Nitin kapoor

I'm not Sebi registered analyst. Anything I discuss, retweet, etc is only for study purposes.Please don't treat any retweet or tweet as a recommendation to buy.

[Mayank Saraf @MayankSaraf123]

One stock I revisited after almost a year of listing — Star Imaging & Path Lab.

I was quite bullish on this story since the IPO, but the stock has failed to perform so far.

After revisiting the numbers, business fundamentals, expansion plans and IPO utilisation, my conviction has only strengthened.

A few things that make Star Imaging interesting 👇

🔹 25+ years of operating history — this isn’t a newly created IPO story.
🔹 24 diagnostic centres as of FY26 — 18 in UP, 5 in Delhi & 1 in Nashik.
🔹 ~7.1 lakh tests conducted in FY26.
🔹 100+ B2B hospital relationships.
🔹 B2C business growing ~18%.
🔹 New ₹14 Cr Dwarka centre adds another growth leg.
🔹 Two new centres already operational, with another in the pipeline.
🔹 New centres typically take 6–8 months to reach breakeven.

But what I find particularly interesting is the business mix.

FY26 revenue was ~₹88.5 Cr, of which:

Radiology: ₹73.6 Cr (~83%)
Pathology: ₹12.3 Cr
Cardiology: ₹2.2 Cr
Neurology & others: balance

So this is predominantly a radiology-led diagnostic business, rather than a conventional pathology-heavy diagnostic chain.

And the financial profile is interesting:

• ~37.5% EBITDA margin
• ~21.8% PAT margin
• ~29% ROCE
• Net cash position
• 71.9% promoter holding
• No promoter pledge

And then comes the part I think the market may be overlooking:

IPO utilisation has been disciplined.

₹12 Cr → debt repayment
₹5.14 Cr → refurbished medical equipment
₹7.53 Cr → GCP
~₹12.51 Cr still available

The unutilised IPO money is sitting in FD/current accounts, while FY26 operating cash flow was ~₹23.3 Cr.

At the current valuation, you’re paying only around 7-8x FY26 earnings for a business with high margins, healthy ROCE, promoter skin in the game, an established operating history of 25+ years and an expansion runway.

Management had originally indicated 30–35% growth, but FY26 execution was affected by regulatory delays. Management now says those issues have been resolved and expects 25–30% growth in FY27.

If management can deliver its targeted 25–30% growth, the earnings trajectory could look very different over the next 2–3 years.

The market clearly hasn’t rewarded the story yet.

But that’s precisely what makes it interesting.

Sometimes the opportunity lies in a good business where the numbers are improving before the valuation rerates.

STAR IMAGING — ₹83 today. IPO PRICE ₹142. What if FY28 tells a very different story?

An interesting BSE SME diagnostic play with operating history of 25+ years quietly sitting at ~₹145 Cr market cap.

FY26:
📌 Revenue: ₹88.5 Cr
📌 EBITDA: ₹33.2 Cr
📌 PAT: ₹19.3 Cr
📌 EBITDA Margin: ~37.5%
📌 ROCE: ~29%

FY27E:
🚀 Revenue: ₹110–115 Cr
🚀 PAT: ₹24–26 Cr

And if the growth story sustains into FY28:

FY28E
📈 Revenue: ₹140–150 Cr
📈 EBITDA: ₹52–56 Cr
📈 PAT: ₹31–34 Cr
📈 EPS: ~₹18–20

At just 12× FY28 earnings:

👉 Potential value: ₹215–240/share

At 15×:

🔥 ₹270–300/share

The ingredients are interesting:

✅ 25–30% growth potential
✅ ~37% EBITDA margins
✅ Improving cash generation
✅ Low leverage
✅ Expansion in MRI/CT & advanced imaging
✅ 100+ hospital tie-ups
✅ B2B + B2C expansion
✅ Significant operating leverage possible

Current market cap: ~₹145 Cr.

The market is waiting for one thing:

EXECUTION.

If FY27 validates the growth story, FY28 could be when the valuation gap really starts closing.

₹83 → ₹150 → ₹200+?

Not a prediction carved in stone.
Just a risk/reward setup worth watching closely.
Definitely one to keep on the radar.

