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🍹POST RESULT REVIEW – FY26 – SME Stocks with potential to re-rate 2. FABTECH CLEANROOMS Rs.395 at 31p/e (Valuation has flared up. BUT ......) Peer: HVAX Rs.623 at 12p/e (HVAX was at Rs.813 on result day at 16p/e and has corrected after result. Good topline growth bur telative to H2Fy25 margin contracted from 14% to 10%) NOTE FROM IPO REVIEW: “Company manufactures cladding panels for walls & roofs of clean rooms. These are sandwiched panels with core as rockwool or polyurethane foam. It has 70,000sft factory in Valsad and 25,000sft factory (under subsidiary Altair Partition Systems LLP) at Murbad. Out of Rs.27.74Cr IPO, Rs.14Cr for working capital and Rs.5.5Cr for investment in Kelvin Air Conditioning and Ventilation Systems Private Limited to raise its total holding to 51% from the present 33%" Kelvin is into HVAC system design and fabrication and became 60% subsidiary in H2Fy26 OUTLOOK: Company is taking up Clean Room Panel manufacturing with project execution (EPC) as well as HVAC system supply and execution after acquisition of KELVIN. This has increased the potential for growth and is reflected in much higher P/E compared to HVAX. Company has announced multiple Clean Room as well as HVAC orders, recently If the company reports about 140Cr sales in H1FY27 (similar to recent H2), then TTM PAT can move upto 25Cr from 15.8Cr currently. This would give an EPS of Rs. 20. And at lower p/e of 25x (compared to 31x currently), stock should be at least Rs.500 by H1Fy27 So ideally, a good correction from the present Rs.395 towards Rs.250 -300 could give safety for new investors. There is also possibility of valuation getting maintained at around 30x . That can give big returns since at TTM EPS of Rs.20, stock can move towards Rs.600 to 650. So there is risk. There is opportunity too. Nothing can be certain anyway. …………………………………………………. FY26 RESULTS for Quick Reference: H2 FY26 Vs.H1 FY26 REV: Rs. 144Cr Rs. Vs Rs. 77Cr PAT: Rs. 12.5Cr Vs Rs. 3.3Cr (May Compare with H2FY25 Rev=Rs.89Cr & PAT=Rs. 8Cr ) FY26 Vs FY25 REV: Rs. 222Cr Vs Rs. 151Cr PAT: Rs.15.8Cr Vs Rs. 13.3Cr Fabtech Cleanrooms SME IPO was in Jan 2025 was at Rs.85 at 13x .............................. 🍹POST RESULT REVIEW – FY26 – SME Stocks with potential to re-rate 1. PARMESHWAR METAL Rs.191 at 9p/e Link: https://t.co/9ipM62SBVu