CA_Raju

[Ashwini Vaishnaw @AshwiniVaishnaw]

The chip journey, simplified.

[Nandan @_healthZwealth_]

The best way to understand a company quickly?

Start with reading its ratings report.

It gives you concise notes on the business, industry, financials, strengths, risks and key triggers.

If you like what you see, move to PPTs & concalls.

If you spot interesting sector-level triggers, keep the company on your watchlist and deep dive further.

Simple process:

Ratings report → PPTs/Concalls → Watchlist → Deep dive further.

Sharing my learnings - Hope it helps..

[Satpal Singh @vsvicky_]

Vikas Khemani 🔥

Steps into the apparel sector

Bought S.P Apparels through Carnelian Asset Management, Picked up 5 lakh shares

Invested ₹46.25 Crore at ₹925/Share

S.P Apparels is an integrated manufacturer and exporter of knitted garments

Primarily caters to infant & children’s wear with growing exposure to adult apparel

One Strong Catalyst -

Young Brand Apparel integration is boosting capacity and expanding US/EU reach.

Interesting bet on India’s apparel export growth 🔥

[Satpal Singh @vsvicky_]

Vikas Khemani 🔥

Veteran Investor From, Mandawa-Rajashthan

Started at ICICI Securities
Rose to CEO of Edelweiss Securities

Started his own firm Carnelian Asset Management & Advisors in 2019.

Scaled it to ₹18,300+ Cr AUM in just 7 years.

Now got SEBI license to operate Mutual Fund under Carnelian Asset Management

Joins the recent list of star managers launching MFs:

Sunil Singhania - Abakkus Mutual Fund
Samir Arora - Helios Mutual Fund

Another Quality Name Entering the Mutual Fund Space 🔥

[🇮🇳 Focused Investing @ParveenBhansali]

My current market strategy :

I agree that the margin of safety is nowhere near what it was in March 2026. After such a strong runup, especially in quality mid & small caps, I feel stock selection has become much narrower.

My approach has therefore changed a bit.

I am long on Syrma, TD Power, Netweb, Sakar, Data Patterns and a few others. But since I bet relatively big, volatility hurts me too.

So, rather than staying fully invested, I have started building positions only in companies that have delivered exceptionally good quarterly results and still have clear growth triggers ahead.

The idea is simple:

Buy, then wait for the next trigger and then if I get a good return before the next results, book profits.

These days, I feel carrying positions blindly through the next results can be quite risky. One unexpected result or one geopolitical event can change the picture very quickly.

I would rather aim for 3-4 high conviction trades a year with a better risk reward than remain fully invested all the time. If the opportunity is right, these few trades can still generate excellent returns while keeping drawdowns under control.

Earlier, I was under pressure to recover my SME losses, so I was betting big and remained almost fully invested. Thankfully, things have turned around now.

Today, I am playing with only around 35% of my available resources, while roughly 65% remains in cash most of the time.

And honestly, if I need 100% of my capital to prove that I can generate returns, then I probably don't have an edge.

If I can’t create meaningful returns with 35%, I certainly won’t magically do it with 100%. 😂

I’ll happily deploy aggressively again in March 2027 or earlier if we get a major correction.

Capital protection first. Opportunity will always come again. 🎯

[CA_Raju @bllb_555]

@MCA21India

[Pollster India @rajatshrmaa9]

If you can login to MCA and work drop us the remedy , if not kindly retweet

#CFSS
#MCA
@nsitharaman @MCA21India even you can show us whether you can login

[CA_Raju @bllb_555]

@CAHimankSingla @MCA21India @HelpdeskMCA21V3 @nsitharaman @nsitharamanoffc Are u there @MCA21India @HelpdeskMCA21V3 . Kindly Extend #CCFS due date immediately

[CA_Raju @bllb_555]

Not able to Login & upload Forms. @MCA21India @HelpdeskMCA21V3 @FinMinIndia Kindly Extend #CCFS by 30th sep 2026. Kindly Don't harrasse Professionals and Businesses in the name of Ease of doing Business.

[CA_Raju @bllb_555]

Dear @MCA21India

We are Not able to Login not able to Make Payments for Generated SRN.

