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đđ§đđ„đźđ± đđđđ„đđĄđđđđĄ (Alpha Ideas Meet Update)
Summary: đïž
âȘïžCDMO with major đđšđ«đŠđźđ„đđđąđšđ§đŹ đ&đ đđšđ§đ đąđ§-đĄđšđźđŹđ đ°đąđđĄ đđ§đđ„đźđ± đ«đđđđąđ§đąđ§đ đšđ°đ§đđ«đŹđĄđąđ©â
& high customer stickiness
âȘïžđđ«đšđ°đ§đđąđđ„đ đđ±đ©đđ§đŹđąđšđ§ đđČ đđ% đđšđŠđ©đ„đđđđ - to drive FY26 growth
âȘïžGreenfield expansion by Marâ26 to take overall đđđ©đđđąđđČ đđš đ.đ-đđ± đšđ đđźđ«đ«đđ§đ đđ«đđ§đŹđ„đđđąđ§đ đđš đ«đđŻđđ§đźđ đ©đšđđđ§đđąđđ„ đšđ đđđ-đđđđđ«đšđ«đâ
â
âȘïžOnboarded clients like đđ«đąđŹ đđąđđđŹđđąđđ§đđ (24,000Cr MCap Co), đđ đđđ§đšđ§ (đđĄđ«đČđŹđđđ© đđđđ€đđ), among others
âȘïžTargeting other high growth consumer segments like đđšđŹđŠđđđąđđŹ, đđđ đđšđšđ, đđđ
âȘïž1st in Maharashtra to get FSC 22000 approval in food category - unlocks đđąđ«đđđ đđđđđŹđŹ đđš đđđ, đđ, đđđ
(Further, my analysis on projections FY26E to FY28E at the end)
__________________________________
Detailed notes: đ
đ
đšđ«đŠđźđ„đđđąđšđ§ đđ«đąđŻđđ§ đąđ§đ§đšđŻđđđąđšđ§:
1. Influx is the owner of the formulation with majority of the customers.
2. Eg for Gummies, Protein Bars, etc all base formulations R&D done by Influx
3. Customer stickiness due to importance of taste, texture etc in such products & customer needs consistency
đđ©đ©đ«đšđŻđđ„đŹ:
1. FSC 22000 - 1st in Maharashtra to get this certification in food category - unlocks direct access to USA, EU, etc
2. First to get Nigeria approval in food category
đđźđŹđđšđŠđđ«đŹ:
1. Serving the top D2C brands such as Carbamide Forte (avg 5-10k ratings per product on Amazon), Tata 1mg, etc
2. Recently onboarded marquee clientele such as Eris Lifescience (24,000Cr MCap co), La Renon (ChrysCap backed), among others
đđđ° đ©đ«đšđđźđđđŹ:
1. Got approval for Aerosols in Marchâ2025
2. Cosmetics is an area of focus - have developed capabilities for colour cosmetics
3. Pet food is an emerging market - not easy to crack and Influx has been investing in this since 2022 and expect to reap rewards now
đđđ©đđđąđđČ đđ±đ©đđ§đŹđąđšđ§:
1. đœđ§đ€đŹđŁđđđđĄđ - đŸđ€đąđ„đĄđđ©đđĄđź đ€đ đđŁđ©đđ§đŁđđĄ đđđđ§đȘđđĄđš
- Capacity at existing unit increased by 60% *
- Includes new granulation line, capsule line (increases capsule capacity by 4x)
â¶ïžSo revenue potential in my view should be 170-180Cr from this unit
2. đđ§đđđŁđđđđĄđ - đđȘđ© đ€đ đđđ đđȘđŁđđš:
- Expected completion by Marâ25/Aprâ25
- This unit will increase overall capacity by 2.5-3.0x
â©ïžSo revenue potential from both units will be 450-500Cr
View on Promoter Mr Munir: Superb clarity & immense Passion for the business
____________________________________
No projections shared by management. But my view:
đ
đđđđ: đđđŻđđ§đźđ đđđ-đđđđđ« ; đđđ đđ-đđđđ«â
(Brownfield expansion)
đ
đđđđ: đđđŻđđ§đźđ đđđđđ« ; đđđ đđ-đđđđ«â
(New unit at 40-50% utilisation)
