Rounaq Bakshi notes

  Chocolates and Confectionery industry: expected to grow to over INR 50,000 Crore (CAGR of 10%) over the next 5 years The Chocolates and Confectionery industry is estimated to be over ~INR 34,000 Crore in size (consumer spends) with Chocolates accounting for around 58% of the industry and Confectionery accounting for 42%.  The industry is expected to grow to over INR 50,000 Crore (CAGR of 10%) over the next 5 years.  Chocolates category is dominated by international players (Mondelez, Nestle, Ferrero, Mars account for 85% share) with Indian companies starting to make headway in recent time, Amul being the largest player.  Confectionery, on the contrary, is more fragmented in nature with Top 12 companies accounting for 80% share and largest player having 25% share.  The category has large number of regional players having significant share in their respective strongholds. The chocolates category has seen significant premiumization in last few years, which has cr...

  Skipper: H1 Fy’26 Reported PAT growth of 24% H1’ Highlights   Highest ever first half Revenue at ₹25,156 million, up 14% YoY, Export revenue grew 27% YoY to ₹ 5,234 million.   Achieved Strong Profitability and Margin growth Stand Alone EBITDA margin improved to 10.3% vs 9.9% YoY driven by operating leverage and execution of higher quality T&D contracts.   PBT (Before Exceptional) registered a growth of 39% YoY to ₹1,220 million  With PBT margins to sales improving to 4.8 against 4.0% in previous year period.   PAT before exceptional jumps 37% YoY to ₹895 mn, PAT margin to sales improved to 3.6% against 3.0%. Order Book & Bidding   Highest ever Closing Order Book (September -25) – ₹88,204 million, constitutes 89% domestic & 11% export.   Q2 Fy’26 order inflow ₹12,430 mn majorly for engineering products supplies & EPC works, during the quarter secured significant large size domestic EPC contracts from PGCIL and Internati...

  Godrej Industries’ Chemicals Business to Invest over INR 750 CR for Capacity Expansion Godrej Industries Limited’s Chemical Business today announced significant capacity expansions in sync with the company’s growth plan to become a USD 1 Billion global business before 2030.  With a total capital outlay for expansions to exceed INR 750 Crore over the next few years, the company has already kicked off several projects.  The company announced doubling of its Fatty Alcohol and Euric Acid capacities with an addition of 35,000 tons per annum and 20,000 tons per annum respectively.  It has tripled its specialities capacity with an addition of 21,000 tons per annum while the glycerine capacity will be doubled with an addition of 24,000 tons per annum.  The fermentation capacity will also see a threefold increase with an addition of 1,500 tons per annum.  It plans to increase the Primary Surfactants capacity with an addition of 30,000 ton per annum.  Addition...

  J. Kumar Infraprojects:  Total Order book as on September 30, 2025 stood at ₹ 20,160 crores.  Net Debt as on September 30, 2025 stood at negative ₹ 124 crores (Cash Positive).  J. Kumar Infraprojects Limited (JKIL), a pure play EPC company having a niche in construction of Urban Infra Projects including Metros, Elevated Corridors / Flyovers, Roads & Road Tunnels etc Working capital days for H1 FY26 stood at 123 days.  Total Order book as on September 30, 2025 stood at ₹ 20,160 crores.  The order book inter alia includes Metro projects (elevated and underground) contributing ~13%, Elevated Corridors / Flyovers, contributing to ~53%, Roads & Road Tunnels projects contributes ~17% and others contributing ~17%. Consolidated Performance highlights for H1 FY26  Revenue from Operations for H1 FY26 grew by 10% to ₹ 2,826 crores as compared to ₹ 2,574 crores in H1 FY25.  EBITDA for H1 FY26 grew by 10% to ₹ 411 crores as compared to ₹ 373 crores i...

  Quess Corp, India’s largest and a global leader in staffing and workforce solutions Quess is expected to maintain a steady growth over the next two quarters, supported by rising staffing demand across manufacturing, retail, and logistics, following the recent GST reforms.  The company is also likely to deliver a consistent double-digit operating EBITDA margin in its Professional Staffing business, driven by high-margin digital skills and GCC wallet expansion.  These factors are set to contribute to a sustained revenue growth and stable margins. General Staffing: • Net headcount addition of 21,000 associates, totalling up to 4,70,338 associates Middle East delivers highest EBITDA margin and headcount at 12.8% and 2,100, respectively H1FY26 Highlights  ➢ Revenue of ₹7,483 cr, up by 3% YoY  ➢ EBITDA at ₹146 cr, up by 11% YoY with increase in margin by 14bps on a YoY basis  ➢ PAT at ₹103 cr, up by 3% YoY Commenting on the results, ED & Group CEO, Mr. Guru...

  IHC to invest USD 1 billion in Sammaan Capital Limited International Holding Company (“IHC”), a leading Abu-Dhabi based global investment company (ADX: IHC; market cap. ~US$240 billion, ~INR 21.3 lakh crore), has entered into definitive agreements to acquire controlling stake in Sammaan Capital through its affiliate, Avenir Investment RSC LTD IHC will invest INR 8,850Cr to acquire a 41.2% stake on a fully diluted basis via preferential allotment of equity shares & warrants Transaction will trigger a mandatory open offer for purchase of additional 26.0% of the Company at a price of INR 139.0 per share IHC will be classified as the Promoter of Sammaan Capital post the investment IHC will have the right to appoint the majority of the Board of Directors for Sammaan Capital Transaction is subject to customary closing conditions and receipt of necessary approvals from relevant authorities Syed Basar Shueb, CEO of IHC, commented: “India represents a core strategic market for us, and...