Alex

Keen Observer|Reader|Analyst

[Alex @alexfldm]

Key Data Points (as of early 2026)Industrial Production:

Federal Reserve data shows manufacturing output grew at a 3.0% annualized rate in Q1 2026 (despite a minor 0.1% dip in March). Overall industrial production was up 0.7% year-over-year in March.

ISM Manufacturing PMI: Expanded for the third straight month at 52.7 in March 2026 (above 50 signals growth), driven by strong new orders and production.

"Stealth Boom" Details: Since January 2025, manufacturing jobs have fallen ~100,000 (-0.6% to ~12.59 million as of March 2026 per BLS), but production rose 2.3% and shipments 4.2%. This reflects automation and efficiency gains rather than contraction.

Investment Surge: Private-sector commitments hit $1.595 trillion by April 2026, with factory construction and reshoring announcements up sharply.

Employment has stabilized or ticked up modestly in recent months (e.g., +15,000 in March 2026), but the real job gains from these projects are still ramping (many facilities take 2–10 years to fully staff). The boom is real in economic output and future capacity, just not yet in headcount everywhere.

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Sectors and Themes Driving the Trend:
The revival is concentrated in high-value, strategic, and tech-enabled areas rather than low-wage assembly (e.g., apparel or basic consumer goods).
Here's what's leading:

Semiconductors & Electronics (biggest driver): Over $640 billion committed across 140+ projects in 30+ states. Production up 7.7% year-over-year (Q4 2025). AI/data center demand + CHIPS Act incentives are tripling domestic capacity by 2032 and creating hundreds of thousands of eventual jobs. Computers/electronics tied directly to the AI boom (semiconductors, networking, power/cooling gear).

Clean Energy, EVs, Batteries & Electrical Equipment: ~$312 billion projected for automotive/EV manufacturing; clean energy investment quintupled to $14 billion/quarter. IRA incentives are pulling in solar components, batteries, and power infrastructure (transformers, switchgear). Data centers' massive electricity needs are a huge multiplier here.

Pharmaceuticals & Life Sciences: Over $370 billion in 2025 pledges alone (e.g., Johnson & Johnson, Eli Lilly). Onshoring for supply-chain security post-pandemic.

Aerospace, Defense & Transportation Equipment: Output up 28% year-over-year. Space boom (e.g., SpaceX), Boeing recovery, and national security priorities are boosting this.

Overarching Themes:Reshoring & Supply-Chain Security: Tariffs, geopolitics, and lessons from COVID are driving companies to bring production stateside (or nearshore). This shows up in the freight data—less reliance on coastal imports.

Policy Support: CHIPS Act, Inflation Reduction Act (IRA), tax reforms (e.g., full expensing, higher advanced manufacturing credits), and deregulation under the current administration.
AI & Data Center Explosion: Creating outsized demand for chips, power equipment, and related manufacturing—described as a "sold-out" backlog in some segments.

Automation & Smart Manufacturing: 80% of executives are investing heavily in AI/robots, analytics, and sensors. This explains why output is rising faster than jobs—productivity gains are key to the "stealth" nature.

In short: Manufacturing is coming back in America, especially in advanced, strategic sectors that play to US strengths in innovation and high-tech production.

[Craig Fuller 🛩🚛🚂⚓️ @FreightAlley]

The most remarkable pattern is showing up in our high frequency freight data for the first time since we launched in 2018.

The center of the country: the rust belt and and the industrial heartland is no longer just recipients of freight (imports) but actual producers of freight thanks to the surge in American manufacturing.

[Alex @alexfldm]

https://t.co/mr5d5J1HiL

At the very top end (Apple’s core base), demand is relatively inelastic, but replacement cycles will lengthen and more users will opt for lower storage tiers or financing

Broader PC market, especially in emerging economies, big price moves on new devices do cause demand destruction – particularly in the sub‑$600 segment.
But “demand destruction” for new doesn’t mean people stop needing computers.

It means demand shifts:

From new entry‑level PCs that have become too expensive,
To premium refurbished devices that offer similar performance at a steep discount.

