Vishwas Equity Research

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[Vishwas Equity Research @VishwasEquity]

@GhortaleAshwini Beautiful ❤️

[Vishwas Equity Research @VishwasEquity]

💯

[Manoj Arora @manoj_216]

Taiwan and Vietnam are projected to have a GDP growth higher than India in 2026, with Taiwan touching 11%+ GDP growth.
AI is not a bubble.
We have missed this bus big time!

[Vishwas Equity Research @VishwasEquity]

💯

[Dr Aniruddha Malpani, MD @malpani]

Indian crony capitalists hate anyone who tries to crack their monopoly

[Vishwas Equity Research @VishwasEquity]

Stocks with high earnings growth momentum

[Reva Shinde @Shinde_Revati21]

Guys, If you had ₹5 lakh,

Where would you invest it safely so that it could potentially double within the next 2 years? 🤔💰

[Vishwas Equity Research @VishwasEquity]

@Shinde_Revati21 Tea or coffee in Glass Cup also feels Awesome 😋

[Vishwas Equity Research @VishwasEquity]

L&T FINANCE (Q1 FY 27)

Key Financial Performance Highlights

Highest Ever Net Profit: Consolidated Profit After Tax (PAT) reached ₹902 Cr, registering a strong growth of 29% YoY.

Loan Book Expansion: Total consolidated book crossed a milestone to reach ₹1,29,634 Cr, growing 27% YoY. The retail portion stands at ₹1,27,535 Cr (up 28% YoY).

Disbursement Momentum: Quarterly retail disbursements spiked 36% YoY to ₹23,852 Cr, driven by expansion across all core segments.

Return Metrics: Consolidated Return on Assets (RoA) improved by 11 bps YoY to 2.48%, while Return on Equity (RoE) expanded by 185 bps to 12.71%.

Stable NIMs + Fees: Net Interest Margin + Fees held resilient at 10.47%. While standalone NIMs compressed slightly due to rising debt-equity and maintaining a ₹4,200 Cr surplus liquidity cushion, this drag was neutralized by treasury earnings captured under other fee income.

📂 Segment-Wise Highlights & Performance

Personal Loans: Staged a massive 126% YoY disbursement growth to ₹4,380 Cr, targeting predominantly salaried individuals through premium digital partnerships like CRED, GPay, PhonePe, and Amazon. Average ticket size remains safe at ₹2.6L–₹2.8L.

Rural Business Finance: Disbursements reached ₹6,961 Cr (up 24% YoY) as collection efficiency normalized to a near-perfect 99.8% pre-crisis level.

Gold Finance: The closing book skyrocketed 182% YoY to ₹3,829 Cr. Despite a industry-wide temporary lull in April due to adjustment to new RBI guardrails, momentum strongly recovered in May and June. Network expanded to 343 branches with plans to add ~500 more in FY27.

Two-Wheeler Finance: Up 41% YoY in disbursements to ₹3,006 Cr. Shifted aggressively toward a prime-dominant model, with ~90% of customers falling under prime profiles.

Home Loans / LAP & SME: Mortgage disbursements grew 22% YoY to ₹3,401 Cr, while SME Finance grew 23% YoY to ₹1,567 Cr. The company deliberately stepped back from ₹1,000–₹1,200 Cr in potential riskier SME/Gold disbursements to protect asset quality.

Wholesale Portfolio: Remains a small residual block of ₹2,000 Cr that is entirely standard and scaling down naturally. Security Receipt (SR) provision coverage improved from 58% to 68%.

🚀 Strategic & Technology Focus (Lakshya 2031)

Goal Framework: Lakshya 2031 outlines the transition from 'Transformation to Delivery'. Targets include a long-term 20%+ Book growth CAGR, paring credit costs down to ≤ 2%, achieving 3.0–3.2% RoA, and pushing RoE to 16–18% by FY31.

AI-Native Lending Blueprint: L&T Finance is migrating from being merely "AI-enabled" to building an "AI-native" operation run by an internal tech stack of 1,000+ professionals.

