunita Tools Ltd

Sunita Tools Ltd, established in 1988 and converted to a public limited company in 2023, is a Mumbai-
based manufacturer of high-quality mould bases and machined engineering parts, serving sectors such as
automotive, consumer goods, and electronics. The company’s advanced plant in Vasai leverages
technology (CAD/CAM, precision automation) and its proximity to developed industrial logistics networks.
Sunita Tools focuses on standardized and custom engineering solutions, supporting faster, more efficient
manufacturing for client industries.

Financial Performance: Sunita Tools reported a total income of INR 30.15 Mn and INR 30.71 Mn
(consolidated). PAT stood at INR 5.09 Mn and INR 5.12 Mn (consolidated), resulting in a healthy net
margin of 17%. EPS was INR 8.53 (standalone) and INR 8.58 (consolidated). The company reduced long-
term debt to INR 0.10 Mn and short-term borrowings stood at INR 4.04 Mn. Promoters, led by Sanjay
Kumar Pandey (Chairman/Whole Time Director), maintain high governance standards, with no dividend
payout as profits are retained for growth.

Industry and Business Environment:

The broader mould base and engineered components industry benefits from continued domestic
manufacturing growth, import substitution drives, and government policy support for high-value
engineering in sectors such as automotive, electronics, and aerospace. Sunita Tools’ technological
adoption, precision engineering, and automation are key differentiators. Its strategically located Vasai
facility enhances capacity utilization and operational efficiency, while expansion into aerospace
components opens higher value markets.

Growth Prospects and Strategic Highlights:

● Capacity and Expansion: Efficient utilization of the Vasai facility with investments in capacity and
process upgrades; expansion into aerospace components through new subsidiaries tapping into
higher value-add markets.
● Capital and Financial Strategy: Continued focus on debt reduction and capital infusion to maintain
financial flexibility for business and technology investments.
● Product and Market Diversification: Capability to provide both standardized and custom
solutions, enabling responsiveness to short-cycle project demands across varied manufacturing
sectors.
● Profitability Outlook: Sustained strong net margins i.e. >15% driven by value-added offerings,
operational efficiency, and disciplined reinvestment strategy instead of dividend payouts.

Risks and Challenges:

Near-term headwinds include possible demand fluctuations if Indian or global manufacturing slows, or if
raw material prices spike. The company is also vigilant regarding regulatory changes and competition but
is focused on technology adoption and market development to stay ahead.

Outlook: Sunita Tools Ltd is well-positioned to benefit from India's growing demand for high-quality,
standardized industrial tooling driven by domestic manufacturing growth, import substitution, and
favorable government policies. Its strategic focus on technology, aerospace diversification, and sustainable
business practices underpins strong future growth prospects amid evolving market dynamics.

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Sunrakshakk Industries India Ltd

Sunrakshakk Industries is a diversified player with strong presence in Textiles, FMCG, and FMCG
Intermediates. The company has expanded aggressively through acquisitions, most notably Sunrakshak
Agro Products Pvt. Ltd., marking its entry into FMCG and edibles. With over 200 customers, five
manufacturing plants across Bhilwara, Roorkee, and Guwahati, and large capacities in both textile
processing and FMCG intermediates, the company is well-positioned to deliver robust growth.

Financial Performance : Q1FY26 revenue was INR 12,524 mn, up 416% YoY. EBITDA grew to INR 1,162
mn (up 272% YoY), with margins of 9.3%. PAT stood at INR 652 mn, rising over 12x YoY, with margins of
5.2%. The company raised INR 9,865 mn in FY25 to accelerate growth. FY25 consolidated revenue was
INR 18,016 mn, up 54% YoY, with EBITDA of INR 2,566 mn (margin 14.2%) and PAT of INR 1,101 mn.
Balance sheet remains strong with equity of INR 5,176 mn, borrowings of INR 4,135 mn, and cash of INR
573 mn (as of Mar-25)

FMCG and Intermediates : Manufacturing capacity: INR 13,980 tons/month across soap noodles,
toothpaste, detergent, cosmetics, and home care. Q1FY26 segment revenue: Noodle section INR 6,467
mn, Cosmetic section INR 1,495 mn, Detergent section INR 1,803 mn, Home care section INR 285 mn.
Expansion: New Guwahati facility (soap noodles and cosmetics) with visibility from Jan 2026.

Textile Processing : Capacity: INR 45 lakh meters/month (5.4 crore meters annually). Q1FY26 processed
volume: INR 1.25 crore meters, lower YoY due to diversification into FMCG. Products: 100% cotton and
eco-friendly fabrics, catering to healthcare, hospitality, schools, and innerwear.

Strategic Transformation & Expansion : Acquisition of Sunrakshak Agro Products Pvt. Ltd. completed in
Dec 2024, bringing immediate FMCG revenues and synergies. Investments in Bhilwara (savories and
spices: INR 1,500 tons/month) with revenue contribution expected from Sep 2025. Entry into edibles
marks a major diversification with scalable consumer opportunity. Pan-India expansion with focus on
North-East and Western India.

Growth Drivers : Diversified portfolio across Textile, FMCG, and Edibles, reducing dependency on any
one sector. FMCG and intermediates positioned to be the key revenue drivers from FY26 onward.
Specialized higher-margin FMCG products (cosmetics, personal care) to enhance profitability. Expanding
geographic footprint with strong distribution reach. Targeting INR 100,000 mn revenue by FY28 (CAGR
30–35% FY25–FY29).

Outlook : Sunrakshakk is transforming into a consumer-focused conglomerate with multiple growth

levers. The FMCG and edibles businesses will drive scale and margin expansion, while the textile division
continues to provide stability. With strong demand, capacity additions, and strategic acquisitions, the
company has guided for robust growth momentum, targeting INR 100,000 mn revenue by FY28.
Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Sunteck Realty Limited

Sunteck Realty Limited (SRL) is a leading luxury and premium real estate developer with a strong focus on
the Mumbai Metropolitan Region (MMR). The company has successfully delivered 20 projects and has
acquired over 50 million square feet of development potential, translating into a Gross Development Value
(GDV) of approximately INR 398,000 million. Its portfolio spans across uber luxury, premium luxury, and
aspirational luxury segments, strategically positioned in micro-markets such as Bandra-Kurla Complex
(BKC), Nepean Sea Road, Goregaon, Vasai, Mira Road, Naigaon, and Andheri.

Financial Performance:
● Pre-sales: Achieved INR 6,570 Mn, the highest ever Q1 figure, up 31% YoY from INR 5,020 Mn in
Q1FY25.
● Collections: Reached INR 3,510 Mn, up 2.6% YoY (vs. INR 3,420 Mn in Q1 FY25), with expectations
of higher collections in upcoming quarters as new projects move into construction phase.
● Operating Revenue: Stood at INR 1,883 Mn, a de-growth of 40% YoY but aligned with project
revenue recognition timelines.
● EBITDA: Came in at INR 480 Mn, up 52% YoY (vs. INR 310 Mn), with EBITDA margin at 25% (up from
15% YoY).
● Net Profit: Reported INR 330 Mn, reflecting 47% YoY growth (vs. INR 225 Mn).
● Net Operating Cash Flow: Surplus of INR 1,080 Mn for the quarter.
● Net Debt-to-Equity: At a low 0.02x, showcasing continued financial prudence.

Products and Services: The company’s offerings span across 3 distinct categories: Uber Luxury: Projects
such as Signature Island, Signia Isles & Pearl at BKC and developments at Nepean Sea Road and Bandra
West. Premium Luxury: Sunteck City at ODC Goregaon, Sunteck Beach Residences (Vasai), Sunteck Sky Park
(Mira Road), and the newly acquired Andheri WEH redevelopment project. Aspirational Luxury: Large-
scale integrated townships such as Sunteck World (Naigaon) and Sunteck Crescent Park (Kalyan).

Business Developments and Partnerships: During Q1FY26, Sunteck secured a redevelopment project in
Andheri (near Western Express Highway) on 2.5 acres, with a development potential of 275,000 square
feet and an estimated GDV of INR 110 billion. The company invested over INR 3,000 million in business
development during the quarter, significantly higher than the INR 1,800 million spent in the entire FY25.
Sunteck has also formed a joint investment platform with IFC – World Bank Group, worth up to INR 7,500
million, to develop green, large-scale housing projects in the MMR. Earlier partnerships include those with
Kotak Realty Fund and Ajay Piramal Group.

Geographic Presence: Sunteck is deeply entrenched in the MMR region, which accounts for ~39% of India’s
real estate market by value. Its strategic presence in prime and emerging micro-markets, ranging from
ultra-premium localities like BKC and Nepean Sea Road to aspirational hubs like Naigaon, Kalyan, and Vasai.
Additionally, it has announced its first international project in Downtown Dubai, slated for launch around
Q4FY26 or Q1FY27.

Collections Outlook: While no numerical guidance was given, management expects substantial YoY growth,
driven by ongoing construction at ODC 4th Avenue (received OC).

Outlook: Sunteck Realty showcased a strong performance in FY25, with Q4 demonstrating significant
profitability growth and margin improvement. The company plans to launch high-margin projects such as
Nepean Sea Road, 5th Avenue at ODC Goregaon West, and other developments in the Uber and Premium
Luxury segments in FY26, aiming to sustain or enhance margins through operational efficiencies. The full
year marked a record for pre-sales and a significant rise in net profit, supported by substantial growth in
net GDV since FY22 and a healthy balance sheet with a net cash surplus and a low debt-to-equity ratio.

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Suprajit Engineering Ltd

Financial Performance
Suprajit Engineering reported a steady Q1 FY26, with consolidated revenue excluding SCS at INR 7,733 mn,
up 5.2% YoY. EBITDA grew 15% YoY to INR 993 mn, with margins expanding 100 bps to 12.8%. Standalone
revenue came in at INR 3,900 mn (+3.5% YoY), while standalone EBITDA declined 6.5% to INR 605 mn,
with margins at 15.5%. The company ended the quarter with total debt of INR 6,735 mn of which INR
2,018 mn is long-term and INR 4,717 mn is short-term and investments in mutual funds and bonds of INR
2,568 mn.

Suprajit Controls Division (SCD – Global Cables & Controls)

SCD delivered a strong quarter with robust revenue and EBITDA growth, as margins improved from 8% to
12%. The restructuring program is progressing well, with rightsizing in Germany, warehouse consolidation
in Hungary, and regional reorganization in Mexico. Despite tariff-related challenges in the US,
management views this as a long-term opportunity, citing the company’s global footprint. Around 70% of
US exports are already USMCA-compliant, and negotiations with customers on tariff pass-through are
ongoing. Management expects double-digit growth in SCD by year-end, subject to global market
conditions.

Domestic Cable Division

The domestic business outperformed the underlying automotive industry, with revenue growth outpacing
passenger cars (+3.5%) and 2-wheelers (+0.7%). The aftermarket segment was particularly strong. EBITDA
was lower YoY, mainly due to higher IT (SAP HANA rollout), R&D, and corporate costs being allocated
here. The Beyond Cables initiative is gaining traction with new offerings in electromechanical actuation,
sensors, brake systems, and electronic actuators. The long-term strategy is to provide a full actuation
range—mechanical, electromechanical and electronic—to global OEMs and Tier-1 suppliers.

Phoenix Lamps Division

Phoenix Lamps faced a soft quarter, with both revenue and EBITDA under pressure, although margins
remained in double digits. Export demand was impacted by the Middle East conflict, which hurt the Trifa
brand’s channel into Africa. The India business was steady. Management expects weakness to persist for a
few quarters, but believes aftermarket demand will rebound sharply when conditions normalize. A large
US retail order has been secured under a private-label arrangement, with shipments expected to
commence soon.

Suprajit Electronics Division

The electronics division reported weaker revenues and EBITDA, largely due to market struggles faced by a
major EV customer. However, growth in throttle sensors and cluster programs partly offset this decline.
The company commissioned its second SMT line, and utilization is expected to improve as new projects
ramp up. Notably, SED won a large digital cluster contract for exports to the US and secured multiple off-
highway certifications. While the global business remains small, management expects performance to
stabilize from Q2 onwards.

Stahlschmidt Cables (SCS) – Acquisition & Integration

Suprajit completed the second tranche of its SCS acquisition, adding the profitable China and Canada
businesses. Q1 included one month of revenue from these assets. Losses at SCS were significantly reduced
through restructuring initiatives, including the closure of the Poland entity, relocation of Germany’s
warehouse to Hungary, and improved productivity in Morocco. Management targets EBITDA positivity by
Q4 FY26, with full-year revenue guidance of USD 30–35 mn and a run-rate of ~USD 40 mn thereafter.
Morocco and Canada are expected to become supply hubs for the US due to favorable tariff positioning.

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Supreme Facility Management Ltd
Supreme Facility Management Ltd. (SFML), incorporated in 2005 and part of the LVS Group, is a leading
integrated business services provider delivering facility management and support solutions across diverse
industries including manufacturing, IT, automobiles, FMCG, retail, healthcare, and warehousing. Its
offerings span Integrated Facility Management (IFM) services—covering soft, hard, and staffing solutions—
as well as Support Services such as employee transportation, corporate food solutions, supply chain
management, and production support. Backed by the LVS Group’s 40+ years of legacy, Supreme today
operates in over 82 cities across 10+ states and 3 union territories, serving a base of 150+ corporates with
an impressive client retention rate exceeding 90%.

Financial Highlights: In FY25, revenue from operations up 13% YoY to INR 4,013.6 Mn. EBITDA up 43% to
INR 358.2 Mn, while PAT surged 59% to INR 79.5 Mn. EPS stood at INR 3.94, reflecting a 25% increase. The
company maintained healthy returns with ROCE at 26.3% (lower than 37.5% in FY24 due to the impact of
IPO proceeds). Financial stability improved significantly, with debt-to-equity reducing to 1.31x from 2.66x in
the previous year.

Revenue Mix (FY25): In FY25, revenue was well-diversified across service segments, with Integrated Facility
Management (IFM) services contributing INR 2,544.0 Mn, employee transportation generating INR 858.9
Mn, supply chain management (SCM) services at INR 299.1Mn, production support at INR 166.3 Cr, and
corporate food solutions at INR 145.3 Mn.

Business Verticals-
Integrated Facility Management (IFM) – 63% of FY25 Revenue: The company delivers a comprehensive
suite of Integrated Facility Management services. Soft services cover housekeeping, sanitization, pest
control, horticulture, and façade cleaning, while hard services include the maintenance of electrical
systems, plumbing, HVAC, power equipment, fire safety, and water/waste management systems.
Additionally, staffing services provide tailored manpower support to meet diverse industry requirements.
Support Services – 37% of FY25 Revenue: The company’s support services span multiple areas to
complement its facility management offerings. Employee transportation is managed through a fleet of 446
owned buses along with leased vehicles, shuttle, and car services. Corporate food solutions include
operating cafeterias, dining facilities, and catering services for corporates. Supply chain management (SCM)
covers warehousing, in-plant logistics, and value-added services, while production support services provide
outsourced manpower and assistance for manufacturing operations and material handling.

Recent Developments
IPO Milestone: Successful SME IPO on NSE Emerge in Dec 2024, raising INR 500 Mn. The issue was
oversubscribed ~27x, reflecting strong investor confidence. Proceeds are being used for working capital,
inorganic growth, and corporate purposes.
Acquisitions: The company has strategically expanded its capabilities through acquisitions, holding a 55%
stake in Trimurty Utility Services Pvt. Ltd. to strengthen its Corporate Food Solutions vertical, and a 66.67%
stake in Everdew Engineering Pvt. Ltd., enhancing its presence in Production Support Services.
Subsidiaries & JVs:The company operates through a diversified structure with subsidiaries including
Trimurty Utility Services,Ialpha Mobility, and Everdew Engineering. It also has an associate company, Purple
Crest Services, and a joint venture under the LVS Group JV, enabling a wider presence across its service
portfolio.

Geographical Presence: Strong operations across Maharashtra, Karnataka, Tamil Nadu, Delhi, UP,
Rajasthan, Gujarat, MP, Haryana, Chandigarh, Daman & Diu, covering both industrial clusters and metro
hubs.

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Supreme Power Equipment Ltd

Supreme Power Equipment Ltd designs and manufactures distribution and power transformers, and has
expanded into EPC for switchyard design, construction and commissioning. The portfolio spans inverter-
duty transformers for solar and wind projects as well as utility-scale power transformers, with recent wins
including 25 inverter-duty units (1,250–6,000 kVA/33 kV), two 55 MVA 110/33 kV units, and four 20 MVA
66/11 kV power transformers. The company is also building capabilities to supply larger power
transformers up to 160 MVA/230 kV as the new facility comes onstream.

Financial Performance: Q1FY26 consolidated total income was INR 351.8 Mn (up 27.8% YoY), EBITDA INR
67.3 Mn (up 15.9% YoY), and PAT INR 44.5 Mn (up 31.1% YoY), with EBITDA margin around 19% and PAT
margin 12.66%. For FY25 consolidated revenue of INR 1,495.4 Mn, EBITDA INR 290.7 Mn and net profit of
INR 189.3 Mn.

Revenue mix & customers: In FY25, the firm generated ~74% revenue from private tenders to mitigate
payment delays typical of government customers. Entering FY26, the Q1 order book mix is ~63%
government and 37% private (including the NLC order). The company has widened geographic reach with
first wins in Karnataka and vendor approval in Kerala (KSEB), while maintaining a strong base in Tamil Nadu.

Manufacturing & capacity: The existing plant has capacity of ~2,500 MVA per year. A major 6-acre
expansion is underway that will lift installed capacity to ~9,000 MVA annually, broaden the product range
up to 160 kV, and is targeted to be fully operational around December 2025 with production from January
2026. It is expected that the expanded capability will enable larger power transformer volumes where
industry competition is lower.

Capex & funding: Project capex for the expansion is guided at ~INR 700–750 Mn, covering machinery,
software and civil infrastructure. To support growth, the company has proposed raising INR 210.7 Mn via
12,47,000 fully convertible warrants at INR 169 each (36% to promoter; 64% to non-promoters). At full
ramp-up, management and the presentation outline a revenue potential of ~INR 5,000–5,500 Mn per year
from the expanded footprint over the next 2–3 years.

Order book & pipeline: As of 13 August 2025, the consolidated order book stood at ~INR 1981.2 Mn after
Q1FY26 order inflows of INR 1,065.8 Mn. Key constituents include the largest-ever single order of INR 609
Mn from NLC India for solar inverter-duty transformers, repeat orders from TNPDCL (INR 100 Mn and INR
60.5 Mn at SPEL plus INR 47.1 Mn at subsidiary Danya Electric, a first Karnataka order from KPTCL (INR 88
Mn), and 2 renewable orders (INR 75.6 Mn and INR 85.6 Mn). The company expects to execute ~70–80% of
the current order book within FY26 and is bidding on >INR 6,000 Mn of tenders with an anticipated 10–20%
hit-rate, implying potential incremental intake of ~INR 700–1,000+ Mn near term.

Outlook: Management believes that FY26 revenue should cross INR 2,000 Mn, supported by a INR 1,980
Mn order book, expected additional wins of INR 1,000–1,500 Mn, and 70–80% execution within the year.
The December 2025 commissioning and January 2026 production start at the new 6-acre plant should
enable entry into higher-rating transformers, geographic expansion beyond South India, and better margins
due to lower competition in large power transformers. Over the subsequent 2–3 years, the expanded
capacity implies revenue potential of ~INR 5,000–5,500 Mn at peak utilization, with exports (targeting Saudi
and UK) offering optionality and slightly better margins when they materialize. Overall, the company
expects steady growth in FY26 with margin stability ~19–20%, followed by an acceleration as the new
facility ramps and mix shifts to larger power transformers.

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Suraksha Diagnostic Ltd
Suraksha Diagnostic Ltd. is one of the largest integrated diagnostic chains in Eastern India. Headquartered in
Kolkata, the company operates 58 diagnostic centers, 9 labs, and 170 collection centers as of June 2025. Its
services cover pathology, radiology, and polyclinic consultations. Suraksha is known for being a strong
regional brand with deep doctor and patient trust, which creates high entry barriers for new players.
Financial Highlight: The company posted strong growth in Q1FY26, with revenue of INR 734.92 Mn, up
18.8% YoY and 11.5% QoQ. EBITDA rose 13.5% YoY to INR 246.56 Mn, with margins at 34.0%. PAT increased
19.7% YoY to INR 91.75 Mn, with a margin of 12.6%. The company served 0.34 Mn patients and conducted
1.92 Mn tests, generating revenue of INR 2,101 per patient and EBITDA of INR 707 per patient.

Business Model: Suraksha operates with a balanced mix of pathology (49% of revenue), radiology (47%),
and OPD consultation (4%). It has 314 doctors, 26 MRI machines, and 15 CT machines across its network.
The company focuses on:

● Expanding B2B partnerships, including tie-ups with hospitals, corporates, and research institutions
like IIT Kharagpur and Indian Institute of Chemical Biology.
● Building strong B2C dominance by maintaining trust-based relationships with doctors and patients.
● Leveraging IT systems (ERP, PACS, LIMS) for efficiency and accuracy.
● Offering convenience through online booking, home collection, and polyclinic consultations.

Strategic Developments and Growth Plans:

● Suraksha recently expanded into genomics and fetal medicine, which management considers the
next big growth driver in healthcare. In April 2025, the company acquired a 63% stake in Fetomat
Wellness Pvt Ltd, a leader in pregnancy care and prenatal diagnostics. This acquisition brings new
expertise in fetal medicine and will be gradually integrated into Suraksha’s centers.
● In July 2025, the company launched Suraksha Genomics, Eastern India’s first complete genomics lab
with advanced platforms for next-generation sequencing, cytogenetics, and microarray testing. An
investment of INR 22 crore has already been made, with another INR 45 crore planned over the
next two years. This vertical will support services like prenatal screening, oncology panels, rare
disease diagnostics, and pharmacogenomics.
● Alongside this, Suraksha continues to expand its network with a target of 15–18 new centers in
FY26, aiming to reach 100 centers in 2–3 years. The expansion follows a hub-and-spoke model,
which allows scale benefits and better utilization of doctors and equipment.

Industry Landscape: The Indian diagnostics industry is expected to grow at 10–12% CAGR between FY24–
28, with radiology growing faster than pathology. Eastern India, Suraksha’s core market, is highly
underserved but offers premium pricing opportunities. Suraksha enjoys a leadership position here with
limited organized competition, as hospitals often lack infrastructure for advanced diagnostics.

Outlook: Suraksha is transforming from a traditional diagnostic chain to a specialized healthcare provider
with a strong presence in high-end diagnostics and genomics. With Fetomat integration, a new genomics
vertical, steady expansion in centers, and robust financial performance, the company is well-positioned for
sustainable growth. The management aims to reach 100 centers in 2–3 years, maintain 35% EBITDA
margins, and establish Suraksha as the leader in genomics in Eastern India.

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Suryoday Small Finance Bank Ltd

Suryoday Small Finance Bank Limited (SSFB), headquartered in Navi Mumbai, began as a microfinance
institution in 2008 and transitioned into a small finance bank in 2017. The bank has grown rapidly with a
customer base of 3.5 Mn and a network of 710 branches across 15 states and UTs as of June 2025.

Financial Performance: In Q1FY26, Suryoday Small Finance Bank reported gross advances of INR 108,460
Mn, up 20% YoY and deposits of INR 1,131,200 Mn, up 39%. Disbursements rose 30% to INR 226,100
Mn, while NII declined 15.7% to INR 24,710 Mn due to higher slippages. Asset quality remained stressed
with GNPA at INR 9,180 Mn (8.5%) and NNPA at INR 5,930 Mn (5.6%), though nearly fully covered under
CGFMU. PBT stood at INR 936 Mn and net profit at INR 690 Mn.

Products and Services: The Bank operates through 2 verticals: Inclusive Finance (48% of advances) and
Retail Assets (52%). Within Inclusive Finance, the Vikas Loan is the key product, forming 66% of the book
with average ticket sizes of INR 73,000. The mortgage portfolio stood at INR 23,750 Mn, while vehicle
financing reached INR 14,630 Mn, both showing strong growth and stable asset quality. Diversification is
supported by FIG, supply chain finance, and MSME lending. On the liability side, deposits were INR
113,120 Mn as of June 2025, with 82% in granular retail deposits and CASA at 17.7%. The bank is also
scaling digital deposits, recurring deposits, and has piloted a secured credit card.