Kindly Consider the Portal Glitches Extend #CCFS2026 atoeast by 30th sep 2026

@nsitharamanoffc @FinMinIndia

[Arka Bhattacharjee @niveyshak]

Maharashtra Seamless | Promoter Buying

2024:
Total Buying: ~23cr
Average: 782/sh

2025
Total Buying: ~192 cr
Total Selling: ~50 cr
Average: 652/sh

2026
Total Buying: ~160 cr
Total Selling: ~124cr
Average: 553/sh

Scrip is trading below 2024 levels of promoter buying, last year was 546 which is below 2026 average 😅

[Sekhar @LearningEleven]

Timepass talk on Sunday

1. Marksans Pharma

Marksans Pharma is a globally focused consumer healthcare and generic pharma company with a dominant presence in OTC (over-the-counter) store brands. It manufactures and markets 350+ products across 2,000+ SKUs, primarily for regulated markets including the US, UK, Europe, Australia, and Canada. The company operates 4 manufacturing facilities (India, US, UK) with 26 billion units of annual capacity and is amongst the top 5 Indian pharma companies in the UK by revenue.

Top Growth Drivers
The company's growth is being propelled by four key engines. First, European front-end expansion is the most significant new driver, Marksans has acquired QliniQ in the Netherlands (contributing ₹44 crore in Q1FY27) and ABCnow in Germany (consolidating from Q2), while also establishing new entities in Ireland and Germany, with Europe revenue already surging 75% YoY. Second, product pipeline momentum remains robust with plans to launch 20–25 new products annually, 112 SKUs added in the US in FY26, and a target to double the portfolio in every country over the next 2–3 years. Third, manufacturing scale and operating leverage is improving as Goa Unit 2 (acquired from Teva) ramps toward ₹80 crore revenue, and the company aims to expand total Indian capacity from ~8 billion to 16 billion units per annum. Fourth, new geography entry through Canada (entity incorporated, filings underway) and continued strength in Australia/New Zealand (54% YoY growth in Q1 with new Rx brand launches under Nova Pharma) is diversifying revenue beyond the traditional US and UK markets.

How Big Could the Europe Opportunity Be?
Europe is rapidly emerging as Marksans' most exciting new growth frontier. In FY27, management expects the region to generate approximately ₹180 crore in revenue, a sharp step-up from the sub-€10 million historical run-rate at QliniQ, reflecting both the acquired base and roughly 40% organic growth expected. Looking further out, management has explicitly guided that they hope Europe can reach "about thousand odd crore" (~₹1,000 crore) within 3–5 years, driven by additional acquisitions and scaling the existing platform across more European countries. The strategic appeal is heightened by Europe's prescription-heavy market structure (80–90% Rx versus 50–50 in the UK), which offers higher-margin, stickier revenue streams compared to the company's traditional OTC-heavy portfolio.

Bottom line: Marksans offers a rare combination of high-teens revenue growth, expanding margins, net-cash balance sheet, and a clear M&A-driven geographic expansion roadmap, all at a scale where the company is transitioning from a niche OTC player to a multi-continent consumer healthcare platform.

Now, what's the anti-theis, that's for you to figure out!

2. Sona BLW Precision Forgings

Sona Comstar is executing a bold "Sona Comstar 2.0" strategy that aims to replicate its historical 10x revenue growth over the next decade. The company delivered its best-ever quarter in Q1 FY27 with 54% revenue growth, 49% EBITDA growth, and 45% PAT growth. What makes this growth particularly impressive is its quality and diversification, BEV revenue surged 107% YoY to ₹435 crore, now constituting 44% of automotive product revenue, while the company simultaneously won significant hybrid and ICE programs. The management has demonstrated exceptional capital allocation discipline, having invested ~₹2,750 crores across acquisitions (Comstar, NOVELIC, Railway Business) that now contribute roughly 40% of revenue, alongside organic innovation where over 35% of revenue comes from products that didn't exist seven years ago.

New Growth Verticals

The recently announced DENSO joint venture represents arguably the most important strategic partnership in the company's history, filling a critical gap in high-voltage electric and hybrid powertrain systems for passenger and commercial vehicles. This two-JV structure, where DENSO leads the 4-wheeler high-voltage segment and Sona Comstar retains control of the 2/3-wheeler segment with reciprocal royalty arrangements, provides access to world-class technology while validating Sona's own IP.

Equally significant is the company's early and substantive entry into Robotics and Physical AI, a market management believes could be transformational given AI's emergence as the next general-purpose technology. With three orders already secured (aggregating ₹6 billion, taking the vertical's total order book to ₹8 billion), and SOPs beginning as early as next quarter, this is no longer conceptual, it is a real business with customers. The company's net order book stands at a robust ₹240 billion (5.4x FY26 revenue), with 64% from automotive EV, providing multi-year revenue visibility.

