Ap'Na'InvestingMantra

ApNa Learning. ApNa Investing Mantra.Not SEBI registered. Tweets are for educational purpose only.Not recommendations.

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

good story on #pinelabs

[Neel Chhabra @NeelChhabra]

In April I argued Pine Labs is a toll road nobody notices. The market sees a POS rental business. The real business is the operating system inside the terminal: EMI routing, bank-neutral checkout, subvention accounting. The device is the door, and complexity is the revenue model.

That logic explained why Pine Labs ignored the small merchant. A kirana with a UPI QR has no complexity to orchestrate, so it went to Paytm and PhonePe.

Recently, Pine Labs ordered 10 lakh soundboxes, the simplest device in Indian payments. It also launched an agentic commerce stack with Google Cloud.

These are one bet, not two.

A middleman is worth complexity times doors. You don't install a door once the complexity arrives, because by then someone else's door is there. You install it just before.

For the small merchant, complexity is arriving early, from two directions.

The rail. UPI is moving to bigger tickets, where credit and EMI start to matter.

Amrish Rau says as much: “With new monetization levers emerging, we want to walk the talk by investing back into the ecosystem.”

On Agents. AI shoppers need readable catalogs, automated checkout and auditable payments. Those were enterprise problems. Now they're a kirana's.

"Without the right platform, agentic commerce repeats a pattern India has seen before: new technology reaches the top of the market first, and small businesses wait."

The soundbox is the door. The agent stack is the room. "One commerce operating layer for every merchant." That is the operating-system thesis, now extended from Croma to the kirana. And the agentic option I flagged, priced at zero, just got its distribution.

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

#sonacomstar one of my high conviction bet for future. Not a recommendation. DIY.

[Aditya Kondawar @aditya_kondawar]

There is innovation happening in India

If the past week's news about Solar, BDL, Azad, PTC, and many more doesn't convince you

Here's another one -

Sona Comstar has an 800 cr order book in Robotics in Physical AI

Sona is one of the most technologically advanced mobility ancillaries

No reco strictly

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

Great news for #raymond . Holding from low levels with good allocation.

[RJ Stocks @RakJhun]

Raymond is diversifying into defence & aerospace & has appointed Bhanu Prakash Srivastava, CMD of BEL, as CEO-Defence. During 4 decades at BEL, Bhanu Prakash tripled market capitalisation from ₹51k Cr to ₹1.5 lakh Cr, secured ₹55000+ Cr in new orders & launched 100+ products.

[Mindful Investor @amitabhvatsya]

Visited this company back in 2007 to onboard them for Tata Motors. Now? They are pivoting to a massive growth sector.

Not auto. Railways.

The structural shift is happening fast—let’s catch the train before it runs away!
📈 Track the full story here: 🔗 https://t.co/KIpZgRHQwz

[Sachin Tendulkar @sachin_rt]

Vaibhav Sooryavanshi’s bat swing has been outstanding. What’s even more remarkable is how beautifully he clears his front foot to create room for balls aimed at his legs. This freedom allows him to play the way he does.

That innings was nothing short of spectacular!

[UnlistedZone @UnlistedZone]

NSE- India's largest exchange just reported FY26 numbers.

PAT down 15%. EPS fell from ₹49 to ₹42.

Headlines will call it a disaster.

They're wrong.

The NSE Numbers are far more interesting than that.
━━━━━━━━━━━━━━

1. THE NUMBERS

Full year FY26 — consolidated:

— Total income: ₹18,713 Cr (down 2%)

— Revenue from ops: ₹16,601 Cr (down 3%)

— EBITDA: ₹11,098 Cr (down 12%)

— PAT: ₹10,302 Cr (down 15%)

— ROE: collapsed from 45% to 33%

Looks terrible. Keep reading.
━━━━━━━━━━━━━━
2. Q4 TOLD A COMPLETELY DIFFERENT STORY

The final quarter of FY26:

— Revenue: +32% year-on-year

— EBITDA: +30%

— PAT: +8%

— EBITDA margin: held at 73%

— Options premium ADV: surged 43% QoQ to ₹76,375 Cr/day

The business didn't break. It bent — then snapped back.

━━━━━━━━━━━━━━

3. WHY DID PROFIT REALLY FALL?

Four reasons. Not one.

— SEBI F&O circular (Oct 2024): knocked ₹420 Cr off PAT

— SEBI settlement fees doubled to ₹1,432 Cr: cost ₹556 Cr post-tax

— Discontinued ops income fell ₹459 Cr

— Tech + other costs surged 29–44%: ₹430 Cr hit

Total: ₹1,886 Cr PAT decline. Every rupee accounted for.
━━━━━━━━━━━━━━
4. THE BSE QUESTION

Same regulation. NSE crushed. BSE had its best year ever. Expetcted PAT up ~65%.

