CONCALLS

Milky Mist took 17 years to add 41000 visicoolers Now wants to add 50000+ visicoolers in 3 years Varun Beverages and Reliance are also getting aggressive in adding Visi coolers Value-added dairy products and beverage theme is in capacity and distribution expansion mode! Src – Q1FY27 call, no reco

SHERA ENERGY | FROM COPPER SCRAP TO 765kV POWER-LINE CONDUCTORS BUSINESS OVERVIEW - Shera Energy manufactures copper, aluminium, brass and nickel-based conductors and components used across power, electrical, industrial, automotive, solar and other applications. - The company is moving beyond basic wire manufacturing toward a vertically integrated metals platform. - Product portfolio ranges from basic conductors to high-value precision products used in transformers and solar modules. - Its products effectively form part of the “nervous system” of the electricity grid. KEY PRODUCTS - Copper Products: Insulated/enamelled copper wires, paper-covered wires, copper bars, tubes and rods. - Aluminium Products: Aluminium wires and conductors used in transformer windings, solar inverters and appliances. - Brass & Nickel Products: Brass rods/tubes and specialised nickel alloys for industrial and high-temperature applications. - Premium Products: - CTC conductors - Super-fine enamel wires - Bunched strips - Solar PV ribbons - Premium products are used in applications including 765kV transformers and next-generation solar modules. FINANCIAL PERFORMANCE - Q1 FY27 Revenue: ₹**487.77 cr**, up 26% YoY and a record quarterly level. - Q1 FY27 EBITDA: ₹**30.91 cr**, up 57% YoY. - Q1 FY27 PAT: ₹**12.64 cr**, up 79% YoY. - FY26 Revenue: ₹**1,640.05 cr. - FY26 EBITDA: ₹**94.21 cr. - FY26 PAT: ₹**37.14 cr. - Profit is currently growing faster than revenue, indicating improving operating leverage/margins. FY27 GROWTH GUIDANCE - FY27 Revenue expectation: ~₹**2,100 cr**. - FY27 PAT expectation: ~₹**55 cr**, based on management guidance. - This implies continued growth from the ₹1,640 cr FY26 revenue base. BACKWARD INTEGRATION | ZAMBIA COPPER CATHODES - Subsidiary Shera Zambia is developing a copper cathode plant in Zambia’s Copperbelt Province. - Initial capacity: 1,200 MT/year. - Planned scale-up: 5,000 MT/year. - The plant is designed to produce 99.99% pure copper cathodes. - Copper is one of Shera’s largest input costs, making backward integration strategically important. - Producing copper internally can provide greater control over raw-material sourcing, supply security and potentially input economics. FORWARD INTEGRATION | PREMIUM CONDUCTORS - The company is simultaneously moving toward higher-value, specialised products. - Focus areas include: - CTC conductors for large/high-voltage transformers. - Super-fine enamel wires. - Solar PV ribbons. - Bunched strips and other precision conductors. - These products are more specialised than commodity wires and can potentially generate better margins and stronger customer stickiness. CAPACITY UTILISATION - Capacity utilisation improved from 74% in FY25 to 78% in FY26. - Higher utilisation allows fixed manufacturing costs to be spread across greater production volumes. - Continued utilisation improvement can provide operating leverage and margin expansion. RECYCLING & RAW-MATERIAL ADVANTAGE - Sister company Rajputana Industries operates in scrap-metal recycling. - Recycling capability can help reduce dependence on externally sourced raw materials. - Creates another layer of raw-material optimisation and vertical integration. END-MARKET EXPOSURE - Power transmission & distribution - Transformers - Electric motors - Switchgear - Data centres - Solar power - Solar inverters - Electrical appliances - Industrial equipment - Automotive and specialised engineering applications - Aerospace-related high-temperature applications through nickel-based products. BALANCE SHEET - Tangible net worth: ₹**248.18 cr**. - Debt-to-equity: 1.35x. - The company is pursuing capacity expansion and vertical integration while operating with meaningful leverage, making execution and capital efficiency important monitorables. CORE GROWTH CATALYSTS - Zambia copper cathode plant creates a backward-integration opportunity. - CTC conductors and premium wires provide a shift toward higher-value products. - 765kV transformer applications offer exposure to high-voltage grid-capex growth. - Solar PV ribbons provide exposure to India's expanding solar manufacturing ecosystem. - Rising capacity utilisation can improve operating leverage. - Rajputana Industries recycling can support raw-material efficiency. - Strong Q1 FY27 performance, with PAT growth of 79% YoY, indicates improving profitability. KEY TAKEAWAY - Shera Energy is attempting a two-sided vertical integration strategy: Copper cathodes → Copper/Aluminium processing → Precision conductors → Power/Transformer/Solar applications - The key transformation is from a conventional wire manufacturer toward a globally integrated metals and specialised-conductor platform. - The combination of backward integration into copper + forward integration into premium products + rising utilisation provides the core growth thesis. - FY27 guidance of approximately ₹2,100 cr revenue and ₹55 cr PAT, alongside 79% YoY Q1 PAT growth, points to a potentially strong earnings-growth phase if the new capacities and premium products scale successfully.

RATNAVEER PRECISION ENGINEERING | Growth Catalysts 🚀 Copper Clad Laminate (CCL) Greenfield - First of 5 production lines targeted for commissioning by November 2026. - Machine expected in India by July–August 2026. - Civil work progressing rapidly. - At full scale by FY31: - Revenue: ₹750+ Cr. - EBITDA: ₹150 Cr. - EBITDA margin: 20%. - Potential to more than double current group EBITDA. 💰 ₹330 Cr Rights Issue - Board approved ₹330 Cr rights issue in June 2026. - Proceeds earmarked for: - CCL project. - Working capital. - Supports equity funding requirement for CCL. - Project benefits from ~50% government subsidy. - Debt carries an effective interest cost of around 2%. 🏭 Existing Stainless Steel Business - Revenue target: ₹1,800 Cr over next 3 years. - Current revenue base: ~₹1,100 Cr. - Management targets 25% CAGR. - FY26 production volumes grew 29% YoY. - FY26 production reached 46,668 MT. - Fastener business now has 3,500+ SKUs. - In-house nuts & bolts manufacturing supports vertical expansion. 📈 Fastener & Precision Components - Fastener vertical continues to scale. - 3,500+ SKUs provide broader product coverage. - In-house manufacturing increases value addition. - Ongoing greenfield capex supports legacy business growth. 🌏 CCL Import Substitution - More than 90% of India's CCL is imported. - Significant domestic import-substitution opportunity. - Soft confirmations received from PCB manufacturers. - Some customers are ready to buy the entire first-line output. - Local buyers receive a 2% cash subsidy for domestic CCL purchases. 🏛 Government Subsidy Support - CCL project approved under Electronics Component Manufacturing Scheme. - 25% central government subsidy. - Additional 25% Gujarat state subsidy under GEP scheme. - Combined support covers roughly 50% of capex. - Subsidy can be claimed progressively as lines are completed. - Disbursement expected within 3–6 months of submission. 🇪🇺 European Precision Components Acquisition - European precision-components target under evaluation. - Target has approximately 66% gross margin. - High local production costs currently compress net margin to ~3%. - Commercial understanding completed. - Due diligence underway. - Acquisition expected to close in 10–12 months. - Potential access to Fortune 500 automobile customers. 💧 Strong Liquidity - Promoters converted 34.31 lakh warrants in May 2026. - Conversion brought in ₹41 Cr. - Around ₹150 Cr unutilised QIP proceeds available as of March 2026. - Provides liquidity ahead of the rights issue. - Supports CCL project funding and working capital. 🎯 Key Management Targets - Existing business revenue: ₹1,800 Cr in ~3 years. - Legacy business CAGR: 25%. - CCL FY31 revenue potential: ₹750+ Cr. - CCL FY31 EBITDA potential: ₹150 Cr. - CCL EBITDA margin: 20%. - First CCL line commissioning: November 2026. - European acquisition timeline: 10–12 months. ✅ Key Long-Term Growth Drivers - CCL greenfield commissioning. - ₹750+ Cr CCL revenue opportunity. - 20% CCL EBITDA margin. - Massive CCL import-substitution opportunity. - ~50% government subsidy support. - ₹330 Cr rights issue funding. - 25% CAGR in existing stainless-steel business. - Fastener portfolio expansion. - European precision-components acquisition. - Access to Fortune 500 automotive customers. - Strong liquidity for expansion.

