Rounaq Bakshi notes

  Jinkushal Industries : IPO Stock at 400 cr mkt cap Jinkushal Industries Limited (“JKIPL”) is India’s largest non-OEM exporter of construction and mining machinery (Source: CARE Edge).  Niche business of Exports of Refurbished, Customised and Own Brand Sales of Construction equipment through 3 different product verticals.  Also retain Complementary business of Machinery Rentals & business of logistics warehousing and earn a small portion of revenue from there.  · Asset-light business model with strong focus on customer trust, fast execution, and after-sales support. Export Focus: ~99% of JKIPL's revenue is export-derived, underlining global orientation.  Machines Supplied: Since 2017, supplied ~1,500+ machines worldwide; in FY25 alone, 584 units.  Financial KPIs: 5-year revenue CAGR 73.37%; FY25 D/E ~0.58.  Customer Metrics: Top-5 clients account for ~75% of revenue (Fy25) , reflecting concentration but strong Registered Office: Our registere...

  Raymond Realty: current Real Estate Business is now close to ~₹ 40,000 Cr The total potential revenue from  current Real Estate Business is now close to ~₹ 40,000 Cr, which includes:  THANE LAND PARCEL – 100 Acres with ~ ₹ 25,000 Cr Potential Revenue:  Have ~55 acres of Thane Land parcel currently under development which translates to ~5.8Mn square feet of RERA Carpet Area with a potential revenue of ~ ₹ 13,200 Cr, of which, have already sold ~ ₹ 8,200 Cr and collected an amount of ~ ₹ 6,300 Cr so far.  During the quarter, launched two new residential towers, Address by GS Season 3 and Invictus Tower B in Thane, which received an overwhelming response.  Further, witnessed continued traction in bookings across projects, especially in Ten X Era and the Address by GS Bandra.  JDA Led Model – Six JDA’s with ~ ₹ 14,000 Cr Potential Revenue  Committed to future expansion through an asset-light business model via the JointDevelopment Agreement (JDA) ro...

  Tata Capital Limited: AUM grew by 3% QoQ to ₹ 2,43,896 crore as on September 30, 2025  CONSOLIDATED PERFORMANCE HIGHLIGHTS – Q2FY26 Including Motor Finance:  ➢ Retail + SME constitutes ~88% of gross loan book.  ➢ Retail unsecured forms 11.6% of gross loan book.  ➢ Pan India network of 1,479 branches across 27 states and union territories.  ➢ Focused on improving business metrices in Motor Finance (~10% of gross loans) before accelerating growth.  ➢ AUM grew by 3% QoQ to ₹ 2,43,896 crore as on September 30, 2025 from ₹ 2,37,508 crore as on June 30, 2025.  ➢ Net total income grew by 4% QoQ to ₹ 3,774 crore in Q2FY26 from ₹ 3,626 crore in Q1FY26.  ➢ Annualized operating expense on average net loan book of 2.6% in Q2FY26 vs. 2.4% in Q1FY26.  ➢ Cost to income ratio stood at 39.7% in Q2FY26 vs. 36.8% in Q1FY26.  ➢ Annualized credit cost of 1.3% in Q2FY26 vs. 1.6% in Q1FY26.  ➢ Profit after tax grew by 11% QoQ to ₹ 1,097 crore in Q2...

  GIFT City has flipped the script on NRI investing.   Here's what changed: The old way: Sign 60-70 documents. Wait 3-4 months. Navigate the NRE/NRO/PIS maze. Mandatory PAN cards, OCI cards, Indian bank accounts. The GIFT City way: Four documents. Two days. Done. You need a passport, bank statement, address proof, and local tax ID (like your SSN or Emirates ID). That's it.   No PAN. No Indian bank account. Money will move like it should: Transfer USD directly from your foreign account. Redeem back to the same account. Never touch an Indian bank.   Optional USD accounts available in GIFT City itself. Taxes are Simplified as well. The fund pays capital gains tax for you no Indian tax returns to file.   UAE residents investing in global funds? Zero tax.   One regulator (IFSCA) instead of juggling RBI and SEBI rules. No caps on intraday trading or leverage. While current AIF minimums sit at $150,000, retail-friendly feeder funds are emerging. GIFT City is funda...

  NEED FOR WATER SUPPLY & WASTE WATER TREATMENT With a budget of $51 bn, Jal Jeevan Mission (JJM) sponsored by Government of India is working towards realizing the vision of ‘Har Ghar Jal’, and laying the foundation for a sustainable, equitable water future. However, water security goes beyond mere access. It necessitates fostering a holistic ecosystem where access is not just granted but also perpetuated through continuous efforts. By putting communities at the heart of the change process, we can make a difference. The NITI Aayog’s 2018 Composite Water Management Index (CWMI) depicts an unsettling picture of macro-water availability in India – despite being home to 17% of the world’s population, it has only 4% of the world’s freshwater resources.  The total water demand in India is projected to increase by 22% and 32% in 2025 and 2050 respectively and, by 2050, 85% of this demand is expected to come from industrial and domestic sectors alone. According to a NITI Aayog, In...

  Latent View Analytics :  76% of revenue today comes from clients  have been served for over 5 years Key Focus areas over next 3 years  Expand Marketing Analytics for deeper client insights Drive a Data-Driven Marketing Model to enhance product, channel, and customer experience strategies.  Grow Nearshore Centers for improved client support Strengthen client proximity and support through expanded nearshore centers at Canada, Mexico and LATAM, enhancing delivery efficiency and client responsiveness.  Increase APAC presence with GCC to capture regional demand  Expand India GCC hubs with a focused charter for rapid scaling, meeting growing demand, & enhancing regional expertise to support client need.  Enhance Data Engineering through Databricks partnership  Foster data engineering innovation and best practices in partnership with Databricks, empowering clients with cutting-edge cloud data solutions.  Continue Driving Impact throu...

  Johnson controls-Hitachi India rebrands as Bosch Home Comfort after acquisition The rebranding follows the company’s transition into a subsidiary of Robert Bosch GmbH after the completion of acquisition transactions between Johnson Controls-Hitachi (a joint venture of Johnson Controls Inc and Hitachi Global Life Solutions) and Bosch on August 1 Johnson Controls-Hitachi Air Conditioning India Limited has announced a rebranding, with the company set to change its name to Bosch Home Comfort India Limited. The Board of Directors, at its meeting on August 22, 2025, approved the change, stating that the new identity should highlight the Promoter Group’s brand and its relevant business vertical. The rebranding follows the company’s transition into a subsidiary of Robert Bosch GmbH after the completion of acquisition transactions between Johnson Controls-Hitachi (a joint venture of Johnson Controls Inc and Hitachi Global Life Solutions) and Bosch on August 1, 2025. The Central Registrati...