đ
đđđđ: đđđŻđđ§đźđ đđđđđ« ; đđđ đđ-đđđđ«
(Ramp up new unit to 85-90% utilisation)
A very strong consumer wellness co trading at 15x FY26E ; 9x FY27E vs peers / proxies at 30-35PE
______________________________________
* Unlocked 40% of capacity at existing unit i.e. utilisation which was 93% would now be at 53-55%. This means 60-65% increase in overall capacity
NOTE: Not a buy / sell reco | DYODD
đđ§đđ„đźđ± đđđđ„đđĄđđđđĄ (Update)
A đđđ«đ đđđđ / đđźđđ«đđđđźđđąđđđ„đŹ đ©đ„đđČđđ« đ„đąđŹđđđ đąđ§ đđđ đŹđ©đđđ
Main Board quality company on SME platform
â
Promoter quality + Manufacturing facility - Both are TOP Notch
Detailed analysisđđ»
________________________________
Co is engaged in CDMO (end-to-end right from đđđŻđđ„đšđ©đŠđđ§đ đšđ đđšđ«đŠđźđ„đ) for Nutraceutical brands
đčđđđ«đŻđąđ§đ đđšđ© đ§đźđđ«đąđđąđšđ§ đđ«đđ§đđŹ đąđ§đđ„:
1. Carbamide Forte (products - superb ratings on Amazon)
2. â Divine nutrition - one of a well known brand in supplement etc
3. â In talks with ON nutrition (US based- considered one of the top of industry)
đčđđđ«đČ đŹđđ«đšđ§đ đđźđŹđąđ§đđŹđŹ đŠđšđđđ„:
- Net debt free
- â Historical consistent Operating Cash Flows (OCF) to EBITDA of 50-60%
- â Continuous capex over last 3-4 yrs funded out of internal accruals
đčđđŠđđ«đ đąđ§đ đŹđđ đŠđđ§đđŹ - đđšđŹđŠđđđąđđŹ (đĄđąđ đĄđđ« đŠđđ«đ đąđ§) & đđđđđ«đąđ§đđ«đČ
- Setting up separate lines for these out of IPO funds
- Focus is on increasing this contribution from 5% currently to 15-20% in next 3 yrs
đčCapex from IPO funds : đ.đđ± đđđ©đđđąđđČ đđČ đđ©đ«âđđ (9 months from now)
- đđđŻđđ§đźđ đ©đšđđđ§đđąđđ„ đšđ đđđ-đđđđđ« â
đ©đšđŹđ đđđ©đđ±
đčFinancials/Projections (conservative):
FY25: Rev 105Cr ; PAT 13.4Cr
FY26E: Rev 175Cr ; PAT 23-24Crâ
đ
đđđđ: đđđŻ đđđđđ« ; đđđ đđ-đđđđ« â
Margin profile in line with peers like Zeon Lifesciences (unlisted) gives additional comfort
đčPeer comparison (can check tagged tweet) - đđ«đđđąđ§đ đđ đđ% đđąđŹđđšđźđ§đ đđš đšđđĄđđ« đđđđ / đđšđ§đŹđźđŠđđ« đđšđ§đđ«đđđ đŠđđ«đŹ
- No direct competitors, covered proxies (CDMO pharma, Nutraceutical brand owners, Consumer contract mfr)
_________________________________
Disc: Not a buy / sell reco | DYODD
đđ đđ„đđŻđđđšđ« đđđ đđđ
đđĄđ đšđ§đ„đČ đ„đąđŹđđđ đđ„đđŻđđđšđ« đđšđŠđ©đđ§đČ
Currently mainly doing B2G and B2B
But, recently acquired Ricardo Elevators, which is a đŹđđ«đšđ§đ đ©đ„đđČđđ« đąđ§ đđšđŠđ đđ„đđŻđđđšđ«đŹ (đđđ)
- Home Elevators is a 2000Cr market seeing much stronger growth than traditional elevator market
- This is a brand play which entails higher multiples
â
Ricardoâs đŠđšđ§đđĄđ„đČ đšđ«đđđ« đąđ§đđ„đšđ° đ«đźđ§ đ«đđđ đđ đđđ«
â
đđ+ đđ±đ©đđ«đąđđ§đđ đđđ§đđ«đđŹ đđđ«đšđŹđŹ đđ§đđąđ
đđ±đ©đđđđąđ§đ đŹđđ«đšđ§đ đŹđČđ§đđ«đ đąđđŹ:
LTâs R&D, Manufacturing , execution capabilities
+
Ricardoâs product range, Brand and retail presence
