Rounaq Bakshi notes

  Jio Financial share price: RIL chairman Mukesh Ambani and his promoter group will infuse ₹15,825 crore in Jio Financial Services,  which would make them hold over a 51% stake in the financial services firm. Jio Financial Services : Shares of Jio Financial Services (JFSL), the non-banking finance company (NBFC) and a subsidiary of Reliance Industries (RIL), rallied as RIL chairman Mukesh Ambani and his promoter group will infuse ₹15,825 crore in Jio Financial Services, which would make them hold over a 51% stake in the financial services firm. The fund infusion will take place through preferential issue of convertible warrants to the promoter group. Jio Financial promoters, including the Ambani family and different group holding entities, together own 47.12% of the company. Post preferential issuance, promoter group holding would go up to 54.19%. Jio Financial and Allianz Group deal In July 2025, Jio Financial Services (JFSL) and Allianz Group of Germany, through its wholly o...

  ACTION CONSTRUCTION EQUIPMENT: leading market share of 60% in Tower Cranes segment domestically Revenue declined by 7.7 % YoY due to adoption of CEV - 5 Emission norms, early onset of monsoons and global uncertainties.  Going ahead, expect the market to normalise from Q3 onwards. Despite the challenging macro environment, margins expand on YoY basis: EBITDA expands by 389 BPS to 20.46% PBT expands by 346 BPS to 18.16%  PAT expands by 284 BPS to 13.89% Margin expansion was led by: a) Calibrated pricing action with CEV-5 norms implementation b) Deepening Cost Efficiencies c) Softening commodity prices The macroeconomic fundamentals of the Indian economy remain resilient despite volatility in the operating environment. Lower inflation, reduction in interest rates & liquidity support by RBI, tax cuts announced in the recent Union Budget are expected to aid recovery and support growth revival in the coming quarters ACTION CONSTRUCTION EQUIPMENT LIMITED was established in...

  SIS Ltd: Smallcap theme Security Solutions – FY25 India The Security Solutions- India business comprises of five entities.  Continue leadership position as the largest security solutions company in India.  The business currently operates across 177 branches and has 192,354 employees.  Security Solutions – FY25 International   The Security Solutions- International business comprises four entities.  Continue to be #1 player in Australia and among the top 3 players in New Zealand & Singapore with market leading positions in all the geographies.  The International Security business currently has 9,707 employees     Facility Management Solutions  The facility management business comprises of five entities.  The Group operates the largest FM business in India.  The FM business currently operates across 93 branches and has 82,462 employees  

  Premiumization in India: Unlocking investment opportunities Do you know what is common between India's automotive, FMCG, real estate, electrical goods, travel, and even alcoholic beverage industries? That is of Premiumisation. Post one year of COVID-19, a secular trend of premiumisation has been driving profitability growth across a number of industries.  As disposable incomes rise, more Indian families are transitioning into higher income brackets. We also observed secular shifts in attitudes towards saving (decline in Gross Domestic Savings) and a shift in cultural attitude of having more willingness to spend. The traditional, conservating, savings-oriented consumer outlook has given way to consumers seeking better products, services and experiences. This shift is reshaping consumer behaviour, presenting a wealth of opportunities for investors. Investing in Tomorrow: Opportunities for Investors For investors, the premiumization trend opens up new avenues. Companies that ca...

Arvind SmartSpaces adds a new residential high-rise project in Bengaluru with a top-line potential of ~Rs. 550 crore  The project is spread across 4.18 acre and has a saleable area of 4.6 lakh sq. ft. Dec 15, 2025: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies, part of the Lalbhai group, announced that it has acquired a new residential high-rise project in Whitefield, Bengaluru with a total estimated saleable area of ~4.6 lakh sq. ft. and a top-line potential of ~Rs. 550 crore.  The project is acquired on an outright basis.  This project is located in Nallurahalli area in Whitefield, Bengaluru.  This addition follows the acquisition of the ITPL road high-rise project signed in FY25.  Whitefield continues to be one of the most dynamic real estate markets in Bengaluru, consistently attracting strong demand from professionals and families seeking premium living spaces. Over the past decade, the region has evolved into a ...

 ASSOCIATED ALCOHOLS & BREWERIES: Exclusive Diageo Contract Manufacturing Partners ASSOCIATED ALCOHOLS & BREWERIES LTD Q1FY26 : Profit After Tax grew by 34 % YoY increase Strategic Partnership • 2 Decades of Partnership with Diageo. • One of Four Exclusive Diageo Contract Manufacturing Partners. Q1FY26 – Performance HIGHLIGHT Net Revenues from operations remain flat on a YoY basis, standing at ₹2,667 million EBITDA surged 32% YoY to ₹371 million, with margins improving to 14%, an expansion of 300 bps, due to softening of Rice prices. Profit After Tax grew by 34 % YoY increase, amounting to ₹237 million. Diluted EPS for the quarter stood at 12.43, an increase of 27% YoY. • IMFL Sales On Track:Momentum sustained across key brands like Central Province, Vodka, Hillfort, and Nicobar.  • Geographic Expansion : Launched in Maharashtra and Uttar Pradesh. Next to be launched in Puducherry and Goa  • RTD Lauch Update: Lauch slightly delayed due to equipment related issues....

