Rishav Agarwal

[Dhruf mehta @dhrufmehta13]

Visited pharmaceutical manufacturing facilities in Dubai & Sharjah this February — including plants of Himalayan Wellness and Life Pharma.

While these are pharma plants, the visit was essentially to understand the execution capabilities of Fabtech Technologies (a listed player) , which has built both these facilities on a turnkey basis.

Fabtech’s role goes beyond just supplying equipment
➡️They handle end-to-end execution:

- Design & engineering
- Cleanroom setup
- HVAC & utilities

Installation & integration

Essentially building the entire manufacturing environment.

One key takeaway:
👉 Pharma manufacturing is less about machines, more about controlled environments

- Airflow
- Temperature
- Humidity
- Particle control
- Everything needs to work in sync for compliance.

➡️At both plants, Fabtech has also supplied cleanroom panels & infrastructure, not just acted as an integrator.

This gives them better control over:
- Execution timelines
- Quality
- Regulatory standards

➡️Some interesting technical aspects observed:

- Airlock entry systems for contamination control
- Class D corridors (~100k particles) for movement areas
- Use of SS316 / SS316L materials
- Strict zoning between operational & external movement areas

A key insight from the visit:
👉 HVAC is the heart of the facility
It governs:

- Air pressure gradients
- Temperature & humidity
- Particle filtration

Without a robust HVAC system, the plant simply cannot function.

Supporting infrastructure includes:
- Air Handling Units (AHUs)
~300 TR chiller systems
Continuous airflow & filtration systems

All working together to maintain a sterile environment.

➡️Utilities layer is equally critical:

- Desalinated → RO water systems for pharma-grade usage
- Integration of equipment from players like ACG, Parle Machinery
- Bi-annual audits + annual AMCs
- Execution complexity is far higher than it appears on paper.

From a business standpoint, Fabtech operates an asset-light execution model

➡️ Manufacturing outsourced
➡️ Focus on engineering, integration & delivery

This enables scalability without heavy capital deployment.

➡️Order Book & Mix (FY25):
Order book: ₹750–1000 Cr range (incl. pipeline)

➡️Revenue Mix:
Turnkey → ~75%
Standalone → ~25%

➡️Geographical Mix:
International → ~85%
India → ~15%

➡️Industry Mix:
Pharma / Healthcare / Biotech → ~74%
Others → ~26%
Clearly a global, pharma-led business.

➡️Fabtech has built a strong presence across the GCC region (UAE, Saudi, Middle East)

Execution capability in these markets seems to be a key differentiator.

- Demand drivers in GCC:
- Local pharma manufacturing push
- Import substitution
- Government-led healthcare investments
- Beyond GCC, Africa is emerging as a potential opportunity

➡️Countries are increasingly focusing on domestic pharma manufacturing capabilities, which could drive demand.

Saudi Arabia, in particular, stands out :
-Large project sizes
-Strong policy push

➡️Interestingly, Fabtech is also expanding beyond pharma into:
- Semiconductors
- Solar manufacturing
- Data centers
- These industries also require precision-controlled environments, creating adjacency opportunities.

➡️Fabtech’s positioning — turnkey execution + cleanroom integration — fits well across these markets.
However, this remains an execution-heavy business, where:

- Order inflow
- Margins
- Timely delivery

will be key variables to track.

➡️Overall, the visit helped connect the dots between:
👉 Pharma manufacturing requirements
👉 Cleanroom engineering complexity
👉 Fabtech’s role in the ecosystem

Always valuable to see things beyond presentations.

[Rishav Agarwal @nothing27266]

@abhymurarka How will AI advancement impact education system ?? Do you think degrees like (CA,CFA, MBA) or even bachelors loose relevance if not today maybe after 3-4 years.?? Do you see people dropping out of college in more numbers? Your POV? Thanks

[Deepinder Goyal @deepigoyal]

Facts below (1/5):

In 2025, average earnings per hour (EPH), excluding tips, for a delivery partner on Zomato were ₹102.
In 2024, this number was ₹92. That’s a ~10.9% year-on-year increase. Over a longer horizon also, EPH has shown steady growth.

Most delivery partners work for a few hours and only a few days in a month. But if someone were to work for 10 hours/day, 26 days/month, this translates to ~₹26,500/month in gross earnings. After accounting for fuel and maintenance (~20%), the net earnings for the partner are ~₹21,000/month.

