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...

   $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 Incentive (PLI) scheme for component manufacturing. The initiative is expected to generate ₹4.56 lakh crore in production and attract ₹59,350 crore in investments, while creating 91,600 direct jobs and many more indirect employment opportunities. Industry leaders have welcomed the move, calling it a transformational push for India’s electronics sector. The scheme includes employment-linked incentives, capital support, and incremental turnover-linked incentives, with a strong focus on deepening value addition and integrating with global supply chains. ICEA: ‘A new era for electronics manufacturing’ Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), hailed the scheme as a milestone for India's journey towards a $500-billion electronics manufac...

  India’s paper imports more than double in four years to 2.05 million tonne, posing challenges for local players: IPMA Paper and paperboard imports reached a record 2.05 million tonne in 2024-25 with a 33 per cent jump in volume from China, the Indian Paper Manufacturers Association (IPMA) said  while expressing concerns over growing shipments. Urge the government to implement stricter quality control measures, review trade agreements that lead to duty-free or low-duty access for paper imports, undertake trade remedial measures, and ensure a level playing field for the Indian paper industry Imports have made most small and medium paper mills in India commercially unviable.  According to Department for Promotion of Industry & Internal Trade (DPIIT), out of over 850-900 paper mills in the country, only 550 are operational The relentless surge in paper imports is a matter of grave concern for the domestic paper industry, which has invested substantially in capacity buil...

  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 Cements:  PAT @ Rs 5,158 Cr (up 9% YoY)   Net worth increased by Rs. 12,969 Cr during the year and stands at Rs. 63,811 Cr EBITDA PMT @ Rs. 1,001, EBITDA Margin at 18.9% The Cash & Cash Equivalent stands at Rs. 10,125 Cr enables accelerated growth in future  For Ambuja Cements (consolidated), business level working capital stands at 28 days, reflecting agility in unblocking the funds in inventory and receivables       Company remains debt free & continues to maintain highest rating Crisil AAA (stable) / Crisil A1+    Successfully commissioned 2.4 MTPA brownfield expansion of GU in Farakka (WB), debottlenecking of 0.5 MTPA across various plants Successfully completed acquisition of Orient Cement With 100+ MTPA, Ambuja is now 9th largest Cement Company in the world Highest ever Volume in a quarter, quarterly Volume growth of 13% YoY, @ 18.7 Mn T Commissioned 299 MW RE power (200 MW Solar/99 MW Wind) out of the planned tota...

  Cyient Delivers Strong Q1; PAT Up 30% YoY Financial Highlights for Q1 FY26 Cyient Group cash position at INR 1,894 crores, with QoQ increase of INR 262 crores Cyient DET* PAT at INR 163 crores, with YoY growth of 30% Cyient DET* Revenue at INR 1,393 crores, with QoQ degrowth of 0.3% and YoY growth of 3.6% Cyient DET* added 14 new logos across all industries in Q1 Key accounts witnessed growth of 4% QoQ and 11% YoY      Cyient Semiconductors, which is dedicated to addressing high-growth opportunities in cutting-edge semiconductor technologies with capabilities in high-performance analog and mixed-signal ASIC across industries, will play a pivotal role in shaping future growth   About Cyient  Cyient (Estd: 1991, NSE: CYIENT) delivers intelligent engineering solutions across products, plants, and networks for over 300 global customers, including 30% of the top 100 global innovators.  As a company, Cyient is committed to designing a culturally inclu...

Pondy Oxides and Chemicals Limited: Q1 :  Revenue from Operations, EBITDA and PAT increased by 35%, 78% and 94% on YoY basis.  Q1FY26 Key Financial Highlights   Revenue from Operations has increased to INR 596 Cr., up 36% and 15% on YoY and QoQ basis. POCL experienced this substantial growth as a result of increased production, sales, and realizations in both Lead and Copper.   EBITDA increased significantly by 82% to INR 43 Cr on a YoY basis. EBITDA margins exceeding the 7% mark represent a significant milestone in POCL’s journey toward long-term, sustainable value creation.   PAT increased by 90% to INR 28 Cr on YoY basis. PAT Margins increased to 4.6%, up from 3.3% in Q1FY25.   On a Consolidated basis also, POCL reported a strong financial performance. Revenue from Operations, EBITDA and PAT increased by 35%, 78% and 94% on YoY basis.   The Q1FY26 sales mix between domestic and export markets stood at 44% and 56% respectively.   The perce...

    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 ...

Agarwal Industrial Corporation Ltd: manufacturer and trader of bituminous products   Strengths : Established market position in the bitumen industry:   AICL group benefits from the extensive business experience of the promoters of over four decades, their understanding of the dynamics of the local and global bitumen market, and established relationships with suppliers and customers.  The group’s strategically located manufacturing facilities and storage units has helped in reduction of transportation cost.   Diversified revenue profile with established clientele:   Apart from being a manufacturer and trader of bituminous products, AICL group provides integrated solution to its customers in terms of transportation.  AICL group is also engaged in transportation of LPG cylinders, power generation through windmill and ship chartering business.  The parent company - AICL’s freight expenses are expected to be moderated to the extent of 60-70% in the form of ...

After 30 years of zero rates… Japan’s 30-year 𝗯𝗼𝗻𝗱 𝘆𝗶𝗲𝗹𝗱 𝗷𝘂𝘀𝘁 𝗵𝗶𝘁 𝟯.𝟮𝟵% — an all-time high. One election. One policy shift. And the 𝘄𝗼𝗿𝗹𝗱’𝘀 𝗹𝗼𝘄𝗲𝘀𝘁-𝘆𝗶𝗲𝗹𝗱 𝗲𝗰𝗼𝗻𝗼𝗺𝘆 𝗷𝘂𝘀𝘁 𝗳𝗹𝗶𝗽𝗽𝗲𝗱 𝘁𝗵𝗲 𝘀𝘄𝗶𝘁𝗰𝗵. Why it matters: Japan has quietly been the world’s bond anchor. When their yields rise → global yields rise → the cost of money everywhere goes up. The chain reaction: 𝗝𝗚𝗕𝘀 𝗮𝗿𝗲 𝗻𝗼𝘄 𝗲𝘅𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗴𝗹𝗼𝗯𝗮𝗹 𝗯𝗼𝗻𝗱𝘀. ✔️U.S. 10Y is climbing. , ✔️Expensive tech ($QQQ) is feeling the squeeze. The real story? The legendary Yen Carry Trade — borrowing cheap yen to buy global risk assets — is breaking. 𝗛𝗶𝗴𝗵𝗲𝗿 𝗝𝗚𝗕 𝘆𝗶𝗲𝗹𝗱𝘀 = 𝗵𝗶𝗴𝗵𝗲𝗿 𝘆𝗲𝗻 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗰𝗼𝘀𝘁 = 𝗴𝗹𝗼𝗯𝗮𝗹 𝗱𝗲𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗶𝗻𝗴 𝘄𝗮𝘃𝗲 𝗶𝗻𝗰𝗼𝗺𝗶𝗻𝗴. Watch these levels: 💱 USD/JPY below 145 📈 U.S. 10Y > 4.8% Bottom line: This isn’t “just Japan, It’s a global monetary shock