Digital Sourcing and Deposits: Digital deposits crossed INR 10,000 Mn in Q1FY26, with a daily run rate of
INR 30 Mn. The customer acquisition cost through this channel is significantly lower at 35–50 bps
compared to physical sourcing. The digitally acquired customers are digitally savvy, with average ticket
sizes nearly INR 1 lakh and CIBIL scores above 750. Partnerships with payment banks and fintech
platforms such as Stable Money have accelerated this growth, enabling SSFB to reduce acquisition costs
and expand its reach.

Loan book health and provisions: Gross NPAs stood at INR 9,180 Mn (8.5%) and Net NPAs at INR 5,930
Mn (5.6%) in June 2025. Importantly, over INR 5,840 Mn of these NPAs are receivable under the Credit
Guarantee Fund for Micro Units (CGFMU), effectively covering nearly the entire NNPA book. Collection
efficiency improved to 98.4% in June 2025, and the last 6 months’ portfolio stood at 99.5%. Slippages
moderated to INR 2,780 Mn in Q1FY26, compared to INR 3,080 Mn in the previous quarter, with
management guiding further reduction by INR 500–700 Mn in Q2 and normalization by Q3/Q4.

Strategic Initiatives: Suryoday has pivoted its business strategy by shifting focus from group lending to
individual loans to reduce overleveraging risks. The bank has been proactive in implementing MFIN
Guardrails 2.0 ahead of schedule and has emphasized prudent risk management practices. Secured asset
growth remains a priority, particularly in mortgages and commercial vehicles, with an optimal mix of 55%
secured and 45% unsecured assets targeted. Additionally, the bank is scaling up digital banking
capabilities, MSME offerings, and secured credit cards to strengthen both sides of its balance sheet.

Outlook: The bank expects asset quality to normalize by Q3FY26, supported by CGFMU-backed
recoveries and disciplined risk controls. Profitability is guided to improve, with ROA of 1.5–1.6% and ROE
of 11–12% achievable in FY26. Key drivers of growth will include digital deposit momentum, expansion
of secured lending, and prudent portfolio diversification into MSME and mortgages.

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Suyog Telematics Limited

Suyog Telematics Limited is a leading telecom infrastructure provider in India, incorporated in

1995 and registered as an Infrastructure Provider Category-I (IP-I) with the Department of
Telecommunications. With more than 25 years of experience, the company is engaged in the
installation, commissioning, and servicing of towers, poles, and optical fiber cable (OFC)
systems, serving operators across 12 telecom circles and operating in 26 states and union
territories. Its diversified portfolio includes ground-based towers, rooftop towers, monopole
towers, camouflage towers, and small cells, along with end-to-end fiber and pole erection
services. STL has established strong relationships with top telecom players such as Bharti Airtel,
Reliance Jio, Vodafone Idea, and BSNL, ensuring recurring revenues through long-term Master
Service Agreements (MSAs) averaging 10+ years with inbuilt escalations.

Financial & Operational Performance:

As of 9MFY25, the company operates 5,517 towers, 6,461 total tenancies, including 3,989 small
cell tenancies and 1,001 government site tenancies, supported by a fiber network of 5,561 km.
Revenue concentration remains with Bharti Airtel (50.5%), Vodafone Idea (26.9%), and Reliance
Jio (22.2%). In Q3FY25 alone, the company added 1,091 new towers, 1,215 new tenancies, and
341 km of fiber, reflecting strong growth momentum.

Business Model:
The company identifies and deploys telecom sites by leasing land, followed by renting out
tower infrastructure to multiple operators under long-term MSAs. Co-located sites, backed by
lock-in periods and exit penalties, provide high revenue visibility. With an average escalation of
2.5% annually and tenancy terms exceeding seven years, STL has a recurring and resilient
revenue model.
Government & Exclusive License Strength:

STL holds an exclusive license from MMRDA and MSRDC to install towers and poles across
Mumbai’s flyovers, sea link, and skyways, giving it a strategic edge and stable revenue stream in
the government sector.

R&D and Innovation:

The company is innovating in FTTH (Fiber-to-the-Home) solutions, low-orbit satellite
technology, and sustainable power backup using zinc batteries and cost-efficient SMPS systems.
These initiatives enhance scalability and reduce operational costs.

Growth Outlook:
STL plans to add 3,000+ macro towers for Vodafone Idea and BSNL in FY25, 500+ towers for
MTNL in Mumbai, and 1,000+ small cell towers, aligning with India’s 5G rollout. With a 15-year
Pan-India MSA with BSNL, the company targets 2,000–2,500 BSNL tenancies by FY26, expected
to contribute 15% of revenues. The company’s recurring revenue model, strong client base,
government licenses, and expansion into new technologies position it for sustained growth in
India’s digital infrastructure landscape.

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Swashthik Plascon Limited

Swashthik Plascon Ltd. started in 2006 as Swashthik Caps and has grown into a leading PET
packaging manufacturer. The company produces PET bottles, jars, and preforms used in
pharmaceuticals, liquor, FMCG, household, and industrial sectors. Over the years, it has
expanded through acquisitions, rebranding, and listing on the BSE SME Exchange. Today, it
operates with more than 450 employees, 5+ manufacturing units, and a production area of 1.5
lakh sq. ft., supplying over 200 product variants.

Financial Highlights: In FY25, the company reported revenue of INR 1,436 Mn, up 13.7% from
FY24. EBITDA more than doubled to INR 200 Mn, with margins improving to 13.9% from 7.6% in
FY24. Net profit stood at INR 69.6 Mn, slightly lower than INR 75.3 Mn in FY24 due to higher
finance costs, though gross profit improved strongly by 33% to ₹46.6 crore. Return ratios remain
healthy, with ROE at 8.2% and ROCE at 8.9%.

Business Mix and Geography: The company earns most of its revenue from pharmaceutical PET
bottles (27%), followed by PET preforms (37%), liquor bottles (23%), FMCG bottles (13%), and a
small share from caps and closures. Swashthik Plascon has a strong footprint in southern India,
with operations across Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, and
Puducherry. This regional focus ensures steady demand from established industrial hubs.

Manufacturing Strength: Swashthik operates with advanced equipment such as injection

moulding, extrusion blow moulding, and compression moulding machines, giving it flexibility to
produce high-quality, customized PET products. It has a monthly production capacity of 1,300
tons, with current utilization at around 75%. The company plans to expand capacity further by
adding an ASB-70DPW machine in July 2025, which will increase pharma packaging production by
an additional 50 MT per month.

Expansion and Sustainability: To control costs and support future growth, the company is setting
up an 8 MW solar power project for captive use, expected to be operational by July 2025. This will
lower energy costs and improve margins. The company is also investing in modern technologies
and expanding its product range to cater to a broader set of customers, particularly in the pharma
and FMCG industries where demand is rising.

Industry Outlook: India’s PET packaging industry is expanding steadily, supported by growing
FMCG and pharma demand, stricter BIS and FSSAI norms, and a push for sustainable packaging.
India mandates 30% recycled PET (rPET) usage by 2025, increasing to 60% by 2029, which opens
opportunities for companies like Swashthik to invest in eco-friendly packaging solutions. With
global PET demand expected to grow at nearly 10% CAGR, Swashthik is well-positioned to benefit.
Outlook: Swashthik Plascon is on a strong growth path with a focus on capacity expansion,
sustainability, and product innovation. Its regional strength in southern India, combined with
investments in solar power and advanced machinery, will support margin expansion and long-term
competitiveness. While short-term finance costs remain a challenge, the company’s healthy
revenue growth and strong industry outlook provide a positive medium-term trajectory.

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TAC Infosec Ltd.

Incorporated in 2016, TAC Infosec Ltd (TACIL) is a global cybersecurity company specializing in
vulnerability management, offering risk-based assessment solutions, cybersecurity quantification, and
penetration testing services through a SaaS model. Its suite of security software products caters to
organizations of all sizes and industries, helping them identify, quantify, and mitigate cyber risks. With
operations in India and abroad, TACIL has positioned itself as a scalable and adaptable player in the global
cybersecurity landscape.
Financial Performance: In FY25, company reported total income of INR 322 Mn (160% YoY growth) and
PAT of INR 148.4 Mn (135% YoY). Margins remained industry-leading, with gross margins of ~52% and
EBITDA margin at 46%. Revenue grew steadily through the year, from INR 124 Mn in H1 to INR 181 Mn in
H2, a 46% sequential growth.
Customer Acquisition and Growth: The company witnessed explosive customer growth in FY25,
expanding from around 100 customers over a decade to 3,000 within just one year, marking a 3,000% YoY
growth rate. This momentum continued with 20% QoQ growth. The acquisition of Cyberscope further
added 3,000 customers across 100 countries, taking the total base to 6,000. The company’s client list
includes marquee names such as Microsoft, Google, Apple, SAP, Freshworks, Lenovo, Dropbox, SoftBank,
DBS Bank, and the UN, validating its credibility.
M&A and Subsidiary Developments: TAC acquired Cyber Sandia (US) and set up Worldman Limited (UK)
as a step-down subsidiary. It also established TAC Cyber Security Consultancy (UAE) for Middle East
expansion. The most significant acquisition was Cyberscope (60% stake), a top-5 global smart contract
audit firm with $1.2 mn revenue and $0.64 mn profit at 52% margin (Dec 2024). The company now
positions itself as the first VM company globally to offer integrated smart contract audits, bridging Web2
and Web3 security.

Pricing, Retention, and Revenue Metrics: The company’s new solutions under ADA MASA/CASA are
priced in the USD 540–USD 4,500 range, with the average revenue per customer currently at $900.
Management aims to increase this to USD 2,000–USD 10,000 per client through cross-selling and upselling
opportunities, particularly leveraging Cyberscope’s suite. Customer stickiness is high, with negligible churn
reported, clients onboarded as far back as 2017–18 continue to stay with TAC.

Industry and Market Context: The company operates in a sector benefiting from strong tailwinds as
cybersecurity demand accelerates in the wake of global conflicts, cyber warfare, and digital adoption. The
company sees no negative impact from ongoing global tariff wars. Instead, these geopolitical tensions are
increasing demand for its solutions, particularly in government and defense.

Outlook: Margins are expected not just to sustain but to expand further. Strategic priorities for FY26
include geographic expansion in the Middle East (via UAE subsidiary) and US (via CybersIndia in New
Mexico), as well as deepening penetration into India’s government and defense sector. Inorganic growth
remains on the radar with tuck-in acquisitions planned, though management intends to stay lean and
avoid large, cash-heavy deals.

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Tamilnad Mercantile Bank Ltd

Established in 1921 and headquartered in Thoothukudi, Tamil Nadu, the bank is among the oldest
private sector banks in India with a strong legacy and loyal customer base. It operates more than 540
branches across 16 states and 4 union territories, with Tamil Nadu contributing over 70% of its business.
The bank serves around 5.6 Mn customer accounts and focuses on MSME, agriculture, and retail lending,
supported by its strong regional franchise in southern India.

Financial Performance: In Q1FY26, the bank reported a net profit of INR 3048.9 Mn, reflecting a 6.13%
YoY growth. NII stood at INR 5,800 Mn, up 2.29% YoY, while the NIM remained stable at 4.1%. Asset
quality continued to improve with GNPA at 1.44% and NNPA at 0.65%.

Strategic Initiatives:
In FY26, the bank plans to add 50 new branches, with about half of them located outside Tamil Nadu,
aiming to gradually reduce the state’s business share from 75% to 60% over the next three years. On the
digital side, it has partnered with fintechs such as Paytm, MSwipe, M2P, and Fisdom, as well as leading
mutual fund houses including HDFC, UTI, Nippon, and ICICI, and insurers like Max Life, Bajaj Allianz,
Kotak General, and Chola MS. The bank invested INR 1,550 Mn in IT during FY25 and plans to step up
spending in FY26 on core IT upgrades, ESG initiatives, and setting up elite branches, with benefits
expected to flow through from FY27.

Strengths:
The bank continues to deliver strong net interest margins of 4.1% and healthy profitability compared to
peers. Asset quality remains robust with GNPA at 1.22% and NNPA at 0.33%. A high CRAR of
31.55%provides ample headroom for growth. Backed by a longstanding regional franchise and strong
brand loyalty, the bank is well-positioned in its core markets. Its focus on small-ticket retail and MSME
lending also helps reduce concentration risks associated with large corporates..

Risks & Challenges:

The bank faces regional concentration risk, with 74% of its branches located in Tamil Nadu, which limits
diversification. It is also dealing with legacy ownership disputes dating back to the 1990s involving the
Essar group and the Nadar community, which continue to draw legal and regulatory scrutiny.
Competitive intensity is rising as larger private banks and fintechs aggressively expand in South India. In
addition, the bank needs to accelerate its digital initiatives to attract and retain younger customers.

Future Outlook:
For FY26, the bank has guided for 13–15% growth in both advances and deposits. It plans to expand its
branch network outside Tamil Nadu to improve geographic diversification. Growth in the retail and SME
segments is expected to be supported by digital partnerships and co-lending initiatives. The bank aims to
maintain healthy return ratios with RoA above 1.5%, RoE above 15%, and GNPA below 2%. Its strategy
remains focused on small-ticket, high-yield lending and scaling services through fintech tie-ups.

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Tanla Platforms Ltd

Tanla Platforms Ltd, headquartered in Hyderabad, is a global cloud communications provider and a
leading A2P messaging platform. The company commands a strong position in the CPaaS space with a 35%
market share in India, handling over 800 Bn interactions annually and about 63% of India’s A2P SMS
traffic. It also holds 45% share in the domestic NLD business and is expanding its presence in the OTT
segment.

Financial Performance: In Q1FY26, Tanla reported revenue of INR 10,407 Mn, gross profit of INR 2,607
Mn with a 25% margin, EBITDA of INR 1,639 Mn at a 15.8% margin, and PAT of INR 1,184 Mn at an 11.4%
margin. Operating cash flow stood at INR 64 Mn, while EPS was INR 8.82. The company maintained a
strong cash position of INR 9,104 Mn after paying out INR 808 Mn in dividends.

Customer Cohorts: The number of customers contributing over INR 10 Mn annually grew by 8.4% YoY in
Q1FY26. Top 20 customers contributed 50.7% of total revenue, amounting to INR 5,279 MN. Customers
onboarded in the trailing twelve months added INR 393 Mn in Q1FY26.

Winning New Logos: The company continued to acquire new customers, adding 77 in Q1FY26 compared
to 54 in Q1FY25. A significant 59% of new customers came through WhatsApp and RCS, reflecting growth
in advanced communication channels.

Customer Concentration: Of the top 20 customers from last year, 16 continue to remain in the top 20 for
Q1FY26, showing high customer stickiness. Revenue from top 20 customers rose to INR 5,279 Mn,
contributing 51% of total revenue.

AI-Native Platform Launch: The company unveiled its upcoming “AI-native platform,” developed in
partnership with a leading Southeast Asian telecom operator, with deployment expected in August 2025.
This platform leverages scalable AI infrastructure and an agentic layer, embedding deeply into the telco
ecosystem to monetize fragmented data and enable new use cases. The monetization model is
subscription-based, structured as “paid per user per month” under a 3.5-year contract.

RCS/MaaP Platform Expansion: Internationally, Tanla’s MaaP has been deployed with two major
Indonesian operators - Telkomsel and Indosat, covering approximately 77% of the market. Closure with
Axiata is pending, after which the company expects complete revenue market share in Indonesia. The RCS
platform is already managing significant traffic in India, handling 8–10 billion messages monthly.
Management confirmed plans to replicate this success in other international markets.

Geographic Expansion: Indonesia remains Tanla’s foremost international focus, with substantial
investments in local hiring, office setup, and platform deployments. The company plans to consolidate its
Indonesian presence across Q2 and Q3 before considering additional regions. Other geographies under
evaluation include the Middle East and Southeast Asia. Broader expansion will be prioritized only after the
Indonesian business has been stabilized and scaled.

Future Outlook: Growth is expected to come from both topline expansion through new platforms and
deals and efficiency improvements, such as cost optimization and operating leverage. Margins have been
under pressure in recent quarters due to deliberate, front-loaded investments in go-to-market,
technology upgrades, and international expansion. They expect margins to improve beginning in Q2 FY26,
as the benefits from these investments, especially AI and RCS launches, start reflecting in financial
performance.

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Tara Chand Infralogistic Solution Ltd

Tarachand Infra is a leading provider of equipment rental, infrastructure works, warehousing,

handling, transportation, and steel logistics. It serves sectors like infrastructure, cement, metals,
minerals, power, petrochemicals, and renewable energy. The business runs through three
verticals: Equipment Rental, Warehousing & Transportation, and Steel Processing.

Financial Performance: Q1FY26 was the company’s best first quarter. Revenue rose 31% YoY to
INR 617 Mn. EBITDA grew 45% YoY to INR 231 Mn, with a margin of 37.4%. PAT increased 44%
YoY to INR 65 Mn, with a margin of 10.5%.
The company generated INR 162 Mn operating cash flow, cut receivable days to 64 (vs. 77 last
year), and maintained a debt-to-equity of 0.92x.

Equipment Rental & Infrastructure Works: The segment reported the highest revenue of INR
315 Mn, up 36% YoY, with an EBITDA margin of 57% and rental EBITDA at 64%. Sector-wise
contribution was led by Rural & Urban Infrastructure at 35%, followed by Cement at 26%,
Metals & Minerals at 24%, while Power contributed 5%, Petrochemicals 4%, and Renewable
Energy 6%. The company’s fleet grew to 375 machines with a gross block of INR 4,550 Mn,
while utilization remained strong at 83%, supported by healthy demand across sectors.

Warehousing, Handling & Transportation: This vertical reported revenue of INR 295 Mn,
registering a sharp 82% YoY growth due to a low base in the previous year. Segment EBITDA
margin stood at 17%.A major milestone was the award of the Dankuni warehouse contract
from SAIL, which strengthens Tarachand Infra’s presence in Eastern India.

Steel Processing & Distribution: This segment continues to contribute marginally, with only
0.2% share of revenue.

Capital Expenditure and Order Book: FY25 capex was INR 1,450 Mn, focused on expanding the
equipment rental business. For FY26, the company has planned capex of INR 1,000 Mn, with
INR 350 Mn already spent in Q1 to add large cranes. As of July 2025, the company’s order book
stood at INR 1,570 Mn, executable entirely in FY26. Out of this, 61% comes from equipment
rental and 39% from warehousing and transportation.

Growth Drives: The company’s renewable energy business, started last year, already
contributes 6% of revenue and is targeted to reach 10% by FY26. Specialized service contracts,
with margins of 18–25%, are expected to scale up in the second half of FY26. The company is
also expanding geographically, focusing on building clusters in Eastern India (Orissa, West
Bengal, Assam, and Chhattisgarh) to capture infrastructure and steel opportunities.
Additionally, it secured a 4.5-year steel logistics contract with SAIL worth INR 800 Mn, providing
steady revenue visibility.

Future Outlook: The company has guided for 20–30% revenue growth in FY26 with stable
margins, supported by strong demand from infrastructure, cement, steel, and renewable
energy. With a healthy order book, strict receivable management, and ongoing fleet expansion,
Growth will also be boosted by specialized service contracts and rising contributions from
renewable energy.

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TARC Ltd.

TARC Limited is a luxury residential real estate developer with 5+ decades of legacy and strong
positioning in the Delhi and Gurugram markets. The company focuses on creating curated, high-end
residences that blend India’s cultural richness with contemporary design and modern amenities. Its
developments are strategically located, with a strong emphasis on execution excellence and customer-
first approach.

Operational Highlights: In FY 25 sales stood at INR 37,220 Mn, at a CAGR of 167.54% over the 2 years
from INR 5,200 Mn in FY23, driven by strong demand and execution across its marquee developments
through Tripundra, Kailasa, and Ishva projects. Collections stood at INR 4,840 Mn in FY 25. Projects like
TARC Tripundra are nearing completion, TARC Kailasa has a sold-out phase, and TARC Ishva inventory is
largely absorbed.

Financial & Liquidity Position: The company expects ~ INR 7,700 in revenue recognition from ongoing
developments over the next 4 years, with net operating unrealized cash flows estimated at INR 40,000
Mn after accounting for development costs. It has also refinanced borrowings at lower costs,
strengthening its balance sheet and improving liquidity. Future cash flows are supported by both
committed sales and inventory available for sale.

Projects & Development Portfolio:

● TARC Tripundra (New Delhi) – IGBC Gold-certified luxury residential project offering wellness
zones, creative spaces, and lifestyle amenities.
● TARC Kailasa (New Delhi) – A large-format ultra-luxury development with 3 & 4 BHK apartments,
featuring private lift lobbies, 7-tier security, and 100% EV charging readiness.
● TARC Ishva (Gurugram) – State-of-the-art luxury residences with four-side open layouts, world-
class leisure facilities, and sustainable living systems.

Key Milestones:

● In 2022, the company executed one of the largest transactions in North India with US private
investment firm Bain Capital and forayed into luxury residential with TARC Tripundra in New
Delhi as the company’s first development.
● In 2023-2024, it Delivered TARC Maceo, launched TARC Kailasa, a luxury residential development
with a GDV of ~INR 40,000 Mn and Kailasa 1.0 was sold out
● In 2025, Launched TARC Ishva, Gurugram (INR 27,000 Mn GDV) as well as reduced borrowing
costs through refinancing with banks/NBFCs.

Market Opportunity: The Delhi NCR luxury housing market continues to expand, with housing prices in
the region rising 32% YoY in 2024. India’s luxury real estate market is expected to grow from US$38
billion in 2024 to US$102 billion by 2029, with NCR contributing a majority share. Rising demand from
wealthy investors, coupled with infrastructure upgrades in Delhi can give a good opportunity for growth.

Outlook: From its ongoing developments, the company expects to generate ~INR 77,000 Mn revenue
over the next 4 years. Out of this, ~INR 48,000 Mn is already committed from sales, while the balance will
come from unsold inventory. After project costs of ~INR 27,000 Mn, the company is targeting net
operating cash flows of ~INR 40,000 Mn by FY29. It also has an upcoming pipeline of projects worth INR
100,000+ Mn from its own land bank. Going forward, the key watch points will be execution speed,
customer deliveries, and new project launches.

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Tejas Cargo India Ltd

Incorporated in 2009 and headquartered in Mumbai, the company is an end-to-end cargo transport and
logistics solutions provider, specializing in domestic road transport of bulk, break-bulk, and containerized
cargo. It operates on an asset-light model, combining its owned fleet with market-hired vehicles to achieve
scalability with cost efficiency. The client base spans diverse sectors such as FMCG, cement, steel,
chemicals, textiles, and consumer durables. With operations across 12+ states, the company has built a
strong network in Maharashtra, Gujarat, Madhya Pradesh, Karnataka, and Rajasthan.

Financial Highlights: In FY25, the company reported a total income of INR 5,082.4 Mn, up 20% YoY growth.
EBITDA stood at INR 1,036.9 Mn, with a healthy margin of 20.4%. Net profit rose 45% to INR 191.4 Mn,
translating into an EPS of INR 10.50. Net worth increased significantly to INR 1,732.3 Mn,, up 212% YoY,
supported by the successful IPO infusion.

Segments-
Surface Transport (Core Business): The company focuses on bulk cargo movement using multi-axle trucks
and trailers, enabling efficient handling of large volumes. With a pan-India presence, it is also expanding its
reach into Tier-2 and Tier-3 industrial clusters, strengthening its position in emerging growth markets.
Contract Logistics: The company provides dedicated fleet services to long-term industrial clients, ensuring
reliability and consistency in operations. It also offers customized logistics solutions tailored to the specific
needs of sectors such as steel, cement, and FMCG, enhancing supply chain efficiency for its customers.
Value-Added Services: Its service offerings go beyond transportation, with loading and unloading support,
warehousing tie-ups, and last-mile connectivity to ensure end-to-end logistics solutions. The fleet is GPS-
enabled, providing real-time cargo tracking and enhanced safety for customers.

Key Government Initiatives: The government’s large-scale infrastructure push is set to drive logistics
growth. Under Bharatmala Pariyojana, a total length of 34,800 km has been planned with an outlay of INR
5.35 lakh crore, of which 26,425 km has already been awarded and 20,378 km constructed as of March
2025. Meanwhile, PM GatiShakti is enabling integrated planning across 44 ministries and 36 states/UTs,
with 208 major infrastructure projects assessed and 1,614 GIS data layers integrated to strengthen
connectivity and efficiency in transport and logistics.

Operational Network: The company operates through hubs and service points strategically located across
Western, Central, and Southern India. Its key freight corridors include the Mumbai–Pune belt, Gujarat
ports, Rajasthan’s industrial clusters, and Madhya Pradesh’s cement hubs, ensuring strong connectivity
across major industrial and trade routes.

