Timepass talk on Sunday
1. X-Men: Days of Future Past
Ramkrishna Forgings: "...I can only assure you that you will see continued improvement in terms of margin every quarter now..."
Tips Music: "...we get approximately 15% of our revenue from the content which are released over the last three years and the balance 85% is spread across let's say the past three decades..."
Sterlite Technologies: "...ConCat is redefining US FTTX deployment economics for new builds, expansions, and overbuilds. This slashes labor costs by up
to 71% and by eliminating field splicing and reducing reliance on skilled labor..."
Note - FTTX (Fiber To The X) refers to the deployment of fiber-optic cables to deliver high-speed internet, replacing older copper-based networks, with variants like FTTH (Fiber to the Home) or Fiber to the Building (FTTB) representing the fastest, most direct connections. In the United States, FTTX expansion is being driven by BEAD (Broadband Equity, Access, and Deployment), a $42.45 billion federal program aimed at bringing high-speed internet to unserved and underserved areas.
Acutaas: "...we have successfully completed the trial run of our battery chemicals plant and started commercial supplies. Demand here is unprecedented given by tight global supplies..."
Meesho: "...for more than 50% of our sellers, let's say, we would be a primary source of income..."
Ujjivan Small Finance Bank: "...our progress towards diversification of loan portfolio remains on track, with more than half of the loan book being secured at 50.4% as of June 26..."
Sona BLW Precision: "...Our ambition over the next decade is simple, we want to build another 10x company..."
2. OneSource Specialty Pharma
OneSource Specialty Pharma is a integrated, multi-modality specialty pharmaceutical CDMO company, focused on developing and manufacturing Drug Device Combinations (DDC), biologics, sterile injectables and oral technologies such as soft gelatin capsules.
The company remains firmly on track toward its FY28 guidance of 3600-3800 Crore ($400 million) in organic revenue and 40% EBITDA margins. If OneSource does achieve that, it would now be trading at 13x FY28 EV/EBITDA!
The company’s growth is being propelled by two major pillars.
First, its drug device combination (DDC) business is gaining significant commercial momentum, particularly in GLP-1 therapies like Semaglutide. In Canada, the world’s largest off-patent market, all three available approvals are partnered with OneSource, with two already launched, while in India the company manufactures over 40% of generic pens sold. With a second cartridge line set for commercialization in Q2FY27, a third line expected within FY27, and a fourth later in FY28, the company is scaling from 225 to over 675 sterile days to meet surging demand across existing and new markets.
Second, biologics is emerging as a long-term driver, underscored by the recent partnership with Formycon and a rapidly expanding RFP funnel that is nearly four times larger than a year ago. While biologics revenues today are largely from development and MSAs, commercial contributions are expected to ramp meaningfully from FY29 onward, supported by planned expansions in both mammalian and microbial capacity.
Company has gone thru 12 successful regulatory and customer audits in Q1 alone, including two surprise FDA inspections!
Company claims that despite a temporary supply disruption from Dr. Reddy's, all capacities remain full due to a multiple client base.
Company has added 6 new customers and 9 new launches in Q1.
3. Laurus Labs
The latest concall was particularly refreshing, with management clearly articulating Laurus Labs' long-term vision. The company reiterated that its strategy is to evolve into a fully integrated pharmaceutical company with end-to-end capabilities across the pharmaceutical value chain, spanning from APIs to finished drug products. This integrated approach encompasses its generics, CDMO, and New Chemical Entity (NCE) businesses.
While much of the industry remains focused on expanding capabilities in key starting materials (KSMs) and APIs, Laurus Labs is already laying the foundation for what the pharmaceutical landscape could look like by 2030.
With CDMO contributing 43% of total revenue, Laurus Labs appears to have reached a significant milestone in its business transformation. While it remains important to monitor the next two to three quarters to assess whether a 40%+ CDMO revenue share is sustainable, the company already seems to be well ahead of its stated objective of deriving 50% of its revenue from CDMO by 2030.
capex guidance for FY27 started at ₹1,000 Cr, raised to ₹1,500 Cr and now guided at ₹2,000 Cr for FY27! And this isn't speculative capacity plan, it's "based on what our customer demands are".
