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Publicaciones del Canal
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| 2 | Cable Sector: ROCE Explains Valuation Gap
Current Valuations
• KEI trades around 53x earnings
• RR Kabel trades around 48x
• Finolex trades around 21x
• Same sector, different multiples
What Is ROCE?
• Measures capital efficiency
• Uses equity plus debt
• Focuses on operating profits
• Higher ROCE compounds faster
FY25 ROCE Comparison
• RR Kabel at 28%
• KEI at 20%
• KEI 5-year average 24%
• Finolex at 16%
Finolex Observation
• Holds ₹4,200 Cr investments
• Large treasury income contribution
• Other income boosts profits
• Core returns may appear lower
How To Judge ROCE
• Exclude non-operating income
• Check 5-year consistency
• Focus on trend direction
• Quality matters most
Why Valuations Differ
• Market rewards efficiency
• Capital allocation drives compounding
• Sustainable returns get premiums
• Growth alone isn't enough
Key Takeaway
• ROCE often drives valuations
• Quality of returns matters
• Consistency commands premiums
• Capital efficiency creates wealth | 89 |
| 3 | How Do You Find a SmallCap Multibagger Before Everyone Else?
Most investors look for multibaggers in stock charts.
The real money is made by finding them before the chart tells the story.
Many of the biggest winners shared a few common traits long before they became market darlings:
✅ Strong Promoter Skin in the Game
Promoters increasing their stake or participating in preferential allotments often signals confidence in the business.
✅ Long Runway for Growth
A ₹500 crore company can become ₹5,000 crore far more easily than a ₹50,000 crore company can become ₹5 lakh crore.
✅ Consistent Earnings Growth
Not one good quarter. Look for businesses that can compound earnings for years.
✅ Industry Tailwinds
Great companies become extraordinary investments when they operate in sectors benefiting from structural growth.
✅ Clean Balance Sheet
Debt can accelerate growth, but excessive debt can destroy shareholder wealth.
✅ Capital Allocation Matters
The best management teams know where to invest every rupee and when not to.
✅ Low Institutional Ownership (Initially)
Many multibaggers are discovered by institutions only after the first phase of wealth creation has already happened.
The biggest mistake investors make?
Focusing on the next quarter instead of the next decade.
A 10x stock rarely looks obvious at the beginning. It usually looks small, ignored, illiquid, and boring.
The goal isn’t to find the next 10x stock.
The goal is to find businesses that can keep compounding for 10 years.
The multibagger returns are simply the outcome. | 125 |
| 4 | Retail Tracks Profits. Smart Money Tracks Cash Flow.
Because Profits Can Be Engineered. Cash Cannot.
Cash Flow Reveals Truth. | 1 |
| 5 | Retail Tracks Profits. Smart Money Tracks Cash Flow.
Because Profits Can Be Engineered. Cash Cannot.
Cash Flow Reveals Truth. | 2 |
| 6 | Bank Index ( Bankbees ) is available @ 12.2(X) , 1 year forward.
P/B = 1.77( X)
Getting cheaper & cheaper .
We are interested party here for Risk-Adjusted return .
Note :
Not looking for game changer money , but 13-15% CAGR for next 2 years is quite possible. | 133 |
| 7 | Markets love scarcity.
When a sector leader starts delivering, investors begin searching for the next listed proxy.
That's how premium valuations often travel down the chain:
• Raghav Productivity → Monolithisch
• Aditya Infotech → Prizor Viztech
• Cupid → Anondita Medicare
• Dixon Technologies → Kaynes Technology
• Alkyl Amines → Balaji Amines
and many more....
Not every case works, but the pattern appears more often than people realize.
The leader validates the opportunity.
The smaller peer gets discovered. Valuations do the rest.
Scarcity premium is one of the most underappreciated forces in the market. | 163 |
| 8 | India's investment rate is expected to go from 34.6% of GDP today to 37.5% by FY30.
Last time such a capex cycle was seen in 2004-08 period but the nature of capex this time is completely different
And one can divide this into 3 buckets -
1) Well-Entrenched (money already flowing): Coal, Renewables, Transmission, Defence, Railways, Oil & Gas
2) Uptick Evidence (gaining momentum): Data Centers, Semis, Green Equipment, BESS
3) Emerging (early innings, high optionality): Nuclear, Water, Shipbuilding, Coal Gasification, Carbon Capture
Coal is not a legacy constraint. India hit a peak demand record of 271 GW on May 21, 2026 for the 4th consecutive all-time high. Thermal anchored the grid at ~63% of generation. At night, ~190 GW of coal ran at near-full capacity with shortages still touching 5.4 GW. NTPC is adding 13 GW. BHEL and L&T are reporting record order inflows.
