Rounaq Bakshi notes

  Adani Green: Operational RE capacity grows 30% YoY to 14.2 GW, continues to be India’s largest   Greenfield addition of 3.3 GW in FY25, India’s highest ever by any RE company  Contributed 16% of nationwide utility-scale solar and 14% of wind installations in FY25 Energy Sales increase: Up by 28% YoY to 27,969 million units, equivalent to half of Singapore’s annual power consumption  Industry-leading EBITDA margin: Achieved EBITDA margin of 91.7%  CAPACITY ADDITION & OPERATIONAL PERFORMANCE – FY25: Project Development Excellence: AGEL has consistently expanded its greenfield capacities backed by advanced resource planning, engineering, and supply chain management, with project management, execution and assurance from partners, Adani Infra India Ltd (AIIL). Operational Capacity: Expanded by an impressive 30% YoY to 14.2 GW and to increase to 15.2 GW with an additional 1 GW near completion, putting on track to achieve 50 GW target.  The greenfield additi...

Kamdhenu Limited Q1 Profit After Tax (PAT) also recorded a robust 39% YoY growth, reaching Rs. 21 crore Kamdhenu Limited Delivers Highest-Ever Quarterly Royalty Income at Rs. 42 Crores up by 19% YoY Commenting on the results, Mr. Satish Kumar Agarwal, Chairman & Managing Director said: “We started the year on a strong footing, with revenue growing 6% year-on-year to Rs. 196 crore. Profitability saw a sharp upswing, driven by a substantial increase in royalty income. PBT grew by 43% YoY to Rs. 29 crore, with PBT margin expanding by 370 basis points to 14.6% from 10.9% in the same period last year. Profit After Tax (PAT) also recorded a robust 39% YoY growth, reaching Rs. 21 crore. Our own manufacturing volumes and franchisee volumes continued to post stable growth, each growing by 8% year-on-year. We anticipate the current year to be marked by accelerated capital expenditure and infrastructure development. This momentum is expected to be supported by large-scale government initiativ...

  IndiaMART  FY25: Net Profit growth: 65%   Consolidated Revenue from Operations of Rs. 1,388 Crore, YoY growth of 16%  EBITDA margin of 38% Consolidated Cash generated from Operations at Rs. 623 Crore Board of Directors recommended final dividend of Rs. 30 per share for FY 2024-25 and a special dividend of Rs. 20 per share, aggregating to total dividend of Rs. 50 per share  Cash and Investments 2,885 cr IndiaMART registered Unique business enquiries of 27 million in Q4FY25; representing a YoY growth of 10% Supplier Storefronts grew to 8.4 million, an increase of 6% YoY and paying suppliers at the end of the quarter were 217K, representing net addition of 2.1K.    IndiaMART is India's largest online B2B marketplace for business products and services.  IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.  IndiaMART provides ease ...

  Tembo FY25 PAT grew exponentially by 2.6x YoY to INR 51 Crores.  Tembo is a prominent engineering company, manufacturing high-quality specialised metal products for a wide array of applications, including Pipe Support Systems, Fasteners, Anchors, and HVAC, catering to industries like Automotive, Real Estate, Infrastructure and Oil & Gas. Additionally, the Company process and supplies fibres and yarn (Textiles Division) and forayed into the Defence sector in FY25. Manufacturing of Engineering Products | Textiles | Defence Products (from FY26) | Solar Power      15,000 MTPA capacity with forward and backward integration of our manufacturing facilities has resulted in cost savings and increased profitability. Ongoing Capex to enhance the capacity by 6x i.e., up to 1,05,000 MTPA in the beginning of Q2FY26  Revenue: The Revenues grew by 69.5% YoY to INR 743 Crores owing strong execution of EPC orders. EBITDA: EBIDTA surged by 2.6x YoY to INR 92 Crores due ...

