Rounaq Bakshi notes

  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...