Rounaq Bakshi notes

IIFL Capital Services: PAT up 39% Y-o-Y FY2025 IIFL Capital Services Ltd (formerly IIFL Securities Ltd) announced its consolidated financial results for the FY25 and Q4FY25  Total income for the year stood at ₹2,567 crores up 15% Y-o-Y and ₹573 crores for the Q4FY25 down by 19% Y-o-Y Profit after tax for the year stood at ₹713 crores up 39% Y-o-Y and ₹128 crores for the Q4FY25 down by 29% Y-o-Y As on March 2025, distribution & custody assets under management stood at ₹2,20,488 crores.     Deep client engagement with a wide network of 500+ Private Client Group RM & 3,500+ External Wealth Managers      Pipeline remains strong- Likely to be executed over the next 4-6 quarters subject to market conditions Among the top franchises on the street, with sales teams based in Mumbai, Singapore, London and New York.  ₹ 12.05 billion GROSS MARGIN TRADING FACILITY (MTF) BOOK   IIFL Capital Services Q1 Profit after tax stood at ₹176 crores up ...

Gujarat Narmada Valley Fertilizers & Chemicals: Ammonium Nitrate-II Expansion: Planned 94% capacity increase to meet rising demand GNFC optimized its operations and product mix to counter volatile raw material prices, achieving record sales in Technical Grade Urea, Methyl Formate, and Formic Acid.  Industrial products such as Urea, TDI, and AN Melt contributed significantly to turnover, while fertilizer sales remained aligned with capacity and market demand. Through Narmada Khedut Sahay Kendras (NKSKs), the Company continued to serve farmers with Urea, ANP, and non-bulk agri-inputs.  The IT division, (n) Code Solutions, recorded an income of ₹80 crore and Profit Before Tax of ₹17 crore, consolidating its position as a trusted provider of digital solutions. Growth and Expansion Plans:  GNFC remains committed to growth through strategic investments and expansion projects. Key initiatives include:  1. Solar Power Project: Completed commissioning of a 4 MW solar powe...

Sasken Partners with VicOne to Deliver End-to-End Automotive Cybersecurity Solutions  – Sasken Technologies Limited, a leader in product engineering and digital transformation, today announced its strategic partnership with VicOne, an automotive cybersecurity solutions leader, to strengthen in-vehicle and fleet-wide cybersecurity for global OEMs and Tier-1 suppliers.  VicOne is the Trend Micro subsidiary.  VicOne brings its End-to-end automotive cybersecurity solution, including xCarbon (in-vehicle intrusion detection and prevention system), vSOC (fleet monitoring and response), and EVSE Security (electric vehicle charging infrastructure protection) to the partnership.  Purpose-built for vehicles and EV charging infrastructure, VicOne’s solutions provide fleet-scale visibility, actionable intelligence, and contextual insights into emerging threats, backed by proven automotive cybersecurity expertise and the industry’s most comprehensive threat intelligence, enriched ...

 Video:  https://www.youtube.com/watch?v=3PUzzPM2_Xk&pp=ygURZWlkIHBhcnJ5IHJvdW5hcSA%3D Business of Sugar E.I.D.  Parry  has six sugar factories having a capacity to crush 40,300 Tonnes of Cane per day, generate 140 MW of power and five distilleries having a capacity of 417 KLPD Sugar Strategy-  Maximize realisation from sugar   Loose Sugar- @ Rs 33-35   and brands charge upto  Superior Health Benefit:  @ Rs.120 Upgrade consumers to higher price points and larger brands  First mover with entry barrier on both sides of the spectrum   Focus in South India ➢ Presence in 78000 outlets (direct presence) as of Mar’23 from 38000 a year earlier   Q1 PAT:  324.90 Vs  494.19 FY23 PAT:  1,827.74 Finance costs:  298.20     FY23 Petrol blended with 20% Ethanol has been rolled-out in select petrol pumps across 11 states in Feb 2023   E.I.D. PARRY  (INDIA) Limited Owns...

Garware   Hi -Tech Films: India’s only manufacturer of Sun Control films and Paint Protection Films Video posted 8 months ago:  https://youtu.be/9L7JQRCLdu8?si=lfzsK8kXXaxiTFtz   Video posted 5 months ago:  https://youtube.com/shorts/m2zrmd3NbA8?si=LEzYEN4qFFBE22xh Latest video:  https://youtube.com/shorts/1Ky2nzq9ly4?si=AZw5pc1eWZKDCMI I invest my time in reading about companies and enjoy thinking about the growth aspects of each portfolio company i have in my portfolio While reading, i make my notes that are helpful for me  Garware   Hi -Tech Films: India’s only manufacturer of Sun Control films and Paint Protection Films Market leader with more than 90% market share in Shrink film manufacturing in India Fully vertically integrated, chips-to film manufacturer with over 60+ years of industry experience Exported to more than 80+ Countries worldwide ~73% Exports contribution to Revenue in FY22 The Vision of  Garware   Hi -Tech Films Limited is...

Pilani Investment and Industries Corporation: investment holdings in “Aditya Birla group” The market value of investments as on June 30, 2025, stood at ₹26,121 crore.  The company has a healthy debt cover of 13.75x providing adequate cover against external debt (existing and proposed). CARE Ratings Limited (CareEdge Ratings) notes that the management intends to maintain the consolidated external borrowings to ₹3,000-3,500 crore in the near-to-medium term.  In February 2025, the company participated in the Preferential Issuance of Aditya Birla Fashion and Retail Limited requiring funds, thereby increase in external borrowings.  Diversified business investments with strong parentage The Aditya Birla group has demonstrated and well-established management track record. With a simplified holding structure, PIICL has greater diversity in terms of investments in group companies. It holds equity shares in several flagship group companies including Hindalco Industries Limited, Gra...

Update on Acquisition of assets from IRB Infrastructure Trust (“Private InvIT”)   https://www.youtube.com/watch?v=mkXES0z_Q7c When the Stock came up with the IPO it was priced at 100-105 and was paying 10-12 dividend per year. During this time i was observing this stock and was happy to see the dividend yield as 10-12% that it offered. Now comes the good part, the Covid happened and no highway roads were operational !! so no revenue for IRB. The stock was trading at 70-75 levels before Covid happened and it went to 25-28 levels in matter of days !!! I started digging more and found out the pandemic clause applicable on road assets and noticed that the NHAI will pay help road operators in case a pandemic kind of situation happens.  This very important clause changed my mindset and i went all in in this company at 28 odd levels where the dividend yield was in excess of 25% per ANNUM !!!! From that day onwards, i realised money can be made in stock in exceptional manner but it re...