Video below gives a gist of Ricardo (itâs a bit dated)
___________________________________
Massive expansion:
LT has plans to expand its manufacturing facility to đ.đđ±â
đšđ đąđđŹ đđźđ«đ«đđ§đ đđđ©đđđąđđČ (to commence in 12 months)
FY26E: Rev 110Cr ; PAT 17Cr
đ
đđđđ: đđđŻ đđđđđ« (đąđ§đđ„ đđąđđđ«đđš) ; đđđ đđđđ«â
(Based on order book - ss 3)
Not a buy / sell reco | DYODD
đđđźđ«đąđđ§ đđđ (Update)
I have added at these levels (after a guidance cut, stock has been hammered disproportionately)
Recent positives:
1ïžâŁAppointed Anand Mohan as Global Sales Head - prior experience 7yrs at Propel (one of the leading domestic competitors - đĄđđ„đ©đđ đ đ«đšđ° đđĄđ đđźđŹđąđ§đđŹđŹ đđ«đšđŠ đđđ đđš đđđđ đđ« đąđ§ đđČđ«đŹ)
2ïžâŁOrders worth 34 Cr won in Decâ25, expecting most to be shipped out in Q4 itself
đđđźđ«đąđđ§ đŹđĄđšđźđ„đ đŹđđąđ„đ„ đđđĄđąđđŻđ đđđ-đđđđđ« đ«đđŻđđ§đźđ đ°đąđđĄ đđ-đđđđ« đđđ đąđ§ đ
đđđ & đŹđĄđšđźđ„đ đ đ«đšđ° đđ đđđđ đšđ đđ%+ đšđŻđđ« đ§đđ±đ đ-đ đČđ«đŹ
đđšđŠđ©đđ§đąđđŹ đ°đąđđĄ đđĄđąđŹ đ€đąđ§đ đšđ đ©đ«đšđđźđđ, đąđ§đđ«đ & đ„đđđđđ«đŹđĄđąđ© đ đđ đđ-đđ đđ
(Covered in detail below)
Current MCap just 210Cr
___________________________________
1ïžâŁđđźđ©đđ«đąđšđ« đ©đ«đšđđźđđ:
- Among the top domestic players in this segment. Competing with likes of Propel, Puzzolana, etc
- High acceptance in export markets gives further conviction on its product quality
2ïžâŁđđđđđ đšđ đđĄđ đđ«đ đđđđąđ„đąđđČ:
- 110,000 sqft automated facility
- Strong In house R&D capabilities
- Revenue potential of 250Cr+ from existing infra itself
3ïžâŁđđ«đšđđđŹđŹđąđšđ§đđ„ đđđ§đđ đđŠđđ§đ:
- Covered above - appointed sales head of Propel
â
This move will help boost exports in markets like Africa, Russia, Middle East (exports was impacted due to US tariffs)
Ground level checks done with the competitors on the product, business seasonality , etc all of which checks out
No buy / sell reco | DYODD
đđđźđ«đąđđ§ đđđ - đđđ đđđ
(MCap 227 Cr)
Sector - Capital Goods đ
Taurian is manufacturer of crushers, screeners, etc used mainly in mining, infra, etc
___________________________________
Amazing product and top notch quality (ground checks)
đđźđŹđ đ-đ đšđđĄđđ« đđšđŠđđŹđđąđ đ©đ„đđČđđ«đŹ & đ đđđđŹ đąđ§ đšđ«đ đđ§đąđŹđđ đ©đ„đđČ (This product requires higher tech / engineering)
Taurian is the only these few players having đđđ©đđđąđ„đąđđąđđŹ đđš đđš đĄđąđ đĄ đ©đšđ°đđ« đđ«đźđŹđĄđđ«đŹ/đŹđđ«đđđ§đđ«đŹ (Upto 800TPH)â
â
đđšđ© đđ„đąđđ§đđđ„đ - đ&đ, đđđ, đđđđ, đđ„đšđđđ„ đđđšđŠđąđ
110,000 sqft state of the art manufacturing facility (unlike majority SMEs having jugadu facilities 2-3 galas of 10,000 sqft each)
đđźđ«đ«đđ§đ đźđđąđ„đąđŹđđđąđšđ§ đąđŹ đŁđźđŹđ đđ% đđ«đšđŠ đđ±đąđŹđđąđ§đ đ©đ„đđ§đ đ©đ«đšđŻđąđđđŹ đđąđ đĄđđđđ«đšđšđŠâ
