Stallion
There is already heavy AC Inventory build up due to early arrival of Mansoon and less number of days when temperature crossed 40 degree.
This inventory is closed to 4 million units.
In 2024 entire year sale was around 12 million.
This inventory will surely hit in the short run if not sold elsewhere.
While After market players may be less impacted.
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Below are few Qs, I had asked the management,
1. What is the Revenues from Jupiter wagons in Fy 25 ? ( the RHP has info only upto 2024) .
2. What is the projected rough estimate for revenues from Jupiter wagons for fy 26.
3. Please provide info on top 5 clients and revenue split possible from them on a rough estimate basis.
Their responses are posted below.
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Progress update on The first Manufacturing plant : Company received the land from Govt of Rajasthan.
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Hi, can you please explain point 4? How many companies are they part of and how did you get this information?
Thanks in advance.
In DHRP filed during IPO you will get all those details.
Hi Satish
What are your views on Chemkart India Ltd.?
@Prateek2208 Not Tracking Chemkart closely. Its more into trading Nutraceuticals and recently announced manufacturing unit.
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Thank you for the information. I will check it.
EnviroTech systems Updates from AR 2025:
Acquired a new 100,000 sq ft manufacturing facility, partially operational in July 2025, with Laser cutting & CNC machines for precision manufacturing.
Launched new products - soundproof doors & windows in the B2C segment Envirotech Mute
“Initial response has been encouraging, and we are building a pan-India distribution network to scale this business. This segment is expected to contribute meaningfully to top-line growth with healthy margins in the medium term.”- CFO
Current employee count 139.
SOME PRESTIGIOUS PROJECTS
- Central Vista (New ParliamentBuilding, Acoustic Wall Panels
- Char Dham Yatra Rail Tunnel (Rvnl)–Srinagar (Uk) Echo Barrier
- L&T – Yashobhumi (Iicc) – Dwarka –Tele Skirt
- Mamba Coollieries – Zambia (SouthAfrica) - Enclosures
Some of the Products by EnviroTech :
Could not find anything new/exciting in the AR. Need to watch out on the B2C products, its hard to do business in B2C if you are an unknown brand.
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Neetu Yoshi Limited AR 2025 highlights:
- Employee count 85
- Expanded installed capacity to 8,087 MTPA and book of ₹105+ Crore.
- Neetu Yoshi Limited is an RDSO-approved vendor for 25+ critical safety spare parts.
- The Company’s facility boasts advanced melting, molding, CNC machining, heat treatment, and finishing capabilities, allowing end-to-end production with minimal external dependencies.
- New investments, particularly from IPO proceeds, are being channeled into further automation (high-capacity CNCs, VMCs, in-house heat treatment, and ladle preheating systems), boosting capacity and operational redundancy.
- Looking ahead, management remains confident of sustaining rapid revenue and earnings momentum, targeting revenue of approximately ₹120 crore for FY26 as the new Kanpur facility becomes operational.
- Margin structure is expected to remain robust due to premium positioning and operational leverage
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Jaykay Enterprises: Notes from 2025 AGM and Annual Report
Jaykay Enterprises Limited (“JKE”/ “the Company”), a part of the J K Organisation and part of the 140 years old
diversified JK conglomerate, traces its legacy to Late Lala Juggilal Singhania and his son Late Kamlapat Singhania, a
dynamic personality with a broad vision.
Business verticals:
SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE
(i) Defence & Aerospace - Machining and Manufacturing of precision-turned components and all varied types of engineering goods for the Defence, Aerospace along with trading and dealing in various kinds of products related to Defence, Aerospace and allied industries;
(ii) Digital Manufacturing & Advanced Systems - Additive manufacturing including 3D Printing, providing technical consultancy services, 3D Scanning, Reverse Engineering, plant modelling, design, development, and marketing of 3D printers, advance systems and software products for 3D and allied activities; and
(iii) Digital Services - Information Technology (IT) services (Application Development, Integration & Support, IT Consulting, Mobility, Staff Augmentation, Portal Services, Hyper Automation), Artificial Intelligence/Machine Learning, Data Transformation, Cloud Engineering, Enterprise Solutions (SAP, QAD, Microsoft Progress, Mendix, ERP & CRM), Education and Training (IT/Non-IT, Industry Induction and Mobile Solutions).
- The company acquired 97.48% of JK Tech fully paid up equity shares, along with the acquisition of 1.24 crores partly paid up shares, increasing the effective holding in JKE to 99.07% upon full conversion. JK Tech is now a 99% subsidiary.
