Rounaq Bakshi notes

Cyient Semiconductors and Anora will deliver expertise across the entire semiconductor value chain Cyient Semiconductors, a leader in custom ASIC/ASSP and intelligent power solutions, announced a strategic partnership with Anora, a global provider of semiconductor test, testability, and validation services.  The collaboration brings together complementary strengths to provide comprehensive, end-to-end solutions for semiconductor product development.  Under this partnership, Cyient Semiconductors and Anora will deliver expertise across the entire semiconductor value chain, spanning architecture, design, silicon bringup, qualification, and testing.  This integrated approach allows customers to accelerate time-to-market with confidence, while minimizing the inefficiencies and delays that come from working with multiple service providers. As part of the collaboration, the companies will establish a state-of-the-art semiconductor validation and production test floor in Bangalo...

  MRPL Flags Off Its First Toluene Parcel and PREPARATION OF ISOBUTYL BENZENE India is a significant importer of toluene because domestic production is insufficient to meet its high demand .  While India has domestic producers like Reliance and Indian Oil, the country's low capacity utilization means a large portion of its toluene needs, particularly for industries like pharmaceuticals, printing inks, and paints, are met through imports from countries such as South Korea, China, and Thailand MRPL Flags Off Its First Toluene Parcel  The first truck parcel of Toluene from Mangalore Refinery and Petrochemicals Limited (MRPL) was flagged off by Shri Mundkur Shyamprasad Kamath, Managing Director of MRPL, at the Aromatic Complex within the Mangalore Special Economic Zone Limited (MSEZL). The event was graced by the presence of Nandakumar Velayudhan Pillai Director (Refinery), BHV Prasad, Executive Director (Projects), B. S udarshan Executive Director ( Refinery) Yogish Nayak S,...

Tanla Platforms: AI native platform by innovating for the ecosystem, delivering customer impact ROCE : 24.6%; Six months ended Sep 30  Wisely.ai demonstrates how AI can move from concept to tangible value creation, impacting millions of lives daily while delivering measurable ROI for customers. Just scratched the surface on the possibilities of AI platform. The anti-spam and anti-scam solutions represent the first of many use cases that the platform will power.  Indonesia has been grappling with one of the highest incidences of spam and scam communication globally, with industry reports showing that 65% of Indonesians receive scam attempts every week. Indosat, a leading telecom operator in Indonesia, approached Tanla to co-create a safer digital ecosystem using the latest advancements in AI. Wisely.ai, AI-native platform, continues to make progress. In August, successfully launched anti-spam and anti-scam solution with Indosat in Indonesia, positively impacting over ...

Aurionpro wins major CSB bank mandate, expands presence in India's banking sector Cash management solution chosen as the preferred platform by Catholic Syrian Bank (CSB), a leading private sector bank, further expanding Aurionpro’s footprint across India’s financial sector. The cash management solution is a key component of Aurionpro’s comprehensive, AI-native transaction banking platform, designed to transform and elevate the banking experience for the bank’s corporate customers.  The win adds to Aurionpro’s recent projects with several major public sector banks and solidifies its position as a trusted partner among leading banks in India and globally, delivering scalable, future-ready corporate banking solutions.  Through this strategic engagement, CSB bank will modernize its cash management services, enhance customer experience, and strengthen its competitive edge in the rapidly evolving digital banking landscape.  Aurionpro’s advanced cash management platform is desig...

  eMudhra 27.1% PAT growth in Half Year 2026 Key Project Wins  CertiNext implementation for a security and investigation company in North America  Implementation of emCA for one of the government project in Malysia  Rollout of Certificate Lifecycle Management for a Government Authority in UAE  Continued acquisition of BFSI clients in India for emSigner, eSign and eStamping for process automation and paperless transformation in lending, onboarding and other workflows  Rollout of eMsigner enterprise for one of the banks in Qatar UAE  service contract for corporate Trust Center, PKI, CLM and Cryptas Professional Services from known tech and digital innovation unit of a large German retail and tourism company.  Implementation of eSignature workflow for a state Government organisation in India.  emSigner is a platform of choice for enterprise wide eSignature deployments in regulated industries Regulated industries such as Banking rely on Iden...

  KRYSTAL INTEGRATED SERVICES: Emerging Businesses — Water, Waste, and O&M — advancing capability development H1 FY26 Highlights:   Revenue from operations increased 15.9% YoY to Rs. 606.48 Crores in H1 FY26 compared to Rs. 523.31 Crore in H1 FY25 on account of new order wins across verticals.   EBITDA grew by 18.0% to Rs. 39.26 Crores in H1 FY26 compared to Rs. 33.26 Crores in H1 FY25   EBITDA Margin improved marginally to 6.47% in H1 FY26 as against 6.36% in H1 FY25 due to the operational efficiencies.  PAT declined by 2.6% to Rs. 29.51 Crore in H1 FY26 compared to Rs. 30.30 Crore in H1 FY25.   PAT margin stood at 4.87% for H1 FY26 as compared to 5.79% in H1 FY25. Commenting on the performance, Mr. Sanjay Dighe, CEO & Whole Time Director, Krystal Integrated Services Ltd, said, “Q2 FY26 delivered steady performance, with revenue growing 6% YoY and EBITDA margin maintained at 6.32%. The temporary moderation in the government segment stemmed primaril...

