The Microcap Guy

SME & microcap investor | 2020 batch | Sharing ideas, learning & networking |
Not buy/sell advice | DYODD |

[The Microcap Guy @themicrocapguy]

Portfolio Update (June 2026)
Current Top 5 Holdings (58% of portfolio):
• Bhagyanagar India
• Hindusthan Insulators & Industries
• DEE Development Engineers
• Aimtron Electronics
• Shri Ahimsa Naturals

Other Holdings:
Prime Cable Industries
Kalyani Cast Tech
Influx Healthtech
Aelea Commodities
Suba Hotels
Oriana Power
Accent Microcell
Taurian MPS
Modison
Emerald Finance
Fabtech Technologies Cleanrooms Deep Industries

Exited:
Ceinsys Tech
Nurture Well Industries
Rajesh Power Services
C2C Advanced Systems
Monarch Surveyors
Connplex Cinemas

Portfolio churn has been driven by opportunity cost. Exited businesses where I found relatively better opportunities in companies delivering stronger results, better growth visibility, and more attractive risk reward.

[The Microcap Guy @themicrocapguy]

My portfolio :
Hindusthan Insulators & Industries
Bhagyanagar India
Kalyani Cast Tech
DEE Development Engineers
Connplex Cinemas
Aimtron Electronics
Prime Cable Industries
Suba Hotels
Oriana Power
Shri Ahimsa Naturals
Influx Healthtech
Aelea Commodities
Taurian MPS
Ceinsys Tech

[Sandeep Mall @SandeepMall]

Money should give you ownership of your time, not ownership of more things.

[The Microcap Guy @themicrocapguy]

@trumpet_do85280 Mostly monday.

[The Microcap Guy @themicrocapguy]

Hindusthan Insulators & Industries shareholders be like...

[VaR @Vedansh_Ag]

Doing some calculation, 140cr PAT run-rate for FY27.

Another 120% capex will take PAT to 300cr in FY28.

And this is without even considering the increased prices.

10,000 cr market cap is not too far.

Good times.

[The Microcap Guy @themicrocapguy]

@samisosa1234 Mostly next Monday.

[Mayank Kapur @MayankKapur16]

Initiating Coverage (with @vinayak_kh56506): Chatha Foods & Punjabi Angithi (3-4x Revenue Potential Stocks but with a Catch)

- Chatha Foods: Proxy to QSRs and a ~4x CAPEX came live recently
- Punjabi Angithi is a cloud kitchen expanding from 23 to 45 by FY'28.

0:00 Introduction
1:24 Chatha Foods: Overview
5:16 Chatha Foods: Business & Product Segments
10:07 Chatha Foods: Thesis, Anti-Thesis, & Valuations 20:55 Vegorama Punjabi Angithi: Business Model & Valuations

No Reco

[The Microcap Guy @themicrocapguy]

@AakashN50 Totally agree!

[The Microcap Guy @themicrocapguy]

@samisosa1234 Most likely next Monday.

[The Microcap Guy @themicrocapguy]

@Umangpa25018772 Last day to buy Triveni Engineering shares to be eligible for TPTL shares is 21 July 2026.

[The Microcap Guy @themicrocapguy]

Triveni Engineering's demerger is finally here.

📌 Record Date: 22 July 2026

Shareholders will receive 1 share of Triveni Power Transmission Ltd. (TPTL) for every 3 shares of Triveni Engineering & Industries Ltd. (TEIL) held.

TPTL is expected to list by the end of August 2026.

Why is this demerger interesting? 👇

• PTB is a 50-year-old business based in Mysuru.
• Manufactures high-speed gears & gearboxes (up to 70 MW capacity and 70,000 RPM).
• Exports to 80+ countries.
• Customers include Siemens, Mitsubishi, Atlas Copco, BHEL, Sulzer and Triveni Turbines.
• Has a growing defence business, including supplies to the Indian Navy.
• Consistently delivers ~35% PBIT margins.
• Order book stands at ₹485 crore, up 25% YoY.
• Invested ₹340 crore in capacity expansion, taking potential output capacity to around ₹700 crore, with a significant portion allocated to a new defence facility.

The value unlock 👇

• PTB contributed only ~5% of TEIL's revenue but generated ~32% of segment PBIT.
• An independent listing should enable better price discovery and unlock value for shareholders.

What's left with Triveni Engineering after the demerger?

• Sugar business (8 mills)
• Distillery & Ethanol business (record production in FY26)
• Water Treatment business

For a detailed breakdown, do watch @ShubhamKumar_IA's video:
https://t.co/VttIR0vsbe

Disclosure: Invested.

[The Microcap Guy @themicrocapguy]

@samisosa1234 Bhagyanagar likely to double PAT this year plus demerger.

[The Microcap Guy @themicrocapguy]

@xvi_harley Shri Ahimsa - 3x capacity expansion
Influx Healthtech - 3x capacity expansion
Kalyani Cast Tech - If gets govt support for container manufacturing
Namo E waste, Taurian and Fabtech Cleanroom are also good candidates for 3-5x.

