Rounaq Bakshi notes

  J&K Bank : PAT for FY25 grew 17.83% Achieves hattrick in historic profits Posts annual net profit of Rs 2082 Cr for FY 2024-25 with advances surpassing Rs 1 Lakh Cr Asset Quality: Reinforcing its commitment to credit discipline and risk management, the Bank’s Gross NPA ratio declined sharply by 71 bps to 3.37% from 4.08% recorded a year ago, while the Net NPA ratio stood at 0.79%. Business Growth: J&K Bank’s total deposits increased by 10.24% YoY to Rs 148569.46 Cr as on March 31, 2025, compared to Rs 134774.89 Cr last year. The Net Advances rose to Rs 104198.72 Cr, registering a growth of 11.13% from Rs 93762.51 Cr a year ago.  Both deposits and advances grew by 5.4% and 8.6% QoQ respectively.  The Bank’s CASA Ratio stood at 47.01%, maintaining a healthy share of low-cost deposits in the overall mix. Performance Highlights: Beating consecutively its own highest record of profits achieved during the last two financial years, the Bank’s annual net profit surged t...

Wendt (India) Limited 43rd ANNUAL REPORT 2024-2025 Business: One of the Market leaders in super abrasives Manufacturers of Special purpose Grinding Exchange (NSE).  Machines for over 3 decades Manufacturers of High Precision components close to 2 decades Complete solution provider to our Customers, from Super abrasives Grinding wheels to Specialised tools, range of CNC Grinding & Honing machines and Precision Components all under one roof.  The growing usage of Super Abrasive products for various medical applications such as surgical instruments, hypodermic needles, dental implants, knee, hip and shoulder joints create new opportunities for the Company to explore through technical collaboration and new products development.  Also, growing consumer electronic segment with manufacturing facilities in India is expected to provide a wide array of opportunities for consumption of Super Abrasives in the coming years.  The focus on semiconductor industry which will ma...

Buying the Nifty50 Still “Buying the Market”? Diversification? Many Indian investors equate owning a low-cost Nifty50 index fund with having broad market exposure. But how diversified is it-really? As of mid-2025, the top 10 stocks in the Nifty50 account for over 62% of the total index weight.  Sector-wise, exposure is heavily skewed toward financial services (~37%), information technology (~17%), and energy (~12%).  In short, “buying the market” is increasingly a concentrated bet on a handful of large-cap sectors. This isn’t necessarily the wrong approach but it’s not as diversified as it might appear on paper. To counter this concentration, many investors turn to broader indices: BSE200 and BSE500 (Nifty200/Nifty500) • BSE200 covers ~85% of India’s market cap, with ~85–88% of its weight still in large-cap stocks. • BSE500 covers ~93% of the market, offering exposure across 22 sectors. Yet, over 80% of its weight is still driven by large caps. But Can You Diversify Too Much?...

Tolins Tyres :  signed a three-year Offtake Agreement with Apollo Tyres CARE Ratings Ltd. had, vide its press release dated December 26, 2023, placed the rating(s) of Tolins Tyres Limited (TTL) under the ‘issuer non-cooperating’ category as TTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement.  TTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 10, 2024, November 20, 2024, November 30, 2024 among others.  In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.’s opinion is not sufficient to arrive at a fair rating.  Tolins Tyres Private Limited was established in the year 1982 by late Mr. K.P. Varkey subsequently converted to Tolins Tyres Limited (ISIN No.: INE0RWQ01014) as on January 2024 and got listed as in September 2024 on BSE and NS...

Garware Hi-Tech Films : Commencement of operation of new PPF line Letter dated: May 29, 2024, regarding Capacity addition Pursuant to Regulation 30 read with the Clause B of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to said letter dated May 29, 2024, pleased to inform that as per scheduled plan, the new PPF line situated at Waluj, Chhatrapati Sambhaji Nagar, Maharashtra, will commence its commercial production effective from today i.e. September 24, 2025, with an estimated total cost of Rs. 125 crores, appx.  The new PPF line at Waluj, Chhatrapati Sambhaji Nagar, Maharashtra, has capacity for 300 LSF/P.A.    Garware Hi-Tech Films Nine Months FY25 PAT at INR 253.4 crores, up by 74.2% Y-o-Y Remarkable performance in Consolidated Nine Months FY25  Revenues at INR 1,561.4 crores, up by 26.9% Y-o-Y  EBITDA at INR 374.1 crores, up by 61.7% Y-o-Y  PBT...

Sportking India FY25  PAT growth of 55.3% Key Financial Highlights – FY25: Revenue from operations stood at Rs. 2,524.2 Crs for FY25, up 6.2% Y-o-Y.  Exports contributed ~ 52% to overall revenue in FY25 registering a growth of 15% on a yearly basis ➢ EBITDA for FY25 was Rs. 262.9 Crs – an increase of 28.2% YoY.  EBITDA Margin for the financial year improved by 179 bps on a yearly basis to reach 10.4% Profit After Tax for the financial year was Rs. 109.3 Crs – registering a growth of 55.3% YoY.  PAT Margin was 4.3% and expanded by 137 bps on a yearly basis Commenting on the results, Mr. Munish Avasthi, Chairman & Managing Director said, “We are pleased to report robust growth across all key financial metrics for FY25. Our Q4 performance continued the strong trajectory established in the earlier quarters, with strong export revenue growth and margin expansion due to softer input costs contributing to a 58% year-on-year increase in profit after tax. Solid business p...

BEML FY 25 PAt growth 4% @ 294 cr MAJOR ACHIEVEMENTS DURING 2024-25 Highest ever order book of Rs. 14610 Crore Highest ever profit before tax (PBT) of Rs. 405.43 Crore Designed & Developed High Mobility Vehicle HMV12x12 for Strategic Weapon Systems Designed and Developed and fielded for NCNC trial Self propelled Mine Burrier (SPMB) and obtained clearance First of its kind Air cooled Engine based Rigid Axle HMV for Towing Artillery Guns Design & Developed HMV 6x6 with armored cabin for Mounted Gun System 1500 hp Engine program entered next phase of development with 1st engine sent to UK for Mechanical & Combustion development Supplied 1st Vande Bharat Sleeper Trains and completed trials successfully Secured order for Design & Development and Supply of Metro Trains for Bangalore Metro & Chennai Metro Secured order for Design & Development and Supply High Speed Train for Indian Railways    BEML: has track record of six decades and has been supplying p...