___________________________________
Dynamic 2nd gen promoter - he will easily grow the business 70-80% CAGR
FY25: Rev 74Cr ; PAT 10Cr
đ
đđđđ: đđđŻ đđđđđ« + ; đđđ đđ-đđđđ«â
FY27E: Rev 240Cr ; PAT 35Cr
Capital goods companies with this kind of product line in my view đđđŹđđ«đŻđđŹ đđ-đđ đđ (đđźđ«đ«đđ§đđ„đČ đđ đđ.đđđ đ
đđđđ ; đ.đđđ đ
đđđđ) â
_____________________________________
Other growth areas:
M-Sand machines is a big growth area - with govt moving towards banning of river sand mining, this will gain big traction. Taurian has entire range
Superior product quality has opened up export markets - Co expects 40% of revenue from exports next year (was negligible in FY25)
Waste processing in another sector which company could explore
Note: NOT a buy / sell reco | DYODD
đđđđšđŠ đđšđ„đđąđ§đ đŹ (Update)
Finally, the 3rd aircraft has arrived !!
â
Will give big boost to Q4
Ground checks suggest even Q3 should be all time high
So on track for:
đ
đđđđ: đđđŻ đđđđđ« ; đđđ đđđđđ«
_______________________________
Further with 4th aircraft expected soon:
đ
đđđđ: đđđŻ đđđđđđ« + ; đđđ đđđđđ«+
â
Trading at just 16.5 PE (FY26E) ; 10PE (FY27E)
Further with preferential funds received (despite bad market & all the negativity around the stock), can expect đđđđđ„đđ«đđđđ đ©đ„đđ§đŹ đđšđ« đđĄđ đ đ°đąđđ đđšđđČ đđąđ«đđ«đđđđŹ (đđđ) as well which will be a massive massive trigger
Not a buy / sell reco | DYODD
đđđđšđŠ đđšđ„đđąđ§đ đŹ (Update)
Good numbers
H1FY26 performance:
Rev: 240Cr vs 150Cr HoH vs 89Cr YoY
đđđ: đđđđ«đ„ đŻđŹ đđđđ« đđšđ đŻđŹ đđđđ« đđšđ
Q1 performance had been out of the park and co has maintained that performance in Q2
____________________________________
Now key is to track 3rd and 4th aircraft. Expecting these to come in soon
1ïžâŁExisting capacity: 44 tonnes
đđ«đđđąđ§đ đđ đŁđźđŹđ đđ đđ (đđ§đ§đźđđ„đąđŹđđ đđ) - đđĄđąđŹ đđźđŹđąđ§đđŹđŹ đđđŹđđ«đŻđđŹ đđ-đđđđ
BUT, MAINLY, HUGE EXPANSIONâŠ
2ïžâŁBy Q4FY26: Capacity 110 tonnes
And with fund raise plans in place
3ïžâŁBy Q2FY27: Capacity 220 tonnes
4ïžâŁđđČ đđđ
đđđ: đđđ©đđđąđđČ đđđ đđšđ§đ§đđŹ
So with đ-đđ± đđ±đ©đđ§đŹđąđšđ§â
đąđ§ đ©đąđ©đđ„đąđ§đ, đđđ đđđ đ§đšđŹ đ©đšđŹđŹđąđđ„đ. Just need patience considering delays due to inherent limitations of this sector
DYODD | Not a buy / sell reco
@TsTejendra @learn2toearn Yes surely
đ
đ«đđŹđĄđđ«đ đđ đ«đš (Update)
đđ©đđąđ§ đđđȘđźđąđŹđąđđąđšđ§ - đđđ«đđŹđ: đ đđđ đđđŠđ đđĄđđ§đ đđ«
đđđ«đźđđđźđ«đđ„ đŹđĄđąđđ đđš đ đđđ đ©đ„đđČâ
, but more importantly:
Freshara will be one of the very very rare companies with own đđ«đđ§đ + đđšđ§đđ«đšđ„ đšđ đđ§đđąđ«đ đŹđźđ©đ©đ„đČ đđĄđđąđ§ - right from sourcing directly from farmers to selling under its own brand in leading retail chains like Walmart
____________________________________
đđđȘđźđąđŹđąđđąđšđ§ đđšđŹđ đŁđźđŹđ đđđđ« (đąđ§đđ„ đđđđ« đąđ§đŻđđ§đđšđ«đČ) đđšđ« đ đ„đđđđąđ§đ đđ«đđ§đ đ°đąđđĄ đđđđđ«+ đđđŻđđ§đźđ