[The Microcap Guy @themicrocapguy]

@Vedansh_Ag Then it seems you gave us the stock of the decade. 😅

[VaR @Vedansh_Ag]

Porcelain insulators are a particularly hard product to reach 50% local content on without a real factory. Unlike electronics, where you can do final assembly locally, the fired porcelain body is most of the product's value - the kiln, the clay body preparation, the glazing and firing are the whole game. Importing shells and doing fitting/cementing of end caps in India wouldn't get anywhere near 50% value addition.

Currently, Chinese companies are restricted from supplying insulators for the electrical grid. Furthermore, even if this restriction were lifted, they would be unable to meet the mandated 50% domestic content threshold without establishing a local manufacturing facility.

Even if a factory is built, new approvals would be needed. Since the product is safety-critical, it'll take a long time, and even companies with existing approvals would end up having similar cost structures to domestic Indian facilities because of the same raw material and energy expenses.

That's why when the whole T&D pack was down on Friday due to government intervention, Modern Insulators closed on the upper circuit.

Their semi-protected status is a result of both the inherent nature of their product and government regulations.

[The Microcap Guy @themicrocapguy]

@sudheep8531 67% up from March ending lows. Thanks to Bhagyanagar, Hindusthan Insulators, Dee Development, Shri Ahimsa, Influx...

[The Microcap Guy @themicrocapguy]

@ShubhamKumar_IA @Vedansh_Ag 💯🤝

[STR @sachprat07]

#SME #OrianaPower #TrueRE #Oriana

Oriana Power H2 FY26 Investor Concall Highlights

👉 FY27 & Future Outlook
▫️Management expects ~50% CAGR in revenue and PAT for FY27-FY28 (safely achievable even in current volatile commodity environment)
💠Upside to 70% CAGR possible if market conditions stabilise.
💠Targets for 2030 remain intact: 6 GW solar EPC, 2.4 GW solar IPP, 20 GWh BESS, and 1 MMT green ammonia/hydrogen per annum.
💠“We are not looking for Actis, solar EPC, storage, asset monetization and AI as separate stories. We are combining them into one capital-efficient, technology-enabled renewable infrastructure platform,” — Anirudh Saraswat, Whole-Time Director.

💠BESS expected to contribute 35-40% of FY27 revenue (negligible in FY26 due to execution ramp).
💠Green fuels (ammonia) to start contributing from FY27/FY28 with the 60,000 TPA SECI already signed.

💠Actis monetisation (238 MW + additional ~200 MW) deferred beyond FY26 due to shift to hybrid/dispatchable projects and regulatory factors — “largely a timing issue rather than a business issue”; strategic rationale intact and deal size has increased. Deferment targeted in H1.
💠Monetisation pipeline now targets ~200 MW every half year to recycle capital and strengthen balance sheet.

💠Rupal Gupta, MD: “Having orders in hand for next almost two years… having one lean quarter or one lean year is a good year. A bad year will kill away every other journey we have been doing for the last 10 years.”
💠Conservative bidding stance maintained amid 30-88% commodity & currency swings; focus remains on profitable growth over aggressive volume.

👉 Current Order Book / Projects and Future Pipeline
▫️Order book ~₹7,000 crore providing visibility for next ~2 years.

▫️Solar: 700+ MW under execution; 2,500+ MW in pipeline.
💠Key wins include one of world’s largest floating solar, first ISTS-connected project (Prayagraj), first utility-scale solar in Gujarat, and international entry (Guyana airport).
💠Land bank expanded to ~4,780 acres.

▫️BESS:
💠1,000+ MWh under execution (including first utility-scale solar+BESS hybrid at CTU level and Rajasthan’s first Group Captive Open Access hybrid); 3,000+ MWh in pipeline.
💠190+ MWh C&I hybrid orders secured; BESPA agreements signed for 250 MWh (Navratnas PSU) + 100 MWh each in Rajasthan, Tamil Nadu & Karnataka. First on-ground BESS capacity already commissioned.

▫️Green Fuels (Consumption):
💠10-year binding GAPA with SECI for 60,000 TPA green ammonia (~₹3,135 crore contract value).
💠Land identified (1,200+ acres in MP); pre-FEED completed; advanced discussions in MP, Rajasthan, UP & other states.
💠MoUs with Governments of Rajasthan (₹10,000 crore), Madhya Pradesh (₹5,000 crore) and Assam (₹500 crore) for integrated RE + green fuels complexes.

💠Management remark (Praveen Kumar, Whole-Time Director): “We are no longer just a solar company… we are building an integrated clean energy platform spanning generation, storage and consumption.”

👉 Other Notable Points
▫️FY26 delivery despite headwinds:
💠Consolidated revenue ₹1,814 crore (+84% YoY),
💠EBITDA ₹425 crore (+73%)
💠PAT ₹252 crore (+59%), 13.91% PAT margin.

💠Key execution milestones: India’s largest floating solar, first ISTS solar, first utility-scale solar+BESS hybrid, Latin America entry, 1,000+ MWh BESS under execution.