Fredun Pharmaceuticals: microcap theme Fredun Pharmaceuticals Reports 61% YoY Growth in EBITDA to ₹39.33 Cr in H1 FY26 Commenting on the financial performance Mr. Fredun Medhora, Managing Director, said, “Q2 FY26 was a strong quarter for Fredun, driven by consistent growth across our pharmaceutical and pet care verticals. Our domestic formulations segment continued to deliver solid performance through new product introductions and expanding institutional demand, while exports maintained steady traction. We have commenced expansion of our state-of-the-art manufacturing facility at Palghar to enhance capacity, improve operational efficiency, and support the growing demand across both domestic and international markets. The past few months have been pivotal in shaping Fredun’s position as a first mover in India’s organized pet healthcare space. The launch of Snacky Jain—India’s first Jain functional food for pets—received an overwhelming response, with the entire first batch sold out thro...

Marksans Pharma Limited (Reuters: MARK.BO; Bloomberg: MRKS IN; NSE: MARKSANS; BSE: 524404) hereby announces that its wholly owned subsidiary Relonchem Limited has received Marketing Authorization for the product Gabapentin 50 mg/ml oral solution from UK Medicines & Healthcare Products Regulatory Agency.  Marksans Pharma Limited (Reuters: MARK.BO; Bloomberg: MRKS IN; NSE: MARKSANS; BSE: 524404) hereby announces the final approval of the Company’s wholly owned subsidiary Marksans Pharma Inc.’s Abbreviated New Drug Application (ANDA) for Omeprazole Delayed-Release Tablets, 20 mg (OTC). This product is bioequivalent to the reference listed drug (RLD), Prilosec Delayed-Release Tablets, 20 mg (OTC), of AstraZeneca Pharmaceuticals LP, NDA - 021229. Omeprazole is used to treat heartburn and certain other conditions caused by too much acid in the stomach. Marksans Pharma Limited (Reuters: MARK.BO; Bloomberg: MRKS IN; NSE: MARKSANS; BSE: 524404) hereby announces that its wholly owned sub...

  Reliance and Meta Partner for Enterprise AI Solutions for India Please note that Reliance Intelligence Limited (“Reliance Intelligence”), a wholly owned subsidiary of the Company, has on October 24, 2025 incorporated Reliance Enterprise Intelligence Limited (“REIL”).  Reliance Intelligence will invest an amount of Rs. 2 crore towards initial subscription of 20,00,000 equity shares of Rs.10 each.  REIL, incorporated in India as a wholly owned subsidiary of Reliance Intelligence, will become the joint venture company as per the amended and restated joint venture agreement (“JV Agreement”) with Facebook Overseas, Inc. (“Facebook”), a wholly owned subsidiary of Meta Platforms, Inc. (“Meta”).  REIL will be engaged, inter alia, in developing, marketing and distributing enterprise AI services.  In accordance with the JV Agreement, Reliance Intelligence will hold 70% and Facebook will hold the balance 30% in REIL.  Reliance Intelligence and Facebook have jointly ...

  Prakash Pipes Small cap theme PVC PIPES & FITTINGS KEY GROWTH DRIVERS  Union Budget 2025-26 allocates Rs. 670 bn for providing tap water connection to every rural household by 2028 under Jal Jeevan Mission.  Har Ghar Jal Pradhan Mantri Krishi Sinchai Yojana Pradhan Mantri Awaas Yojana Industry Growth  The Union Budget for 2025-26 has also made allocation of more than ₹ 80 bn to the Pradhan Mantri Krishi Sinchai Yojana (PMKSY).  Union Budget 2025–26 enhanced the outlay for PMAY-U 2.0 to over Rs. 790 bn.  Above factors are expected to result in the PVC Pipe industry growth of 10-12% in the fiscal 2026. FLEXIBLE PACKAGING PRODUCT OFFERINGS The state of art Packaging plant at Kashipur, Uttarakhand provides technologically superior and sustainable packaging solutions Year Ended March, 2025  • Revenue - INR 780 Crores, higher by 17% YoY  • EBITDA - INR 130 Crores, higher by 6% YoY  PAT  INR 83 Crores, lower by 7% YoY 19% ROE in FY25 Posi...

  Jupiter Wagons: Railway theme The outlook remains bright as there are expectations that the 2025-26 Budget, could witness an substantial increase in allocation towards Railways, which will ensure that key commitments towards modernizing Railways will make progress and more importantly, the augmentation of capacity and development of infrastructure, which is the need of the hour, will continue unabated resulting in sustained demand for wagon and non-wagon railway products   Order book as of 31st December 2024 stands at ₹ 6,320 crore.    Consolidated Performance Highlights for 9MFY25 Revenue from operations for 9MFY25 stood at ₹ 2,918.7 crore, up 15.4% YoY.  EBITDA Margin improved to 14.5% in 9M FY25 from 13.5% in 9MFY24 PAT for 9MFY25 stood at ₹ 277.7 crore, higher by 22.7% YoY, with a PAT Margin of 9.4%   Jupiter Wagons Ltd has increased its stake in subsidiary Jupiter Electric Mobility (JEM) from 60% to 75%. JEM, has acquired Log9's technology ...