Laurus isn't just riding the small-molecule wave. They are deliberately building capabilities in:
ADCs: Development and commercial agreement with Arvik Therapeutics for two preclinical ADC molecules (India market), plus payload-linker programs for big pharma
Gene Therapy: Licensed patents from IIT Kanpur, investment in ImmunoAct for lentiviral/cell therapy understanding
Peptides: Multiple classes beyond just GLP-1 weight-loss drugs; commercial-scale synthesizers being qualified
With management focused on improving asset turnover to above 1.0x and gradually driving ROCE toward 25%, Laurus Labs appears to be laying the foundation for a well-rounded pharmaceutical giant. The execution roadmap is clearly defined; the rest will depend on the company's ability to deliver consistently over the coming years. Investors now have an opportunity to observe and witness that transformation unfold.
4. Weight loss and Diabetes drugs
Novo Nordisk and Eli Lilly are expected to dominate the global weight management drug market in 2026, together accounting for an estimated 87% of prescription weight-loss drug revenues.
Industry estimates suggest the global weight-loss drug market could reach approximately $65 billion in 2026 and expand to nearly $195 billion by 2035. Of course, by then, several key GLP-1 patents are likely to have expired, creating a significant opportunity for generic manufacturers to capture a meaningful share of this rapidly expanding market.
Eli Lilly is getting ready to file for approval of its next-generation obesity drug, retatrutide, in the first quarter of 2027, as the treatment succeeds in two more late-stage trials.
Dubbed the "triple G" drug, retatrutide targets GLP-1, GIP and glucagon rather than just one or two of those hormones like existing treatments.
What is Triple G?
Human body naturally makes several hormones that control hunger, blood sugar, and metabolism. Three of the big ones are:
GLP-1 (glucagon-like peptide-1): Released after you eat, tells your brain "I am full," slows down digestion, and helps your body release insulin to manage blood sugar.
GIP (glucose-dependent insulinotropic polypeptide): Another gut hormone that also helps control insulin and blood sugar, and seems to play a role in fat metabolism.
Glucagon: This one's a bit different. It normally raises blood sugar (it's kind of GLP-1's opposite in that sense), but it also increases the rate your body burns energy (your metabolic rate) and burns fat.
What existing drugs do?
Older drugs like Ozempic/Wegovy (semaglutide) only target GLP-1. That's "one hormone."
Newer drugs like Mounjaro/Zepbound (tirzepatide) target both GLP-1 and GIP. That's "two hormones" — this is why tirzepatide tends to produce more weight loss than semaglutide alone.
What retatrutide does?
It's designed to activate all three receptors, GLP-1, GIP, and glucagon, at once. That's the "triple G" (three hormones).
Why that matters (in theory at least)?
The GLP-1 and GIP parts help reduce appetite and improve blood sugar control, just like existing drugs.
The added glucagon activation is the new piece, it may boost how many calories your body burns, on top of just eating less.
Think of it like this - Existing drugs mostly work by turning down your hunger dial. Retatrutide tries to turn down the hunger dial and turn up the "calorie-burning engine" dial at the same time, theoretically a more powerful combination, which is part of why it's shown very high weight-loss numbers in trials so far.
Within our market context, Divi's and Sai Life are supposed to be connected to Eli Lilly's weight loss programs
5. Anthem Biosciences
Anthem displayed the inherent lumpiness of the CDMO business this past quarter.
Q1FY27 revenue declined roughly 25% YoY as key customers deferred deliveries to later quarters, making it the softest quarter of the year. The weakness was broad-based across CRDMO and specialty ingredients, with Unit 2 utilization falling to ~50% and management flagging temporary demand rebalancing and supply-chain pressures.
However, the stock price didn't decline as much as one would have expected given the results. Here is why:
Industry-leading margins: Despite the revenue decline, the company delivered year-on-year margin expansion as management continued to improve cost efficiencies through flow chemistry, biocatalysis, and backward integration, reinforcing profitability.
Strong revenue visibility and sticky client base: The company entered the year with ~60% of its full-year order book already in hand, including a newly onboarded big pharma client and deepening engagements (R&D + commercial) with existing global customers.