ARTEMIS MEDICARE SERVICES | Growth Catalysts 🏥 Raipur Greenfield Ramp-Up - Artemis Shanti Hospital started OPD on July 9, 2026. - Operating theatres and cath lab live from July 27. - PET-CT and radiotherapy expected by end-August. - FY27 revenue target: ₹80–85 Cr. - Expected operating loss: ₹18–20 Cr in FY27. - Break-even targeted in 15–18 months. - Adds 300 beds to the existing ~544 operational beds. - Marks first expansion beyond North India. 🏨 VIMHANS South Delhi Expansion - 650-bed hospital in Nehru Nagar. - Operated under a 15-year Medical Services Agreement. - Agreement extendable by another 15 years. - 200 additional beds added to initial 450-bed plan. - Capex: ₹75–80 lakh per bed. - Significantly below South Delhi market rate of ₹1.75–2 Cr per bed. - Asset-light expansion with no land purchase cost. - Targets underserved, high-ARPOB catchment. 🏗 Gurugram Tower IV - Board-approved 200+ bed quaternary tower. - Focused on pediatric and women's health. - Expected operational timeline: 18–22 months. - Capex: ₹55 lakh per bed. - Management expects 50% utilisation within six months. - Break-even targeted in 8–10 months. - Gurugram capacity expected to reach ~950 beds. 💰 ₹700 Cr QIP Fundraise - Shareholders approved ₹700 Cr QIP. - Fundraise timing expected in 6–8 months. - Proceeds earmarked for new brownfield assets. - Focus on assets near EBITDA break-even. - Enables inorganic expansion beyond three announced projects. - At least one additional project is being finalised. - Deposits for new projects cannot be funded through debt. 🌍 International Patient Growth - International patients contributed ~27% of Q1 FY27 revenue. - Growth achieved despite the West Asian war. - Q2 international revenue share expected closer to 30%. - Management targets maintaining or exceeding 30% revenue share. - Plans to add 2–3 new countries annually. - Medical visa turnaround reduced to 7–10 days. - Government promotion of medical tourism supports growth. ❤️ Heart-Lung Transplant Programme - Partnership launched with KIMS Hyderabad. - First two transplants completed within ~2 months. - Programme has a long waiting list. - Domestic ticket size: ₹35–55 lakh. - International patient ticket sizes are higher. - Adds high-acuity, high-margin revenue. - Strengthens Gurugram flagship's advanced-care offering. 🏥 Gurugram In-Situ Bed Additions - ~100 additional beds can be added on existing plinths. - Current quarterly occupancy around 70%. - Capex: ₹70–75 lakh per bed. - Path to 800–900 beds within 1–1.5 years. - Expansion avoids new land purchase. - No major new construction risk. - Funding planned through internal accruals. 🌴 Mauritius O&M Expansion - Artemis Cascavelle Hospital has 110 beds. - Operations started in April. - Structured as a monthly fee-for-expertise contract. - No P&L operating exposure for Artemis. - Management plans two additional operations contracts. - Asset-light recurring fee opportunity. - Expected to add ~1% of P&L revenue. - Requires zero capex. 📈 Asset-Light Expansion - VIMHANS provides large bed capacity without land purchase. - Mauritius O&M contracts require zero capex. - Gurugram in-situ beds leverage existing infrastructure. - New brownfield assets targeted near EBITDA break-even. - Multiple expansion routes reduce dependence on heavy upfront investment. 🚀 Capacity Expansion - Raipur adds 300 beds. - VIMHANS South Delhi adds 650 beds. - Gurugram Tower IV adds 200+ beds. - Gurugram in-situ expansion adds ~100 beds. - Significant capacity addition across multiple geographies. - Expansion broadens Artemis beyond its existing North India footprint. 🎯 Key Growth Catalysts - Raipur greenfield ramp-up. - VIMHANS South Delhi asset-light expansion. - Gurugram Tower IV commissioning. - ₹700 Cr QIP-funded brownfield expansion. - International patient share reaching/maintaining 30%+. - Heart-lung transplant programme. - Gurugram in-situ bed additions. - Mauritius O&M contract expansion. - High-ARPOB and high-acuity services. - Asset-light expansion supporting scalable growth. ⚠️ Key Management Targets - Raipur FY27 revenue: ₹80–85 Cr. - Raipur break-even: 15–18 months. - Gurugram Tower IV: 50% utilisation in six months. - Tower IV break-even: 8–10 months. - International revenue share: 30% or better. - New countries: 2–3 annually. - QIP size: ₹700 Cr. - Gurugram capacity potential: 800–900 beds through in-situ additions.

