“The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.” — Stephen Hawking
Unrelated but another fun read for anyone interested: Errata: Charlatan - Ankit Fadia
You will find quite a lot of similarities in the claims made by two different people.
Disclaimer: No idea about the company. Haven’t studied.
Found another relevant post related to the promoters:
H1 FY26 results out
Good improvement YoY
What’s more promising are the recent order wins, total 131.71 Crores.
Disclosure: Invested, looking to add more in the dip
Afcom Holdings H1 results:
My notes from recent AGM:
September 26, 2025
Strategic Highlights:
NOTE : I have no info on the corporate governance standards of this company or its promoters as its recently listed stock. I had recently posted another stock ( FlySBS ) from same promoter here Satish's SME Corner notes and concall updates - #91 by satishwe
Do Neetu Yoshi and Kalyani Cast Tech share a similar story? (IPO time, ambitious growth, MCap size, Director Kumar Sharat Chandra ftom Indian Railways)
I have not been tracking Kalyani cast in recent past, so cannot comment on it. All the attributes you have mentioned are positives as i see it. Will the company back it up by execution is what I would be watching for.
Monarch Surveyors
I could not understand what is meant by digital twin technology here, 130 crores are marked against this and given to a vendor as advances. This could be a bit alarming if the amount is not righty used and also its not clear if they will continue to spend more into this.
Also the amount is bit huge for the size of company considering they have not disclosed any order for the same (digital twin ).
Just went thru’ the transcript and Yes I agree. Its a huge amount and the answer is quite vague. @RocketMan , do you have any idea? You attended the Concall and understand the company better than many.
No, I think there was a little confusion in conversation.
Investor wanted to know “Other Non-Current Asset” but management thought he is asking “Other current assets”
I can prove this.
So if you check other current assets which has increased by 5cr (that is the advance company has paid for digital twin technology to a vendor)
130cr sitting in Other non current assets has two components to it, one is Bank Guarantees (for various projects) and other is IPO money.
Yes IPO money is fixed deposits which ideally should be part of cash balance but is shown here, this is the question last participant asked too. I think this is just classification issue.
I am attaching screenshot of Fund Utilization certificate that is uploaded on website.
Link - https://www.monarchconsultants.in/_files/ugd/7f4fe1_2b52cdf015c843a592e1d8e9b5a8c9e9.pdf
It’s an honest management. I will call them and ask to correct this. That’s why going through con call is more important than reading transcript (ideally for companies who are doing first concall).
Obviously 130cr is not for digital twin, it’s for various things mentioned in IPO objective.
Also they have done few digital twin projects, you can see on their website.
Very good website (shows capabilities) but very poor investor presentation (will take time)
Seems like this is industry standard, connplex cinemas has also shown it’s ipo money as part of Non current investments.
So ideally it should be current assets, but these are all newly listed companies so not much to look into this. Anyways I have messaged the management about it.
Example of Digital Twin by Mr. Santosh (Head of Railway Division in Monarch)
Thanks @RocketMan @kdjolly , the one concern about that digital twin funding is also taken care from your above posts, I feel stock is cheap at cmp.
Reg the genuineness of orderbook and faking of orders, one such example is Dronacharya. They did everything to fool investors and agencies. But eventually got caught. Below is the high-level findings of sebi .
And the punitive actions taken by SEBI,
• DroneAcharya overstated FY24 revenue by about ₹12.35 crore, mainly through Triconix and IRed, without any real delivery of goods or services.
• Several “customers” used for invoicing had residential or small-shop addresses, indicating orders were fictitious.
• Without these inflated sales, the company would have reported a pre-tax loss, not a profit, for FY24.
• IPO proceeds of ₹33.96 crore were diverted away from the stated utilisation plan in the prospectus.
• The deviation in IPO fund usage was done without shareholder approval and without proper disclosures.
• The company issued misleading corporate announcements about large orders, partnerships, and expansion plans that did not exist or were exaggerated.
• These announcements created artificial demand and supported elevated share prices, enabling certain pre-IPO investors to exit profitably.
• Related/connected entities were used to raise fabricated invoices, creating circular transactions to inflate revenue.
• Promoters and key officers failed to exercise any financial or governance controls, and SEBI noted active concealment of true financials.
• SEBI classified the conduct as fraud under PFUTP regulations and imposed ₹75 lakh total penalties along with market-access bans of up to 2 years on the company, promoters, and involved parties.
Companies like OBSC and the likes with real business and factories and also a decent history at the parent or group level would not tend to do such misadventures. These could possible happen in new age companies with very less history of operations and usually happens in the catchy industry of the time. At present its in Drones, bess , data centre to name a few. Also watch out for businesses which keeps changing their names to the current trend with no real prior experience in that industry.
Would like to share some information about Monarch, business details, order book break up, market size, competitors, etc.. This was a prompt discussion with Screener AI and I felt good to share.
Pls inform if this is useful and i can share more of it.
I fail to understand why FIR was not lodged against such promoters? Such leniency on the part of SEBI smacks off controversy. Is not fraud a criminal offence?
I will be visiting Monarch in GeoSmart expo on 2nd December. Will update this forum with my notes.
Useful Chart to Understand how monarch is placed in value chain across sectors.
Ref - From GeoSmart Expo website
I understand monarch is clear service provider who uses technology to provide the services. There are government players, international players with leading technology as service providers. I am only thinking how Monarch can grow their revenue within India. I will completely discount exports but within India (outside MH) can they grow is the major question for me?
We will eagerly wait for your updates. Management was quite optimistic about Geospatial segment and you can dig more on the opportunity size and Monarch edge in this upcoming business
Mapping the Future: How the Geospatial Industry Is Quietly Becoming India's Next Big Thing . This article can give an idea on the Market size
I recently added a bit of Unihealth, my estimates are shared here.
