Fundamental Analysis (Long term)

AVIVA Signs agreement to acquire the remaining 26% stake in Aviva Life Insurance Company India To buy the 26% stake from Dabur Invest Corp Agrees to acquire full ownership of its India joint venture Says the financial impact of the deal is not material Current joint venture agreement to be terminated upon completion of the transaction

BOROSIL RENEWABLES DEAL? CNBC-TV18 EXCLUSIVE | SOURCES SAY Co In Preliminary And Exploratory Talks For A Strategic Investment Promoters May Divest Part / Full Stake If Talks Proceed, Fructify Deal Could Value Company At Lower Than Current Market Valuation No Certainty That A Deal Will Result From Talks SEBI Yet To Send Payment Order In Co-Location Case Alert: Anti-dumping Duty Overhang Weighing On Valuations Alert: Duty Expires December 2029 Alert: Borosil Renewables Has Not Yet Responded To CNBC-TV18's Queries

IVF INDUSTRY | CDSCO Tightens ART Consumable Supply Regulatory Change • Supplies restricted to registered clinics. • CDSCO issues nationwide directive. • Registration verification now mandatory. • Covers IVF media and reagents. Industry Impact • Unregistered clinics face restrictions. • Registered clinics largely unaffected. • Compliance becomes key differentiator. • Supply-chain traceability improves. Market Structure • India has 2,000+ IVF clinics. • Market valued at $1.4 billion. • Over 4,268 clinics registered. • Industry formalisation accelerates. Patient Impact • IVF treatment costs largely unchanged. • Media forms small cost component. • Quality and safety oversight improves. • Accountability across clinics increases. Key Takeaway The CDSCO directive is expected to formalize India's IVF ecosystem by restricting critical laboratory supplies to registered ART clinics, strengthening patient safety, regulatory compliance and supply-chain transparency without materially increasing treatment costs.

INDIA POWER | Peak Demand Seen at 300 GW by 2027 Power Demand Outlook • Peak demand seen at 300 GW. • Current peak demand at 271 GW. • Available capacity reaches 284 GW. • Demand driven by AI and EVs. Capacity Expansion • Total capacity rises to 445 GW. • Non-fossil capacity reaches 291 GW. • Solar capacity climbs to 137 GW. • Solar grows over 50x. Storage Becomes Critical • Energy storage termed national priority. • Supports round-the-clock renewable supply. • Enables peak-hour power availability. • Essential for clean energy transition. Growth Drivers • Data centre expansion. • Artificial intelligence infrastructure. • Electric vehicle adoption. • Rapid electrification across sectors. Key Takeaway India has significantly expanded generation capacity, but the next phase of the energy transition will depend on scaling energy storage to reliably meet rising demand from AI, data centres and EVs.

JOSE V, COCHIN SHIPYARD Current order book stands at 26,000 crore Targets 12-15% YoY growth going forward Defence orders remain a priority with a 50:50 export-domestic mix Targets 2,500 crore ship repair business over the next 3 years Plans 2,500 crore capex over 3 years and ₹6,500 crore over 5 years Expects to achieve 15% growth within the next couple of years Aims to distribute 50% of profits as dividends

🔥 Twenty companies with market cap upto ₹30K crores which have return ratios (ROCE and ROE) > 20% - (I personally have invested in few of these, some of which have already become multi-baggers) 1) Cemindia Project (ITD Cem) ⚡️ 2) Jyothy Labs ⚡️ 3) Elecon Engineering ⚡️ 4) Engineers India ⚡️ 5) Action Construction ⚡️ 6) TD Power Systems 7) Shriram Pistons ⚡️ 8) Rubicon Research 9) Sanofi India 10) Zen Technologies ⚡️ 11) Cello World 12) Newgen Software 13) Bombay Burmah ⚡️ 14) Jain Resource ⚡️ 15) IEX 16) Caplin Point 17) BLS International ⚡️ 18) Gravita India 19) Indegene ⚡️ 20) Tilaknagar Industries ⚡️ Companies with PEG < 1 are marked at ⚡️