Note: Earnings per hour are calculated on total hours logged in, including the time when the partner might be waiting to receive an order. Earnings per “busy hour” will be higher but that’s not the right metric to look at.

On top of this - delivery partners earn 100% of tips given by customers. The average tip per hour in 2025 on Zomato was INR 2.6 and in 2024 was INR 2.4 per hour. Tips are transferred instantly, with zero deductions. We absorb the payment gateway processing cost ourselves. About 5% of the orders get tipped on Zomato; 2.5% on Blinkit.

[Vishal Khandelwal @safalniveshak]

Stock picking has been glamorised as a way to “get rich” with equities.

Reality is you don’t need to pick stocks to benefit from the markets.

Hire a capable and responsible fund manager at a low fee and focus on growing your income and savings. Much lower stress for almost similar, sometimes higher, long term returns.

[Rishav Agarwal @nothing27266]

@Manojeet_Das @anupammahor @ManavKothari99 Have sent a dm to ajay ojhaji in linkedin.He said that they he will organise a con-call soon.

[Dhruf mehta @dhrufmehta13]

🎙️ Just dropped an exclusive interaction with the management of Sugs Lloyd, a diversified Transmission& Distribution EPC , solar EPC company now coming up with its IPO ⚡

A deep dive into their business model, market opportunity, unique product leadership, and growth plans 🧵

1️⃣ What is Sugs Lloyd?
An integrated player in power infrastructure, with 3 strong verticals:
🔹 Transmission & Distribution – 46% of revenue
🔹 Solar EPC – 43% of revenue
🔹 Fault Passage Indicators (FPIs) – India’s largest manufacturer with 50%+ share

2️⃣ Business Segments
⚡ T&D: Execution of substations, transmission lines & electrification projects
🌞 Solar EPC: Designing & building solar power plants, capturing the renewable push
🔌 FPIs: A unique, high-margin product used by DISCOMs & private utilities to quickly detect faults in electric lines

3️⃣ What Sets Them Apart?
✅ Pioneer in FPIs – introduced loop automation & FPIs in India
✅ Competing with global giants Schneider & Siemens, yet holds 50%+ domestic share
✅ Presence across T&D + Solar + Automation → diversified revenue base

4️⃣ IPO Details
IPO size: ₹85.6 Cr
IPO Dates : 29th August - 2nd September
Use of funds: Primarily working capital to scale projects
Back-calculation suggests 70–80% growth potential post infusion

5️⃣ Growth & Opportunity
•Order inflow from govt. schemes like RDSS boosting T&D upgrades
•Solar EPC demand rising with India’s 500 GW renewable target by 2030
•FPI adoption expected to scale as utilities push for automation

6️⃣ Key Takeaways
🔹 Sugs Lloyd is not just a contractor—it’s building core infra + renewable + automation products
🔹 Strong moat in FPIs (50%+ share) vs MNCs
🔹 IPO funds unlock growth runway → potential scale-up of 70–80%

📺 Watch my full interaction with Sugs Lloyd mgmt here: [https://t.co/W0qWOikfmg]

#SugsLloydIPO #TransmissionAndDistribution #Solar #IPOIndia #GrowthStory

[Rishav Agarwal @nothing27266]

@matiks_play 38

[Dhruf mehta @dhrufmehta13]

🎙️ Just dropped an exclusive podcast with Laxmi Narayan Mishra, Chairman of Blue Water Logistics Ltd (BWLL), a rapidly growing logistics company that's quietly spreading its roots in India's multimodal supply chain ecosystem.

A deep dive into BWLL’s journey, financials, sectoral impact, and upcoming IPO 🧵
1️⃣ What is BWLL?
Founded in 2010 in Mumbai, Blue Water Logistics is an integrated logistics and freight forwarding firm offering:

🔹 Ocean, air, rail & surface freight
🔹 Custom house clearance
🔹 Warehousing & value-added logistics solutions

The company serves 100+ clients from diverse sectors like chemicals, electronics, textiles, FMCG, and industrial goods—managing both imports & exports with precision.

