Jenil

Learning from markets | IPOs | Con-calls | Investing

[Jenil @Jenilmoradiya16]

#descoinfratech #desco

Desco infra H1FY2026 concall:

@ FY2026 outlook:
- Targeting 110-115cr topline compared to 59cr in FY2025.
- 1000crs in FY2030.
- EBIDTA margins may contract a bit not significantly as power&distribution component distributes revenue less than 10%.

[Jenil @Jenilmoradiya16]

@nileshkurhade Con-call was good. Now it depends on when the aircraft arrives. Hoping management walks the talk this time.

[STR @sachprat07]

#SME #FlySBS #FlySBSAviation

FlySBS Aviation Investor Conference Highlights:

👉FY 2026 & Future Outlook :
▫️No explicit full-year revenue guidance was provided in the call (due to UPSI issues); FY26 9M already surpasses FY25 full-year revenues
💠FY26 Q3: 84.75cr (up from previous quarters, with 70% from international travel & 30% domestic)
💠FY26 H1: 137.6cr (international: 75%; domestic: 25%)
💠Revenue Mix by Lease Type: Dry lease contribution rising (34% in Q3 FY26 vs 23% in FY25), wet lease dominant but transitioning (66% in Q3)
💠Revenue by Client Type: 79-89% from repeat clients (FY26 Q3: 66.95cr from repeats, 17.8cr from first-time)
💠Corporate clients dominate (87% in Q3), with UHNIs/HNIs growing (13% in Q3)
💠Conservative unofficial extrapolated estimates suggest 50-55 Cr annual revenue per Legacy aircraft at 65 hours/month utilization; overall fleet growth to 9 aircraft indicating higher revenue potential

▫️Margins:
💠EBITDA: Improved to 23.7% in H1 FY26 (from 21% in FY25), attributed to higher dry lease utilization
💠PAT: 17% in H1 FY26, up due to operational efficiencies
💠Going Ahead: Margins expected to expand further as fleet shifts to dry lease (target: full transition over time), with dry lease offering higher margins (utilization up to 11-14 hours/day vs current 7-11)
💠Mentioned high international demand (with repeat trips across Europe/Africa/ASEAN), 45 new first-time clients added Apr-Dec 2025 contributing ~38.73 Cr

👉Projects and pipeline:
▫️Current projects :
💠Fleet: 3 aircraft (1 dry lease: 13-seater Embraer Legacy 600; 2 wet leases: Dassault Falcon 2000, Bombardier Challenger 605 etc)
💠Operational KPIs : 175 departures in Q3 FY26 (291 in H1); 90 unique destinations in Q3 (168 in H1, covering major Indian metros/Tier-II cities and international across 6 continents)
💠9 crew members (policy: 3 sets per aircraft for flexibility)

▫️Inquiries/Demand: Not calculated rejection rate (but gave e.g., 6 inquiries in one day, all turned down as aircraft were booked)
💠Utilization at 7-11 hours/day (max potential 13-14 hours with multi-crew)
💠Repeat clients drive 80%+ revenue; focus on adding new clients (45 added Apr-Dec 2025)

▫️Ongoing Approvals: In-house CAMO (Continuous Airworthiness Management Organization) approval for maintenance oversight; quality department for MRO audits
💠Tied with DGCA-approved maintenance partners
💠Safety: Monthly external audits by ex-DGCA official

▫️Sales Channels: Direct inquiries, repeat clients, travel agents/brokers (kept active for scale); word-of-mouth key for discovery

▫️Pipeline:
💠Fleet Expansion: Adding 6 dry lease aircraft (3 Embraer Legacy 13-seaters for long-haul; 3 Citation CJ2+ 7-seaters for short-haul/regional, enabling hub-and-spoke model)

💠Timeline: 5 by end Q4 FY26 (3 Legacies by March, 2 CJ2+ by March); 1 CJ2+ in Q1 FY27

💠Status: All identified; possession taken on 2 (undergoing engineering/refurbishment); import permits obtained/in-principle

💠DGCA 5-phase induction process: Phases 1-3 completed for CJ2+ (new model addition); Phases 4-5; post-landing (~10 days to commercial ops)

💠Challenges/Achievements: Assets hard to source (2-3 year wait for new; must meet quality/safety standards); secured at right value/pedigree via long search

▫️Transition all to dry lease by FY27; target 9-aircraft fleet for sustainability
💠Technology interventions (app-based booking) post-fleet scale
💠Aggressive marketing in new geographies; leverage group synergies (Afcom for economies in fuel/spares/MRO)
💠Crew: Recruitment/training slots booked for incoming aircraft (total team: 27, expanding).
💠Demand Outlook: Immediate high utilization expected (vast gap: India has ~110 private jets vs US 15,000+; needs ~3,000 extrapolated)

👉 Others :
▫️Financial/IPO Notes: IPO funds for fleet (no deviations per clarification / for monitoring agency reports; ancillary expenses under GCP)
💠Group Synergies: Afcom (cargo airline) for scale in negotiations
💠Challenges: Pilot demand (corporate jets differ from jetliners; though ample pool, but being prepared is key to scale)
💠Entry Barriers: Regulatory processes, asset sourcing
💠Q&A clarifications: No new fleet post-IPO yet (all in process)

▫️Operations/Safety: Reach across 6 continents (Europe, Africa, ASEAN, Far East)
💠Emphasized safety: In-house quality/CAMO, monthly audits by ex-DGCA Head of Safety
💠Why Choose FlySBS: High repeat (80%+) via service excellence, word-of-mouth; special perks

[Rohit Ramasubramanian @rohiitian]

Ran a similar analysis on SMEs

Took SMEs with MCap >500cr & 200-500cr with HoH and YoY data (hence excludes some recent listings)

People celebrating 15% earnings in Smallcap, ignoring the ~56% YoY Earnings growth across SME universe (75% YoY for >500 cr Mcap SMEs🤯)

1/2

[Sandeep Singh @Alchemist1320]

Desco Infra : 370cr order book and that is fairly diversified across states and client.

At some stage markets will start recognising some of these plays better.

Right now, everyone is in denial.

[Jenil @Jenilmoradiya16]

Infosys Buyback Dates

Buyback Window opening - 20 Nov 2025
Buyback Closing Date - 26 Nov 2025

Ratio for Buyback

Retail - 2:11 (18%)
Hni- 17:706 (2.4%)

Payment and settlement -3rd December

#infosys #Buyback #infosysBuyback

[Jenil @Jenilmoradiya16]

@ Others

- They intend to remain execution partner in power segment. Currently with Viviana power and also looking for other partners.
Confident to also achieve same growth in FY 2027 with margin’s around 13% on conservative basis.
@mezza9_Equity @sachprat07 @VivekChadha1996

[Jenil @Jenilmoradiya16]

#descoinfratech #desco

Desco infra H1FY2026 concall:

@ FY2026 outlook:
- Targeting 110-115cr topline compared to 59cr in FY2025.
- 1000crs in FY2030.
- EBIDTA margins may contract a bit not significantly as power&distribution component distributes revenue less than 10%.

[Jenil @Jenilmoradiya16]

- They gave surety for better cashflows in next 6-12 months.
- Also looking for short term working capital loan which should be available in these month.
- Debt: equity is around 0.1