Ranvir's Portfolio

ranvir · March 2, 2026, 1:45pm

Action Construction Equipment -

Q3 FY 26 results and concall highlights -

Revenues - 855 vs 875 cr, down 3 pc

EBITDA - 130 vs 135 cr, down 3 pc

Other income - 36 vs 30 cr

PAT - 116 vs 112 cr, up 3 pc

Q3 FY 25 ( base Qtr ) had an unusually high base due pre buying before kicking in of new emission norms

Sales volumes for Q3 FY 26 vs Q3 FY 25 vs Q2 FY 26 -

Cranes + Construction equipment + MHE - 2710 vs 3539 vs 2348 ( sharp fall in YoY numbers, descent recovery in QoQ numbers )

Agri Equipment - 902 vs 1016 vs 526 ( sharp fall in YoY numbers, descent recovery in QoQ numbers )

Revenues, EBITDA and PAT have seen an encouraging recovery on a QoQ basis ( ie Q3 vs Q2 ) - indicating an improving demand scenario post the slowdown caused by new emission norms. Q1 was even weaker than Q2

PAT has been hit by an exceptional charge of aprox 4 cr due implementation of new labour codes

Revenues from Cranes + Const eqpt + MHE stood @ 763 cr, up 10 pc on a QoQ basis

Revenues of Agri Eqpt stood @ 89 cr

Guiding for a flattish topline, better EBITDA margins for FY 26 vs FY 25

Pick and Carry cranes with capacities < 35 Tons, ACE is the mkt leader in India. Chinese competition in this segment is not acute. In the truck cranes + crawler cranes segment ( with bigger capacities ), competition from China is very very stiff. They offer predatory pricing + very liberal payment terms. Indian companies in the heavier crane segments have already shut shop in this segment - because of the Chinese competition

ACE had filed for imposition of import duties on Chinese players ( in 2024 ). GoI has now recommended duties wef Sep 25. The same have not yet been notified by finance ministry. Imposition of these duties should only be a matter of time

Last 3 Qtrs have been tough for the company because of the pre-buying that happened LY before implementation of new emission norms

Company’s peak revenue potential ( with current capacities ) is around 5400 cr ( vs current annual run rate of aprox 3400 cr ). Current capacities are sufficient to take care of company’s growth for next 2 yrs

Company already has ample land banks for future capex ( whenever they feel its due )

Company is contemplating - setting up new capacities to make tower cranes. Have not yet reached a final descision. Will study the mkt scenario closely, before making a commitment

Defence + Exports business have the potential to contribute to 15 pc of company’s topline ( currently @ aprox 9 pc - 2 pc from defence, 7 pc from exports ). In 2 yrs from now, company aims to reach the 15 pc tgt

PLI scheme for construction equipment makers is about to be rolled out by GoI - specially for those eqpt where the import dependence is high. Details should be announced in next 2-3 months. Most likely, this scheme shall cover the cranes with heavier tonnage - where the Chinese dumping was a big problem

Company’s margins in construction r far better ( in late teens ) vs their margins in agri segment. In fact, agri segment’s revenues r as low as 4-5 pc ( on EBITDA level ). In medium term, company intends to improve their Agri segment’s Marigns to early teens

Company intends to enter the Crawler + Truck crane segments - post the announcement of PLI scheme. In addition, they also intend to enter the Piling rigs segment

Company has sold 500 Tower cranes in 9Ms vs 650 sold in entire FY 25. Should be able to sell > 700 cranes in FY 26 ( a 6-7 pc growth vs LY )

Have sold 113 Self Erecting cranes in 9Ms vs 160 units in FY 25. By end of FY 26, should be able to sell > 175 of these

Seeing rapid mkt share gains in the track harvester segment ( not the wheel harvester ). Have already become No 2 player in this segment. Have sold > 400 harvesters in 9Ms FY 26. Have also sold about 1600 tractors in 9Ms FY 26

In last 1-2 yrs, company has been selling 9-10k cranes / yr. In next 3-4 yrs, company sees this number @ 14-15k cranes / yr. Wrt construction equipment, material handling, defence, export supplies - company expects to double its volumes in these segments next 3-4 yrs. Should be able to clock 6-7k cr of annual revenues in next 3-4 yrs

Cash on books @ 1200 cr

Witnessing very good demand trends in Jan / Feb 26

Mkt has now accepted the new price - post the hikes due implementation of new emission norms. Seeing good pickup in sales wef Dec 25

Company sells about 50-60 Truck + Crawler cranes / yr. Their capacity in this segment is about 500 cranes / yr. Once the PLI scheme is implemented, company should be able to utilise their capacity

Company’s proposed JV with KATO should help them gain mkt share in the bigger cranes segment

BackHoe sales in Q3 stood @ around 200 units. This is a high growth category. Expect it to grow to 3X of current sales inside next 3 yrs

Tower cranes contribute to about 10-12 pc of company’s topline. All types of cranes put together, contribute to about 65 pc of company sales

Should be able to roll out electric cranes wef Q1 FY 27

Have got an order of 150 heavy recovery vehicles from MoD

Jan 26 sales were > Jan 25 sales

Disc: hold an investment position, not SEBI registered, not a buy/sell recommendation, biased, posted only for educational purposes

ranvir · March 2, 2026, 1:48pm

I understand ur concern. However, such things r not uncommon

Managements do take advantage of existing rules + mkt inefficiencies - another case in point being ICICI bank’s de-listing of ICICI Securities @ throw away valuations. A similar saga played out there as well

Irony - ppl swear by ICICI bank’s current management and their Corporate governance

ranvir · March 3, 2026, 3:04pm

Shivalik Bimetal Controls -

Q3 FY 26 results and Concall highlights -

Shivalik Bimetal Controls Limited (SBCL) is India’s only fully integrated manufacturer of precision thermostatic bimetals, low‑ohmic shunt resistors and silver contacts, critical components that enable accurate sensing, switching and thermal control across electric vehicles, smart meters, switchgear and energy‑storage systems

Headquartered in Himachal Pradesh with three manufacturing campuses and sales nodes in the US, EU and Asia, SBCL partners with 300+ OEMs/Tier‑1s in 38 countries

Details of company’s product portfolio -

Shunt Resistors - ultra low ohmic current sensing components. One can think of them as electrical traffic cops - precisely measuring the flow of current in a circuit. Company makes these components using Electronic beam welding - a difficult technology to master. These shunt resistors find applications in - BMS, Smart meters, Industrial drives, Gas metering, Charging Infra, Power modules

Thermostatic Bimetals - these r metal alloy strips that bend predictably with heat - causing opening / closing of circuits. Used as essential components for protection against overheating, for temperature control in various devices. Primarily used in - swithgears, geysers, irons, automotive thermostats and other Industrial applications

Electrical Contacts - they facilitate the on/off switching of circuits, regulating the flow of electrical power. Used in lighting and wire accessories, circuit breakers, smart meter latching relays, auto and electrical appliances. Company offers end solutions to market by providing ready to use sub-assemblies, combining the manufacturing of electrical contacts and joining them onto complex sheet metal stampings

Company’s Manufacturing facilities -

Plant 1 Solan - EB welded shunt resistors - peak revenue potential of 700 cr

Plant 2 Solan - Thermostatic Bimetals - peak revenue potential of 600 cr

Plant 3 Solan - Electrical contacts - peak revenue potential of 300 cr

Company’s expertise in Electronic beam welding -

Imagine using a super-focused, high-speed beam of tinyparticles (electrons) to melt and fuse metals like copper and manganese together with incredible accuracy

Think of it like a very precise beam welder, but instead oflight, it uses electrons in a vacuum to create strong and clean joints

Shivalik can build these specialised welding machines themselves for about half the cost of buying them from overseas

This allows us to make industry-leading shunt resistors that can measure electrical current with very high precision. Only a few companies have this expertise & SBCL stands as a leading EBW welder globally with large capacity

Company’s expertise in Diffusion Bonding -

Picture pressing different metals together very tightly under high heat and pressure for a specific time. Over time, the atoms from each metal mingle and create a strong, seamless bond, almost like they’ve become one, without disturbing the original properties of the alloys joined

It’s like slowly merging two pieces of dough together by pressing them, they become a single piece

This process allows Shivalik to quickly develop new combinations of metals (bimetals) with specific properties, which are essential for customers in industries like switchgear, HVAC, and electrical appliances

This can lock customers into using Shivalik’s designs for many years. Shivalik manufactures grades of bimetals using this method as a critical component with high-switching costs for global marquee clientele

In the same way, cold pressure bonding is also part of

Shivalik’s machinery capabilities, following the same process of diffusion bonding without heat

Q3 outcomes -

Revenues - 134 vs 123 cr, up 9 pc

Gross margins - 47 vs 44 pc

EBITDA - 32 vs 25 cr, up 30 pc ( margins @ 24 vs 20 pc )

PAT - 22 vs 18 cr, up 22 pc ( includes one time impact of aprox 1 cr towards implementation of new labour codes )

Sales breakup - Shunts : Bimetals @ 55:55 cr vs 51:55 cr

9M FY 26 outcomes -

Revenues - 408 vs 375 cr, up 8 pc

GMs @ 46 vs 43 pc

EBITDA - 95 vs 75 cr, up 27 pc ( margins @ 23 vs 20 pc )

PAT - 70 vs 55 cr, up 25 pc

Sales breakup - Shunts : Bimetals @ 171:174 cr vs 157:166 cr

Export : Domestic sales mix @ 56:44

For 9Ms FY 26 - GM expansion led by cost controls, favourable product mix, better operating leverage. EBITDA margin expansion led by operating leverage

Board has approved to set up an automotive busbars and assembly facility near Pune. Should go live by Q1 FY 27. Capex required for this facility should be around 20 cr - to be funded via internal accruals

US business for both Shunts and Bimetals should see substantial improvement wef Q4 as the tariffs stand reduced. Seeing that play out in real time

Company already has orders in hand for BusBars. Company was already supplying these in smaller Qty. As the order build up is picking up, they r obliged to expand their capacities in Pune ( near OEMs )

Should be able to clock 70 cr business in FY 27. By FY 29, this should ramp up to Rs 250-300 cr / yr kind of business