KRYSTAL INTEGRATED SERVICES: specializes in sectors such as healthcare, education, City infrastructure, Waste Management and Manufacturing segment  KRYSTAL INTEGRATED SERVICES: PAT grew by 27.1% in FY25   Total Income grew by 18.1% to Rs. 1,212.78 Crore in FY25 compared to Rs. 1.026.85 Crore in FY24, mainly on the back of continued execution of a strong order book. EBITDA increased by 13.1% to Rs. 77.71 Crore in FY25 compared to Rs. 68.68 Crore in FY24 EBITDA Margin stood at 6.41% for FY25 marginally declining by 28 bps as compared to the last year.  Investments made towards new ventures during the year had a bearing on the margin. PAT grew by 27.1% to Rs. 62.33 Crore in FY25 compared to Rs. 49.03 Crore in FY24   Growth driven by new & ongoing projects across the service bouquet   Diversifies into Waste Management, Water Treatment & Technical Facility Management as part of Diversification Strategy   Commenting on the performance, Mr. ...

  Aditya Birla Fashion and Retail Limited :  pursue aggressive growth to triple in scale and double in profitability over the next 5 years Aditya Birla Fashion and Retail Limited Aditya Birla Fashion and Retail Limited (ABFRL), part of the Aditya Birla Group, is India’s leading fashion powerhouse, offering a distinguished portfolio of renowned brands and retail formats, catering to multiple high-growth segments.    Way forward With a leading presence across multiple high-growth platforms, the demerged ABFRL is well placed to emerge as a strong diversified player in the sector. With over Rs. 2350 Cr of gross cash at consolidated level following the recent capital raise, the Company is all set to pursue aggressive growth to triple in scale and double in profitability over the next 5 years   As of March 31, 2025, the Company has presence across 1,167 stores spanning 7.3 Mn sq.ft. retail space.  ABFRL’s portfolio includes Pantaloons, one of India’s most lo...

 HLE Glascoat trusted partner to India’s chemical and pharmaceutical industries HLE Glascoat PAT for the FY25 growth of 51.1% on a year-on-year basis,   Key Operational and Financial Highlights Operating Highlights Robust Orderbook as on 31st March 2025 of ₹ 57,506.2 lakhs provides good visibility for enhanced future performance The Company continues to receive enquiries for orders for all segments The Board has proposed a dividend of 55% (Rs. 1.10 per equity share) for FY2024-25. The Company has inaugurated its state-of-the-art Centre of Excellence at Anand, Gujarat. Kinam has initiated supplies of its first large Oil and Gas order. This order will be fully executed in the Q1 of FY2025-26 The Hon’ble NCLT, Ahmedabad Bench has fixed the final hearing for approval of the Scheme of Amalgamation of Kinam Enterprise Private Limited with HLE Glascoat Limited in July, 2025 Financial Performance The consolidated Revenue for the FY25 stood at ₹ 1,02,758.7 lakhs, achieving a growt...

  IGPL FY25  Profit after tax grew 2.8 times to Rs. 112 crores for the year     IGPL is the largest manufacturer of Phthalic Anhydride (PAN) in India and ranks second globally. It is one of the most cost-efficient producers of PAN globally and commands more over 50% market share in India.    IGPL has five state of the art plants of PAN located at MIDC, Taloja in Raigad District, Maharashtra with proximity to the chemical belt in Western India and ports with an upcoming Advance Plasticizer plant at the same location.   •PAN is a white crystalline solid which transforms to colourless liquid upon heating. It is a versatile intermediate in organic chemistry for the production of Plasticizers, Unsaturated Polyester Resins, Alkyd Resins, Paints & CPC Pigments.   DEP is a downstream derivative of PAN. IGPL forayed in the manufacturing of DEP in FY22.  •IGPL also produces Benzoic Acid from wash water which is derived while manufacturing...

