Sahursh

Equity trading has been my source of income and stress for the last 8 years. Love analysing SME's and small/mid caps.

[STR @sachprat07]

#SME #NAMOEWASTE #NamoEWasteManagement

Namo eWaste Management H2 FY26 Earnings Concall Highlights

👉 FY27 & Future Outlook
▫️Growth momentum expected to continue with consolidated revenue targeting ~ 2x of FY26
💠~50:50 split targeted between e-waste recycling (~₹200-250 Cr) and battery recycling (~₹200+ Cr).
💠E-waste: 60-70% utilization on expanded ~70,000+ MT capacity (including full-year contribution from Hyderabad facility); focus on better product mix, cost optimization, and logistics savings.
💠Battery: ~80% utilization on 12,600 MT capacity (~10,000 tons processed) at single-shift operations; potential for two-shift scaling in future.
💠EBITDA margins expected to blend at 17-20% (e-waste gross margins 15-18%, battery 20-25%).
💠PAT margins guided conservatively at 7-10%, with clear trajectory toward 2x PAT growth alongside revenue.

▫️Hydrometallurgy plant to drive next phase of value addition and higher margins (25-30% post black-mass recovery + EPR credits on critical minerals Li, Co, Ni, Mn).
💠Pilot facility (1 MT/day) targeted by Dec 2026–Jan 2027; larger 5 MT/day plant to follow.
▫️Medium-term (next 2 years): Revenue of ₹800-900 Cr targeted to support migration to main board (alongside ~₹50 Cr+ PAT).
▫️Longer-term (next 3 years): 45-50% CAGR in business, backed by capacity expansion, operational integration, regulatory enforcement, EV/battery waste growth, and EPR compliance tailwinds.

👉 Current Capacity / Utilization, Projects & Pipeline
▫️Total installed capacity: 82,000 MTPA (e-waste ~70,000 MT including new Hyderabad 25,000 MT plant; battery 12,600 MT at Nashik).
💠FY26 e-waste utilization ~60% on available capacity (Palwal ramped from 16k to 32k MT mid-year; Hyderabad used as storage in FY26).
💠Battery operations commenced; processed ~1,200 tons (~10% utilization) in FY26 with initial OEM empanelment and vendor onboarding.

▫️Key projects underway
💠Hyderabad facility (Telangana electronics cluster): Minor delay due to heavy rains; expected commercial operations in Q2 FY27 (July 2026).
💠Will significantly reduce reverse logistics costs and improve access to South India feedstock.

💠Hydrometallurgy plant: Pilot (1 MT/day) first, then scale to 5 MT/day (potential quick ramp to 8 MT/day with modest additional capex).
💠~₹60 Cr project with 50-70% government subsidy (Ministry of Mines + state incentives); primarily debt-funded. Interim black mass export approvals secured as bridge.
💠Focus remains on value addition (hydromet refining) rather than immediate further crushing capacity expansion.

▫️Pipeline & growth levers:
💠Long-term B2B/OEM contracts (80-85% of procurement), 300+ clients, 26+ collection centers, and four plants.
💠Emphasis on collection network strengthening, geographic diversification, and higher-yield streams (IT/telecom, refurbishment, EPR).
💠No major new greenfield crushing lines planned short-term; priority is operational excellence and backward integration.

👉 Other Notable Points

▫️Segment insights:
💠Battery contributed ~₹18 Cr in FY26 (incl. manufacturing + black mass trading).
💠Refurbishment ~₹35 Cr, EPR ~₹25 Cr (up from ₹18 Cr; average realization ~₹28).
💠Growth in high-margin areas despite industry EPR challenges (some resistance from select producers; majority have adapted).

▫️Strategic & operational highlights:
💠Recycled >86 million kg e-waste cumulatively (incl. 3.8 Cr+ mobile devices, ~6 lakh laptops).
💠Nashik lithium-ion battery plant operational; Hyderabad on track.