Spain is the largest producer of olives globally. This acquisition opens many potential opportunities for Freshara:
1ïžâŁEntry into retail chains like Walmart (currently Sarasa only selling in Spain) : Getting shelf space in Walmart in the US / UK is not an easy task. But Spanish olives brands have got preference with 3-4 brands already selling there
2ïžâŁFreshara will start selling its own products (Gherkins, etc) under brand âSarasaâ & easier to push this as well in retail chains
___________________________________
Mgmt Guidance:
FY26E: Rev 325Cr ; PAT 33-35Cr
FY27E: Rev 600Cr (incl 200Cr Spain) ; PAT 60-62Cr
â
đđ«đđđąđ§đ đđ đŁđźđŹđ đđđ (đ
đđđ đđđŹđąđŹ) ; đ°đąđđĄ đđ% đđđ đđźđŹđąđ§đđŹđŹ !!
___________________________________
More on the turnaround plan for Sarasa and numbers soon đ
Not a buy / sell reco | DYODD
đ
đ«đđŹđĄđđ«đ đđ đ«đš (Alpha Ideas meet update)
âȘïž3rd largest Gherkins exporter. đđšđđ„ đđš đđ đđĄđ đ§đš. đ (đ„đđ«đ đđŹđ) đđČ đ
đđđ/đ
đđđâ
âȘïžGherkins taste matters a lot - it is customised for each geography, customer stickiness also higher so not exactly a commodity play, but more B2B consumer play
âȘïžCurrently exporting to 40 countries, plans to take this to 80 by FY27
âȘïžđđđ„đŠđđ«đ đ°đĄđąđđ đ„đđđđ„đ„đąđ§đ đđđ§đđđ« expected next month (Sepâ25)â
âȘïžNew products like Baby corn, jalapeños, etc have lot of potential and to drive growth
_________________________________
Now coming to the numbers (my view)âŠ
FY25: Revenue 250Cr ; PAT 29Cr
New unit which started in Janâ25, alone has revenue potential of 250-300 Croreâ
â
Currently, running at 45-50% utilisation, with plans to ramp up to 90% by Marâ26
đđš, đ
đđđđ: đđđŻđđ§đźđ đđđđđ« ; đđđ đđ-đđđđ«â
Further, few inorganic opportunities being evaluated and further capex being planned
đ
đđđđ: đđđŻđđ§đźđ đđđđđ« ; đđđ đđ-đđđđ«
View on Promoter Mr Junaid: Purely focused on execution with a well defined business plan
NOTE: Not a buy/sell reco | DYODD
@TsTejendra No, holding full⊠will try to update on it soon
đđđđ« đđŠđđ đąđ§đ (đđ©đđđđ)
Very strong H1 performance
H1FY26: Rev 45Cr ; PAT 10Crâ
đđ§ đđ«đđđ€ đđšđ« đ
đđđđ: đđđŻ đđđ-đđđđđ« ; đđđ đđ-đđđđ«
â¶ïžRecent B2C and B2B expansion to see impact in H2
______________________________________
Further full impact of IPO funds in FY27
đ
đđđđ: đđđŻ đđđđđ« ; đđđ đđđđ«
đđČ đđđ« đđĄđ đđĄđđđ©đđŹđ đđąđđ đ§đšđŹđđąđ đŹđđšđđ€. Just 11PE FY26E ; 8PE FY27E
Poised for re-rating
DYODD | No buy / sell reco
đđđđ« đđŠđđ đąđ§đ (đđ©đđđđ)
â
đđđ đđąđ đźđ© đđšđ« đ đ§đđ° đđđ§đđ«đđŹ to be added over next 6 months
â©ïžAlso since these will be within the hospital, đąđŠđŠđđđąđđđ đđšđšđđđđ„đ„. đđš đĄđąđ đĄ đźđđąđ„đąđŹđđđąđšđ§ / đ«đđŻđđ§đźđ đđ«đšđŠ đđđČ đ đąđđŹđđ„đ
Star Imaging currently has 4 B2C centres generating 45Crore revenue.