Recent Developments: The company has expanded its operations in the southern and western corridors by
adding new hubs in Karnataka and Rajasthan, further strengthening its network. It has enhanced its
portfolio in the cement and steel sectors, capitalizing on the ongoing industrial recovery. Investments in
fleet upgradation and advanced digital tracking systems have improved operational efficiency and cargo
safety. Looking ahead, the company plans to diversify into container logistics and multimodal transport
solutions over the next 2–3 years, positioning itself for broader growth opportunities.

Outlook: The company is expanding contract logistics with cement, steel, and FMCG clients, diversifying
into container and multimodal logistics, and strengthening its presence in East and North India alongside its
existing western and southern hubs.rth India.

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Thaai Casting Limited

Thaai Casting Limited is an automotive ancillary company that specializes in manufacturing aluminum
pressure die casting dies, components, and machined parts. It also provides induction hardening and
nitriding services to enhance the durability and performance of steel components. The company operates
on a B2B model, supplying to major automotive and non-automotive customers. The company was
founded as a partnership firm in 2011 and was converted into a public limited company in 2023. Thaai
Casting is located at A-20, SIPCOT Industrial Park, Sriperumbudur, Tamil Nadu.

Financial Performance: For FY25, Consolidated revenue reached at INR 1,222.1 Mn, up by 34.96% YoY.
EBITDA was INR 305.8 Mn, up by 15.44% YoY with a margin of 25.02% in FY25. PAT stood at INR 121 Mn
with a NPM of 8.98%. ROE for FY25 was 13.27%, and the ROCE was 13.08%.

Order Book: As of the earnings call date, the company's order book stands at approximately INR 5,200
Mn, which includes a new INR 1,265.3 Mn order for automotive and non-automotive products and
another valued at INR 124.3 Mn for building and construction partners. This entire order book is expected
to be executed over a period of 4-5 years.

Business Diversification: The company is actively diversifying its business to reduce its dependence on the
automotive sector, which is projected to contribute a minimum of 50% of the revenue going forward.
New initiatives include providing components for the wind sector and registering with defense
manufacturing to make samples. The new business from existing customers constitutes around 80% to
90% of the orders.

Capacity: The company has significantly expanded its die casting capacity. The current capacity is ~ 2,500
MT per year, and the recent installation of a new 1,300-ton machine will add a minimum of 2,000 MT
annually, bringing the total capacity to roughly 4,500 metric tons. This expanded die casting capacity has a
maximum revenue potential of INR 2,400 Mn.

Capital Expenditure:The company is undertaking a substantial INR 1,000 Mn CAPEX for new projects,
primarily for the gear shaping process for the wind energy segment. This project is scheduled to begin
production in January 2026. The entire CAPEX is expected to be completed by the end FY26. In addition,
the company plans to install 3 more gas nitriding furnaces at a rough cost of INR 120 Mn. These furnaces
will be ready by January 2026, and revenue from the total 6 furnaces is expected to be ~INR 240 Mn
annually from FY27.

Financial Strategy and Outlook: The company is funding its CAPEX through a combination of debt and
internal accruals. The management estimates that the total debt will not exceed INR 1,200 Mn to INR
1,300 Mn. The average interest cost on the debt is around 10%. The management acknowledges that due
to the capital-intensive nature of the industry and the ongoing CAPEX, there will be high depreciation and
interest costs, which will put pressure on the PAT margins in the near term. However, they expect a
significant improvement in profit margins after 5-7 years, once the assets are fully depreciated. The
company has set a revenue target of INR 1,700 Mn to INR 1,800 Mn for FY26. For the subsequent 2-3
years, the company aims for a YoY growth of at least 40%. The new gear shaping business alone is
expected to generate INR 400 Mn to INR 450 Mn in annual revenue, as it is a service-only business with
no raw material costs.

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Thomas Cook Ltd

Thomas Cook (India) Limited stands as India's leading integrated travel and travel-related services
company, operating across five key business verticals: Financial Services, Travel and Travel-Related
Services, Destination Management Services, Digital Imaging Solutions, and Leisure Hospitality. Thomas
Cook's diversified portfolio and technological innovation have enabled sustained growth and margin
expansion across multiple segments.

Financial Performance & Operational Resilience

In Q1 FY26, consolidated revenue reached INR 24,530 mn (+15% YoY), demonstrating remarkable
resilience despite domestic disruptions including the Pahalgam incident, cross-border tensions, and
international headwinds from Iran-Israel conflict affecting civil aviation routes. Profit Before Tax stood at
INR 1,284 mn (+18% YoY, excluding INR 171 mn one-time ex gratia), with PBT margin improving from 5.1%
to 5.2% YoY. The strong performance reflects the company's diversified business model, early booking
patterns, and effective margin management strategies across volatile market conditions.

Digital Transformation & AI Integration Thomas Cook has positioned itself at the forefront of travel
industry digitization through comprehensive AI-powered solutions: Tacy (TCIL) and Ezy (SOTC) for leisure
travel providing real-time support and personalized recommendations, and Dhruv - a GenAI advisor for
corporate travel delivering intelligent itineraries and policy-aligned bookings. The Forex segment has
achieved significant digital penetration with 20.4% of transactions now digital, supported by WhatsApp
calling for service delivery and India's first forex prepaid card integrated with Google Pay + Visa for NFC-
enabled overseas payments. These technological initiatives drive operational efficiency while enhancing
customer experience across all touchpoints.

Digital Imaging Solutions Recovery

DEI, headquartered in the Middle East with 45% revenue from UAE, generated INR 2,100 mn revenue
(+1% YoY) during the seasonally weak Q1 period. EBIT surged 61% YoY with margins improving from 3.2%
to 5.1% through cost optimization and productivity gains. The segment renewed 7 key partnerships,
operationalized 2 new accounts in China and India, and signed 5 new contracts across UAE, Maldives,
Hong Kong, and Malaysia while strategically exiting low-profit sites. New software solutions under
development are expected to yield further productivity gains in H2.

Strategic Growth Initiatives & Innovation

Thomas Cook's comprehensive product portfolio addresses evolving market needs through TravSure
safety programs, cruise tourism partnerships with Disney, and cross-selling opportunities across group
verticals. The asset-light expansion strategy continues across hospitality with >20 Sterling resorts planned
over the next 3-4 quarters, while partnered/managed resorts already contribute 10% of revenue and 20%
of EBITDA. ESG initiatives include sustainability programs (heat pumps, solar, in-house bottled water) and
community impact through Fairfax Foundation partnerships, positioning the company for long-term
stakeholder value creation.

Outlook & Strategic Vision

The company expects H2 to outperform H1 with Q3 likely being the strongest for Sterling, while Forex
business should deliver better outcome for the full year. With no large capex planned and continued focus
on asset-light strategies, Thomas Cook is well-positioned to navigate near-term volatility while capitalizing
on long-term industry growth drivers including digital adoption, experiential travel trends, and India's
expanding middle-class travel aspirations.

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Tiger Logistics Ltd

Tiger Logistics is an asset-light logistics company that works mainly on a technology-led model. It offers
multiple services like sea and inland freight forwarding, air freight, customs clearance, project logistics, and
other supply chain solutions. The company is also developing a digital platform called FreightJar, which will
make pricing, booking, and shipment tracking easier and faster. Its main clients include large OEMs,
especially in the auto sector, along with traders and exporters. Tiger operates both in India and in
international markets.

Business model-

Freight services (multimodal ocean + inland): Tiger Logistics earns most of its revenue from handling
container volumes, measured in TEUs (twenty-foot equivalent units). This is the company’s core business
and a steady source of income.
Air freight: End-to-end air logistics (volume has softened recently).
Customs & clearance (CHA) and domestic trucking: Fee and margin on customs services and inland
transportation.
Project logistics & specialized handling: Higher-margin, contract jobs for large projects.
Digital platform (FreightJar): Booking, rate discovery and tracking — strategic to capture higher margins
and scale bookings without heavy asset investment. Revenue is commissions/fees plus potential platform
monetization

Financial Performance: In Q1FY26, Tiger Logistics reported revenue of INR 1,025 Mn, broadly flat but
supported by 6.2% YoY growth in container (TEU) volumes. Profitability improved with EBITDA rising to INR
59 Mn and margins expanding to 5.8%. Net profit came in at INR 47 Mn, giving a PAT margin of 4.6%.

Key metrics: Tiger Logistics handled 18,256 TEUs in Q1FY26, up 6.2% YoY, showing steady growth in its
core container volumes. Air freight volumes were weaker at 72,091 kgs, compared to 112,600 kgs last
year. The company follows an asset-light model, working with 3PL partners, carriers, and local truckers
instead of maintaining a large owned fleet. This approach keeps capex low, improves ROCE, and ensures
lean working capital. Its digital platform FreightJar is the key technology investment, aimed at improving
pricing efficiency, reducing the sales cycle, and boosting repeat business as adoption increases.

Revenue mix & customer concentration: The company business is largely driven by multimodal container
services, which contribute around 94% of revenue as per earlier disclosures. The automobile sector is the
biggest contributor, accounting for about 69% of revenue in Q1FY26. Project logistics made up another
15%. While the strong auto focus ensures steady volumes, it also creates a concentration risk. On the
customer side, the top five clients now contribute 51% of revenue. This shows some improvement in
diversification compared to earlier, but dependence on a few large clients still remains significant.

Outlook: Tiger expects steady TEU growth and improvement in operating efficiency. Management is
focused on monetizing FreightJar, expanding internationally, and recovering air freight volumes. Near-term
revenue growth may be moderate, but margins should improve as digital penetration rises and project
logistics wins continue. Major sensitivities include freight cost volatility and demand from the auto sector.

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Tilaknagar Industries Ltd

Tilaknagar Industries (TI), one of India’s leading IMFL players, continues its strong growth trajectory,
driven by industry-leading volume expansion, premiumization initiatives, and a transformative acquisition
of Imperial Blue. With a sharp focus on brand building, cost optimization, and balance sheet discipline, TI is
transitioning from a regional brandy-led franchise into a pan-India, multi-category spirits company.

Operational Overview & Market Position

TI delivered a 26.5% YoY volume growth in Q1 FY26, the highest Q1 volumes in nearly a decade, reaching
a quarterly run-rate of 32 lakh cases. Management expects FY26 volumes of ~14 mn cases. Net sales
realization (NSR) improved sequentially to Rs. 1,193/case, with guidance of 1–2% annual growth.
Southern markets continued to drive growth, with Karnataka and Telangana delivering strong market
share gains, aided by excise policy tailwinds and higher A&SP investments. In Karnataka, TI now
commands >2% overall IMFL share and ~25% in the Prestige & Above segment. Telangana delivered over
50 bps market share gain. Eastern and Northeastern markets are being targeted through the Mansion
House Whisky relaunch, though Maharashtra remains low-saliency amid regulatory uncertainty.

Segmental Performance & Portfolio Mix

Brandy Portfolio: Mansion House and Courier Napoleon continue to lead, with TI reinforcing brand
positioning through heavy A&SP spends and film star collaborations. Brandy remains the core (~90% of
pre-acquisition mix), but is being repositioned as aspirational.
Whisky Portfolio: The relaunch of Mansion House Whisky in semi-premium positioning across Telangana,
Odisha, West Bengal, and the Northeast marks TI’s entry into its next growth lever.
Luxury & Super-Premium: TI launched Monarch Legacy Edition Brandy in select states and expanded
distribution of Spaceman Spirits Lab brands (Samsara Gin, Sitara Rum, Amara Vodka), raising its stake in
Spaceman to 21.36% with scope for further increase.
Post-IB Acquisition: TI’s portfolio mix is expected to structurally change to ~two-thirds whisky and >30%
brandy, significantly expanding its addressable market.

Strategic Acquisition – Imperial Blue (IB)

• In July 2025, TI signed definitive agreements with Pernod Ricard to acquire the Imperial Blue (IB)
business division for an EV of ~EUR 413 mn. IB is India’s 3rd largest whisky brand, with >22 mn cases
sold annually and trailing net revenue of Rs. 30,000+ Mn.
• The acquisition includes 16 manufacturing units and transition services from Pernod, ensuring smooth
integration. Management expects the deal to be cash-EPS accretive from day one, transforming TI into
a national, multi-category IMFL leader.
• Funding will be via a Rs. 23,000 Mn preferential equity issue and debt, targeting a balanced 1:1 mix and
Net Debt/EBITDA <1x by FY29.

Financials & Guidance

Q1 FY26 revenue grew 31% YoY (20.5% ex-subsidy), with EBITDA at INR 940 Mn (INR 560 Mn ex-subsidy),
up 25% YoY. Margins improved to 15.1%, aided by premiumization, despite higher legal costs.
Management reiterated FY26 EBITDA margin guidance of 15–16.5%, expanding further to 15.5–17.5% in
FY27. Revenue growth guidance remains mid-to-high teens for FY26 and mid-teens for FY27.

Subsidiaries, Capex & New Initiatives

Prag Distillery Expansion: Capacity being enhanced from 6 lakh to 36 lakh cases p.a. at a cost of INR 590
Mn, expected to be commissioned within 12 months, yielding significant savings in bottling charges.
Spaceman Spirits: TI continues to back its premium portfolio expansion through increased equity stake,
targeting the high-growth luxury segment.

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Trishakti Industries Ltd

Trishakti Industries Limited is a reliable infrastructure and heavy earth-moving equipment rental company.
The business focuses on renting high-tonnage cranes, manlifts, and other advanced machinery to leading
corporates across steel, renewable energy, metro, rail, civil infrastructure, and ports. Over the past 18
months, the company has successfully repositioned itself to become one of India’s fastest-scaling
equipment rental players, serving blue-chip clients such as Tata Steel, L&T, RVNL, ONGC, Adani Group,
Reliance, and Jindal Group.

Financial Performance: In Q1 FY 26, revenue stood at INR 40.8 Mn, marking an 86% sequential growth.
EBITDA rose sharply to INR 27 Mn, reflecting a 131% increase, with margins benefiting from strong fleet
utilization and operating leverage. The company’s heavy equipment rental division alone generated INR 36
Mn compared to only INR 0.9 Mn in Q1 FY25. PAT margins stood at 22% in Q1 FY26, with management
guiding that they could expand toward 30–35% as debt reduces and financing costs fall.

Capex and Asset Base: The company has already created a rental asset base of INR 500 Mn as of Q1 FY26.
It has committed to a CapEx plan of INR 4,000 Mn by FY28, with INR 500 Mn already deployed and another
INR 1,000 Mn planned for FY26, which will create one of the largest high-tonnage equipment rental fleets
in India. This investment will be directed toward expanding its fleet into high-growth verticals like metro
projects, railways, and industrial expansions. Funding for this CapEx has been supported by a recent INR
279 Mn capital raise through preferential allotment, with strong promoter participation and entry of
institutional investors.

Business Model and Market Positioning: Trishakti differentiates itself by focusing only on higher tonnage
machines (ranging from 80 tons to 260 tons and moving toward 500–800 ton cranes). These machines cost
between INR 20 Mn and INR 150 Mn each, creating natural entry barriers and keeping competition limited
to a small group of organized players. The company is also introducing new-age electrical and hybrid
machines to align with global trends.

Clients and Industry Exposure: Trishakti’s fleet is currently deployed across a wide range of sectors. The
steel industry remains a major growth driver due to large capacity expansions, while metro rail, renewable
energy (including projects with Reliance), power plants, and ports provide additional demand.
Geographically, the company is well-diversified, with major operations in Gujarat, Odisha, Chennai, and
southern India. Frequent repeat orders from blue-chip clients such as Tata Steel and L&T provide strong
revenue visibility.

Funding and Balance Sheet: The company raised INR 279 Mn in Q1 FY 26 to support fleet expansion and
partial debt repayment. About INR 160 Mn came from promoters. Management highlighted that it
maintains disciplined leverage, typically using 3–4 year financing structures, which allows equity build-up in
assets over time. Working capital remains well managed, with payments received within 45–60 days and no
significant cash flow stress

Guidance and Outlook: Over the next 2-3 quarters, the management expects to achieve quarterly EBITDA
of INR 35–40 Mn, which would be close to 70–80% of the full-year EBITDA achieved in FY25. Profitability is
also expected to improve, with PAT margins guided in the range of 25–35%, supported by lower interest
costs and the high utilization levels of the company’s relatively young fleet. By 2030, the company’s long-
term vision is to become India’s largest equipment hiring company, with a strong portfolio of hybrid and
electric machines, thereby positioning itself strongly within the growing $4.1 billion Indian rental
equipment market.

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Uflex Ltd

UFlex Ltd. is India’s largest multinational flexible packaging company with a global manufacturing
footprint across India, the Middle East, Africa, Europe, and the Americas. The company operates in
packaging films, flexible packaging, aseptic liquid packaging, chemicals, printing cylinders, and
engineering, serving FMCG, food & beverages, pharmaceuticals, and industrial sectors.

Financial Performance: In Q1FY26, the company reported revenue of INR 39,220 Mn, a 6.5% YoY growth.
The performance was supported by a 7.9% YoY increase in overall sales volumes, excluding PET resin
sales. Segment-wise, packaging volumes rose 11.7% YoY, packaging films grew 6.8% YoY, and the aseptic
liquid packaging (Asepto) business delivered an 18% YoY increase, with 2.3 Bn packs sold in the quarter.
EBITDA margins came in at 12% compared with 12.7% in Q1FY25.

Plant Performance:
● PET Resin Plants: The PET resin facility at Panipat (India) achieved 97% utilization in Q1, while the
newly commissioned plant in Egypt operated at 75%, a strong start given its early stage.
● Films Division: The films division reported production of 127,900 tons during the quarter.
Management expects output to stabilize at around 132,000 tons per quarter for the remainder of
FY26.

Regional Plant Performance: Nigeria underperformed due to the imposition of a 19% duty on exports to
the US, which constrained exports and led to a deliberate moderation of volumes. The Poland unit was
impacted by Indian exports into Europe, but performance is expected to improve following reduced
Indian exports after the Jindal plant accident. Dubai posted a minor sequential decline due to a temporary
plant shutdown rather than weak demand. Plants in Hungary, India, and Egypt continued to show strong
sequential and YoY growth.

CAPEX Deployment: The company has outlined a total CAPEX of INR 20,000 Mn. As of June 30, 2025, INR
11,000 Mn had already been spent, with the balance to be invested through FY26 and Q1FY27.

Aseptic Packaging: At Sanand (India), the company is expanding aseptic packaging capacity from 7 to 12
Bn packs. The project has been delayed, with commercial production now expected in early H2FY26.
However, incremental benefits will accrue only from January 2026, aligning with the seasonal demand
peak. A greenfield aseptic packaging project in Egypt is also on track for commissioning in FY26, though
ramp-up will be gradual due to product approval timelines.

Other Projects: The WPP bags facility in Mexico, targeting the pet food industry, is at an advanced stage
of commissioning and is expected to contribute from FY27. The Noida recycling facility, aligned with new
government guidelines mandating recycled content in packaging, is scheduled to be commissioned by
year-end. Additionally, an 18,000 MT CPP plant in Mexico is expected to ramp up through Q1 and
Q2FY26. Collectively, these new projects are projected to add INR 30,000 Mn in revenue and INR 6,000
Mn in EBITDA at 85% utilization, delivering higher margins of ~20% compared to the legacy films business.

Outlook: For FY26, the company has guided for 10% revenue growth. With Q1 delivering 6.4%, the
company will need to achieve 11% growth over the next 3 quarters. EBITDA is guided at INR 21,000 Mn,
compared with INR 19,000 Mn in FY25. While Q1 was marginally behind plan, management expressed
confidence in achieving these targets, citing improved pricing, stronger volumes, and contributions from
aseptic expansion.

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Ugro Capital Ltd

UGRO Capital Limited is a technology-driven small business lending platform that uses a data-centric and
technology-enabled approach. The company focuses on meeting the capital requirements of small
businesses in eight select sectors. Its strategy revolves around providing customized loan solutions
tailored to the specific needs of these enterprises. The company’s product portfolio covers a wide range
of financing solutions. These include supply chain financing, unsecured business loans, machinery loans,
loans secured by property, new-age digital products, and micro-enterprise loans.
Financial Performance: In Q1FY26, total income rose 40% YoY to INR 4,218 Mn, while net total income
increased 31% YoY to INR 2,165 Mn. PAT stood at INR 341 Mn, a 12% YoY rise. Credit costs were INR 477
Mn during Q1, lower than the previous quarter’s INR 543 Mn. ROA was maintained at 2.3% though it
continues to be affected by the ongoing branch expansion. Yields are expected to improve by 25–50 bps
through FY26 as the business mix shifts toward higher-yielding emerging market branches and
embedded finance.
Capital Raise & Acquisition: The company has raised INR 3,000 Mn through a rights issue and is working
on a INR 9,000 Mn preferential allotment. The funds will be used to acquire Profectus Capital in a INR
14,000 Mn all-cash deal. Post-acquisition, its AUM will touch ~INR 150,000 Mn. Profectus brings INR
34,680 Mn of AUM, 28 branches, and expertise in school finance, with stable asset quality (GNPA 1.6%,
NNPA 1.1%).
Branch Expansion: The branch network has grown rapidly from 150 in FY24 to 309 as of June 2025, with
286 branches already operational. About 1/2 of the branches are mature (>18 months) and contribute
strongly to disbursals. Management expects that once all branches mature, they can together disburse
~INR 4,000 Mn per month from emerging market channels.
AUM & Disbursements: AUM in Q1FY26 stood at INR 120,810 Mn, up 31% YoY. Disbursements were INR
15,990 Mn, lower sequentially but in line with plans due to tighter underwriting and seasonality. The
embedded finance book crossed INR 10,000 Mn, with MyShubLife platform disbursing INR 5,820 Mn in
the quarter.
Liability & Co-Lending: The company has a well-diversified liability profile with borrowings of INR 75,860
Mn from 50+ lenders. About 42% of AUM is off-book, supported by 17 co-lending partners. The long-
term rating is A+ with a positive outlook. New RBI co-lending guidelines are expected to expand volumes,
though near-term adjustments will be required.
Emerging Market Branches: The company now has 286 EM branches, of which 150 are older with an
AUM per branch of INR 154 Mn. The 136 new branches are at INR 34 Mn per branch. Around 121
branches have already broken even, and the rest are expected to do so in 12–15 months. Each stable
branch can disburse INR 10–11 Mn monthly at yields of ~18%.
Embedded Finance: The company is deeply integrated with platforms like PhonePe, BharatPe, and
Paytm. Loans are small-ticket (<INR 2 lakh), with daily repayment linked to digital collections. The
segment has attractive yields (~16.5%) though credit costs remain ~2.5–3%. Management expects
embedded finance to scale to 10–12% of AUM in 2–3 years, with strong ROA contribution.
Outlook & Guidance: The company is targeting a 4% steady-state ROA over the next 6–8 quarters. This
will be driven by higher-yielding segments, branch maturity, lower cost of funds, and benefits from the
Profectus acquisition. Management remains optimistic on the MSME lending opportunity but cautious on
unsecured loans.

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Ujjivan Small Finance Bank Ltd

Business Performance & Loan Growth

Ujjivan SFB reported steady operating performance in Q1 FY26 with gross loan book rising to INR 3,32,870
Mn, up 11% YoY and 4% QoQ. Disbursements grew 24% YoY to INR 65,390 Mn, led by continued traction
in secured lending segments. The share of secured portfolio expanded sharply from 31% to 46% YoY,
reflecting management’s calibrated strategy to diversify beyond micro banking and strengthen overall
asset quality. Customer acquisition remained healthy with 1.1 lakh new micro banking customers added
during the quarter, while 34,000 group loan customers migrated to individual loans, further aiding product
graduation.

Portfolio Mix & Segmental Performance

Within the loan book, micro banking continues to shrink as the bank diversifies. Group loans stood at INR
1,29,610 Mn (–18% YoY) with disbursement growth moderating, while individual loans expanded 7% YoY
to INR 53,320 Mn, supported by better asset quality. Secured lending was the key growth engine with
disbursements rising 86% YoY in Q1. Affordable housing and micro mortgages grew 53% YoY to INR 80,000
Mn, MSME loans rose 59% YoY to INR 22,530 Mn, and vehicle finance expanded 156% YoY to INR 5,600
Mn. Agri loans surged 288% YoY to INR 4,030 Mn, while gold loans scaled up sharply to INR 2,930 Mn,
now offered through 280 branches. Newer secured products together contributed INR 6,280 Mn of
disbursements versus INR 1,980 Mn a year ago, underlining the shift in business mix.