Rising new‑device prices + longer replacement cycles = structural tailwind for credible refurbished brands

GNG Electronics (Electronics Bazaar)

[Alex @alexfldm]

DRAM contract prices are up 58–63% QoQ and NAND 70–75% (TrendForce, Q2 2026).
Entry-level new laptops in India have gone from ₹25,500 to ~₹40,000 in a matter of months.
When new PCs get this expensive, a warranty-backed refurbished device stops being a compromise and becomes the rational choice. India's organised refurb share could move from ~11% to ~32% by FY29

[Alex @alexfldm]

Parag Milk Foods: From Commodity Dairy to Protein Powerhouse?

Parag Milk Foods (₹3,800+ Cr FY26 revenue) is quietly reshaping itself from a traditional dairy company into a branded protein and nutrition play. With global Whey shortages and a strong domestic brand portfolio, the risk–reward is getting interesting.

The Whey Shortage: Headwind for the Industry, Tailwind for Parag
Globally, we’re in the middle of a tight whey market:

Food-grade whey (WPC/WPI) prices are at multi-year highs.
India imports the majority of its high-grade whey, so supplement brands are facing:
sharp input inflation,
stock-outs/long lead times,
forced MRP hikes or margin compression.

Parag’s structural edge:
Unlike import-dependent brands, Parag is vertically integrated:

Milk → Cheese/Paneer → whey by-product → Avvatar whey protein

Management is explicit:

“For us, the whey protein price is mainly driven by the volatility in the milk prices. It’s not because of the [global] commodity prices.”
Implications:

Avvatar’s cost base is tied far more to milk procurement, not imported whey.

As global whey prices spike, competitors’ costs rise faster than Parag’s, giving a better margin resilience, and an opportunity to gain market share as consumers and retailers gravitate to brands that are available and relatively better value.

In other words, the whey shortage is more of a multi-year tailwind (2026–27) for Parag than a risk, provided milk is managed well.

Business Today: More Than Just “Milk”
Scale & Mix (FY26)

Revenue: ₹3,818 Cr (value +11%, volume +5% YoY)

Business composition:
Core categories (Ghee, Cheese, Paneer): 60%
New Age (Avvatar + Pride of Cows): 10%
Liquid milk: 9%
Ingredients & SMP (incl. whey powder): 13%
Others (dahi, UHT, beverages etc.): 8%

Profitability & Balance Sheet

Gross margin: 26.7% (Q4 at 28% despite milk at ₹42/litre, +15% YoY)
EBITDA margin: 8.1%
PAT (before exceptional): ₹141 Cr, margin 3.7%
Net debt: ₹484 Cr; Net Debt/EBITDA ~1.6x, Net Debt/Equity 0.4x
ROCE ~13.9%, ROE ~11.8%

At ~₹230/share (mid‑2026), the stock trades at roughly 21–22x FY26 EPS.

Strategic Engine: New Age Business (Avvatar & Pride of Cows)
The real story is in the New Age portfolio:

FY26 growth: +91% YoY, now 10–11% of sales and >₹100 Cr/quarter.
Management on margins: New Age has “almost double the company average margins”.

Medium-term view (3–5 years):
Management expects New Age to be 20–25% of revenue.
This is where the brand, digital and D2C muscle is being built.

Why it matters:
If New Age moves from 10% → 20–25% of sales, it can drag the whole company’s EBITDA margin into double digits even if core categories grow at “only” high single to low double digits.

Growth Runway: What Looks Reasonable?

Management and the latest rating report converge on a similar picture:

Core categories: Aim for double-digit volume growth (already 8% volume, 16% value in FY26). Expansion into North & South India is still under-penetrated.

New Age: Management sees this arm contributing 20–25% of revenue in 3–5 years.

Margins: Clear ambition to move to double-digit EBITDA:
Q4 FY26 gross margin already at 28% despite milk inflation.
New Age has “almost double” company-average margins.