đđĄđđŹđ đ đ§đđ° đđđ§đđ«đđŹ đšđ§ đđđ đđđ§ đđ„đŹđš đ„đđđ đđš đđ đđ«đšđ«đ đđđđąđđąđšđ§đđ„ đ«đđŻđđ§đźđ (assuming these might be smaller ones)
After yesterdayâs update on B2C centre expansion, now this. Seems like đđšđŠđ©đđ§đČ đąđŹ đ đšđąđ§đ đđąđ đšđ§ đđđ đđ§đ đđđ đ°đĄđąđđĄ đ°đąđ„đ„ đ„đđđ đđš đđąđ đ«đ-đ«đđđąđ§đ â
â
Not a buy / sell reco | DYODD
@rockymi1226 I think FY26 they will end up with 550-600Cr revenue
Still waiting for update on aircraft from company
đđđ đ
đ«đđŹđĄ đ
đšđšđđŹ (đđđ©đ©đđ«đđŹđĄ) - Concall Update
Revenue ambition of 1000 Croređ„
Key takeaways:
FÍiÍnÍaÍnÍcÍiÍaÍlÍsÍ:Í
1. đđ đđš đđ đŠđźđđĄ đŹđđ«đšđ§đ đđ« đđĄđđ§ đđ (as H1 sees festivals like Navratra, Shraddh, etc)
2. Margin improvement due to increased efficiency in Fish & Mutton categories.
â
đđđ§đđ đđŠđđ§đ đŹđđđŹ đđźđ«đđĄđđ« đŹđđšđ©đ đđšđ« đąđŠđ©đ«đšđŻđđŠđđ§đ đąđ§ đŠđđ«đ đąđ§đŹ
AÍdÍdÍiÍtÍiÍoÍnÍaÍlÍ ÍGÍrÍoÍwÍtÍhÍ ÍLÍeÍvÍeÍrÍsÍ:Í
3. Big inorganic plans:
Co at advanced stages for 2 acquisitions in the đđ§đđđ€đąđ§đ đđ§đ đđđ đŹđ©đđđ â
. These are đđąđ đŹđąđłđđ đšđ§đđŹ.â
â
Co has a brilliant track record of acquiring struggling assets and turning around within 6-12 months (đŹđđ đđ«đ đŹđŹ đœ). So anything on these lines will be huge boost for FY27
4. Local meat shop tie ups:
Pilot project of 15-20 stores done in Bangalore.