Making of BusBar assemblies requires EB welding ( just like shunt resistors ). Hence - it’s a natural extension for the company. At present, shall be making them for E-2W applications. Company is supplying to Bajaj and TVS e-2Ws. At present, no one else makes these BusBar assemblies in India. These BusBars should clock 14-15 pc kind of EBITDA margins

Value per BusBar assembly per vehicle should vary between Rs 1500 - 2500 / vehicle depending on the type of battery / electronics being used

Company’s supplies to Vishay Ltd ( in US ) are expected to be back to their peak levels ( last seen 2-3 yrs back ) - an added positive trigger

There are hardly any switchgear manufacturers in India who are not already company’s customer for Bimetals. Company now intends to gain mkt share in US

Also developing E-4W busbar assemblies in house. Once developed and accepted, can be a future growth engine

Busbar assembly made from EB welding process are inherently better than Busbars made from other techniques. EB welding is the most precise and efficient form of welding and doesn’t affect the flow of current even at the point of joint of 2 different materials

Looking to enter the Automotive Fuses space - used in Power window / Powered tailgates etc. These r high value fuses. The process of making these fuses also involves EB welding. Also looking at Automotive inductors ( used in ADAS, ECU systems )

Since the company already has the EB welding facilities, the incremental capex for the busbar assemblies is only @ 20 cr. This is just the assembly work ( after EB welding ). Hence, they ll be able to start supplies as soon as Apr 26

Topline growth in first 9Ms FY 26 has been @ 8-9 pc. Going forward, it should accelerate

Electrification of economy, demand from EVs, Data centres - all are tail winds for appliances / switchgears that use Shunts and Bimetals

Growth in Shunts business in FY 27 should be strong ie in mid to high teens ( on back of demand from Vishay, Denso and 2 more Japanese players )

Disc: hold a small tracking position, may add if company is able to deliver on its promises, not SEBI registered, not a buy/sell recommendation, posted only for educational purposes

ranvir · March 4, 2026, 2:20pm

Wonderla Holidays -

Q3 concall and results highlights -

Q3 outcomes -

Revenues - 141 vs 126 cr, up 12 pc

EBITDA - 39 vs 42 cr, down 7 pc ( margins @ 28 vs 33 pc )

PAT - 14 vs 20 cr, down 30 pc

Footfalls @ 9.17 vs 9.18 lakh

ARPU - Rs 1377 vs 1272

Park wise performance -

Bengaluru -

Revenues @ 46 vs 42 cr

Footfalls @ 3.08 vs 2.99 lakh

ARPU - Rs 1491 vs 1405

Kochi -

Revenues @ 28 vs 32 cr

Footfalls @ 2.07 vs 2.57 lakh

ARPU - Rs 1367 vs 1239

Hyderabad -

Revenues @ 37 vs 39 cr

Footfalls @ 3.03 vs 3.28 lakh

ARPU - Rs 1234 vs 1201

Bhuvneshwar -

Revenues - 2.7 vs 3.6 cr

Footfalls @ 0.24 vs 0.34 lakh

ARPU - Rs 1134 vs 1029

Wonderla Resort and Isle ( both @ Bengaluru ) -

Revenues @ 8.2 vs 4.8 cr

ARR - Rs 7.2k vs 5.7k

Occupancy @ 68 vs 55 pc

Chennai ( opened in Dec 25 ) -

Revenues @ 12 cr - clocked in 30 days - with an EBITDA margins of 10 pc ( annualised, despite a one time launch expense of 5.5 cr )

Footfalls @ 75k ( inside 1 month )

Facilities operated by the company -

5 Amusement parks ( Chennai park opened in Q3 )

230 Rides

23 restaurants

5 Banquet halls

7 Food courts

3 Lounge Bars

Comments from previous concalls -

Company designs, makes, operates and maintain its own rides. Buying / Importing similar rides would cost the 2-3 X ( on an avg )

Company’s preference is for large format parks near tier 1 cities ( wrt future expansions ). For tier 2 cities, company shall only go ahead if they get a sweet deal wrt long term lease at attractive rates ( like they got in Bhuvneshwar - 6 cr for a 90 yr lease ). Otherwise, its difficult for the company to run a profitable park near tier - 2 cities

Chennai Park’s peak capacity stands @ 10-12 lakh visitors / yr. ( Assumption : That should translate into a peak revenue potential of aprox 213 cr @ an ARPU of Rs 1800 ). Company is hopeful of achieving this inside 3-4 yrs

Aprox 35-40 pc land is still un-utilised @ their parks in Kochi and Bengaluru. This figure for Hyderabad park is aprox 25 pc. Company keeps slowly adding newer attractions, restaurants, rides, resorts etc @ these available land banks

Comments from Q3 Concall -

Chennai park went live in early Dec 25. Have spent 600 cr on this project. Company is exempt from local body taxes for next 10 yrs wrt their Chennai park

Hit on EBITDA in Q3 includes one time expenses of 5.5 cr towards opening of a new park in Chennai. PAT was further hit by added depreciation from Chennai park + implementation of new labour codes amounting to Rs 6 cr

Qtrly operating costs ( without depreciation ) for Chennai park should be around Rs 9 - 10 cr / qtr

In medium term, company expects the Chennai park to clock similar margins as their Bengaluru / Kochi / Hyderabad parks ( ie > 35 pc margins )

Kochi’s business was adversely affected in Q3 because of spread of waterborne amoeba infections in the region because of which a lot of school / college trips to the park were cancelled

Footfalls @ Chennai continue to remain strong in Jan 26

Weak footfalls in Bhuvneshwar are partially attributable to adverse weather events in Q3 - like cyclones

Avg payback period for the company has been around 4-5 yrs. For Chennai, its likely to be 7-8 yrs as this park is the largest and the amounts involved r also big

Bengaluru’s park started in 2005. The first resort in Bengaluru came up in 2014. Next resorts r likely to come up in Hyderabad / Kochi

In peak seasons ( in Q1 ), company has to ( by force ) leave some demand on the table as they do not overcrowd their parks. Hence they also keep undertaking gradual expansion like adding rides etc

As a fair assumption, one can factor in 1 new large park commercialisation by the company in next 3 yrs

Between the two resorts that they have, company has 123 Keys. Since the second resort came up only recently, not looking to expand the no of Keys @ Bengaluru

Don’t foresee any more exceptional charges wrt Chennai park in Q4

Disc: hold an investment position, added recently, biased, not SEBI registered, posted only for educational purposes

ranvir · March 6, 2026, 6:23am

Cello World -

Q3 FY 26 results and concall highlights -

Q3 outcomes -

Revenues - 554 vs 557 cr

Gross margins @ 49.7 vs 49.7 pc - flat YoY

EBITDA - 122 vs 140 cr, down 12 pc ( margins @ 22 vs 25 pc )

PAT - 63 vs 86 cr, down 26 pc ( includes a one time exceptional hit of 7 cr due implementation of new labour codes )

9M FY 26 outcomes -

Revenues - 1670 vs 1547 cr, up 8 pc

Gross margins @ 51 vs 51.6 pc

EBITDA - 389 vs 406 cr, down 4 pc ( margins @ 23 vs 26 pc )

PAT - 222 vs 250 cr, down 11 pc

Demand trends were strong in Oct but weakened meaningfully in Nov, Dec

Consumerware sales de-grew in Q3 due 40 pc decline in sales of Insulated Steelware products due stock outs / supply challenges ( same thing happened with Borosil ltd ) - due implementation of new BIS norms. This also had an adverse impact on EBITDA margins due operating de-leverage

Glassware capacities r running @ 60 utilisation. Further ramp up may take another 6 odd months. Business is currently operating @ breakeven levels. Profitability of this business will improve when further capacity is absorbed

Contribution from Cello brand ( acquired in Q3 - were earlier selling only the UnoMax brand ) of writing instruments should start to happen wef Q4. This should bump up this segment’s revenues in a meaningful manner wef Q4. For FY 27 - Cello + UnoMax should clock a combined revenues of 500 cr or so vs 300 cr in FY 25 !!! ( should be a meaningful trigger going forward )

Moulded furniture saw a 10 pc revenue decline in Q3 - due govt supplies in Q3 LY + fall in polymer prices

Segmental revenues and gross margins -

Consumerware - 69 pc, GMs @ 50 pc

Writing instruments - 15 pc, GMs @ 56 pc

Moulded furniture - 15 pc, GMs @ 39 pc

If the bottlenecks / supply issues had not occurred in Thermosteelware in Q3, company’s topline would ve grown in double digits ( similar commentary was given out by Borosil Ltd )

Over the next 2 Qts, profitability should improve gradually. However by H2 FY 27 - company should start to see meaningful improvements ( due ramp up in glassware + resolution of steelware bottlenecks + additional sales from Cello brand’s writing instruments )

Around 75 of products that the company sells are made in-house

Capacity utilisations in Opalware are @ 85 pc. Will undertake expansion only when they approach 100 pc utilisation levels

As and when company exhausts its opalware and glassware capacities, it ll have to resort to Greenfield expansions - as there are space constraints @ both their sites and further brownfield expansions are not possible

Company believes, glassware is a long term bet for the company. This category should become large over next 4-5 yrs. There r pressures from imports but their quality is sub-optimal. Once the capacity ramps up beyond 75 pc - profitability improves dramatically

The Cello brand has a much better brand equity in the writing instruments mkt vs the UnoMax brand. This also gives the company to grow aggressively in the adjoining stationery mkt. Should be a big opportunity going forward

WIM PLAST’s merger should be completed by Q1 FY 27

Revenue growth in H1 and H2 FY 27 should be in single digits and mid teens respectively. Relatively muted H1 FY 27 is due to the fact that full steelware capacities will only come online by H2 ( they ll keep coming on stream in phases )

Steelware’s initial capacities should be able to clock 300 cr kind of annual sales with an option for brownfield addition of manufacturing lines

Disc: hold an investment position, not SEBI registered, posted only for educational purposes, I m biased

ranvir · March 10, 2026, 1:49pm

Notes on Shipping Corporation Of India -

SCI operates across five business segments: Liner, Bulk, Tanker, Technical and Offshore services, and Others. The Liner segment includes break-bulk, container transport, passenger, and research vessels. The Bulk segment covers dry bulk carriers. The Tanker segment — which derives the majority of revenue — comprises crude and product carriers, gas carriers, and phosphoric acid carriers