Asset Quality & Provisions

Asset quality trends showed early signs of stabilization. Collection efficiency improved to 99.34% in June
2025 and is expected to exceed 99.5% by Q3 FY26. Slippages peaked in most states during Q4 and in
Karnataka during Q1, with management highlighting visible improvements going forward. GNPA is guided
to remain below 2.5%, supported by tighter underwriting, portfolio diversification, and dynamic use of
CGFMU cover. Credit costs were contained at INR 2,250 Mn in Q1 (0.7% of gross advances, annualized),
with FY26 guidance at 2.3–2.4%. Provisions remained elevated with incremental provisioning of INR 23
crore in Q1 and unutilized floating provisions of INR 210 Mn still available.

Strategic Initiatives & Outlook

Ujjivan continues to invest in distribution, risk management, and technology as it transitions into a more
balanced franchise. The bank plans to open 25 new branches in FY26 and 400 over the next four years,
with housing finance already available in 550 of its 750 branches. Sanction-to-disbursement in housing
remains strong at ~90%, much higher than industry average. Management is actively pursuing product
diversification into high-yielding micro mortgages, MSME, vehicle, gold, and agri finance, while
strengthening the liability franchise. Importantly, Ujjivan has applied for a universal bank license in
February 2025, which remains under RBI’s review and could serve as a medium-term growth catalyst.

Guidance for FY26

Management reiterated its guidance for ~20% loan growth (secured +35%), ~18% deposit growth, CASA
ratio of ~27%, cost-to-income at ~67%, credit costs at 2.3–2.4%, and ROE/ROA of 10–12% / 1.2–1.4%
respectively.

Risks & Headwinds

Key risks include residual stress in select southern states (Karnataka, Tamil Nadu), elevated credit costs in
H1 FY26, and yield compression from a rising secured loan mix. However, these are expected to be
mitigated by improving collection efficiency, declining funding costs, and supportive regulatory changes.

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Unicommerce eSolution Ltd

Unicommerce eSolutions Ltd. is a leading SaaS platform specializing in e-commerce enablement solutions.
The company provides an extensive suite of AI-enabled, cloud-based products that cover the entire e-
commerce value chain—from order management, warehouse and inventory management, and
omnichannel retail to shipping, returns automation, customer engagement, and payment reconciliation. Its
platforms (Uniware, Shipway, and Convertway) serve 7,000+ clients across diverse sectors such as fashion,
FMCG, personal care, electronics, pharma, and D2C brands.

Financial Performance: Revenue from operations stood at INR 449.3 Mn, up 63.6% YoY. Adjusted EBITDA
at INR 94.7 Mn, up 112% YoY, with margins improving from 16.3% to 21.1%. PAT reported at INR 38.9 Mn,
up 10.8% YoY (impacted by non-cash amortization of Shipway acquisition). Excluding this, PAT stood at INR
63.7 Mn, up 81.5% YoY. Gross margin moderated to 54.2%, reflecting scale investments.

International Business: The company now operates across six countries outside India, contributing 4–5% of
consolidated revenue. International operations turned operationally profitable in Q1 FY26. The company
leverages a cost-efficient model with India-based onboarding and support. During the quarter, it secured a
significant contract with a large Middle Eastern retail conglomerate and another in Southeast Asia.

Shipway Acquisition and Integration: The Shipway acquisition was valued in 2 tranches- INR 1,600 Mn
initially and INR 1,790 Mn in the second tranche, reflecting business growth at the time. Integration has
resulted in a non-cash amortization charge of INR 33.2 Mn, which is expected to decline from Q2 onwards
as acquired and internally developed technologies are merged. Employee cost capitalization stood at INR
15 Mn for UniShip development in Q1, with limited capitalization anticipated going forward.

Pricing: Uniware’s effective realized pricing fell by nearly 50% YoY to below INR 1.10, largely due to
deliberate management actions to lower minimum guarantees (MGs) and accelerate adoption among new-
age brands.

Revenue Mix: The mix shift towards B2B and quick commerce transactions, which carry lower yields, also
impacted rates. While transactions grew 19% YoY, the associated revenue growth was more muted as
much of the volume fell within MG thresholds.

Client Metrics: The company added 88 new clients during the quarter, taking the overall client base to
more than 7,000 businesses. New logos included brands such as Ajanta Shoes, Himalaya Wellness, Rupa,
Lacoste, and Richlook. Importantly, there was no churn among the top 10 clients.

Market Engagement: On the go-to-market side, Unicommerce pursued a multi-pronged strategy combining
outbound sales, digital marketing, partnerships, and ecosystem events such as e-Kumbh in Tier 2 cities.
Cross-sell remains a strong lever, particularly for Shipway, Convertway, and UniReco into the existing
Uniware base. Currently, about 10% of Uniware clients also use Shipway, a figure management expects to
rise with increased cross-selling.

Outlook: Looking ahead, management is confident of further PAT margin expansion, particularly in
Uniware. Shipway is expected to outpace Uniware’s growth given its larger addressable market and early
stage of adoption. Convertway and UniReco are also viewed as important growth engines, while
international expansion will remain a diversification play.

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Unihealth Hospital Ltd

Unihealth Hospitals Ltd., founded in 2010 and headquartered in Mumbai, is an integrated healthcare
service provider with operations across India and Africa. The company operates under the “UMC Hospitals”
brand, managing two multi-specialty hospitals in Uganda and Nigeria (200+ beds), along with a dialysis
centre in Tanzania. Unihealth also runs healthcare consultancy projects, distributes pharmaceuticals and
medical consumables in multiple African countries, and provides medical value travel services. The
company got listed on NSE Emerge in September 2023.

Financial Highlights: In FY25, the company reported strong growth with revenue rising 14% to INR 556 Mn
from INR 487 Mn last year. EBITDA increased 10.5% to INR 213 Mn, while net profit grew sharply by 47% to
INR 151 MN. Margins stood at 36.5% for EBITDA and 25.9% for net profit. On the balance sheet side, net
worth improved to INR 1,035 Mn and debt-to-equity reduced to 0.13x, reflecting stronger financial
stability.

Business Verticals-

● Hospitals & Medical Centres – UMC Victoria (Uganda, 120 beds), UMC Zhahir (Nigeria, 80 beds),
and Unihealth Medical Centre (Tanzania).
● Healthcare Consultancy: The company provides project management and advisory services across
India, Africa, and Myanmar, with key projects including the Pune Cancer Hospital and the Health
City project in Myanmar.
● Distribution & Trade: Export of pharmaceuticals and consumables to Uganda, Tanzania, and
Nigeria; partnerships with Reliance Life Sciences, Hemant Surgical, Fixderma India.
● Medical Value Travel: Facilitating international patients for treatment in India with tie-ups like
Ethiopian Air and Myanmar Airways.

Geographic Presence (FY25 Revenue Mix): The company’s revenue mix is largely diversified across
geographies, with Uganda contributing the highest share at 74%, followed by India at 15.8% and Nigeria at
7.7%, while other regions including Tanzania, UAE, and Mauritius account for about 2.5%.

Recent Developments: The company is actively expanding its healthcare footprint with several key
projects. A 60-bed multi-specialty hospital in Navi Mumbai is set to be commissioned by June 2025,
marking the first of over five planned facilities in Western India. In Uganda, it launched the country’s first
advanced IVF & Fertility Centre at UMC Victoria Hospital and also opened its first UMC Clinic in Kyanja, with
4–5 more clinics planned for FY26. In India, expansion projects in Nashik and Pune aim to add 500+ new
beds by FY26. Additionally, the company is exploring a medical consumables manufacturing unit in
Tanzania and evaluating potential M&A opportunities in East Africa.

Outlook: The company is targeting over 1,000 beds across India and Africa in the next three years,
following an asset-light strategy. Its growth plans emphasize Africa, with a strong focus on expanding clinics
and IVF services to improve access to specialized healthcare.

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United Heat Transfer Ltd
Overview
United Heat Transfer Limited formerly United Heat Transfer Private Limited incorporated in 1995 is a
leading manufacturer of shell and tube heat exchangers air-cooled heat exchangers pressure vessels and
process flow skid equipment. It serves critical applications in automotive marine compressors oil and gas
refineries and pharmaceuticals with a diverse portfolio including charged air coolers jacket water heat
exchangers and moisture separators. Operating two ISO-certified facilities in Nashik spanning 120000
square feet the company exports to 22 countries backed by 30 years experience 5000 successful projects
and 250 personnel. Led by Chairman Managing Director Yogesh Patil and Whole Time Director Vivek Patil it
emphasizes in-house design global compliance and engineered-to-order solutions.

Financial Performance (FY25)

Revenue from Operations: 6681 million
EBITDA: 1139 million
EBITDA Margin: 17 percent
Profit After Tax (PAT): 530 million
Earnings Per Share: 333
Total Assets: 8793 million

Product Verticals Core operations in heat transfer equipment with 85 percent revenue from EPC custom
solutions and 15 percent from OEM standard products. Key offerings include air-cooled heat exchangers for
water-scarce environments charged air coolers for engine efficiency extended surface exchangers for HVAC
and marine heat exchangers for maritime applications. Additional lines encompass moisture separators
pressure vessels process flow skids and safe tube exchangers ensuring versatility across high-pressure high-
temperature needs. Compliant with TEMA ASME API and NES standards the company focuses on precision
fabrication and material handling in carbon steel stainless steel and exotic alloys.

Operations and Differentiators Advanced manufacturing in Nashik facilities with CNC plasma cutting up to
100 mm thick laser cutting to 25 mm and machining up to 3 meter diameter. In-house capabilities include
GTAW GMAW welding post-weld heat treatment tube finning and shot blasting in a 6x15x6 meter booth.
Quality assurance features DPT RT pneumatic hydrotest PMI and NDT Level-II certified engineers ensuring
ASME U R stamps and global approvals like PED CE and Canadian registration. Sectors served span
refineries oil and gas pharmaceuticals marine HVAC and food processing with 95 percent on-time delivery
and 91 percent customer satisfaction. Trusted partnerships with OEMs and EPCs drive recurring revenue
through long-term contracts.

Investments and Capital Allocation Strategic expansions include 80000 square foot facility on 13 acres
acquired in 2020 enhancing air-cooled and large exchanger production with 80 ton lifting capacity and
clean room for exotic alloys. Roadmap investments in ISO 14001 45001 certifications and HTRI design
software support scalability. Capex focused on production ramp-up at Talegaon site utilizing balance land
for efficiency gains while maintaining low debt at 1783 million. Prioritizes R&D for new products like
exhaust gas coolers and automatic backflush filters alongside approvals from EIL ONGC and IOCL.
Disciplined funding via internal accruals and IPO proceeds ensures compliance and growth without over-
leverage.

Future Outlook Targets export growth to 22 countries emphasizing USA and Europe markets with
increased air-cooled exchanger focus amid sustainability trends. Aims to boost production capacity by 42
percent streamline operations and enhance international revenue share leveraging global demand for
efficient heat transfer solutions. Optimistic on 15-20 percent CAGR driven by EPC project wins OEM
volumes and sectors like oil and gas renewables. Sustained profitability through quality certifications on-
time delivery and customer retention positioning as trusted engineered solutions provider with robust
margins and expansion runway over medium term.
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.
Vaibhav Global Ltd

Vaibhav Global Limited (VGL) is a vertically integrated, omni-channel retailer of fashion jewellery and
lifestyle products. It operates mainly through proprietary TV shopping channels and digital platforms in the
US, UK, Germany and Austria, while sourcing and manufacturing is largely based in Jaipur, India. The
company follows an end-to-end B2C business model with in-house design, production, and retailing,
enabling strong cost control and industry-leading margins.

Financial Performance: For Q1FY26, the company reported revenue of INR 8,140 Mn, an 8% YoY increase.
Gross margin stood at 63.8%, supported by its vertically integrated supply chain. Digital revenue grew 14%
to INR 3,290 Mn, accounting for 43% of total revenue, with a target of reaching 50% by FY27. EBITDA stood
at INR 750 Mn, up by 14% YoY, with EBITDA margin improving to 9.2% Vs. 8.7% YoY. PAT stood at INR 380
Mn, up by 37% YoY. The Board declared an interim dividend of INR 1.5 per equity share.

Sales Channels and Product Mix: The company earns money both from TV shopping and digital platforms.
In Q1, digital revenue grew 14% to INR 3,290 Mn and now makes up 43% of B2C sales, while TV revenue
grew 1% to INR 4,440 Mn. The company’s long-term goal is to have digital sales reach 50% by FY27.
On products, lifestyle items now contribute 36% of sales, up from earlier years, and are targeted to reach
50% over the medium term. Jewellery still remains core, with strong growth in lab-grown diamonds, which
already make up 11% of sales, compared to just 1% last year. These products are well-accepted by
customers, give better margins, and have fewer returns.

Customers and Reach: The company’s TV channels now reach 127 Mn households across the US, UK, and
Germany. VGL had its highest-ever unique customer base of 713,000 in June 2025, which is 12% higher
than last year. In Q1 alone, it added 400,000 new customers. The customer retention rate has improved to
42%, and on average, each customer bought 22 products in the last 12 months. The average spend per
customer is around $888, excluding acquired businesses.

Acquisitions and Strategic Moves: The company’s past acquisitions are paying off. Ideal World (UK),
acquired cheaply as a distressed asset, is now profitable and delivering double-digit growth. Mindful Souls,
a digital-native brand, faced temporary revenue dip due to supply chain changes but continues to
contribute with strong margins and valuable digital expertise. The learnings from these acquisitions have
been integrated across the group, boosting digital sales. The company is not actively pursuing new
acquisitions but is open to opportunities if they arise.

Geographic Performance:
US: Revenue grew 1.3% YoY. Consumer sentiment was weak due to higher savings and discretionary
spending pressure. Recent 25% tariff on Indian goods created challenges, but the company had pre-shipped
inventory and is using multi-country sourcing to mitigate impact.
UK: Revenue up 2.3% YoY, aided by Ideal World which stayed EBITDA positive. Core TJC business faced
leadership transition but has shown recovery in June-July.
Germany: Revenue grew 7.2% YoY. Losses persisted due to operating deleverage, but gross margins
improved from 63% to 68% and EBITDA breakeven is expected in FY26.

Outlook: Looking ahead, the company expects revenue growth of 7–9% for FY26, considering weak global
consumer sentiment and the new US tariff on Indian goods. However, management remains confident of
sustaining margins above 60% and expects Germany to achieve profitability in FY26. Over the medium
term, the company is targeting mid-teen revenue growth, driven by digital expansion, higher contribution
from lifestyle products and lab-grown diamonds, and operating leverage from its integrated model.

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Vaidya Sane Ayurved Laboratories Ltd

Vaidya Sane Ayurved Laboratories Limited, operating under the Madhavbaug brand, is India's leading chain
of cardiac care clinics and hospitals specializing in traditional Ayurvedic medicine. Established in 2006 with
the first cardiac hospital in Khopoli and clinic in Dombivali, the company focuses on non-invasive
treatments for heart disease, diabetes, hypertension, and obesity. Operating 333 clinics across 14 states
and union territories, the company has treated over 10 lakh patients through its network of 450+ Ayurveda
physicians. The company maintains three operational hospitals in Khopoli (45 beds), Nagpur (20 beds), and
Visakhapatnam (24 beds), with a fourth hospital recently opened in Vadodara (35 beds).

Financial Performance: In FY25, Vaidya Sane reported revenue from operations of INR 89.85 crores
compared to INR 99.33 crores in FY24, representing a decline of 9.55%. H2FY25 revenue was INR 48.05
crores versus INR 48.23 crores in H2FY24, showing a marginal decrease of 0.38%. EBITDA (excluding other
income) for FY25 surged to INR 13.50 crores from INR 4.50 crores in FY24, with margin expanding
significantly to 15.03% from 4.53%. H2FY25 EBITDA reached INR 7.74 crores compared to INR 1.82 crores
in H2FY24, with margin improving to 16.11% from 3.77%. Profit after tax for FY25 was INR 7.15 crores with
a margin of 7.96%, compared to INR 1.99 crores and 2.00% margin in FY24. H2FY25 PAT reached INR 5.79
crores versus INR 0.81 crores in H2FY24, with EPS for FY25 at INR 6.76 compared to INR 2.02 in FY24.

Manufacturing Operations and Business Model: The company operates through a diversified business
model with services contributing 59.56% and products contributing 40.44% to enterprise revenue of INR
145.55 crores in FY25. Clinics contribute 86.25% of total revenue while hospitals account for 13.75%. The
company owns and operates subsidiary companies including Dynamic Remedies Pvt Ltd and UV Ayurgen
Pharma Pvt Ltd for manufacturing Ayurvedic medicines and nutraceutical products. Patient footfall reached
7.52 lakh in FY25 with 82,049 new patients, supported by technology platforms including MIB Pulse app
with over 100,000 downloads and the proprietary Power MAP medical analytics system. The company
maintains empanelment with over 30 insurance companies and 7 TPAs for cashless treatment facilities.

Growth Drivers: Comprehensive ecosystem of 333 clinics and growing hospital network across 14 states
with strong rural penetration
•Research-backed treatment protocols with 83 published manuscripts and 500+ research papers
•Technology-enabled platforms including MIB Pulse app and Power MAP analytics system for enhanced
patient care
•Strategic expansion into high-growth markets with recently opened Gujarat hospital and planned clinic
network growth
•Strong brand positioning with Sonu Sood as brand ambassador and government empanelments including
corporate tie-ups
•Diversified revenue streams through subsidiary companies for medicine manufacturing and product
distribution
•Mission 2028 targeting 5 crore people under care through 1,000 clinics, 10 hospitals, and 5,000 OPDs

Future Outlook: The Indian traditional medicine market presents significant growth opportunities with the
Ministry of AYUSH budget allocation increasing 23.74% to INR 3,712.49 crores in 2024-25. The Ayurvedic
industry is expected to reach USD 9 billion by 2022, driven by growing acceptance of preventive healthcare
and government support for traditional medicine systems. With 66% of deaths in India caused by non-
communicable diseases and rising incidence of diabetes (77 million patients), hypertension (207 million
patients), and cardiovascular diseases (54.5 million patients), Madhavbaug is well-positioned to address
this healthcare burden. The company's ambitious Mission 2028 targets bringing 5 crore people under its
care through 1,000 clinics, 10 hospitals, and 5,000 OPDs. With strong financial performance, proven
treatment protocols, and expanding network coverage, Vaidya Sane is strategically positioned for sustained
growth in India's evolving healthcare landscape.

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Vascon Engineers Ltd
Incorporated in 1986, Vascon Engineers Limited is a Pune-based company engaged in EPC as well as real
estate construction and development. The company has successfully executed 200+ projects with a
construction footprint exceeding 45 Mn sq. ft. Its portfolio spans residential, commercial, industrial,
educational, and infrastructure projects, supported by in-house design, engineering, and project
management capabilities. Some of Vascon’s landmark developments include Ruby Mills (Mumbai), Suzlon
One Earth (Pune), Symbiosis College (Pune), and the multi-level car parking facility at IGI Airport (New
Delhi).
Financial Performance: The company reported consolidated total income of INR 2,420 Mn in Q1FY26, a
22% YoY increase from INR 1,980 Mn in Q1FY25. This includes profit from the sale of investment in
Ascent Hotels Pvt. Ltd., Pune. EBITDA (excluding investment sale) stood at INR 160 Mn, slightly lower than
INR 180 Mn in Q1FY25. The company posted PAT of INR 220 Mn (including one time profit of INR 175 Mn)
versus INR 90 Mn in the previous year.
Private vs. Government Mix: Currently, 73–75% of the order book comes from government projects.
While management values government contracts for their reliability, it aims to shift to a more balanced
60:40 mix of government to private in the medium term. Private EPC opportunities will be selectively
targeted in Maharashtra, Bangalore, and Chennai, with less focus on NCR/North due to past challenges.
Order Inflow Dynamics: New order inflows were weak in the past 6 months, with only one large order of
INR 2,280 Mn secured. The company lost three large bids (INR 6,500–7,500 Mn) by small margins due to
intense competition and lower bid pricing by peers. Management admitted to being “a bit concerned”
about order inflows but expects improvement over the next 9 months.
Segment Performance:
EPC: The EPC order book stood at INR 29,020 Mn as of June 30, 2025, equivalent to ~2.9x FY25 EPC
revenue, providing strong visibility for the next 2–3 years. Of this, INR 24,690 Mn is from external
contracts and INR 4,330 Mn from internal projects. About 73% of the order book is government-backed.
Execution capabilities remain strong, with over 225 projects and 45+ million sq. ft. completed to date. The
Q1 EPC EBIT margin stood at 8%, impacted by a INR 40–50 Mn write-down in a Goa project under
arbitration. Management expects margins to recover to 8–9% for FY26.
Real Estate: In Q1FY26, the company recorded bookings of 40,500 sq. ft. valued at INR 550 Mn, with
collections of INR 650 Mn. Active projects include Tulip Phase III (Coimbatore), Goodlife (Talegaon),
Tower of Ascend (Kharadi), and Orchids (Santacruz, Mumbai), with total saleable area of 0.77 mn sq. ft.
The company has recognized INR 1,160 Mn revenue from Tulip and Goodlife projects so far. The pipeline
totals 0.82 mn sq. ft. with INR 11,000 Mn topline potential, including projects in Powai, Kharadi, Baner,
and Santacruz. Management expects FY26 revenue recognition of INR 1,750–2,000 Mn with 15–17%
EBITDA margins.
Key Land Bank and Development Updates: The company owns a 45% stake in ~150 acres at Thane,
although the land is spread across discontinuous parcels. Government corridor development is expected
to acquire 30–40 acres, with Vascon’s share being 18–20 acres, though timelines remain uncertain. The
company is consolidating a contiguous 20-acre road-touching parcel (17 acres already secured, 3–4 acres
under negotiation).
Guidance & Outlook: For FY26, the company has guided for EPC revenue of INR 12,000 Mn, with 8–9%
PBT margin, aspiring to reach 10% if order inflows improve. Real estate revenue recognition of INR 1,750–
2,000 Mn, with 15–17% EBITDA margin. Medium-term revenue potential of INR 15,000 Mn is expected
from current and pipeline projects. Improved order inflows over the next 2–3 quarters, despite near-term
slowdown. Focus on core operations with no further asset monetization planned.

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Vibhor Steel Tubes Ltd

Vibhor Steel Tubes Ltd is a manufacturer of ERW pipes and galvanised products with plants in Maharashtra,
Telangana and the newly commissioned Jharsuguda facility in Odisha. The company serves infrastructure,
construction, automotive and industrial sectors through its dealer network. The Jharsuguda unit expands its
presence in eastern and north-eastern markets.

Financial Performance
In Q1FY26, Vibhor Steel reported stable turnover growth, supported by strong infrastructure demand and
steady domestic raw material prices. Margins remained healthy as duties kept imported material less
competitive. Management highlighted that the quarter reflected both topline growth and margin stability
compared to last year. Detailed revenue, EBITDA and PAT numbers were not disclosed in the concall.

Key Segments
•Steel pipes for construction and building demand through dealer network
•Galvanised pipes for infrastructure and industrial use
•Highway guard rails, with about 1,000 tonnes produced on trial at Jharsuguda in Q1FY26
•Expansion into Odisha, West Bengal, Chhattisgarh and North-East markets

Jharsuguda Plant Commissioning

The Jharsuguda unit was a major milestone for the company in Q1FY26. After long delays due to electricity
connection, the plant successfully completed trial runs of multiple pipe sizes and galvanised output. The
company also produced around 1,000 tonnes of highway guard rails and 500 tonnes of galvanising in the
first month. With a design capacity of 100,000–120,000 tonnes per annum, the unit is expected to achieve
levels comparable to the existing Maharashtra and Telangana plants once utilisation ramps up from
Q2FY26.

Capital Expenditure and Capacity

The Jharsuguda plant was commissioned in Q1FY26 with a capex of INR 1,200 Mn. Installed capacity is
about 100,000–120,000 tonnes per annum, similar to the Maharashtra and Telangana plants. Capacity
utilisation is yet to stabilise as commercial production only began after electricity connection was received
during the quarter. Trial runs produced multiple pipe sizes and about 500 tonnes of galvanised output.

Growth Drivers
•New Jharsuguda plant increasing capacity and opening new markets
•Steady domestic raw material supply with limited price fluctuations
•Rising infrastructure and building demand across India
•Dealer network providing pan-India reach
•Growing opportunities in eastern and north-eastern regions

Future Outlook
Management expects FY26 to be a promising year with strong demand momentum and better margin
realisation. With three plants now operational, Vibhor Steel is positioned to capture new markets in Odisha,
West Bengal, Raipur and the North-East. The Jharsuguda facility is expected to meaningfully contribute from
Q2FY26 onwards, supporting higher turnover and long-term growth.