[Pulse Of Profit @PULSEOFPROFIT10]

A Macro Theme to watch out for is where very few players are available, at least in the listed space

For every electricity unit consumed in India, Discoms incur O&M costs of 0.5 to 1.5 per unit

O&M Market is almost running into Lakhs of crores

One company which is pure-play O&M focus in this space is GV Electricals, which derives 76% of revenue from O&M and has 88% repeat clientele

Recurring Nature of business worth tracking

Targeted AT&C loss reduction by 2030 accelerates this theme

@Sharad9Dubey

[Abhishek Bansal @bansalabhishek5]

Suba Hotels Q1FY27 Update

➡️ Rev : 27CR, up 34%, Q1 represents approx 17% of the overall yearly revenue, and is the weakest quarter.

➡️ Keys: 4652 currently operational.

➡️ Approx 75% of the keys are franchised & managed, where Suba charges a royalty & management fee/key, which flows directly to the pat and bottom line, hence PAT margin and expansion will be faster than the overall revenue growth.

➡️ Fair value stands at INR 180-200 for FY26 based on the model below.

Disc: NOT SEBI REGISTERED, MY ESTIMATES ARE SUBJECT TO MY OWN ASSUMPTIONS AND I HAVE A HISTORY TO GO WRONG. PLEASE DO YOUR OWN DUE- DILIGENCE BEFORE INVESTING, NOT A BUY-SELL RECOMMENDATION.

#subahotels #subahotel #suba

[Capital Market Publishers India Pvt. Ltd. @CapitalMarket17]

Blue Dart Express rises 3.32% after #Q1FY26 results.

[VISHAL GOYAL @10PointerEquity]

SPORTKING: Q1FY27: Beat

Revenue +18%YoY
OPM 18.8%
PAT +116%YoY
Exports strong, solar live

Guidance: FY27 revenue ~₹3,000 cr, FY28 >₹4,000 cr, Odisha 90% util by Mar

+ve: margins far above steady-state

Monitor: spreads, cotton duty, Odisha ramp

#SPORTKING #Q1FY27

[THE SWING TRADER @Ziyad69_]

SWING STOCKS !! That Can Give 10 to 15%

1 #BEPL

[Nikhil Singh Gangwar | SEBI RA - INH000012801 @rooster0511]

Bhansali Engineering Polymers sells finished ABS pellets.

They manufactures ABS by these Monomers - Styrene, Acrylonitrile, Butadiene.

crude → naphtha → cracker → three monomers → intermediates → ABS.

Since, crude is up and Naphtha is in short supply, ABS prices have increased ~40% due to west Asia crises.

Now, the escalation has again increased the crude oil prices after cool off, we can expect new normal of higher crude oil prices and hence, increased new normal of ABS prices.

BEPL is increasing its ABS capacity from 75K to 100K in Sep 2026. So, with increased realization and Volumes can impact the Revenue north of 50% for the entire year and with similar margins we can see a ~50% PAT and EPS growth.

This company was not growing at all for the last 3 years and finally has growth triggers.

Investors should study to materialize the gains.

[STR @sachprat07]

#SME #Avience #AvienceBio #AvienceBiomedicals

Avience Biomedicals Q4 FY26 Concall Highlights:

👉FY27 & Future Outlook :
▫️Confident of at least 60%+ revenue growth in FY27
💠Driven by capacity expansion, product launches, wider distribution, government/PSU tenders and exports
💠New fully automated manufacturing facility targeted for commissioning by Oct-26 (85% complete; remaining work by Sept; operations from 1 Oct).
💠Total project investment ₹30.18 Cr (IPO proceeds ₹15.95 Cr + SIDBI ₹12 Cr + internal accruals ₹2.23 Cr).
💠Focus on biochemistry analyzer manufacturing; WHO-PQ capable facility for global exports.
💠Will phase out existing rented facility 3-4 months after new plant starts.

▫️Product portfolio expansion from 88 CDSCO-approved products to 288+ (recently added 17 licenses; 200+ applications under process).
💠Commercialization of newly approved products + scale-up via new facility.
💠Exports: Target ₹5-7 Cr in current year (already ₹0.7-0.8 Cr in first 3 months); registrations ongoing in multiple countries.
💠Domestic focus on government tenders + private channel expansion (North India first via Mindray OEM exclusive discussions).

▫️Manufacturing vs trading mix expected to move toward 50:50 (from ~27% manufacturing / 72% trading in FY26).
💠💠 on manufacturing 30-100%+ (product-dependent); reagent rental business 40-60%.
💠Capacity utilization: ~15-20% in FY27 on new facility; 50-60% in FY28 (~₹120 Cr manufacturing potential + trading).
💠Peak top-line potential of new facility ~₹250 Cr.

▫️Longer-term: Build integrated diagnostics/medical devices platform; strengthen Make-in-India presence
💠Pursue PPP models (like Krsnaa Diagnostics) once scale/funds allow
💠Expand Mindray collaboration (North India exclusive for select models, then East/South/West).