SCI has a fleet of 55 vessels as of August 2025

The big strategic pivot — JV with oil PSUs -

This is the most significant structural change to SCI’s business model in decades. SCI signed an MoU with BPCL, HPCL, and IOCL to jointly acquire, own, operate, and manage a fleet of 59 vessels for transporting petroleum, petrochemicals, and other hydrocarbon cargoes. Management is targeting a 2-3x increase in current revenue and a 50% operating margin from this JV within five years

These JVs r expected to have SCI’s stake at 50 pc + 40 pc stake of IOCL + HPCL + BPCL combined + 10 pc stake of Maritime Development Fund

The oil companies, as end users, will give firm cargo commitment to the JV, and all vessels will be engaged there. So the JV isn’t just buying ships and hoping for freight — IOCL, BPCL, and HPCL are guaranteeing cargo volumes. This de-risks the acquisition significantly

On the question of whether SCI could end up repeating its past mistake of buying ships at cycle peaks and getting stuck with debt, the SCI Chairman directly addressed this: "This time, how we are covering this risk is by forming the JV and by having the long-term commitment from the cargo owners like IOC, BPCL, HPCL

When asked about the expected IRR, the Chairman said the JV board will only approve vessel purchases that deliver sensible returns, “definitely more than 10-11%.” The 59 vessels will be spread over the next five years, with each acquisition tested on IRR

The Maritime Development Fund will provide low-cost financing, which is described as the “secret sauce” that determines how quickly this JV can scale without bloating the balance sheet. The MDF’s equity stake (10-15%) is essentially the government putting policy money behind the initiative

Total capex, for the acquisition of 59 ships ( mix of VLCC, VLGCs, a mix of SuezMax + Aframax + MR tankers ) should be around 45k cr

The JV being proposed is expected to be a separate entity. Out of the 45k cr of funding requirements - SCI’s + MDF + Oil PSU’s equity investments are expected to be at around 6k cr + 3k cr + 5k cr. The JV is expected to take up debt of around 28-30k cr. MDF is expected to provide loans at concessional rates with long tenures of upto 25 yrs that are in line with the life of the shipping assets. The blended cost of borrowing is expected to be around 7.5 - 8.5 pc

Breakdown of segmental revenues and PBT for SCI for Q3 FY 26 -

Tankers - 1096 cr, up 34 pc, PBT @ 402 cr

Bulk carriers - 237 cr, up 61 pc. PBT @ 7.5 cr

Technical and Offshore - 80 cr, up 24 pc. PBT @ 28 cr

Liners - 205 cr, down 26 pc. PBT @ 4.5 cr

Breakdown of segmental revenues and PBT for SCI for FY 25 -

Tankers - 3480 cr, PBT @ 655 cr

Liners - 1060 cr, PBT @ 80 cr

Bulk carriers - 770 cr, PBT @ 33 cr

Tech and Offshore - 290 cr. PBT @ 90 cr

Tankers clearly dominate the company’s profitability. Profitability of Liners and Bulk carriers segments are far lower. Tech and Offshore segment enjoys healthy margins

Disc: initiated a small tracking position, may add/ reduce with increase / reduction in conviction going forward, not SEBI registered, posted only for educational purposes

ranvir · March 11, 2026, 1:32pm

Notes on Garden Reach Shipbuilders and Engineers ltd -

GRSE is an Indian defence shipyard located in Kolkata, founded in 1884 as a small privately owned company. It was nationalised by the Government of India in 1960 and operates under the administrative control of the Ministry of Defence. It holds Miniratna status and a proposal to upgrade it to Navratna status was forwarded in January 2026 and approved by an inter-ministerial committee in February 2026

Core Business Segments

GRSE operates through three divisions -

1. Shipbuilding (the dominant segment) — This accounts for roughly 89% of revenues and involves construction of vessels for defense and commercial clients. The product range includes frigates, corvettes, anti-submarine warfare vessels, survey ships, offshore patrol vessels, landing craft and fast attack craft. GRSE has built over 785 platforms, including 108 warships for the Indian Navy, Indian Coast Guard and friendly foreign nations

2. Engineering Division — This segment produces prefabricated steel bridges of various types and deck machinery items

3. Engine Division — The company assembles, overhauls and tests marine diesel engines, and also manufactures naval guns

Revenue Model & Key Customers

The business is primarily driven by government defence orders. The majority of GRSE’s products are supplied to central government - principally the Indian Navy and Indian Coast Guard. Revenue is recognized on a long-cycle, contract-based model — large shipbuilding projects span multiple years, and the order book provides revenue visibility well into the future

Key advantages enjoyed by the company -

GRSE’s key advantages are its in-house design capability, decades of warship-building experience, government backing that ensures steady order flow, infrastructure that allows concurrent construction of around 20 ships, and a nearly debt-free balance sheet that provides financial stability. The defence shipbuilding sector also has high barriers to entry given the specialized expertise, security clearances, and capital investment required

FY 25 vs FY 24 financials -

Revenues - 5076 vs 3593 cr, up 41 pc

EBITDA - 422 vs 235 cr, up 79 pc ( margins @ 8 vs 7 pc )

Other Income - 335 vs 300 cr

PAT - 527 vs 357 cr, up 48 pc

The ₹335 crore (FY25) and ₹300 crore (FY24) in other income primarily comes from interest and returns earned by deploying this surplus cash in fixed deposits, government securities, and other treasury instruments. Since GRSE is virtually debt-free with no traditional term loans or working-capital borrowings on its books, it doesn’t need to use this cash to service debt — so essentially the entire float earns income. This surplus cash on books in turn comes from accumulated earnings + the cash advances that they get from Indian Navy + Indian Coast Guard

If one analyses carefully, this other income isn’t a one-time thing - it’s a durable feature of the business model because defence shipbuilders will always receive large advances. As long as the order book stays healthy (currently around ₹18,000+ crore), this cash float and the resulting other income are likely to sustain

Current Order Book as on 31 Dec 25 - stands @ 18.4k cr

Breakup of order book -

P17 A Frigates - 2 frigates, under construction. One delivered in FY 26

ASW Shallow water craft - total 6. Delivered 3 in last 1 yr

Large Survey Vessels - total 2, one is nearing delivery. One delivered in last 1 yr

Next Gen Offshore Patrol Vessels ( NGOPV ) - 4 ships

Commercial / Export Orders - 12 MPVs for a German Client + 01 ocean research vehicle for Ministry of earth sciences + 01 Acoustic research vehicle for DRDO + 02 costal research vessels for Geological survey of India

13 Hybrid Ferry crafts - to be delivered to WB Govt for 225 cr

01 Dredger for Bangladesh

Big trigger going forward -

The CMD stated that with the Next Generation Corvette contract on the anvil, GRSE is confident of ending FY26 with an order book of around ₹50,000 crore. The NGC contract alone is worth ~₹25,000 crore for five ships. Beyond that, the pipeline includes P-17B Frigates (eight units worth ₹70,000 crore), eight Next Generation Corvettes worth ₹40,000 crore total, 18 next generation fast patrol vessels worth ₹3,000 crore, and five next generation survey vessels worth ₹3,500 crore

So as of December 31, 2025, the order book was at its recent low point of ~₹18,500 crore, but this is largely because execution is running ahead while the massive NGC contract hadn’t been formally signed yet. Management expects a dramatic jump to ~₹50,000 crore by March 2026 once that contract comes through

The order for 7/8 P-17B frigates is likely to be spit 3:4 or 4:4 between GRSE and MDL at a total project cost of 70k cr with deliveries scheduled between 2028 and 2035

Capacity Expansion

GRSE is raising shipbuilding capacity from 28 to 32 ships by 2026, with brownfield and further greenfield expansions to eventually reach 40 ships - by FY 30. The green field expansion shall happen on Western cost unlike their current capacities which are all on the Eastern coast ( near Kolkata ). The scheduled Greenfield expansion @ West cost shall cater to commercial ships with lengths upto 300m - should involve significant capex - exact figures have not yet been specified. An informed guess for such a Greenfield capex should be around 3000 cr over next 4 yrs. This can easily be managed via Internal accruals + Cash on books that the company has

So in summary, GRSE currently has roughly 14 Naval ships under active construction across four classes, plus commercial vessels, with a massive future pipeline that could potentially triple or quadruple the current order book over the next few years

Deliveries made by the company over last 1 yr -

INS Arnala - ASW Shallow Watercraft - delivered in Mar 25

INS Himgiri - P17A Advanced guided missile frigates - July 25

INS Ikshak - Large survey vessel - Aug 25

INS Androdh - ASW Shallow Watercraft - Sep 25

INS Anjadip - ASW Shallow Watercraft - Dec 25

The deliveries spanned three different vessel classes — a P17A stealth frigate, survey vessel, and ASW shallow water craft — demonstrating GRSE’s ability to manage multiple complex programmes simultaneously. The delivery of Anjadip came less than four months after the handover of Androth, highlighting GRSE’s ability to deliver complex naval platforms at an accelerated pace. All vessels reflect India’s push towards self-reliance in defence manufacturing, with Anjadip featuring nearly 88% indigenous content and carrying an indigenously developed 30mm Naval Surface Gun manufactured by GRSE itself

Dredging is another promising area for the future. Going forward - India would need to ramp up its dredging fleet in a meaningful way. GRSE Ltd is expected to benefit from this trend as they r capable of making 4 different types of dredgers

Disc: initiated a tracking position, not SEBI registered, posted only for educational purposes, may add/ reduce depending on their execution / order inflow

ranvir · March 12, 2026, 12:30pm

My notes on Mahindra and Mahindra -

It’s the flagship promoter company of Mahindra group. Its holds a substantial stake in many of popular Mahindra group companies like -

Tech Mahindra - 35 pc stake

M&M fin services - 52 pc stake

Mahindra Lifespace - 52 pc

Mahindra Holidays - 66 pc

Swaraj Engines - 52 pc

Mahindra Logistics - 59 pc

Mahindra EPC Irrigation - 54 pc

SML Isuzu - 59 pc ( with an intent to hike it to evolve 70 pc ) - recent acquisition

Q3 FY 26 results -

Revenues - 52.1 vs 41.4 k cr, up 26 pc

PAT - 4455 vs 3181 cr, up 40 pc ( PAT is adversely impacted by 220 cr due implementation of new labour laws )