India added a record 44.6 GW solar + 6 GW wind in FY26. Impressive. But CERC's new Deviation Settlement Mechanism (Apr-26) is quietly ending the "Must Run" free pass for RE generators. By 2031, solar/wind will face the same grid scheduling penalties as coal plants. Standalone RE is dead. RE + Storage is the only viable model going forward. Every new project will need BESS embedded.
BESS could be the defining investment theme of India over the next decade. Battery costs down 70% in 3 years. 117 GWh tendered cumulatively. CEA targets 80 GW by FY36. India is still 90% import-dependent on China for the battery value chain. One needs to check up on how the value chain gets created.
The HVDC cycle is just starting. RE generation is concentrated (Rajasthan: 119 GW, South India: 106 GW). Demand is everywhere else. ±800 kV HVDC = 6 GW bulk transfer over 1,000–2,000 km. India needs 120–130 GW across ~22 corridors. Current installed: ~18 GW. That's a 6x scale-up. Combined CEA + Brahmaputra Basin capex = Rs14.3 trillion in transmission alone. GE Vernova, Hitachi Energy, Siemens Energy sit at the centre of this (Around them is a big value chain that is there). India has no fully integrated domestic HVDC OEM yet.
Nuclear the structural shift is real this time. SHANTI Act passed. 60-year state monopoly dismantled. FDI up to 49% allowed. PFBR achieved first criticality in April 2026 India entered Stage 2 of its nuclear programme. Target: 8.8 GW today → 100 GW by 2047. ~$200bn cumulative opportunity. Maharashtra alone signed nuclear MoUs worth Rs6.5 trillion with Reliance, NTPC, Adani, and others.
L&T targeting 3x nuclear revenue in 5 years. BHEL can currently supply 30–40% of a nuclear plant's bill of materials.
Also semiconductor ecosystem is getting created. 6 months ago this was all policy announcements but Micron ATMP inaugurated. Kaynes OSAT running. CG Power scaling. Tata-ASML MoU signed for Dholera fab (28nm–110nm nodes, 50,000 wafers/month). First sellable wafers expected: late 2026. India's semis market: $25–30bn today → $ 110bn by 2030. ISM 2.0 launched.
And then there is the DC boom that is coming to India. India's installed DC capacity: 1.8 GW → 10.5 GW by FY31 (AI: 6.8 GW, non-AI: 3.7 GW). Microsoft: $ 17.5bn. Google-AdaniConneX: $ 15bn. AWS: $ 15.3bn combined. Reliance-Brookfield-Digital Realty JV: $ 11bn. ~$75bn announced in 5 years. Hyperscalers are treating India as a geopolitical hedge which has stable democracy, growing digital market, coal baseload + RE mix. Power systems alone = $ 20bn opportunity for industrials.
This isn't a government-funded capex cycle hoping private capital shows up.
Corporate debt/GDP: 52% (vs 61% pre-pandemic). Industrial credit growth: 15% YoY. Bank NPAs: 2.5% at multi-year lows. Gross FDI: $ 94.5bn in FY26, +17% YoY.
Private capex to grow at ~16% CAGR through FY31. Investment rate peaks at ~37.5% of GDP.
Source - Morgan Stanely | 167 |
| 9 | Theme for next 5 years in India: Deep Tech
AI model - Sarvam AI, Krutrim
Space Tech - Skyroot, Agnikul, Mtar, Data Pattern, MIDHANI, L&T, BEL, Astra
Semiconductor - Tata Electronics, CG Power, Kaynes
Defence Tech - Ideaforge, Zen Tech, Garuda, Solar Ind, Mazagon
BESS - Waaree, Exide, ARE&M | 178 |
| 10 | Mtar Tech Says (On A Call With Key Investors)
-No Impact Expected On Bloom Dd From The News
-Have Received No Communication From Bloom
-Crusoe (Epc Partner) Has Stepped Out, But Project Will Continue
-Not Directly Dependent On Any Single End-Project.
-Clean Energy Orders Secured This Fiscal: ~Inr 2,800 Cr
-Closing Order Book Of Inr 1,300 Cr For This Segment Covers The Next Couple Of Years | 199 |
| 11 | What Sectors To Watch?