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Viceroy Hotels Ltd

Incorporated in 1965, Viceroy Hotels Ltd operates premium hospitality properties in Hyderabad
under the Marriott and Courtyard by Marriott brands. The company underwent a successful
corporate insolvency resolution process (CIRP) in 2018, and in October 2023 the resolution plan
submitted by Anirudh Agro Farms Ltd (AAFL) through its SPV Loko Hospitality Pvt Ltd was
approved and implemented, infusing INR 600 mn equity.

Financial Performance:
In Q1 FY26, Viceroy reported revenue of INR 264.5 mn, down 3.8% YoY, and EBITDA of INR 48.2
mn, down 13.6% YoY, with EBITDA margin at 19.0% versus 20.6% last year. PAT turned negative
at –INR 30.2 mn compared to a profit of INR 17.2 mn in Q1 FY25, largely impacted by partial
renovation of Courtyard by Marriott. FY25 full-year revenue was INR 1,360.2 mn, up 13.9% YoY,
with EBITDA of INR 375.6 mn (27.96% margin) and PAT of INR 764.1 mn aided by exceptional
tax credits.

Operations & Segment Information:

For FY25, combined occupancy improved to 70.3% (Marriott 69.4%, Courtyard 72.6%) with ADR
at INR 6,834 and RevPAR at INR 4,805. In Q1 FY26, combined occupancy was lower at 54.9%
due to ongoing renovations, with ADR of INR 6,952 and RevPAR of INR 3,814

Capex & Growth Plans:

Management plans to invest over INR 1000 mn in three renovation phases to be completed by
Q3 FY26. Upgrades include new guest rooms, spa, gym, rooftop bar, F&B outlets, convention
centre expansion, and extensive modernization of Marriott and Courtyard properties. A 200-
room greenfield Courtyard by Marriott hotel is planned at Madhapur, Hyderabad

Risks & Challenges:

Renovation Impact: Temporary decline in Courtyard RevPAR (-6.29% YoY) and slight dip in
occupancy in the most recent quarter due to ongoing renovation; management expects full
recovery and upside post-completion.

Execution Risks: New projects (Madhapur) subject to regulatory approvals and construction
timelines.
Inorganic expansion contingent on finding suitable assets at attractive valuations.

Outlook:
With renovations completing by Q3 FY26 and the Madhapur project in pipeline, Viceroy is
positioned to capture Hyderabad’s growing hospitality demand, driven by IT sector expansion
and strong MICE (Meetings, Incentives, Conferences & Exhibitions) growth. Margins are
expected to normalize post-renovation as occupancy recovers

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Vikram Kamats Hospitality Ltd

Vikram Kamats Hospitality Limited, formerly known as Vidli Restaurants Limited, was
incorporated in 2007 and based in Mumbai. It is part of the iconic “Kamats” brand family, which
is well recognized for vegetarian food and hospitality services and operates across restaurants,
hotels, and hospitality education. The company also holds the rights to use and grant
trademarks such as “Kamats,” “Vithal Kamats,” and “Kamats Legacy,” making it a strong player
in the Indian food and hospitality industry. The company follows a hybrid business model
consisting of both company-owned/leased units and asset-light managed/franchised units.

Financial Performance:
Total consolidated revenues for FY25 stood at INR 403 Mn, up by 33% YoY. Consolidated
EBITDA stood at INR 84.1 Mn, up by 57% YoY. However, PBT declined by 59% to INR 10.2 Mn
due to higher finance costs and depreciation arising from leased properties. At a standalone
level, Vikram Kamats Hospitality reported revenue growth of ~31%, while its subsidiary Vitizen
Hotels achieved revenue growth of ~40%, supported by expansion of leased and managed
properties.

Brands and Offerings:

In the restaurant space, it manages outlets under the names Kamats, Vithal Kamats, Kamats
Legacy, Urban Dhaba, and Pepperfry by Kamats. These brands include both quick-service and
premium dining concepts, with Kamats Legacy positioned as a higher-end offering in metro
cities.
In the hotel segment, the company operates and manages 3-star and 4-star properties under
the brand names VITS and VITS Select through its subsidiary, Vitizen Hotels Limited.

Operations and Key Metrics:

As of FY25, the company operated 32 restaurant units, of which 3 are company-owned, 3 are
leased, and 26 are franchised. The restaurant business generated system sales of INR 594.23
Mn, with corporate revenues from franchise royalties amounting to INR 24.99 Mn.
In the hotels business, the group operated 21 properties, including 6 leased hotels and 15
managed or franchised hotels, under the VITS and VITS Select brands. Hotel system sales stood
at INR 832.65 Mn, with corporate revenues from managed and franchised hotels at INR 48.65
Mn. The group reported an average occupancy rate of 61% and an average room rate of INR
3,169 across its hotel portfolio.

Recent Developments:
In FY24 and FY25, it launched multiple premium Kamats Legacy outlets in prime locations such
as Nariman Point, Vashi, and Malad, with another outlet coming soon at Mira Road in Mumbai.
On the hotel side, the group added several new properties including leased hotels in Gurugram,
Lonavala, Panchgani, Bharuch, and Daman, as well as management contracts for hotels in
Gangtok and Sasan Gir. The company also completed a fundraise of ~INR 280 Mn.

Outlook:
With its asset-light model, the company can continue expanding at a rapid pace without putting
undue pressure on capital requirements. The addition of new premium outlets and hotels in key
markets will strengthen both brand visibility and revenue streams. However, in the near term,
higher lease-related depreciation and finance costs may weigh on profitability.
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VIP Clothing Ltd

VIP Clothing Limited is a leading intimate apparel company in India, incorporated in 1991 and
headquartered in Mumbai. The company specializes in manufacturing, marketing, and distribution of
men's and women's innerwear and socks under prominent brand names including VIP, Frenchie, Feelings,
and Leader. VIP operates an in-house manufacturing facility in Tamil Nadu certified with TUV-ISO 9000,
demonstrating its commitment to quality management systems. The company has established one of
India's most extensive sales and distribution networks for innerwear products, serving diverse consumer
segments with a focus on comfort, quality, and innovation.

Financial Performance: In Q1 FY26, VIP Clothing delivered strong consolidated results with revenue from
operations reaching INR 654.5 Mn compared to INR 501.2 Mn in Q1 FY25, representing a robust 30.6%
year-on-year growth. Total revenue was INR 655.9 Mn. EBITDA surged to INR 62.5 Mn, marking a
substantial 122.4% increase from INR 28.1 Mn in Q1 FY25. EBITDA margin improved significantly to 9.5%
from 5.6% in the previous year. Profit after tax (PAT) reached INR 22.2 Mn compared to INR 2.3 Mn in Q1
FY25, with PAT margin at 3.4%. Diluted EPS was INR 0.25 for Q1 FY26.

Product Portfolio and Brand Strategy: The core business revolves around intimate apparel across
multiple brand segments. The company has launched premium initiatives including the Frenchie X
collection, which has expanded to over 140 outlets nationwide with cutting-edge fabrics and moisture-
wicking finishes. The newly introduced Yuwa Series targets Gen Z and millennial consumers with bold
designs and premium comfort, featuring products like Maxer, Azure, Ascent, Univo, and One Up. This
youth-centric line represents a strategic move to revitalize the VIP brand and expand demographic reach.

Distribution Network and Digital Transformation: VIP maintains a robust distribution infrastructure
comprising 445+ distributors, approximately 40,000 retailers, 5 exclusive brand outlets (EBOs), 190+
marketing and sales professionals, 3 warehouses in Mumbai, Kolkata & Thingalur, and presence on 10+ e-
commerce platforms. The company has accelerated digital transformation through strategic partnerships
with quick-commerce platforms including Blinkit, Swiggy Instamart, and Zepto, enabling rapid product
delivery and enhanced consumer accessibility.

Growth Drivers:
•Successful premiumization strategy with Frenchie X and Yuwa Series driving higher margins
•Strong digital transformation and quick-commerce partnerships expanding market reach
•Youth-focused product innovation targeting Gen Z and millennial demographics
•Enhanced operational efficiencies and disciplined cost control measures
•Omni-channel presence combining traditional retail with modern digital platforms

Future Outlook: Management remains confident in the strategic direction focused on sustainable,
innovation-driven growth. The company plans to continue investing in product development, expand
omni-channel presence, and deepen consumer engagement across geographies. With a strengthened
financial foundation and future-ready brand portfolio, VIP Clothing is positioned to capitalize on the
growing demand for premium innerwear in India. The company's mission is to establish itself as a trusted,
premium, and progressive lifestyle brand for Indian consumers, supported by continued digital
innovation and strategic market expansion.

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Virtuoso Optoelectronics Ltd

Virtuoso Optoelectronics Limited, incorporated in 2015 and headquartered in Nashik, Maharashtra, is a

leading Indian OEM/ODM engaged in manufacturing white goods and electronic products. The company
has built strong capabilities in air conditioners, refrigeration products, electronic manufacturing services
(EMS), and components. It operates 8 manufacturing facilities and is highly backward integrated,
producing sheet metal, plastic, EPS parts, copper tubing, heat exchangers, controller boards, and LED
components in-house. The company has a strong customer base comprising blue-chip brands, with Voltas
being a key anchor client.

Financial Performance: Consolidated total income of INR 7,022 Mn for FY25, up by 32.8% YoY. EBITDA
stood at INR 606 Mn with 8.6% margin (down from 9.9% in FY24 due to product mix). PAT reached INR
141 Mn with a margin of ~2%. The company has demonstrated strong growth with a 43% revenue CAGR
over FY21–FY25. However, PAT growth was impacted by high deferred tax provisions due to capitalisation
of new assets.

Products and Services: The company manufactures-

1) air conditioners such as IDUs and ODUs with integrated components like heat exchangers, copper
tubing, remotes, and controllers,
2) refrigeration products like water dispensers, deep freezers, semi-automatic washing machines under
development,
3)EMS solutions like LED lighting, controller boards, remotes,
4) Compressors like reciprocatory compressors via subsidiary Virtuoso Compressors Ltd,
and 5) Polymer components such as EPS and plastic parts via Virtuoso Polymers.

Market Outlook: India’s consumer durables market offers strong growth opportunities. Air conditioner
penetration is just 8% compared to 30% globally, indicating long-term potential. The country is the world’s
second-largest LED market and the fastest growing in Asia-Pacific, supported by government initiatives
like smart cities. Rising demand for frozen food and organised retail is driving freezer growth. Supportive
policies including the PLI scheme (INR 1 Bn sanctioned to company) and state incentives further
strengthen prospects.

Capacity Expansion: In air conditioners, both indoor and outdoor unit capacity are being scaled up to 1
Mn units each by Q3FY26 to meet rising demand. In refrigeration, freezer capacity is being enhanced from
150,000 units to 400,000 units annually, while water dispenser capacity is set to reach 250,000 units. The
company is entering compressors with a planned facility of 2.8 Mn units per annum, expected to
commence operations in FY26. In EMS, LED lighting capacity is being increased from 60 Mn to 80 Mn lamp
equivalents.

Strategic Highlights: The company’s strategy focuses on capacity expansion, product diversification, and
backward integration. It is reducing its reliance on air conditioners (currently ~65–70% of revenue) by
scaling refrigeration, EMS, and compressors. Planned CapEx of ~INR 2,500 Mn across FY26–FY27 will
support new product lines, capacity build-up, and integration. Partnerships with global leaders like Huayi
and Jiaxipera for compressors further enhance its positioning.

Outlook: The company is evolving from an AC-focused manufacturer to a diversified consumer durables
OEM. FY26 revenues are guided at INR 9,000–11,000 Mn, with growth driven by expanded AC capacity,
ramp-up in refrigeration, and compressor launch. While short-term performance depends on seasonal AC
demand and customer concentration, diversification into new categories and increasing in-house value
addition should strengthen margins and ensure steady long-term growth.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Waaree Renewable Technologies Ltd

Waaree RTL is a pure-play solar EPC contractor with a fast-growing presence in large-scale utility and
commercial & industrial (C&I) renewable energy projects. Backed by strong execution capabilities and
robust sector tailwinds, the company continues to deliver exceptional financial and operational
performance while strategically entering new segments such as battery energy storage systems (BESS),
green hydrogen and data center EPC.

Q1 FY26 Financial Performance – Exceptional Growth

Revenue: INR 6,031.9 mn, up 155.2% YoY.
EBITDA: INR 1,175.4 mn, up 186.1% YoY.
PAT: INR 863.9 mn, up 206.8% YoY.
Execution: 699 MWp EPC projects executed in Q1.
EBITDA Margin: 19.49% (vs 17.38% in Q4 FY25); management maintains sustainable guidance of 14–
16%.
PAT Margin: >17%; management maintains conservative stance despite recent outperformance.

Industry Context – Structural Tailwinds

Renewable Capacity: India’s total installed RE capacity at 234 GW (June 2025), with solar at 116.25 GW
(89.29 GW ground-mount, 18.84 GW rooftop, 3.06 GW hybrid, 5.05 GW off-grid).
Policy Milestone: 50% of installed power capacity now from non-fossil fuels (five years ahead of 2030
target); total power capacity 484.8 GW, with 242.8 GW from non-fossil.
Solar Momentum: H1 2025 solar installs up 51.6% YoY; utility scale 14.3 GW, rooftop 3.2 GW (+76%
YoY).

Order Book Dynamics & Execution Guidance

3.15 GW order book to be executed over 12–15 months; Q1 execution already 699 MW (~50% of FY25
full-year execution).
Robust pipeline of 25 GW across government, private, C&I and IPP segments.
Management sees no slowdown and expects continued strong inflows in line with India’s 500 GW RE
target by 2030.

Expansion & Strategic Positioning

Exploring Middle East EPC markets for international diversification.
Not yet involved in India’s approved 55 solar parks but sees future opportunity.
Proactively securing land and infrastructure to offer “complete package” EPC solutions.

Outlook
Waaree RTL enters FY26 with exceptional growth momentum, a robust order pipeline and clear strategic
thrust into high-growth areas such as BESS, green hydrogen and data centers. Sector tailwinds from
India’s aggressive renewable targets and policy support reinforce strong demand visibility.
Management’s conservative margin guidance reflects discipline despite Q1’s higher profitability. The
company’s proven execution track record, prudent risk management and expanding technological
capabilities position it to remain a leading EPC player in India’s rapidly expanding renewable energy
landscape.

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Wealth First Portfolio Managers Ltd

Wealth First Portfolio Managers Limited is a client-centric, independent wealth management firm based
in Ahmedabad, Gujarat, that has been in the financial services sector for over 3 decades. The company
operates as an individual financial advisor and is ranked 33rd at an all-India level. It offers a variety of
products and services, including mutual funds, direct equity, bonds, fixed deposits, pension products,
and PMS, along with advisory services like investment strategizing, tax planning, and retirement
planning.

Financial Performance: For Q1FY26, the company reported total revenue as INR 2,490 Mn. Business
activity income also saw a significant increase of 18% YoY, reaching INR 1,580 Mn, driven by higher trail-
based revenue. The company's PAT rose by 14% YoY to INR 1,600 Mn. The total Assets under Advisory
(AUA) reached INR 125,689 Mn, which is a 10% YoY growth. Additionally, trail-based AUM, which
includes mutual funds, PMS, and AIF, grew by 10% YoY to INR 59,796 Mn.

Operational Metrics: In Q1FY26 the number of RMs increased by 19% YoY to 37. The company has a
strong RM vintage, with 52% of RMs having been with the company for more than 5 years, and 30% for
over 10 years. The total client base grew by 5% YoY to 20,969, with 1,082 new clients added in the past
year. Furthermore, the total number of client families increased by 11% YoY to 6,626, adding 630
families in the last year. The client vintage is also strong, with 81% of clients having been with the
company for over 5 years.

Strategic Developments: The company is actively pursuing new growth avenues. The company has
received an in-principle approval from SEBI to establish a Mutual Fund under the name 'Lakshya Asset
Management Private Limited'. This is a major step in its long-term strategy to expand its product suite. In
addition, the company has secured approval from the IRDAI to operate as a Direct Insurance Broker for
both life and general insurance, under the name 'Wealthshield Insurance Brokers Private Limited'. This
move is aimed at further enhancing its service offerings.

Dividend Policy and Shareholder Returns: The company has a consistent history of dividend payouts,
with the board declaring an interim dividend of INR 4.0 per equity share (with a face value of INR 10) in
Q1FY26. The stated dividend policy ensures at least 30% of consolidated PAT will be distributed to
shareholders annually, aligning financial performance with shareholder interests.

Market and Industry Outlook: The company highlights a positive outlook for the Indian wealth
management and mutual fund industry. India's mutual fund AUM reached a record INR 7,479,000 Mn as
of June 2025, driven by rising investor participation and record SIP contributions of INR 272,690 Mn in
June 2025. The total number of active SIP accounts has also hit an all-time high of 8.64 crore. The mutual
fund AUM-to-GDP ratio has reached 19.9% in FY25, and a report suggests this could rise to 112% by
2047. Equity AUM is expected to continue its growth, with a projected CAGR of over 20% in the medium
term.

Future Outlook: The company anticipates its strong growth trajectory to continue in the coming
quarters, fueled by healthy net inflows and positive market momentum. The firm is well-positioned to
capitalize on the increasing financial awareness, favorable regulations, and digital access in the Indian
market, particularly through retail and passive investment strategies. The new licenses for an Asset
Management Company and an Insurance Brokerage firm are expected to expand its product suite and
service offerings, allowing it to become a more comprehensive financial solutions provider. The
company's strategic focus on a client-centric approach, product agnosticism, and long-term relationships
is expected to continue to drive its growth.

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Welspun Enterprises Ltd

Welspun Enterprises Ltd (WELENT) stands as one of India’s fastest growing and most diversified
infrastructure development companies, renowned for its sharp operational edge, engineering
excellence, and strong project delivery across the country. As part of the USD 5 billion Welspun World
conglomerate, Welspun Enterprises specializes in the development, construction, and operations of
transportation (roads, highways, expressways), urban and industrial water infrastructure, wastewater
management, and tunneling projects

Financial Performance: Welspun Enterprises reported consolidated revenue from operations of INR
84,500 Mn (Q1FY25: INR 93,000 Mn), EBITDA of INR 20,800 Mn (margin: 23.9%), and PAT of INR 10,100
Mn. The net worth stood at INR 281,100 Mn as of June 2025, with cash reserves of INR 106,800 Mn and
net debt of INR 37,800 Mn. The order book is valued at INR 1,366,500 Mn. Segment revenues comprised
Transport (INR 31,700 Mn), Water (INR 31,000 Mn), and Tunneling/Rehabilitation (INR 21,800 Mn).
Welspun Michigan Engineers Ltd (WMEL), a subsidiary, reported a revenue of INR 20,800 Mn with an
EBITDA margin of 21.8%.

Strategic Highlights:

● Roads: Key projects include Chikhali-Tarsod, Amravati, Mukarba Chowk-Panipat (BOT), Varanasi-
Aurangabad (EPC), and Delhi-Meerut Expressway.
● Water: Active in Bhandup Water Treatment, Dewas Water Project, Mumbai Dharavi Wastewater
Treatment, and UP Jal Jeevan Mission impacting 2,500 villages.
● Tunneling: Involved in Mumbai Water Conveyance Tunnel and urban stormwater solutions.
● Oil & Gas Investments: Stakes in Mumbai Block MB-OSN-20052, B9 Cluster, C-37 with
commerciality established and revenue expected by FY27-28.
● Technology Integration: SmartOps for modular water treatment, S4HANA, project management
dashboards, and data analytics.

Growth Prospects:

● Order Inflow: Expected fresh orders of INR 1,000,000-1,100,000 Mn in FY26, with strong bid
pipeline in NHAI and state water sectors.
● Execution Momentum: Order book of INR 1,366,500 Mn with robust progress on ongoing
projects.
● Asset Monetization: Focus on monetizing completed HAM/BOT assets and strategic project
handovers.
● Market Diversification: Expanding presence in water and tunneling sectors, by technology
solutions and operational mix.

Outlook:
Welspun Enterprises targets FY26 revenue of INR 400,000-410,000 Mn (15% growth over FY25), with
improved execution in H2 FY26 post-monsoon. EBITDA margin of 23.9% is sustainable due to a favorable
project mix and enhanced technology utilization. Short-term risks include UP JJM slow receivables (INR
23,700 Mn) and seasonal execution challenges, but flexible project cycles and digital interventions are
expected to mitigate them. Management remains confident in its asset-light strategy, ESG integration,
and leadership focus to drive sustainable growth.

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Western Carriers (India) Ltd
Western Carriers (India) Ltd, one of India’s leading multimodal logistics providers, operates across rail,
road, and port-linked services with a growing presence in specialized cargo and integrated logistics
solutions. The company is strategically positioned to benefit from India’s expanding dedicated freight
corridors, multimodal parks, and global supply chain shifts toward regionalization and digitization.

Financial Performance:
Consolidated revenue in Q1 FY26 stood at ~INR 4,160 Mn, with EBITDA of INR 210 Mn, translating to a
margin of just over 5%. PAT came in at ~INR 110 Mn. EBITDA margins declined by ~340 bps YoY despite
flat revenues, primarily due to geopolitical turbulence that disrupted EXIM trade flows. Container freight
rates to Gulf destinations spiked sharply during the crisis, while rerouting of ships via the Cape of Good
Hope added 10–20 days to transit times, compressing customer margins and weighing on realizations.
Despite these challenges, EXIM volumes grew modestly with 33,286 TEUs handled in Q1 versus 32,888
TEUs YoY. Domestic volumes started reasonably after last year’s strong 32% growth, though the company
consciously avoided low-margin domestic traffic to protect profitability. Imports showed resilience with
strong momentum in aluminum scrap, stainless steel, and direct port deliveries.

Key Operational Developments:

• During the quarter, WCIL commissioned a 31-acre ICD/MMCT at Devaliya, Gujarat, with direct
connectivity to Mundra and Pipavav ports. The facility, designed to handle both domestic and EXIM
cargo, has already commenced fixed scheduled rail services to North, South, and Eastern India.
Management expects this to be a major volume driver in upcoming quarters, particularly for Western
India. In specialized cargo, WCIL deployed engineered heavy-duty containers for steel coils under a
three-year work order worth over INR 11,000 Mn, significantly expanding its capabilities in this
segment. Additionally, a new EXIM rail service was launched for Hindustan Zinc, connecting its
Chanderia facility to Mundra port, with management confident of replicating this model with other
industrial clients.
• On the investment front, WCIL has guided for INR 1,000 Mn of capex in FY26, with INR 90 Mn spent in
Q1 toward infrastructure and fleet augmentation, following a heavy capex cycle in FY25. Long-term
contracts signed last year with Vedanta and Jindal are now in full execution, providing visibility and
stability to volumes. Customer diversification remains a priority, with efforts to broaden beyond the
current 50% metals mix into tiles, soda ash, industrial aggregates, FMCG, agro-chemicals, and MSME
cargo.

Operational Focus & Strategic Priorities:

Management reiterated its focus on margin discipline and business quality, consciously avoiding low-yield
domestic business and prioritizing value-added segments. Efforts are underway to optimize costs through
improved return traffic and reduced empty running, with benefits expected to be visible from H2 FY26.
Fleet utilization has also improved sequentially through operational task forces. Strategic initiatives
include diversifying into non-metal sectors, scaling integrated offerings such as warehousing and single-
window logistics at cargo terminals, and leveraging MMCT Devaliya as a Western India growth hub while
expanding fixed scheduled services pan-India.

Outlook:
Competitive intensity in B2B logistics and operational swings also weigh on near-term visibility. However,
management remains optimistic, noting signs of stabilization in the global environment and early signs of
strong Q2 demand across both EXIM and domestic segments, particularly from Eastern India and the new
Devaliya terminal. Guidance for FY26 points toward double-digit topline growth, contingent on
geopolitical stability, supported by long-term contracts, diversification into new sectors, and continued
investment in network expansion.