How?

Before Oct 2024

NSE owned every expiry day of the week. After SEBI said: one weekly expiry per exchange.

BSE grabbed Friday. Displaced retail traders had nowhere else to go.

BSE's revenue is ¼ of NSE's. So every incremental rupee hits the bottom line harder.
━━━━━━━━━━━━━━
5. THE VALUATION

NSE is not listed. It trades on the unlisted market at ₹1,900–₹2,000.

At ₹1,900 — 45x FY26 EPS of ₹41.62.

How does that compare?

— BSE: ~70x

— MCX: ~80x

— Singapore Exchange: ~35x

— NASDAQ: ~30x

NSE sits right in the middle. Not cheap. Not expensive. For what it is.
━━━━━━━━━━━━━━
6. THE HIDDEN GROWTH ENGINES
Nobody is talking about these:

— Commodity derivatives ADV: grew 10x in FY26 — Electricity Futures (launched Jul 2025): ₹11,098 Cr turnover, 72% market share

— MF platform orders: +91% YoY

— Debt market Tri-party Repo: 289% CAGR since FY24

— Index Licensing: only ₹152 Cr revenue — but 73% of all passive AUM tracks Nifty

Index licensing alone could be a ₹1,000 Cr business this decade.
━━━━━━━━━━━━━━

7. THE IPO FACTOR

Management has set June 15, 2026 as DRHP filing deadline.

If BSE-like multiples apply post-IPO → fair value ₹2,300–₹2,500,

If global exchange multiples apply → downside ₹1,200–₹1,400

The range is wide. The binary is real.
━━━━━━━━━━━━━━
8. THE BOTTOM LINE

Bull case: IPO + new segments scaling = re-rating + earnings recovery in FY27–28

Bear case: More SEBI F&O curbs + delayed IPO + BSE keeps gaining = sustained pressure

NSE is not broken.

It is the #1 equity derivatives exchange on Earth by contracts. 25.7 crore investor accounts. Near-monopoly across most segments.

FY26 was a regulatory shock year. Q4 proved the business is intact.

━━━━━━━━━━━━━━
Full breakdown — FY26 financials, NSE vs BSE comparison, unlisted valuation, IPO scenarios, new growth segments:

👉 https://t.co/jwZy70CVya

[Shreenidhi P @nid_rockz]

Billionbrains Garage Ventures
#Groww

Solid Q4FY26

Highest ever revenue, EBITDA, PBT and PAT in comps history

Solid QoQ and YoY uptick across all parameters

Gaining mkt share
Good margin expansion
Good client acquisition

2.4x YoY
20%+ QoQ

Rev at 1505cr vs 801cr
Q3 at 1216cr

EBITDA at 940cr vs 390cr
OPM at 68% vs 48%⏫1370bps

PBT at 936cr vs 414cr
Q3 at 745cr

PAT at 686cr vs 309cr
Q3 at 547cr

[Akash Chaudhary @Akash17971]

Hey @grok

From the list, which 5 companies stand out to you as having the potential to deliver 10x returns over the next 5–6 years?

Your top 5 picks for study purposes only ✏️📙

Netweb
Quality Power
Anant Raj
Krishna Defence
V2 Retail
Pondy Oxides
TD Power
Senores Pharma
CDSL
Interarch Building
Advait Energy
Modern Insulators
Jamna Auto
Apollo Micro Systems
Yatharth Hospital
Manorama Industries
Frontier Springs
Pricol
Belrise
MTAR Technologies
Atlanta Electricals
Fujiyama Power
Prostarm Info
ACME Solar
P N Gadgil
Vintage Coffee
Transrai
SJS Enterprise

No recommendations.

[Mahesh Babu @urstrulyMahesh]

#DhurandharTheRevenge is an explosion executed with perfect precision!!!! The finest version of Ranveer unleashed and how… 💥💥💥 The way Aditya Dhar has conceived and delivered this standing ovation worthy experience is remarkable 👏🏻👏🏻👏🏻 Special mention to Maddy’s performance and Shashwat Sachdev’s music..🔥🔥🔥 This is a film meant to be experienced and celebrated…. Congratulations to the entire team….❤️❤️❤️

@RanveerOfficial @ActorMadhavan @AdityaDharFilms @shashwatology @jiostudios @B62Studios

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

Added a top bank to my portfolio. Pessimism is always an opportunity for long term investors.

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

#interarch and #raymond are my top 2 small cap allocations now.

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

#DhurandharTheRevenge goosebumps guaranteed.