👉Current Order Book / Projects and Future Pipeline :
▫️₹47.46 Cr order book (government/PSU – primarily Uttarakhand; equipment-heavy) in hand; execution timeline 3-4 months.
💠Supports the 60%+ FY27 growth target on a standalone basis. Additional routine/natural orders continue.
💠New territory entry (Uttarakhand) via government tenders (GEM/portal + relationships); limited field force needed for govt vs private market.

▫️Pipeline: 200+ product applications under CDSCO process;
💠Mindray OEM discussions for exclusive North India distribution of select high-volume analyzers (closed-loop systems with in-house reagents/barcodes).
💠Export registrations ongoing. Broader government tender participation enabled by new capacity (delivery timelines of 45-60 days required).
💠Business model supports recurring revenue: instrument placement on reagent-rental (5-year commitments) + consumables (80-90% closed-loop) + rapid cards (no instrument needed).
💠Service USP: 4-hour uptime guarantee anywhere in India.

👉Other Notable Points :
▫️FY26 Financials (audited consolidated):
Domestic revenue mix 98.99% (exports 1.01%).
💠Working capital: Government receivables typically 90-120 days average (can range 45-180 days depending on state/project size);
💠Bankers ready to support CC limits/bill discounting/collateral-backed facilities as orders scale.
💠H1/H2 seasonality: Q2 & Q4 stronger; Q1 & Q3 leaner.

▫️Competitive strengths & strategy: Integrated manufacturing + distribution; 88 CDSCO licenses (regulatory moat)
💠Recurring consumables model; pan-India presence serving govt hospitals, private labs, diagnostic chains (Max, Sarvodaya, Dr. Lal, Labcorp etc.)
💠Authorized Mindray distributor (China #1 / global top-20; area-exclusive for Delhi-NCR + Eastern UP currently).
💠USP currently quality + 4-hour service; future focus on proprietary differentiation.

▫️Industry backdrop: Indian diagnostics market projected to ~₹1,964 Bn by FY30 (~11%+ CAGR); IVD ~57% of market.
💠Rising disease burden, molecular diagnostics, AI/automation, government schemes (NHM, free diagnostics) and health insurance penetration as tailwinds.
💠Import substitution opportunity under Make-in-India (dependency down from ~90% to ~70%)

▫️Subsidies at Medical Device Park:
💠Concessional land/power (₹3.5/unit), ESI/PF employer contribution support
💠7% interest subvention, exhibition/training/testing reimbursements, etc. (central + state).

[Pulse Of Profit @PULSEOFPROFIT10]

⚡ Susan Electricals begins FY27 with strong momentum.

• Revenue jumps 254% YoY to ₹95.36 Cr

• Order visibility stands at ~₹292 Cr (over 3x Q1 revenue)

• ₹142.39 Cr unexecuted order book to be executed over the next 3 months

• LT & HT cable capacity expanding from 7,500 km to 12,000 km

• Focus on PSU approvals, high-value products and India's power infrastructure boom

A strong start backed by execution, capacity expansion and sector tailwinds.

#SusanElectricals #StockMarket #PowerSector #Results #SmallCap

[Nitin Verma @itsnitinverma]

Adisoft Technologies has given 78% YOY growth in revenue for Q1

[Vivek Chadha @VivekChadha1996]

Listing Today- IC Electricals has all the ingredients that SME investors usually look for:

✅ Railway-focused business with sector tailwinds ✅ Fresh issue—capital raised goes into growth, not promoter exit ✅ Healthy return ratios ✅ Reasonable IPO valuation compared to many recent SME issues ✅ Strong investor interest

This isn't a one-product company.
IC Electricals serves the railway ecosystem with a range of specialized products, including:
⚡ Electronic Rectifier-cum-Regulating Units (ERRU)
⚡ Regulated Battery Chargers (RBC)
⚡ Vigilance Control Devices (VCD)
⚡ Emergency Light Units (ELU)
⚡ GPS-based Passenger Announcement & Information Systems (PAPIS)
⚡ Brushless Alternators
⚡ Traction Motors
⚡ Railway Electrification & 25 kV AC Turnkey Projects

If execution continues and the order book scales, this could be one of the SME names worth tracking beyond listing day—not just for the GMP.