Strong Market Position

Sona Comstar holds dominant market positions, 55-60% share in Indian PV differential gears, 80-90% in CVs, and 75-85% in tractors, while expanding globally with 7 of the world's top 10 PV OEMs and 3 of the top 10 EV OEMs as customers. The company maintains a negative net debt position (net debt/EBITDA of -1.06x), providing significant balance sheet flexibility for future investments. Despite near-term margin pressure from input cost inflation and product mix (traction motors carry lower margins), management expects progressive improvement from Q2 onwards as cost pass-throughs materialize. With 69 EV programs across 36 customers, a technology roadmap spanning mechanical to software capabilities under "EPIC Mobility," and a proven ability to both build and buy capabilities, Sona Comstar appears well-positioned to capture outsized value as mobility undergoes its most significant transformation in a century.

3. Finolex Cables

Finolex Cables is one of India's largest manufacturers of electrical wires and cables, with a dominant 23.9% market share in the organised wires industry. The company manufactures a comprehensive portfolio spanning electrical cables, power cables, communication cables (including optic fiber), switchgear, lighting, fans, water heaters, and conduit fittings. It operates five manufacturing facilities across India and sells through an extensive distribution network of ~800 distributors, ~5,000 channel partners, and ~2,15,000 retailers pan-India.

Top Growth Drivers

The company's growth is being propelled by four key engines. First, optic fiber and communication cables is the standout performer, Q1FY27 revenue surged 62% YoY with margins near 30% (which will normalize from Q2 on), driven by a global fiber shortage, AI/data center demand, and export opportunities to the US and Europe. The company is aggressively expanding fiber draw capacity from 4 million to 8 million km by Q2FY27 and cabling capacity from 8 million to 10 million. Second, electrical cables diversification continues with strong volume growth in auto cables, solar cables, agricultural cables, and flexible wires (all high double-digit growth), while the company is actively bidding for utility-side power cable projects and planning greenfield expansion once utilisation crosses 70%. Third, backward integration via preform manufacturing, the company has commissioned India's second preform plant (100 metric tons, equivalent to 4 million km fiber), eliminating import dependency, saving 5% duty, and creating potential for external sales; Phase 2 expansion is under evaluation given the demand boom. Fourth, FMEG scaling and channel expansion, despite Q1 headwinds from LPG shortages and PVC supply issues, the company maintains its ₹500 crore FMEG revenue target by FY28, with new product launches in fans and water heaters expected within 6 months and retail reach targeted to expand from 2,15,000 to 2,50,000 outlets.

How Big Could the Communication Cables Opportunity Be?
The communication cables segment is positioned for a step-change in scale and profitability. In Q1FY27, the segment generated ₹176 crore revenue (vs. ₹109 crore YoY), with exports contributing ₹35–40 crore. At full 8 million km fiber draw capacity and assuming $11/km fiber prices, management indicated potential revenue of ~$88 million (~₹730 crore) if selling only fiber, with an additional 25–30% value-add from cabling, implying peak potential revenue of ₹900 crore+ annually from this segment alone. The demand drivers are structural and global: AI-driven data center buildouts (hyperscalers investing $5–6 billion+ in India), 5G rollout completion by telecom operators, BharatNet Phase 3, and India's per capita fiber consumption at just 25 million km/year vs. China's 400+ million km, suggesting significant runway. Management also noted that fiber prices have risen from $5–6/km to $12–13/km currently, with premium fibers selling at $25–50/km, and that the global shortage is likely to persist. The company is also evaluating doubling preform capacity and has the technical capability to manufacture cables with fiber counts up to 14,000+ for data center applications.

The balance sheet is exceptionally strong, net worth of ₹5,099 crore, negligible debt (debt-to-equity near zero), and cash equivalents of ₹163 crore, providing capacity for the ₹300 crore annual capex plan without strain.

4. Kusumgar Limited

Kusumgar is an India-headquartered specialty engineered textiles and aerospace & defence solutions company with deep expertise in polyamide and polyester filament technology, polyurethane chemistry, and advanced fabric engineering. Founded in 1970 and listed on NSE/BSE in July 2026, the company manufactures high-performance fabrics for critical applications including parachute canopies, tactical clothing, camouflage systems, and bulletproof jackets, serving both as a fabric supplier and as a forward-integrated solutions provider for military and aerospace end-users. It operates six vertically integrated manufacturing facilities across Gujarat and Uttar Pradesh with a workforce of ~2,000, and holds the distinction of being one of only two global suppliers of zero-porosity parachute fabrics and the only Indian manufacturer of Kevlar filament fabrics.