▫️Industry context & moat:
💠India e-waste ~6 Mn tons (FY24) → projected 14 Mn tons by 2030; rising EV/battery waste, stricter rules, and EPR driving formalization.
💠Company benefits from 12+ years of operations, strong B2B relationships, nationwide network, and zero-waste discharge technology.

▫️Shareholding & governance:
💠Family share restructuring (gifting within family post-IPO consolidation) completed; no change in promoter control.
💠Non-executive roles for senior family members (e.g., Chairman with 40+ years non-ferrous metals experience).

[Sahursh @Sahursh1]

@amurfalcon1 The main issue I see for the long term is that the management is still reluctant to sell their products via quick commerce. While I understand the need for quality control, high revenue scaling in this segment is only possible via quick com.

[Sahursh @Sahursh1]

@prabirkumarhal9 @investorniti No, because the max allottees in SHNI category is 2199 while the max allottees for the retail category is 230909.

Both are lottery based so it depends on the shares offered in both categories vis a vis subscription nos.

[Sahursh @Sahursh1]

@AnirbanManna10 Yes heavily. All ESM can do is slow down the growth of the stock price temporarily but not the company. As long as the business does well eventually ESM or no ESM market will value it accordingly. We've had many past multi-baggers despite ESM

[Sahursh @Sahursh1]

@Meetyourayush @TheAlpha10X I completely 2nd this

[Sahursh @Sahursh1]

@Meetyourayush @TheAlpha10X I'm pretty positive they will achieve it for this FY otherwise it would make no sense for the management to give such targets especially in Jan and risk losing investors trust if they fail. Pretty much most of it is done is what I believe.

[Sahursh @Sahursh1]

@BharathRam1989 @AnirbanManna10 @TheAlpha10X I agree. But IPO funds should ease the majority of that. As the business involves shipping containers world wide working capital will remain high and due to low equity capital the D/E will be there. Hence my major focus remains on their margins and interest coverage ratio.

[Sahursh @Sahursh1]

Freshara Agro Exports 🥒
CMP - 140
MCap - 330cr 🔥

A multi-year growth story? Let us study based on some company and value analysis (might get lengthy)👇

🔸General Info🔸
The company is engaged in the procurement, processing and exporting of preserved Gherkins and other pickled commodities from India to different countries of the world 🌍

🔸Product & Revenue mix🔸
Product based revenue mix 👇
🔹Gherkins (85%)
🔹Baby Corn, Jalapeno & Bell pepper (15%)
The top 5 importers of their products are 👇
🔹Spain 🇪🇸 (24%)
🔹Russia 🇷🇺 (18%)
🔹France 🇫🇷 (9.5%)
🔹Iraq 🇮🇶 (8%)
🔹Chile 🇨🇱 (6.4)

🔸Management🔸
The promoters have built up excellent worldwide connections as well as tied up the supply of Gherkins with a number of local farming companies. Also due to direct connect with foreign industries the OPM stands at 15% while other food processors and exporters manage around just 5%

🔸Market share🔸
The company's own assessment indicates a market share of around 20-25%. Last quarter for Gherkins in acetic acid Freshara was the largest exporter from India (15%).

🔸Growth🔸
Recently Unit II came online which has a production capacity of 6000 jars per hour which means the company should be able to export an additional 60-80 container loads per month during peak production. (Currently does 100-120). Also the company is in the process of tying up with retail giants such as Walmart, Tesco, Lidl etc for direct consumer sales🔥🔥 which will improve margins even further 💹. Plans for 2 new products like olives and sweet corn are also in place.

🔸Fut projections & valuation🔸
According to management Unit II should be able to reach max utilisation within this year. The expectation is to reach around 240-270cr revenue for FY25 and 600cr for FY26 while maintaining current margins ✅ A little fair value projection below 👇

FY25E
Revenue - 250cr
PAT - 25cr
PE - 13.20

FY26E
Revenue - 500cr (Safe)
PAT - 50cr
PE - 6.60

Assuming the market gives it a very conservative PE of 20 , FY26E price comes to 515 indicating an upside of 265% 🔥🔥.