Segment wise contribution to the consolidated PAT figures -

Auto - 1993 vs 1438 cr

Auto PV volumes grew 26 pc @179k units, LCV < 3.5T volumes grew 20 pc @ 81k units on a YoY basis

Have sold a total of 41k BE6 + XEV9E electric vehicles inside 10 months of launch. Have launched another EV model - XEV 9S in Dec 26

Sold 6.5k buses and small trucks in Q3, up 36 pc YoY ( includes the contributions from the acquired SML portfolio )

Sold 35.9k ICE + EV 3Ws in Q3 vs 29.4k sold in Q3 LY, a growth of 22 pc ( LMM business - last mile connectivity )

Sold 11.7k Electric PVs in Q3

Farm Equipment - 1044 vs 996 cr. Volumes in Q3 stood @ 150k units, up 23 pc YoY

Tech Mahindra - 315 vs 275 cr

M&M fin services - 433 vs 474 cr

Investment income - 770 vs (-) 45 cr

Mahindra logistics - 1 vs (-) 6 cr - reported a PAT positive figure after 11 Qtrs

Hospitality - 1 vs 23 cr - launched their signature luxury resort in Q3

Real Estate - 54 vs (-) 14 cr - residential pre sales grew by 71 pc in Q3 on a YoY basis

Mahindra EPC - 6.5 vs 6.3 cr

Company’s Auto PV business reported a EBIT margin of 10.4 pc - excluding their EV business ( under MEAL Ltd ) which reported PBIT margins of (-) 3.5 pc

Farm equipment segmental PBIT ( excluding one time impairment ) stands @ 20.2 pc

MEAL was incorporated on October 25, 2022 as a wholly owned subsidiary of M&M in India, specifically to undertake the 4-wheel passenger electric vehicles business

M&M carved out its EV ambitions into a separate entity to attract outside investment and ring-fence the capital-intensive EV business from the parent company’s core operations. This led to the formation of MEAL LTD ( Mahindra Electric Automobile Ltd )

The subsidiary has attracted two marquee global investors alongside M&M’s own funding -

British International Investment (BII) and M&M each agreed to invest ₹1,925 crore in MEAL in tranches, with BII investing through Compulsorily Convertible Preference Shares (CCPS) and M&M investing through equity shares
Temasek (Singapore’s sovereign wealth fund) signed a binding agreement to invest ₹1,200 crore, at a valuation of up to ₹80,580 crore (~US$9.8 billion), resulting in a 1.49% to 2.97% stake

M&M announced a total investment of ₹12,000 crore (~US$1.5 billion) into MEAL, to be spread over multiple years

MEAL has launched two electric SUVs — the XEV 9e and BE 6e — with manufacturing capacity of 90,000 vehicles annually being developed at M&M’s Chakan plant

Company’s mkt share in LCVs < 3.5T stands @ 52 pc

Company’s mkt share in SUV PV segment stands @ 24 pc. Launched 2 new LCV models in FY 26 - Bolero camper and Bolero Pickup

Company’s trucks + buses mkt share stands @ 5 pc

Company’s farm equipment mkt share stands @ 44 pc

Company achieved mkt leadership in E-3Ws with a mkt share of 38 pc in Q3

Key Highlights from Q3 Concall -

Company intends to list their last mile mobility (LMM ) business ( both ICE + EVs ) in next FY - can lead to significant value unlocking

Company exported 3.5k vehicles in Q3 - mainly ScorpioN and XUV 3XO

Company’s Capex plans -

Automotive: Capacity expansion underway across Nashik, Chakan, and Nagpur plants. Manufacturing capacity of 90,000 EV units annually is being developed at Chakan
Farm: Expansion at Nagpur and Swaraj (Mohali) facilities
Management noted that capex is within previously communicated guidance. Detailed FY27 capex plans will be shared in the May (Q4 results) call. Greenfield expansions had been anticipated and are factored in
₹4,500 Cr of the total ₹16,000 Cr FY22–FY27 investment cycle is earmarked for EV-related projects, including powertrain development, two product designs, and expanded manufacturing capacity

Margins, Commodity Costs & Pricing -

Commodity inflation: Rising costs across precious metals, copper, and aluminium remain a near-to-medium term headwind. Steel costs are also elevated.
Price hike: M&M implemented a 1% price increase in January 2026 to support margins, with further adjustments planned.
Auto segment EBIT margin was 9.5% (–20 bps YoY, +30 bps QoQ) - including the EVs. Excluding the EVs, margins were slightly above 10 pc. Management indicated they are trying to control discount levels and focus on delivering on the margin front
Higher dividend income from subsidiaries led to strong growth in other income to ~₹750 Cr, supporting standalone profitability

FY 26 has been exceptionally good for Tractor segment. Next yr should see a far higher base + there is a looming threat of ELNINO in next FY

Management feels - double digit growth in SUVs and CVs is entirely possible due GST cuts + strong continued demand for SUVs + CV upcycle still in early stages

Disc: initiated a tracking position, not SEBI registered, biased, not a buy/sell recommendation, posted only for educational purposes

ChalakPadiku · March 15, 2026, 4:43pm

Hi @ranvir sir ,

Thank you so much for all the work that you put in on various companies across sectors.

In the last cycle, you played FMCG stocks really well. Since then, a lot has changed for the sector such as slow growth, D2C brands competition, and quick commerce, to name a few.

Large companies are facing growth challenges, as they mostly operate in already penetrated categories, and reach is no longer a strong moat.

There has also been a significant correction in FMCG stocks. What are your thoughts on small cap companies where growth in line with nominal GDP is still possible? Do you think it would be a good idea to buy a basket of such companies targeting 12–14% returns, including dividends, as an alternative to fixed deposits?

Mrs. Bector Foods (Mcap – 5.5k Cr) – QSR proxy, new facility coming up, export possibilities as well.

Orkla India (Mcap – 7.5k Cr) – Beneficiary of the unorganized-to-organized shift, strong presence in RTC categories, strong balance sheet, strong brands, and export possibilities.

Hatsun Agro (Mcap – 21.4k Cr) – Potential for value-added products and one of the best-run companies in the sector.

Jyothy Labs (Mcap – 8k Cr) – Decent growth company with presence across multiple categories, available at 23x PE vs. long-term PE of ~35x.

ranvir · March 16, 2026, 3:40pm

Jeena Seekho Lifecare -

Q3 FY 26 results and concall highlights -

Revenues - 221 vs 115 cr, up 92 pc

EBITDA - 100 vs 30 cr, up 240 pc ( margins @ 45 vs 26 pc - massive margin expansion )

PAT - 66 vs 13 cr, up 405 pc

Revenue mix -

Govt Panchkarma - 121 vs 51 cr

Private Panchkarma - 91 vs 27 cr

Medicine - 8 vs 37 cr

Patient Mix -

In Patients - 11.3k vs 6.1k, up 84 pc

Out Patients - 157k vs 83k, up 89 pc

Day Care - 18.9k vs 7.9k, up 139 pc

Video Consults - 61.1k vs 19.4k, up 214 pc

Company’s Infra -

Total operational hospitals @ 58 ( up from 18 hospitals as on 31 Mar 23 )

Clinics @ 59

Operational beds @ 2300

No of states covered @ 23

No of SKUs of ayurvedic medicines that the company sells @ 330. Have been selling Ayurvedic medicines and related products since 2009

Notes from Q3 concall -

Current occupancy stands @ 58 pc ( vs 57 pc in last Qtr ie Q2 )

Company continues to be careful wrt growing the Govt business - due payment issues

Company’s ash cost of expansion stands @ around Rs 4 lakh / bed

Aim to reach > 7000 beds in next 3-4 yrs vs 2300 beds @ present

Have launched 1 new OTC product ( Pet Yakrit Pleeha Suddhi Kit ) in FY 26. Has started to clock sales of Rs 10 cr / month - very encouraging response. Going to launch another OTC product in next 1 month. Should launch a total of 5-6 products by Dec 26

Have opened 2 hospitals in ME. Going to open hospitals / clinics in US, 6 more in ME, Kazakhstan. international expansion should be a key focus area going forward

Company’s key focus areas wrt treatment at their hospitals include - body detox, improving metabolic and gut health, addressing joint pains, stress relief, improving immunity, improving skin conditions

Have also started diagnostic services. Should be able to clock 15 cr kind of revenues from this vertical in FY 27. At present, have 34 operational centers for diagnostics. Should ramp up to 70 centers by end of FY 27

Company’s ARPOB in Q3 stood @ Rs 8400

Have entered into a distribution agreement with Entero Healthcare for distribution of their Ayurvedic medicines and OTC products. Entero’s reach covers aprox 10 pc of Indian chemists

Going to launch a herbal Multi Vitamin to cure common vitamin deficiencies in India. It’s a twice daily syrup by the name - NutriRoz. It’s being made out of 33 herbs. The addressable mkt for this is huge

Will also be launching Ayurvedic products for blood purification, diabetes, BP etc in next 1 yr

Company’s current reach to retail Chemists / Ayurvedic shops is @ around 2.5k shops. With this tie-up with Entero healthcare, this number would bump up to > 1 lakh over next 1 month - should yield very positive results

Guiding for a full year PAT > 225 cr. Aspiration is to ramp up PAT by 4X in next 4-5 yrs

As the health insurance companies have started recognising Ayurvedic treatments - it is turning out to be a significant tailwind for the company

Aim to ramp up OTC sales to 500 cr / yr by FY 29. Current run rate of OTC sales is 120 cr /yr

Have identified 15 OTC products that address a person’s day to day nutritional / wellness requirements. Have only launched 1 out of them ( 2nd launch is imminent ). These set of 15 products can really help the company ramp up its sales and profitability in a big way. These products will also include products for ppl who are pre-diabetic and pre-hypertensive. These areas have huge growth and profitability possibilities

Chandan Healthcare is Jeena Seekho’s exclusive partner for their diagnostic services. Jeena Seekho has picked up stakes in Chandan Healthcare. Chandan also gives out a percentage of revenue to Jeena Seekho for the patients referred by them