  Kamdhenu Limited : H1 FY26 Profit after tax increased by 28% to ₹40 crore Commenting on the results, Mr. Satish Kumar Agarwal, Chairman & Managing Director said Kamdhenu’s H1 FY26 performance underscored ability to deliver resilient profitability amid a dynamic steel environment.  This was primarily driven by robust growth in royalty income and cost-optimization efforts.  Revenue from operations stood at ₹387 crore, up 3% YoY, while profit before tax grew by 33% to ₹54 crore.  PBT margin expanded by 310 basis points from 10.9% in H1 FY25 to 14.0% in H1 FY26.  Profit after tax increased by 28% to ₹40 crore.  Royalty income in H1 FY26 witnessed a robust growth of 27% year-on-year to ₹86 crore, which also includes a one-time royalty payment received during the period.  This underscores the increasing brand penetration and the continued success of asset-light franchise model.  This income stream remains highly capital-efficient and RoCE-accretiv...

ASSOCIATED ALCOHOLS & BREWERIES: B L A C K & W H I T E , S M I R N O F F ,VA T 6 9 ,B L A C K D O G      16% ROE (FY25)    The facility encompasses 41 Bottling Lines, with a collective capacity of producing 16 million cases annually   Net Revenue from Operations increased 42% YoY to ₹10,759 million, due to Ethanol full year of operation and growth in IMFL segment EBITDA rose 67% YoY to ₹1,280 million, expanding margin by 200 bps to 12%, demonstrating operational strength Profit After Tax reached ₹814 million, a robust growth of 61% YoY, expanding PAT margin by 100 bps to 8% Diluted EPS stood at ₹43.03, reflecting a growth of 54% YoY     Achieved one million cases sales in Kerala in FY2022-23 First Company in the world to make White Brandy  One of top 5 players in IMFL segment in Kerala  ASSOCIATED ALCOHOLS & BREWERIES: B L A C K & W H I T E , S M I R N O F F ,VA T 6 9 ,B L A C K D O G  Domina...

  India Sectoral Growth Drivers • In FY26, India set target to construct 10,000 km of National Highways with 5800 km high speed corridor. Union government approved eight national high-speed corridor projects totalling 936 km with an investment of ₹50,655 crore. • The roads sector is likely to account for 18% capital expenditure over FY 2019-25 and Roads worth $200 Bn to be built in next 2 years. • NHAI is coming up with 23 new highways including network of expressways and economic corridors by March 2025.  • Allocated ₹77,526 crore for Pradhan Mantri Awas Yojana-PMAY (Urban-₹19,794 crore & Rural- ₹54,232 crore) for FY26. • Real estate sector in India is expected to expand to $5.8Tn, contributing 15.5% to the country’s GDP by 2047. • ₹15,000 crore allocated for SWAMIH Fund 2.0 (Special Window for Affordable and Mid-Income Housing) to expedite completion of an additional 1 lakh housing units in stalled projects, 50,000 homes were completed till FY 24 and rest 40,000 expected...

  Man Industries :Strategic High Value added portfolio to enhance financial margins Man Industries (India) Ltd incorporated in the year 1988. The main business line includes manufacturing & coating of Large Diameter Carbon steel pipes, and ERW tubes. Man Industries caters to International clients in the oil & gas industry, petrochemicals, water, dredging & fertilizers. The company has positioned itself to bid for almost all pipe projects across the globe    Strategic High Value added portfolio to enhance financial margins   Rationale: Green Field In Jammu  SS SEAMLESS TUBES To grab the Govt incentives in Jammu 3x of investment in Plant & Machineries would be paid back in 10 years tenure in form of GST credit 6% subsidy on interest cost Tax rate of 15% Higher operating margin of 20-25% is expected Lower Electricity Cost which is the key cost driver in any SS industry     Strategic Expansion (Line Pipe & Coating Mill in SAUD...