NOVARTIS INDIA | GROWTH CATALYSTS CHRYS CAPITAL CONSORTIUM ACQUISITION - ChrysCapital-led consortium signed an SPA on 19 February 2026 to acquire Novartis AG’s 70.68% promoter stake for ~₹1,445.89 cr. - Concurrent 26% mandatory open offer at ₹860.64/share. - New promoters bring a 26-year Indian pharma track record, including Intas and Eris, potentially providing greater strategic agility and growth focus. TRANSPLANT PORTFOLIO - Transplant portfolio grew 14% in FY25 despite Simulect® supply constraints. - Resolution of supply constraints can remove the key bottleneck and support continued double-digit growth in FY26-27. - High-margin, hospital-driven therapy area provides attractive growth potential. VOVERAN® PAIN FRANCHISE - Voveran® portfolio delivered 6% internal growth. - Voveran® SR recorded 102% evolution index, while Voveran® AQ injections supported 10% portfolio growth over FY23-24. - Strong injection uptake reflects successful hospital-focused initiatives and provides scope for further growth through wider formulary access. DR. REDDY'S DISTRIBUTION ARRANGEMENT - Exclusive sales and distribution agreement with Dr. Reddy’s for Voveran®, Calcium and Methergine® entered its third year in FY25. - Wider geographic distribution can improve territory coverage and prescription reach. - Expansion through an established network can support growth with limited incremental fixed-cost investment, improving operating leverage. EXELON® PATCH - Exelon® Patch is contributing to portfolio growth in neurosciences. - Differentiated transdermal Alzheimer's treatment offers convenience and safety advantages. - Limited branded transdermal competition creates an attractive niche revenue opportunity. DELHI VAT REFUND - Delhi High Court admitted the company’s writ petition challenging ₹10.89 cr DVAT demand + ₹6.85 cr penalty for AY 2013-14. - Favourable outcome could result in a ₹54.45 lakh refund. - One-time cash benefit with limited downside as the pre-deposit is already fully provided for. KEY TAKEAWAY - New promoter ownership + transplant recovery + Voveran® momentum + expanding Dr. Reddy’s distribution + Exelon® growth provide multiple potential growth levers. - The key structural catalyst is the ChrysCapital-led ownership change, which could bring greater strategic flexibility and sharper focus on the Indian pharma opportunity.

HY-TECH ENGINEERS | SMALL BASE, LONG GROWTH RUNWAY BUSINESS OVERVIEW - Specialised manufacturer of hydraulic fittings including DIN Metric, JIC, ORFS, conversion and customised fittings. - Offers 11,000+ SKUs and added 880 new SKUs in FY26. - Serves construction, agriculture, automotive, injection moulding, railways, defence and other hydraulic applications. - In-house forging facility provides backward integration. FINANCIAL TRACK RECORD - Revenue: ₹141 Cr → ₹189 Cr (FY24 → FY26) - PAT: ₹11.6 Cr → ₹22.6 Cr - FY26 EBITDA margin: ~24% - PAT margin: ~12% - ROE: ~20% - ROCE: ~24% - D/E: ~0.24× - Profit growth has outpaced revenue growth, indicating potential operating leverage as the business scales. CAPACITY RUNWAY - Current hydraulic-fitting capacity: 483 lakh pieces/year. - Existing utilisation: - Shirwal: 70.83% - Kavathe: 60.42% - Pithampur-I: 84.62% - Pithampur-II: 68.33% - Thane: 68.57% - Expansion planned at Shirwal, Kavathe and Pithampur-I. - Additional capacity: 187.2 lakh pieces/year. - Post-expansion capacity: ~670 lakh pieces/year — ~39% increase. - Key growth chain: Capacity → Utilisation → Revenue → Earnings. FY27–FY28 REVENUE FRAMEWORK - FY26A: ₹189 Cr - FY27E: ₹215–230 Cr | Base case ~₹222 Cr - FY28E: ₹250–275 Cr | Base case ~₹263 Cr - These are estimates, not management guidance, and assume gradual capacity ramp-up and improving utilisation. EXPORT OPPORTUNITY - Exports were ~29% of FY26 revenue. - USA alone contributed ~21%. - Management/promoters have indicated an ambition to take exports toward ~50% over 1–2 years. - Successful execution could materially expand the company's addressable market. VALVES — FUTURE OPTIONALITY - Company is evaluating diversification into hydraulic valves through organic and inorganic routes. - Valves serve several of the same end markets as the existing fittings business. - Potential evolution: Fittings → Valves → Broader Hydraulic Components Platform. - No valuation credit should be given to future valve revenue until execution is demonstrated. DEFENCE & RAILWAYS - DRDO approval for supply of DIN hydraulic fittings used in defence projects. - IRIS certification for hydraulic fittings specific to railway requirements. - Qualifications are already in place; the opportunity is now to scale revenue from these sectors. PEER LANDSCAPE - Aeroflex Industries: Closest peer; FY26 revenue ~₹442 Cr, EBITDA margin ~23%, PAT ~₹55 Cr. - Yuken India: Pumps, valves, cylinders and hydraulic systems; FY26 revenue ~₹462 Cr, EBITDA margin ~12%, PAT ~₹14 Cr. - Dynamatic Technologies: Much larger and diversified across hydraulics, aerospace and automotive; FY26 revenue ~₹1,621 Cr. - Hy-Tech's profitability profile is already comparable to Aeroflex despite its much smaller revenue base. VALUATION - Around ₹77–78/share: - Market cap: ~₹737 Cr - FY26 P/E: ~30–31× - Valuation already reflects part of the company's profitability and growth potential. - Key question: Can earnings grow into the valuation? KEY RISKS - Capacity commissioning delays - Slow utilisation ramp-up - Customer concentration - Raw-material volatility - Cyclicality - Export execution - Valve diversification execution - Margin compression - Valuation de-rating if growth disappoints KEY TAKEAWAY - Hy-Tech combines a small revenue base + high margins + capacity runway + export opportunity + defence/railway approvals + product diversification. - The real thesis is whether the company can convert its ~39% capacity expansion and higher exports into sustained earnings growth. - If execution remains strong, the Hy-Tech of FY29 could look materially different from FY26. More Fundamental must JOIN @Fundamental3

EACH DAY OF THIS NEW MONTH is a gift from God. Let's live it with faith and gratitude.