All of company’s products go through ICMR approvals before hitting the markets

Disc: initiated a tracking position, intend to add more, not SEBI registered, not a buy/sell recommendation, posted only for educational purposes

ranvir · March 17, 2026, 8:12am

Out of the names mentioned by u, I am inclined to look @ Mrs Bectors - since its present in relatively under penetrated and relatively faster growing processed foods Industry. Plus they have excellent long term agreements backed by excellent track record wrt their supplies to major QSR players in India

Hatsun is also good. Valuations look a little stretched for my liking ( I can be wrong )

Jyothy Labs should find going tough unless they can effectively bump up their growth rates via inorganic route - using the cash on their books

Have not studied Orkla

For mean reversion trades - I would rather bet on Emami Ltd + Dabur India - due to the cash piles they r sitting on which can be used for inorganic expansions + their portfolio of Ayurvedic products that r enjoying natural tailwinds in India. Amrutanjan Healthcare is also a good candidate - since they have been able to turn around their sanitary napkins business - otherwise a tough nut to crack

ranvir · March 17, 2026, 2:34pm

Krsnaa Diagnostics

Q3 FY 26 results and concall highlights -

Revenues - 181 vs 174 cr

EBITDA - 46 vs 45 cr ( margins stable @ 26 pc )

PAT - 15 vs 19.5 cr ( due sharp decline in other income @ 3.8 vs 9.2 cr on a YoY basis )

Q3 performance of retail business -

Revenues @ 17.7 vs 2.2 cr, up 8X. Retail now contributes to 10 pc of company’s revenues vs 1 pc in Q3 LY

No of retail touchpoints @ 3101 vs 875

Company’s Infra -

No of MRI centers @ 41

No of CT Scan centers @ 149

No of pathology Ref labs @ 26

No of satellite labs @ 114

No of collection centers @ 4000 +

Company’s presence spans 18 states + UTs

Notes from previous concalls -

The capex required to execute the Rajasthan contract shall be around 250 cr. Rajasthan business has the potential to clock 300 cr / yr kind of revenues for the company

Expect the retail business to break even @ annual revenue of 100 cr

Have started venturing into preventive / wellness areas in their retail business. Should help them accelerate growth + improving margins

Notes from Q3 concall -

Once the Rajasthan project goes on stream, no of Ref Labs shall increase to 49, satellite labs should increase to 249, collection centers should increase beyond 5000 touch points

Large upfront investments in required in Radiology labs is a natural entry barrier wrt the company’s business

In Q3, company recovered 130 cr stuck with various state govts - materially strengthening their balance sheet ( bloated receivables was a big overhang on their stock price )

Aim to ramp up retail revenues to 15 pc of company’s revenues by FY 27

GoI allocated 1.06 lakh cr for Healthcare in the latest union budget ( crossing 1 lakh cr for the first time )

Q3 is a seasonally weak Qtr. Plus the company deliberately did not press for revenue growth and focussed on collection of monies stuck with state Govts

EBITDA margins were under pressure in Q3 as company was spending aggressively towards execution of Rajasthan project while the revenue recognition is slated to begin in Q4

Company expects their RPL ( retail arm ) business to break even on a Qtly basis in Q4

Going forward, company is going to be selective wrt the PPP tenders that they bid for - so as to keep their receivables under check

Wrt revenues from offering diagnostic services @ Apulki Hospitals - company expects to clock 20 cr / yr / hospital kind of revenues from this business. First Apulki Hospital has gone live. It should take about 2 yrs for the company to ramp up to 20 cr kind of revenues from this hospital. Other hospitals are in pipeline

Should be able to give an updated guidance wrt Rajasthan Project in the Q4 concall ( ie once the revenues start to kick in )

Company’s business split between Pathology : Radiology wrt their Govt business is roughly @ 50 : 50

In process of expanding their radiology centers ( 10 of them ) in Maharashtra. Should start to go live in Q4 and Q1

Finance costs in Q3 stood @ aprox 8 cr. As company’s collections ramp up, these costs should start to moderate going forward

Q4 is generally a good Qtr wrt receivables as most govt departments have to clear their dues by end of FY

Should be able to achieve 200 cr kind of revenues from Rajasthan project in FY 27

Company’s Rajasthan tender is Pathology heavy ( vs Radiology ). Hence the overall company’s revenues should skew towards pathology in FY 27 vs a near equal split at present

Disc: hold a small position, not SEBI registered, biased, will add / reduce depending on company’s performance going forward

Shankar · March 24, 2026, 7:23am

Time Technoplast - I feel the subsidiary in Sharjah UAE would be impacted y the ongoing conflict in middle east. It is critical to see how long the conflict lasts.

ranvir · April 11, 2026, 1:50pm

Karur Vysya Bank ( very strong results ) -

Q3 FY 26 results and concall highlights -

NII - 1239 vs 1081 cr, up 15 pc

Other income ( Fee inc + Other inc ) - 509 vs 465 cr, up 9 pc

Operating expenses - 743 vs 731 cr, up 2 pc

Operating profit - 1005 vs 815 cr, up 23 pc

Provisions - 104 vs 147 cr, down 29 pc

PAT - 690 vs 496 cr, up 39 pc

Deposits @ 114 k vs 99 k cr, up 16 pc

Advances @ 97 k vs 82k cr, up 17 pc

CASA deposits @ 31 k vs 28 k cr, up 11 pc ( CASA ratio @ 27.23 vs 28.41 )

NIMs @ 3.99 pc, up 0.22 bps on a QoQ basis - a key positive

Breakup of advances -

Commercial - 34.3 k vs 29.8k cr, up 15 pc ( basically MSME banking )

Retail - 25.4k vs 20.4k cr, up 24 pc ( gold loans @ 5.3k vs 3.1 k cr )

Agri - 23.6 k vs 19.7 k cr, up 20 pc

Corporate loans - 13.6k vs 12.8k cr, up 6 pc

Credit Substitues - 1.13 k vs .15 k cr, up 660 pc

A very high proportion of KVB’s agri loans ( aprox 85 pc are backed by gold as collateral )

Avg ticket size in corporate loans @ 36 cr

97 pc of corporate loans are to parties with rating @ BB and better

Avg ticket size in commercial banking @ 67 lakh

Bank’s exposure to textiles sector @ 5 pc ( corporate + MSME loans combined )

Asset Quality -

Gross NPAs @ 0.71 pc

Net NPAs @ 0.19 pc

Bank’s asset quality is among the best in the industry

Slippages in Q3 @ 154 cr ( annualised slippage ratio @ 0.63 - superlative numbers !!! )

Recoveries in Q3 @ 175 cr

Total restructured assets @ 433 vs 608 cr YoY - again, massive improvement

Branch network -

Total bank branches @ 898 in Dec 25 vs 838 in Dec 24. Top 6 states ( wrt branch count ) are - TN @ 498, Karnataka @ 55, AP @ 151, Telangana @ 65, Maharashtra @ 26, Kerala @ 21 branches

Strong growth in retail loans in Q3 were led by Gold loans and Mortgages ( LAPs ) which grew by 70 and 49 pc respectively

Q3 avg cost of funds @ 5.47 pc vs 5.66 pc QoQ

Q3 avg yeild on funds @ 8.73 pc ( Q3 avg yeild on advances @ 9.77 pc ) vs 8.83 pc QoQ

Q3 avg spreads @ 3.26 vs 3.27 QoQ

RoA @ 2.05

RoE @ 17.67 pc

Cost / Income @ 42.49 pc

Textiles sector witnessed weakened demand in Q3 ( obviously on account of tariffs )

Areas of growth identified by bank to grow their corporate loan portfolio includes - EPC contractors, commercial RE players, capital mkts etc

Fixed rate loan book stands @ 23 pc of the total loans vs 15 pc in Sep 25

MCLR based loans @ 20 vs 29 pc in Sep 25

EBLR base loans @ 55 vs 54 pc in Sep 25

Guiding for NIMs of 3.9 to 3.95 for full FY

Bank had guided for 600 cr of recoveries for full FY. They have already recovered 601 cr ( including interest ) in 9M FY 26

Unsecured loans @ 1.9 pc of the total loans. Despite this, Bank is able to clock NIMs of 3.99 pc

Opened 3 batches in Q3. Should open another 6 branches in Q4

Should launch new Credit Card variants in Q4. Should also enter affordable housing loans in Q4 / Q1 next yr - either alone or in partnership with a co-lending partner

Bank’s MFI portfolio @ aprox 200 cr. Showing better asset quality wrt past Qtr. Stress in this sector should be a thing of the past

Aim to continue to grow advances @ rates > 2pc of Industry growth rates

Continue to sacrifice growth where the yeild on advances is low

Gold loans ( retail + agri ) represents aprox 29 pc of bank’s total loan book - this should help the to grow well, maintain margins & healthy asset quality. IMHO - this is a key competitive advantage that KVB currently has

India US trade deal + India EU FTAs are key positives going forward for the textiles sector - another positive for the bank ( LY - it was a hangover )

Going slow on vehicle loans due - non remunerative rates ( after adjusting for dealer commissions ) and elevated credit costs

Since the bank’s loan book is so secured in nature, the recoveries vs slippages ratio is always healthy - reducing the pressure on asset quality

Disc: initiated a tracking position, intend to build on this position provided the results continue to remain strong going forward, not SEBI registered, posted only for educational purposes

ranvir · April 13, 2026, 4:29pm

Alkem Labs -

Q3 FY 26 results and Concall highlights -

Revenues - 3736 vs 3374 cr, up 10 pc

Gross margins @ 65.9 vs 64.3 pc

EBITDA - 828 vs 759 cr, up 9 pc ( margins @ 22.2 vs 22.5 pc )

Exceptional charges @ 53 cr - on account of implementation of new labour codes

PAT - 636 vs 625 cr, up 1.6 pc

Domestic business -

Revenues @ 2495 vs 2364 cr, up 5.5 pc - representing 67 pc of company’s consolidated sales. Company’s secondary sales grew @ 10.9 pc vs 9.8 pc growth reported by IPM. Their secondary acute and chronic sales grew by 8.8 and 15.8 pc respectively ( both segments outperforming the IPM by a small margin )

Company’s brands with sales > 500 cr @ 2

Company’s brands with sales > 150 cr @ 12

Company’s brands with sales > 50 cr @ 12

US Business -

Revenues - 753 vs 634 cr, up 19 pc - led by new launches + volume growth in existing portfolio. US sales represent 20 pc of company sales