A reasonable medium-term base case is:

Revenue CAGR: ~12–15%
EBITDA margin: 8.1% → 9–10%
PAT margin: 3.7% → ~5%
This can support high‑teens EPS CAGR (~18–20%) if execution holds.

[Sanchi Khurana @KhuranaSanchi]

🇯🇵 Macro Update: The BOJ delivered its widely anticipated rate hike, but the yen has continued to weaken as short pressure builds. The post-SpaceX US equity rally is keeping the carry trade firmly intact - even with rates now at 1%. Meanwhile, as the BOJ steps back from JGB purchases, yields have no place but to go higher.

[Alex @alexfldm]

Why this matters so much to HCC

HCC’s nuclear credentials are unusually deep:

It has built 60% of India’s installed nuclear power capacity.
It is currently delivering the Fast Reactor Fuel Cycle Facility (FRFCF) at Kalpakkam.
It has experience across the full civil spectrum:
Reactor buildings, auxiliary buildings, spent fuel buildings.
Safety critical pump houses, control buildings, water intake systems.

On the call, management was clear:

“Nuclear is one sector where we are very, very uniquely placed… we have built more than 60% of India’s nuclear power plants.”
They explicitly expect nuclear to move from the current low single‑digit share of the order book to a core pillar comparable with Transport, Hydro & Water.

Reforms (SHANTI + Nuclear Mission + NIMEP) do three things for HCC:

Multiply the volume of nuclear projects:

The long-term vision is from ~9 GW → ~100 GW by 2047 (HCC presentation: ~12% CAGR).
This is a 10×+ capacity expansion.

Increase HCC’s addressable order size per project:

With NIMEP, an EPC civil package can be ₹12,000–14,000 crore.
Even a 20–30% share of one such package is ₹2,500–4,000 crore of order inflow.

Diversify the client base:

Earlier, NPCIL/DAE were virtually the only nuclear clients.
With private participation and 49% FDI, we’ll see:
Private utilities and industrial SPVs.
International technology partners (e.g., for SMRs and PWR/EPR).
All of these entities will need nuclear qualified EPC partners and there are very few.

What is the potential market size – and HCC’s plausible share?

The nuclear capex envelope
Independent analyses and government-linked commentary suggest that reaching 100 GW nuclear capacity by 2047 could require in the ballpark of ₹23–25 lakh crore of total investment.

Not all of this goes to civil EPC companies.
Nuclear projects include:

Nuclear island and reactor equipment
Turbine‑island and BOP systems
Civil construction, underground works, buildings
Fuel cycle and back‑end infrastructure
Grid integration and associated infra
If we assume 25–35% of total project cost is in civil + balance of plant EPC (where HCC typically plays), then:

Total EPC‑addressable pool over 20+ years ≈ ₹7–8 lakh crore.

HCC’s realistic slice

Its track record of 60% of India’s nuclear plants built,
A very small competitive set, and
The scale/capability to be a prime or lead JV member in NIMEP packages,
A realistic long‑term market share assumption might be 10–20% of the nuclear civil/BOP EPC pool.

Translating that:

10% of ₹7–8 lakh crore → ₹70–80k crore of cumulative opportunity.
20% share → ₹1.4–1.6 lakh crore cumulative over 20 years.
On an annualised basis, at maturity of the cycle, nuclear alone could support ₹3,500–8,000 crore per year of potential order inflow for HCC – compared to the entire current order book of ~₹13,000 crore across all segments.

Add to that:

Metro & underground transportation (another strong franchise; HCC built India’s first metro and multiple underground corridors).
Hydro & Pumped Storage (HCC has built 27% of India’s hydropower capacity, and PSP is a major grid storage theme).
Complex water, bridges, and tunnelling projects.
The combined multi‑decadal runway in nuclear + hydro/PSP + metros is substantial.

[Alex @alexfldm]

Hindustan Construction Company (HCC): A 100‑Year Old Contractor at the Crossroads of India’s Next Infra & Nuclear Cycle

Over the last few years, Hindustan Construction Company Ltd (HCC) has quietly gone through a structural reset.
Deleveraging, rights issues, asset sales, arbitration monetisation, and a sharper focus on core infrastructure have begun to show up in the numbers.

