Sharath Reddy

[Sharath Reddy @Sharathreddy77]

@Paryan_Sharma Anand Rathi shares and stock broking limited ( ARSSBL )

[Sharath Reddy @Sharathreddy77]

@ask_fuzz @Tanmay_31_ Which are your top 5 IPO anchor investors that you trust the most? If you see them participating in an IPO, does it increase your confidence to invest, assuming the other factors also look reasonable?

[Sharath Reddy @Sharathreddy77]

Hey brokers,& founders
One feature request
Instead of putting all holdings into one portfolio, let users create multiple portfolios within the same demat account (e.g Long-term, Short-term)
It would make investing much more organized
@zerodha @groww @AngelOne @Nithin0dha

[Virat Kohli @imVkohli]

Started the season with belief. Ended with back to back titles. 🏆
This team lived every emotion together. The highs, the pressure, the hurdles, and the unwavering support. It feels extra special because… this place is HOME! ❤️ @RCBTweets

[Sharath Reddy @Sharathreddy77]

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[Sharath Reddy @Sharathreddy77]

Fair Value Reached @Tanmay_31_ Bhaiya 😃

[Tanmay 🇮🇳 @Tanmay_31_]

SEparating DEcision Making From ACtuations

SEDEMAC Mechatronics IPO

Detailed Analysis 👇

Small Risk Takers Can Apply For Small-Reasonable Listing Gains And Long-term

Highlights of the Issue :

Date : 4-6 March
Price Band : 1,287-1,352

Size : 1,087 Crore
(Full Fresh)

M.cap : 5,971 Crore

Objects Of The Issue :

To carry out the Offer For Sale for Promoters and Existing Shareholders and achieving the benefits of listing the shares on the exchanges

Key Pointers :

▪︎ Sedemac is a supplier of control-intensive, critical-to-the-application electronic control units
(“ECUs”) to leading OEMs in the mobility and industrial markets in India, the US, and Europe.

▪︎ Critical-to-the-application components are those without which a piece of equipment cannot fulfil its primary function for the
end user. For example, an ECU supporting electronic fuel injection (EFI) in an engine-powered vehicle or a motor control unit (MCU) in an EV is indispensable for mobility; if it fails, the car will not move

▪︎ Sedemac is the first company in India to develop, design, and manufacture sensor-less commutation (SLC) based integrated starter generators (ISGs), Engine control units (ECUs) for 2W/3W ICE powered vehicles. They have shipped sensor-less ISG ECUs and ECUs integrating ISG functionality with electronic fuel injection (ISG+EFI) ECUs for more than 9.2 million small engine 2/3Ws between Fiscal 2018 and the nine months ended Dec 31, 2025

▪︎ The Company has a ~35% market share in the domestic ISG ECU market (for 2W and 3W combined) in terms of volume and are amongst the top 4 players.

▪︎ Product Portfolio :

– Engine (ICE) powered 2/3W
• ISG ECUs/ Motor Controllers
• Engine EFIs ECUs
• ISG + EFI ECUs
• TCIs/ VRRs/ Flashers
• Magnetos

– Electric 2/3W / E-bikes
• Motor Controllers
• Rare-Earth Free Motors

– Generators
• Supervisory AMF Controllers
• Engine EFIs ECUs

▪︎ Company's Clientele Includes TVS Motors, Bajaj Auto, Mahindra & Mahindra, Kirloskar Oil Engines, Briggs and Stratton LLC, DEIF India, and Generac

▪︎ The company currently holds 12 patents across various jurisdictions

▪︎ The Company is undergoing Capacity Expansion which will take its scale to ~2.5× ,
Sedemac has an historical Asset-turn of 5-6.5× making it very capital-frugal for any additional needs of capex

▪︎ Sedemac is also developing new technologies and products in the CV and Power Tools segment

▪︎ The Company has also been allotted with a land parcel in TN, which is likely to cater the next phase of expansion post the 2.5× Capex

Financials & Personal Assumptions :
(In Crore)

FY23
Revenue : 430
EBITDA : 54.2
PAT : 8.6

FY24
Revenue : 535.9
EBITDA : 83.1
PAT : 5.9

FY25
Revenue : 662.5
EBITDA : 125
PAT : 47

9M FY26
Revenue : 775.3
EBITDA : 161
PAT : 71.5

FY26E
Revenue : 1,050
EBITDA : 220
PAT : 100

FY27E
Revenue : 1,500
EBITDA : 330
PAT : 185

Valuing Sedemac at 25× FY27E EV/EBITDA, Anticipated Value Comes At 1987, Implying An Upside Of 47%

If the markets would have been not positive but even if neutral, this IPO could have observed the subscription going over the roof

The Company has no Litigations, no tax demands, no cases against Promoters or the management, This displays good Corporate Governance

One of the Finest Promoters in recent times

One small data, the Company has 496 employees out of which 244 are in the R&D (49% Employees), out of which 158 Engineers are from IITs, NITs, and BITS with Attrition of only ~10%

The Company spends ~7% Revenues on R&D

Negatives Include Client Concentration on TVS (That's all fine), Less Revenues from EVs (~7%), Key COGS include Semiconductor, change in technology, Etc.