Core Prop AI Deployments:

Project Cyclops: Next-gen underwriting engine live in Two-Wheeler (managing a ₹12,000 Cr+ book with top-tier risk marks), Personal Loans, SME, and Farms. Expanding to Rural Business Finance and Mortgages in FY27.

Project Nostradamus: Early-warning micro-market portfolio intelligence engine predicting credit risk and automated stress testing.

Operational Co-pilots: Project Helios (underwriting file fast-tracking), ShigraM (legal vernacular document interpretation reducing processing times from hours to 30 mins), and Project Canyon (Gold loan origination system built in 4 months with 60% AI-generated code).

Opex Calibration: Moving processing workloads into an open-source internal private cloud infrastructure by Q3/Q4FY27, which is projected to be 70% cheaper than third-party hyperscaler public clouds over a 5-year lifecycle.

Risk Shielding: Commenced participation in the Central Government's CGFMU and CGTMSE schemes to cover the riskier/newer cohorts of the Microfinance and SME books. This will selectively cover 35%–40% of new Microfinance disbursements in FY27 to shield the balance sheet from macro cyclicality.

(NOT A RECOMMENDATION)

[Vishwas Equity Research @VishwasEquity]

TTK PRESTIGE (Q1 FY 27)

Financial Performance & Growth Drivers

Robust Revenue Growth: The company recorded a 33% to 34% revenue growth for the quarter.

Volume-Led Growth: Volume growth was the primary driver, accounting for roughly 31% of the growth, while price hikes contributed only around 3%.

Healthy Cash Position: TTK Prestige holds over ₹870 crores in free cash.

Margin Outlook: The management targets returning to historical EBITDA margins of 13% or higher.

🛒 Product & Channel Dynamics

Portfolio Expansion: Growth was heavily supported by the aggressive launch of 400 to 450 new SKUs over the last 1.5 years.

Induction Cooktops as a Trigger: Induction cooktops now account for 8% to 10% of total sales (up from 5% to 8% historically). External factors like LPG issues made induction a major trigger that brought consumers into stores, leading them to cross-purchase other cookware and appliances.

Shortened Replacement Cycles: Cookers and cookware are seeing shorter replacement cycles due to aesthetic upgrades and a consumer shift toward premium stainless steel triply materials.

Exclusive Retail (PXL): Exclusive retail outlets contribute 18% to 20% of overall sales.

🎯 Corporate Strategy & Capital Allocation

Premiumization: The company is explicitly avoiding mass-market deep discounting. Instead, it is focused on a design- and feature-led premiumization strategy across 6 to 7 core segments.

Investment Plan: Out of a total ₹500 crore investment outlay planned over three years, ₹300 crores is allocated to capex (automation, factory improvements, digitization) and ₹200 crores to opex (strategic expert support for innovation and go-to-market efficiencies). The company has spent roughly ₹120–130 crores of this budget so far.

Market Share Focus: The company’s overarching goal is to systematically outpace industry growth and gain market share rather than targeting short-term profitability bands.

⚠️ Challenges & Headwinds

Macroeconomic Pressures: Performance was impacted by global uncertainties, Middle East tensions, weakening of the Indian rupee, and supply chain disruptions that muted export performance.

Input Costs & Inflation: The company faced an average raw material inflation of around 8%. This cost is being passed on to consumers in a phased manner via 5% to 8% price hikes across categories.

Minimum Wage Hikes: Substantial minimum wage hikes across several states are being corrected and absorbed by the company through internal cost initiatives.

🔮 Future Outlook

Sustainability of Demand: Management notes that the current quarter's massive demand surge is likely a one-time kitchen refurbishment trend and not fully sustainable. Growth is expected to settle at a lower but stable rate that is "better than single-digits".

Subsidiaries & Channels: The UK/Europe subsidiary is operating professionally without draining domestic management time or resources. Meanwhile, the CSD (Canteen Stores Department) channel has stabilized but has not yet fully recovered.

