Rounaq Bakshi notes

  SJS Enterprises:  PAT grew 53.7% YoY H1 FY2025   H1 FY2025 Key Performance Highlights (Consolidated):    Remain confident in ability to exceed the underlying industry growth by more than 1.5 times while maintaining best-in-class margins   Capacity expansion at the Exotech facility has been finalized, with the plant expected to be commissioned by Q1 FY26 Consolidated ROCE stands at 24.3% and ROE at 18.7%  PAT grew 53.7% YoY to ₹573.9 Mn, with margins at 15.0%  Repaid a Term loan of Rs. 300.0 Mn, making the company Debt Free Continued winning new business with mega customer accounts like Stellantis, M&M, TVS, HMSI, Yamaha, Hyundai, IFB, Autoliv,  Bajaj  Auto, Visteon, Liebherr, BMW, Triumph, Royal Enfield, Dixon among others    Strong revenue growth of 36.0% YoY to ₹3,814.1 Mn, compared to 13.3% YoY growth in automotive market (2W+PV), primarily on back of strong business growth in PV, consumer segments as well as...

Bajaj Housing Finance   Profit after tax increased in FY25 by 25% Performance Highlights - FY25 Assets under management grew by 26% tot 1, 14,684 crore as of 31 March 2025 from t 91 ,370 crore as of 31 March 2024.    Net interest income increased by 20% in FY25 to t 3,007 crore from t 2,510 crore in FY24. Net total income increased by 23% in FY25 to t 3,597 crore from t 2,925 crore in FY24. Operating Expenses to Net Total Income for FY 25 was 20.8% as against 24% in FY24 Loan losses and provisions in FY25 was t 80 crore as against t 61 crore in FY24 Profit before tax increased by 28% in FY25 tot 2,770 crore from t 2,161 crore in FY24 Profit after tax increased in FY25 by 25% to~ 2,163 crore from~ 1,731 crore in FY24 Capital adequacy ratio (including Tier II capital) as of 31 March 2025 was 28.24%    Gross NPA and Net NPA as of 31 March 2025 stood at 0.29% and 0.11 % respectively, as against 0.27% and 0.10% as of 31 March 2024. Provisioning coverage ratio on...

  Nippon India Nifty Auto ETF (AUTOBEES) India is a developing country where the majority of vehicle ownership is still for the two-wheeler market. If we talk about the overall percentage, only  7.5% of Indian households own a car . On the other hand, more than 55% of the population possess a bicycle, scooter or motorbike Tata 19.79 Mahindra & Mahindra 19.51 Maruti Suzuki - MNC 16.00 Bajaj 9.53 Eicher 5.95 Hero 5.58 TVS Iyengar 4.53

  Maharashtra Seamless: Market share of 55% in seamless pipes segment Market share of 55% in seamless pipes segment Capacity utilisation of pipe segments has started to improve from Q4 FY 2023 due to higher efficiency and strong demand EBIDTA margin : 18% PAT margin: 13% Net Debt : (469) cr There will be no requirement of any debt to fund above capital expenditure and working capital requirements . Total capital expenditure : 852 cr The seamless & ERW pipes sector is getting a major boost from Make in India and Atma Nirbhar Bharat policy. Under this policy, for any purchases made by PSUs, there must be a minimum 35% local value addition in supply of pipes which benefits domestic manufacturers Orders from USA and Canada are steady and they remain our largest export markets Large tenders for ERW pipes have been floated by BPCL, Indraprastha Gas, HPCL and Assam Gas for oil and gas applications Regular supplies have started to the largest CNG cylinder manufactur...

 KEC International:  Highest ever Order Book & L1 as on date of over Rs 44,000 crore KEC: H1 PAT grows by 88% in Q2 and 65% in H1  KEC Delivers Robust Growth in Revenue and Profitability Revenue grows by 19% in Q2 and 15% in H1 PAT grows by 88% in Q2 and 65% in H1  Healthy growth in Order Intake of ~20% - YTD Order Intake of over Rs. 16,000 crore  Highest ever Order Book & L1 as on date of over Rs 44,000 crore Consolidated Net Debt and Net Working Capital:   Net Debt including Acceptances stands at Rs. 6,480 crore as on 30 Sept’25 vis-à-vis Rs. 5,265 crore as on 30 Sept’24   Net Working Capital (NWC) stands at 138 days as on 30 Sept’25 vis-à-vis 130 days as on 30 Sept’24 Mr. Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We have delivered another quarter of strong performance, marked by robust revenue growth, significant improvement in profitability and healthy order intake. Our EBITDA margins have continued their up...

  IRCON  :  coach manufacturing by Modern Rail Coach Factory, Raebareli In a remarkable achievement for the  Indian Railways , Mordern Coach Factory in  Rae Bareli  has set a record of manufacturing 10,000 coaches since its inception in April 2023 The factory was planned at a total cost of Rs 3,192 crores with an annual capacity of 1,000 coaches. The foundation stone of the factory was laid in 2007 and the construction work started in 2009. It is the third rail coach manufacturing unit of the Indian Railways at Lalganj near Raebareli in Uttar Pradesh. besides Integral Coach Factory in perambur in Tamil Nadu and Rail Coach factory at Kapurthala in Punjab, this factory has been serving to the needs of the Indian Railways since its inception on November 7, 2012.\ Besides manufacturing stainless steel LHB coaches for the Indian railways, the MCF has been designing modern day coach including train sets, metro coaches, alluminium body coaches, bullet train coache...

  IRCON : Debt free Railways sector name IRCON ’s order book, as on March 31, 2024, stood at ` 27208 Crore with 21158 Crore value of work in Railways sector and ` 5964 Crore value of work in Highway sector. This substantial order book ensures revenue visibility for the next 2-3 years, demonstrating strong business stability As of March 31, 2024,  IRCON  holds a cash and bank balance of ` 4,429 crore, with approximately 18% being its own cash. This amount represents nearly 31% of the company’s total assets, a rarity in the infrastructure sector    During FY2023-24, around 83.83% of the revenue earned by  IRCON  is contributed by the Railway sector.  The main focus business area for  IRCON  is Railways, however, the Company is also concentrating on Highways business, which generates approximately 15.80% revenue and remaining from other areas such as electrical and building works