The company's moat is exceptionally wide, four to five decades of accumulated technical know-how in engineered fabrics, extensive qualification and approval barriers that take years to clear, exclusive global partnerships providing access to proprietary IP, and co-development relationships that translate into long-term sticky recurring business.

Top Growth Drivers

The company's growth is being propelled by four key engines. First, aerospace and defence solutions expansion, Kusumgar has successfully forward-integrated from fabric supplier to complete systems provider (parachute systems, camouflage solutions, rapid deployment systems), driving a significant portion of the ~7-8x revenue growth seen over the last five to six years; ready parachute contracts were a major contributor to Q1FY27's 102% YoY revenue growth. Second, indigenization tailwinds in Indian defence, India is accelerating its shift toward indigenous defence manufacturing to reduce import dependency, and Kusumgar is deeply embedded as an incumbent supplier to the Indian military with decades of qualification barriers and approval cycles that make switching costs prohibitively high for customers. Third, outdoor and lifestyle fabrics scaling, the company is rapidly building partnerships with global outdoor and activewear brands entering or expanding in India, with product approvals progressing brand-by-brand and season-by-season; this segment offers more predictable, recurring demand compared to the lumpy defence business. Fourth, global defence spending and export growth, the company is a challenger in international markets with growing inroads into foreign militaries, and management explicitly views geopolitical tensions and heightened global defence budgets as a secular tailwind; exports already contribute ~10-15% of revenue and the company has put in place arrangements to mitigate tariff risks.

How Big Could the Aerospace & Defence Opportunity Be?
The aerospace and defence segment is positioned for sustained multi-year growth driven by structural indigenization and global rearmament. In Q1FY27, the company reported revenue of ₹247 crore (up 102% YoY) with EBITDA margins of 31%, though management cautions that Q4FY26 was an anomaly due to tariff-resolution-driven export shipments, and Q1FY27 is more representative of normalized quarterly run-rates. Over FY20-FY26, revenue grew at a ~35% CAGR while PAT grew at an even faster ~70%+ CAGR, reflecting the shift from lower-margin fabric supply to higher-margin integrated solutions. The addressable opportunity is substantial: India's defence budget continues to expand, with increasing emphasis on domestic procurement; Kusumgar's product portfolio spans parachutes, tactical clothing, sleeping bags, rucksacks, bulletproof jackets, camouflage nets, and stealth systems, all of which have both steady replenishment demand (consumables for standing armed forces) and surge demand during geopolitical escalations. Management also highlighted partnerships in stealth/camouflage and lightweight carbon-based materials with Russian and Japanese technology partners, which could open new premium product lines. While management deliberately avoids formal guidance due to tender unpredictability, they indicated FY25 and FY26 margin levels (~19-27% EBITDA) are reasonable benchmarks for FY27, with the business broadly on track for continued steady growth.

5. Solar Industries

Solar Industries is executing a compelling strategic pivot from a pure-play explosives manufacturer into a diversified defence-industrial complex, and the Q1 FY2027 numbers validate this thesis with force. The company delivered its highest-ever quarterly revenue (₹3,668 crore, up 70% YoY), EBITDA (₹1,024 crore, up 82%), and PAT (₹666 crore, up 89%), demonstrating that the defence vertical is not merely additive but multiplicative to profitability. With an order book of ₹21,350 crore, of which defence constitutes roughly ₹18,000 crore, the revenue visibility extends well beyond the current fiscal year.

Management has guided for ₹14,000 crore in annual revenue (up from ₹9,800 crore previously), and has explicitly flagged potential upward revisions after H1, suggesting conservatism in their base case. The ~28% EBITDA margin, which management characterizes as the "new normal," is being structurally supported by a higher mix of defence products, efficient supply chain management, and recent capacity expansions.

