NISUS Minerva Report
Looks like Transaction advisory charges something like a combination
of Investment Banking deal advisory+ AIF AUM +…
Looks Segment 1 Transaction Advisory charges followed by AUM fees bigger so far
Annual results can throw more light on NISUS segment wise followed by Any report or concall
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Yes, I bought the stock recently. I recently orderd from their website to check the authenticity of their claims. I received the products as promised without any quality issues, quality of packaging was good, but was delivered 1 day late by Delhivery. So, this may be a problem with the delivery partner, but I am happy with the overall experience.
Anyone tracking k2 infragen?
Stock has fallen from 300 to 65
As per presentation released by company in may
Under Execution orders were 547 crores
As per presentation released in june
Under execution orders were 423
Implying 124 cr revenue already billed in 3 months
That is about 40 cr per month
If we discount for rain we can assume 20-25 cr revenue in July, august, september
Which amounts to 180 cr in revenue in H1 FY26
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Hi Guys, anyone tracking EMA Partners. Stock has corrected quite a lot, valuations look pretty attractive and even the management feedback has been good. Would love to get some views on exec search business growth and their positioning.
Hi anyone here tracking goblin india, last result good and company looking attractive, give some view members
Thanks for bringing this to notice. Management quality is excellent and current valuations do provide margin of safety.
Blended margin of 18 percent this year, growth between 15-20 percent is key monitorable.
Bad news is CFO resigned due to health reasons on 30th June goes contradictive to management assertion of very less attrition.
I have starter a small position and will increase if stock goes down by another 5 percent and will also monitor this half results.
Goblin India never financially recovered since the challenging days of Covid lockdown. Better consider Brand Concepts in similar space. I have no position in either of them but may add the latter.
I know the CFO who has retired personally, so the exit reason was genuine I can assure. So won’t read that anyway otherwise.
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Any update on Sahasra electronic
- Quick business snapshot
• What they do – Ocean & air freight forwarding, turnkey project-cargo (power-transmission towers, heavy equipment), customs clearance, last-mile trucking and – starting Q2 FY-26 – their own bonded warehouse at Nhava Sheva.
• Where they earn – Core lanes are India → Latin America / Africa; United States contributes < 5 % of volumes.
• Scale – FY-25 revenue ₹502 cr (+85 % YoY), PAT ₹52 cr (+126 %); operating margin jumped to 15 %.
• Balance sheet – Debt-to-equity 0.28 ×, zero promoter pledge, unqualified auditor report.
• Current valuation – CMP about ₹386 → P/E 11 ×; PEG roughly 0.1 × on three-year PAT CAGR. - Why it caught my eye
Positives
• Industry tail-wind: National Logistics Policy, DFC roll-out and export push point to 8–10 % sector CAGR for years.
• Shift to higher-margin project cargo (now 37 % of topline) has lifted margins from 9 % to 15 %.
• Clean governance: low debt, no pledge, no auditor issues.
Concerns
• Working-capital blow-up: Debtor days ballooned to c. 141; FY-25 operating cash flow came in at –₹52 cr despite ₹52 cr PAT.
• Small-cap logistics basket has de-rated 15–25 % since June; liquidity is thin.
• Receivables tied to a handful of EPC exporters; credit cycle 130-160 days on project jobs.
- What management says about the receivable spike
“Project cargo voyages take 75-90 days, and payment clocks start only after discharge, so
year-end debtors look swollen. March was shipment-heavy; about 20-30 % of the ₹190 cr
receivables had already been collected by early June. They expect positive operating cash flow in FY-26 without taking on extra debt.” – Q4 FY-25 earnings call (paraphrased). - Stock is down ~45 % from its March high – why?
- Negative CFO print shocked the street.
- Sector multiple compression in small-cap logistics names.
- Soft guidance – management wouldn’t commit to an FY-26 revenue/PAT number.
- U.S. tariff noise – minimal real impact (< 5 % revenue exposure) but it added to sentiment pressure.
- Open questions for fellow members
• Receivable cycle – Is 130-160 days really standard for turnkey project logistics, or are we funding client credit?
• Cash-flow inflection – Which quarter can we realistically expect CFO to turn positive?
• Margin durability – Can 15 % OPM sustain if spot container rates keep sliding?
• Capital allocation – Future fleet capex supposedly funded only from internal accruals; is that conservative enough?
• Hidden bear points? – Any red flags I might have missed on customer concentration or related-party volumes? - Disclosure
Not invested, tracking position only. This post is for discussion, not a recommendation. Please do your own research.
Looking forward to views from members who track SME logistics or have first-hand insight into project-cargo credit cycles.
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Hey Kulwinder,
Kindly mention the name.
It appears to be SJ Logistics.
As per my understanding, they had a really great year and so coming forward, the growth will be modest plus the point you mentioned about receivables will be the main drag for now.
Market appears to be waiting for good growth numbers or better balance sheet health.
Growing companies tend to have such -ve CFOs but in recent times, validation has gone low.
I have been tracking this counter since their transcript in June but has been in my watchlist only and the price keeps on falling. I will be keeping this in my watchlist only for the time being.
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Sorry forgot to mention name its sj logistic..
I’m trying to understand why SJ Logistics is trading at such a low Price-to-Earnings (PE) multiple and why the stock has been falling recently. Am I missing something crucial, or could this be a potential opportunity? Would appreciate any insights from fellow investors.
I’ve gone through the recent annual report, investor presentation, and concall, but would like to know if there are any red flags I may have overlooked — especially related to working capital, tariffs, or growth sustainability.
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hey, are you still tracking EMA partners?
ema partners:
invested and left hoping for turnaround
Promoter buys as can be seen in NSE
need to see 1/2 results plus commentary to take a call
my understanding is their tech investment made little loss
as initial hiring goes they may incur more expenses
before the hires/consultants bring in more revenues
it will get worse before turns better is my understanding on this
they should have waited and come on mainboard even if little later
valuation wise not vey high but again they have to prove themselves for one or two solid results and execution for turnaround in stock performance
they have cash and investments and own office building ( read somewhere source not sure) 100 cr cash and investments and core business valued at 110 crore.
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I myself think that the sector Logistics and freight forwarding companies is not getting good discounting in the market, all the companies are quoted below issue price or book value the examples are many like TVS supply chain , SICAL
SME logistics gets more discount SJ logistics for example than Mainboard
and sector looks out of favour from SME point of view
Premier roadlines/SJ logistics gets lower multiples
Mainboard still better when compared to SME even profitable ones in SME gets lower multiples
tvs and SICAL are mainboard companies and this thread is about SME
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You are hundred percent correct when mainboard companies are not getting fair treatment than how can SME get, the main reason behind low discounting is lower margins with very high maintenance/running costs. Therefore I don’t think till the improvement of margins the valuation or to say return in stock prices will remain subdued. In their recent presentation of TVSSCS it has been stated that best companies in the world earn margins between 8-12 percent.
Connplex cinemas
plese listen to Rohit of Sunday investing Channel views
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good company if one has a horizon for 1-2 years but not much growth after the third year.
Positives - good promoter mix ( real estate + film distribution background)
Good growth visibility for two years
good anchor and pre ipo investors ( mukul agarwal - sanshi fund) and kp group promoter
asset light model in under penetrated tier 3/4 towns
saw their cinemas on youtube gives a very premium feeling like you see in high end PVR’S at least in Mumbai
Objects of buying an office seems far fetched to me but they plan on adding some vr tech
debt free co
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