Paras H Chedda

passionate for equities & options trader , love playing with my son, traveller

[Caprize Investment Managers @caprize_invest]

A heartfelt thank you to our 550+ attendees, investors, and participants for being a part of Bharat 3.0 – 2nd Edition, where we discussed 10 emerging themes. Proudly hosted by @caprize_invest, @MAVIRA_AIF and Bheda Family Office—together making the event a grand success. 🇮🇳��

Presenting the key highlights from our event and looking forward to many more exciting and insightful sessions ahead. 🚀 🚀
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#caprize #indiagrowthstory #investorconference #Caprize #AvinyaGlobalVentures #Shapingfuture #India

[Caprize Investment Managers @caprize_invest]

Grateful for a thrilling response!!

Excited to share details of some of our participating companies!

Data Centre/Cloud/AI - ESDS Software Solutions
ESDS is a leading homegrown data centre and cloud platform provider, enabling dynamic scale through robust cloud infrastructure and AI-powered solutions.

Semiconductor Design - Vervesemi Micro Electronics
Vervesemi is a fabless semiconductor firm focused on analog signal chain and signal-processing, seamlessly connecting physical signals to digital platforms with high accuracy and embedded intelligence

New-age Railway & Defence Tech - Airfloa Rail Technology
Airfloa is a next-generation railtech player enabling India’s Vande Bharat high-speed rail ecosystem, while strategically building capabilities to scale into specialized defence technology domains.

Healthcare Cold-chain Solutions - Marken
Marken is a specialized medical cold-chain solutions company offering WHO-approved products essential to India’s healthcare industry.

Electronics Manufacturing - Ekkaa Electronics
Ekkaa is a rapidly expanding B2B electronics manufacturer in India, evolving from a leading TV ODM into a diversified consumer electronics company, supported by strong R&D capabilities and strategic investments.

Modular 3Pfs- Podtech
Podtech is the leading global player, specializing in modular 3P infrastructure through its PodTech prefabricated factory system of scalable, fully validated podule clusters.

Drone-based Agri-tech Services - BharatRohan Airborne Innovations
Bharat Rohan is an Hyper Spectral Imaging (HSI) technology company delivering agritech services while applying advanced problem-solving capabilities to emerging sectors that demand new-age solutions.

Air Charters: Passenger/Cargo - FlySBS & Afcom
Flysbs enables affluent India’s travel ambitions through bespoke passenger charter services, combining luxury with seamless aviation experiences.

Afcom is a pioneer and prominent air cargo company, navigating a highly competitive freight landscape while delivering reliable solutions to high-demand, underserved geographies.

Industry Expert - Data Center Infra
Rushabh Dedhia is a second-generation entrepreneur with over 15 years of deep experience in data centre infrastructure, spanning design engineering, manufacturing, and on-ground installation, bringing strong strategic and technical leadership to build fully integrated end-to-end capabilities.

And many more new age companies…

📍 Venue: Sahara Star, Mumbai
📅 Date: 10 January 2026

Register here: https://t.co/VRYIVzHyeJ

[Caprize Investment Managers @caprize_invest]

Shubh Deepawali to All!

If you light a firecracker too soon, it fizzles out. Wait too long, and you miss the spark.

Investing, too, is about timing the inflection points — entering with patience, exiting with discipline, and never rushing just because others are lighting theirs.

This Diwali we would like to invest in companies we believe have hit their inflection points:

Mainboard
1) Pondy Oxides - Mcap 4500cr
2) Jeena Sikho Lifecare- MCap 9400cr
3) Deep Ind - Mcap 3200cr
4) Thyrocare - MCap 6600cr
5) Borosil Renewables - MCap 8900cr

SME
1) Karbonsteel Engineering - MCap 260cr
2) Oriana Power - MCap 5900cr
3) RNFI - MCap 930cr

Disclaimer: Invested and biased. Please do your own due diligence before investing.

[Paras H Chedda @ParasChheda2]

Spreading light, love, and smiles this Diwali

We're celebrating the true spirit of Diwali by contributing towards the joy of underprivileged children. Let's #ExchangeHappiness together with @NSEIndia.