  India's GDP is expected to grow to USD 7.5 trillion in 2030 from present USD 3.8 trillion in 2024.  This implies India Construction and other industry segments.  As such the adds another India in 7 years and set to become the Manufacturing Hub for the World   This is a big positive for India as no other economy in the world has such high growth rate      Passenger vehicle sales are projected to reach 6 million units by 2030, with a Compound Annual Growth Rate (CAGR) of 5.6% from 2024 to 2030     The Indian steel industry is experiencing robust growth,  driven by strong domestic demand and government support. Projections indicate significant increases in both production and consumption, with the industry aiming to 300 million tonnes crude steel capacity by 2030-31.  Per capita steel consumption is also expected to rise, products development. India's GDP grows at 7.4% in Q4 FY25; full-year growth estimated at 6.5% India’s ...

  JBM Auto:  PM-eBus Sewa Scheme JBM Auto stands firmly committed to India’s e-mobility revolution.  The company’s order book continues to retain its robustness with the award of this prestigious tender under the PM-eBus Sewa Scheme (Tender-II) that underscores the Hon’ble Prime Minister’s vision to expand the deployment of electric buses to the grassroot level of the Nation.  These e-buses will clock over 32 bn+ passengers e-kms and will save over 1 bn+ CO2 emissions over 12 years of deployment.  With this order, the company’s robust order book now stands at 11,000+ electric buses in various stages of execution, a significant driver towards the achievement of the company’s Net Zero 2040 goal.    JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, has been awarded the Tender for end-to-end execution of 1,021 [One thousand twenty one] Electric Buses and development of allied electric and civil Infrastructure on Gross Cost Contracting...

Market capitalization of all BSE-listed companies has crossed the $5 trillion mark for the first time in three months riding on a sustained rally in both bluechips and broader market shares The last time it surpassed $5 trillion was on January 20. Currently, four countries—including the US, China, Japan, and Hong Kong—have a market capitalization in excess of $5 trillion.  India’s equity market slipped to $4.5 trillion m-cap on April 7, but has since then recovered by over $500 billion. Sector-wise, analysts recommend focusing on domestic-driven themes over global ones. Financials are expected to maintain leadership, supported by PSU, metal, telecom, pharma, and consumption sectors, while IT, capital goods, and infrastructure present attractive risk-reward setups Domestic optimism has been bolstered by early corporate earnings estimates projecting 2–3 percent growth for the June quarter, as well as renewed foreign investor interest, with over $1 billion in net inflows over the past...

  Pitti Engineering:  PAT up by 36.33%   FY25 Consolidated Financial Highlights Sales Volume is increased to 63,215 MT as compared to 42,305 MT in FY24; increased by 49.43% Total Income was at ₹ 1743.36 crore, as compared to ₹1292.66 crore in FY24, up by 34.87% EBITDA was at ₹ 271.12 crore as compared to ₹ 181.03 crore in FY24; registered a growth of 49.77% PAT was at ₹ 122.29 crore as compared to ₹ 89.70 crore in FY24; up by 36.33% on YoY basis   Pitti Engineering specializes in the manufacturing of a wide range of products such as electrical steel laminations, motor cores, sub-assemblies, die rotors and press tools and are the market leader in lamination vertical, which is part of the rotating electrical equipment vertical.  The Company supplies a wide range of products under its rotating electrical equipment and machined component verticals for usage in diversified set of industries like renewable energy, power generation, automotive, data centre generat...

  Jubilant Pharmova : Double revenues from FY24 to FY30   Commenting on the Company’s performance in FY25, Mr. Shyam S Bhartia, Chairman Jubilant Pharmova and Mr. Hari S Bhartia, Co-Chairman & Non-Executive Director, said, “We are pleased to announce revenue of Rs. 7,235 Cr. in FY25, growth of 8% over last year. We delivered robust revenue growth across Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables and CRDMO businesses. EBITDA grew by 24% to Rs. 1,230 Cr. on the back of strong operating performance across all business units. EBITDA margins for the year expanded by 220 basis points. Reported PAT grew by 1,050% to Rs. 836 Cr., while normalised PAT grew by 112% to Rs. 415 Cr. on the back of improved operating performance and reduced finance cost. Net Debt / EBITDA reduced from 2.5x in Mar’24 to 1.1x in Mar’25 on the back of voluntary debt prepayment of USD 125 million in FY25. In Feb’2025, outlined Vision 2030, which is to double revenues from FY24 to...