2️⃣ Growth Journey & Scale
From a modest partnership firm to a full-fledged public company in 2025, BWLL’s scale-up has been steady and strategic:

📍 Presence across 15+ Indian states
🌍 Connected with international logistics platforms like JCtrans & Global Logistics Alliance (GLA)
🏅 IATA-certified, FIATA-accredited, ISO 9001:2015 compliant

They’ve built strong operational credibility by combining process discipline with global standards

3️⃣ What Sets BWLL Apart?
✅ Tech-enabled, process-driven operations—with capability to issue House Bill of Lading (HBL) and provide multimodal logistics
✅ FIATA Group Bond participant—adding international trust & compliance
✅ In-house warehousing and freight station coordination
✅ ISO & IATA certifications add a layer of quality assurance

This operational rigor helps them cater to high-volume, time-sensitive clients across , manufacturing, health, e-comm sector etc.

4️⃣ Financial Performance & IPO Details
BWLL has shown exceptional growth in both topline and margins:

FY25 Revenue: ₹196.2 Cr
FY25 PAT: ₹10.67 Cr
PAT CAGR (FY22–FY25): 125%+
Debt-to-Equity down from 5.31x to 1.82x in 2 years

IPO Size: ₹40.5cr (fresh issue)
📅 Dates: 27-29th May

🎧 In the Podcast, we unpacked:
🔹 How BWLL scaled from domestic freight to global compliance
🔹 Key margin levers & capital efficiency plans
🔹 Their roadmap post-IPO—fleet expansion, infra upgrades, tech backbone
🔹 Risks from working capital cycles and sector fragmentation

Whether you're a supply chain professional, SME IPO investor, or logistics tech watcher—this 26 minutes deep dive will give you a fresh lens on India’s booming freight ecosystem.

📺 Watch the full episode here: [https://t.co/cx8joHO9eN]

#BlueWaterIPO #LogisticsIndia #SupplyChain #FreightForwarding #SMEIPO #Podcast #FintechIndia #LogisticsTech

[Dhruf mehta @dhrufmehta13]

Hosted an exclusive podcast (link below) with Avinash Shende, Chairman & CFO of Virtual Galaxy Infotech (VGIL), where we explored how this 27-year-old SaaS player is powering the BFSI and e-Governance sectors with robust tech solutions.

A deep dive into VGIL’s business, financials, and upcoming IPO. 🧵���

1️⃣ What is VGIL?
Virtual Galaxy Infotech Ltd is a technology-first company offering SaaS-based Core Banking, ERP, Digital Payments, and GovTech platforms.
It serves 100+ banks and institutions in India and Africa with 99.9% uptime and 10M+ accounts under management.

2️⃣ The Growth Story
Founded in 1997 in Nagpur by Sachin Pande & Avinash Shende, VGIL has grown steadily from a small IT firm to an international fintech and e-governance enabler.
Today it boasts:
🔹 Presence in 15+ Indian states & 2 African countries
🔹 300+ employees
🔹 25+ large enterprise client

3️⃣ The IP-led Advantage
🔹 Proprietary platforms like E-Banker (Core Banking Solutions), V-Pay (Digital Payments), e-APMC (GovTech), IBS-ERP, and E-Autopsy
🔹 Plug-and-play solutions with rapid deployment
🔹 Data centre and cybersecurity services (V-SOC)
🔹 Diversified clientele in BFSI, Agriculture, Health & Education

4️⃣ Financial Performance & IPO Details
FY24 Revenue: ₹61.5 Cr
FY24 PAT: ₹16.3 Cr
9MFY25 Revenue: ₹101.2 Cr
9MFY25 PAT: ₹27.4 Cr
IPO Size - 93 Cr
🗓️ IPO dates - 9th May-14th may

🎙️ What you'll discover in this episode:
✅ How VGIL scaled a Core Banking platform for co-ops & NBFCs
✅ Their foray into African markets & product localization
✅ How e-APMC revolutionizes agri-market digitization
✅ The company's strategy for the IPO and beyond
✅ Risks involved in the business

Whether you're an investor, SaaS enthusiast, or fintech follower, this 30-min podcast is packed with insights into how VGIL is quietly building mission-critical tech across sectors.