The business of the company involves very high working capital and hence the Debt/Equity will always be high. What matters here is that the company enjoys a healthy interest coverage ratio!!

USA 🇺🇲 consists of <5% exports so the tariff war shouldn't affect the company much. Tho global supply chain / geo-political / issues can always hamper business 🚨🚨

Thanks to @RajStockWatch
@Investindia6 @vardhiitbhu
for their data analysis.

Disc - Heavily invested and biased. No buy/sell reco , do your own DD.

#FresharaAgro #stockmarketcrash
#stockmarketsindia #StockMarket
#SME #Nifty #investing #smallcap #StocksToWatch

[Sahursh @Sahursh1]

@MarketAvenues @AnirbanManna10 @TheAlpha10X FII/DII already hold good enough stake. Also they don't usually invest in &lt;500cr SME companies

[Sahursh @Sahursh1]

@BullishMomentum @AnirbanManna10 @TheAlpha10X Those thousands of players haven't done the ground work Freshara has done. 90% of them don't command the margins Freshara does due to middlemen. Also if you go through at least the last year of export data you'll realise what's unfolding. Anyways happy investing!

[Sahursh @Sahursh1]

@MohsinKhan60090 @AnirbanManna10 @TheAlpha10X Saare stocks mein fraud nikal do aur stock market hi bandh karwa do Bhai. Roz roz ki dikkat hi khatam

[Sahursh @Sahursh1]

If I have to point my finger at just 1 thing it will be the management. The ground work put in to tie up the supply chain from the producer to the end consumer is very rare to see in SME. This is the type of management that tells me they will walk the talk 👍 Valuation, Capex for premium packaging (higher margins) and eventual future tie ups also played a major role.

[Sahursh @Sahursh1]

@IamRajatttt @AnirbanManna10 @TheAlpha10X Bhai jisko interest hai wo kaise bhi padh lega :)

[Sahursh @Sahursh1]

@Paryan_Sharma Increased allocation
Freshara Agro (Extremely undervalued)

New additions:-
Jaybee lamination ( PGCIL approval of 400kv and 765kv expected by April end can be a game changer )

[Sahursh @Sahursh1]

@AnirbanManna10 Vilas transcore

[Sahursh @Sahursh1]

@vandit_jain1994 So a company that continuously misguides investors fraud nahi hua toh kya hua? Your 2nd para is completely irrelevant to the current situation

[Sahursh @Sahursh1]

@Alchemist1320 And ESM 1 is totally enough for that. Why do we need ESM 2 with periodic calls? That's what's stupid here

[Shreenidhi P @nid_rockz]

Anmol Jaggi told yesterday in CNBC that he will buy from open mkts soon

Ends up selling another 8 lakh shares today 🤣🤣🤣

Last he sold 2.15 lakhs shares 2 weeks back in the name of "Pledge reduction"

Today's announcement again for QIP and stock split 🤣🤣

Whatta joker!!!

Trying to encash n sell whatever he can!! That's what hez doing now

[Sahursh @Sahursh1]

#HMElectroMech 🎯

Another 12% today taking total gains to 30% in this market. Have now shifted my trailing SL to 66. Another 10% today and I'll exit ✅

#StockMarketIndia #StockMarket #sme

[Sahursh @Sahursh1]

🚨 PORTFOLIO 🚨

Bought H.M Electro Mech #SME today at 57.50rs as a short-term pick.

Personally I believe the company is extremely undervalued and can give a quick 30-40% gain. 💹

Promoters have also bought 206400 shares 🤯 which gives some more confidence.

Disc - No buy/sell reco , do your own DD.

#stockmarketscrash #stockmarketsindia #StockMarket #StocksToWatch #niftysmallcap #Nifty #investing