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WOL3D India Ltd

WOL3D India Limited, originally incorporated in 1988 as Parekh Polyster Private Limited and recently
converted to a Public Limited Company in January 2023, is a leading 3D printing solutions provider in
India. The company offers a comprehensive portfolio inclusive of desktop, industrial, resin, multi-color,
and DIY 3D printers along with thermoplastic filament manufacturing for 3D printing applications. Active
since 2019 in the 3D printing industry, WOL3D has built significant capabilities including patented 3D pen
designs, multiple branded products, and operates experience centers to educate and serve customers. It
distributes major international brands and focuses on additive manufacturing across diverse sectors such
as manufacturing, education, medical, and design.
Financial Performance: WOL reported revenue of INR 480 Mn up 22% YoY with EBITDA of INR 70 Mn
(15% margin) and PAT of INR 56 Mn up 11% YoY. The company is debt-free with a strong cash position,
enabling investments into modular expansions and working capital. A 3-year CAGR of 35% revenue
growth, 83% EBITDA growth, and 90% PAT growth highlights robust performance.

Key Business Segments-

● Consumer 3D Printing (B2C): The company offers affordable desktop 3D printers along with
consumables and related services, while also partnering with international brands for distribution
and co-branding opportunities.
● Industrial & Prototyping Solutions (B2B): The BRAHMA 3D Printing Farm, one of the largest in
India with over 200 industrial printers, serves diverse industries including aerospace, automotive,
healthcare, architecture, and manufacturing.
● New Brands & Products: VINGLITS is the company’s premium 3D-printed toy brand, developed
under the Make-in-India initiative and aimed at both domestic and export markets. To support
this, it has set up a filament manufacturing plant in Bhiwandi, Maharashtra, enabling backward
integration for better quality control, cost efficiency, and sustainability.

Revenue Mix Shift: Transition planned from predominantly hardware (85% in FY25) towards a balanced
70% hardware and 30% higher-margin business including BRAHMA prototyping and custom
manufacturing and VINGLITS brand.
Innovation & Infrastructure: The BRAHMA 3D Printing Farm acts as a centralized hub for R\&D, mass
customization, and rapid prototyping. The company is driving backward integration into filament
production, focusing on industrial-grade 3D printing materials beyond PLA and ABS. Under its WOL3D
brand, it continues to invest in R&D to develop new SKUs and advanced materials tailored to evolving
industrial requirements.

Outlook: WOL 3D targets a minimum 40% revenue growth in FY26, aiming to shift its revenue mix toward
70% hardware and 30% higher-margin services. Plans include scaling BRAHMA farm operations,
expanding experience centers, and developing R&D-driven and backward integration strategies. The
company seeks to maintain or improve EBITDA margins through enhanced operational efficiencies and
evolving product mix.

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XT Global Infotech Ltd

Incorporated in 1986 (CIN: L72200TG1986PLC006644) and headquartered in Hyderabad, the company is

an IT services and solutions provider with expertise in automation and AI (through its Circulus SaaS
platform), cloud and ERP services (Oracle, Microsoft, SAP, Mendix), finance and accounts outsourcing
(F&A BPO), and digital transformation consulting. It has a growing global presence across the U.S., Europe,
Middle East, and Asia-Pacific, serving clients in sectors such as BFSI, healthcare, manufacturing, and
government.

Financial Performance: In Q1FY26, the company reported revenue of INR 9,230 Mn, up 6% sequentially
and 87% YoY, supported by the Network Objects acquisition. EBITDA stood at INR 660 Mn with a margin of
7.2%, rising 61% QoQ, while EBIT was INR 490 Mn with a 5.3% margin, more than doubling QoQ. PAT
came in at INR 370 Mn, reflecting a 4.0% margin, up 2.8x QoQ and 72% YoY.

Business Segments: The company offers a diversified portfolio of IT services and platforms, led by its
Circulus SaaS platform for AP automation and workflow digitization. Its ERP and cloud services span
Oracle, Microsoft, and now SAP through the U.S. acquisition of Network Objects. It also provides finance
and accounts outsourcing (F&A) services focused on the U.S. market. In 2025, the company launched a
new AI and intelligent automation practice to strengthen consulting and integrate with Circulus.
Additionally, it has secured long-term government IT modernization contracts in the U.S. and is building a
dedicated on-site sales team to support this segment.

Vision & Strategy: The company’s vision is to be a leading global provider of digital transformation and
automation solutions. Its strategic priorities include expanding cloud, ERP, and automation services;
scaling finance and accounts outsourcing; and strengthening AI-driven consulting and intelligent
automation. It aims to leverage partnerships with Oracle and Microsoft to grow its cloud and digital
offerings, while also building a stronger presence in U.S. government contracts, supported by recent wins
such as the Texas DoT and a USD 7–10 Mn modernization project.

Key Strengths: The company has a diversified IT services portfolio spanning cloud, ERP, automation, and
finance & accounts outsourcing, supported by strong product IP through its Circulus SaaS platform with
recurring revenue. It enjoys high client stickiness with most contracts being long-term and low attrition.
Recent wins in U.S. government projects open up a new growth avenue, while the expansion of ERP
services across Oracle, Microsoft, and SAP (via acquisition) further strengthens its capabilities.

Challenges: The company faces certain challenges, including high employee costs from ESOPs and talent
investments, margin pressure due to wage inflation and competition, and global uncertainties such as
tariffs, currency volatility, and U.S. regulatory risks. In addition, integration risks from recent acquisitions,
such as Network Objects, remain a key area of focus.
Outlook: The company expects strong revenue growth driven by its pipeline in cloud, automation, AI, and
F&A outsourcing. Margins are anticipated to improve with better utilization and cost discipline, while
acquisitions in Europe and Asia are under evaluation to expand its footprint. A key strategic goal is to
position Circulus with AI integration for broader adoption in the U.S. public sector. Management has
guided for sustained growth with margin enhancement in FY26.

Arihant Capital Markets Ltd

Pre-Conference Note Bharat Connect Conference Rising Stars- 2025
Zodiac Energy Limited
Zodiac Energy Limited is an Ahmedabad-based integrated renewable energy solutions provider,
incorporated in 1992 by Mr. Kunj Shah (as Zodiac Gensets). The company has evolved from diesel and
natural gas-based captive power to become a fully integrated solar EPC player, providing turnkey solutions
from design to commissioning across ground-mounted solar, rooftop solar, independent power production
(IPP), and solar product distribution. With 30+ years of experience and a strong execution track record,
Zodiac has installed over 10,000 solar systems and executed more than 500 MW solar projects including
marquee projects such as India’s 1st 1 MW canal-top solar project and one of Asia’s largest solar trees.

Business Segments:
Ground-Mounted Solar: Strategic focus area; revenue grew 4.8x in two years to ₹289 Cr in FY25,
contributing 71% of total revenue.
Rooftop Solar: Selective focus on quality-conscious clients; ₹16 Cr revenue in FY25, contributing 4%.
IPP Business (Utility Solar): Launched in FY25, completed 6 projects with 22 MW capacity generating >9
million units, contributing ₹2.7 Cr revenue; designed to add stable annuity-style earnings.
International Business: Commissioned 4 MW ground-mounted solar in Zambia; building a presence across
Africa with EPC + BESS hybrid solutions.

Clients & Partnerships:

Marquee clients include Amul, ISRO, L&T, SBI, Torrent Power, Toyota, Vodafone, Honda, and
Ahmedabad Municipal Corporation. Zodiac is empaneled with leading lending institutions and is an
authorized partner for Adani Solar.

Track Record & Recognition:

• Consistent growth with 42% revenue CAGR, 52% EBITDA CAGR, and 61% PAT CAGR (FY21–FY25).
• Winner of multiple awards including Solar EPC Company of the Year (C&I 2023), Solar Park Developer
of the Year (2023, 2024), and Best Rooftop Solar EPC Installer.
• Demonstrated execution capability with landmark projects such as 37.5 MW solar for AMC, 20 MW for
Satyendra Packaging, 40 MW for UGVCL, and 814 KW floating solar for GSFC.

Outlook:
Zodiac Energy is prioritizing ground-mounted solar projects for scale, expanding into Africa and MENA
markets with EPC and hybrid storage solutions, and scaling Battery Energy Storage Systems (BESS) to
capture structural energy transition opportunities. It is also selectively addressing premium rooftop clients
and cautiously building an IPP portfolio for stable annuity revenues. With a robust order book, marquee
client base, and proven execution capabilities, the company is strongly positioned to benefit from India’s
clean energy push towards 500 GW non-fossil capacity by 2030.

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Z-Tech (India) Ltd

Z-Tech India operates across three verticals: Habitat (Zing Parks), Agua (industrial wastewater treatment),
and Terra (geosynthetics and stabilization solutions). The company has established itself as a design-led,
asset-light urban infrastructure player, focusing on sustainable parks, environmental solutions, and
geotechnical engineering.

Financial Performance : Q1FY26 revenue was INR 2,048 mn, supported by healthy execution across
verticals. EBITDA stood at INR 501 mn, with margins driven by high-value design-led contracts. PAT was
INR 304 mn, maintaining profitability trajectory. The company closed Q1 with strong liquidity of over INR
6,500–7,000 mn, sufficient to fund expansion and new projects. Z-Tech has guided for FY26 revenue of
INR 15,000–16,000 mn and PAT of INR 3,500–4,000 mn, with management confident of surpassing
targets.

Habitat – Zing Parks : The Habitat vertical remains the largest revenue contributor, accounting for nearly
70% of revenues in Q1FY26. Order book stands at INR 12,600 mn for creative parks, of which INR 8,500
mn is executable by Dec-25. The company has built 17 parks to date, operates 4, and has 11 under
construction. By FY26-end, Z-Tech targets 20–25 operating parks, with each park expected to contribute
recurring operating revenue of INR 20 mn annually. Business models are evolving with fixed-rental,
revenue-share, and hybrid formats, with a strategic preference for government-funded capex and fixed
rentals.

Agua – Industrial Wastewater Treatment : Relocated operations from Goa to Vadodara in Q1FY26 to be
closer to customers and talent base. The new lab is expected to be functional by Sep-25, enabling faster
scale-up and higher-margin contracts. The business is expected to contribute 10–15% of consolidated
revenues from FY27 onward, with margin expansion driven by specialized treatment solutions.

Terra – Geosynthetics and Stabilization : The Terra vertical reported steady growth in Q1FY26 with 27
active project sites across highways, rail corridors, and complex topographies. The segment benefits from
12–18 month project cycles and continues to add new contracts, providing visibility for sustained growth.

Order Book and Pipeline : As of Aug-25, consolidated order book stood at INR 12,600 mn, with strong
visibility across parks and geosynthetics. Execution of INR 8,500 mn is targeted in FY26 itself. Pipeline
includes 30–35 additional parks under various stages of finalization and tenders, with at least 20
expected to be awarded before Mar-26.

Growth Drivers: Recurring revenues from ticketing, F&B, events, and ancillary services in parks are
expected to rise from 20% in FY26 to 30–40% in FY27, and 50–60% over the medium term. Partnerships
with event and adventure operators to boost footfalls and monetization. Asset-light park models ensure
scalability with limited capex commitment. Expanding presence beyond Northern India into Maharashtra,
Gujarat, Bihar, Telangana, and other states to reduce seasonality. Addressable market estimated at over
450 creative parks across India.

Outlook : Z-Tech is positioned as the undisputed leader in creative parks and sustainable infrastructure.
With a growing order book, rising recurring revenues, and geographic diversification, the company is
targeting 70% revenue growth in FY26 with further acceleration in FY27. Long-term strategy includes
potential demerger of Zing Parks and Water & Geotech businesses, enhancing strategic focus and
unlocking shareholder value.

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Zuari industries Ltd

Zuari Industries Limited (earlier Zuari Global Limited) is the holding company of the Adventz Group with
interests in fertilizers, heavy engineering, infrastructure, lifestyle, and services. Its businesses leverage
shared technology and resources to deliver better solutions and stronger value for customers. With a global
outlook and presence, the company focuses on client needs while maintaining a commitment to world-class
quality and continuous growth.

Financial Performance: In Q1FY26, standalone revenue of INR 2,102 Mn, nearly flat compared to INR 2,145
Mn last year. EBITDA came in at INR 224 Mn versus INR 235 Mn YoY. The company posted a net loss of INR
39 Mn, narrowing from a loss of INR 152 Mn in the same quarter last year. Finance costs declined to INR
297 Mn from INR 329 Mn YoY.

Sugar, Power & Ethanol (Core Business): The Company unit has a crushing capacity of 10,000 TCD. In
Q1FY26, sugar sales stood at 3.6 lakh quintals, slightly lower due to reduced government quota, though
realizations improved to INR 4,036 per quintal versus INR 3,864 last year. The power plant generates 40
MW, of which 22 MW is saleable, but Q1 sales were lower because of cane shortage and early mill closure.
The ethanol distillery, with 125 KLPD capacity, produced 10,019 KL in Q1, up 12% YoY, with higher average
realization of INR 60.7 per liter compared to INR 58.9 last year. Expansion is underway through a new JV,
Zuari Envien Bioenergy Pvt. Ltd., which is setting up a 180 KLPD grain-based distillery in Uttar Pradesh at a
project cost of about INR 3,000 Mn. The project is 88% complete and expected to start commercial
operations by September 2025.

Real Estate Division (Zuari Infraworld): Zuari real estate projects are progressing well. In Mysore, Phase IV
of Zuari Garden City is 90% complete, with 63% of its 156 units sold. In Goa, Phase I of the Rain Forest
Project is finished, while Phase II is under review. The company secured a INR 20,000 Mn development
management project in Kolkata during Q1 FY26. In Dubai, its flagship St. Regis Financial Centre project,
valued at AED 1.3 bn and fully sold out, is on track for completion by February 2026. Additionally, Zuari
holds a large land bank of about 381 acres in Goa, offering strong monetization potential.

Subsidiaries & JVs: Zuari’s businesses are showing steady growth across segments. Simon India, its EPC arm,
won INR 1,000 Mn of new orders, mainly from Paradeep Phosphates, and is moving toward digital EPC
solutions. Zuari Finserv grew its AUM by 60% YoY, with rising SIP flows and 20% higher income in Q1. The
insurance broking arm saw 28% income growth to INR 41 Mn, driven by strong renewals. Zuari International
is expanding its consumer products like SnackPure chips and salts through Zepto and Swiggy Instamart. The
oiltanking JV with Adani reported a 6% rise in deliveries and 17% increase in receipts. Zuari Management
Services continues to support group companies with HR, payroll, and digitization projects.

Debt & Balance Sheet: As of June 2025, Zuari’s total debt stood at about INR 23,000 Mn. Of this, external
debt was around INR 18,000 Mn, promoter loans were INR 2,440 Mn, and the balance was seasonal
working capital borrowings.

Outlook: Ethanol demand remains strong with the government achieving its 20% blending target and
aiming to increase it to 30% by 2030. Zuari’s real estate arm is focusing on an asset-light development
management model to expand across cities. The fully sold Dubai project is expected to generate significant
profits, which will help bring down debt by FY26.

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SME

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Accretion Pharmaceuticals Ltd.

Incorporated in 2012, Accretion Pharmaceuticals Ltd. is engaged in the manufacturing and sale of
pharmaceutical formulations spanning tablets, capsules, oral liquids, powders, and topical preparations.
The company caters to both generic and branded segments, with services extending to contract and third-
party manufacturing for domestic and international markets. Its client base includes private institutions,
government bodies at both state and central levels, and reputed pharmaceutical companies, positioning it
as a versatile player in the pharmaceutical value chain.

Business Profile & Product Portfolio:

The company has built a diversified product basket across multiple therapeutic areas such as antibiotics,
anti-inflammatory drugs, gastroenterology, dermatology, antipyretics, analgesics, antifungals, and
nutraceuticals. Its dosage capabilities extend to tablets and capsules covering cardiovascular,
gastrointestinal, and pain management therapies; oral liquids and syrups focused on respiratory, pediatric,
and digestive care; external applications such as medicated lotions, gels, ointments, and dusting powders
for dermatological treatments; and ayurvedic and herbal formulations designed for immunity, digestion,
and general wellness. This broad portfolio enables Accretion to serve both mass-market and niche
demand across geographies.

Manufacturing Footprint:
Accretion operates a single manufacturing facility at Sanand, Gujarat, which serves as the hub for its
contract development and manufacturing (CDMO) operations. As of H1 FY25, the plant has an aggregate
annual formulation capacity of 1.03 billion units, reflecting scale to support its domestic as well as export-
led growth strategy.

International Presence:
The company has established a footprint in more than 20 international markets, spanning Africa,
Southeast Asia, and the Middle East. This export-led orientation is central to its growth trajectory and risk
diversification beyond India.

Revenue Mix & Concentration:

For H1 FY25, product-wise revenue was led by tablets (41.5%) and oral liquids (28.5%), followed by
capsules (15%), oral powders (2.5%), and other products including topical preparations (12.5%).
Geographically, revenues were skewed toward exports, with merchant exports contributing 63%, direct
exports 7.5%, and the domestic market accounting for 29.5%. The business remains moderately
concentrated, with the top customer contributing 18%, top five customers 66%, and the top ten 88% of
revenues.

Key Growth Drivers & Risks:

Growth is expected to be supported by a diversified therapeutic portfolio, strong CDMO positioning, and
expanding presence in underpenetrated international markets. The company’s ability to leverage its
manufacturing scale and deepen relationships with government institutions and reputed pharma players
offers visibility of steady contract revenues. Rising global demand for affordable generics and
nutraceuticals further enhances long-term opportunities. However, concentration risk from key
customers, regulatory compliance requirements across multiple geographies, and pricing pressures in
commoditized segments remain key challenges. Successful diversification of client mix, sustained capacity
utilization, and consistent product innovation will be critical to driving sustainable growth and margin
resilience.

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Bhadora Industries Limited

Overview
Bhadora Industries Limited, formerly known as Bhadora Industries Private Limited, is a Madhya
Pradesh–based company engaged in the manufacturing of industrial cables and conductors used
in power transmission and electrification. Over the last decade, the company has built strong
expertise in supplying to government bodies and public sector undertakings through competitive
tenders, while also servicing private sector clients. With rising investments in infrastructure,
smart cities, and renewable energy, demand for high-quality industrial cables is expected to
accelerate, and Bhadora is positioning itself to capture this growth through technology-driven
manufacturing and a focus on cost efficiency. Its established relationships, adherence to quality
standards, and ability to meet bulk orders give it an edge in a highly competitive industry.

Financial Performance: FY25 revenue from operations stood at INR 11,011 mn compared with
INR 8,139 mn in FY24, a growth of 35 percent. EBITDA rose to INR 1,697 mn from INR 1,009 mn,
with margins improving to 15.3 percent from 12.1 percent. PAT more than doubled to INR 1,015
mn versus INR 502 mn in FY24, while EPS increased to 7.69 from 3.80.

Strengths and Opportunities: Bhadora operates in a sector that benefits directly from
government spending on infrastructure, housing electrification, and renewable energy projects.
The company has a strong presence in tender-based contracts, ensuring consistent visibility of
orders. Its product line is well-aligned with industry requirements, and management is exploring
opportunities to expand exports to international markets where demand for reliable and efficient
cables is on the rise. The combination of its cost-effective operations, established relationships,
and product innovation provides a strong base for sustainable growth.

Risks and Concerns: Despite its strengths, Bhadora faces risks that need close monitoring. High
leverage, with debt-to-equity close to 1x, makes the company sensitive to interest rate cycles
and cash flow fluctuations. The business is dependent on a single leased manufacturing facility in
Madhya Pradesh, which creates operational concentration risk. Volatility in raw material prices,
especially aluminum and alloys, can directly impact profitability. In addition, a large portion of
revenue comes from government and PSU contracts, which depend on competitive bidding and
timely execution. These factors could weigh on margins if not managed carefully.

Outlook: Bhadora Industries delivered strong growth in FY25, with revenue crossing INR 11 bn
and PAT doubling year on year, underscoring its execution strength and market positioning. The
broader demand environment remains favorable, with India’s infrastructure pipeline,
electrification initiatives, and renewable energy investments supporting sustained growth in the
cables industry. With its SME exchange listing in August 2025, the company has gained access to
capital markets, which can support expansion and diversification. Going forward, Bhadora aims
to strengthen its product portfolio, explore export opportunities, and reduce its reliance on
government contracts by broadening its customer base, while maintaining a disciplined approach
to leverage and profitability.

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Blue Water Logistics Ltd

Blue Water Logistics Ltd., founded in 2009 and headquartered in Mumbai, is a growing player in the
logistics and supply chain industry. The company provides integrated logistics solutions covering
transportation, warehousing, freight forwarding, and project logistics. With a strong presence in western
and northern India, Blue Water focuses on industries such as steel, power, chemicals, engineering, and
retail. The company operates on a customer-focused and asset-light model, which allows it to scale quickly
and remain cost-efficient.

Financial Performance: In FY25, the company reported revenue of INR 1,960 Mn, up from INR 1,390 Mn in
FY24, reflecting a strong 41% YoY growth. Expenses increased to INR 1,770 Mn (vs. INR 1,280 Mn in FY24),
in line with business expansion. Operating profit rose to INR 190 Mn, compared to INR 100 Mn in FY24, with
operating margins improving to 10% from 8% last year. Net profit nearly doubled to INR 110 Mn, against
INR 60 Mn in FY24, delivering a 83% YoY growth. EPS stood at INR 13.34 versus INR 7.70 in FY24,
highlighting strong earnings momentum, while the company maintained a conservative stance with no
dividend payout.
Business Segments: Blue Water’s business is spread across multiple logistics services. Its core service is
project logistics, where it manages oversized and heavy cargo for industries like steel and power. It also
offers domestic and international freight forwarding, custom clearance, warehousing, and last-mile
distribution. The company has built specialization in over-dimensional cargo (ODC) movement and high-
value industrial shipments, which require strong expertise and customized handling.
Clients and Industries: The company works with a wide range of clients from industries such as steel,
engineering, power, infrastructure, and chemicals. Many of its clients are repeat customers, which shows its
ability to deliver reliable and efficient services. Blue Water also supports public sector enterprises and
private corporates, making its customer base diverse and less dependent on any single industry.
Geographic Presence: Blue Water has its headquarters in Mumbai with operational hubs in key industrial
regions of Maharashtra, Gujarat, Delhi-NCR, and northern India. This strategic presence helps the company
serve industrial clusters and large projects effectively. The company also has international tie-ups for freight
forwarding, which allow it to handle cross-border shipments in regions like the Middle East and Africa
Expansion and Growth Strategy: Blue Water is planning to expand its warehousing footprint in western
India, with new multi-user warehouses to support sectors like retail and chemicals. It is also strengthening
its international freight forwarding vertical, with a focus on Middle East and African trade lanes. The
company aims to increase its share in project logistics and ODC movement, leveraging its strong expertise in
handling complex cargo. In the medium term, Blue Water targets 15–20% annual growth by expanding both
its domestic and international logistics solutions.
Outlook: Blue Water Logistics is well-positioned to benefit from India’s strong industrial and infrastructure
growth. With its asset-light model, diversified services, and improving financial performance, the company
is expected to continue delivering steady growth in revenue and margins. Its focus on expansion in
warehousing, project cargo, and international freight forwarding should further strengthen its competitive
position in the logistics industry.

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Cash UR Drive Marketing Ltd

Incorporated in July 2009, Cash Ur Drive Marketing Ltd is an Out-of-Home (OOH) advertising company
best known for vehicle wrap advertising, where cars, buses, autos, and EVs act as mobile billboards. Over
the years, the company has built a diversified portfolio that includes transit media, outdoor media, digital
campaigns, print advertising, and integrated 360-degree branding solutions. Its services cater to a wide
base of clients across both government and private sectors, spanning industries such as FMCG,
pharmaceuticals, automobiles, real estate, insurance, education, and aviation.

Business Profile
The company’s service portfolio is broad-based, with transit media covering cabs, buses including e-buses,
autos, and fleet branding, while outdoor media includes billboards, hoardings, digital wall paintings, free-
standing panels, and branding on EV charging stations. Complementing this, it also offers print advertising
in newspapers and magazines as well as digital media services such as social media management, SEO,
influencer marketing, and paid campaigns. By combining these offerings into 360-degree campaigns, Cash
Ur Drive provides integrated branding solutions across both offline and online channels, giving it a unique
positioning among mid-sized OOH players.

Growth Initiatives
A key new focus area for the company is its entry into the EV infrastructure space. Cash Ur Drive is setting
up EV charging and battery swapping stations across multiple cities, securing long-term exclusive
advertising rights on these assets. Execution is subcontracted to its group entity, Cash UR Drive Electric
Vehicles Pvt. Ltd., under a revenue-sharing model where the listed company retains 30% of profits. While
this business line is still in its gestation phase and has yet to contribute revenue, it offers long-term growth
potential by combining infrastructure development with recurring advertising monetization. In addition,
the company plans to establish an in-house printing facility to reduce reliance on third-party vendors,
improve turnaround times, and lower service costs, thereby enhancing margins and operational efficiency.