  India Fluorochemicals Market : Find companies India Fluorochemicals Market size was valued around USD 622 million in 2022 & is estimated to grow at a CAGR of about 10.24% during the forecast period, i.e., 2024-29. The electronics industry relies heavily on variety of Fluorochemicals for applications such as wire and cable insulation, semiconductor manufacturing, and serving as dielectric materials. The government of India is aiming to boost its industrial manufacturing by 2030, as part of its 'Make in India' initiative, by focussing on various sectors, with a special emphasis on electronics, renewable energy equipment, and electric vehicles (EVs). India’s organic growth in the consumption of electronics, coupled with the Government’s target of achieving USD 300 billion worth of domestic electronics manufacturing by 2025–26.     Market Size: The Indian air conditioning market was valued at approximately USD 5.32 billion in 2024.  • Projected Growth: Expecte...

  ARROW GREENTECH: PAT for FY25 growth of 115% on Y-o-Y basis Operational/Financial Highlights  Revenue from operations for FY25 stood at Rs 2,434 Millions, as compared to Rs. 1,485 Millions in FY24, registering a growth of 64%  EBITDA for FY25 was Rs. 883 Millions, as compared to Rs. 463 Millions in FY24 EBITDA margin for FY25 stood at 36.3% as against 31.2% in FY24 which showcase expansion in margins by 510 bps PAT for FY25 was at Rs. 630 Millions, registering a growth of 115% on Y-o-Y basis PAT margins expand by 593 bps in FY25 as compared to FY24 The Board of Directors has declared a dividend of ₹4 per equity share for the financial year 2024-25     During the Q4 quarter,  granted a US patent (No. 12194771) for its “Dual-Color Shift Security Film” an innovative solution that enhances document security through color-shifting features and improved counterfeit resistance. This development further strengthens intellectual property portfolio and underli...

  India’s data centre boom: Anant Raj to invest $2 bn to expand Haryana facilities. Target to expand data centre capacity to 300 MW by 2032. Data centre revenue share expected to rise from 5% to 40% in 4 years. Partnered with France’s Orange Business for cloud services The company aims to increase its capacity to over 300 megawatts by 2032, according to managing director Amit Sarin. Currently, Anant Raj operates one data center and intends to launch two more in Haryana, northern India. The funding for this project will come from the company’s internal resources. Anant Raj’s ambitious projection that data centers will grow from 5% to over 40% of its revenue within four years signals a significant business model transformation for traditional real estate developers.

  Arvind SmartSpaces : Q1 FY26 PAT increased 159% YoY   Performance summary of Q1 FY26:  • Bookings were at Rs. 175 Cr vs. Rs. 201 Cr last year  • Collections amounted to Rs. 191 Cr vs Rs. 249 Cr last year  • Revenue from Operations grew by 37% YoY to Rs. 102 Cr vs. Rs. 75 Cr last year  • Adj. EBITDA grew by 205% YoY to Rs. 24.5 Cr vs. Rs. 8 Cr last year  • PAT grew by 159% YoY to Rs. 12 Cr as against Rs. 5 Cr last year  • Net Debt (Interest bearing funds) at Rs. (50) Cr as on June 30, 2025 from Net debt of Rs. 27 Cr as on Mar 31, 2025.  Net Debt (Interest-bearing funds) to Equity ratio stood at (0.08) as on June 30, 2025 as against 0.04 as on Mar 31, 2025      Commenting on the Q1 FY26 performance, Mr. Kamal Singal, Managing Director, Arvind SmartSpaces Ltd. said, "Our financial performance continues to remain strong, driven by strong execution. In Q1, revenue grew 37% YoY to Rs. 102 crore, Adj. EBITDA improved 205% YoY to Rs....