Astra Micro is talking about doing 6-7 times the revenue in next 5 years

BEHARI LAL ENGINEERING LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue from operations stood at ₹151.7 Cr, up 18% YoY; volume increased 13.4% YoY to 22,095 tonnes. - EBITDA rose 23% YoY to ₹29.7 Cr, with margin at 19.6%; operating EBITDA margin was 18.2%. - PAT increased 24.5% YoY to ₹19.2 Cr, with PAT margin at 12.7%. - EBITDA/tonne increased to ~₹13,500 vs ~₹12,400 YoY. High-Value Product Strategy - High-value products contributed 60.4% of revenue, up from 55.7% YoY and 57.8% in FY26. - FY26 high-value mix had already increased from 45% in FY25 to 58%. - Management is targeting ~70% high-value product mix in the near future. - Alloy steel contributed 47.7%, metal rolls 25.8%, engineering castings 19.8% and forging ingots 1.9% of Q1 revenue. - Growth strategy is focused on mix improvement and realization, rather than chasing commodity volumes. Capacity & Utilization - Overall capacity utilization reached 90.5% in Q1; melt shop at 94% and rolling mills at 87.5%. - The same melt shop can manufacture rolls, specialty bars and castings, allowing production to shift toward stronger/high-value demand. - Current year growth will primarily come from product-mix optimization; additional melting capacity is expected from the next financial year. - Unit 3 is under construction and expected to commence operations in Q1 FY28. Unit 3 & New Products - Unit 3 will focus on centrifugal casting, metal rolls, ICTP/ICDP rolls, HSS rolls, engineering castings and other foundry products. - ICTP/ICDP and HSS rolls are largely imported currently, creating a significant import-substitution opportunity. - Two centrifugal casting technologies—**vertical and horizontal**—are planned, with machinery orders already placed. - Company expects to start production next year and sees potential for significant market share. - Forging capabilities will support higher-margin valve steel, die steel and tool steel grades. Order Book - Order book stood at ₹162 Cr / 13,138 tonnes as of June 30. - Order-book realization is around ₹1.2 lakh/tonne versus Q1 revenue realization of ~₹93,000/tonne, indicating a richer mix. - Management highlighted that the order book is skewed toward high-value products, providing visibility for the next 2 quarters. Defense & Aerospace - Company has started receiving orders from government PSUs including Bharat Dynamics and Nuclear Power Corporation of India, along with private-sector defense customers. - Products are being developed for import substitution and Make in India requirements. - Defense customer approvals involve a long prototype and qualification cycle. - Initial prototyping revenue has started; meaningful defense revenue is targeted from FY28. - Management sees strong long-term opportunity in specialized grades currently not manufactured domestically. Foundry & Power Opportunity - Strong demand is emerging from the power sector, with customers providing order visibility extending to 2035. - Company recently produced a 22–23 tonne single-piece casting for a major power-sector customer. - Investments in CNC machining, testing, NDT, shot blasting, painting and finishing will provide one-stop foundry solutions. - Forward integration should improve customer stickiness and support higher-value castings. Financial Strength & IPO - June-end net worth stood at ₹325 Cr, gross borrowing at only ₹11 Cr, cash at ₹52 Cr and debt/equity at 0.03x. - ROE was 23.6% and ROCE 27%. - IPO raised ₹301 Cr, including ₹93 Cr fresh capital; promoter holding post issue is 70.84%. - IPO proceeds include ₹56 Cr for equipment/civil work, ~₹7 Cr for rooftop solar, debt repayment and corporate purposes. - Company targets ~₹80 Cr CapEx in FY27, of which ₹5 Cr was spent in Q1 and ₹75 Cr is planned over the remaining quarters. Margins & Outlook - Gross margin improved to 48.9%, up 146 bps YoY, driven primarily by richer product mix. - Management expects operating EBITDA margin to improve by 20–25% over the next 2–3 years from current levels. - Solar investment should reduce power costs, while new grades, machining and forging should further increase value addition. - Export revenue was ₹8.6 Cr in Q1 vs ₹11.5 Cr YoY; decline was attributed to shipment timing/order phasing, with no change in long-term export trend. - Long-term growth is expected from higher-value products, Unit 3, import substitution, defense, power and exports. KEY TAKEAWAY - 60% high-value mix today, targeting 70% + Unit 3 from FY28.

MOLBIO DIAGNOSTICS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Consolidated revenue from operations stood at ₹408 Cr. - Sold 164 devices and 62.4 lakh test kits during Q1. - Export revenue was ₹67 Cr, contributing 16% of total revenue. - EBITDA stood at ₹104 Cr, with 25% EBITDA margin; PAT was ₹52.7 Cr. - Management targets FY27 revenue growth of around 25% and EBITDA margin of 24–25%. TruNat Platform - 12,500 machines installed across 90+ countries, with 43 assays covering 30 diseases. - Platform has conducted 5–6 Mn+ tests historically and generates recurring revenue through proprietary consumables. - Around 75% of revenue currently comes from test kits. - Early installations from 2017–18 are still running, with no device replacement cycle seen so far. - TruNat is a closed proprietary system; third-party consumables cannot be used. - Same machine can test multiple diseases; consumables change according to the test. TB Opportunity - India has around 25,000–30,000 TB diagnostic centres, while TruNat has reached only around 8,000–9,000. - Remaining centres largely use traditional microscopy, creating a long runway for molecular diagnostic conversion. - TruNat is one of only 2 WHO-endorsed molecular TB technologies, and the only one that is battery-operated and deployable at point-of-care. - Newly completed government TB tender provides a 2-year contract. - Management sees significant further opportunity in both India and international TB programs. HPV Opportunity - TruNat HPV underwent extensive validation led by AIIMS with support from WHO/Gates-linked agencies and was found to meet international criteria. - Government of India has recommended rollout under the national program and found the test cost-effective. - WHO prequalification application is also being pursued for international expansion. - Management expects greater clarity on deployment and volumes next quarter. Exports & Global Expansion - Export business began around 2023 and is still in the network-building/ramp-up phase. - Distributor network spans 90 countries, with registrations continuing across markets. - Europe is opening through stringent IVDR/IBDR certifications, including TruNat CT-NG for chlamydia and gonorrhea. - Management expects exports to become an important growth driver over the coming years. - Developed-market expansion includes Europe and the US through TruNat, Prognosis and OptraScan. Manufacturing & CapEx - Test-kit capacity utilization is around 58%, while device capacity utilization is around 42%. - Of the ₹200 Cr IPO proceeds, around ₹72 Cr is earmarked for automation. - Automation should improve efficiency and enable the company to potentially double revenue from FY26 levels without major capacity expansion. - Around ₹105 Cr will be invested in an integrated R&D centre in Bangalore. - No major additional CapEx is currently envisaged. R&D & Innovation - R&D spending is maintained at around 5–6% of revenue. - Company has 153+ scientists and 207+ patents. - Bulk of future R&D investment will shift toward new diagnostic platforms, rather than only adding assays to TruNat. - Focus includes both infectious and non-communicable diseases. - Management estimates the addressable opportunity for future NCD point-of-care platforms could be 10x+ the current molecular-testing opportunity. Prognosis - Prognosis contributed around ₹11 Cr revenue in Q1. - FY26 revenue was ₹154 Cr, with around ₹12 Cr PAT. - Management expects FY27 EBITDA margin to remain around 19%, broadly similar to FY26. - Ultra-portable X-ray products can complement TruNat for TB screening + confirmatory testing. - Veterinary applications, particularly companion animals, are another potential growth avenue. OptraScan - OptraScan received US FDA clearance in July 2026 for its end-to-end digital pathology workflow covering hardware, software and AI. - US represents around 60% of the global pathology market; discussions with large US laboratory/hospital chains are underway. - India already has around 35–40 installations. - OptraScan received ~$30 Mn fresh capital and is fully funded for the next 2–3 years. - FY27 is expected to remain muted; meaningful contribution is expected from FY28–FY29 onward. Business Outlook - Management cautions against judging performance quarter-to-quarter as public-health business can be non-linear. - Growth will be driven by higher machine installations, recurring kit consumption, new assays, exports and new platforms. - Existing TB opportunity remains substantial, while HPV, hepatitis and international markets provide additional growth avenues. KEY TAKEAWAY - 25% growth target + 75% recurring kit revenue + strong global runway.