#DiwaliJoy #NSEIndia #FestivalOfLights #SpreadSmiles #CelebrateWithPurpose

[Caprize Investment Managers @caprize_invest]

KARBONSTEEL - WHEN DREAMS BECOME REALITY!

At Caprize, we are immensely proud to have partnered with Karbonsteel, providing them growth capital to transform their bold ambitions into reality.

We believe that any Investing journey isn’t just about profits—it’s about living the dream alongside promoters and we are super excited to play a small and important part in this BIG and fantastic journey!

As the company goes public today, it’s important to remember that listing is not merely a financial milestone but also a springboard for future success if one delivers value to all stakeholders.

[Caprize Investment Managers @caprize_invest]

3 key reasons to attend the conference:

1) Tariffs and how do they affect exports from India
- There is visible angst and frustration within the entire RE community against the govt missteps
- US imported nearly $800mn worth of steel/metal/structures required for solar installations last year and suddenly everyone is running around to find an alternative
- Lot of confusion with regards to policy and tariffs but general understanding is that as long as cell is procured from Africa and MENA regions (which have zero to 10% tariffs), modules can be imported from India. Lot of chatter amongst countries in these regions to set up cell manufacturing.

2) BESS - is it a MEGA trend across the world? Tech trends & Challenges
- While EVs dominate the battery demand (75-80% of 1.7TWh demand), BESS is increasing its share at a rapid pace
- Global BESS deployments are up 51%+ for CY25 led by China (150GW just this year!) and US (50-60GW in this year)
- Other key markets are Europe (6GW in CY24 to 54GW in CY26), Australia (5GW to 38GW in CY26) and Chile (4GW to 26GW in CY26)
- LFP (Lithium Iron Phosphate) is the leading cell tech as of today (95% mkt share). Flow Battery and Sodium battery are alternative technologies that are growing at a rapid pace
- India isn’t in the top 10 markets for BESS yet but it will mirror China in 2-3 years - MEGA opportunity: Going forward every project will be along with battery storage!

3) Overall demand scenario for RE in US and across the world - the 8TW DREAM by CY30
- It took 22 years (2000 to 2022) for capacity to reach 1TW and then just 2 years to reach 2TW+!
- Global target is to have total solar PV installations at 8TW by CY30 (overall 11TW of RE) -> 1TW per annum for the next 5 years
- just last year almost 600GW capacity was added globally (1.7TW in CY23 to 2.2TW in CY24), led by China (70% mkt share)
- while US/world might see a de-growth this year (-10% worst case), there is a massive energy demand coming up from Data Centers and AI AND there is no other alternative for the next 4-5yrs
- India will be a key supplier to this infra if tariffs are normalized!
- There is a mega revolution in rooftop solar going on
- Solar panel prices per watt have fallen from $100 in 1976 to $1 in 2013 and from there to 10cents in 2024 - this is expected to go to 5cents over the coming decade - making solar more attractive!

In a nutshell, RE and especially Solar is here to say. Rather Solar will be mega force as it pairs up with BESS -> making wind irrelevant in a the next few years!

Will share more highlights soon!!

[Paras H Chedda @ParasChheda2]

@caprize_invest Piyush … why are we attending this conference… since you have attended 1 day at the conference can you highlight some key takeaways

[Caprize Investment Managers @caprize_invest]

KARBONSTEEL ENGINEERING - A PROXY TO INDIA'S CAPEX STORY

For their vision to be one of country’s top structural project company, we invested in and backed Karbon Engineering in Jan 2024 in their growth journey – IPO opens 8th September.

With JSW, Arcelor Mittal, Tata Projects as key clients, co has since then successfully delivered multiple precision + heavy fabricated structures and also one of the largest unsupported bridge for Mumbai-Ahmedabad Bullet Train project with a tolerance limit of < 2mm – an achievement which has been acknowledged by the Japanese and a project where only 4 off 20 bidders were successful on technical parameters. Company has 2 plants and both are RDSO approved under the Ministry of Railways, India.

Promoter’s skillset, company’s aspiration, execution excellence and business tailwinds were the key reasons for our investment.

Let's take a quick look at the company!