SEAMEC | FY27 Could Be Bigger Than FY26 India's Offshore Cycle Is Improving India's offshore oil & gas activity is gaining momentum as energy security becomes a key priority. Rising offshore investments, Mumbai High redevelopment and continued OALP auctions are expected to increase demand for offshore support services. Unlike exploration companies, SEAMEC provides inspection, maintenance, repair and subsea support services that remain essential throughout an offshore field's lifecycle. FY27 Has Multiple Growth Drivers Several fleet additions are expected to contribute for a full year in FY27. - AGASTYA available for full-year operations. - Samudra Sevak contract commenced. - Samudra Prabha joins long-term O&M. - ANANT expected to join fleet soon. - ONGC contracts improve revenue visibility. These additions provide a stronger earnings base than FY26. Industry Tailwinds Remain Favorable Management highlighted that offshore vessel availability remains tight, supporting a healthy operating environment over the next few years. - Vessel supply remains constrained. - Pricing environment remains supportive. - Fleet utilization remains high. - Revenue and PAT growth guided at ~15%. - EBITDA margins guided at 40–42%. Strong Competitive Position SEAMEC benefits from significant entry barriers in offshore services. - Long-standing ONGC relationships. - Proven offshore execution record. - Large Diving Support Vessel fleet. - International business gradually expanding. - Technical expertise limits competition. Key Risks To Monitor Execution remains the primary monitorable despite strong industry tailwinds. - Paladin remains stranded in Dubai. - Dry docking may impact utilization. - Geopolitical risks remain elevated. - Fleet execution will be critical. Key Takeaway SEAMEC enters FY27 with a larger operating fleet, long-term contract visibility and supportive offshore industry dynamics. If execution remains strong, FY27 has the potential to surpass FY26 and become another record year.

PN Gadgil Jewellers Business Deep Dive: Q1 FY27 confirmed: revenue grew 41% YoY. SSSG of 46%. That's not a projection — it's a Reg 30 filing with BSE/NSE dated 7-Jul-2026. P N Gadgil Jewellers (PNGJL) is a 194-year-old Pune-headquartered organised jewellery retailer — gold, silver, diamond and platinum jewellery for wedding, festival and everyday occasions. The business listed in September 2024 and has delivered two things that are unusual in combination: exceptional top-line growth and the cheapest valuation in its peer group. Revenue compounded from ₹6,100 Cr (FY24) to ₹10,739 Cr (FY26) — 76% in two years — while EBITDA nearly tripled. The store network grew from 36 (FY24) to 78 (June-2026) across 36 cities. The Q1 FY27 Reg 30 filing confirmed +41% revenue growth YoY with SSSG of 46% — meaning the vast majority of the growth is coming from existing stores, not just new openings. Retail revenue specifically grew 56% YoY, with the studded jewellery ratio rising to 10.9% — a higher-margin mix that matters for the margin story going forward. The valuation anomaly is stark. At ~₹580 CMP, PNGJL trades at approximately 18x trailing earnings. Titan is at ~78x. Kalyan Jewellers at ~30x. Both are growing at comparable or slower rates than PNGJL in Q1 FY27. The discount likely reflects legitimate concerns: single-digit PAT margins (~3.8% in FY26), margin volatility (Q4 FY26 EBITDA margin crashed to 4.7% when bullion/gold-bar mix spiked), a <2-year public track record, and rising working-capital borrowings (₹815 Cr → ₹1,569 Cr YoY). These are real. The margin story is where the re-rating potential sits. In Q1 FY27 alone, bullion's share of retail revenue normalised from 40% (Q4 FY26) to 22% — a single-quarter reversal. Management is also raising the gold hedge ratio from ~60% (FY26) to 75–80% in FY27, which structurally dampens the kind of swings that drove the Q4 miss. FY27 guidance: ₹13,500 Cr revenue (+25.7%), 7.0–7.5% EBITDA margin. Q1 is running ahead of the revenue pace. Margin disclosure for Q1 will come with the full quarterly results — that's the next decisive data point. The promoter picture is clean: Dr. Saurabh Gadgil, sixth-generation Gadgil family, 83.1% holding, nil pledge. The brand has 194 years of trust in the home Maharashtra/Goa market. New-geography expansion (UP, Bihar, NCR, Central India) is the strategic bet, with those regions at ~3.4% of retail sales today — early-stage but with better-than-expected stud ratios already visible. What to watch: Q1 FY27 full P&L (EBITDA margin print), H2 store openings (78 → guided ~103 by FY27-end, all back-loaded), and new-geography SSSG over 2–3 quarters. Thesis-breaker: EBITDA margin sustained below 6% for two or more consecutive quarters despite the hedge-ratio increase and bullion-mix normalisation.