SHIPROCKET LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Transactions grew 36% YoY, GMV 31%, and revenue 34% to ₹592 Cr. - Merchant count increased 14% while ARPU grew 18%. - Adjusted EBITDA rose 9x to ₹8.9 Cr; loss before tax improved to ₹13.7 Cr from ₹18 Cr. - TTM transactions stood at 216 Mn, GMV at ₹34,600 Cr and merchants at 2.24 lakh+. Core Business - Core revenue grew 22% YoY to ₹411 Cr, while transactions grew 31%. - Core adjusted EBITDA stood at ₹52.7 Cr, with margin improving 50 bps YoY to 12.8%. - Larger D2C merchants performed strongly, supporting retention, growth and mix. - Input-cost compression from logistics partners also supported margins. - Core EBITDA margin has improved from 6% to ~12% over the last 3 years. Emerging Business - Emerging revenue grew 70% YoY to ₹182 Cr, contributing 30% of revenue vs 24% last year. - Omnichannel grew 92%, driven by quick commerce, cargo and PTL/fulfillment. - Cross-border business declined marginally due to global volatility; focus remains on higher-margin, profitable customers. - Martech is growing rapidly from a small base and carries better margins. - Emerging contribution margin improved from around 9–10% to 15%, while adjusted EBITDA improved from -38% to ~-24%. Merchant Growth & Cross-Sell - TTM merchant base reached 2.24 lakh+. - Emerging merchants increased from 30,000 to 48,000 YoY. - Core merchants buying emerging services increased from 7.3% to 8.8%. - Growth is increasingly driven by merchants buying more products across the Shiprocket stack. - Management continues to focus on expanding the merchant funnel, which can later graduate into higher-value/power merchants. Unit Economics - Adjusted EBITDA per transaction improved from ₹0.22 to ₹1.5 YoY. - Management highlighted that every incremental transaction is margin accretive after overheads. - Contribution margin is growing faster than revenue, supported by emerging-business growth and operating leverage. - Larger merchants generally generate lower shipping realization due to volume-based pricing, but can consume more services across the platform. Martech Opportunity - Martech includes checkout, conversion tools, advertising and AI-led merchant solutions. - New QuickPay simplifies checkout by surfacing preferred payment options and discounts, helping conversion and prepaid mix. - Steel Deal recommends complementary products and aims to increase AOV and attach rates. - AI Assist handles pre-order queries and post-order support while enabling checkout directly inside chat. - AI Ads can generate creatives within minutes and uses Shiprocket's commerce and purchase data for personalization. - Martech is also being extended across Instagram, Facebook and WhatsApp to improve traffic and ROAS. Omnichannel & Quick Commerce - Shiprocket's system connects D2C brands with quick-commerce platforms, automating order notifications, truck allocation and delivery-slot booking. - The platform aggregates purchase orders across multiple D2C brands and improves visibility of inventory movement. - Management sees strong opportunity as D2C brands increasingly leverage the rapid growth of quick commerce. Technology & Data Moat - Shiprocket operates an asset-light model and integrates with 250+ partners and 42 courier partners. - Platform has processed over 700 Mn transactions historically. - More than a decade of consumer, merchant and logistics data supports routing, checkout, fraud detection and marketing decisions. - Around 93% of checkouts have addresses filled automatically. - Integrated data across shipping, checkout, marketing and consumer behaviour is positioned as a key competitive advantage. Customer Acquisition - Core CAC increased to around ₹3,600 in Q1 from ₹2,800 in the previous quarter. - Management views CAC movement as experimental rather than seasonal. - CAC is generally recovered within a short period through customer contribution margins. - Company does not expect CAC to move structurally higher and continues testing new digital acquisition channels. Competition & Retention - Shiprocket continues to integrate with leading logistics partners rather than owning logistics assets. - Its value proposition is access to multiple courier networks, intelligent routing, data-driven recommendations and lower RTOs. - Larger merchants benefit from multi-carrier routing and SLA optimization, while smaller merchants gain access to capabilities they could not build independently. - Management continues to see opportunities for cross-selling more services into the existing merchant base. Business Model & Monetization - Shiprocket acts as an end-to-end commerce infrastructure platform for SMEs and D2C merchants. - Revenue is monetized on a consumption-based model, linked to shipments and checkout transactions. - Strategy is to acquire/enable the merchant transaction first and then monetize the same order across multiple margin pools. - Management prioritizes transaction growth over maximizing monetization of every individual service immediately. Seasonality - Q3 is typically the weakest quarter because larger D2C merchants redirect inventory and marketing toward marketplaces during the e-commerce festive season. - Other than this shift, management does not see significant seasonality in the business. KEY TAKEAWAY - 34% revenue growth + 70% emerging growth + improving unit economics.