â
đđšđšđ€đąđ§đ đđš đ«đđŠđ© đđĄđąđŹ đźđ© đđąđ đđąđŠđ - not baked this in projections
5. Public private partnerships:
In talks with certain State Govts for a PPP to improve local meat ecosystem
â
Even if Co can đđ«đđđ€ đ đđđđđ, đ°đąđ„đ„ đđ đĄđźđ đ
Previous FY27 projections are excluding Local meat shops , PPP and inorganic. If that kicks in, đ
đđđ đđđ§ đđ đđđđ! âïž
_____________________________
FY26E: Rev 220Cr ; PAT 17Cr
FY27E (excl above levers): Rev 320Cr ; PAT 24-25Cr
FY27E (incl above levers): Rev 400Cr+; PAT 30Cr+â
đ„
đđšđ§đŹđźđŠđđ« đđ«đđ§đ đ đ«đšđ°đąđ§đ đđ đđ-đđ% đđŻđđąđ„đđđ„đ đđ đđđđ đ
đđđđ
vs other brands at 30-35 forward PE with 30-40% CAGR
No buy / sell reco | DYODD
đđđ đ
đ«đđŹđĄ đ
đšđšđđŹ (đđđ©đ©đđ«đđŹđĄ) - Update
Superb H1 nos
H1FY26 performance:
Rev 96Cr vs 66Cr YoY
PAT 7Crđ„ vs 2.5Cr YoY
đ
đźđ«đđĄđđ«, đđ đ°đąđ„đ„ đđ đđŻđđ§ đŹđđ«đšđ§đ đđ« đŹđąđ§đđ đđđđ đđšđ§đŹđźđŠđ©đđąđšđ§ đąđŹ đĄđąđ đĄđđŹđ đąđ§ đ°đąđ§đđđ« (Q3 & Q4)
â¶ïž FY26E: Rev 220Cr ; PAT 17Cr
(vs FY25 Rev 131Cr ; PAT 9Cr)
IPO funds full impact in FY27
â¶ïž FY27E: Rev 320Cr ; PAT 24-25Crâ
_________________________________
Profitable D2C with high growth available at very reasonable valuations:
FY26 basis: 1.8x revenue ; 22x PE
FY27 basis: 1.3x revenue ; 16x PE
v/s
Exorbitant valuations of other platform / D2C businesses
DYODD | Not a buy / sell reco
Phantom Digital (Business Update)
â©ïžđđ«đđđ« đđšđšđ€ đđđđđ«đ„ đđŹ đšđ đđđâđđ đŻđŹ đđđđ« đđŹ đšđ đđźđ§âđđ
đđ đ§đšđŹ đđ„đ«đđđđČ đŹđźđ©đđ« đđźđŠđ©đđ«. Huge order book gives đŻđąđŹđąđđąđ„đąđđČ đđšđ« đ đ«đšđ°đđĄ đšđ§ đđĄđđŹđ đ§đšđŹ đđŹ đ°đđ„đ„
Tippet consolidation from Julâ25 and Milk consolidation from Octâ25
â
Collections of 14Crore (20% of Sepâ25 Receivables) in Oct-Nov
Trading at just 9PE FY26E ; 6-7PE FY27E
Not a buy / sell reco | DYODD
đđĄđđ§đđšđŠ đđąđ đąđđđ„ (H1FY26 Update)
Absolute BLOCKBUSTER set đ„đ„
Beyond everyoneâs expectations. đđšđ° đđ đŁđźđŹđ đđđ đ
đđđđ đđđŹđąđŹ
In my view, đđđŹđđ«đŻđđŹ đđ đ„đđđŹđ đđđđ:
1. Creative capabilities + super portfolio of brands (Tippett, Milk, etc)
2. Serving Marquee customers directly: Netflix, Marvel, Warner Bros
3. High margin business: 20% PAT
4. Growth outlook of 70%+ (current year 100-120%)
____________________________________
H1FY26 performance:
Revenue: 89Cr vs 35Cr YoY vs 64Cr HoH
(vs management guidance 65Cr)
đđđ: đđđđ« đ„ vs 8Cr YoY vs 12Cr HoH
(vs management guidance 13Cr)
đđđšđŻđ đ©đđ«đđšđ«đŠđđ§đđ đ°đąđđĄđšđźđ đąđŠđ©đđđ đšđ đđąđ„đ€ đđ§đ đšđ§đ„đČ đ đȘđźđđ«đđđ« đąđŠđ©đđđ đšđ đđąđ©đ©đđđ.
