Rounaq Bakshi notes

  Capacite Infraprojects is aiming for 20% revenue growth in 2025-26 (FY26), in line with its recent trend. Subir Malhotra, Promoter and Executive Director, said the company had achieved similar growth last year and expects to do so again, supported by a strong order book. On profitability, the company continues to aim for an annual earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 17%, a level it has consistently delivered in the past. The order book remains healthy. In the first quarter alone, the company secured over ₹1,200 crore worth of new orders, including projects from  Saifee Burhani Upliftment Trust (SBUT) , Indus, Raymond, and a data centre for the High Speed Rail project. Capacite is eyeing around ₹3,600 crore in total order intake for the current financial year. On the financial front, Malhotra noted that Capacite Infraprojects maintains a healthy net debt-to-equity ratio of around 0.1 to 0.15. He also said the company’s short...

  Concord Enviro:  treatment plants   Revenue from operations for FY25 stood at INR 5,944.4 Mn compared to INR 4,968.6 Mn in FY24, up 19.64% YoY EBITDA for FY25 stood at INR 870.82 Mn EBITDA margin for FY25 was at 15% similar to FY24. As on 31st March 2025, the order book stands at INR 5,327 Mn, the order pipeline stands at 19,198 Mn as on 31st March 2025. The company's EBITDA & PAT for the year was influenced by a forex loss (peso) of INR 101.85 Mn.    Expanding Geographical Footprint: Marked presence in the US Market in FY25. This is expected to ramp up in the years to come.     Expanding Presence in Emerging Technologies: Developing a strong pipeline in Solar PV, Green Hydrogen, Carbon Capture and Semiconductors, with ongoing discussions with leading clients to deliver advanced sustainable solutions Robust Growth in Product Business: Achieved around INR 77.5 Mn in membrane sales in FY25 via the distributor model; projected to scale to aroun...

  Majority of iPhones sold in the US will have India as their country of origin Speaking to CNBC after the company’s During the company’s Q2 FY25 quarterly results, CEO Tim Cook confirmed that India will be the country of origin for a majority of iPhones sold -- in the June quarter -- in the US, as Apple reroutes its supply chain away from China. Apple is expected to increasingly lean on India to soften the blow of rising tariffs under the Trump administration’s reciprocal trade policy. Apple posted $95.4 billion in revenue for the quarter ending March — up from $90.75 billion a year ago. As Apple shifts its manufacturing geography, India continues to cement its position as a key global hub — not just for local sales, but as a crucial node in Apple’s global supply chain.  $500-billion mission electronics manufacturing ecosystem In a major step towards strengthening domestic electronics manufacturing, the Union Cabinet on March 28 cleared a ₹22,919-crore Production-Linked Incen...

  Indian paper industry in crisis: Only 550 of 900 mills operational The Indian paper industry is facing a downturn, with closures and operational disruptions reported across the country.  Recent data indicates that around 550 of the nation's 850-900 paper mills are operational, according to the Indian Paper Manufacturers Association (IPMA). This decline is attributed to a combination of factors, including raw material scarcity, increased import competition, and economic pressures. The Gujarat Paper Mills Association (GPMA) revealed that over 20 mills shut down in the six months leading up to mid-2023.  This impacted industrial areas like Morbi, Ahmedabad, Surat, and Vapi. Meanwhile, North India witnessed significant disruptions, with kraft paper mills temporarily halting production due to reduced demand.  As per a senior paper industry expert, "The industry's reliance on imported wood chips and waste paper, coupled with a low domestic waste paper recovery rate, has ...

  Cash and bank balances of listed firms cross Rs 10 lakh crore in FY25 Data from ACE Equities shows that 3,611 listed companies—excluding those in the BFSI and oil & gas sectors—reported aggregate cash and bank holdings of Rs 10.67 lakh crore at the end of FY25, marking a 15 percent increase over the previous year. In FY24, 4,289 firms held Rs 9.26 lakh crore in reserves. Compared to FY20, when total holdings stood at Rs 5.5 lakh crore, this represents an increase of over 50 percent. “This 15% year-on-year jump (and over 50% since FY20) in cash reflects not only strong earnings across sectors such as auto, IT, pharma, and renewables, but also a shift toward financial prudence,” said Akshat Garg, AVP at Choice Wealth. “Corporates are building cash buffers in response to global economic weakness, trade frictions, and tariff headwinds that threaten export revenues.” Apurva Sheth, Head of Market Perspectives and Research at Samco Securities, observed that private sector capital ex...