DHOOT TRANSMISSION LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue growth was nearly 50% YoY, significantly ahead of industry growth. - Wiring harness revenue grew 44.6% YoY while non-wiring harness revenue grew 67.7% YoY. - EV revenue increased 79% YoY, with EV contribution rising to 27% of total revenue from 24% last year. - EBITDA margin improved 110 bps QoQ to 15%. - Multilink acquisition contributed around 3% to overall revenue growth for the quarter. - Finance cost declined as working-capital debt levels were optimized following the March equity infusion. Industry & Outlook - Domestic automotive volumes grew >20%, while exports grew >36%. - 2-wheeler industry grew 22.8%, with EV industry growth at 93% and ICE growth at >20%. - Electrification remains a key growth driver across both wiring and non-wiring harness businesses. - Addition of new customers and products should support growth over the coming years. - Management expects 25–30% growth for FY27, while noting a softer comparison for the first six months due to the GST-led growth in H2 last year. Margin Outlook - Most copper inflation has already been passed through to customers, although copper prices have continued to rise. - Management maintains 15–16% EBITDA margin guidance for FY27. - Raw-material price increases are generally passed through with around a 3-month lag. - Further recovery in margins is expected when the commodity cycle softens. - July and August also saw further raw-material price increases, limiting immediate margin recovery in Q2. Multilink Acquisition - Full integration of Multilink is expected within 3–4 months. - Acquisition added Hero as a customer and expanded the product portfolio with fuel-level sensors and relays. - Significant cross-selling opportunities exist as Multilink serves customers that overlap only partly with Dhoot's existing customer base. - Management expects Multilink to deliver around 25–30% growth, with margins broadly in line with Dhoot's overall business. - Goodwill is currently estimated at around 20–25% of acquisition price, subject to final purchase-price allocation. Non-Wiring Harness - Q1 revenue stood at ₹358 Cr versus ₹213 Cr YoY. - Business growth was 67.7%, with Multilink contributing around 10–12% of this growth during its initial period. - Non-wiring business includes battery packs, controllers, sensors and switches. - Battery packs remain the largest contributor within the non-wiring harness segment. EV Opportunity - Dhoot is present across the EV powertrain, beyond just battery-pack assembly. - Battery-pack assembly has expanded to a second major customer, with supplies already started. - Company is also entering the EV charging business. - Management believes EV adoption is growing faster than earlier expectations. - Top customers view India as an export base, creating additional opportunities from EV exports. - EV revenue contribution is expected to exceed 30–32% within the next 2–3 years. EV Content Potential - EV wiring-harness content is approximately 1.5x–2.5x that of an ICE vehicle. - Higher content comes from additional HV harnesses along with other EV components. - With a broader product basket, total content opportunity can potentially reach up to 4x versus ICE. - Dhoot supplies products including HV/LV harnesses, cord sets, charging guns, RCDs, chargers, DC-DC converters and battery-pack assemblies. Battery Pack Expansion - Company currently supplies battery packs to its leading customer and has added another major customer. - Second-customer supplies began for approximately one month in Q1. - Dhoot plans to consolidate its position in 2-wheeler battery packs over the next 1–2 years before aggressively pursuing 3-wheeler battery packs. - Key battery-pack components including cell holders, tap cells, busbars, wiring harnesses, pressure sensors and connector systems are manufactured in-house. Wiring Harness Business - Q1 wiring-harness revenue stood at ₹1,090 Cr versus ₹753 Cr YoY. - Company is expanding capacity at Jhajjar and Hosur, with these projects expected to add around 15–20% capacity this year. - Current utilization is maintained around 75% to ensure sufficient capacity during peak seasonal demand. - Customers can operate at nearly 100% efficiency during the 5–6 month peak season, requiring Dhoot to maintain capacity headroom throughout the year. Localization & Backward Integration - Dhoot has a strong localization drive across its wiring-harness operations. - Imported components have reduced from around 30–35% historically to ~20–25% currently. - Remaining components are increasingly localized through backward integration. - Dhoot Auto Components manufactures cables, connectors, terminals and other components in-house. - The subsidiary conducts around ₹1,200 Cr of business for group companies through internal consumption. Raw Material Exposure - Copper accounts for approximately 22–23% of BOM cost. - Rising copper prices remain a near-term margin pressure. - Customer repricing generally occurs with a ~3-month lag. - Management expects recovery once raw-material prices begin to soften. ADAS / Ride Vision JV - Dhoot is progressing toward a JV with Ride Vision for 2-wheeler ADAS solutions. - Product focuses on detecting front/rear collision risks and left/right blind spots. - Company has presented the technology to major 2-wheeler customers and received strong interest. - Dhoot plans to initially focus on 2-wheelers, while the technology can potentially address 4-wheelers as well. - Adoption could be driven by future Government regulations, and management wants to be ready ahead of regulatory implementation. EV Cord Sets & Switches - Automotive switches business remains focused on off-highway and tractor applications and is growing broadly in line with the market. - EV cord-set business is performing strongly. - Dhoot expects to have around 40–45% share of new Indian EV cord-set business coming for next year. - Company participates in both LV and HV systems for electric 2-wheelers, which management said is the case for roughly 99% of relevant applications. M&A & Capital Allocation - M&A remains a continuous opportunity pipeline with support from Bain. - Priority for capital deployment is JVs, technology collaborations and organic expansion, followed by M&A. - Indian acquisitions remain the preferred route. - Overseas acquisitions would be considered mainly where they provide strategic access to technology or specific sectors. - Management is currently not pursuing acquisitions in passenger vehicles, although it is in an advanced stage of a JV for passenger-vehicle HV harnesses. Balance Sheet - Debt stood at around ₹220 Cr at June-end, after considering the Multilink acquisition and March equity infusion. - IPO proceeds were received in August. - Post-IPO, management expects the company to move to a net cash position. - Indicative net cash at end-August is around ₹1,000 Cr, subject to minor variation. KEY TAKEAWAY - 50% growth + 27% EV mix + 25–30% FY27 growth target.

FORTIS HEALTHCARE LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Delhi High Court Order - Delhi High Court has directed appointment of a forensic auditor with a defined scope of investigation. - Management stated the order does not change, limit or impede Fortis' strategic or operational plans, including CapEx, bed expansion and M&A. - Fortis will fully cooperate with the forensic exercise while its legal teams evaluate the best way forward. Scope of Forensic Audit - Audit covers reconstruction of the erstwhile promoter entity FHHPL and examination of share dissipation during 2016–18. - It also covers IHH's acquisition of controlling stake in Fortis, including approvals, filings and subsequent utilisation of investment toward acquisition of healthcare assets from RHT Health Trust. - Scope includes examination of any role of Fortis/FHL personnel in the erstwhile promoters' share transactions. - The role of 17 banks and financial institutions in the share dissipation is also covered. Forensic Audit Timeline - Auditor is required to send its information questionnaire within 4 weeks. - Parties will have 2 weeks to respond. - Court has set a timeline of approximately 6 months for completion/reporting of the exercise. - Management expects the audit process to conclude within the court-prescribed timeline, although it noted the adequacy of the timeline may be challenging. Management's Position - Fortis believes it has been in complete compliance with applicable laws. - Management said its internal review found nothing abnormal or improper from Fortis' side. - Based on records reviewed, management remains confident that the outcome should be in Fortis' favour. - Management does not currently foresee any significant or material adverse impact from the audit. IHH Commitment - IHH reiterated that nothing changes regarding its commitment to Fortis. - Fortis remains IHH's growth engine for its India platform. - IHH continues to consider the potential merger of Gleneagles and Fortis at the appropriate time. - IHH is willing to infuse capital into Fortis if required for growth. - IHH reiterated its commitment to increase its stake to 50%+ over the longer term. IHH Investment Clarification - IHH stated that its investment came through a primary issuance by Fortis, following a competitive process run by independent directors. - IHH said it did not purchase secondary shares from the erstwhile promoters or from the open market. - IHH highlighted that the acquisition process was fair, transparent and compliant with regulatory requirements. - The MTO was completed last year after a delay of almost 7 years. Singh Brothers' Shareholding - Management stated that the erstwhile promoters had pledged shares to banks. - Banks subsequently attached and liquidated those shares in the free market. - As a result, the Singh brothers' holding had fallen to negligible levels by February 2018. - Subsequently, independent directors conducted a competitive process and selected IHH as the strategic partner. - IHH infused fresh capital through preferential allotment. RHT Transaction - Management reiterated that the RHT transaction was undertaken for the commercial and capital requirements of Fortis. - RHT was a listed entity in Singapore and the transaction followed applicable regulatory and disclosure requirements. - Management stated that the purpose of the capital infusion and utilisation of funds had been publicly disclosed. - IHH also highlighted that the transaction complied with Singapore and Indian regulatory requirements. Share Transfer Clarification - Management stated that Fortis had no role in the transfer of shares between the concerned parties. - Share transfers were executed between the parties through the registrar. - At that time, regulations did not require promoter share transfers to obtain clearance from Fortis' compliance officer. - Management therefore stated that Fortis was not involved in or aware of those transactions. Operations & Brand - Management said hospital operations remain completely insulated from the legal and shareholding issues. - Doctors, medical teams and operational leadership remain focused on patient experience and clinical services. - Some communication with employees and stakeholders will continue to ensure transparency. - Management does not expect the current development to materially disrupt hospital operations. Growth & M&A Plans - Existing brownfield expansion plans remain intact. - Fortis continues to actively pursue M&A opportunities. - Management stated that the legal matter does not constrain previously disclosed growth plans or other opportunities under evaluation. - Internal accruals will primarily support ongoing growth, while IHH remains willing to provide additional capital for major requirements. Financial Impact - Fortis does not currently require any provisioning related to the forensic audit. - No liability has been fixed under the court order; management described the process as a fact-finding exercise. - Management expects the overall financial impact to be nil, apart from legal expenses. - Legal expenditure was approximately ₹25 Cr last year and a similar amount could be budgeted this year depending on case intensity. - The cost of the current forensic audit is to be borne by Daiichi, as specified in the court order. Legal Strategy - Fortis' legal teams are reviewing the court order and consulting with senior external and internal counsel. - Management expects to determine the appropriate legal action within the next 5–10 days. - If required, Fortis may approach the appropriate legal forum. - Fortis currently does not plan counter-litigation against Daiichi while the matter remains sub judice. - Management said it will consider actions necessary to protect the company's interests. Daiichi Litigation - Management stated that Fortis was neither a judgment debtor nor garnishee in the relevant proceedings. - Fortis believes it has been unfairly brought into the dispute involving the erstwhile promoters. - IHH said the prolonged litigation also delayed its ability to consolidate Fortis faster. - IHH reiterated that it believes its investment process was compliant and transparent. 6-Month Outlook - Management expects the forensic audit process to take around 6 months, followed by potentially a few additional months for subsequent actions. - If the audit proceeds as ordered, management views it as the potential last stop for this line of investigation and litigation, unless something new emerges. - IHH confirmed that Fortis' growth plans remain intact during the next 6–12 months. - IHH can undertake permitted corporate actions within the limits of applicable law. KEY TAKEAWAY - Legal uncertainty remains, but Fortis' growth plans and IHH backing remain intact.