#IPO #SMEIPO #ICElectricals

[The Cloaked Gaze 👀 @gaze_observer]

NLC's ₹1 trn Expansion Plan Takes Global Route

Immediate Priorities
Commercialisation of 1,980 MW Ghatampur thermal power station (Kanpur, UP) — a key milestone after early doubts over project viability

Critical minerals push: secured two mineral blocks in Chhattisgarh; emerged preferred bidder for two titanium-vanadium blocks in Telangana with substantial reserves

Third priority: land acquisition for mining project expansion at Neyveli (Tamil Nadu), Talabira (Odisha), and other locations — some delays in Tamil Nadu, but state and central government support secured; CM of Tamil Nadu personally assured backing

Critical Minerals Strategy
Primary focus: lithium, titanium, vanadium, and other critical minerals, including rare-earth elements

Current priority is exploration — upgrading blocks from G3 to G2 level needs ₹50-100 crore investment

Across all four blocks, total investment expected to exceed ₹5,000 crore over time

Titanium-vanadium blocks currently at G3 exploration stage, need upgrading to G2 and G1 before mining begins

Commercial production targeted around 2030-31

Overseas Expansion — Lithium & Beyond
NLC, a Navratna company aspiring to Maharatna status, is building a global presence in critical minerals

Signed agreements with Khanij Bidesh India and IREL (India) for acquiring overseas assets; due diligence underway on lithium assets in Brazil

Similar exploratory exercises ongoing in Argentina and Australia

Funding the ₹1.25 Trillion Capex Plan
Total capex: ~₹1.25 trillion over next 4-5 years

Equity requirement: ₹20,000-22,000 crore — funded via internal accruals + asset monetisation (aligned with Centre's monetisation programme)
Remaining funded through debt

Plans to raise over ₹1 trillion via mix of domestic and overseas borrowings

Already secured a $117 million green loan from Germany's KfW; processing additional green loans from Japanese institutions

Foreign green loans available at 5-5.5% vs domestic borrowing costs of over 7.5%

NIRL IPO — Listing Update
NIRL (wholly owned subsidiary) has received approvals to proceed with listing

IPO targeted around September

Proceeds to fund equity component of expansion plans

Plan: divest 25% to raise ~₹2,000 crore

Assets under NIRL currently valued at ~₹8,000 crore

Core Theme:
NLC India is transforming from a domestic thermal-power-and-mining PSU into a globally-oriented critical-minerals and clean-energy player — backing a ₹1.25 trillion capex plan with cheaper foreign green financing, overseas lithium acquisitions across Brazil, Argentina and Australia, and a calculated NIRL IPO to fund equity needs, all while still closing out legacy priorities like the Ghatampur thermal project and domestic land-acquisition hurdles.

[RedboxGlobal India @REDBOXINDIA]

BANDHAN SMALL CAP FUND INCREASES STAKE IN HORIZON RECLAIM AFTER STRONG MARKET DEBUT

[Sandeep R | Microcap Alpha @investor_sr33]

Susan Electricals (BSE SME) IPO funds at work:
₹10.29 Cr capex → 60% cables capacity expansion
₹33 Cr working capital → Fuel growth

[Shreenidhi P @nid_rockz]

Susan Electricals
#Susan
#SusanElectricals

Listed today with 46% premium to issue price of 127rs

Report from BeatTheStreet

Company doing a capex wherein it's adding 60% additional capacity
Capacity to increase to 12,000 km per annum
Existing land has scope for future expansion upto 22,000 km per annum

MVCC
High growth high margin product

Makes:
Winding wires and strips
LT and HT cables
Aluminium conductors and MVCC

Anchor investors include:
Motilal Finvest
SageOne
ShineStar
Vikasa India EIF
ArthaSanchay

[Yatin Mota @yatinmota]

CITI INITIATES BUY on VEDANTA Aluminium

Citi BUY target Rs 560, implying 18% upside

BALCO, VAL debottlenecking to drive growth

Cost Leadership, higher captive Alumina boosts Margins

Vedanta Aluminium is not Citi's Top Metals Pick

[Pratik Bagadia @pratikbagadia]

📌Decoding recently Ipo'd ESDM company in Defence and Aerospace based on Rhp

🔸Cmp: Merritronix ltd
🔸Mcap: ~261cr | TTM PE: 16.2x | Promoter holding: 62.3%

PS: No Buy/Sell rec; Interested & biased, Analysis can go wrong so kindly use it for educational purpose only👇

[STR @sachprat07]

#SME #RECODE #RecodeStudios

Recode Studios H2 FY26 Concall Highlights

👉 FY27 & Future Outlook:
💠 Management targets at least 50%+ revenue growth CAGR in FY27 (with confidence of achieving better than it)
💠Same CAGR growth % is expected to sustain in the next 2-3 years
💠 IPO proceeds are being deployed primarily for working capital and inventory build to support revenue growth and prevent stock-outs; additional focus on new product innovation and geographic expansion.

