Rounaq Bakshi notes

  Satia Industries :  Q4 FY-25 Earnings Conference Call rebound in margins in FY26 1. Financial Year 25 proved to be a challenging year for the Indian paper industry and for Satia too, primarily due to increased imports from ASEAN countries affecting adversely our net realization across the industry leading to a decline in margins for Financial Year 25. However, we were not only able to maintain our volumes for the year but also saw a marginal improvement in quantity sold as a result of our strong distribution network and goodwill.   2. “During FY25, the Indian paper industry faced notable challenges, particularly the impact of elevated paper imports on our sales and overall margins. Despite this external pressure, Satia Industries successfully maintained stable volumes, a testament to our strong distribution network and institutional ties. We anticipate a rebound in margins in FY26 as pricing pressures subside and raw material costs stabilize. Our key strategic investmen...

  Heritage Foods   FY25 PAT Growth  77% Market Leadership: Heritage Foods Ltd expanded its market share and consumer base in the key Value-Added Product segments of Curd and Paneer. It is now ranked among Top 5 brands.  Strong Growth in Milk Procurement: Milk procurement rose sharply by 10.4% YoY, reaching 1.72 million litres per day (MLPD) in FY25, ensuring robust supply chain continuity.     Robust Value-Added Products (VAP) Growth: The VAP segment continued to gain traction, delivering a 19.3% YoY increase in revenue to INR 3,362 million. Its contribution to total revenue rose to 32.5%, up from 30.1% in Q4 FY24. Expanded VAP Performance Including Ghee & Butter: When including Ghee and Butter consumer packs, VAP revenue surged to INR 4,198 million, marking a 19% YoY growth. The segment now contributes 40.6% of total revenue, up from 37.7% in the same period last year. Heritage Nutrivet Limited Delivers Stellar Results: Our wholly owned subsidiary...

  Kaynes Technology India :  PAT growth of 60% YoY FY25   “KAYNES REPORTS STRONG PERFORMANCE IN FY25 with revenue growth of 51% YoY 2025, EBITDA margins of 15.1% (margin expansion of 100 bps YoY) and PAT growth of 60% YoY Key Highlights Achieved revenues of INR 27,218 mn during the 12-months period ended March 31, 2025 establishing a strong growth of 51% compared to the previous year.  EBITDA Margins improved to 15.1% during the financial year as compared to 14.1% during the previous year. PAT Margins improved to 10.8% during the financial year as compared to 10.2% during the previous year. Orderbook grew to Rs. 65,969 million as of March 31, 2025, from Rs. 41,152 million as of March 31, 2024. Net working capital days stands at 87 as of March 31, 2025, as against 83 days as of March 31, 2024.      Commenting on the results Mr. Ramesh Kunhikannan, Managing Director & Promoter, Kaynes Technology India Limited said: “Kaynes revenues of INR 27,218...

  Repco Home Finance :FY25 PAT growth of 11% i.e. 439 cr   The overall loan book stood at Rs. 1,44,918 millions at the end of March 31, 2025, as against Rs. 1,35,134 millions a year back.  As of March 31, 2025, loans to the non-salaried segment accounted for 52% of the outstanding loan book and loans for salaried segment accounts for 48%.  Housing loans accounted for 73% of the loans while Home Equity products accounted for 27% of loan book.  100% of the loans given by the Company are retail loans.     Furthermore, the proportion of stage2 assets has declined to 9.73% in Q4 FY25, compared to 10.56% Q3 FY25 and 11.55% in Q4 FY24, reflecting an overall improvement in the asset quality Total income for FY25 is Rs. 17,246 millions as against Rs. 15,408 millions in FY24.  . Overall loan sanctions stood at Rs. 35,189 millions in FY25 as against Rs. 33,400 millions in FY24 and disbursements stood at Rs. 32,842 millions in FY25 as against Rs. 31...

Stallion India Fluorochemicals: Expecting to grow on 30- 35% CAGR for next 3 years Incorporated in 2002, Stallion India Fluorochemicals is engaged in the business of selling Refrigerant and Industrial Gases and related products.  The company's primary business includes debulking, blending and processing Refrigerant and Industrial gases, and selling of pre-filled cans and small Cylinders/ Containers. The company has four Plants in Khalapur, Raigad (Maharashtra), Ghiloth, Alwar (Rajasthan), Manesar, Gurugram (Haryana) and Panvel, Raigad (Maharashtra). In FY24, its revenue from operations rose marginally to ₹233 crore, while profit after tax (PAT) also jumped 51% year-on-year to ₹148 crore. Its primary business includes debulking, blending and processing refrigerant and industrial gases, and selling of pre-filled cans and small cylinders Diverse Customer Base Across High-Growth Industries and Long-Standing Relationships: Stallion India Fluorochemicals Limited caters to a wide range of...

  NTPC:    plans to add 30 gigawatt (GW) of coal-based capacity by the year 2031-32, up from its earlier target of 26 GW National Thermal Power Corporation ( NTPC ), the state-owned integrated power utility company, has charted out plans to add 30 gigawatt (GW) of coal-based capacity by the year 2031-32, up from its earlier target of 26 GW, as the country’s demand for power continues to remain high NTPC is also pushing for its fuel security measures. "It is planned to enhance the NTPC Group coal production from 14 Mt in FY25 to an estimated 67 Mt by FY29," Currently, hydro and renewable energy (RE) capacity under construction stands at 2.2 GW and 10.3 GW, respectively. NTPC is "actively considering awarding additional thermal capacity to the tune of 7.2 GW by the end of FY26-27 As part of their overall capacity expansion plan, NTPC Group has accorded investment approval for 8 GW of thermal capacity during the current fiscal at an aggregate estimated cost of Rs 1 lakh...

  Oil and Gas sector expansion : Multiple long-distance oil/gas pipelines underway o Policy initiatives aimed at reducing international dependency while promoting domestic production via simplified approvals, consolidated rights for operators and monitoring of environment and safety standards  o Higher allocation in FY26 towards expansion of strategic oil reserves o Indradhanush Gas Grid (North-East Natural Gas Pipeline) to provide connectivity for households and industry  o Multiple long-distance oil/gas pipelines underway including:   ~1700 km Mumbai-Nagpur-Jharsuguda pipeline for INR 8,300 crore   World’s longest LPG pipeline of 2,800 kms between Kandla and Gorakhpur for INR 10,000 crore   Mundra-Panipat crude oil pipeline of 1,033 km for INR 9,000 crore   Ennore-Thiruvallur-Bengaluru- Puducherry-Nagapattinam- Madurai-Tuticorin pipeline of 1,444 km for INR 6,000 crore o Kakinada-Bharuch pipeline of 1,480 km which will be India’s ...