KARBON operates majorly in 4 business segments:
1) Heavy steel Fabricated Structure (62% of revenue for 1HFY25)
Under this section company manufactures various type of heavy steel fabricated structures, including structural frameworks, steel columns, beams, crane girders, rafters, purlins, pipe racks, platforms, walkways, conveyor galleries, staircases, ladders and heavy-duty support structures, which are integral for construction, expansion or modernization of industrial plants and high-rise buildings, supporting both operational and structural requirements.

2) Precision Fabricated Steel/Technological Structures (32% of revenue for 1HFY25)
Under this section manufacture various type of precision fabricated steel structures, including furnace support structures, intermediate accumulator towers, galvanized tubing handrails, welded/bolted steel structures etc. which are integral to industrial processing units and manufacturing facilities.

3) Steel Bridge Structures for High-Speed Rail Projects (4% of revenue for 1HFY25)
These structures are essential for railway infrastructure, supporting the construction of high-speed rail corridors and ensuring load-bearing strength

4) Pre-Engineered Buildings (1.5% of revenue for 1HFY25)
Within this segment company manufacture and supply PEBs

CAPACITY
When we invested in Jan ‘2024, company was execution 1000-1200MT per month. Since then, company has scaled up to 3000MT per month and is aspiring to execute 5000MT in the near future.

Two plants with an annual capacity of 36000 MTPA, one at Umbergaon Gujarat (30000 MT) (95% Utlization), another at Khopoli (6000 MT) (67% utilization).

Orderbook: Karbon has a strong orderbook of 329 Cr as of 31 July 2025.

Fund Raise: Company is raising 56 Cr (Fresh issue 45cr and OFS 10) to expand the capacity to 42000 Tons at Umbergaon.

Key Business USP/ Highlights/ Way Ahead
- Karbon has executed a single order of one bridge which is 11000 tons, there are 48 such bridges on Mumbai Ahmedabad Route, materialization of even 5 to 6 bridges over time could be a huge opportunity.

- Vande Bharat trains also needs to replace old Bridges by new structural bridges, this also stands with a huge opportunity.

- Strong relationship with marquee clients such as Arcelor Mittal, Tata Projects, JSW, John Cockerill, resulting in ~70% repeat business

- Move towards higher margin PEB business

Financial highlights
Rev: 155/ 218/ 273 Cr for FY 23/ 24/ 25
EBITDA: 16/ 25/ 36 Cr or FY 23/ 24/ 25
Margins: 10%/ 11%/13% for FY 23/ 24/ 25
PAT: 5/ 10/14 Cr for FY 23/ 24/ 25

OUR VIEW:
We believe private capex picking up in India, will provide a big boost to players like Karbon, who have expertise to supply for both fabricated and precision structures and building small PEB structures.

With strong execution capabilities, experienced promoters and team, efficient WC management & availability of growth funds – Karbonsteel has the potential to grow earnings multifold over the next 4-5 years.

***DISCLAIMER: Pre-IPO investment. BIASED. Do your own due diligence.***

#IPOAlert

[Caprize Investment Managers @caprize_invest]

SEMICON INDIA CONFERENCE (Delhi, India) – HYPE or CALL TO ACTION?

A few months ago in Feb, when we attended the Gujarat Semiconductor Conference, we came away somewhat underwhelmed by the slow pace of progress. This time, however, the mood was very different. Backed by strong government initiatives through PLIs and DLIs, we saw several promising companies making meaningful strides—both in manufacturing and in designing.

The momentum in India’s semiconductor ecosystem is clearly picking up!

Several MOUs were announced to strengthen India’s design eco-system, underscoring the government’s focus on IP-led innovation and skilling. Many companies participated in the event, showcasing their offerings, and we engaged with as many of them as possible to gain deeper insights into the industry.