At the same time, India’s policy landscape especially in nuclear power and heavy civil infrastructure is changing in ways that directly play to HCC’s strengths.

Where HCC stands after FY26
FY26 snapshot (consolidated):

Revenue: ₹3,969.6 crore
PAT: ₹165.5 crore
EPS (post-rights): ₹0.75
Standalone EBITDA margin: 16.1% for FY26 (18.2% in Q4)
Debt (standalone): ₹1,995 crore, down 38% YoY from ~₹3,197 crore
Order book (31 Mar 2026): ₹12,971 crore, largely Transportation, Hydro, Water, Nuclear/Buildings
Additional LOA & L1: ~₹1,100 crore LOA in April 2026
₹840 crore L1 in J&K yet to convert

Management’s own highlight: “Standalone net profit increased 142% YoY to ₹205.8 crore in FY26 from ₹84.9 crore in FY25, driven by stronger operational performance, cost discipline and sustained margins.”

On deleveraging:

Rights issue of ~₹1,000 crore in Dec 2025 was oversubscribed ~2x.
Proceeds + arbitration realisations allowed HCC to repay ₹1,537 crore of debt obligations in FY26 (principal + yield), vs a scheduled obligation of ~₹935 crore.

CareEdge now rates the company CARE BBB- (Stable) across bank and debt instruments, emphasising that “overall debt reduced from ₹3,279 crore as on March 31, 2025, to ₹2,016 crore as on March 31, 2026.”

Management has been explicit on the direction of travel:

“The objective is that we become debt‑free in some relatively short‑term period… you can assume FY28 in a fair manner.”
In other words, this is no longer a stressed, “option value” infra stock. It has moved into the lower end of investment grade, with a genuinely improving balance sheet albeit one that still carries legacy complexity (HICL, deferred tax assets, arbitration-heavy receivables).

Nuclear reforms: a structural tailwind tailor made for HCC
The nuclear narrative around HCC has shifted from “legacy credential” to “forward growth engine”, largely because of recent reforms and policy moves.

What has India changed recently in nuclear??

Over 2024–2026, several initiatives have converged:

SHANTI / Atomic Energy amendments (2025 Cabinet move)

Allows private sector participation in nuclear power projects under a defined framework.
Permits up to 49% FDI in eligible nuclear ventures.
Seeks to streamline civil liability and insurance through a specialised tribunal and pooled mechanisms, while core control remains with DAE/NPCIL.
Nuclear Energy Mission & SMR push (Budget 2025–26)

Launch of a mission to reach ~100 GW of nuclear capacity by 2047 (from ~9 GW today).
₹20,000 crore allocation focused on:
Designing and deploying Small Modular Reactors (SMRs) and indigenous Bharat Small / Small Modular Reactors (BSR/BSMR).
Targeting at least five SMR/BSMR units operational in the next decade or so.

New procurement model – Nuclear Island Mega EPC Packages (NIMEP)

As HCC’s CBO explained, older civil packages for a 700 MW reactor pair were ~₹2,000 crore.
Under NIMEP, packages now bundle more scope and are sized at ₹12,000–14,000 crore per project.

Pipeline of upcoming reactors (HCC slide, May 2026):

Gorakhpur 3 & 4 (Haryana, 2×700 MW)
Kaiga 5 & 6 (Karnataka, 2×700 MW)
Chutka 1 & 2 (MP, 2×700 MW)
Mahi Banswara 1–4 (Rajasthan, 4×700 MW)
Kovvada 1–6 (AP, 6×1,208 MW PWR/EPR-type)

Alongside this, the government is formally messaging that nuclear will be central to India’s baseload and energy security, especially as renewables face intermittency and storage costs.