STERLITE TECHNOLOGIES LTD – INVESTOR DAY HIGHLIGHTS #Q1FY27 Structural Growth Opportunity - STL sees a major shift in optical connectivity from “connecting people” to “connecting intelligence” as AI adoption accelerates. - AI data centers require significantly higher bandwidth, lower latency and denser optical connectivity. - Two key growth engines are emerging: continued telecom connectivity expansion and rapidly growing AI data center / compute connectivity. - Optical content is increasing across more infrastructure locations and within each deployment. AI Data Center Opportunity - AI workloads distributed across thousands of GPUs require continuous, real-time communication, making networking an integral part of the compute system. - Fiber requirement per rack has increased sharply from ~1,000 fibers in legacy racks to ~4,000 with Hopper, ~16,000 with Blackwell and ~64,000 with Vera Rubin. - This represents a 64x increase in fiber content per rack across a few generations. - High-density connectivity and pre-terminated solutions will become increasingly important. - Data-center interconnections increase rapidly with scale: 2 DCs = 1 interconnection, 4 = 6, 6 = 15 and 10 = 45. India Data Center Opportunity - India's data-center capacity is currently around 1.5 GW and is expected to reach 10 GW by 2030, implying ~46% CAGR. - Growth is supported by favorable policy, including a tax holiday through 2047, and strong power availability. - India has 4 submarine cables under commissioning and another 3 under planning. - Leading hyperscalers are making multi-billion-dollar investments across cloud, AI and data-center infrastructure. - STL already supplies almost all major hyperscalers globally, creating an opportunity to extend these relationships into India. Competitive Positioning - STL has nearly 38 years of experience across the optical connectivity value chain. - End-to-end vertical integration covers glass → fiber → cable → connectivity solutions. - Integration provides greater control over quality, innovation, cost and execution speed. - STL has ~9% global optical fiber market share outside China. - Technology portfolio includes 785+ patents and 10+ advanced manufacturing facilities across key markets. Lakshya – FY29 Growth Ambition - STL announced “Lakshya”, its growth roadmap for FY29. - Revenue target of ₹20,000 Cr by FY29 versus ₹4,750 Cr in FY26, implying >4x growth in 3 years. - Aim is to build STL into one of the largest global players in digital connectivity. - Strategy focuses on stronger core economics, deeper customer relationships and a larger role in global digital infrastructure. 4 Key Growth Drivers - Expanding Optical TAM: Optical is moving deeper into data centers, racks and campuses, while rising bandwidth drives a shift from copper to optical. - Customer Co-development: Earlier engagement allows STL to participate in connectivity architecture design rather than remain a component supplier. - Integrated Connectivity Solutions: Opportunity to provide the complete stack from fiber and cable to assemblies, connectors and systems. - Technology-led Differentiation: Continued investment in next-generation optical technologies to stay ahead of evolving requirements. Technology Roadmap - Developing hollow-core fiber and multi-core fiber technologies internally. - Building capability for 13,000-fiber-count solutions to address next-generation density requirements. - In-house development of co-packaged optics (CPO) and near-packaged optics. - Focus remains on lower latency, faster transmission and moving optical connectivity closer to the compute/chip level. FY29 Financial Targets - Revenue target: ₹20,000 Cr by FY29 vs ₹4,750 Cr in FY26. - EBITDA margin target: 27%+ by FY29 vs 13.2% in FY26. - This implies >1,380 bps improvement in EBITDA margin. - Scale, richer product mix, better utilization and higher-value solutions are expected to drive margin expansion. Order Book & Q1FY27 - Core optical business is supported by an open order book of >$2 Bn, providing strong revenue visibility. - Q1FY27 marked a turning point with highest-ever quarterly revenue, EBITDA and PAT. - Management highlighted a stronger operating base, healthy order book and strengthening balance sheet. CapEx & Capacity Expansion - STL plans to invest approximately ₹1,000 Cr annually for the next 3 financial years. - Preform fiber and cable capacities are targeted to increase by 50%. - New greenfield optical connectivity facility in India will address rising demand from data centers and AI infrastructure. - Facility will focus on higher-density integrated connectivity solutions. Innovation Investment - Company plans to invest approximately 2% of average annual revenue in innovation. - Key focus areas include hollow-core fiber, multi-core fiber and co-packaged optics. - Investments are expected to support higher growth, stronger margins and better returns on capital. Business Transformation - STL expects the optical connectivity market to become larger, more diversified and less cyclical. - Growth is increasingly supported by secular drivers across telecom, AI data centers and data-center interconnect. - Customer relationships are moving from component supply toward deeper architectural partnerships. - Integrated solutions should help STL capture a greater share of the optical connectivity value chain. KEY TAKEAWAY - ₹20,000 Cr revenue + 27%+ EBITDA margin by FY29, led by AI-driven optical demand.

Should look at Redington, Rashi Peripherals From Concall of EMIL in Q1 More demand and higher pricing of laptops due to memory price hikes..