💠 Key focus areas:
- Improve availability in under-penetrated markets (South India, North East, Central India) via dedicated teams already hired.
- Strengthen modern trade presence (first kiosk opened in Omaxe Mall, New Delhi; multiple malls in pipeline).
- Foray into quick commerce within 1-2 months through agreements with major platforms and shipping partners for 4-hour/next-day delivery from Recode’s website.
- Supply chain strengthening, including the new Ludhiana-owned warehouse expected to commence operations in April 2027.
💠 Business model remains asset-light with continued emphasis on brand strength, product quality, working capital discipline, and profitable growth (profitable since inception).
💠 Marketing spend to remain at ~20% of revenue (influencer marketing + masterclasses for customer education); any margin upside will be reinvested in branding to acquire new customers.
💠 EBITDA margins expected to remain stable around 20-21% (as incremental profits will fuel marketing); online vs offline margins are comparable despite commissions/shipping.
💠 Sales mix shifting towards 50-50 online-offline in FY27 (currently ~60% online / 40% offline) while both channels grow; own website continues to deliver higher margins within online.
💠 H2 seasonality to persist (stronger colour cosmetics demand in Oct-Dec due to festivals and favourable weather).

👉 Current Performance, Expansion Pipeline & Growth Levers:
💠 Product pipeline: 20-25 new SKUs in next 6 months, including higher-MRP items (₹999–₹2,500 range) to broaden portfolio beyond current 350+ SKUs across 5 categories.
💠Focus on viral/hero products like setting spray and primer.

💠 Retail & distribution expansion: Shift from traditional FOFO to dark stores (already operational in Jabalpur, Hyderabad, Chennai; pipeline includes Bhubaneswar, Ranchi) operated by third-party partners who also act as distributors.
💠Existing 19 FOFO stores continue as active distributors (handling 200–500 retail outlets each) with no closures; all franchises remain profitable (₹4-5 lakh monthly footfall + distribution revenue).

💠 Modern trade & quick commerce pipeline:
-Kiosks and tie-ups with Shoppers Stop, Lifestyle etc in progress
-Full modern-trade vertical team being onboarded.

💠Quick commerce discussions advanced; own fast-delivery model from website being prioritised to protect margins.

💠 Geographic push: Heavy hiring and focus on South, Central, and North-East markets where availability was previously lower; overall omnichannel presence (own website, marketplaces, 22 stores, distributors) scaling rapidly.

💠 Repeat purchase metrics on website: 40% month-on-month repeat rate, AOV ~₹800 (up ₹100 YoY). Dead inventory remains negligible (~1%) through proactive masterclass giveaways and strict shelf-life monitoring.

👉 Other Notable Points:
💠 Affordable luxury positioning:
- Positioned as international-brand replacement (mass-premium segment) with strict third-party manufacturing quality protocols (batch checks, only easily saleable products supplied to Nykaa etc.).
- No major quality issues reported; repeat rates validate customer trust.

💠 Channel nuances: Nykaa treated as B2B (upfront purchase, SOR model with near-zero returns); Amazon/Myntra/Flipkart as online/D2C. Own website contributes ~50% of online sales and delivers superior margins.

💠 Customer acquisition:
- Education-led model via influencer marketing + offline makeup masterclasses for self-grooming;
- Traditional CAC not defined due to omnichannel nature, but 20% revenue allocation to marketing is maintained.

💠 Balance sheet & capital allocation: IPO has strengthened working capital; receivables and inventory rising in line with growth to support FOFO/distributor credit and availability.

💠 Rising awareness, digital discovery, influencer buying, quick commerce, and offline experience-led purchases favour Recode’s omnichannel, asset-light model in the growing BPC market

[Aim Alpha Investing @aimalpha100x]

Admach Systems

FY27 revenue target: Management expressed confidence in crossing INR 100 cr in FY27; longer-term target of ~INR 200 cr by FY28.

FY27 EBITDA margin target: 20%+ guided with confidence; key driver is backward integration (in-house machining) expected to contribute ~300–400 bps margin improvement in the next reported results as new machinery ramps up.

Order book execution: Current order book of ~INR 65 cr expected to be executed by end of September 2026; ~INR 200 cr+ in offers already quoted with ~60–65% historical conversion rate — the primary near-term demand visibility signal.