Lets dive into what we learnt from our conversations with 30+ companies…

CURRENT INDUSTRY LANDSCAPE
IP Licensors —> Design Architecture —> Wafer Mfg. (Fab) —> Assembly, Test, Marking & Package (ATMP) —> Distribution & Integration (Sales)

CAPITAL INTENSITY
- IP & Design is R&D intensive and the most crucial building block of the chip.
- ⁠FAB is capex intensive. Making 28-90nm chips Tata is spending ~90k crores. To mfg. 3nm chip will increase setup cost by 3-4x.
- ⁠ATP & OSAT is Labor intensive business
- OSAT is an outsourced, 3rd party service model for Semiconductor assembly and test. It is a form of ATMP offered as an external service

WHAT ARE COMPANIES FOCUSING ON?
- Majority of companies seemed to cater more heavily to OSAT currently in India alongwith few distinguished players attempting to build capabilities in IP & Design part (backed by industry veterans & technocrats)
- Tata Electronics is the only player working towards Wafer mfg. (Fab) as one of key offering & is putting 50,000 wafers/month facility for ~90k crs which will cater to 28nm to 90nm chips, typically used in Auto’s, Industrial electronics, Power management.
E.g., Cost breakup —> 28nm chip for Auto use —> ~15% Design; 60% Fab; 20% ATMP; and Sales 5%,

ANCILLARIES - KEY SUPPORT FOR THIS INDUSTRY
- Cleanrooms are basic requirements (Fabtech) as chips can get damanged even with slightest of impurities. Large players doing good work are already taken over by Japanese companies.
- ⁠Grinders, Substrates, Specialty Chemicals & Gases (InoxGFL), Bonders etc. are other such supporting blocks.

VIKRAM 32-bit PROCESSOR
Before going further, we must talk about Vikram 32-bit processor- India’s first fully indigenous chip developed by ISRO (Designed, Fabricated & Packaged in India). It is designed for harsh environmental conditions found in launch vehicles, making it ideal for space missions- With this India has joined the group of nations which can design and produce its own semi conductors for critical applications (Space, Defence, Aerospace etc)

KEY TAKEAWAYS FROM THE CONFERENCE
- Industry is in very nascent stage and with govt. support we are tapping heavily into OSAT/ATMP followed by Designing. Most of the companies we met are in the process of setting up their OSAT facilities (Assembly, Testing and Packaging). They are at least 1.5-2 years away from getting their plants production ready
- Existing OSAT players are currently focusing on foreign clients, given the higher margins compared to domestic customers. Indian clients remain highly price-sensitive and often rely on packaging and testing in more mature ecosystems like China. We believe government support, through subsidies, will be essential to make local OSAT players competitive.
- A Few design companies mentioned that packaging chips in India would be 30-50%more expensive (some companies cited even higher) than doing so in China. As a result, we could not clearly assess the potential ROCE from the upcoming OSAT facilities, since it ultimately depends on utilization levels
- China, Taiwan & SEA typically dominates ATP market. ⁠Govt. support is making OSAT expansion economically viable or else China OSAT is ~1/10th of India (too cheap).
- ⁠Smaller the chip size (3nm latest) implies more speed, power efficiency, less heat generated etc. But to mfg. these smaller chips, capex is 3-4x of what is currently being spent by Tata.
- We also engaged with a few design companies, and two in particular stood out—one developing its own analog chips and the other working on proprietary processor IP cores. While both are still at an early stage with a long road ahead, the design space holds significant potential. With the global shift towards ASICs (Application-Specific Integrated Circuits) across industries and applications, the opportunity for IP-driven design companies could be substantial

CONCLUSION
Semicon India 2025 highlighted the rapid progress of the country’s semiconductor ecosystem, supported by government initiatives and growing private participation. While OSAT remains a long-gestation, utilization-driven opportunity, the real long-term value creation could lie in IP-led design and ASIC-focused innovation, where Indian companies have the potential to build globally competitive niches.

OUR VIEW
Government interest in the success of this sector is crystal clear. We just don’t want to be a consumer but also a manufacturing hub. While challenges like high set up cost, skilled manpower & high capital-intensive infrastructure are prevalent at this stage, it will take atleast 5 years to develop the fully integrated value chain. We are at a stage where Solar sector was 5-7 years ago. With Govt focus, strong policy support & global technology tie-ups/collaboration – it appears as of now that we could be self-reliant by the turn of the decade.

As of now, we are betting on the entire value chain – lets roll the dice!

[Caprize Investment Managers @caprize_invest]

VIKRAM SOLAR - Growth Capital Justified!

We invested in Vikram Solar almost a year ago at 3900cr valuation. It was also one of our largest bet at that time. Our view on renewables is well known and while we played the theme with investments in many Solar/wind EPC cos, Module and cell manufacturers - Vikram was by far the most aggressive bet that we took.