FINEOTEX CHEMICAL | CRUDECHEM SCALE-UP + US OILFIELD CHEMICALS BUSINESS TRANSFORMATION - Fineotex operates across textile chemicals, cleaning & hygiene and oilfield chemicals, with manufacturing operations in India, Malaysia and the US. - The 53% CrudeChem acquisition in December 2025 has materially changed the business mix. - Oil & gas chemicals contributed ~65% of consolidated revenue and ~55% of volumes in Q1 FY27. - CrudeChem provides specialised, tailor-made chemistries for demanding oilfield applications rather than commodity products. MOAT & PRICING POWER - US oilfield chemical customers have long qualification cycles; new products and personnel can take up to 2 years to qualify with customers such as Shell, ExxonMobil and Halliburton. - CrudeChem's Trackmax logistics arm provides integrated last-mile delivery, an important capability because oil production cannot simply stop once a well is operating. - Solutions are customised, supporting better pricing power than commodity chemicals. - Raw-material increases can be passed through via separate war and fuel surcharges. - More than 100 product categories diversify the portfolio. MARGIN TRANSITION - Consolidated EBITDA margin was 15.7% in Q1 FY27. - Consolidation of CrudeChem has temporarily diluted Fineotex's historical standalone textile EBITDA margins of ~18–28%. - CrudeChem currently operates at ~13–14% EBITDA margins, with management targeting ~15%. - Successful integration and operating leverage could lift consolidated EBITDA margins toward 18–20%. - The key margin opportunity is converting CrudeChem from a lower-margin, undercapitalised business into a more efficient integrated platform. US OILFIELD — BIGGEST GROWTH ENGINE - Management has accelerated the $200 Mn oilfield revenue target from 2030 to FY28. - Texas facility has 148,000 MTPA capacity and was operating at ~63% utilisation in Q1 FY27 on a single shift. - Running double shifts could potentially increase utilisation by another 30–40% without significant new capex. - Fineotex plans to cross-sell its technologies through CrudeChem's existing customer network. - By FY28, oil & gas is expected to become the dominant business. FY28–FY30 AMBITION - Management sees potential for 3x–4x top-line growth toward ~₹3,000 Cr. - Growth would be driven by Texas capacity utilisation, CrudeChem scale-up, cross-selling and margin improvement. - Legacy textile chemicals could also recover as zero-duty access to the UK/EU supports Indian textile exports. - Fineotex intends to increase its CrudeChem ownership from 53% to ~79–80% by January 2028. CAPEX & BALANCE SHEET - Fineotex invested ~$7 Mn in machinery after completing the CrudeChem acquisition. - Additional expansion capex over the next two years is expected at ~₹70–80 Cr. - Company remains debt-free, with >₹340 Cr cash as of Q3 FY26. - Growth is being funded through internal accruals and warrant conversions, including ₹35.68 Cr raised through warrants. - Capital allocation remains relatively conservative despite the aggressive growth strategy. KEY RISKS / FALSIFIERS - The biggest risk is execution of the rapid US scale-up. - CrudeChem must reach the $200 Mn FY28 revenue target while improving EBITDA margin from ~13–14% toward ~15%. - Rapid growth could increase working-capital requirements; maintaining the current ~72-day cycle is important. - US operations already contribute ~65% of consolidated revenue, increasing exposure to regional weather disruptions and oilfield demand cycles. - The ambitious 3x–4x revenue target depends heavily on successfully utilising the expanded Texas capacity. - If CrudeChem margins remain structurally low, consolidated margin expansion toward 18–20% could be difficult. KEY TAKEAWAY - CrudeChem + Texas capacity utilisation + margin expansion could transform Fineotex into a ₹3,000 Cr global specialty-chemicals platform, but US execution is the key risk. Stock Fundamental in detail @Fundamental3

MAHARASHTRA SEAMLESS | CAPACITY EXPANSION + PREMIUM PIPE MIX BUSINESS & MOAT - India's leading manufacturer of seamless and ERW steel pipes, with oil & gas contributing ~70% of dispatches. - Market leader for ~35 years; domestic peers have largely gone through bankruptcy or restructuring. - High entry barriers from API certifications, long customer qualification cycles and established PSU relationships. - ONGC and Oil India account for ~42% of the order book. - Full product basket includes value-added cold drawn, drill and sour service pipes. - Japanese licensing agreement for premium connections adds another qualification barrier. - Anti-dumping duties provide some protection against Chinese imports. CAPACITY & UTILISATION - Active capacity stands at 5.5 lakh tons, with another 1 lakh tons of dormant capacity. - Telangana finishing line is expected to unlock the 1 lakh ton dormant capacity, taking total capacity to 6.5 lakh tons. - Cold drawn pipes are already operational with two draw benches. - Premium connections production is expected to start within six months from February 2026. - By mid-2028, utilisation could reach 80–85%, with annual dispatches of 4.5–5 lakh tons versus 4.12 lakh tons in FY26. MARGIN & PRODUCT MIX - EBITDA/ton has historically ranged between ₹8,000–15,000. - Q1 FY27 EBITDA/ton reached ₹15,600, supported by favourable product mix. - Premium connections and cold drawn products should improve the mix and support ₹12,000–15,000 EBITDA/ton. - At 4.5 lakh tons dispatches and ₹12,000–15,000 EBITDA/ton, EBITDA could potentially exceed ₹1,000 Cr by FY28 versus ~₹700 Cr in FY26. ORDER BOOK & DEMAND - Order book increased from ₹1,149 Cr in June 2025 to ₹1,709 Cr in August 2026. - Oil-sector orders account for ~42% of the order book. - Exports increased sharply to 22% of Q1 FY27 dispatches versus <10% in FY26. - Revival in oil & gas capex and PSU tender activity remains important for volume growth. - Management is conserving cash for potential distressed acquisitions, although no deal has been announced. FINANCIAL STRENGTH - Treasury/cash and investments stand at ~₹3,115 Cr, providing significant financial flexibility. - Company maintains a dividend policy while retaining substantial liquidity. - Strong balance sheet provides optionality for acquisitions and capacity investments. EXECUTION — WHAT TO WATCH - Telangana finishing line timeline has slipped from December 2025 to March 2026. - Hot-mill upgrade has not yet started. - Management has generally delivered near-term volume/earnings guidance, but project delays remain a monitorable. - The key near-term trigger is commissioning and ramp-up of the additional 1 lakh ton capacity. KEY RISKS - Anti-dumping duty is a major monitorable: current protection is expected to expire in October 2026, with a temporary extension to January 2027. - If duties are not renewed or strengthened, Chinese imports could pressure domestic prices and margins. - Delayed oil & gas capex or PSU tenders could slow volume growth. - Further delay in Telangana capacity could cap dispatch growth. - EBITDA/ton is cyclical and dependent on product mix and steel-price environment. KEY TAKEAWAY - ₹3,115 Cr treasury + 1 lakh ton capacity unlock + premium products could drive EBITDA toward ₹1,000 Cr by FY28, with anti-dumping policy and Telangana execution the key watchpoints.