[uncommonprofit @uncommonprofit]

The unavailability of models like #Anthropic Mythos is a direct, structural positive for #E2E Networks for enabling training for sovereign AI

If frontier APIs are restricted , sovereign AI id forced to train & host their models domestically

GPU = picks & Shovels play on AI

[Alex @alexfldm]

DRAM contract prices are up 58–63% QoQ and NAND 70–75% (TrendForce, Q2 2026).
Entry-level new laptops in India have gone from ₹25,500 to ~₹40,000 in a matter of months.
When new PCs get this expensive, a warranty-backed refurbished device stops being a compromise and becomes the rational choice. India's organised refurb share could move from ~11% to ~32% by FY29

[Alex @alexfldm]

GNG Electronics: Riding the AI Hardware Wave Through Circular Tech

One of the more interesting listed stories in India right now is not a chip designer or a cloud company – it’s a refurbisher of high‑end ICT devices.

What does GNG Electronics do?
GNG (brand: Electronics Bazaar) buys used enterprise‑grade laptops, desktops and now infrastructure‑level hardware (servers, storage, high‑end desktops), refurbishes them to “as‑good‑as‑new” standards, and sells them with 1–3 year warranties across 40+ countries.

With advanced facilities in India, UAE and the US, the company sits right at the intersection of:

AI‑driven demand for high‑spec hardware,
Global supply constraints in new computing devices, and
The circular economy push to reduce e‑waste.
Why it stands out

Strong FY26 performance

Revenue up 34% YoY to ~₹1,890 crore
EBITDA up 59% YoY; margin improved to 10.6%
PAT up 91% YoY; PAT margin at 7.0%
Clear structural tailwinds

Enterprises and institutions increasingly need AI‑ready devices but face high prices and constrained supply of new hardware.
Refurbished enterprise laptops/servers at ~30–40% of new prices are an attractive solution.
Growing ESG momentum and regulations (EPR, e‑waste rules, “right‑to‑repair”) favour professional refurbishers.
Global footprint & credentials

Operations across 44 countries with 4,700+ touch points.
Certified by global OEMs, Microsoft Authorised Refurbisher, R2v3 and EPR‑enabled in India.
Material presence in India, the Middle East, US and Europe.

What to watch going forward
Growth levers:

Scaling infrastructure‑level refurbishment (servers, storage, data‑center hardware).
Deeper penetration with corporates, governments and large ITAD/lease partners globally.
AI‑driven refresh cycles pushing demand for high‑end refurbished hardware.

Risks:

A very working‑capital‑intensive model: large, fast‑growing inventories and receivables need careful management.
Technological obsolescence – staying ahead of spec cycles is critical to avoid write‑downs.
Competition as the refurbished market formalises.

[Alex @alexfldm]

@aditya942000 This should benefit going forward with the electronic price rise across

[Alex @alexfldm]

GNG Electronics: Riding the AI Hardware Wave Through Circular Tech

One of the more interesting listed stories in India right now is not a chip designer or a cloud company – it’s a refurbisher of high‑end ICT devices.

What does GNG Electronics do?
GNG (brand: Electronics Bazaar) buys used enterprise‑grade laptops, desktops and now infrastructure‑level hardware (servers, storage, high‑end desktops), refurbishes them to “as‑good‑as‑new” standards, and sells them with 1–3 year warranties across 40+ countries.

With advanced facilities in India, UAE and the US, the company sits right at the intersection of:

AI‑driven demand for high‑spec hardware,
Global supply constraints in new computing devices, and
The circular economy push to reduce e‑waste.
Why it stands out

Strong FY26 performance

Revenue up 34% YoY to ~₹1,890 crore
EBITDA up 59% YoY; margin improved to 10.6%
PAT up 91% YoY; PAT margin at 7.0%
Clear structural tailwinds

Enterprises and institutions increasingly need AI‑ready devices but face high prices and constrained supply of new hardware.
Refurbished enterprise laptops/servers at ~30–40% of new prices are an attractive solution.
Growing ESG momentum and regulations (EPR, e‑waste rules, “right‑to‑repair”) favour professional refurbishers.
Global footprint & credentials

Operations across 44 countries with 4,700+ touch points.
Certified by global OEMs, Microsoft Authorised Refurbisher, R2v3 and EPR‑enabled in India.
Material presence in India, the Middle East, US and Europe.