RoW business -

Revenues - 462 vs 326 cr, up 42 pc. This business represents 12 pc of company’s sales and is their fastest growing business. In Q2, RoW growth was @ 32 pc

Alkem’s Subisiadry - Alkem MedTech announced the acquisition of Occlutech ( Switzerland based MedTech company ) for 1074 cr for 55 pc stake. They make Cariac implant devices ( Occluders ) - delivered without an open heart surgery ( via a catheter ). Their LY’s revenue was @ 534 cr, growing @ 16 pc CAGR for last 3 yrs with EBITDA margins @ 7-8 pc. Alkem is confident of driving these margins to as high as 23-24 pc in next 3-4 yrs using their existing infra in GCC region. Occlutech currently has minimal presence in developing mkts. Alkem sees this as a key growth opportunity. Alkem Medtech is currently into Ortho Implants only. This acquisition vastly expands their tgt mkt. Company aspires to clock 1000 cr kind of revenues with 23-24 pc kind of margins from their implants business in next 3-4 yrs. Their current revenue run rate from cardio + ortho implants is @ 534 cr + 15 cr

Enzene ( their BioTech subsidiary ) clocked sales of 360 cr for FY 25. Here again, company aspires to clock EBITDA margins > 20 pc in 4 yr’s time

Cash on books ( adjusted for Occlutech Acquisition’s outgo ) @ 4500 cr - still very healthy

Continue to grow ahead of the mkt in Derma, Respiratory and Anti-Diabetic categories. Company is as such very strong in Pain management, Anti Infectives and VMN segments

Plan to invest another 200-300 cr in their consol MedTech business over next 3-4 yrs ( bulk of investments have already been made )

Occluder - is a minimally invasive, catheter-delivered implant used to seal holes or abnormal connections in the heart, such as Atrial Septal Defects (ASD), Patent Foramen Ovale (PFO), or Ventricular Septal Defects (VSD). Usually made of nitinol mesh and polyester, they allow tissue growth over the device, eliminating the need for open-heart surgery

Occlutech has a loan on books of around 450 cr @ interest rate of 10 pc. Post Alkem’s takeover, this rate of interest should come down meaningfully ( backed by their corporate guarantees )

Another product under development - LAA ( Left Arterial Appendage Occluder ) - is a crown jewel in Occlutech’s pipeline - helps prevent heart strokes due clot formation in Left Atrial Appendage. Once ready - they intend to launch it in EU mkts to begin with

Company’s chronic portfolio continues to do well in the IPM - a key positive ( also critical from company’s PoV to maintain this growth )

Have launched Semaglutide ( in Mar last week ) under the brand names - Semasize / Hepaglide / Obesema - costing Rs 450 / week for the treatment

Should be able to grow the India business in double digits in Q4 ( going by the demand trends seen in Jan )

Trade generics is a large business for Alkem labs. Their focus on this segment shall always remain sharp

Should be able to clock 14 pc CAGR wrt Occlutech’s business ( includes geographical expansions but doesn’t include launching new products like LAA, PFO Occluders )

Another prominent product under development @ Occlutech is PFO Occluder. Patent Foramen Ovale - it’s an opening in the wall between left and right Atria. This opening, if too big can cause heart strokes

IQVIA data doesn’t cover the trade generics businesses

Company’s trade generics business grew in low single digits in last 3 Qtrs - mostly deliberate as the company was restructuring their trade generics vertical in current FY

Disc: hold a small tracking position, not SEBI registered, biased, posted only for educational purposesDisc: hold a small tracking position, not SEBI registered, biased, posted only for educational purposes

ranvir · April 15, 2026, 3:45pm

Elin electronics -

Q3 FY 26 results and concall highlights -

Q3 outcomes -

Revenues - 293 vs 266 cr, up 10 pc - mainly led by growth in appliances, offset by decline in precision components

EBITDA - 11.8 vs 7.6 cr ( margins @ 4 vs 2.8 pc - due cost saving initiatives, partially offset by surging RM costs )

PAT - 3.7 vs 1.4 cr ( exceptional items include provisions of 1 cr towards implementation of new labour codes )

9M FY 26 outcomes -

Revenues - 963 vs 864 cr

EBITDA - 50 vs 32 cr ( margins @ 5.2 vs 3.7 pc )

PAT - 23.4 vs 12.1 cr

Revenues breakdown for Q3 -

Lighting - 38 vs 51 cr

Flashlights - 2.7 vs 3.4 cr

Fans - 18.3 vs 10.7 cr

Switches - 2.7 vs 2.4 cr

Small appliances - 102 vs 52 cr

FHP - 45vs 56 cr

Other EMS - 14 vs 15 cr

Precision components - 58 vs 68 cr

Medical Cartridges - 10 vs 7 cr

Lighting revenues should pick up meaningfully wef Q4 as newly added customer’s revenues would start to kick in. Total customer count in lighting is now @ 5

Surge in small appliance sales is due to sale of newly launched - Oil Heaters. Mixer Grinder, Irons also did well

Bhiwadi facility should go live in May 26 ( total capex @ 100 cr ) - will be making products like - AirCoolers, Air Fryers, Chimneys, OTGs ( primarily new products ). Expected to clock 140 cr, 250 cr revenues in FY 27, FY 28 with margins of around 7-7.5 pc vs 4-4.5 pc being currently clocked by the company. Peak revenue potential from this facility stands @ 500 cr / yr

Guiding for a 13-14 pc topline growth for Q4

Company has added 3 customers to their client list after Signify has transferred bulk of its business to Dixon by forming a JV. Some residual business still remains with Elin

Cash on books @ 59 cr

Lighting revenues for 9M FY 26 @ 125 vs 164 cr LY

New customers in lighting are now contributing to > 50 segmental sales

Demand for hair straighteners and trimmers continued to remain tepid in Q3

Have tied up with 2 customers for their Chimneys business. Oil Heater should do well again in FY 27

Govt’s tightening of BIS norms is a tailwind for the company. It discourages cheap / substandard Chinese imports

Easing of tariffs situation augurs well for their nascent exports business. Exports business have better EBITDA margins

FHP motor sales de-grew in Q3. Will be launching Cooler + BLDC fan motors in near future - should lead to a pickup in this segment as well

Will be spending 30-35 cr in FY 27 on existing facilities ( ie Ex-Bhiwadi )

Company’s degree of backward integration wrt Air Coolers, OFRs, Chimneys ( like in-house making of motors, fin assemblies, sheet metal work etc ) - is a structural advantage that Elin has over a lot of its competitors. Hence they have a right to win here as well

Company was approached by various players in the Lighting space. But because of their exclusive agreement with Signify ( previously ), they had to turn away these customers. But now they have started acquiring them - obviously. Company’s > 20 yr long track record in lighting space is an added advantage

Company is already back to their previous high wrt monthly revenues in the lighting segment ( as in Feb 26 ). From here on - should start to see some growth in this space on the back of new customers

Price erosion in lighting segment is expected to reverse wef end of Q4 - is what the management is hoping for. They r expecting a price hike of 3-5 pc in lighting portfolio by end of Q4/early Q1. This would be a significant event ( if it happens ) after years of price erosion

RM hikes + weak rupee is a constant source of pressure on company’s gross margins. It does take some time before these hikes can be passed onto the customers

FHP motors are still not under the BIS regime. Once they come under BIS regime, it should be a huge positive for the company - considering 80-85 pc of FHP motors are still imported from China

Bhiwadi should start commercial production in May 26

Should be able to clock > 170 cr of revenues from Lighting business in FY 27

Company’s fans business with Signify is still going strong. Wrt lighting - Signify has moved out their consumer business. Professional lighting is still with Elin

Once company’s Bhiwadi plant is ready, they ll move their Chimneys and OFR business from Ghaziabad to Bhiwadi. Thereafter, company intends to further ramp up their fans + mixer grinders business @ Ghaziabad

New Motor categories that company is expected to get into include - Cooler Pumps, BLDC Chimney motors, ODU/IDU AC motors, Washing machine motors - should help fuel next leg of growth for the company

Once BIS norms for motors kick in - company shall get into the a/m motor categories

Disc: holding, biased, not SEBI registered, posted only for educational purposes

ranvir · April 20, 2026, 3:28pm

Elecon Engineering -

Q4 FY 26 results and concall highlights -

Revenues - 746 vs 798 cr, down 7 pc

Gross margins @ 42.5 vs 44.3 pc, down 180 bps

EBITDA - 158 vs 195 cr, down 17 pc ( margins @ 21.2 vs 24.5 pc )

PBT - 142 vs 192 cr

Exceptional expense - 102 cr vs NIL ( due impairment charged on loss of goodwill in Eimco Elecon )

PAT - 6 vs 146 cr

Segmental performance -

Gears -

Q4 revenues @ 472 vs 597 cr, down 21 pc

Q4 EBIT @ 91 vs 147 cr, down 38 pc

Q4 order intake @ 550 vs 497 cr, up 10 pc

FY 26 revenues @ 1699 vs 1763 cr, down 4 pc

FY 26 EBIT @ 319 vs 430 cr, down 26 pc

FY 26 order intake @ 1991 vs 1794 cr, up 11 pc

Open orders as on 31 Mar 26 @ 894 vs 583 cr, up 53 pc

Revenue from the Gear Division impacted in Q4 FY26, primarily attributable to delays in order inflows, extended dispatch schedules, and the deferment of

deliveries by customers amid ongoing global macroeconomic challenges

EBIT Margin was also impacted due to lower revenue, increase in employee costs and change in product mix

Continue to witness steady demand from domestic power, steel, cement, and MHE industries

This division did not record year-on-year growth during the year; however, a healthy open order

book and encouraging inquiry pipeline provide good visibility for growth in the coming year

Material Handling Equipment -

Q4 revenues @ 274 vs 200 cr, up 37 pc

Q4 EBIT @ 62 vs 59 cr, up 5 pc

Q4 order intake @ 107 vs 148 cr, down 47 pc

FY 26 revenues @ 641 vs 464 cr, up 38 pc

FY 26 EBIT @ 158 vs 132 cr, up 20 pc

FY 26 order intake @ 669 vs 586 cr, up 14 pc

Open orders as on 31 Mar @ 398 vs 365 cr, up 9 pc

The MHE Division sustained its strong growth momentum in Q4 FY26, with revenue increasing

by 36.8% YoY

For FY26, revenue grew by 38.1% year-on-year, after

excluding arbitration income of Rs 25 crore

The division continues to secure new orders consistently in the domestic market and expects

order inflows from international markets going forward

Healthy open order book and strong inquiry pipeline provide good visibility going forward