I would be very happy to hold it Post-Listing

The Anchor Book was Top Notch, solid captable (A91 Partners, Xponentia, IIFL Asset Mgmt, Catamaran (Narayan Murthy), Nandan Nilekani, Iron Pillar, HDFC Life, Entrust Family Office, Mace Private Limited, Etc)

Just A Personal View, Only For Educational Purposes

[Sharath Reddy @Sharathreddy77]

@Tanmay_31_ Target Reached along time ago 🤟
What is your view on the company for the long term?

[Sharath Reddy @Sharathreddy77]

Rajat Patidar is now an overseas player according to @JioHotstar 🤯😂

@RCBTweets @rajasthanroyals
@BCCI @IPL @StarSportsIndia

#RCBvsRR #IPL #CricketMemes #IPLFun #MatchGlitch #OopsMoment #LolMoment #BroadcastFail

#RCBvsRR #IPL2026 #TrendingNow #ViralPost #CricketTwitter

[Sharath Reddy @Sharathreddy77]

Witnessed this Kohli six with my own eyes 👀🔥 absolutely unreal 🤯🏏

@RCBTweet @imVkohli

#KingKohli #RCBvsSRH #IPL2026 #IPL #RCB #SRH #RoyalChallengersBangalore #SunrisersHyderabad #Cricket #CricketLovers #Six #StraightSix #BattingMasterclass #StadiumVibes #LiveCricket

[Sharath Reddy @Sharathreddy77]

@Tanmay_31_ Any impact on the company with AI tools emerging?

[Sharath Reddy @Sharathreddy77]

@Tanmay_31_ You’re welcome! Always good to keep valuations in perspective.

[Sharath Reddy @Sharathreddy77]

Fair value Reached @Tanmay_31_ 🤟

[Tanmay 🇮🇳 @Tanmay_31_]

Anand Rathi Shares and Stock Brokers Limited IPO

Final Verdict

Applying For Small-Reasonable Listing Gains And Long-term

Highlights of the Issue :

Date : 23-25 September
Price Band : 393-414

Size : 745 Crore (Full Fresh)

M.cap : 2,597 Crore

Objects Of The Issue :

▪︎ Funding Working Capital Requirements - 550 Cr

▪︎ GCP - 195 Cr

Key Pointers :

▪︎ Anand Rathi is one of the Oldest Full-Service Brokerage House Providing Broking Services, MTF, Distribution of Financial products under the
‘Anand Rathi' Brand

▪︎ The Company commands Highest Average revenue per broking client (ARPC) in the industry representing Strong Customer Relationship and Business Longevity

▪︎ The Company has a network of 90 Branches across 54 Cities, 1,125 Authorised Persons spread across 290 cities in India and Presence in online & digital platforms

▪︎ Anand Rathi Shares is funding its Working Capital from the IPO Proceeds which would allow it to expand its MTF Book and increase further wallet share and Margin Expansion

▪︎ The Company is looking to bring the Non-broking vertical at 50% which would de-risk the Company from Market Volatility and improve the quality of business

▪︎ The Company enjoys the Strong Reputation of the Anand Rathi Group which surely has its own premium and immense reputation among the Financials Groups in the country

Financials and Personal Assumptions

FY23
Revenue : 468 Crore
PAT : 37.7 Crore
NAV : 65.8/-

FY24
Revenue : 682 Crore
PAT : 77.3 Crore
NAV : 88.5/-

FY25
Revenue : 847 Crore
PAT : 103.6 Crore
NAV : 113.6/-

FY26E
Revenue : 1,020 Crore
PAT : 155 Crore
NAV : 214/-

Valuing Anand Rathi Shares at 3× PB FY26E, Fair Value Comes At 642, Implying An Upside Of 55%

Such Companies tend to perform well in Long-term, The 1st Company from the same group has created Humongous Wealth for the Investors

This business is also built on very strong Fundamentals and Poised to Outperform peers due to Diversified Business, Comparatively less vulnerable to Market Volatility and A Strong Brand of the Anand Rathi Group

The Working Capital Raised would immensely help the company to grow aggressively and the Highest Revenue per client makes this company Standout among peers

Overall A Good Company with very strong Promoter Pedigree coming at Reasonable Valuations

Just A Personal View, Only For Educational Purposes

[ICC @ICC]

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