As it listed today at a valuation of 13500cr, our growth capital investment stands vindicated.

Capacities
•Current capacities stands at 4.5 GW
•In FY26 total module capacity will reach 15.5 GW (4.5 GW existing + 5 GW new Addition |Chennai| + 6 GW IPO Proceeds |Tuticorin|) the additional 11 GW will be ramped up in Phased manner.
•12 GW cell capacity will be operation in FY 27 end, of which 3 GW will be from IPO proceeds (New Machine) 9 GW Purchase of machines from Taiwan.
•Entire Facility will be Topcon
•Currently no capex happening in China, hence procurement of machine not an issue.

Impact of USA tariffs
•India merely exports 2 – 4 GW to USA, whereas domestic demand is 40 GW, so no impact of US Tariffs
•Vikram Solar’s USA exposure is nill,
(though we believe this does impact the domestic mkt with over supply)

Orderbook Breakup
•Total 10 GW, 80% utility, 10% GOV ,10% Distributors
•From 10 GW orderbook, 1 GW is from USA
•Export margins are 1.5% higher than domestic

Incentives on IPO Project
•528 Cr PLI accruing over 5 years post COD
•900 Cr Tamil Nadu state subsidies accruing over 10 years post COD

Our View:
There is clear fatigue in investing in the solar/renewable sector at present BUT we believe cos with scale benefits, superior execution capabilities, time to market in advanced products like cells will continue to generate long term wealth as they control the profit pool.

While co delivered only 140cr PAT in FY25, the expansion plans if executed well can help the co generate 12-15x PAT in FY27 vs FY25 implying a FY27E PE of 6-8x.

That said - a lot of cos in the sector are available at similar valuations and are talking about similar growth trajectories over the next 2-3 years. But market is unable to ascertain terminal value and peak multiples for the sector where large part of growth is an outcome of government policies and grants.

We believe execution and pivoting to new business segments will be the key to re-rating for most of these companies.

Disc: Invested and Biased.

[Caprize Investment Managers @caprize_invest]

Welcome aboard!

We’re excited to introduce Purves Chaudhari as Fund Manager at Caprize Investment Managers.

Having served as Principal Officer at Swyom Advisors , Purves brings a wealth of knowledge and passion of equities to our team at Caprize.

Join us in extending a warm welcome to Purves as we prepare for an exciting AIF launch.

Let’s embark on this exciting path together!

#FundManagement #PortfolioAdvisory #EquityResearch #TeamCaprize
#AIF

[Caprize Investment Managers @caprize_invest]

A proud moment for India's defence tech and for us as an investor!

The Indian Army successfully conducted high-altitude trials of the Akash Prime missile in Ladakh—scoring direct hits on fast, manoeuvring targets.

Kudos to @AnadroneSystems for powering this mission with their high-speed, high-altitude (>15,000 ft) aerial target drones.

Thrilled to be part of Anadrone’s journey as investors — here’s to many more milestones!

#AkashPrime #DefenceInnovation #MakeInIndia #AtmanirbharBharat

[Caprize Investment Managers @caprize_invest]

🚨 Alert: Fake Account 🚨
We have identified fake profiles impersonating Caprize Investment Managers on Instagram.

Instagram profiles
❌caprize_investmernt_manager
❌caprize_invest
❌https://t.co/LcadIdfNrA

Our only official account is:
✅https://t.co/MEltDGkUpw

We never ask for money or personal details.
Please stay alert and report any suspicious accounts.

[Paras H Chedda @ParasChheda2]

@bansalabhishek5 @caprize_invest for the aerospace and defense sectors. However, we believe this is just the beginning as entering the high-precision engineered components space for these industries is a long &amp; complex process. We meet alot of promising companies .... it does not mean we will have a view on it

[Paras H Chedda @ParasChheda2]

@bansalabhishek5 @caprize_invest It is a decent and well-managed plant. Currently, their primary business is focused on providing tooling equipment, which demands high-precision engineering. They have recently commissioned a 5-axis CNC machine, which underscores their intent to foray into component manufacturing

[Caprize Investment Managers @caprize_invest]

The Journey from pre IPO to IPO - Key lessons learnt

In Dec '23 - approx 18 months ago - we invested in the first and only pre-IPO round of Sambhv Steel Tubes at ₹37.5 per share.