📺 Watch the full episode here: https://t.co/vItRX7aNrI

#VirtualGalaxyIPO #FintechIndia #SaaS #DigitalBanking #BFSI #GovTech #IPO2025 #StartupIndia #Podcast

[Rishav Agarwal @nothing27266]

Market leadership in XLPE/Sioplas, multi-location plants for low freight costs, and customization capabilities. Global certifications (KEMA, BASEC) ensure quality edge over peers.

[Rishav Agarwal @nothing27266]

Global polymer compounding market to hit $115 Bn by FY30. India’s electrification push, renewables (solar, wind), and China+1 trends favor DPIL’s export growth.

[Arindam Paul @arindam___paul]

Here’s a likely way of improving the efficiency of your Amazon ads by at least 10 pc

Say you’re spending ₹4–5 lakhs/month on Amazon ads

Your ACoS looks okay. Conversion rate seems fine. But your gut tells you—you’re wasting some money on irrelevant traffic

You’re not wrong

At Atomberg, we figured out that some of our Amazon spend was going toward search terms that had no business seeing our ads.

Stuff like:
•“cheap fan”
•“rechargeable fan”
•“usb fan under 1000”

None of them had anything to do with our category—premium BLDC ceiling fans. But we were still showing up. And paying for the clicks.

And not just Atomberg. I would have looked at Amazon accounts of at least 6-7 brands in the last few years at different scale. Every single one of them had the same issue

The fix? N-gram analysis

The good thing is you can do it in less than an hour—even if you're not a performance marketing expert

What’s N-gram analysis?

It’s just a fancy way of breaking down every search term that triggered your ads into smaller word patterns—called N-grams.

Say a customer searches for “cheap rechargeable fan for hostel room.” That one phrase can be broken down into:
•1-grams: cheap, rechargeable, fan, hostel, room
•2-grams: cheap rechargeable, rechargeable fan, fan for, hostel room
•3-grams: cheap rechargeable fan, fan for hostel, etc.

You do this across all your search terms.

And now, you have data not just at the phrase level—but across every pattern that keeps popping up.

That’s where the gold lies

Why you can’t rely on the search term report alone

I know what you're thinking—“Why do I need all this? Can’t I just look at my search term report and manually negate the bad ones?”

Sure, you can.

But that’s like killing mosquitoes one at a time instead of draining the dirty water.

Here’s why that approach doesn’t scale:

1. Search terms ≠ keywords

Amazon takes your broad or phrase match keywords and shows your ad on hundreds of long-tail search queries. One keyword = hundreds of possible triggers. Some convert. Most don’t. N-gram shows you the underlying common words across them all

2. Volume dilution hides the real waste

Maybe “rechargeable fan for hostel” spent ₹300 and didn’t convert. You ignore it. But what if 12 other search terms also had ‘rechargeable’ in them—and together they burned ₹6,000 with zero sales?

You only see the pattern when you zoom out with N-gram

3. Long-tail searches are infinite. N-grams are finite.

There will always be a new long-tail variation. But if you know “rechargeable”, “cheap”, or “usb” consistently perform poorly—you can negate them once and stop 100 future variations from wasting your budget

4. It’s not just about cleaning up

N-gram analysis also tells you what’s working—what combinations of words are converting better than average

Maybe “white ceiling fan”, “silent BLDC fan”, or “fan for living room” will have a ROAS of 5+. Those are your goldmine phrases. Double down on them

Here's what you should do

1. Download 3 months of search term data
2. Split into unigrams, bigrams, trigrams
3. Create a pivot table with frequency, spend, orders, ROAS per N-gram
4. Mark:
◦High-spend, low-conversion N-grams for negation: e.g., “cheap”, “rechargeable”, “usb”
◦High-ROAS, consistent N-grams for boosting: e.g., “bldc”, “ceiling fan white”, “silent fan”
5. Add negatives at a broad match level across all campaign
6. Create exact match campaigns for top-performing terms

Repeat every 3 months

Very high chance your efficiency will go up by at least 10 percent without doing anything else

[Rishav Agarwal @nothing27266]

Long-term OEM ties, global JV tech, and EV-agnostic products create barriers. In-house tooling and localization (80%+ components) keep costs low vs. peers like Motherson and Bharat Forge.

[Rishav Agarwal @nothing27266]

India’s auto production growth, BS-VI compliance, and EV adoption drive component demand. Aftermarket recovery (post-COVID) and rural tractor sales add upside. LATL’s diversified mix reduces cyclical risks.