Multi-year capacity-driven growth runway: Unit 3 (New Anthem) utilization is ramping from ~15% to 30–35%, while Unit 4 (365 KL custom synthesis + 100 KL fermentation) is under construction and targeted for commissioning by end-FY28, providing a clear path to volume expansion.
Exposure to high-growth modalities: Anthem is building capabilities in next-generation areas such as ADCs, peptides, and GLP-1 (semaglutide API awaiting CDSCO approval), positioning it to capture long-term demand from innovators and domestic generic players.
Fortress balance sheet funding aggressive capex: Net cash stood at ₹1,720 crore as of June 2026, comfortably supporting the ~₹1,200 crore Unit 4 capex outlay without balance-sheet stress; working capital remains stable.
Resilient, long-term business model: Despite quarterly lumpiness from customer delivery schedules, the CRDMO model is highly regulated and "sticky," with customer relationships spanning years and four recently commercialized molecules beginning to contribute to a growing annuity-like revenue stream.
Of course, Anthem is by no means cheap and certainly isn't trading at a reasonable valuation. However, the valuation of many CDMO companies is a topic for another day!
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.
His name is Janak Mathuradas.
His family is investing into stock markets since past 120 years. 🔥
“Our family is investing in Indian markets since past 120 years and the oldest holdings have been Tata companies basically.”
“We have been owning Tata Steel for more than 100 years and I have no plan of selling it.”
“We had lots of textile companies, but they’re dead stocks now.”
This is long term investing on steroids 😬
What a F*CKED UP society we Indians have created for ourselves.
Two men got into an accident when a policeman suddenly opened his car's door without looking at the traffic.
Instead of helping and asking if they were injured, the policeman started beating them up. 😡
Kedar and Aishwarya Ramakrishnan graduated from IIT Bombay in 2010. After graduating, they were associated with Harvard Business School, BCG, and Swiggy. Last year, I met them at our office. They left their successful careers to start Balisto Agritech, an electric farm machinery company that builds equipment for rural India. Their mission is to create impact where it matters most.
Both founders are remarkable people, full of optimism, vision, and positivity. We are proud to work with them as their energy partner, providing batteries for their equipment. These machines are helping improve the lives of men and women in some of the most rural parts of India.
Wanted to take a moment to thank someone who gave @SkyrootA its first real lift-off—Mukesh Bansal.
8 Years ago, we sent him a cold LinkedIn message.
He replied.
We met that very weekend.
Soon after, he became Skyroot’s first investor with a ₹10 crore cheque.
At the time, there was no space policy. No proof that we could build an orbital rocket. Immense technology risk. And every reason to say no.
Yet he looked beyond the uncertainty. He believed in our passion and saw possibility long before there was evidence.
But what stayed with me even more than the investment was the trust.
He gave us complete freedom to build, trusted us to make the right decisions, and was always there to mentor us whenever we needed him. More than capital, he helped shape our thinking with one piece of advice:
“Always do the right thing. This journey will be much longer and much harder than you imagine. Build two things with equal importance: the product and the organisation.”
This has guided us through every phase of the journey and continue to shape how we build Skyroot today.
The first cheque is never just capital. It is belief.
Every great startup needs someone willing to take that first leap of faith—when all they can really invest in is the founders’ conviction.
India needs many more such risk-takers backing ambitious deep-tech entrepreneurs long before success becomes obvious.
Thank you, Mukesh. 🙏
@mukeshbansal06
P.S. This picture was taken during one of Mukesh’s visits to our factory in Skyroot’s early days. We were showing him just how light Vikram-S’s carbon composite structures were—a small moment from a journey that has since come a long way. 🚀
Muscle loss is hitting Indians in the 40s
✅Optimum protein intake as part of a balanced diet and strength training play a vital role in maintaining muscle mass and strength.
An important and timely article published in the Times of India.
@TOIIndiaNews@TOIHyderabad
As everything slowly begins to sink-in, and after finally getting some sleep last night, I wanted to share a small personal note…✍️
The first call I made after Vikram-1 successfully reached orbit was to my Dad.