Operational Performance (FY 2024-25)
- On a consolidated basis, Revenue from operations rose to 81 crores from 53 crores last year.
- EBITDA at 18 crores against 17 crores in the previous year.
- The company successfully raised 146 crores through the rights issue.
- Company is net debt free except for some working capital requirements.
- The company currently has 40% women representation at its service unit.
- Buyback of shares: the first focus is to fund the current hyper growth, so buyback is unlikely for now.
AI vertical:
- The subsidiary JK Tech is focused on digital transformation in the Gen AI and data space through its own product, Jiva.
- Jiva is a unique agentic AI product that seamlessly integrates structured and unstructured data.
- Jiva has been categorized by Everest and Gartner Group as one of the key challengers globally in the GenAI space.
- Its clientele include Unilever, ICON, Edwards, Thermo Fisher, Segdwick, Inveniam,
Belden, Allied World, Menards, HBK, Alliant International, One Shield, Specsavers, Mark Anthony and Lowell etc.
Home | JIVA JK Tech
Capacity Expansion in Defence and Manufacturing
- Post the takeover of Ellen(composite compnay), the company doubled its existing capacity for three main products supplied to BDL, Brahmos, EEL, and Pinaka Ordnance Factory within the last 18 months.
- The company is undertaking expansion at the Chellapalli plant ( in 20 days work will start form this plant as construction is at an advanced stage) to focus on underwater systems and start a small electronics division. Focus from this plant is all underwater systems.
- A major expansion is planned for the machining unit: acquiring 5 acres of land to construct about 4 lakh square feet, which will house a state-of-the-art machining plant and a state-of-the-art 3D printing facility.
- Approximately 50,000 sqft will be dedicated to R&D and Innovation. Construction is expected to begin by the end of October 2025, with Phase 1 completion by March 2026.
- Also talking to Andra Pradesh govt for more land for new businesses for further expansion related to aerospace for large structure aerospace parts.
- The impact of the capacity expansion is expected to start from q3 fy27.
Future Growth Drivers and Outlook
- The company sees a very robust market for the next 3 years across all three segments (Manufacturing, Digital Manufacturing, Digital Services) specially for the underwater systems and sub systems.
- Growth will be driven by new products, especially those focused on indigenization (Self Reliance vision) by replacing high-quality, import-dependent products.
- Key growth drivers for the next three to five years include kinetics (older and new products), and the massive requirements in aerospace.
- The company is looking at exporting potential to global space companies with order books stretching 25 to 35 years.
- Allen Reinforced Plastics Limited (formerly Allen Reinforced Plastics Private Limited)
i. Receipt of Letter of Intent/Communication from BrahMos Aerospace Private Limited and Bharat Dynamics
Limited by Allen Reinforced Plastics Limited (formerly Allen Reinforced Plastics Private Limited)
During the current year, Allen Reinforced Plastics Limited (formerly Allen Reinforced Plastics Private Limited)
(“Allen”), a step-down subsidiary of the Company, has received the following Letter of Intent (“LOI”) /
Communication from: -
- BrahMos Aerospace Private Limited - valued at approx. Rs. 94.45 Crores (including GST); and
-
- Bharat Dynamics Limited - valued at approx. Rs. 15.90 Crores (including GST).
Financial Stability and Funding
- The company has surplus liquidity due to the rights issue and does not have any debt on a net basis; hence, interest costs are not an issue.
- Fairly well-funded for its concrete plans on the ground, having been proactively funded, including an infusion of almost 250 to 300 crore by the promoter over the last 3 years in JK enterprises.
Numesh Labs Fraud by ex director of 50 crores
- Company has informed all concerned government authorities and are pursuing very strong legal action against the people associated with it.
- The company is engaged in discussions with the parent company and is hopeful of resolving the issue in the next 2 to 3 months.
Some interesting info
They have good set of people on the Board.
RPT updates:
JK Digital & Advance Systems Private Limited:
Signing of MOU with Neuro-Engineering Lab, All India Institute of Medical Sciences, New Delhi (“NEL-AIIMS”):
- During the current year, JK Digital, WoS of the Company, has entered into a Memorandum of Understanding, with. NEL-AIIMS, to establish a collaborative framework between NEL-AIIMS and JK Digital for the development of neurosurgical instruments through an iterative process of design, prototyping, and validation.