What to watch going forward
Growth levers:

Scaling infrastructure‑level refurbishment (servers, storage, data‑center hardware).
Deeper penetration with corporates, governments and large ITAD/lease partners globally.
AI‑driven refresh cycles pushing demand for high‑end refurbished hardware.

Risks:

A very working‑capital‑intensive model: large, fast‑growing inventories and receivables need careful management.
Technological obsolescence – staying ahead of spec cycles is critical to avoid write‑downs.
Competition as the refurbished market formalises.

[Alex @alexfldm]

@WeekendInvestng This is structurally negative for the old outsourcing IT model
https://t.co/znYbsKl1Wn

[Alex @alexfldm]

Indian IT companies (TCS, Infosys, etc.) earn the vast majority of revenue in USD from exports. Now they're adding a new, growing USD-denominated cost layer for AI tokens/APIs (Claude, GPT models, Gemini, etc.).
This wasn't there in the old model (mainly INR salaries + some USD infra).

Key realities in 2026:
• Per-token prices have crashed (down ~280x in 2 years for equivalent capability).
• But total bills are exploding because usage volume has surged far faster (agentic AI, longer contexts, multimodal, always-on agents, tool use).
• Enterprises are seeing AI spend up 300%+ even as unit costs fall.
• Inference (not training) now dominates AI spend for most companies.

This creates a variable, hard-to-forecast USD cost on top of INR labor.

[Alex @alexfldm]

IT employees, especially in Tier-1 and Tier-2 cities, have been a major driver of consumption housing, retail, education, automobiles, and local services.
Slower hiring and muted salary growth in traditional roles will inevitably create a drag on urban consumption and related sectors in the coming years.
The transition to AI-augmented services is necessary for competitiveness.
But we should not ignore the short-to-medium term costs: reduced opportunities for fresh graduates, pressure on mid-level roles.

[Alex @alexfldm]

Indian IT companies (TCS, Infosys, etc.) earn the vast majority of revenue in USD from exports. Now they're adding a new, growing USD-denominated cost layer for AI tokens/APIs (Claude, GPT models, Gemini, etc.).
This wasn't there in the old model (mainly INR salaries + some USD infra).

Key realities in 2026:
• Per-token prices have crashed (down ~280x in 2 years for equivalent capability).
• But total bills are exploding because usage volume has surged far faster (agentic AI, longer contexts, multimodal, always-on agents, tool use).
• Enterprises are seeing AI spend up 300%+ even as unit costs fall.
• Inference (not training) now dominates AI spend for most companies.

This creates a variable, hard-to-forecast USD cost on top of INR labor.

[CNBC-TV18 @CNBCTV18Live]

#JustIn | #TCS & #Anthropic launch Global Premier Partnership to drive Enterprise AI scaling

TCS will empower 50,000 associates with #Claude, powered by Anthropic

TCS & Anthropic will also jointly go to market with AI solns for highly regulated sectors

[Alex @alexfldm]

Traditional outsourcing IT services model is under structural pressure
2–3% annual revenue deflation + margin compression kicks in FY27–FY28

[Reuters Asia @ReutersAsia]

India’s TCS chair says AI agents may equal headcount, dampen hiring https://t.co/2sGi4NbJyu

[Alex @alexfldm]

Concord Biotech: when a near-monopoly goes on sale, is the market right or early???

CONCORDBIO just printed a brutal FY26 revenue -12%, EBITDA -27%, PAT -30%.
On the screen it looks broken.

Look closer.
The decline was volume-led, not price-led. A 3-month EU regulatory confirmation delay.
US customers shifting from bulk to staggered ordering amid tariff noise.
A deferred Middle East tender.
And ~400-500 bps of margin drag from a brand-new injectables plant and a US subsidiary being fully expensed ahead of revenue.
Strip those startup costs out and FY26 EBITDA margin was 38.8%, not 34.8%.
The core franchise margin never cracked. It got masked by growth spending.

