Rounaq Bakshi notes

Aurionpro wins major CSB bank mandate, expands presence in India's banking sector Cash management solution chosen as the preferred platform by Catholic Syrian Bank (CSB), a leading private sector bank, further expanding Aurionpro’s footprint across India’s financial sector. The cash management solution is a key component of Aurionpro’s comprehensive, AI-native transaction banking platform, designed to transform and elevate the banking experience for the bank’s corporate customers.  The win adds to Aurionpro’s recent projects with several major public sector banks and solidifies its position as a trusted partner among leading banks in India and globally, delivering scalable, future-ready corporate banking solutions.  Through this strategic engagement, CSB bank will modernize its cash management services, enhance customer experience, and strengthen its competitive edge in the rapidly evolving digital banking landscape.  Aurionpro’s advanced cash management platform is desig...

  eMudhra 27.1% PAT growth in Half Year 2026 Key Project Wins  CertiNext implementation for a security and investigation company in North America  Implementation of emCA for one of the government project in Malysia  Rollout of Certificate Lifecycle Management for a Government Authority in UAE  Continued acquisition of BFSI clients in India for emSigner, eSign and eStamping for process automation and paperless transformation in lending, onboarding and other workflows  Rollout of eMsigner enterprise for one of the banks in Qatar UAE  service contract for corporate Trust Center, PKI, CLM and Cryptas Professional Services from known tech and digital innovation unit of a large German retail and tourism company.  Implementation of eSignature workflow for a state Government organisation in India.  emSigner is a platform of choice for enterprise wide eSignature deployments in regulated industries Regulated industries such as Banking rely on Iden...

  KRYSTAL INTEGRATED SERVICES: Emerging Businesses — Water, Waste, and O&M — advancing capability development H1 FY26 Highlights:   Revenue from operations increased 15.9% YoY to Rs. 606.48 Crores in H1 FY26 compared to Rs. 523.31 Crore in H1 FY25 on account of new order wins across verticals.   EBITDA grew by 18.0% to Rs. 39.26 Crores in H1 FY26 compared to Rs. 33.26 Crores in H1 FY25   EBITDA Margin improved marginally to 6.47% in H1 FY26 as against 6.36% in H1 FY25 due to the operational efficiencies.  PAT declined by 2.6% to Rs. 29.51 Crore in H1 FY26 compared to Rs. 30.30 Crore in H1 FY25.   PAT margin stood at 4.87% for H1 FY26 as compared to 5.79% in H1 FY25. Commenting on the performance, Mr. Sanjay Dighe, CEO & Whole Time Director, Krystal Integrated Services Ltd, said, “Q2 FY26 delivered steady performance, with revenue growing 6% YoY and EBITDA margin maintained at 6.32%. The temporary moderation in the government segment stemmed primaril...

  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...