▫️Balance sheet remains robust:
💠Debt-to-Equity 0.67×, cash position, disciplined capital allocation.
💠Other current liabilities reflect normal trade LCs, discounting facilities and customer advances (not red flags).

▫️Team & efficiency:
💠Employee strength scaled to 370+; AI-driven “ZeroDesk” rollout across all functions to reduce dependency on individuals and improve velocity.
💠“We will continue to hire selectively for critical roles but we do not expect people addition to grow in the same proportion as the scale of Oriana Power,” — Anirudh Saraswat.
💠Differentiator (Rupal Gupta): “None of the segment is just a PPT segment, it’s on-ground segment now… Battery order lena is easy; we have won the order and we have delivered the order.” Emphasis on integrated value chain (Generation • Storage • Consumption) and selective, high-quality execution over aggressive low-margin bidding.

👉Q&A highlights :
💠Guidance adjusted for Actis timing (still confident on strong FY27 PAT growth)
💠BESS margins expected in line with overall business; supply-chain & commodity risks being hedged via advance orders; employee cost rise reflects growth + project ramp (partly timing) and will be optimised via AI
💠Mainboard migration remains strategic priority with governance being strengthened

[The Microcap Guy @themicrocapguy]

Much-awaited analyst/investor meet announcement from Oriana Power.

The management will be interacting with investors on 10 June 2026

Hoping for greater clarity on the company's roadmap ahead.

[STR @sachprat07]

#SME #ApsisAerocom #Apsis

Apsis Aerocom H2 FY26 Concall Highlights

👉FY27 & Future Outlook:
▫️FY27 revenue guidance: ~₹48-49 Cr (Unit 1 at full capacity ~₹30 Cr + partial contribution from Unit 2 ~₹18 Cr)

▫️Unit 2 (Hi-Tech Aerospace & Defence Park, Devanahalli) to commence partial operations in July–August 2026 (Q2 FY27)
💠Initial machines installed; full ramp-up targeted in FY28 with ~35 advanced machines
💠Unit 2 capacity is ~2x current Unit 1; expected to drive double-digit growth in FY27 and beyond

▫️FY28 Targets: ~95+ Cr on full utilisation of the facilities
💠Unit 2 alone can generate 60cr+ once fully operational

▫️5-year target (by FY31): ₹500 Cr revenue
💠Supported by Unit 2/3 expansions, value-added assemblies, new product lines, and deeper global OEM partnerships under defence offset programmes
💠EBITDA margins expected to stabilise at 37–40%; sustainable long-term expansion through operational leverage, automation, and higher-complexity components

▫️Strategic priorities: automation & digital tools, upskilling (focus on hiring & training), customer diversification, and technology/capability enhancement (5-axis machining, end-to-end CAD-CAM-Simulation-Production)

👉Current Order Book / Projects and Future Pipeline:
▫️Current open order book (as on call date): ₹40.5 Cr
💠Defence: ₹25.33 Cr (62%)
💠Aerospace: ₹12.90 Cr (32%)
💠Healthcare: ₹1.60 Cr (4%)
💠Others: ₹0.67 Cr (2%)
💠Majority executable in FY27; small portion may spill into FY28

▫️FY26 new orders secured: >₹30 Cr
💠250 new components developed & validated across segments (ready for full-scale production in FY27)
💠Pipeline: >₹100 Cr with ~30% conversion rate expected
💠Defence to remain dominant (~60% of revenue mix going forward), Aerospace ~30%, Healthcare & others ~10–20%

▫️Existing Unit 1 is fully utilised; Unit 2 will add meaningful capacity from Q2 FY27, supporting execution of current book + new inflows

👉Other Notable Points:
▫️Segment mix:
💠Defence ~65% (₹20.08 Cr), Aerospace ~26% (₹7.86 Cr), Healthcare ~8% (₹2.36 Cr)
💠Customer concentration improved significantly: Top customer 35.59% (↓ from 52%), Top-3: 77.31%, Top-10: 96.97%
💠Cash position post-IPO (Cash & Bank: ₹36.51 Cr); robust operating cash flow ₹7.04 Cr

▫️Quality & Certifications: 99.9% manufacturing accuracy, >99% quality rating, >95% customer satisfaction, zero major non-conformances, AS9100D & ISO 9001:2015 certified
💠R&D team (15–20 members) spending ~7–10% of revenue; focus on new product development for aerospace, defence & healthcare

▫️Governance strengthened post-listing: induction of three independent directors with aerospace/defence expertise
💠Modern manufacturing (Peenya facility + upcoming Unit 2), experienced management (20+ years), and international presence (sales offices in Israel & Germany)

▫️Q&A Highlights:
💠Management confirmed comfortable execution of current order book within FY27–28
💠Reiterated 37–40% EBITDA guidance
💠Clarified no immediate need for NADCAP (not in special processes)
💠Highlighted exclusive/sole-supplier status on ~40% of revenue components with limited competition in India.
💠Unit 3 (value-add assemblies) planned for future; land already identified

[The Microcap Guy @themicrocapguy]

@ShubhamKumar_IA I know your thoughts on this sector 🤣