Why the moat is the real story:
→ Among the world's largest fermentation-based immunosuppressant API makers (Tacrolimus, Mycophenolate)
→ ~150 DMFs, approvals across US/EU/Japan/Canada/China, 250+ customers in 70+ countries
→ The barriers are the durable kind proprietary microbial strains held as trade secrets (they don't expire), 18-36 month customer re-qualification lock-in, USD 50m+ plant cost
→ Zero debt, >Rs 414 Cr cash, ~77% gross margin, historically 40%+ EBITDA, ~27% ROCE

And the engine for the next leg: capacity is sitting half-idle. Limbasi API at 53%, formulations at 30%, injectables just ramping. The Rs 660 Cr capex cycle is done maintenance capex is now Rs 30-40 Cr/year.
As utilization climbs on a fixed cost base, revenue can roughly double toward the Rs 3,000 Cr potential with no growth capex, and EPS compounds faster than revenue as margins recover.

The catch: this is not a layup at today's price. On trough earnings it still optically trades at ~49x. The entire thesis rests on one checkpoint H1 FY27.

[Alex @alexfldm]

@amol_sri1 https://t.co/Wh0ONCP2ae

[Alex @alexfldm]

GNG Electronics: Riding the AI Hardware Wave Through Circular Tech

One of the more interesting listed stories in India right now is not a chip designer or a cloud company – it’s a refurbisher of high‑end ICT devices.

What does GNG Electronics do?
GNG (brand: Electronics Bazaar) buys used enterprise‑grade laptops, desktops and now infrastructure‑level hardware (servers, storage, high‑end desktops), refurbishes them to “as‑good‑as‑new” standards, and sells them with 1–3 year warranties across 40+ countries.

With advanced facilities in India, UAE and the US, the company sits right at the intersection of:

AI‑driven demand for high‑spec hardware,
Global supply constraints in new computing devices, and
The circular economy push to reduce e‑waste.
Why it stands out

Strong FY26 performance

Revenue up 34% YoY to ~₹1,890 crore
EBITDA up 59% YoY; margin improved to 10.6%
PAT up 91% YoY; PAT margin at 7.0%
Clear structural tailwinds

Enterprises and institutions increasingly need AI‑ready devices but face high prices and constrained supply of new hardware.
Refurbished enterprise laptops/servers at ~30–40% of new prices are an attractive solution.
Growing ESG momentum and regulations (EPR, e‑waste rules, “right‑to‑repair”) favour professional refurbishers.
Global footprint & credentials

Operations across 44 countries with 4,700+ touch points.
Certified by global OEMs, Microsoft Authorised Refurbisher, R2v3 and EPR‑enabled in India.
Material presence in India, the Middle East, US and Europe.

What to watch going forward
Growth levers:

Scaling infrastructure‑level refurbishment (servers, storage, data‑center hardware).
Deeper penetration with corporates, governments and large ITAD/lease partners globally.
AI‑driven refresh cycles pushing demand for high‑end refurbished hardware.

Risks:

A very working‑capital‑intensive model: large, fast‑growing inventories and receivables need careful management.
Technological obsolescence – staying ahead of spec cycles is critical to avoid write‑downs.
Competition as the refurbished market formalises.

[Polymarket @Polymarket]

JUST IN: AirTrunk to invest $21,000,000,000.00 in India data center.

[Alex @alexfldm]

@InvesysCapital https://t.co/ve4tzry8To

[Alex @alexfldm]

Positive tailwinds building for India’s textile sector Two important developments are worth watching closely:

Currency advantage vs China is material
Over the past year, CNY/INR has risen ~20% while USD/INR is up ~14%. Combined with tariff differentials (10-20%), this creates an effective ~30% cost delta in favour of Indian goods versus Chinese competitors in global markets. This isn’t just theory it improves price competitiveness for Indian exports in key categories where we directly compete with China.