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

@GabbbarSingh Movie started in Bangalore at 5:15

[Ap'Na'InvestingMantra @ApNaInvestIdeas]

@AimInvestments Raymond Ltd

[Market Alerts By Tijori @marketalertsz]

Company: Adani Ports &Special

Update Type: Press Release 📰 | Sentiment: Positive 🟢

Summary: Adani Gangavaram Port signed an MoU with NMDC and Vale Brazil to develop an iron ore blending facility and dedicated SEZ. This partnership will expand port capacity to 75 MMT and enable handling of ultra-large Valemax vessels, positioning the port as a major global iron ore hub.

[Akash Chaudhary @Akash17971]

MEGA DATA CENTRE BREAKDOWN POST 🔥🔥🔥

2047 Tax Breaks & 15% Safe Harbour: India’s Data Centre Mega Opportunity 🔥🔥

Top 40 Data Center & Proxy Stocks Powering India’s Data Center Expansion 🔥👇

1⃣ Core Infrastructure & Connectivity
Anant Raj: Rapidly pivoting from real estate to a tech-giant by aiming for 300MW+ capacity, with major operational hubs already live in Manesar and Panchkula.

Netweb Technologies: India’s premier high-end computing player, designing the AI-ready servers and liquid-cooled racks that form the "brains" of modern data centres.

RailTel: Building a unique "Edge Data Centre" network at 100+ railway stations to bring high-speed processing closer to Tier-2 and Tier-3 cities.

Tata Communications: Owns one of the world’s largest subsea cable networks, providing the critical international "highways" for exporting data from Indian shores.

Bharti Airtel (Nxtra): Their DC arm, Nxtra, is investing heavily to hit a 1 GW capacity target, making them one of the largest co-location providers for global hyperscalers.

Black Box: A global leader in digital infrastructure integration, helping hyperscalers design and deploy complex internal networking and cabling for massive DC campuses.

Techno Electric: A strategic play that combines EPC expertise with data centre ownership, recently partnering with RailTel to develop green-energy-powered edge sites.

HFCL: Supplies the high-density fiber optic cables required to connect server racks within data centres and provide last-mile connectivity to the grid.

2⃣ Power, Electrical & Grid Infrastructure
Hitachi Energy: Provides the high-voltage grid automation and substations necessary to stabilize the massive, uninterrupted power loads required by AI-heavy data centres.

GE Vernova T&D: A specialist in extra-high voltage transformers and grid solutions that allow data centres to draw power efficiently from the national grid.

Cummins India: The gold standard for mission-critical backup power, supplying the massive diesel/gas generators that ensure DCs stay online during grid failures.

TD Power: Manufactures specialized AC generators used in captive power plants and backup systems specifically designed for the continuous load of a data centre.

Siemens India: Offers end-to-end Data Centre Infrastructure Management (DCIM) software and hardware for automated power distribution and fire safety.

CG Power: Recently secured major export orders for power transformers specifically designed for global data centre projects, showcasing their high-spec manufacturing.

Kirloskar Oil Engines: Provides robust high-capacity power-gen sets that serve as the last line of defense for data centre "Tier-4" uptime certifications.

3⃣ Cables, Wires & Electrical Components
Polycab: Dominates the supply of fire-retardant, low-smoke (FRLS) cables that are mission-critical for the safety and wiring of dense server environments.

KEI Industries: Focuses on extra-high voltage (EHV) cables required to bring power from the utility substation directly to the data centre campus.

Finolex Cables: Expanding its fiber-draw capacity to meet the dual demand for both electrical power and high-speed telecom cabling within DC facilities.

Apar Industries: Innovating with E-beam irradiated wires that handle higher temperatures (up to 105°C), allowing for more power in space-constrained server racks.

RR Kabel: Supplies specialized building wires and power cables with superior heat resistance, essential for the high-density power distribution units (PDUs) in DCs.

4⃣ Cooling, HVAC & Thermal Management
Blue Star: Developed a specialized range of centrifugal chillers that can restart in just 15 seconds, ensuring servers never overheat during power transitions.

Voltas: A major EPC player for large-scale HVAC projects, managing the complex air-flow and cooling designs required for massive server halls.

KRN Heat Exchanger: A key beneficiary of the AI shift, manufacturing the coils and heat exchangers essential for "liquid cooling" systems in high-density DCs.

Amber Enterprises: Expanding its R&D into commercial HVAC and precision cooling, targeting the high-margin market for maintaining exact DC temperatures.

Thermax: Provides sustainable water-cooling solutions and waste-heat recovery systems, helping data centres reduce their "Power Usage Effectiveness" (PUE) ratios.

5⃣ EMS, Electronics & Hardware Manufacturing
Syrma SGS: A leading electronics manufacturer providing the PCBAs and controllers used in power management and cooling systems for data centres.

Dixon Technologies: Moving aggressively into server manufacturing, aiming to become the local production partner for global hardware giants.

Kaynes Technology: Setting up high-tech plants for semiconductor OSAT and PCB assembly, critical for the local production of server-grade electronics.

