Smart Disha Research & Algo
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Dr. Subhransu Sekhar Jena, SEBI Reg RA INH000026600 This group is made for education purpose to support students & our broking clients. So, all posts are based on Training syllabus linked with Live practical. We provide ALGO Trading Software.
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🌸🪔 *નૂતન વર્ષાભિનંદન | નવા વર્ષની હાર્દિક શુભકામનાઓ*🪔🌸
🎉 *Happy New Year!* 🎉
🙏 *श्रीमद्भगवद्गीता — अध्याय 2, श्लोक 47*
कर्मण्येवाधिकारस्ते मा फलेषु कदाचन।
मा कर्मफलहेतुर्भूर्मा ते सङ्गोऽस्त्वकर्मणि॥
🌼 *Meaning:*
*"You have the right to perform your duties, but not to the fruits of your actions. Never let the results be your sole motivation, nor become attached to inaction."*
🌟 *A New Year, A New Beginning, A New Commitment!*
As we welcome this auspicious New Year, let us embrace the timeless wisdom of Lord Krishna.
✨ *Work with dedication, act with integrity, learn with humility, and move forward with unwavering faith.*
May this New Year inspire us to focus on sincere efforts rather than worrying about outcomes, to transform challenges into opportunities, and to pursue our dreams with discipline, patience, and wisdom.
📈 *Invest in Knowledge, Grow with Confidence, and Prosper with Wisdom!*
🙏 May Lord Krishna bless you and your family with *good health, happiness, peace, prosperity, wisdom, and success* throughout the New Year.
🌺 *નૂતન વર્ષની હાર્દિક શુભકામનાઓ!* 🌺
🙏 *જય શ્રી કૃષ્ણ! નવવર્ષ મંગલમય હો!* 🙏
*Warm Regards,*
*Dr. Subhransu Sekhar Jena*
Founder & Director
*Smart Disha Academy | NIFM Ahmedabad*
SEBI Registered Research Analyst
Reg. No. INH000026600
✨ *Let's Learn and Earn!* ✨
*Sharekhan View Points - 3R Recommendation*
*Carysil Ltd*
Growth runway’s long enough
*Rating: POSITIVE*
(CMP: Rs. 941, Price Target: Rs. 1,373)
*Key Investment Arguments*
• Revenue rose 14.6% y-o-y to Rs. 276 crore. EBITDA rose 12.3% y-o-y to Rs. 51.8 crore, but margins fell 38 bps y-o-y to 18.8% as other expenses rose 23.5%. Management also cited higher raw material and sea freight costs. PAT rose 4.3% y-o-y to Rs. 28.4 crore.
• FY27 guidance of 15% revenue growth and an 18–20% EBITDA margin is retained, aiming for the upper end. It sees a revenue upside if large deals under discussion in Europe and the US close.
• Management expects stronger US orders post the polls there, with customers due to visit the factory next week.
• Stock trades at 22.7/17.1 FY27/FY28 EPS. We remain positive with a revised target price to Rs. 1,373 given some near-term cost pressures, however company outlook remains strong.
*Sharekhan Stock Update - 3R Recommendation*
*Century Plyboards (India) Ltd*
Healthy Q2 led by plywood; FY2027 guidance in focus
*Rating: BUY*
(CMP: Rs. 644, Price Target: Rs. 850)
*Key Investment Arguments*
• Revenue rose 28.5% y-o-y and EBITDA grew 31.6%, led by plywood, laminates, particle board and logistics.
• The company commissioned its 60,000 CBM greenfield plywood plant at Hoshiarpur.
• For FY2027, management guided revenue growth of 25%+/20%+/16-18% for plywood/laminates/MDF, with EBITDA margins of 14-15%/10-12%/double digit by year-end.
• We retain our Buy rating with a revised PT of Rs. 850, on strong multi-year earnings visibility.
*Sharekhan Stock Update - 3R Recommendation*
*Saregama India Ltd*
Content investments paying off
*Rating: BUY*
(CMP: Rs. 628, Price Target: Rs. 700)
*Key Investment Arguments*
• Revenue grew 19.2% q-o-q to Rs 314 crore. EBITDA stood at Rs 102 crore, up 9.3% q-o-q, though margin contracted by 296 bps to 32.4%. APAT stood at Rs 64.6 crore, up 25.3% q-o-q with margins remaining resilient at 20.6% despite a 99 bps decline.
• Management guided FY27 new-content spend at Rs 300–350 crore and expects budgets to grow at ~10% a year implying spend of ~Rs 1,200 crore over FY28–30. Management reiterated
its five-year payback guidance on newly acquired music, after which the content is expected to generate returns for a further 55–75 years.
• Entering a strong growth phase as content acquired over FY24–26 matures. Rising paid subscription adoption, a growing new-age IP catalogue with a strong H2FY27 film slate, and new growth engines in artist management, live events and brand partnerships support
management’s 20–23% music revenue CAGR and 60–65% EBITDA margin guidance.
• We value the stock on a P/E multiple of 41x on Sep’28E EPS of Rs 17, with a price target of Rs 700.
*Sharekhan Stock Update - 3R Recommendation*
*PI Industries Ltd*
No respite in sight
*Rating: HOLD*
(CMP: Rs. 1,774, Price Target: Rs. 1,830)
*Key Investment Arguments*
• Q2 was a complete miss on all metrics as genericization of Pyroxasulphone weakened CSM exports.
• Gross margin guidance lowered to 48-49% from 52% owing to pricing pressure in the export business.
Cautious Rabi outlook further stresses domestic business.
• Pyoxaniliprole (Pyoxazon) is a key monitorable for PI’s innovation strategy, as its commercialization,
adoption by farmers and global regulatory approvals will determine the scalability of PI’s first proprietary
NCE and validate its long-term innovator ambitions.
• We cut estimates further and maintain a Hold with a revised TP of 1,830