Geographical Presence
Cash Ur Drive has a registered office in Chandigarh and a corporate office in Noida, supported by branch
offices in Mumbai and Lucknow. Its operations are concentrated in northern and western India, with Delhi
contributing the largest share of revenue, followed by Haryana, Uttar Pradesh, and Maharashtra,
alongside smaller contributions from Chandigarh, Karnataka, Tamil Nadu, and Rajasthan.

Revenue Mix
In H1 FY25, outdoor media accounted for the bulk of revenues at 64%, followed by transit media at 26%,
digital marketing at 5%, and print media at 4.5%. EV infrastructure has yet to generate revenues but is
expected to become a key contributor over time. By acquisition model, trade media dominated at 85.4%,
while exclusive media contributed 14.6%. The client base remains largely private sector-led, with 93% of
revenue from non-government clients and 7% from government. Revenue concentration remains high,
with the top 10 clients accounting for ~64% of total revenue.

EV Infrastructure Pipeline
As of H1 FY25, the company had secured agreements to install 68 EV charging stations in Delhi with 10-
year exclusive advertising rights, along with 15 charging and 19 battery swapping stations in Chandigarh,
10 charging stations in Dehradun (also with 10-year advertising rights), and 5 charging stations in Agra.
While still under development, these projects are expected to create a scalable platform for recurring
revenues and strengthen Cash Ur Drive’s competitive positioning by integrating clean mobility
infrastructure with high-visibility advertising.

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Chemkart Indiai Ltd

Chemkart India Ltd., founded in 2015 and headquartered in Mumbai, is a B2B supplier of raw ingredients
used in nutritional, sports, and health supplements. The company offers over 150 ingredients like amino
acids (Leucine, Isoleucine, Valine, Lysine HCL), proteins, vitamins, and herbal extracts. It serves 500+
clients across India through a 30,000 sq. ft. warehouse in Bhiwandi and is now expanding into contract
development and manufacturing (CDMO)for nutraceuticals.

Financial Highlights: In FY25 with consolidated revenue rising 54% YoY to INR 2,033 Mn, driven by
healthy demand across its product portfolio. EBITDA stood at INR 328 Mn, with margins expanding
slightly to 16.1% from 15.8% in FY24, reflecting improved operating efficiency. Profitability also
strengthened, with PAT growing 67% YoY to INR 243 MN, translating into a healthy margin of 11.9%. EPS
improved to INR 25.5 versus INR 15.3 in FY24, underscoring consistent value creation for shareholders.
The company’s return ratios remain impressive, with ROE at 45% and ROCE at 49%, highlighting efficient
capital deployment and strong operational performance.

Business Segments:
● Amino Acids (44% of FY25 revenue) – Leucine, Isoleucine, Valine, Glutamine, etc.
● Sports Nutrition (33%) – Creatine, BCAA blends, protein concentrates.
● Health Supplements (12%) – Nutraceutical actives, dietary ingredients.
● Herbal Extracts, Vitamins, Others (11%) – Turmeric, inositol, taurine, NAC, etc.

Manufacturing & Expansion: Chemkart currently operates blending and grinding facilities in Bhiwandi,
Maharashtra, and is expanding through a greenfield facility under its subsidiary EZRM at JNPT SEZ,
Maharashtra, where construction began in July 2025. This upcoming plant is designed to be a global-
scale nutraceutical CDMO facility, producing tablets, capsules, sachets, and jars. It will be equipped with
advanced technologies such as microencapsulation, liposomal delivery systems, and enhanced
bioavailability solutions. The facility is expected to be operational by FY27 and will primarily target
international export markets, further strengthening Chemkart’s global footprint.

Subsidiaries: Chemkart is expanding its business through subsidiaries that target high-growth areas. Easy
Raw Materials Pvt. Ltd. is spearheading the new SEZ-based CDMO project at JNPT, focusing on large-
scale nutraceutical manufacturing with advanced technology. Meanwhile, Vinstar Biotech Pvt. Ltd. is
dedicated to biotech, life sciences, and specialty chemicals, enabling Chemkart to diversify its portfolio
and tap into new opportunities across healthcare and specialty segments.

Revenue Mix (FY25): Chemkart’s revenue mix in FY25 was led by amino acids at INR 903 Mn (44%),
followed by sports nutrition at INR 676 Mn (33%). Health supplements contributed INR 241 Mn (12%),
while other categories like herbals, vitamins, and proteins added INR 210 Mn(11%). This balanced
portfolio shows strong demand across core and emerging nutraceutical segments.

Clients & Geography: The company serves over 500 trusted customers, primarily in the nutraceutical
and supplement sector. Its business is largely domestic, with 99.3% of sales from India, while exports
currently account for 0.7% and are expected to grow once the SEZ facility becomes operational.

Outlook: Chemkart is well-positioned to transform from a B2B ingredient supplier into a nutraceutical
CDMO player with global reach. With strong financial growth, upcoming manufacturing capacity, and
rising demand for health and wellness products, the company is expected to deliver sustained revenue
growth and margin expansion over the next few years.

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Du Digital Global Ltd

DU Digital Global Ltd, established in 2015, is a leading provider of visa and consular outsourcing services.
The company operates in 35 locations across 6 countries and has processed more than 1.7 Mn
applications so far. It employs over 200 people and reported a turnover of INR 482 Mn in FY25. The
company holds multiple global certifications including ISO/IEC 23026-2015, ISO 9001-2015, ISO/IEC
27001-2013, ISO 14001-2015, and ISO/IEC 27701-2019, reflecting its focus on quality, IT security, privacy
management, and environmental standards.

Business Verticals:
● The company’s core operations are in visa processing, where it acts as an official facilitator for
consulates and embassies, handling application collection, verification, biometrics, and fee
processing.
● It also offers eVisa solutions, passport and consular services, and doorstep visa services where
biometrics and documents are collected at the applicant’s home or office.
● In addition, DU Digital has introduced DuVerify, an AI-based digital document and identity
verification platform used by governments like Georgia and South Korea.
● Other service lines include tourism and trade support for governments, international manpower
recruitment services, and company formation services in the UAE.

Financial Performance: For FY25, the company reported a 65% YoY increase in consolidated revenue to
INR 482 Mn compared to INR 293 Mn in FY24. EBITDA rose by 89% to INR 64 Mn with a margin of 13%,
though higher employee costs and leadership hiring moderated margins. PAT surged 324% YoY to INR 34
Mn, with a margin of 7% (up from 3% in FY24).

Operational Highlights:
● In FY25, the company launched the Indian Consular Application Centre (ICAC) in Seoul and
secured a 3 yr contract from India’s Ministry of External Affairs for managing visa and consular
services in both South Korea and Thailand.
● It was also appointed as a designated travel agency by the Korea Tourism Organization for its
2025 K-Incentive Scheme.
● In India, it opened new Visa Application Centres in Guwahati, Mumbai, Silchar, and Bongaigaon.
The company also invested in technology upgrades such as moving from Tally to Microsoft
Dynamics 365, developing a new CRM system, and improving its digital outreach.
● Workforce strength grew by more than 50% year-on-year with the addition of key leadership
roles including a CEO and sales heads.

Industry Landscape: The visa processing industry is expanding globally as travel rebounds post-COVID.
Increasing travel demand is putting embassies under pressure, making outsourcing a necessity.
Governments are adopting eVisas, biometric authentication, AI-driven risk profiling, and digital
verification to improve security and efficiency. Currently, only 35% of visa processing worldwide is
outsourced, leaving significant room for growth.

Outlook: With contracts in South Korea and Thailand, expanded operations in India, and technology-led
platforms like DuVerify, the company expects to benefit from the global shift towards outsourced and
tech-enabled visa services. Its low debt, strong equity base, and experienced management team provide
stability. Looking ahead, the company aims to scale its AI-driven verification services, expand into new
countries, and explore opportunities in manpower placement and tenant verification.

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Forcas Studio Ltd

Forcas Studio is an apparel brand focused on the mass market in Tier 2 and Tier 3 cities, specializing in
men’s wear. It sells through offline distributors across 8–9 states, reaching 15,000+ retailers, and online via
10+ marketplaces such as Myntra, Flipkart, and Amazon. The company also has a presence in 500+ large
format stores. Its portfolio includes 1,600+ SKUs across 13–14 categories, serving over 3 million customers.
The business follows an asset-light model with 100% outsourced manufacturing and a 30,000+ sq. ft.
warehouse in Kolkata, supplemented by third-party warehouses. Around 20% of sales come from white
labeling, while the company has recently entered quick commerce through Zepto in 76 cities.
Financial Performance:
For FY25, Forcas reported revenue of INR 1,422 Mn, a 26.6% YoY growth compared to FY24. EBITDA rose to
INR 134 Mn, up by 31.5% YoY with a margin of 9.4%, up from 9.1% in FY24. Net profit increased sharply by
71% YoY to INR 86 Mn, with net profit margins expanding to 6.1% from 4.5% in FY24. The company
continues to demonstrate strong operating leverage, while maintaining a capital-light structure with net
debt-to-equity improving to 0.1x in FY25.
Products and Brands:
The company’s flagship brand, FTX, contributes over 95% of revenues and focuses on providing affordable
fashion in the price range of INR 199 – INR 599. The brand covers more than 14 categories including boxers,
shorts, track pants, cargos, denims, trousers, t-shirts, sportswear, shirts, jackets, and sweatshirts. The
company also launched TRIBE, a Gen Z-oriented premium brand priced between INR 499-INR 1499, offering
quirky and trendy fashion aimed at metro city youth.
Upcoming Initiatives & Pipeline: The company is expanding into women’s bottom wear in Q2FY26 and is
preparing to launch kids’ wear by end-Q2FY26. Winter wear will also be scaled with 300+ options compared
to 70–80 last year. Quick commerce expansion beyond Zepto is a key focus, targeting categories like basics,
gymwear, and kids’ wear.
Channel Mix & Geographical Trends: E-commerce is expected to contribute 50–60% of revenues, quick
commerce 5–10%, and the balance from offline distribution and white labeling. Offline sales are stronger in
North India, while online demand is higher in the South. Regional variations in preferences are narrowing
due to social media and consumer mobility.
Industry Overview: India’s apparel market is valued at USD 124 Bn in 2025 and is expected to grow at a
CAGR of ~3.3% through 2029. Women’s wear is the largest segment, valued at USD 53 Bn, while the fast
fashion segment is projected to grow much faster at 30–40% annually, driven by Tier II and Tier III cities.
The market remains largely unorganized, with 80% of goods sold in the sub-INR 499 price segment being
unbranded, providing Forcas a significant opportunity to establish itself as a national value-fashion brand.
Outlook:
The company targeting topline CAGR of 30–40% over the next 2 years. Margins are also expected to
improve as the company scales and gains customer trust. New product launches in women’s wear, kids’
wear, and winter wear will be tested in small batches to minimize downside risk. Quick commerce
expansion, offline distribution growth, and regional targeting using online data remain key pillars of the
growth strategy.

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Giriraj Civil Developers Ltd

Overview
Giriraj Civil Developers Limited incorporated in 2005 is engaged in civil construction activities focusing on
infrastructure development. Listed on NSE Emerge the company undertakes government contracts and
projects emphasizing safer processes environmental practices and safety health environment management.
It operates from Mumbai with leadership by Chairman Managing Director Krushang Mahesh Shah and
Executive Director Prasham Nitin Shah alongside independent directors. No subsidiaries but active in
multiple joint ventures for project execution.

Financial Performance (FY25)

Revenue from Operations: 29471 million
Total Income: 29912 million
Profit Before Tax (PBT): 2432 million
Profit After Tax (PAT): 1788 million
Earnings Per Share: 7.48
Total Assets: 30414 million

Business Verticals
Single segment operations in civil contracting with focus on infrastructure projects including roads bridges
and buildings. Revenue growth driven by increased government budgetary allocations and faster project
clearances. Key joint ventures include Prime-Giriraj-KK (25 percent share) Dev Engineers-Giriraj (25
percent) and R.K. Madani Giriraj (40 percent) contributing to diversified execution. Emphasis on operational
efficiency cost control and customer retention amid rising raw material costs.

Operations and Performance

Strong YoY growth with standalone revenue up 119 percent and consolidated up 80 percent reflecting
robust demand in construction sector. Management highlights cordial employee relations training
programs and internal controls for risk mitigation. CSR spend of 17 million exceeding requirements focusing
on community development. No material changes post year-end and no dividend recommended to
conserve funds for expansion.

Investments and Capital Allocation

Investments in joint ventures totaling approximately 923 million across entities like GCDL-SMBIPL (575
million) and MBPL-GCDL (54 million) for project collaborations. Seeking approvals for borrowings up to
10000 million loans guarantees and securities up to 10000 million under Sections 180 and 186. Authorized
share capital increased to 3000 million with paid-up at 2392 million. Disciplined approach to capex
prioritizing high-value projects and financial prudence.

Future Outlook
Positive sector outlook with India construction output projected to reach 669548 billion by 2027 driven by
infrastructure push. Management targets consolidation through enhanced project execution cost
optimization and tender participation. Plans to widen customer base improve technical expertise and
leverage public-private partnerships. Sustained growth expected via government initiatives while mitigating
risks through strategic measures positioning as reliable infrastructure partner.

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GLEN Industries Ltd

Overview
Glen Industries Limited formerly Glen Industries Private Limited incorporated in 2010 is a leading
manufacturer of eco-friendly food packaging and service products. It specializes in thin wall food containers
polylactic acid straws and paper straws catering to HoReCa beverage and food packaging sectors. With a
state-of-the-art manufacturing facility in Kolkata the company distributes across 25+ states and 80+ cities in
India while exporting to 15+ countries. Led by Managing Director Nikhil Agrawal it emphasizes sustainable
innovation quality compliance and customer-centric solutions backed by a strong leadership team.

Financial Performance (Q1 FY26)

Operating Revenue: 432 million
Profit Before Tax (PBT): 70 million
Profit After Tax (PAT): 71 million
Earnings Per Share: 2.94
EBITDA: 102 million
EBITDA Margin: 24 percent

Packaging Verticals
Core operations in food packaging with diverse product portfolio including thin wall food containers across
10 categories sizes 25 ml to 4500 ml polylactic acid straws for biodegradability and paper straws for
sustainability. Revenue primarily from HoReCa sector followed by beverages and general food packaging.
Category-wise bifurcation highlights TWC as dominant contributor with straws gaining traction amid eco-
regulations. Strong distribution network ensures pan-India presence and global exports driving
diversification and customer retention.

Operations and Differentiators

Advanced manufacturing facility equipped for high-volume production with focus on quality control
automation and waste minimization. SWOT analysis underscores strengths in product innovation and
market reach opportunities in sustainable packaging threats from raw material volatility managed through
strategic sourcing. Core strengths include R&D for custom solutions robust supply chain and compliance
with global standards. Leadership team with decades of experience drives operational efficiency and
strategic partnerships enhancing competitive edge in the sector.

Investments and Capital Allocation

Recent capex includes groundbreaking for new manufacturing facility in Kolkata to boost capacity for paper
cups injection-molded plastic containers and thermoformed products funded through IPO proceeds and
internal accruals totaling approximately 500 million. Expansion aims to triple production volumes by FY27
with phased investments in machinery and technology. Disciplined allocation prioritizes sustainability
upgrades and working capital optimization maintaining low debt levels while supporting growth initiatives.

Future Outlook
Positioned for robust growth in the expanding plastic packaging market projected to reach 100 billion
globally by 2030 with India at 15 percent CAGR driven by FMCG demand and eco-trends. Strategic roadmap
focuses on capacity expansion new product launches and market penetration targeting 25 percent revenue
growth annually. Management optimistic on sustained profitability through cost efficiencies and export
diversification absorbing headwinds like regulatory changes. Aims to solidify leadership in sustainable
packaging delivering consistent value creation over medium to long term.

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Influx Healthtech Limited

Influx Healthtech Limited is a contract development and manufacturing organization (CDMO) founded in
2020 that specializes in a wide array of products, including nutraceuticals, cosmetics, pet care, and
homecare. The company's business model is comprehensive, providing end-to-end services such as
product development, manufacturing, and regulatory support.Influx Healthtech operates 3 manufacturing
facilities in Palghar, Maharashtra. The company has over 22 years of industry experience, a portfolio of
over 3,500 products, and a workforce of more than 160 people.

Financial Performance: The company achieved its highest annual revenue, EBITDA, and PAT in FY25. In
FY25, revenue grew by 5% YoY to INR 1,049 Mn. EBITDA increased by 22% to INR 206 Mn, with a margin of
19.6%. PAT grew by 20% to INR 134 Mn, and the PAT margin was 12.8%. The company's CFO was INR 71
Mn in FY25. In terms of balance sheet metrics, trade receivables increased to INR 324 Mn in FY25, a 104%
increase from the previous year, and inventory days rose to 112 days. The debt-to-equity ratio remains low
at 0.01 in FY25.

Product Portfolio: Influx Healthtech has a well-diversified product portfolio across multiple segments -

● Nutraceuticals - Accounted for 90% of its total revenue in FY25. This segment includes products
like dietary and nutritional supplements, protein bars, and gummies.
● Cosmetics segment - It is made up 6% of the revenue, with products such as face masks, waterless
sunscreen, and dry shampoos.
● Ayurvedic segment - It contributed 3% of the revenue, with offerings like herbal and ayurvedic
formulations.
● Others Segment - The remaining 1% of revenue came from this, which includes Veterinary &
Homecare products. This includes new ventures into pet food, such as dog and cat food, as well as
homecare and veterinary feed supplements.

Industry Outlook: The company is well-positioned to benefit from the growth of the CDMO and
nutraceutical industries in India. The Indian CDMO industry is projected to grow at a 7.2% CAGR from FY24
to FY30 to $278 billion. This growth is driven by a strategic shift towards outsourcing by pharma firms, the
evolution of CDMOs into integrated partners, and a surge in clinical trials. The company is also tapping into
the veterinary market, which is a significant growth lever for CDMOs in India. The Indian nutraceutical
industry is also expected to grow at a 10.0% CAGR from FY24 to FY33, reaching a valuation of $76 billion.
This growth is fueled by rising health consciousness, supportive government policies, and innovation
through R&D.

Outlook: The company plans to capitalize on the growing CDMO and nutraceutical industries in India.
Influx Healthtech plans to expand its production capacity across all divisions and is developing future-ready
formulations in nutraceuticals, cosmetics, pet care, and homecare. The company also intends to boost its
digital and D2C capabilities, target new geographies, and expand its private-label offerings. To support this
growth, it plans to invest INR 230 Mn in a new nutraceutical facility, INR 120 Mn for a veterinary food
facility, and INR 30 Mn to procure machinery for its homecare and cosmetic divisions. These investments
are expected to increase the company's capacity by 2.5 times.

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Interiors & More Ltd

Founded in 2012, Interiors & More Limited is among India’s largest wholesalers and manufacturers of
artificial flowers, plants, décor items, and luxury interiors. Over the years, it has expanded into vases,
lighting, furniture, chandeliers, and wedding props, offering 8,650+ SKUs. The company caters to 11,000+
clients, including retailers, event managers, decorators, and corporates. It also has a global footprint with a
showroom in Dubai and warehouses in India and the Middle

Financial Performance:The company posted record growth in FY25, with revenue at INR 588.9 Mn (+81.6%
YoY). EBITDA stood at INR 175.6 Mn (+45.2% YoY) with margins at 29.8%. PAT rose to INR 119.7 Mn (+69.9%
YoY), with EPS at INR 17.11. Strong topline expansion was driven by new showrooms, manufacturing
integration, and festive/wedding demand. Margins moderated due to upfront costs and higher share of
traded products.

Business Segments & Operations: The company generates most of its revenue from the B2B segment,
which contributes 81% through bulk sales to event managers, decorators, and wholesalers. The B2C
segment contributes 19% and is steadily growing with the help of exclusive showrooms and online channels.
In FY25, the product mix consisted of artificial flowers (46.8%), artificial plants and leaves (33%), decorative
items and lighting (17.3%), and other products (2.9%). The company has a strong geographic presence with
major showrooms in Mumbai, Pune, Jaipur, Hyderabad, and Dubai, along with warehouses in Gujarat,
Maharashtra, and Sharjah.

Capex & Expansion: In January 2025, the company commissioned a new 2,00,000 sq. ft. integrated
manufacturing facility at Umbergaon, which will help increase capacity to 67.5 Mn artificial flowers
annually by FY27. During FY25, it also opened new showrooms in Pune and Hyderabad to strengthen its
retail presence. The company is focusing on expanding exports to the Middle East and Africa and is actively
participating in global trade events such as Ambiente and EWPC to enhance its international reach.

Margins & Operating Highlights: The company reported an EBITDA margin of 29.8%, lower than 37.3% last
year, mainly due to a change in product mix and higher expansion-related costs. Gross margins, however,
remained strong at over 50%, supported by premium pricing in artificial flowers and lighting products.
Inventory levels increased to INR 494 Mn as the company stocked up for the new facility and ongoing
expansion plans. Receivables stayed stable at INR 160 Mn, backed by a strong base of repeat customers,
which accounts for nearly 80% of sales.

Risks & Challenges: The business has a high dependency on imported raw materials, making it vulnerable to
forex fluctuations. Demand for luxury décor is closely linked to the wedding and events cycle as well as
overall discretionary spending. The company also faces competitive pressure from the unorganized market
and low-cost imports, which can impact pricing and margins.

Outlook: The management is targeting 30–40% revenue growth in FY26, supported by the scale-up of the
new manufacturing facility, new store openings, and stronger export demand. Margins are expected to
remain in the 28–30% range as the impact of expansion costs begins to normalize. The company’s key focus
areas include increasing the share of own manufactured products over traded goods, expanding B2C and
export revenues, and further strengthening its brand positioning in the luxury event and home décor
segment.

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Jainik Power and Cables Ltd

Incorporated in May 2011, Jainik Power and Cables Ltd. (JPCL) manufactures and sells aluminium wire
rods, a critical raw material used in ACSR conductors, cable wires, and electric wiring. The company has
built a strong presence in North India through its facility in Sonipat, Haryana, and remains a key supplier
for regional power and cable industries. While aluminium wire rods currently account for ~99% of
revenues, JPCL is strategically expanding into higher-value products such as aerial bunch cables, power
cables, and aluminium conductors to diversify its portfolio.

Manufacturing & Capacity

The Sonipat facility spans ~77,000 sq. ft. and has an installed capacity of 24,000 tons per annum.
Utilisation has been consistent, with 15,100 tons produced in FY24 (62.9%) and 7,600 tons in H1 FY25
(63.3%). Capacity expansion, funded by IPO proceeds, will allow JPCL to add new product lines in the
power cables and conductors segment. This initiative positions the company to capture growth
opportunities in India’s power transmission and distribution sector.

Strategic Priorities
Product Diversification: Expanding beyond aluminium rods into aerial bunch cables, power cables, and
aluminium conductors.
Geographic Strengthening: Building on its North Indian base while expanding into newer regions.
Customer Base Expansion: Reducing dependence on a concentrated customer portfolio by diversifying
clients across industries.
Operational Efficiency: Maintaining stable capacity utilisation and improving margins through scale
benefits and process efficiencies.

Industry Context & Outlook

The aluminium wire rod and cable industry is set to benefit from India’s infrastructure and power reforms,
including electrification, renewable energy expansion, and transmission upgrades. Government initiatives
in rural electrification and smart grid projects are expected to create sustained demand for conductors
and cables.
While JPCL is well-positioned to leverage this growth, risks include raw material price volatility, customer
concentration, and execution challenges in its diversification strategy. Nevertheless, with IPO funding
secured and capacity expansion underway, the company is gearing up for its next growth phase, targeting
improved product mix and enhanced financial stability.

IPO & Fund Utilisation

JPCL raised INR 513 Mn through its IPO in June 2025. The proceeds are being used for:
• Working capital requirements.
• Setting up a new plant for product diversification.
• Repayment of borrowings.
• General corporate purposes and issue expenses.
This capital infusion is expected to strengthen the balance sheet and provide liquidity for growth.

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Jyoti Global Plast Ltd

Jyoti Global Plast Limited is a plastic and FRP (Fiber-Reinforced Polymer) molding company that provides
custom solutions for polymer-based products including HDPE-PP grade drums, carboys, jerrycans, barrels,
pail buckets, toys, automobile parts, and FRP-based products such as drone components and connectors.
The company serves diverse industries including pharmaceutical, chemical, food & beverage, lube and
industrial oil, adhesives, childcare, automotive, defense and aerospace sectors.