Q4 revenue split between domestic : overseas @ 82:18

FY 26 revenue split between domestic : overseas @ 78 : 22

FY 26 outcomes -

Revenues - 2366 vs 2227 cr

EBITDA - 498 vs 543 cr ( margins @ 21 vs 24 pc )

PAT - 341 vs 415 cr

Demand trends in gears division remain healthy - as reflected in the strong order book that the company has built up

MHE division is showing promising growth trends driven by sustained push towards industrial automation

Cash on books @ 700 cr

Notes from previous concalls -

Company shall incrementally focussing on LatAm, Russia, ME and EU for their exports business

Gear boxes for marine applications can be a high growth area in future due Govt’s focus on Naval modernisation and ship building in general

Sugar sector is also seeing good signs of recovery. Should see good business in this sector in FY 27 - as suggested by fresh order flows ( FY 26 should continue to remain tepid )

Company commands 40 pc mkt share for their products in India ( among the organised players )

Do not intend to enter the EPC business. Shall continue to execute the material supply and maintenance business

Revenue mix between engineered ( custom made ) : standard ( catalogue ) products @ 52 : 48. Custom made products command higher margins

Company did supply to Indian Navy in Q3 @ lower margins. Once they become an established supplier, the margins on supplies to Indian Navy shall expand

Expecting bigger orders from IN in FY 27 ( for equipment supplies to new generation A/C carriers and Corvets )

Don’t foresee acute competition from China as company’s reputation wrt after sales service is better than Chinese players

Notes from Q3 concall -

Order intake for MHE division in Q4 was @ 10 Qtr low. Management believes that it’s due to timing gaps related issues. Expecting a strong order flow for Q1 FY 27

EBIT margins for Gears and MHE divisions in Q4 were @ 19.2 and 22.6 pc respectively

EBIT margins for Gears and MHE divisions in Q4 were @ 18.7 and 24.6 pc respectively

The cash on books is earning aprox 8 pc / yr kind of returns. Company remains open to both inorganic acquisitions / organic expansions

Company’s consol capacity utilisation stands @ 56-58 pc ( due additional capex carried out in FY 26 )

Subdued demand in gears segment in Q4 is reflective of various industries going slow wrt their capex due ongoing geo-political scenario. Things should improve wef Q1

Company intends to aggressively ramp up their exports business as a percentage of their total business. Exports to ME are currently witnessing a slowdown - for obvious reasons

Company lost orders worth aprox 75 cr due war in the ME ( in Mar 26 ). These delivery for these orders has been delayed

Demand from power, steel and cement sectors in India continue to remain buoyant

Expecting some demand pickup from Ethanol / Sugar sector - due energy crisis caused by the war

Company is deliberately not giving out future guidance as they could not meet their guidance given out in Q2 and Q3 - mainly due external factors. Shall resume giving guidance one the geo political scenario improves

Expecting orders from IN to be received in Q4 FY 27 - both for A/C carriers and Frigates

Expecting to grow in FY 27 over FY 26 - can’t pin point the amount / extent of growth for FY 27

Company’s outstanding order pipeline ( Gears + MHA ) on 31 Mar 26 stands @ 1292 cr vs 948 cr on 31 Mar 25 - this gives them the confidence that they ll be able to grow in FY 27 over FY 26

Enquiry inflow for MHA division is very healthy ( @ 1000 cr ). Have also converted a big order for Gears from Power sector ( biggest ever from power sector ) in Apr

EBITDA margins shall only improve once company’s capacity utilisation improves

Disc: holding, biased, not SEBI registered, not a buy/sell recommendation, posted only for educational purposes

ranvir · April 25, 2026, 10:57am

Hind Zinc -

Q4 and FY 26 results and concall highlights -

Q4 outcomes -

Revenues - 13544 cr, up 49 pc

EBITDA - 7747 cr, up 61 pc

PAT - 5033 cr, up 68 pc

Mined metal production @ 315 KT ( or 0.315 MT ), up 2 pc YoY

Refined metal production @ 282 KT ( or 0.282 MT ), up 5 pc YoY

Qtly Zinc CoP @ $ 903 / MT ( excluding royalty ) - down 9 pc YoY

FY 26 outcomes -

Revenues - 40844 cr, up 20 pc

EBITDA - 22162 cr, up 27 pc

PAT - 13832 cr, up 34 pc

Mined metal production @ 1114 KT - highest ever

Refined metal production @ 1048 KT - second highest annual production

Annual Zinc CoP @ $ 959 / MT ( excluding royalty ) - down 9 pc YoY

Notes from previous concalls -

Company has commissioned expanded smelter facilities ( post expansion ) @ Derbari and Chanderia in Q2 and Q3

Hot acid leaching plant @ Darbaria for additional recovery of 27 MTPA of Silver and 6 KTPA of Lead is expected to be commissioned by Mar 26

510 KTPA - DAP fertiliser plant ( DAP is mainly imported into India ) is expected to be commissioned by June 26. It ll be producing DAP fertiliser and NPK nutrients. The fertiliser plant that the company is expected to commission next FY has the potential to do peak EBITDA of 450 - 500 cr / yr

Company has commissioned expanded smelter facilities ( post expansion ) @ Derbari and Chanderia in Q2 and Q3 Hot acid leaching plant @ Darbaria for additional recovery of 27 MTPA of Silver and 6 KTPA of Lead is expected to be commissioned by Mar 26 510 KTPA - DAP fertiliser plant ( DAP is mainly imported into India ) is expected to be commissioned by June 26. It ll be producing DAP fertiliser and NPK nutrients. The fertiliser plant that the company is expected to commission next FY has the potential to do peak EBITDA of 450 - 500 cr / yr

Company has set up a dedicated subsidiary - Hindmetal Exploration Services Pvt Ltd - to continuously focus on exploring, discovering, developing and tapping mineral resources. The subsidiary has interest in exploration of all minerals across the globe by implementing best in class technologies and practices

Company’s smelting capacities -

Zinc smelting capacity @ .913 MMT + .16 MMT ( recently commissioned @ Derbari ) + .21 MMT ( recently commissioned @ Chanderia )

Lead smelting capacity @ .210 MMT

Silver refining capacity @ 800 MT

Have announced a capex of 12000 cr for setting up of 250 KTPA zinc smelter @ Debari ( next round of expansion ). Have already started work on ground ( yet to finalise the technology to be used in the Smelter ). This should take 2.5 - 3 yrs before it goes commercial

Have announced Capex for India’s first Zinc Tailings reprocessing plant. It will be transforming waste into valuable resources while contributing significantly to circular economy

Key highlights -

Feed capacity: 10 MTPA

Total approved investment: ₹ 3,823 crore

Target completion: 4QFY28

Zinc tailings are fine-grained, solid waste materials left after extracting zinc from ore, composed mainly of silica, alumina, iron oxides, and other minerals, posing environmental risks but also holding potential for reuse in construction (roads, concrete) or reprocessing to recover residual metals, turning waste into resources

Electrification and Renewable energy themes are a tailwind for Zinc ( used in Galvanised steel for Solar panels + Wind energy Infra ) + Silver ( widely used in Electronics, Batteries, Solar panel coatings )

In domestic Lead mkt, company’s mkt share is > 90 pc. Their domestic mkt share in Zinc is around 75 pc

Continue to hedge 15-20 pc of their total metals output ( holds for all three metals )

Have spent $ 180 million as growth Capex in FY 26. Will be spending around $ 300 million / yr wef next FY ( talking about growth capex ). In addition, will be spending $ 400 million maintenance capex / yr

The share of renewable energy as a percentage of company’s total energy consumption for FY 27 should be around 30 pc and around 70 pc for FY 28. This would eventually lead to 300 cr / yr kind of cost savings vs FY 26 ( where the company shall exit with renewable power share of 20 pc or so )

Notes from Q4 concall -

Additional 400 KT and 200 KT smelters for Zinc and Lead are in conceptualisation stages - to be set up at existing locations. This should take the total refining capacity up to 2000 KT { from 1129 KT - currently ( 920 KT of Zinc + 210 KT of Lead ) + Debari Capex of 250 KT }

Also aim to scale up refined Silver production / yr to 1500 TPA from 800 TPA ( at present )

Aim to indulge in aggressive exploration activities ( @ Zewar and Rajpura Dariba clusters ) to sustain mine life > 25 yrs at all times

Cash on books @ 13846 cr

Segmental revenues for Q4 -

Zinc - 6997 cr, up 19 pc

Lead - 1153 cr, up 12 pc

Silver - 4032 cr, up 139 pc

Others - 1362 cr, up 164 pc

Avg metal selling prices for Q4 -

Zinc - $ 3241 / MT, up 14 pc

Lead - $1931 / MT, down 2 pc

Silver - $ 84 / Ounce, up 165 pc

A $ 100 / ton increment in Zinc prices inclines company’s annual EBITDA by 675 cr

A $ 100 / ton increment in Lead prices inclines company’s annual EBITDA by 125 cr

A $ 1 / ounce increment in Silver prices inclines company’s annual EBITDA by aprox 175 cr

As of today - Zinc, Lead and Silver prices are trading @ $ 3476, $ 1965 and $ 76

Guiding for 1150 KT of refined Zinc + Lead output for FY 27 ( vs 1114 KT in FY 26 )

Guiding for 680 Tons of refined Silver output for FY 27 ( vs 627 Tons in FY 26 )

Guiding for Zinc’s COP @ $ 975-1000 / Ton for FY 27 - looking at current geopolitical tensions + inflationary environment in general

Paid royalties worth aprox 6000 cr to Rajasthan Govt for FY 26

Hedging prices ( for aprox 10 pc of company’s output ) for Zinc and Silver for FY 27 stands @ $ 3225 / Ton and $ 59 / ounce

Theoretically - if Zinc prices fall below $ 2900-3000 / Ton and Silver remains above $ 60/ounce, it would be more profitable for the company to switch over to Lead + Silver production combo ( thereby increasing Silver production to above 700 tons )