He is the man who made my journey possible—with dreams for me far bigger than the ones I had for myself, and by simply never giving up on me.
Until my 8th standard, I was a bad student. I scored 51 marks in Maths and even failed another subject. Back then, I could never have imagined that I would one day make it to an IIT—or have the privilege of contributing to India’s first privately developed rocket reaching orbit, making India only the third country in the world to achieve this.
When I called him after the launch, he just cried.
And cried.
He couldn’t speak a single word.
But I understood every word he couldn’t say.
I managed to hold back my tears when Vikram-1 reached orbit. But somehow, writing this, I can’t.
Thank you, Dad. ❤️
And a big shout-out to every dad who dreams big for their children—and never gives up on them. 🙏
P.S. A picture with Dad from one of my birthdays after starting @SkyrootA.
Today, I just narrowly escaped on ORR soon after entering from the Shamsabad Entry. I was negotiating a turn when a RMC truck suddenly came from the wrong side. God just saved me. Please take necessary action.
Lamine Yamal on Lionel Messi after Spain’s FIFA World Cup triumph over Argentina.
🗣️ Lamine Yamal: “Tonight I lifted the World Cup for Spain, but I also experienced something I’ll tell my children one day. The man who once held me as a baby was standing on the other side of the pitch, fighting for the same dream. Football has a beautiful way of bringing stories full circle.”
“When I looked at Messi after the final whistle, I didn’t just see an opponent. I saw the player who made millions of kids, including me, believe football could be art. I saw the man whose videos I watched over and over, trying to copy things that nobody else could do.”
“I know this defeat will hurt him. You don’t play with that much passion, carry your country again and again, and lose a World Cup final without feeling pain. Even in defeat, he kept demanding the ball, creating chances and refusing to stop believing. That’s what champions do.”
“People will talk about Spain winning this World Cup, and they should. But they’ll also remember that, at an age when most legends have already retired, Messi was still making the world’s best defenders panic every time he touched the ball. That’s extraordinary.”
“The photo of Messi bathing me became one of football’s most iconic images. Today we took another picture together, but this time I could thank him face to face. Without players like him, kids like me wouldn’t dare dream this big.”
“One day another generation will replace mine too. That’s football. But there will never be another Lionel Messi. Records can be broken and trophies can be won, but inspiring an entire generation to fall in love with the game is something only a few people in history will ever achieve.”
“Tonight belongs to Spain. Tomorrow, the debates will continue. But my respect for Lionel Messi will never change. He didn’t need to win this final to prove who he is. For me, he’ll always be one of the greatest players football has ever seen, and sharing the pitch with him was a privilege I’ll carry for the rest of my life.”
🚨C2C FY26 RESULTS. Take the matter with ALL SERIOUSNESS. Auditor expression of doubt that the company may not be able to continue as "a going concern", is extremely negative.🔴 Qualified Opinion has 5 bullet points. May land into serious trouble with authorities.
There is something terribly wrong. In Oct 25, there was Pref issue at Rs.581. Around Rs.21Cr was raised (19Cr as equity plus 25% on warrants). Most probably money is simply being "taken out".
No numbers can be trusted including sales, expenses, CWIP which remains static at 26Cr over 2 years.
Last 2 year combined revenue is said to be Rs.260Cr. AND this year Receivable is Rs.240Cr. 🔴 And NO PAYABLES!
Feels "People" who need to be paid without any work are being paid (fake billing?) Everything else may be just hot gas.
Has reported 5.3Cr loss in H2Fy26. Annual PAT crashes possibly from one fake number to another. Rs.29Cr to Rs.18Cr. Most probably there is and there has been, nothing, except on paper.
What about the preferential allottees? (Promoters did not subscribe, even for warrants)
One year of Bazaar Paathshaala 🎉 370+ hours of teaching - After taking a break from the corporate world.
From techies to doctors, business owners to curious minds far outside finance -ages 22 to 65, across India and beyond.
Every session deeply customized: real-life analogies over bookish jargon, working on the mental game as much as market skills. Acting not just as a teacher, but as a mentor in markets and in life.