The defence segment is the critical engine for re-rating. It grew 123% YoY in Q1 and is targeting ₹4,500 crore for the full year. The Pinaka rocket system remains the anchor order, with extended-range variants (up to 75km) in final negotiation stages expected by H2. Beyond Pinaka, the Bhairavastra anti-tank guided missile is completing advanced trials with formal orders anticipated next year, while the 155mm artillery ammunition facility is being commissioned with initial revenue recognition in FY2028. These are not one-off contracts but platform-level opportunities that create annuity-like revenue streams and deepen the company's moat as India's first private-sector player in integrated defence manufacturing. The management's commentary on "increasing engagement with customers across domestic and international markets" implies export potential, which would further expand the addressable market.

The balance sheet provides strategic flexibility without compromising returns. With approximately $80 million in cash and equivalents, the company is actively evaluating greenfield projects, acquisitions, and startup investments to augment organic growth. The planned capex of ₹2,050 crore for FY2027 (₹450 crore already deployed in Q1) is directed at capacity expansion in high-growth geographies, Dhule in Western India, Dholpur in the North, and upcoming facilities in Odisha and South India, ensuring that volume growth is not constrained by infrastructure. International explosives growth of 65% YoY, led by South Africa and Australia, confirms that the global footprint in 90+ countries is more than a marketing claim; it is a scalable revenue base.

Now, what valuation offers you comfort is your own judgement!

That's all for this edition. Have a great Sunday!

Disclaimer: None or buy or sell recommendations. This publicly available information is shared for learning and education purposes.

[Dr. Ganesh Kumar Ammannaya @DAmmannaya]

PE now 10.17 (was 11.3 before Q1)

Q1 margins at ATH

Q4 carried exceptional item of 5 Cr insurance gain. Q1 PAT 12.5 Cr on 156 Cr top line Vs Q4 PAT 14.8 Cr on 243 Cr top line (PAT Margin UP to 8% Vs 6%)

Management guidance - 950 Cr Top line, 66-70 Cr PAT for FY27

Hence, rest of FY (Q2, Q3, Q4) - average can expected to be 265 Cr Top line with PAT of 17.8 Cr (BASE CASE SCENARIO)

However, with some major contract from Oil marketing Cos, Ethanol off take to full utilisation, Management confident of 1100 Cr Top line.

Overall, good Nos, MARGINS at ALL TIME BEST.

Once out of ESM coming FRI can have better liquidity with fair price discovery.

(NO ADVICE. NO BUY/SELL RECOMMENDATION)

[Grammar 📚 of Investing🪴 @Abhi4Research]

Morepen Lab now entering aggressively in CDMO.
CMP ₹80

Q1 27 already witnessed some glimpse.

Exponential Profit growth.

Expecting CDMO businesses 50-60 % of total businesses in next 2-3 years.

Laurus Lab already given 50-100 times return after entering in CDMO

#NotReco

[Nandan @_healthZwealth_]

Emm force

90% export to USA / Europe - very rare for microcap company

Stock Silently doubled from March panic lows

Disc: Invested - May be biased

[Arka Bhattacharjee @niveyshak]

Usually 5 to 10L per stock irrespective of the price as per setup.

If 5L looks little expensive, minimum is to spend 2L but ensure stock price is higher than 400-500 and it is a smallcap, because the probability of 49-90 rupees stock going to 1000 is lesser than 500 rupee stock towards 2000+ in "shorter time frame".

However, lower the price of the scrip from 500 towards downside, position sizing goes higher ⏫

For example:
✅Price of a stock: 500 | Position Sizing: 1000 to 2000
✅Price of a stock: 200 | Position Sizing: 3000 to 4000
✅Price of a stock: 99 | Position Sizing: 5000 to 9000
✅Price of a stock: 40 | Position Sizing: 10000 to 15000

[Nandan @_healthZwealth_]

Amic forging

“Management expects triple digit growth over the next 2-3 years once the capex becomes fully operational”

Notes from @stockscansin

[🇮🇳 Focused Investing @ParveenBhansali]

#SyrmaSGS - Valuation Still Looks Reasonable if Execution Delivers

FY26 EPS: ₹19.10

FY27 Management Guidance:

- Revenue growth: 35%+
- EBITDA margin: 10.5-11%

Projected FY27 EPS

- 35% growth: ₹25.8
- 40% growth: ₹26.7

At CMP ₹1367

- Forward P/E (35% growth): 53x

- Forward P/E (40% growth): 51x

➡️ TTM P/E: 71x
➡️ Forward P/E: 51-53x

This means the valuation naturally becomes much more attractive if the company delivers on its FY27 guidance.