Have declared an interim dividend of Rs 11 / share - resulting in a cash outgo of aprox 4000 cr

Royalties / Brand fee / Consultancy fee paid to Vedanta for FY 26 and FY 25 stood @ aprox 1300 and 1120 cr respectively

Should be able to start manufacturing Phosphoric acid by Q2. Should be able to commence making DAP by end of Q4 FY 27

Sales and EBITDA from Lead concentrate ( pre refined lead metal ) sales for Q4 were around 500 cr and 300 cr respectively

Once their 250 KT smelter @ Debari goes live ( towards the end of FY 28 ), their annual Silver output would also move towards 800 tons

Sulphuric acid is a significant by-product of zinc smelting/refining and Hindustan Zinc is actually one of India’s largest producers of sulphuric acid. Company typically produces 1.3-1.4 million tons of H2SO4 / yr. Their customers include - Coromandel Intl, Deepak Fertilizers, Paradeep Phosphates etc. This is a good position to be in - given the Sulphuric acid shortages caused by Iran war

Disc: holding, core investment position, not SEBI registered, posed only for educational purposes, not a buy/sell recommendation, biased

ranvir · April 27, 2026, 2:53pm

Bank of Maharashtra -

Q4 and FY 26 results and concall highlights -

FY 26 outcomes -

Deposits @ 3.5 lakh cr, up 14 pc

Advances @ 2.91 lakh cr, up 21 pc

C/D ratio @ 83 pc

Gross NPAs @ 1.45 vs 1.74 pc

Net NPAs @ 0.13 vs 0.18 pc

PCR @ 98.6 vs 98.3 pc !!!

CASA ratio @ 52.51 pc !!! ( CASA deposits grew by 12 pc on a YoY basis )

NII @ 13664 cr, up 17 pc

Operating profits @ 10826 cr, up 16 pc

Provisions @ 3807 cr, flat YoY

PAT @ 7019 cr, up 27 pc

Cost/Income @ 37.1 pc - very healthy levels

NIMs @ 3.91 pc

RoA @ 1.86 pc

RoE @ 23.19 pc

Cost of deposits @ 4.52 vs 4.66 pc

Cost of funds @ 4.15 vs 4.22 pc

Yield on advances @ 9.03 vs 9.21 pc

Yield on funds @ 7.78 vs 7.72 pc

Breakup of loan book -

Retail loans @ 85.8 vs 64.8 k cr, up 32 pc

Agri loans @ 40.2 vs 35.5 k cr, up 13 pc

MSME loans @ 53.54 vs 48.36 k cr, up 10 pc

Total RAM loans @ 63 pc of bank’s loan book

Corporate loans @ 1.06 vs 0.91 lakh cr, up 16 pc ( @ 36 pc of bank’s loan book )

Overseas loans @ 6.1 k cr - new vertical

Q4 FY 26 outcomes -

NII @ 3702 cr, up 18 pc

Operating profit @ 2946 cr, up 17 pc

Provisions @ 932 cr, down 9 pc

PAT @ 2014 cr, up 35 pc

NIMs @ 3.91 pc

RoA @ 1.97 pc

Cost / Income @ 36.51 pc

Notes from Q4 concall -

Retail growth in FY 26 was led by -

Housing loans - up 29 pc

Vehicle + Gold loans - up 53 pc

Corporate loan growth was also strong mainly led by sectors like - Infra, Green Energy, Data Centers

Recoveries in last 2 FYs has been @ 1300 cr and 1400 cr respectively

Q1, Q2, Q3 and Q4 NIMs stood @ 3.95, 3.85, 3.91 and 3.95 respectively - despite a rate cut cycle that played out during the FY

Guiding for RoA @ 1.8 pc for FY 27

Capital adequacy stands @ 18.36 pc

Bank’s shareholding - GoI holding @ 73 pc, FII holdings @ 5.8 pc, DII holdings @ 6.8 pc. FII and DII holdings have improved sharply in last 3-4 yrs

Till now - have not seen any meaningful impact on asset quality from the Iran war. Expecting some stress to flow through wef Q2

Have provisioned an additional 200 cr - due breakout of Iran war. It’s a voluntary step - not mandated by the RBI. May do the same in Q2, Q3 as well

Overseas book should cross 9k cr in FY 27. Have already achieved break even wrt their overseas business ( being operated from Gift city )

Wef FY 27, company would be paying 18 pc corporate tax rate. Previous tax benefits now stand exhausted. This should cap the bank’s PAT growth for FY 27 ( as ETR for FY 26 was only @ 11 pc vs 18 pc expected for FY 27 )

Total branches as on 31 Mar 26 @ 2871. Aim to open 1000 new branches over next 5 yrs

State wise distribution of bank’s branches ( top 5 states ) -

Maharashtra - 1229

MP -165

UP - 115

Gujarat - 85

Karnataka - 70

Guidance for next FY -

Advances growth - 18 pc

Deposits growth - 15 pc

RAM book growth @ 18 pc

NII @ 15 pc

NIM @ 3.75 pc

Cost / Income @ < 40 pc

RoA @ 1.8 pc

RoE > 20 pc

Slippages below 1 pc

NNPAs below 0.25 pc

Company’s non interest income has grown by a paltry 3 pc vs a guidance of 10 pc growth due to some exceptional circumstances in FY 26. This growth should bounce back in FY 27

Maharashtra Govt has announced a one time farm loan waiver for loans upto 2 lakh / farmer. Since the bank had outstanding farm loans that had slipped into NPAs, they may now receive payments from the state Govt to the tune of aprox 2000 cr - over next 1-2 yrs. farmers who have paid in time, will get a one time credit of Rs 50k into their savings bank account

Gold loan book now @ 24k cr. Have signed up with 9 top NBFCs for Gold loan Co Lending arrangements

Segment wise slippages ( aprox ) in Q4 -

Retail - 100 cr

Agri - 300 cr

MSME - 400 cr

Corporate - NIL

Bank doesn’t lend to retail customers with credit score below 680. Similarly, have tightened their lending norms for MSME players

Disc: not holding, not SEBI registered, posted only for educational purposes

ranvir · April 27, 2026, 5:19pm

Kamat Hotels -

Q3 FY 26 results and concall highlights -

Q3 outcomes -

Revenues - 118 vs 105 cr, up 12 pc

EBITDA - 39 vs 44 cr, down 12 pc ( margins @ 33 vs 41 pc )

PAT - 19 vs 26 cr, down 27 cr ( also due to exceptional charge taken on account of implementation of new labour laws )

9M FY 26 outcomes -

Revenues - 275 vs 264 cr, up 4 pc

EBITDA - 65 vs 80 cr, down 19 pc ( margins @ 23 vs 30 pc )

PAT - 21 vs 35 cr, down 41 pc ( also due to accelerated depreciation @ 20 vs 14 cr YoY - due opening of 5 hotels in H1 )

Q3 brand wise ARRs / Occupancies -

Orchid - Rs 6667 vs 6581 / Occupancy @ 58 vs 64 pc

IRA - Rs 5717 vs 5748 / Occupancy @ 72 vs 71 pc

Lotus - Rs 6445 vs 6682 / Occupancy @ 68 vs 66 pc

Fort Jadavgarh - Rs 9166 vs 9057 / Occupancy @ 40 vs 45 pc

Brand wise breakup of revenues -

Orchid - 61 pc

IRA - 28 pc

Lotus - 5 pc

Heritage Hotels - 5 pc

No of operational Hotels -

Orchid ( premium ) - 10

Heritage Hotels ( premium ) - 3 ( Madhodhani + Jadavgarh + Toyam )

IRA ( mid premium ) - 9

Lotus ( mid premium ) - 2

Ownership status of Hotels -

Owned hotels include - Orchid Mumbai and Orchid Goa

Leased hotels @ 13

Managed hotels @ 4

Revenue share hotels @ 5

Upcoming properties in 2026 -

Orchid Gwalior - Mar 26

Orchid Dehradun - Sep 26

IRA - Bhavnagar - May 26

Orchid - Nahsik - Sep 26

Orchid - Nahsik will be a managed property. Others are leased properties

Orchid Mumbai and Pune with 370 and 410 rooms are their biggest properties

Hotels operationalised in 9M FY 26 included -

Orchid - Chandigarh, Panchgani, Rishikesh

IRA - Hyderabad, Dwarka, Porvorim

Notes from previous Concalls -

Company has land banks @ Kottayam, Pune. In talks for developing the land bank near their hotel @ Pune

In Q2, Orchid Shimla had Zero occupancy for 40 odd days and Orchid Manali had zero occupancy for entire 90 days - due excessive rains ( Shimla + Manali have 100 + 50 = 150 rooms )

Orchid Pune’s renovation now stands paused ( wef 15 Nov ). Most parts of the hotel shall go live wef mid Nov. Rest of renovation shall take place in Apr 26

Notes from Q3 concall -

Orchid Jamnagar completed 2 yrs of operations in Feb 26. In FY 25, it reported a loss of 1.5 cr. In FY 26, it’s expected to report decent profit. Similarly new Hotels opened in FY 26 - should turnaround in FY 27

Orchid Chandigarh’s occupancy has now picked up meaningfully. In Jan, occupancy @ Chandigarh was > 90 pc

ARR for Orchid Mumbai in Q3 was @ Rs 7900 ( @ 80 pc occupancy ). For IRA Mumbai, ARR was @ Rs 6900

Month of Jan 26 saw healthy ARRs and Occupancies

Occupancy @ Manali and Shimla still remain below company’s expectations

IRA Hyderabad Occupancy for last 3 months has been around 48 pc with ARR of > Rs 6000. Its off to a good start

On an Avg, a new hotel takes about 9-12 months to reach optimum occupancy

Likely to miss their 400 cr topline guidance of FY 26 by 5 pc or so. That would imply a Q4 revenue of 100-105 cr

Have added Banquets halls, upgraded all rooms, built additional 25 rooms @ Pune Hotel. Should go live next year and company should reap financial benefits on FY 27. An additional wing of rooms is also going to be added @ their Noida hotel - early next yr

Company’s net Debt is now down to 50 cr

Disc: holding, biased, not SEBI registered, not a buy/sell recommendation, posted only for educational purposes