This journey has been possible only because of your support. 🙏
If you’re someone who wants to understand markets with patience, clarity, and logic -not noise - Bazaar Paathshaala is for you.
Timepass talk on Sunday
1. Wires, Cables & Optical Fiber: The Data Centre Gold Rush
India's data centre build-out is creating a massive opportunity for both conventional cables and optical fiber.
Polycab, in its latest concall, stated:
"We estimate that 1 MW translates into around ₹3.5 crore worth of cables, with 50–60% being conventional cables and the balance being optical fiber."
In fact, KEI's management made a similar observation a few months ago.
Several industry estimates suggest that India's data centre capacity could increase nearly 5x to ~8 GW by 2030.
That implies a total cable opportunity of around ₹28,000 crore, comprising:
• Conventional cables (50–60%): ₹14,000–16,800 crore
• Optical fiber cables (40–50%): ₹11,200–14,000 crore
The data centre story isn't just about servers, GPUs and power infrastructure. It is also a long-duration demand driver for wires, cables and optical fiber.
Polycab also said: "We've read reports where the estimation is somewhere around 8 gigawatt to 16 gigawatt or 18 gigawatt"
Wires, Cables & Optical Fiber - Lage Raho Munna Bhai.
2. Transmission Infrastructure Enters Hypergrowth Phase
India plans to more than double its installed electricity generation capacity to 1,121 GW by FY36, implying the addition of nearly 600 GW over the current installed base of around 530 GW. Roughly 70% (786 GW) of this capacity is expected to come from non-fossil fuel sources.
But renewable energy alone isn't enough.
To address the intermittency of solar and wind power, India also plans to deploy 174 GW of energy storage capacity, comprising 80 GW of Battery Energy Storage Systems (BESS) and 94 GW of Pumped Storage Projects (PSP).
Now comes the most important question:
How will all this electricity reach consumers?
The answer lies in transmission infrastructure.
Polycab's latest concall was a goldmine of information on this theme.
Management highlighted that transmission line additions averaged around 15,000 circuit kilometres per year during FY20-FY25. They now expect this pace to accelerate to 20,000-21,000 circuit kilometres annually over FY26-FY30, a 35-40% increase in the rate of grid expansion.
They also pointed to the Central Electricity Authority's target of at least 17,000 circuit kilometres for the current financial year. Execution appears to be off to a strong start, with nearly 2,000 circuit kilometres commissioned in April and May alone, while June data is yet to be released.
This is precisely what makes the transmission theme compelling.
India recently exempted four Chinese-linked power equipment makers from prior bidding curbs, allowing them into government T&D tenders for two years. This move directly corroborates this thesis.
However, the biggest beneficiaries may not be the entire sector. Returns could be concentrated among high-voltage equipment players and import substitution players, so choose your winners wisely.
I am personally tracking, Yash Highvoltage, Hindusthan Insulators, Quality Power, KSH International, Atlanta Electricals and TARIL but valuation comfort is missing in most of these names.
3. Triveni Power Transmission (shared on June 7th)
Triveni Engineering’s Power Transmission Business (PTB), focused on high-speed gears, industrial gearboxes, and defense propulsion systems, is arguably one of the hidden gems within Triveni Engineering & Industries.
The business is expected to be listed before the end of August 2026. The NCLT has already approved the demerger, and the record date is likely to be announced by the end of this month, give or take a few days.
With EBITDA margins of around 35%, a strong and diversified customer base, a sticky business model supported by a growing aftermarket segment, and a dedicated multi-modal defense manufacturing facility, PTB appears well-positioned for the next phase of growth. Capacity expansion is currently underway, with the potential to take revenues from FY26 levels of ₹340 crore to a peak capacity of around ₹700 crore over time.
The company has also secured a significant breakthrough order in the defense segment recently, further strengthening its growth visibility.
Another interesting aspect is its Swiss subsidiary, which could emerge as a wildcard. Located in Schaffhausen, Switzerland, a renowned precision engineering and industrial manufacturing hub bordering Germany, it provides PTB with proximity to several leading European OEMs and strategic access to key export markets.