  Bluspring Enterprises :  Aspire to be India’s Leading Listed Infrastructure Services Company Building India’s leading Infrastructure Management company with diverse service lines Business Segments :  Facility and Food Services ;  Telecom and Industrial Services ;  Security Services ; foundit   Total Investments of ~₹ 900 Crs  FY25 Revenue ₹ 3,086 Crs  FY2025 Adjusted PAT at ₹ 53 crore   Net Cash at ₹ 31 crore as on 31st March 2025      53% of manpower deployed in Tier 2/3 cities Healthy business retention at 95%+  Employer of choice with 30% employees with 5+ years tenure  1,000+ Clients  378Mn+ Sq. FtSpace Managed  180k+ Daily Meals Served  2.8k+Sites Secured  39 MTPA Metal Production Capacity Served  237k monthlyNetwork nodes maintained          

  Digital Advertising – Key Driver of Indian Music Industry On average, Indians spend 3-4 hours on Social Media daily, which is at par with the global average.  73% of the audience belonging to the age group of 45 years to 54 years use YouTube to watch online content. The highest proportion of spends on digital media is claimed by social media (29%, Rs 14,480 crore), closely followed by online Video (28%, Rs 13,756 crore).  Paid search contributes 23% (Rs 11,402 crore), while display banners claim 16% (Rs 7,964 crore).  Online video is the fastest-growing digital media channel, projected to grow at a CAGR of 23% through 2026, while social media is expected to grow at a CAGR of 20% over the same period. India's digital advertising industry reached Rs 49,251 crore in 2024, up from Rs 40,685 crore in 2023, and is projected to grow at a CAGR of 19%.  By then, digital media is expected to account for 61% of total ad spend in India. The Digital advertising industry is...

  Shipbuilding, maritime sector get ₹70K-cr cabinet nod The Union Cabinet approved a  ₹ 69,725 crore package to revive India's shipbuilding sector, aiming to create 30 lakh jobs  Describing shipbuilding as the “mother of heavy engineering,” the government said the reforms are expected to create around 30 lakh jobs and attract nearly  ₹ 4.5 lakh crore in investments. Calling it a big part of PM Modi’s Viksit Bharat 2047 vision, minister Vaishnaw said, “Shipment and maritime sector is a very strategic sector for any country, and not just for India. It’s strategic also because of our long-associated heritage with it.  Till  the 18th century, Indian ships were considered the most advanced ships in the world and people from all over the world came to India to buy ships. Indian designs were also taken to Europe. It is now important to revive our heritage for the country’s economic growth.” The reforms also build on the fact that maritime transport already carries...

  REC recorded its highest ever quarterly disbursement in Q1 FY 26, wherein recorded total disbursements of INR59,508 crores, which was up 36% Continuing that, for the Q1 FY 26, the Board of Directors have approved an interim dividend, the first interim dividend of INR 4.60 per share, which is 46% of the face value of INR10.  The annualized earnings per share for the Q1 was INR67.60 and the book value per share as of 30th June has reached to INR302.63.  On the awards and accolades front, have been getting various awards in almost all the fields, be it corporate governance, best funding solutions, excellence in green finance reporting, CSR awards, technology awards for generative AI implementation.  On the operational performance front, have made robust sanctions across all disciplines.  As against the total sanctions of more than INR3 lakh crores in the last year, during Q1 itself, REC has sanctioned more than INR1 lakh crores worth of projects.  The renewa...

Greenpanel Industries: Widening distribu ti on reach and increasing domestic volumes and propor ti on of value-added products Commencement of commercial production at MDF plant in Tirupati district, Andhra Pradesh Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of letters dated July 22, 2022 and February 26, 2025, we are pleased to inform you that the Company has successfully commenced commercial production at its new MDF plant, located within its existing unit in Tirupati district, Andhra Pradesh, effective today. With this commencement, the Company’s consolidated installed capacity has increased to 8,91,000 CBM per annum, including the new plant’s producƟon capacity of 2,31,000 CBM per annum.  Financial Performance FY23:  Net sales grew by 12.2% at ₹ 1,778.55 crores Vs  1,585.74 MDF Sales increased by 15.4% at ₹ 1,534.58 crores while plywood sales were lower by 4.7% at ₹ 243.97 cror...

  Tanla Platforms: strategic investment in OTT is delivering results Tanla focuses on two synergistic businesses - Digital Platforms & Enterprise Communications Undisputed market leadership ~35% market share in India : Enterprise Communications    Tanla Platforms Limited, India’s largest CPaaS provider   Significant events during the quarter: Partnered with two overseas telcos for the first international deployment of MaaP Platform for RCS In line with 30% dividend payout policy, the Board has approved an interim dividend of ₹6 per share Won the 15th Aegis Graham Bell Award for Innovation in Telecom for our CPaaS solutions Featured on the Roll of Honor Disclosures at CFO 100 Winning Edge Received the Commendation Award for Corporate Governance from the Indian Chamber of Commerce Recognized among the Best Organizations for Women by ET Edge    Uday Reddy, Founder Chairman & CEO, said, "Our strategic investment in OTT is delivering results. We hav...

  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...