đđ§ đđ đ°đ đ°đąđ„đ„ đŹđđ đđźđ„đ„ đđąđ©đ©đđđ đ§đšđŹ đđ§đ đđąđ„đ€ đ§đšđŹ. đđš đąđŠđđ đąđ§đ đđĄđ đ©đšđđđ§đđąđđ„
___________________________________
Market had been discounting / punishing phantom due to not meeting guidances in FY25 - but did not care to understand that entire industry was suffering then due to sudden external factors
â
Now with this performance exceeding guidance big way + huge valuation mismatch, potential for huge re-rating
___________________________________
Industry checks:
1. Big turnaround in VFX is already underway
2. Strong order inflow and very good collections recently
Phantom is best poised to benefit with its creative capabilities and especially with recent acquisitions of top studios in US and Europe: Tippett and Milk
@TsTejendra Fake please report
đđĄđđ§đđšđŠ đđąđ đąđđđ„ (H1FY26 Update)
Absolute BLOCKBUSTER set đ„đ„
Beyond everyoneâs expectations. đđšđ° đđ đŁđźđŹđ đđđ đ
đđđđ đđđŹđąđŹ
In my view, đđđŹđđ«đŻđđŹ đđ đ„đđđŹđ đđđđ:
1. Creative capabilities + super portfolio of brands (Tippett, Milk, etc)
2. Serving Marquee customers directly: Netflix, Marvel, Warner Bros
3. High margin business: 20% PAT
4. Growth outlook of 70%+ (current year 100-120%)
____________________________________
H1FY26 performance:
Revenue: 89Cr vs 35Cr YoY vs 64Cr HoH
(vs management guidance 65Cr)
đđđ: đđđđ« đ„ vs 8Cr YoY vs 12Cr HoH
(vs management guidance 13Cr)
đđđšđŻđ đ©đđ«đđšđ«đŠđđ§đđ đ°đąđđĄđšđźđ đąđŠđ©đđđ đšđ đđąđ„đ€ đđ§đ đšđ§đ„đČ đ đȘđźđđ«đđđ« đąđŠđ©đđđ đšđ đđąđ©đ©đđđ.
đđ§ đđ đ°đ đ°đąđ„đ„ đŹđđ đđźđ„đ„ đđąđ©đ©đđđ đ§đšđŹ đđ§đ đđąđ„đ€ đ§đšđŹ. đđš đąđŠđđ đąđ§đ đđĄđ đ©đšđđđ§đđąđđ„
___________________________________
Market had been discounting / punishing phantom due to not meeting guidances in FY25 - but did not care to understand that entire industry was suffering then due to sudden external factors
â
Now with this performance exceeding guidance big way + huge valuation mismatch, potential for huge re-rating
___________________________________
Industry checks:
1. Big turnaround in VFX is already underway
2. Strong order inflow and very good collections recently
Phantom is best poised to benefit with its creative capabilities and especially with recent acquisitions of top studios in US and Europe: Tippett and Milk
I am attaching a screenshot. In this you will see at đđđ„đĄđą (đđ đđđ§đđ«đđŹ) đđ§đ đđ (đ đđđ§đđ«đ) - đąđ đąđŹ đđ„đđđ«đ„đČ đŠđđ§đđąđšđ§đđ âđšđ°đ§ đŠđđđĄđąđ§đđŹ đđ§đ đ&đâ
Just 1 centre at Nashik is on royalty / maintenance fee basis
Further, even photos are there of the B2G centres. These are only radiology, so smaller in size
They are responsible for âđđŹđđđđ„đąđŹđĄđŠđđ§đ, đšđ©đđ«đđđąđšđ§, đŠđđąđ§đđđ§đđ§đđ đđ§đ đ°đšđ«đ€đđšđ«đđ đŹđźđ©đ©đšđ«đ đđšđ« đŹđđ«đŻđąđđ đđđ„đąđŻđđ«đČâ and their brand âStar Imagingâ also appears at these centres
So of course itâs B2G heavy, so it can be compared to the likes of Krsnaa Diagnostics (which derives 75% rev from PPP i.e. B2G). đđźđ đđđđ« đđ„đŹđš đąđŹ đŹđźđ«đđ„đČ đ đđąđđ đ§đšđŹđđąđ đđĄđđąđ§ đđ»
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