As of today, we have achieved a remarkable >3x return in this period.

This success reinforces Caprize's investment philosophy of backing dynamic promoters with growth capital and guiding them through their capital market journey, from late-stage funding to post-IPO journey.

By facilitating access to institutional capital, we continue to see significant growth potential for Sambhv as it scales new heights.

Key lessons learnt on the way:

- Operational discipline becomes non-negotiable
- Governance and Compliance critical and matters the most
- Financial reporting and adherence have to be world class
- Preparation timeline is always longer than expected so aim high and guide low
- Leadership maturity and mettle get tested as operational, financial and cultural shift begins
- Clear communication and integrity are always rewarded
- Backward integration, RM sourcing, capacity utilization, RoCE are core performance metrics
- WC discipline leads to significant valuation premium
- The difference between wealth creation and building generational wealth is a successful team across segments: Plants, Finances, IPO, Advisors, Well wishers

[Caprize Investment Managers @caprize_invest]

Next Tezi Kab, Kaha, Kaise?

With the markets currently facing a downturn, uncertainty looms over investors and traders. Will the market recover soon? What are the key signals to watch?
Join Piyush V Mehta, CIO & Partner at Caprize, for an exclusive LIVE session where he will decode market trends, highlight opportunities, and provide a strategic outlook on what lies ahead.

Topics to be Covered:

Market Outlook – Why is the market low, and when can we expect growth?
Major Triggers – Factors that could drive the next rally.
Investment & Trading Strategies – Navigating volatility with confidence.
Q&A Session – Get your queries answered live.

Don’t miss out on expert insights—Register Now!
https://t.co/JsK1xX0Eaj

#Stockmarket #Caprize

[Caprize Investment Managers @caprize_invest]

Thank you everyone for making this event a grand success!

With 13 insightful presentations and 1 fire side chat with @GunavanthVaid, we've had the privilege of hearing from some brilliant speakers who’ve shared their expertise on market trends, investment strategies, and emerging opportunities. Thanks to each of them.

With more than 650 participants, we want to take a moment to thank each and every one of them for being part of this incredible event. Your engagement and participation has made this conference a grand success.

On behalf of the organizing team, I want to express our sincere gratitude for your time, your attention, and your contributions over the day. We hope you’ve found value in the discussions and that the knowledge gained here today will help you make more informed decisions in the future.

Thank you again for being part of this experience. Safe travels, happy investing, and we look forward to seeing you in the next one!

Most importantly special thanks to our event partners @AifMavira @sudhir_bheda

[Caprize Investment Managers @caprize_invest]

ना ठहरा था, ना ठहरा हूँ
मैं नए भारत का चेहरा हूँ

Excited to meet all investors, participants, promoters, entrepreneurs and experts tomorrow at the BHARAT 3.0 INVESTORS’ CONFERENCE.

[Caprize Investment Managers @caprize_invest]

INDOFARM become the 3rd listed player in cranes sector today.

1) Cranes business: was 20% of rev last year. Could be 45-50% this year. In 3 years time should be 70-75% as capacity moves from 700 to 4300+ per annum. This business will make 15% PAT margins then. Also realization will move from 15-17lacs to 23-25lacs as co has added two high value products. Only close competitor is ACE (10% PAT margins) but they are not backward integrated like IndoFarm - 60% backward integration and hence the margins.

2) Tractors: Current Tractors capacity is 12000 units p.a and utilization is 25-30%. For years banks/NBFCs were not financing their products. They had to open their own NBFC (Barota Finance) and help distributors as tractors is 100% financing game. Finally Kotak and HDFCB have come on board. This is a BIG deal. With this they plan to double their distributors and expand geographically as well (currently only in 4 states). With just 1% market share Pan India (already have 10% mkt share in all geos they operate in) they will triple their volumes. Again, here too they are 40% backward integrated.

50% of their sales contribution comes from Haryana, UP, and Punjab. Cranes Rev should grow at 40% CAGR for the next 5 years and Tractors Rev should grow at 20% CAGR.

Technocrat management. Exceptional team. Lean structure. State-of-the-art plant & facility. Steady compounder.