(Not a recommendation)

[Vishwas Equity Research @VishwasEquity]

Why so many vehicles? Crude oil is still trading around USD 100

[ANI @ANI]

#WATCH | Andhra Pradesh CM N Chandrababu Naidu arrives at the residence of Union Home Minister Amit Shah in Delhi

[Vishwas Equity Research @VishwasEquity]

@wrotagonist Yellow is investors getting ready to buy or sell a stock 😂

[Vishwas Equity Research @VishwasEquity]

Kerala is far better when compared to other parts of India

[Suraj Kumar Talreja @suritalreja]

One observation during my Kerala trip:

You’ll hardly find speed breakers in Kerala, whereas in many North Indian states, you seem to find one every 500 metres.

Maybe it’s because people here are more civilized about when to speed up and when to slow down, while in many places in North India, speed breakers are needed to force people to slow down.

[Vishwas Equity Research @VishwasEquity]

@sahneydeepak Not something is wrong
Everything is wrong

[Vishwas Equity Research @VishwasEquity]

@AnandaniNisha Depends on the person's lifestyle, spending habits

[Vishwas Equity Research @VishwasEquity]

@geminianmuskan The older we get, the more we crave peaceful life away from city with lot's of greenery around

[Vishwas Equity Research @VishwasEquity]

Beautiful 🥰

[Aseel Swaid @aseelswaid9]

One of my works, Cats and carpets

[Vishwas Equity Research @VishwasEquity]

@Anjalikush0808

[Vishwas Equity Research @VishwasEquity]

Posting like an idiot. This app belongs to Elon Musk 😂

[Anuraag choudhary @Anuraag8200]

Dear @elonmusk

This is OUR India

Our internet. Our technology. Our future.

We don’t need Starlink or Tesla to build our future.

India will build India.

Thank you, but we’ll do it ourselves.

Jai Hind!

[Vishwas Equity Research @VishwasEquity]

Vidhi Speciality Food Ingredients Ltd Q1 FY 27

Financial Performance (Q1 FY27 vs Q1 FY26)

Revenue from Operations increased by 66.4% Y-o-Y to ₹146.3 Cr up from ₹87.9 Cr.

EBITDA grew by 26.7% Y-o-Y to ₹26.0 Cr compared to ₹20.5 Cr.

EBITDA Margin expanded by approximately 400 basis points to 17.8%, driven by a favorable product mix and higher sales of high-margin cosmetic dyes.

Profit After Tax (PAT) rose by 34.7% Y-o-Y to ₹17.1 Cr from ₹12.7 Cr.

Business Profile & Capabilities

Market Standing: The company is the 2nd largest food color manufacturer in Asia and has a manufacturing legacy spanning over 30 years.

Global Footprint: Operates in over 80 countries across 6 continents. The Americas accounted for 53% of sales in Q1 FY27.

Regulatory Strengths: One of the few US FDA-approved manufacturers of food-grade colors in India. It also holds certifications from BIS, ISO, FSSC, HACCP, CGMP, and EXIPACT.

Infrastructure: Features 3 production facilities with a total existing capacity of ~7,500 MT p.a.

Future Growth & Strategy

Capacity Expansion: Expanding into related industries by adding ~4,200 MT p.a. of additional capacity across two projects:

Project 1 (Roha MIDC via Arjun Foods): Targeting Pharma & Healthcare with a planned capacity of 200 MT per month across 2 phases (pilot plant is ready).

Project 2 (Dahej GIDC): Targeting Cosmetics, Plastics, Paints, and Inks with a planned capacity of 300 MT per month across 2 phases (pilot plant is ready).

Strategic Shift: Transitioning from a product-focused organization to an innovation-led, solutions-driven partner, highlighting the launch of CoatIcon™ for advanced tablet coating solutions.

Balance Sheet & Industry Moats

Financial Health: Maintains a highly sustainable, un-leveraged balance sheet with a Net Debt to Equity ratio of 0.1x as of March 2026.

High Entry Barriers: The industry is protected by lengthy customer approval cycles (~8-10 years), strict batch-level certifications, and high vendor switching costs due to unique client formulations.