  DECCAN GOLD MINES IN 2025 AND BEYOND   3 Operating Mines - 2 Gold and 1 Lithium in 2025.   Becomes Junior to Mid-Tier Producer over the next 5 years.   Prove Additional Gold and Critical Mineral Resources in Finland, Tanzania and Bhalukona (India).   Target to acquire ‘High Value’ and ‘near to production’ assets in Africa, CIS and South America.   Raise capital through appropriate mechanisms e.g., FPO, off-take arrangements for development / acquisitions.   Create long-term value to the shareholders.  Making Deccan into Community Focused, Sustainable, Green mining company.  In addition to gold, Deccan aims to produce Lithium & Associated Minerals and Nickel-Copper-PGE Concentrates.   Gold Production could significantly increase If Ganajur & Hutti Licenses are granted.  Two Gold Mines on the Cusp of Production.   Acquired Lithium Projects in Mozambique and commenced shipping of high grade ore.   Exploration acti...

  Kronox Lab Sciences The company specializes in the manufacturing of High Purity Specialty Fine Chemicals for various industries. Its products serves essential roles as reacting agents and raw materials in Active Pharmaceutical Ingredients (APIs) production, excipients in pharmaceutical formulations, and reagents for scientific research. The company receives 45% of its revenues from Pharmaceuticals, 26% from Scientific Research and Lab testing, 24% from Nutraceuticals and 5% from others. Additionally, they find applications in nutraceuticals, biotech applications, agrochemicals, personal care products, metal refineries, and animal health products. Kronox Lab Sciences is operating at a capacity utilization of close to 50 per cent of its current capacity of 7,242 MTPA for 9MFY24.  They have a plan to more than double its capacity to 18,000 MTPA and will be commissioning it in the next 2 years by setting up another Unit at Dahej, said Master Capital Services. They have a plan to...

  ECOS (India) Mobility:  12,500+ One of the largest fleet size in India   1,100+ Organizations   12,500+ One of the largest fleet size in India   Largest and most profitable chauffeur driven mobility provider to corporates in India Vehicle Ownership Mix owned is 6% Pan-India Presence with Operations in 109 Cities in India    Offering Services to:   Two of the most prominent global consulting firms  Leading global consumer electronics manufacturer  Two of the world’s top global retail giants  One of the largest asset management firms  The four largest Indian IT service providers  India’s largest private sector bank  The leading paint Company in India  India’s top passenger Vehicle manufacturer  

  IDFC FIRST Bank Q2 FY26 PAT at Rs. 352 crore, PAT up 76% YoY Commenting on the results, Mr. V Vaidyanathan, MD and CEO said “The stress in the MFI business was an MFI industry issue and looks like it is behind us. Other than MFI, the asset quality of the Bank has always been stable for over a decade through cycles and continues to be so with Gross NPA at 1.86% and Net NPA at 0.52% as of 30th September 2025. On cost of funds, we expect it to drop from here on. The bank is witnessing improving operating leverage. For instance, in FY25, total Business, i.e. loans and customer deposits, grew by 22.7% YoY, against increase in Opex of 16.5% YoY. Following on, in H1 FY26, total Business grew by 21.6% YoY, against Opex increase of 11.8% YoY. We hope to sustain this trend.” 1. 94% of the YoY growth in loans and advances of the Bank is constituted by growth in Mortgage Loans, Vehicle loans, Consumer loans, Business Banking, MSME loans and Wholesale loans.  2. Microfinance portfolio re...

  DCB Bank:  Profit After Tax (PAT) for Q2 FY 2026 was at INR 184 Cr., growth of 18% Highlights:  1) The Bank’s Profit After Tax (PAT) for Q2 FY 2026 was at INR 184 Cr. In comparison Profit After Tax for Q2 FY 2025 was at INR 155 Cr., growth of 18%.  2) Advances growth year-on-year was at 19% (Year-on-year Mortgages growth 13%, Colending growth 140%, Construction Finance growth 29% and Agri & Inclusive Banking growth 13%) and Deposits growth year-on-year was at 19%.  3) The Gross NPA as on September 30, 2025, was at 2.91%. Net NPA was at 1.21% as on September 30, 2025.  The Provision Coverage Ratio (PCR) as on September 30, 2025 was at 74.15% and PCR without considering Gold Loans NPAs was at 74.81%. 4) Capital Adequacy continues to be strong and as on September 30, 2025, the Capital Adequacy Ratio was at 16.41% (with Tier I at 13.97% and Tier II at 2.44% as per Basel III norms). Speaking on the Q2 FY 2026 results Mr. Praveen Kutty, Managing Director ...