Avalon Technologies: Provides specialized hardware for power and communications, including the complex sub-assemblies found in high-speed server switches.

6⃣ EPC, Infra Execution & System Integration
Bondada Engineering: Recently signed MoUs to develop "Green Data Centres", combining renewable energy expertise with rapid-deployment telecom infrastructure.

Orient Technologies: Acts as a specialized IT infrastructure integrator, helping banks and enterprises set up their private clouds within third-party data centres.

Larsen & Toubro (L&T): The heavyweight of DC construction, offering "turnkey" services from civil engineering to the installation of complex electrical and mechanical systems.

KEC International: Leveraging its global footprint to build the transmission lines and civil structures required to bring power to remote data centre parks.

NCC: Involved in the heavy civil construction of massive "Data Park" shells, providing the physical scale required for India's 40-DC push.

7⃣ IT Services & Cloud Enablement
Persistent Systems: Specializes in modernizing legacy applications so they can run efficiently on the new-age cloud infrastructure being built today.

Coforge: Focuses on cloud migration and AI-powered optimization, helping global clients move workloads into Indian data centres to benefit from Budget 2026 incentives.

Aurionpro Solutions: Offers a "single-window" DC solution, from design engineering to 24x7 operations, recently securing major contracts for bank data centre upgrades.

Allied Digital Services: A global player in Managed Services (MSP), handling the day-to-day IT infrastructure management and remote monitoring for DCs.

HCL Technologies: Their "CloudSmart" strategy helps global Fortune 500 firms architect their hybrid-cloud setups using India as a primary data processing hub.

Tech Mahindra: Integrating 5G and Edge Computing, they build the software platforms that allow industries to use DC capacity for real-time AI applications.

India’s data centre build-out is no longer just a tech story - it’s becoming a long-term infrastructure cycle backed by policy support, capital access, and structural digital demand.

The real opportunity lies in identifying which players across the value chain can execute consistently as this multi-year expansion unfolds.

✅ Study the ecosystem. Track execution. Let numbers guide conviction.

Disclaimer: This post is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The stocks mentioned are shared for research and tracking purposes.

[Vishan @vishan_29]

Transrail Q3FY26 Concall Highlights

🔶️ Order Book
• Unexecuted order book ₹14,733 Cr
Effective order book incl. L1 ₹18,216 Cr
• Order mix: 57% domestic / 43% international

🔶️ Business Operations
• Business mix: ~90% T&D; balance civil, railways, poles
• Geographic order book (approx):
> India ₹8,000+ Cr
> Africa ₹4,000 Cr
> SAARC incl. Bangladesh ₹1,200 Cr
> MENA/GCC ₹750–800 Cr
• Bangladesh project:
> Q3 execution ₹300–400 Cr
> Receivables ₹488 Cr
> Balance work ₹600–700 Cr
> Completion target Jun–Jul 2026

🔶️ Growth Guidance
• FY26 revenue guidance 26–27% (potential upside if ROW clears)
• Medium-term growth expectation 20–25% CAGR
• FY26 order inflow expected ₹9,500–10,000 Cr
• Next 12-months bidding opportunity ₹1 lakh+ cr
> ₹59–60k Cr domestic
> ₹40k cr international
• Win ratio maintained 10–12%

🔶️ Raw material impact
• Copper no impact (not in scope of business)
• Steel stable, no margin hit expected

🔶️ CAPEX
• Brownfield expansion - 70% operational, 100% by Feb
• Greenfield tower factory commissioning Mar–Apr 2026
• Tower & conductor capacity doubling

🔶️ Industry Landscape
• India's transmission target: 5 lakh CKM → 6.48 lakh CKM in 3–4 years
• Power Grid CAPEX for FY27: ₹32k–37k Cr, a key demand driver
• Strong T&D outlook driven by 500 GW non-fossil capacity push

🔶️ Others
• BESS business under evaluation, not bidding yet
• Civil segment limited to heavy engineering: bridges, cooling towers, elevated roads
• Not pursuing residential/building/road EPC

[Mario Nawfal @MarioNawfal]

🇺🇸 ELON TO JOE ROGAN: "PHONES WON’T EXIST IN 5 YEARS"

He says that they'll be replaced by AI edge nodes generating real-time video.

No apps and no OS. Just direct AI-to-user interaction anticipating your every need.

Source: @elonmusk, @joerogan

[Smart Trading Alerts @SmarTradingA]

Sai Life Sciences – Q3FY26 Results (Positive 🟢)

#SAILIFE #SaiLifeSciences

[Gurmeet Chadha @connectgurmeet]

Finally ..SEBI gives NOC for NSE IPO.

At current price , it’s close to 4.8-5 lac crore market cap and 35-37 times earnings.

Lot of long only funds would be keen to have this consistent compounder for long term.

Disc - no reco..invested since 2022.