Signing of MOU with Council of Scientific & Industrial Research, through its constituent laboratory, Chandigarh (“CSIR-CSIO”):
- During the current year, JK Digital has entered into a Memorandum of Understanding, with CSIR-CSIO to collaborate on the research and development of metal implants by using additive manufacturing technology.
Recent Orders :
1. 139.48 Crore LOA, from Ircon International Ltd to J K Phillips LLP
-
A 50:50 joint venture between Jaykay Enterprises Ltd and Phillips Machine Tools India Pvt Ltd (subsidiary of Phillips Corporation, USA).
-
For the design, supply, installation, commissioning, and training of various conventional machineries for MSME training centers across India on a turnkey basis (GE-Package-2).
-
Key machineries include CNC EDMs (Wire/Wire-cut/Die/Sinking), CMM EDMs, and 3D Printers (Polymer/Metal - small, medium, and large).
2. 94.45 Crore Order, from BrahMos Aerospace to Allen Reinforced Plastics Ltd
- Formerly Allen Reinforced Plastics Pvt Ltd, a step-down subsidiary of Jaykay Enterprises Ltd. for the manufacture of composite parts.
3. 15.90 Crore LOI from Bharat Dynamics Ltd to Allen Reinforced Plastics Ltd
My final thoughts on this one is its valuation is currently a bit expensive but i anticipate they will get more orders in future.
Disc: Invested since a year added recently at 180/- when they got the BrahMos orders.
PS : Not a buy/sell recommendation please do your due diligence if you are interested in this business.
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Stallion India flourochemicals
Inox Air starts specialty gas hub construction in Dholera, validates tailwind for the specialty / semiconductor gases sector in India. Need to watch out for Supply demand metrics.
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You are genuinely helping the fraternity Sir, thankyou from all🙏.
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FlySBS SME : Into Chartered flights.
Addition of 13 seater luxury flight into ints fleet of dry lease.
DSCL : Tracking position and still styduing.
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Neetu Yoshi - Approval for Buffer Assembly for Coaches. In bharat conference they mentioned they are getting large number of orders with low values which will start disclosing after consulting with IR as the orders are small and in line with the business itself but they want to disclose in one commutative go.
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Neetu Yoshi H1 FY26 results summary:
Key developments:
- Recent approval and inclusion of name for Buffer Assembly for Coaches from the
Integral Coach Factory (ICF), Chennai - Relocation of proposed new plant from Kanpur to Haridwar (6 kms from existing plant) with larger land area (12,480 sq. mtrs. compared to 9,810 sq. mtrs. at Kanpur)
- Consistent tender wins, healthy order book. (will update with figures after concall)
Overall outlook:
- With govt focus on developing Dedicated Freight Corridors (DFCs), 3 new DFCs proposed and existing DFCs are being expanded - this provides massive opportunity for the company as they’re completely into commercial bogie part supplies. Their aggressive expansion plans and revenue guidance 110-120 Cr for FY26 (and the recent results coming in line with the guidance) gives me good confidence.
Will join their concall on 10th November 4pm.
Results PDF -
Neetu Yoshi H1 FY26 Results.pdf (2.2 MB)
Disclosure: Invested at current levels, views are biased
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Compiled some notes on Monarch Surveyors:
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In continuation of earlier post, a P2P comparison:
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Thanks for bringing this idea to the forum.
Being in the similar Oil and Gas industry, I personally endorse that the costs of these surveys are easily built in EPC budgets and these surveyors also get paid as projects are in the initial stages and with sufficient liquidity.
Comparison with Dhruv and Rudra ensures the valuations.
P.S- Took some position in this stock last Friday
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Came to know about this very interesting Sme company named TECHD CYBERSECURITY Ltd. which has recently listed on the BSE SME platform. Amazed by the fact that Mr. Vijay Kedia sir holds almost 6% of the company so I digged deeper into it.
Established in January 2017, TechDefence Labs Solutions Limited is a cybersecurity firm specializing in safeguarding digital assets for organizations worldwide.
The company is a CERT-In empanelled, ISO 27001-certified cybersecurity solutions provider, offering end-to-end services and training to domestic and international clients across BFSI, NBFCs, manufacturing, healthcare, aviation, IT/ITES, education, and government sectors
Business Model
a) Services – Cybersecurity consulting, VAPT, SOC, compliance, MSSP, cyber program management, specialized services, staff augmentation.
b) Training – University partnerships (B.Tech, M.Tech, Diploma, M.Sc programs) & corporate training (ISO LA/LI, awareness, CCSE).