The aftermarket business continues to gain importance. Its contribution to overall gear revenues increased to 40% in FY26, compared to a historical average of just over 30%. Triveni's turnaround time for standard aftermarket solutions is typically 2-3 months, versus an estimated 12 months for some global competitors. To further strengthen this advantage, the company has commissioned a dedicated aftermarket facility in Mysore aimed at improving execution speed and reducing delivery timelines for international customers.
Overall, PTB appears to be entering an interesting phase with multiple growth levers in place. It is certainly a business worth keeping on the watchlist once the standalone listing takes place.
Latest update:
July 22, 2026 is the record date for the demerger.
Shareholders of Triveni Engineering will receive 1 equity share of Triveni Power Transmission Limited (face value: ₹2 each) for every 3 equity shares of Triveni Engineering held on the record date.
4. Menon Bearings (shared on Jan 25th)
Menon Bearings delivered one of the strongest quarters in its history. Exports rose to an all-time high of ~36% of revenues, notably without any adverse impact from US tariffs. In its recent concall, management noted:
“…we have already started additional business with one of the major customers from the US… we hardly see any impact from the tariffs imposed by the USA. On the contrary, our exports are poised to grow further going ahead...”
For a company of this size, this is an interesting and positive development, especially in a challenging global environment.
That said, management also acknowledged that elevated copper prices are a margin headwind. While the company claims a pass-through mechanism, the timing and completeness of quarterly/monthly pass-throughs remain an open variable and need close monitoring.
From a cautionary standpoint, it’s worth recalling that in 2023 the company had articulated an ambition to double revenues by FY26. At the current run rate, the company appears far from that target, and it no longer seems to be a stated objective in the latest investor deck.
Nevertheless, a company executing well amid headwinds deserves a closer look.
Latest Update:
Since then, the company has delivered two consecutive quarters of strong performance, with EBITDA margins exceeding 20%, and the stock is now trading at an all-time high. The FY27 revenue guidance of ₹360 crore now appears conservative.
Railway Opportunity: A new dynamometer is expected by August-end, which will enable entry into the Indian Railways segment.
Menon Alkop (Aluminium): The share of EV business is currently 4-5% and is targeted to reach 8-10% by the end of FY27.
North America Focus: A recent visit to the USA & Canada is expected to generate an additional ₹65-75 crores in business over the current and next financial year.
New Customer Pipeline: Already receiving RFQs and signing NDAs with major auto players like Magna, Linamar, and Allison Transmission.
These concall snippets are courtesy of @concall_in who do excellent job in compiling concall notes for most companies with super fast speed!
Disc: I have no association or financial obligations with @concall_in.
5. GSM Foils
GSM Foils is a seven (7) year old pharma packaging company that makes aluminium blister and strip foils used for tablets and capsules. These foils protect medicines from moisture, oxygen, and contamination, ensuring patient safety.
The company has over 100+ clients spread across 14+ states in India, with a strong reputation for quality and customization. Most of their customers are tier-3 and tier-4 pharma companies who are cost conscious but still need high quality products. They have more clients than the employees!
It's a two product company that manufacturers Blister Foils (~65%) and Aluminum Strip Pharma Foils (~35%).
The company operates an asset-light business model, with fixed assets of just ~₹5 crore, while consistently delivering 11–12% EBITDA margins.
Management is targeting a monthly revenue run rate of ₹60 crore by March 2027, implying FY27 revenue of ₹400–450 crore.
The growth trajectory is already visible:
Q1 FY27 revenue: ~₹97 crore (vs. ~₹52 crore in Q1 FY26 and ~₹82 crore in Q4 FY26)
Profit nearly doubled YoY, reflecting strong operating leverage.
The previous quarter was impacted by a sharp rise in aluminium and ethyl acetate prices, but the company appears to have navigated those headwinds well, with margins recovering.
Another positive is management's increasing focus on transparency, with monthly business updates now being shared regularly.
While the company has historically faced challenges around receivables and working capital, management has taken steps to mitigate these issues.
Nevertheless, given its small size, some of these challenges may continue to persist as the company aims to grow faster. That is something investors need to keep an eye on.
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.