  Reinsurance Industry Overview : India is  4th largest Non-Life mkt in Asia and 15th largest globally in 2023 Reinsurance Industry Overview Reinsurer - Primary insurers cede actuarial and catastrophe risks to another professional Insurance Risk carrier to limit its undiversifiable risk exposure & management of their capital efficiently  Reinsurance Industry Plays a Pivotal Role in Driving the Growth of Insurance Industry  Providing insurers protection against large and catastrophic loss  Providing insurers protection against bottom line volatility.  Providing insurers capacity to write more insurance business  Potential for further price increase because of current environment (catastrophic events, etc)  Global Size expected to grow from ~USD 642 Billion in 2023 to ~USD 2001 Billion in 2034  India’s insurable population to be 100 cr. by 2035 No of middle-class households is expected to almost dou...

  Apollo Hospitals FY25 Consolidated PAT grew 61 %  With these announcements, Apollo Hospitals commits to adding over 4,300 beds over a period of 3 to 4 years, beginning FY26 with a total capital outlay of over Rs. 8,000 crores, with a balance capital outlay of over Rs. 6,000 crs FY25 Revenues at Rs. 217,940 mn vs Rs. 190,592 mn in FY24; 14% YoY growth FY25 Consolidated PAT grew 61 % Yo Y to Rs. 1,446 Crores;      Reported PAT at Rs. 14,460 mn vs Rs.8,986 mn in FY24; 61% YoY growth      Apollo Pharmacies crossed 6,600 stores this year and Apollo 24/7 commenced distribution of Insurance products to increase access to care.     As on March 31, 2025, Apollo Hospitals had 8,025 operating beds across the network (excluding AHLL & managed beds). The overall occupancy for hospitals was at 67% vs 65% in the same period in the previous year     Innovation remains most powerful ally - from Al-powered diagnostics to precisio...

   Ksolves India: More than 10x growth in Revenue & 50x growth in Profit after Tax in 5 years.   Launching DFM – Disrupting the Data Flow Deployment Market   9,000+ companies currently using NiFi globally. Even a reasonable market capture could represent big opportunities. Ksolves has bouquet of products. Product “Dashboard Ninja” is performing exceptionally well with over 2,700 downloads   Selling DFM opens the door for high-value service contracts  Easy to create, extremely difficult to test and stabilize (6+ months of rigorous testing).If replicated, it would take 9+ months and high costs, requiring NiFi super-experts.  Successful demos with Red Hat, Airtel, and IBM— universal feedback: “This is needed, and currently unavailable in the market.”     The First Ever UI Driven Data Flow Management Tool with NiFi Control Portal — 70% Cost Savings for Organizations Acquired first client for Data Flow Manager (DFM)- client is a bill...

  Colgate-Palmolive (India):  FY25 Net profit after tax for the full year grew by 8.5% Colgate-Palmolive (India) Limited reported net sales of Rs. 5,999 Crore for the year ended March 31, 2025, as compared to Rs. 5,644 Crore for the same period last year.  FY25 domestic Net Sales growth reported at 5.6%    Profitability: Net profit after tax for the full year grew by 8.5% year-on-year to Rs. 1,437 Crore from Rs. 1,324 Crore in the previous year.  Second Interim Dividend per share of Rs. 27/- with total dividend of Rs. 51/- for FY25 In November 2024, the Company launched the nationwide Oral Health Movement (OHM), a significant step towards our commitment to improve oral health in India. The program leverages digital innovation providing free dental screening using an AI-powered tool and has reached 4.5 million people till date; paving the way for a healthy population and healthy nation.  During this quarter, the flagship product - Colgate Strong Teeth T...

Ambuja crosses 100 MTPA Capacity      Ambuja :   Roadmap to 140 MTPA - 100+ at present, 118 by FY’26 and 140 MTPA by FY’28     Capacity enhancement by ~ 50% since acquisition of Ambuja in Sept’22     PAT growth 9% in FY 2025     Presence in 31 states & union territories and 635+ districts   Successfully completed acquisition of Orient Cement (in Apr’25) Successfully commissioned 2.4 MTPA brownfield expansion of GU in Farakka (WB), debottlenecking of 0.5 MTPA across various plants Highest ever volume in a quarter, quarterly volume growth of 13% YoY, @ 18.7 Mn T (excl. Orient) EBITDA for Q4 @ Rs 1,001 PMT, margin at 18.9% vs. Rs 537 PMT in Q3 (excl. non-recurring govt. grant of Rs. 826 Cr) Net worth at an all time high of Rs. 63,811 Cr and Cash & Cash equivalent at Rs 10,125 Cr Highest ever annual volume at 65.2 Mn T, up by 10% YoY  Crossed 100 MTPA capacity (~ 50% capacity addition over last...