Targeted policy support on raw material
The government is actively considering a temporary removal of the 11% import duty on cotton from July to October. This comes amid surging domestic prices and supply concerns raised by textile mills. A time-bound waiver during the lean season would directly ease input costs for spinning and downstream units, helping maintain production momentum and protect margins.

Together, these factors are constructive.
The currency shift provides a broader structural advantage (especially versus China), while the proposed cotton duty relief offers timely, sector-specific support for one of India’s largest employment generators and export engines.
Past temporary waivers have helped stabilise costs and supported exporters. If implemented, this combination could aid gradual improvement in textile competitiveness and export performance over the coming quarters.
Of course, execution matters and a balanced approach that also keeps farmer interests in view will be important.

Do you see these measures meaningfully lifting textile exports in H2 FY27, or are structural issues (productivity, quality, scale) still the bigger constraints?
#TextileIndustry #IndiaExports #CurrencyImpact #CottonDuty #TradePolicy #ExportCompetitiveness

[Alex @alexfldm]

@Sharad9Dubey https://t.co/ve4tzry8To

[Alex @alexfldm]

Positive tailwinds building for India’s textile sector Two important developments are worth watching closely:

Currency advantage vs China is material
Over the past year, CNY/INR has risen ~20% while USD/INR is up ~14%. Combined with tariff differentials (10-20%), this creates an effective ~30% cost delta in favour of Indian goods versus Chinese competitors in global markets. This isn’t just theory it improves price competitiveness for Indian exports in key categories where we directly compete with China.

Targeted policy support on raw material
The government is actively considering a temporary removal of the 11% import duty on cotton from July to October. This comes amid surging domestic prices and supply concerns raised by textile mills. A time-bound waiver during the lean season would directly ease input costs for spinning and downstream units, helping maintain production momentum and protect margins.

Together, these factors are constructive.
The currency shift provides a broader structural advantage (especially versus China), while the proposed cotton duty relief offers timely, sector-specific support for one of India’s largest employment generators and export engines.
Past temporary waivers have helped stabilise costs and supported exporters. If implemented, this combination could aid gradual improvement in textile competitiveness and export performance over the coming quarters.
Of course, execution matters and a balanced approach that also keeps farmer interests in view will be important.

Do you see these measures meaningfully lifting textile exports in H2 FY27, or are structural issues (productivity, quality, scale) still the bigger constraints?
#TextileIndustry #IndiaExports #CurrencyImpact #CottonDuty #TradePolicy #ExportCompetitiveness

[Alex @alexfldm]

@riteshmjn https://t.co/ve4tzry8To

[Alex @alexfldm]

Positive tailwinds building for India’s textile sector Two important developments are worth watching closely:

Currency advantage vs China is material
Over the past year, CNY/INR has risen ~20% while USD/INR is up ~14%. Combined with tariff differentials (10-20%), this creates an effective ~30% cost delta in favour of Indian goods versus Chinese competitors in global markets. This isn’t just theory it improves price competitiveness for Indian exports in key categories where we directly compete with China.

Targeted policy support on raw material
The government is actively considering a temporary removal of the 11% import duty on cotton from July to October. This comes amid surging domestic prices and supply concerns raised by textile mills. A time-bound waiver during the lean season would directly ease input costs for spinning and downstream units, helping maintain production momentum and protect margins.

Together, these factors are constructive.
The currency shift provides a broader structural advantage (especially versus China), while the proposed cotton duty relief offers timely, sector-specific support for one of India’s largest employment generators and export engines.
Past temporary waivers have helped stabilise costs and supported exporters. If implemented, this combination could aid gradual improvement in textile competitiveness and export performance over the coming quarters.
Of course, execution matters and a balanced approach that also keeps farmer interests in view will be important.

Do you see these measures meaningfully lifting textile exports in H2 FY27, or are structural issues (productivity, quality, scale) still the bigger constraints?
#TextileIndustry #IndiaExports #CurrencyImpact #CottonDuty #TradePolicy #ExportCompetitiveness