GOODLUCK INDIA: Steel Is No Longer The Story The biggest transformation at Goodluck India isn't visible in its revenue numbers—it's visible in its business mix. Defence, hydraulic tubes and high-value engineering products are steadily becoming the company's key growth drivers, making this transition more significant than most investors currently appreciate. 📌 Most Investors Are Looking at the Wrong Business - Goodluck India has traditionally been viewed as a steel pipes & tubes company. - However, during the Q4 FY26 concall, management spent far more time discussing defence, hydraulic tubes, precision engineering, solar structures and other value-added businesses than commodity steel. - The legacy steel business remains important, but it increasingly appears to be funding the company's next phase of growth rather than being the core investment story. 🛡 Defence Is Becoming a Meaningful Growth Engine - The defence business generated ₹46 crore of revenue in FY26. - Management expects this to grow to ₹250–300 crore in FY27. - Shell manufacturing capacity is planned to increase from 1.5 lakh to 4 lakh shells. - The company is also exploring opportunities in the aerospace sector. - According to management, the key constraint is capacity, not demand. - Customer enquiries remain strong, and the company is focused on expanding production capabilities. ⚙️ Hydraulic Tubes Could Be the Silent Winner - While defence attracts most of the attention, the hydraulic tube business could quietly become an important earnings contributor. - The plant is currently operating at around 50% utilisation. - Management expects utilisation to improve to 65–70% during FY27. - New products such as GI conduit pipes and front fork tubes are being added. - These products offer significantly better margins than conventional steel products. - Individually these businesses may appear small, but collectively they are improving the company's overall business mix. 📈 Margin Expansion Is Being Driven by Better Product Mix - Management is prioritising quality of revenue, not just revenue growth. - Higher-margin businesses such as defence, hydraulic tubes and precision engineering products are gradually increasing their contribution. - This shift is expected to improve the company's overall profitability. - FY26 appears to be the first year where this transformation has started becoming visible in the financial performance. - Discussions have shifted away from steel prices towards engineering capabilities, value addition, and product mix. 🎯 The Real Story Is the Business Transformation - Goodluck India should no longer be viewed solely as a steel company. - The traditional steel business is expected to continue generating stable volumes and cash flows. - Future growth is increasingly likely to come from defence, hydraulic tubes, precision engineering, and other specialised businesses. - These segments offer higher value addition, better margins, and stronger earnings potential. - If management executes its current expansion plans successfully, the company's earnings profile over the next few years could look very different from what the market currently expects. Key Takeaway - The investment case is gradually shifting from a commodity steel manufacturer to a high-value engineering company. - The key variables to monitor are defence capacity expansion, hydraulic tube utilisation, product mix improvement, and margin expansion rather than steel prices alone. Daily Stocks Updates @Stockupdate9

CDMO , Global modalities trends to see where capex commitment is happening globally and also analyzing the pipeline of Wuxi Biologics and growth rates in the specific modalities

N CHANDRASEKARAN ΤΑΤΑ MOTORS PV AGM Targets 20% Market Share From Current 14.2% Significantly Investing In Al Across Value Chain JLR Has Series Of New Launches In H2FY27 CNG Car Sales Outpace Industry Growth Nexon, Punch Among Top Three Vehicles For Past Few Years EV Sales At 15,000 Units Per Month 4.2% Market Share Increased To 14.2% In The Last 6 Years Sales Growth Up 5x, Revenue Rises 6x Since COVID Cyber Incident In JLR Led To Production Pause For A Couple Of Months FY26 Has Been Milestone Year For TMPV As Demerger Went Through Stock Stats | Stock info | Infographics @Stockinfo333

India wants to keep expanding oil refining capacities to hedge upon the global chokepoints The current capex pipeline that is there - Barmer is the one that got commissioned. The order book behind the 258 → 310 MMTPA path is what actually funds the ecosystem: 1) Panipat P-25 (IOCL): 15 → 25 MMTPA 2) Cauvery Basin Refinery (CPCL): new 9 MMTPA grassroot 3) Visakh Refinery Modernisation (VRMP) (HPCL) 4) Barauni (IOCL): new ~180,000 bpd crude unit (older units to be decommissioned) 5) Numaligarh (NRL, OIL group): +120,000 bpd expansion 6) Gujarat refinery (IOCL): +86,000 bpd 7) Bina & Mumbai (BPCL): unit additions + Bina petchem 8) Paradip petrochemical complex (IOCL) 9) Andhra Refinery (BPCL): new grassroot 10) Ratnagiri West Coast (RRPCL — IOCL/BPCL/HPCL, ± Aramco/ADNOC): the 60 MMTPA long-shot mega-project still on the map Also we have attached here the detailed value chain that is there which benefits with this capex cycle.

PRAVEEN SAHAY, PL CAPITAL Expect Strong Volume Growth For Dixon In Q1FY27, Margin Pressure For Dixon To Continue Vivo Has One Of The Largest Market Share In India, Huge Positive For Dixon Tech Amber's Low-return PCB Business To Be Offset By Oppo Smartphone Foray In EMS Space, Like Amber, Expect 35-36% Topline Growth Led By Electronics Segment

You can learn a lot from a bamboo tree if you want to succeed in investing. You don't see it growing for the first 4-5 years. After that, the magic starts. Same with investing in Mutual Funds. The first 7 years might not be what you expect but from 8th year, you start seeing the magic

Sai Life sciences, they are doing all the right things in terms of therapies , focus on right practices and capability depth , a business to watch out for in Major corrections , next year capex is front loaded as well + capex tracker mapping with timelines for earnings incremental push They are replicating a Wuxi like platform and focus on very deep capabilities , it is a very high quality management More such insights at @Fundamental3

Why rate of change in growth matters? Below is the YOY revenue growth of Trent since last 20 Quarters Check how the deceleration has taken place. If the rate of change of growth changes from high to moderate. Expect Mr Market to adjust the multiples