Cyient Announces the Launch of Semiconductor Subsidiary Cyient, a leading global engineering and technology solutions company, announced the launch of its fully owned semiconductor subsidiary, Cyient Semiconductors.  This strategic move strengthens the company’s commitment to innovation and excellence across the global semiconductor landscape.  By carrying forward Cyient’s expertise in semiconductor design, Cyient Semiconductors will focus on scaling Application-Specific Integrated Circuit (ASIC) turnkey solutions for customers.  For more than 25+ years, Cyient has been delivering comprehensive ASIC turnkey solutions and semiconductor design services across industrial, data center applications, automotive, and medical.  Driven by strategic organic and inorganic growth, Cyient Semiconductors has built high-performance teams across India, the U.S., Germany, Belgium, the Netherlands, and Taiwan.  “Our vision is to align Cyient’s semiconductor capabilities with the ...

PONDY OXIDES & CHEMICALS: Smallcap story The company’s major customers are battery manufacturers and chemical manufacturers. Pondy Oxides garners about 55 per cent of revenue from exports. The company is one of the largest exporters of lead products from India. Over the past 15 years, it has been exporting to Southeast Asian countries and the Middle East. It ships its products directly to the battery manufacturers in countries like Japan, South Korea, Thailand, Indonesia, Vietnam and Malaysia, among others. PONDY OXIDES & CHEMICALS; leading manufacturer of lead, lead alloys and plastic additives, is taking up greenfield and brownfield capacity expansion programmes at an estimated investment of Rs.570 crore on favourable growth opportunities. The acquisition of land is a significant step in prioritising our strategic expansion plans, with focus on the Make in India initiative and cater to both domestic and international markets.  The investment is aimed at establishing and e...

    Samvardhana Motherson International Limited  : Empanelled as Tier-1 Airbus Capex guidance for FY 26 is Rs 6,000Cr (+/-10%) Greenfield in India for the Printed Circuit Board Assembly (PCBA) to support customers & strengthen vertical integration.  Greenfield in India for manufacturing and assembly of components for semiconductor manufacturing machines  Outpacing the industry by ~15%, supported by content growth and M&As      Fast-tracked growth of Aerospace    Advanced metal fabrication, machining composites and surface treatment capabilities; deployed horizontally across the aerospace value chain    Presence in the product value chain of aeroengines and aerostructures.    Access to large and complex packages is available only to Tier-1 Suppliers. Present across all major commercial aircraft platforms( A320/21, A330, A350,B737,B767,B777,B787)  Present on entire family of LEAP Engines (A,B&C) ...

  India’s total exports growth of 5.50 percent Vs Total imports registering a growth of 6.85 percent. India’s total exports during FY 2024-25 (April-March)* is estimated at US$ 820.93 Billion registering a positive growth of 5.50 percent.  Total imports during FY 2024-25 (April-March)* is estimated at US$ 915.19 Billion registering a growth of 6.85 percent. Merchandise trade deficit during FY 2024-25 (April-March) was US$ 282.83 Billion as compared to US$ 241.14 Billion during FY 2023-24 (April-March). Major drivers of merchandise exports growth in FY 2024-25 (April-March) include Coffee, Tobacco, Electronic Goods, Rice, Jute Mfg. including Floor Covering, Meat, dairy & poultry products, Tea, Carpet, Plastic & Linoleum, RMG of all Textiles, Drugs & Pharmaceuticals, Cereal preparations & miscellaneous processed items, Mica, Coal & Other Ores, Minerals including processed minerals, Engineering Goods and Fruits & Vegetables. Electronic Goods exports increa...