The market has already priced in growth but if Syrma executes as guided (or exceeds it), there is room for further earnings upgrades and a potential valuation re-rating.

The key variable from here is execution.

[🇮🇳 Focused Investing @ParveenBhansali]

#SyrmaSGS
Key Growth Drivers for FY27-28 🚀

- Management confidence is rising: The tone has shifted from simply "achieving" guidance to "exceeding" it. Management believes FY27 growth can surpass the 35%+ revenue guidance, provided geopolitical disruptions remain under control.

- Strong execution visibility: Around ₹5,400 crore of the ₹6,770 crore order book is scheduled for execution over the next 12 months, providing excellent revenue visibility.

- Exports remain a major growth engine: Management expects 30-40% export growth in FY27, with exports carrying a superior margin profile and increasing integration into global supply chains.

- ODM scaling up: The high margin Own Design Manufacturing (ODM) business continues to expand, improving both profitability and customer stickiness.

- Healthcare momentum: A ₹500 crore healthcare order book and management's expectation of 50% growth in the MedTech business make healthcare one of the fastest growing verticals.

- Defence recovery: Management expects the defence business to strengthen progressively over the coming quarters as new technologies and product offerings are added.

- Automotive electrification: Rising demand for EV electronics and charging infrastructure continues to drive strong growth in the automotive segment.

- New technology opportunities: Development of server motherboard manufacturing with select customers opens up a new avenue to participate in AI and data centre infrastructure.

- RFID solutions gaining traction: The RFID business continues to scale, supported by increasing adoption across industries.

- Water purification electronics: This vertical is witnessing healthy demand and is emerging as another growth contributor.

- Telecom recovery: The telecom business is showing signs of revival, adding another layer to the company's diversified growth profile.

- Future revenue pipeline: The company onboarded 18 new customers during Q1. While these programs will ramp up over the next 12-30 months, management believes they represent a ₹1,000+ crore long term revenue opportunity.

Why FY27 Could Be a Re-rating Year
- Strong execution backed by a large executable order book.

- High margin exports and ODM becoming a larger share of revenue.

- Multiple verticals - Healthcare, EV, Defence and Telecom growing simultaneously.

- Management publicly indicating confidence in exceeding, not just meeting, FY27 guidance.

- A healthy pipeline of new customers creating visibility well beyond FY27.

[The Trading Marvel® @TradingMarvel]

🪔 DIWALI STOCK PICKS 2026✨

This fall is a big opportunity; don’t miss or hesitate… it’s the market’s way.

Potential Upside by Deepawali 2026 & Deepawali 2027 (Expected Scenario)

🟢 Jindal Drilling
🎯 Up to 20% (Deepawali 2026) | 60% (2027)

🟢 Anant Raj Ltd.
🎯 Up to 15% (Deepawali 2026) | 90% (2027)

🟢 Vimta Labs
🎯 Up to 20% (Deepawali 2026) | 70% (2027)

🟢 Nitin Castings
🎯 Up to 30% (Deepawali 2026) | 60% (2027)

🟢 Indian Energy Exchange (IEX)
🎯 Up to 80% (2027)

🟢 Graphite India
🎯 Up to 80% (2027)

🟢 C.E. Info Systems (MapmyIndia)
🎯 Up to 70% (2027)

🟢 Gravita India
🎯 Up to 20% (Deepawali 2026) | 70% (2027)

Bookmark this!

[Vishan @vishan_29]

Frontier Springs - Management Commentary

🔶️ Growth Outlook

🗣 "If not 30%, we will definitely have 25% growth beyond FY27."

• Demand visibility remains strong across springs, forgings & air springs.

🔶️ Order Book Confidence

🗣 "I don't see any drought of orders for our components."
🗣 "No order problem for another 5-10 years minimum."

• Strong tailwinds from passenger coaches, wagons and freight corridor expansion.

🔶️ Margins

🗣 "Margin may go down by 1-2%, but we will try to maintain current levels."
🗣 "We are increasing prices in future tenders to nullify steel and energy cost increases."

• Conservative guidance of 23-24%, with management indicating potential to maintain 26-28%.

🔶️ Revenue Bottlenecks

• Revenue stuck at ₹80-83 Cr/quarter due to:
>> Railway inspection delays
>> Raw material delays
>> Execution bottlenecks

🗣 "We are hoping to break this range in Q1."

👉 If Q1 turns out good, it would trigger rerating.

🔴 Disclaimer: No recommendation. For educational purposes only.