(Not a recommendation)

[Vishwas Equity Research @VishwasEquity]

SRG Housing Finance Q1 FY27

Financial Health & Liquidity Position

Capital & Profitability: The Capital Adequacy Ratio stands strong at 39.21%, more than double the regulatory minimum. Profit After Tax (PAT) grew by 25% for the quarter and 33% for FY25–26.

Liquidity Buffer: The company has a 2 to 3-month repayment buffer. Monthly collections comfortably exceed debt obligations, and the liquidity runway is intact until March 2027.

Credit Rating & Defaults: There has been no downgrade in their credit rating; Acuité has kept the rating under watch. The company has zero history of delayed installments or defaults with any lender.

🛠️ Operational Strategy & Future Plans

Cautious Slowdown: As a conservative and precautionary measure, the company has temporarily slowed down fresh loan sanctions and new disbursements. Part-disbursements for existing housing loans are still ongoing. Normal growth speed will resume once the RFA is cleared.

Lender & Promoter Support: Promoters increased their stake by 1% as a sign of commitment. They have given personal guarantees to major banks and are ready to infuse 100% required capital if needed. No lenders have initiated a facility recall.

Business Transition: The Board has passed a resolution to convert the company from a Housing Finance Company (HFC) to a Non-Banking Financial Company (NBFC). This transition will take about 6 months and is intended to diversify product offerings.

Core Matter & Denial of Allegations

The Issue: The call was organized to clarify an article published in The Economic Times on September 10, 2026. The article alleged that promoters siphoned off ₹400 crores and diverted funds to related entities.

Management Denial: Managing Director Mr. Vinod Kumar Jain completely denied all allegations. He stated that every single loan is backed by a verified borrower, verified property, and a complete disbursement trail. He confirmed that promoter-related lending stands at exactly zero.

Scale Context: Management pointed out that a ₹400 crore fraud is mathematically and practically impossible on a total loan book of ₹1,100 crores. The average loan ticket size is ₹12 lakhs across 15,000 active accounts.

🔍 National Housing Bank (NHB) Audit & Red Flag Account (RFA)

The RFA Status: The company’s account was tagged as a Red Flag Account (RFA) in September 2026 during a routine supervisory process by the NHB.

Lack of Specific Reasons: Management clarified that the NHB does not disclose internal observation details or reasons for the RFA tagging during an ongoing audit.

Timeline: The routine annual audit started in July. Management expects the audit to conclude and the red flag to be lifted within 1 to 2 months

(Not a recommendation)

[Vishwas Equity Research @VishwasEquity]

Asian Energy Services Ltd Q1 FY 27

Asian Energy Services Limited has delivered a strong financial performance for the first quarter of FY27, with revenue increasing by 135% YoY to ₹271.2 crore and Net Profit (PAT) surging by 129% YoY to ₹12.8 crore.

The growth was driven by consistent momentum across its services verticals, disciplined execution, and steady contributions from both domestic and international operations.

Key Business Updates

Robust Order Book: The company's standalone order book stands strong at ₹1,754 crore as of June 30, 2026, providing multi-year revenue visibility. Oil & Gas accounts for approximately 60% of this order book, while Mineral services make up the remaining 40%.

Strategic Oilmax Merger: Shareholders have approved the merger with Oilmax Energy, which is on track to be completed by September/October 2026.

Asset & Portfolio Expansion: The group secured a major order from GSECL and has been declared the preferred bidder for both an offshore block and a critical mineral mine.

Guidance Intact: Management has kept its FY27 growth guidance unchanged for both Asian Energy and Kuiper, remaining confident in hitting targets despite volatile situations in the Middle East.

💡 Outlook and Strategic Positioning

The company is strategically positioned to capitalize on India's heightened focus on domestic energy security and mining. Recent government initiatives and policy reforms—such as Samudra Manthan, the ORDA Act, and the Critical Minerals Mission—are expected to multiply long-term growth opportunities for the firm.

(Not a recommendation)