Financial Highlights: Revenue from operations grew from INR 891.94 Mn in FY23 to INR 934.85 Mn in
FY25. EBITDA showed remarkable improvement, rising from INR 58.21 Mn (6.53% margin) in FY23 to INR
116.56 Mn (12.47% margin) in FY25. PAT increased substantially from INR 23.24 Mn (2.61% margin) in
FY23 to INR 60.81 Mn (6.50% margin) in FY25.

Industry and Geographic Revenue Distribution:

● The chemicals industry represents the largest revenue segment, contributing 49.93% in FY25, up
from 36.66% in FY23. Lube & Industrial Oil sector accounts for 15.04% in FY25, while Food industry
contributes 5.42%.
● Pharmaceuticals segment revenue decreased from 11.70% in FY23 to 3.60% in FY25. Maharashtra
dominates the geographic revenue distribution with 95.96% share in FY25, followed by Gujarat at
2.54%. The Western region accounts for 98.57% of total revenue in FY25.

Manufacturing Infrastructure: The company operates 2 strategically located state-of-the-art

manufacturing units in Rabale, Navi Mumbai, with a proposed 3rd manufacturing unit at Mahad, Raigad.
Unit I is located at Thane Creek Industrial Area MIDC, with land area of 2,096.53 sq.mt and built-up area of
approximately 1,792.58 sq.mt. Unit II is situated at TTC Industry Area MIDC, with land area of 1,778 sq.mt
and built-up area of approximately 1,169.47 sq.mt. The company's combined production capacity stands at
7,416 MT per annum.

Product Portfolio: Blow Molded Plastic Carboy (20L to 120L) represents the largest product category,
generating INR 418.59 Mn (44.78%) in FY25, though its percentage share declined from 50.38% in FY23.
HDPE Barrel (200L to 250L) contributed INR 391.09 Mn (41.83%) in FY25, maintaining consistency from
previous years. Plastic Jerrycan and Bottles (up to 10L) showed growth from 4.68% in FY23 to 8.25% in
FY25. Pail Bucket emerged as a significant new product line contributing 2.82% in FY25.

Customer Base and Market Reach: The company serves 1,000+ clients across diverse industries,
demonstrating strong market penetration. In FY25, the company had 1,059 total active clients, with 11
clients generating revenue of INR 10 Mn or more, 25 clients contributing INR 5 Mn or more, and 59 clients
providing INR 2.5 Mn or more. The company maintains strong customer loyalty with 778 repeat customers
in FY25, representing 89.71% of total sales. Repeat customer revenue reached INR 838.61 Mn out of total
sales of INR 934.85 Mn in FY25.

Order Book: As of July 7, 2025, the company's order book stands at INR 226.74 Mn, with Defense &
Aerospace orders comprising INR 216.47 Mn and Plastic Automobile Components contributing INR 10.28
Mn. This substantial order book provides strong revenue visibility and indicates the company's successful
diversification into high-value defense and aerospace segments.

Outlook and Strategy: The company plans to establish a Unit III at Mahad, Raigad, to expand capacity and
strengthen strategic positioning in Maharashtra. Expansion into automobile parts, connectors, and drone
components for defense and aerospace industries began in April 2025, with trial products receiving client
approval and subsequent purchase orders. Investment in solar power infrastructure is planned to reduce
operational costs, improve energy efficiency, and demonstrate environmental commitment.

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Landmark Immigration Consultants Ltd

Landmark Global Learning Ltd. (earlier known as Landmark Immigration Consultants) is one of India’s
leading players in overseas education and immigration consultancy. Founded in 2010, the company helps
thousands of students each year to secure admissions in top universities abroad by offering end-to-end
services—admissions, visa support, scholarships, test preparation, and post-arrival support.The company
has exclusive tie-ups with 4–6 international universities and direct agreements with over 150 universities
worldwide, giving it a strong competitive edge.

Financial Performance: In H2FY25, the company reported revenue of INR 196 Mn, up 9.3% half-on-half.
EBITDA stood at INR 101 Mn, with a margin of 51.3%, improving 14.2 percentage points HoH. PAT was INR
78 Mn, with a margin of 39.7%, up 9.9 percentage points HoH.

Business Operations & Presence: Landmark currently operates 11 company-owned branches and 3
franchise offices across India, with expansion plans for 15–18 more branches in the near term. Recently,
new offices were launched in Delhi, Ahmedabad, and Surat. The company also plans to expand globally
with branches in Canada and Dubai. Its student placements are heavily skewed towards Canada
(contributing 60–70% of revenue), followed by the UK, Germany, and the US .

Revenue Model: The company primarily earns revenue through commissions from universities and
colleges for student recruitment. This accounts for more than 90% of total revenue . Students are not
charged fees, which helps Landmark maintain trust and expand its customer base. Franchise revenue is
negligible (2–3%).

Expansion & Strategic Plans -

● Branch Expansion: Adding 15–18 branches across India in cities like Mumbai, Pune, Hyderabad,
Lucknow, Kolkata, and Guwahati .
● Acquisitions: Exploring acquisitions of Indian nursing/engineering colleges to create global
academic pathways .
● Technology Integration: Developing AI-based student assessment tools and call centers to
improve efficiency and scale .
● Global Footprint: Offices planned in Dubai and Canada for direct global student engagement .

Industry Landscape: India is one of the largest sources of international students, with over 1.3 million
students studying abroad in 2024. Canada, USA, UK, and Australia are the top destinations. This market is
valued at USD 30 bn and is expected to grow at 10%+ CAGR through 2030 .

Guidance FY26: Revenue target of INR 600–650 Mn, with sustainable EBITDA margin of 40% and PAT
margin 30% .

Debt Status: The company is debt-free and has not yet deployed major IPO proceeds. Planned spending
includes branch expansion, branding, and acquisitions.

Outlook: Management aims to make Landmark a “global learning leader” by moving beyond immigration
consultancy to integrated education pathways, university collaborations, and AI-enabled student services.
With high margins, strong demand for overseas education, and expansion plans, Landmark is well-
positioned for sustainable long-term growth.

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Mach Conference & Events Ltd

Mach Conferences & Events Ltd is a leading player in the MICE sector with 20+ years of experience. It offers
end-to-end event management solutions including venue selection, accommodation, transportation
logistics, ticketing, visa assistance, and on-site coordination. Over the years, the company has successfully
executed 370+ events across 25+ countries, serving both corporate and institutional clients. It employs a
team of over 80 professionals and has built strong industry affiliations with global and domestic tourism
bodies such as IATA, ADTOI, IATO, and PATA.

Financial Performance: FY25 revenue stood at INR 2,357.5 Mn, remaining flat YoY. The growth was offset
by the absence of a one-off INR 800 Mn mega event. EBITDA came in at INR 219.5 Mn, translating into a
margin of 9.31% compared to 15.45% in FY24. The decline was primarily due to aggressive client acquisition
through competitive pricing, higher employee costs, and sectoral headwinds in BFSI during Q3. PAT for the
year stood at INR 141.6 Mn. The board recommended a dividend of INR 1 per share.

Event Growth & Client Acquisition: The company reported strong activity levels in FY25 with the number
of events increasing by 73% YoY, from 90 in FY24 to 156 in FY25. The company also added 21 new clients.

International Expansion: The company broadened its global footprint by successfully organizing events in
Norway, Vancouver, Peru, New Zealand, Switzerland, and Monte Carlo.

Religious Tourism Foray: The company introduced premium religious tourism packages such as
Mahakumbh Mela, Do Dham, and Char Dham Yatra, specifically targeting senior citizens, professionals, and
spiritual travelers seeking luxury travel experiences.

Segmental Insights:
● MICE as Core Business: MICE remains the primary revenue driver, with about 90% of team focused
here. However, diversification into allied verticals such as corporate travel, religious tourism,
cruises, and weddings is underway.
● BFSI Sector Weakness: Weak demand from BFSI clients impacted Q3 revenues. Management
expects recovery in FY26 as the sector stabilizes.
● B2C Strategy: Unlike top OTAs, the company is not targeting mass-market competition. Instead, it
aims to leverage its captive base of over 1,00,000 travelers, cross-sell services to existing clients,
and focus on niche premium segments.
● Religious Tourism: Early offerings, such as the pilot Kumbh Yatra package, witnessed strong
demand but also highlighted challenges due to sectoral unorganization and price volatility.

Acquisition: During FY25, the board approved a majority stake acquisition in Travexel Events and Travel Pvt
Ltd, a company specializing in medical conferences and travel. Travexel reported FY25 turnover of INR 12.5
Mn but has an order book of INR 200 Mn for FY26, with visibility extending till FY28.

B2C Online Travel Ambition: The company is preparing to roll out a full-service OTA for the B2C segment,
offering flights, hotels, cruises, and visa services. With IATA accreditation and GDS integration, MCEL aims
to enhance margins by enabling in-house ticketing capabilities.

Outlook: The company is targeting 25% CAGR over the next three years. Key growth drivers include scaling
of new client wins, expansion into B2C verticals (religious tourism, cruises, OTA), synergy capture from
acquisitions such as Travexel, and rollout of digital initiatives like the corporate travel desk. The company
expects only modest revenue contribution from B2C in FY26 due to a 6–8 month gestation period.
Significant traction is expected from FY27 onwards. EBITDA margins are guided to recover to FY24 levels in
FY26.

Arihant Capital Markets Ltd

Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Modis Navnirman s Ltd

Modis Navnirman Ltd is a Mumbai-based real estate developer focused on premium residential and
redevelopment projects. The company started as part of the Modi family’s legacy and has now delivered
more than 5.9 lakh sq. ft. of projects, with 7.4 lakh sq. ft. ongoing and 10 lakh sq. ft. upcoming. Its core
strength lies in society redevelopment projects across suburban micro-markets like Malad, Kandivali, and
Borivali, supported by an asset-light, partnership-driven model. The company’s philosophy centers around
timely project delivery, superior construction quality, and customer satisfaction.
Financial Highlights: The company reported strong growth in FY25, with revenue at INR 865.4 Mn, up
49.8% YoY. EBITDA rose 83.8% YoY to INR 167.5 Mn, improving the margin to 19.35%. PAT increased 83.1%
YoY to INR 122.5 Mn, with a PAT margin of 14.2%, reflecting robust operational performance and improved
profitability.

Operational Highlights FY25: The company sold 40,000 sq. ft. of area in FY25, up 150% YoY, generating
sales value of INR 865 Mn (+49% YoY) across 60 units (+71% YoY). Collections surged to INR 1,153 Mn, up
96% YoY. Additionally, three new projects were launched during the year, strengthening the company’s
sales pipeline.

Business Model & Strategy-

● Redevelopment Focus: Strong play in MHADA, SRA, and society redevelopment projects ensures
low land costs and steady margins.
● Asset-Light Approach: Partner-driven model reduces upfront risk while scaling portfolio.
● Target Segment: Mid-income and aspirational buyers looking for quality homes in well-connected
suburban areas.
● Design & Execution Strength: Ability to deliver high-rise (14–21 storey) residential towers with
modern amenities.

Ongoing & Upcoming Projects -

● Rashmi Signature, Malad (W) – 18-storey project, 210 flats, 2.7 lakh sq. ft. (completion Aug 2027)
● Rashmi Square, Borivali (W) – 21-storey, 130 flats + shops/offices, 1.75 lakh sq. ft. (completion May
2026)
● Other Projects – Manorath, Celestia, Delis, Icon, Avenue across Borivali, Kandivali, and Malad with
combined development of ~6 lakh sq. ft.
● Completed Projects include Rashmi Vasudeo (Borivali W) and Rashmi Heights (Kandivali W).

Industry Context: India’s real estate market is projected to reach USD 1 trillion by 2030, contributing 13% of
GDP. Mumbai remains one of the most attractive real estate markets with strong demand for mid-income
and redevelopment projects. Supportive government schemes like RERA, PMAY, and Smart Cities Mission
are further fueling growth.

Outlook: The company is scaling its redevelopment portfolio across Mumbai, focusing on timely execution
and transparency. It aims to build an aspirational yet affordable housing pipeline, targeting 15–18 new
project launches over the next few years.

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Neetu Yoshi Ltd

Neetu Yoshi Ltd is a fast-growing EPC and construction company with a strong presence across industrial,
residential, and government infrastructure projects. The company has developed execution expertise in
structural works, turnkey solutions, and contracting services, with a portfolio that includes marquee
clients from both public and private sectors. Leveraging a disciplined bidding approach and efficient cost
management, Neetu Yoshi has steadily grown into a profitable player with a healthy order pipeline.

Financial Performance
•Revenue FY25: INR 70.81 cr (vs. INR 47.45 cr in FY24 and INR 16.55 cr in FY23)
•EBITDA FY25: INR 23.43 cr | Margin: 32.8% (vs. 33.1% in FY24)
•PAT FY25: INR 16.45 cr | Margin: 23.3% (vs. 26.5% in FY24)
•ROE: 36.9% | ROCE: 37.6%
•Order Book: INR 1.05 bn as of FY25

Neetu Yoshi delivered robust growth in FY25, with revenue rising 49% YoY. Profitability remained strong,
with margins consistently above 30%, supported by execution efficiency and lower finance costs. The
company also strengthened return ratios significantly, highlighting effective use of capital.

Business Overview
The company’s portfolio covers industrial EPC projects, residential and commercial buildings, and
government contracting. A strong reputation for quality and timely delivery has enabled Neetu Yoshi to
build a repeat client base and diversify across multiple project types. Focus on efficient project
management and selective bidding has supported consistent profitability.

Order Book and Contracts

The company ended FY25 with an order book of INR 1.05 bn, nearly 1.5x annual revenue, providing
revenue visibility for FY26. Key contracts include industrial structures, real estate developments, and
government-funded infrastructure projects across Tier-1 and Tier-2 cities. Management continues to
expand bidding into higher-value EPC contracts, supported by its execution track record.

Growth Drivers
Expansion into larger-ticket EPC projects, increasing focus on infrastructure development across India,
and strong government spending remain key growth catalysts. The company is also pursuing
opportunities in private industrial projects, where demand is accelerating. Strong return ratios and a
debt-light balance sheet provide financial flexibility to scale operations further.

Outlook
Neetu Yoshi enters FY26 with strong growth momentum and a robust order pipeline. Management aims
to sustain revenue growth above 25% annually while maintaining EBITDA margins in the 30%+ range.
With efficient execution, expanding scale, and a healthy order book, the company is positioned to deliver
consistent growth and profitability over the medium term.

Arihant Capital Markets Ltd

Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Prostarm Info Systems Ltd

Prostarm Info Systems Ltd., incorporated in 2008, designs and manufactures energy storage equipment,
power conditioning systems, and IT solutions. Its portfolio includes UPS systems, inverters, solar hybrid
inverters, lithium-ion battery packs, stabilizers, and isolation transformers, along with IT hardware such as
desktops, laptops, and printers. The company also executes rooftop solar projects and provides AMC and
rental services.

Financial performance: In FY25, Prostarm reported revenue of INR 3,506 Mn with EBITDA of INR 455 Mn
and PAT of INR 289 Mn, delivering ROE of 27.82% and ROCE of 40.81%. Revenue grew at a 3-year CAGR of
27% and PAT at 38%. For Q1FY26, the company reported revenue of INR 549 Mn, EBITDA of INR 40 Mn,
and PAT of INR 18 Mn.

Business Mix: In FY25, manufactured power solution products contributed 35% of revenue, third-party
power products 32%, end-user computing 27%, solar EPC 5%, and value-added services 1%. This balanced
mix highlights presence across both product and service offerings.

Order Book: As of June 2025, Prostarm had an order book of INR 3,137 Mn, including 89 active projects,
LOIs worth INR 191 Mn, and L1 orders of INR 108 Mn. About 84% of this came from government contracts.

Strategic Expansion: The company is setting up a 1.2 GWh annual capacity Battery Energy Storage System
(BESS) plant in Haryana with a capex of INR 250 Mn, expected to be commissioned by FY26-end. Orders
include a 22 MWh project from Adani Electricity worth INR 520 Mn and a 120 MWh BOOT project from
Bihar State Power.

Market Presence: Prostarm serves BFSI, healthcare, telecom, defence, airports, and education sectors and
is empaneled with RailTel, NTPC Vidyut Vyapar Nigam, Airport Authority of India, and multiple PSU banks.
In FY25, West India contributed 55% of revenues, followed by North at 24% and South at 12%.

Industry Outlook: India’s power backup and storage industry is witnessing strong growth. The UPS market
in India is expected to grow at a CAGR of 8–10% during FY23–28, while the lithium-ion battery pack market
is projected to expand from INR 490,372 Mn in FY23 to INR 930,855 Mn by FY27. The BESS market is set to
grow from less than 0.2 GW in FY24 to 66 GW by FY32, with investment potential of INR 5,000 Bn. This is
driven by renewable energy integration, EV adoption, and supportive policies such as PLI and VGF
schemes. Rooftop solar EPC is also expanding with increasing adoption across commercial and industrial
users.

Outlook: Prostarm is entering a new growth phase driven by its expansion into large-scale energy storage
systems, strong order book, and diversified product offerings. While margins in Q1FY26 were lower due to
early-stage costs of expansion, the company is expected to benefit from operating leverage as utilization
rises. In simple terms, Prostarm is moving from being a traditional UPS and inverter maker to a full-fledged
clean energy and storage solutions provider, with strong potential to capture opportunities in India’s
rapidly growing renewable and power backup market.

Arihant Capital Markets Ltd

Pre Conference Note Bharat Connect Conference Rising Stars - 2025
Sacheerome Ltd
Overview
Sacheerome Limited established in 1992 by third-generation entrepreneur Manoj Arora is a leading
creative house specializing in design and manufacturing of fragrances and flavours. It operates in B2B
segment partnering with top FMCG brands in India and globally serving personal care home care fabric
care fine fragrances mens grooming hygiene wellness for fragrances and beverages bakery dairy
confectionery seasonings oral care health nutrition for flavours. Backed by 54 R&D specialists the company
adheres to global standards including IFRA EU FSSAI FEMA ISO 90012015 ensuring premium quality.
Operates from advanced facility in New Delhi with investments in state-of-the-art plant in YEIDA Uttar
Pradesh to enhance production capabilities.

Financial Performance (FY25)

Revenue from Operations: 1075 million
EBITDA: 234 million
Profit Before Tax (PBT): 214 million
Profit After Tax (PAT): 160 million
Earnings Per Share: 38
Total Assets: 847 million

Fragrances and Flavours Verticals

Integrated operations across fragrances and flavours with dedicated R&D unit and application centre
established in 2014. Fragrances focus on innovative compositions for diverse segments backed by expert
perfumers and advanced marketing intelligence. Flavours emphasize custom solutions for food beverage
categories leveraging quality assurance and stability testing. Strong global presence with export
contributions driving revenue diversification and customer partnerships with leading FMCG players.

Operations and Differentiators

State-of-the-art in-house labs with cutting-edge equipment for formulation performance testing including
odour-controlled evaluation chambers. Advanced manufacturing features robotic production from Europe
SS316 temperature-controlled storage and nitrogen-filled vessels for ingredient preservation. Effective
sales marketing through immersive experiences fragrance workshops and sensory branding initiatives.
Strategic raw material sourcing via global procurement network ensuring cost efficiency timely delivery
and quality control. Experienced leadership with 40+ years industry expertise guiding innovation and
growth.

Investments and Capital Allocation

Capex focused on new manufacturing facility in YEIDA Uttar Pradesh featuring R&D Quality Application and
Consumer Evaluation Centers. Land acquired construction underway machinery ordered with production
commencement by Q4 FY26. Total funding of 462 million through IPO proceeds internal accruals and bank
borrowings as of May 2025. Enhancements in R&D-sales collaboration for market-driven solutions and
dedicated teams for Middle East GCC expansion. Disciplined approach prioritizing technological upgrades
and capacity scaling within financial prudence.

Future Outlook
Positioned for sustained growth in high-potential fragrances flavours industry with sectoral tailwinds from
government policies rising consumer demand and global opportunities. Targets enhanced market share
through diversified customer base operational efficiencies and cost optimizations improving EBITDA
margins. Expansion plans to boost production capacity market reach and innovation leveraging cutting-
edge technologies. Robust financials strong cash flows and visionary management to drive consistent
revenue growth profitability and value creation over medium to long term as reliable sensory solutions
partner.

Arihant Capital Markets Ltd

Pre Conference Note Bharat Connect Conference Rising Stars - 2025
TSC India Ltd

TSC India Limited, founded in 2003 and based in Jalandhar, is a travel management company that focuses
on B2B air ticketing services. It works with airlines and travel agents to provide cost-effective travel
solutions for travel agencies, tour operators, and corporate clients. The company helps manage bookings
and provides reporting support, handling over 13,000 bookings every month. With a presence across
several Indian cities, TSC India continues to grow its role in the travel management sector.

Financial Performance: In Q1FY26, consolidated revenue of INR 81 Mn, up 35% YoY. EBITDA stood at INR
28.4 Mn, up 28% with a margin of about 35%. PAT came in at INR 17.4 Mn, up 27% YoY, with a PAT margin
of 21.5%. EPS for the quarter was INR 1.57.

Operational Highlights (Q1FY26): In Q1FY26, TSC India handled 61,357 bookings, a 73% increase from
35,513 in Q1FY25. Gross Transaction Value (GTV) rose 36% YoYr to INR 2,937 Mn from INR 2,160 Mn. The
company reported a take rate of 2.42% of GTV and works as an authorized contract agent for 25
international airlines along with the top 5 Indian airlines.

Services Offered: TSC India provides comprehensive air ticketing services for both domestic and
international flights, supported by 24x7 customer assistance for emergencies and crisis management. The
company focuses on transparent pricing with flexible options and clear policies, while also offering
consulting and negotiation support to help partners secure cost-effective solutions. With a technology-
driven approach, ticket issuance and reissuance are completed in under a minute. Looking ahead, TSC plans
to expand its services into hotel bookings, outbound packages, group departures, cruises, and travel
insurance.

Geographic Presence: TSC India has a strong presence in North and West India with offices in Jalandhar,
Chandigarh, Lucknow, Ahmedabad, Jaipur, Delhi, and Pune. The company is now expanding into new
regions such as Kolkata, Mumbai, Jammu & Kashmir, and Bengaluru over the next two years, with the aim
of building a pan-India network supported by zonal offices.

Business Strengths: TSC India is counted among the top 20 travel consolidators in the country and ranks in
the top 5 for Air India in North India. The company is known for its fast processing, with ticket issuance and
reissuance completed within a minute. It also offers 24/7 customer service and maintains zero pending
disputes, reflecting strong service quality.

Strategic Plans & Expansion: TSC India plans to establish zonal offices in Kolkata, Delhi, Mumbai, Jammu &
Kashmir, and Bengaluru within the next two years to strengthen its pan-India coverage. The customer base
is expected to grow from about 3,000 currently to over 10,000 by FY27. Over the next 2–3 years, the
company aims to launch new business lines including hotel bookings, outbound and domestic packages,
cruises, and travel insurance. It is targeting revenue CAGR of around 35% and GTV CAGR of about 47%
between FY25 and FY27.

Arihant Capital Markets Ltd 295

Arihant Research Desk
Email: [email protected]
Tel. : 022-42254800

Head Office Registered Office

#1011, Solitaire Corporate Park
Building No. 10, 1st Floor 6 Lad Colony,
Andheri Ghatkopar Link Road Y.N. Road,
Chakala, Andheri (E) Indore - 452003, (M.P.)
Mumbai – 400093 Tel: (91-731) 4217100/101
Tel: (91-22) 42254800 CIN: L66120MP1992PLC007182

Stock Rating Scale Absolute Return

BUY >20%
ACCUMULATE 12% to 20%
HOLD 5% to 12%
NEUTRAL -5% to 5%
REDUCE -5% to -12%
SELL <-12%

Research Analyst
Contact Website Email Id
Registration No.

INH000002764 SMS: ‘Arihant’ to 56677 www.arihantcapital.com [email protected]

Arihant Capital Markets Ltd.

1011, Solitaire Corporate park, Building No. 10, 1st Floor,
Andheri Ghatkopar Link Road, Chakala, Andheri (E)
Tel. 022-42254800

Arihant Capital Markets Ltd 296

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Arihant Capital Markets Ltd.

1011, Solitaire Corporate park, Building No. 10, 1st Floor,
Andheri Ghatkopar Link Road, Chakala, Andheri (E)
Tel. 022-42254800

Arihant Capital Markets Ltd 297