  LatentView Q1 PAT 29.9% YoY Growth Reports Strong Q1FY26 Results with 31.9% YoY Revenue Growth and EBITDA Margin at 21.4%  Latent View Analytics , an AI-driven analytics, data engineering, and consulting firm, announced its financial results for the first quarter ended June 30, 2025.  Rajan Sethuraman, Chief Executive Officer, LatentView, said, "We are pleased to report our tenth consecutive quarter of revenue growth, with 1.6% sequential growth and 31.9% YoY. While growth was broad-based across verticals, we are enthused by the strong momentum in our Financial Services practice that grew 21.3% sequentially and 48.4% YoY. We are witnessing increased traction in our GenAI practice and anticipate that it will double, contributing 12-14% of our overall revenue by the end of FY26. As we look ahead, we will continue to focus on deepening relationships with our key clients, strengthening the Databricks partnership, and building cutting-edge solutions and capabilities powered ...

  Electrosteel Castings : Foraying Value Manufacturing through Strategic Acquisition  Q1FY26 Financial Highlights:  • Total Income declined by 22.1% YoY to INR 1,586 Crores due to temporary slowdown of Jal Jeevan Mission funding.  • EBITDA stood at INR 198 Crores in Q1FY26; EBITDA margin was at 12.5% during the quarter.  • PAT stood at INR 89 Crores in Q1FY26; PAT margin was at 5.6% during the quarter. Foraying Value Manufacturing through Strategic Acquisition  • ECL has acquired 100% shareholding in Italy based company T.I.S Service S.p.A (“TIS”).  • TIS is amongst the leading international designer and manufacturer of Valve and Equipment for water mains services, sewage treatment plants and hydroelectric power stations.  • The Company’s diversified product portfolio includes butterfly valves, gate valves, air relief valves, hydropower valves, and hydraulic control valves.  • TIS has developed a new revolutionary product i.e t...

  Black Box Limited: PAT rose by 28% to `47 crore in Q1 FY26 PAT o While EBITDA remained unchanged on a YoY basis, PAT rose by 28% to `47 crore in Q1 FY26 compared to `37 crore in Q1 FY25 Focus continues towards large size contracts; large value deals constituted nearly 2/3rd of the total deals won in Q1 Several new large bids in pipeline ($5mn and above) o Pipeline remains strong at over $2.0bn Orders booked to grow to $1bn by end of FY26 Targeting $700mn+ order backlog by end of FY26 Total Q1 order wins were `1,506 crore ($176mn) o Notable order wins (Americas); Very large Project from a US-based leading financial services giant Two significant data center orders; i) one of worlds largest hyperscaler, and ii) a top ten global co-lo provider A workplace solution engagement from one of the world’s largest OTT players for their operations in Latin America A workplace solution engagement from a top-tier US-based city transport authority A connectivity infrastructure and networking or...

  Orient Technologies – IT Transformation Partner As businesses and government organizations accelerate their digital transformation journeys, Orient Technologies stands ready to seize emerging opportunities, enhance its portfolio of innovative services, and reinforce its leadership in India’s dynamic technology landscape. With a strong order book valued at ₹414.40 crore for the remainder of FY 2026 - including ₹178.72 crore scheduled for billing by September 30, 2025 - Orient Technologies is wellpositioned for sustained growth. The company remains focused on expanding its footprint across key sectors, with Device-as-a-Service (DaaS), cloud infrastructure and services, Total Outsourcing, Application development and management, and cybersecurity forming the core of its growth strategy Significant Cloud Business Expansion Complementing its DaaS momentum, Orient Technologies has achieved substantial growth in its cloud services portfolio, driven by key contracts in cloud collaboration...

JPMorgan Forecasts Strong Growth in India's Electronic Manufacturing Services Sector JPMorgan initiates coverage on six EMS stocks, rating Syrma, Dixon, and Kaynes 'Overweight', Amber and Cyient DLM 'Neutral', and Avalon 'Underweight'. The EMS sector is expected to sustain strong growth, with revenue projected to grow at a 32% CAGR over FY25-30, driven by rising electronics content, the 'Make in India' initiative, and a global supply chain shift towards India. JPMorgan forecasts a 31% CAGR for Syrma and a 38% CAGR for Dixon over FY25-28. Global brokerage firm JPMorgan has initiated coverage on six electronic manufacturing services (EMS) stocks, with varying ratings. The firm has assigned 'Overweight' ratings to Syrma SGS Technology, Dixon Technologies, and Kaynes Technology, while Amber Enterprises and Cyient DLM received 'Neutral' ratings, and Avalon Technologies was rated 'Underweight' [1][2][3][4]. JPMorgan expects the EMS ...