Service Portfolio
a) Vulnerability Assessment & Penetration Testing (VAPT)
Covers web, mobile, thick client, network, cloud, and source code assessments.
b) Security Operations Center (SOC) – 24×7 monitoring, threat hunting, incident response.
c) Compliance Services – SEBI, RBI, ISO 27001, GDPR, HIPAA.
d) Specialized Services – V-CISO, Red Teaming, Breach Simulations, Cyber Forensics, Cyber Insurance advisory, Cyber Lab setups, Hardware Security Assessment.
e) Staff Augmentation – SOC analysts, SIEM engineers, GRC resources.
f) MSSP Solutions – Partnerships with CrowdStrike, Palo Alto, Trend Micro, Zscaler, Seqrite, Seceon, Securonix.
g) Cyber Program Managed Services – Integrated compliance, SOC, VAPT, governance.
h) Training Services – University-linked degrees (B.Tech/M.Tech/M.Sc/Diploma) + corporate programs.
Clientelle
Their clients include Adani Group, Zensar Technologies, Astral Ltd, Kedia Capital, 1 Cyber Valley, ETO GRUPPE (Germany), and IQM Corporation, with industry reach spanning BFSI, NBFCs, manufacturing, healthcare, education, aviation, IT/ITES, and government.
I just finished watching a fascinating interview with Sunny Vaghela, the founder of Tech Defence, and wanted to share my main takeaways. His journey from a teenage hacker to a national security expert and now a business leader is incredible.
Here is a breakdown of what was discussed in the interview and believe me the interview was so fascinating that ended up listening it till 3 am in the morning.
1. The “Hacker” Origin Story
It all started when Sunny was in 9th grade. He fell for a phishing scam that hacked his Yahoo email. Instead of just being a victim, it sparked his curiosity to learn how hacking works. He earned the nickname “Sunny Hacker” in his first year of college after giving a seminar where he did a live (and ethical) hack of a classmate’s email.
2. From Pranks to National Security Flaws
What really stood out was his early work. He found major security flaws that were ahead of their time:
- SMS Spoofing: He figured out how to send an SMS from anyone’s number. This started as a college prank but got him on national TV after he showed a reporter.
- VOIP Spoofing: He also found a way to fake his caller ID, making a call from any number. He realized this was a huge national security risk and even challenged the Telecom Minister about it live on TV.
3. Helping with Major National Cases
His skills quickly got the attention of law enforcement. While still in college, he began helping the Ahmedabad Crime Branch. He was brought in on two of India’s biggest cases:
- 2008 Ahmedabad Blasts: He helped trace the terrorists’ email, which was sent by hacking a random person’s Wi-Fi router.
- 26/11 Mumbai Attacks: He was the one they called to trace the VOIP calls the terrorists were receiving from their handlers in Pakistan, as the technology was untraceable by Indian systems at the time.
4. The Leap into Business
After college, his family gave him a 3-month “probation” to prove he could make a living from cybersecurity. He organized a single 2-day ethical hacking workshop, charged ₹10,000 per person, and made ₹2.5 lakhs. This proved his business model and was the real start of his company.
5. Today’s Cyber Threats (The “Big Picture”)
A big part of the discussion was about modern threats. Sunny emphasized that everything is now connected and at risk:
- Critical Infrastructure: His company helps secure power grids, petrol pumps, and other essential services. He pointed to the 2020 Mumbai power outage as a real-world example of a cyberattack.
- The Role of AI: He called AI a “deadly combination.” It’s a double-edged sword: cybersecurity professionals use it to detect threats, but hackers use it to automate and scale their attacks.
6. The Company’s Future and IPO
Finally, he touched on the Tech Defence IPO. He’s not just cashing out; he’s using the funds to build a massive 66,000 sq. ft. R&D and training campus in Ahmedabad. He also openly discussed business risks, like the company’s reliance on him (the “key man”), and his strategy to build more leaders within his organization to solve this.
IPO Details
Co. raised 37 Crs through the IPO and got listed on Sep 22, 2025.
The fresh issue will be utilised for:
a) Investment in Human Resources
b) Setting up the Global Security Operation Centre (GSOC) at Ahmedabad
c) General Corporate Purposes
https://youtu.be/RN1npoKaNc4?si=uwc9Vy3ucQJUeUDr
this is the link of the video to know about the company in detail.
I have not touched upon the valuations part and looks forward from the community to share their personal views on the company
Disclaimer: I have gathered this information from here and there and I am currently not invested in the company.
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