Omcs, Ongc, Oil India-Bent Crude Below 90/$
Paint, Aviation, Tyre-Brent Crude Below 90/$
Textile, Jewellery, Auto Ancillary- Appeals Court Says U.S. Government Can Keep Collecting 10% Tariffs For Now
Hcc, Walchandnagar, Ntpc-Govt Waives Customs Duty On Nuclear Power Good Imports
Vedanta-Listing Of Arms On June 15
Fertilizer Stocks (Negative)- Fertiliser Subsidy Estimate To Be Reassessed With Fall In Urea Import Prices | 187 |
| 12 | Positive for SOLAR INDS
- Indian Army issued Project Sanction Orders
- Bhargavastra Counter Unmanned system gets Army Project Sanction
- Solar's Anti Drone System is first guided micro missile based counter drone system | 208 |
| 13 |  Some relief for MTAR technology investors. Hopefully it will bounceback | 206 |
| 14 | Expect to launch 30 approved ANDAs in the next 6 to 8 quarters
This will result in significant growth by taking total products from 20 to 50
US govt national contracts will be major growth driver
Plan to do 4000 registration in EMs from current 500
Senores pharmaceuticals | 199 |
| 15 | India's Semiconductor Opportunity Is Bigger Than Just Chip Fabs!!
👉While most investors focus on fabrication plants, the real ecosystem spans chip design, packaging, testing, specialty chemicals, gases, advanced materials, silicon photonics and power semiconductors.
🔹MosChip Technologies - ASIC design, VLSI engineering, embedded systems and semiconductor IP solutions.
🔹SPEL Semiconductor - One of India's few listed semiconductor assembly and testing companies.
🔹RIR Power Electronics - Silicon Carbide (SiC) wafers & power semiconductors for EVs, renewable energy, industrial automation and defence.
🔹Izmo Ltd - Emerging player in silicon photonics packaging, a technology expected to play a key role in AI servers, optical interconnects and next-generation data centres.
🔹CG Power - Building semiconductor packaging and testing capabilities as part of India's chip manufacturing push.
🔹Cyient - Semiconductor engineering, chip design, verification and VLSI services for global customers.
🔹Kaynes Technology - OSAT (Outsourced Semiconductor Assembly & Testing), electronics manufacturing and semiconductor packaging.
🔹Gujarat Fluorochemicals (GFL) - High-purity fluoropolymers and advanced materials critical for semiconductor fabrication.
🔹SRF - Specialty chemicals, fluorochemicals and materials used across semiconductor manufacturing processes.
🔹Archean Chemical Industries - Bromine derivatives and materials that could participate in the broader semiconductor and SiC ecosystem.
🔹Mindteck - Engineering, automation and semiconductor equipment-related services.
🔹Linde India - Ultra-high purity industrial gases required for semiconductor fabs and advanced manufacturing facilities.
🔹Tata Elxsi - Chip design, embedded electronics, automotive semiconductors and silicon engineering.
👉The semiconductor story is not just about chips. It's about building an entire ecosystem:
🔹Chip Design
🔹Silicon Photonics
🔹SiC Power Devices
🔹Packaging & Testing (OSAT)
🔹Specialty Chemicals
🔹Fluoropolymers
🔹Industrial Gases
🔹Semiconductor Equipment Engineering | 283 |
| 16 | 📊 STOCKS TO WATCH
🟢 POSITIVE
SML ISUZU
• CV sales rise 11.6% YoY
IRB INFRA
• Toll revenue jumps 25% YoY in May
JNK INDIA
• Wins order worth ₹100–300 crore from CC7 Emirates Engineering Solutions
AVANTEL
• Secures ₹9.94 crore DRDO contract
RVNL
• Bags ₹221.33 crore contract from South East Central Railway
LEMON TREE HOTELS
• Signs franchise agreement for hotel in Rajasthan
JSW ENERGY
• Commissions wind blade manufacturing plant in Gujarat
HCLTECH
• Launches AI Innovation Zone with Google Cloud
BRIGADE ENTERPRISES
• June 17 fixed as bonus issue record date
PANACEA BIOTEC
• Launches DENSTAR project
GRASIM INDUSTRIES
• Approves ₹3,094 crore capex for Lyocell capacity expansion
🔴 NEGATIVE
AEQUS
• Lock-in expiry for 22% of outstanding shares | 267 |
| 17 | Where’s The Alpha?
Bharti Airtel/Vodafone Idea-Bombay HC sets aside DoT’s demand on One-Time Spectrum Charge
Strong Operational Update-IRB Infra
Order Wins-JNK India, RVNL
Cera Sanitaryware- Goldman Sachs India Equity Portfolio bought 1.18 lk shares
Shanti Gold International: Commenced commercial production at its new manufacturing facility in Mumbai
Nibe: Allotted 3.2 lakh shares upon the conversion of warrants at an issue price of Rs 1,258 per share to the Eminence Global Fund.
Panacea Biotec: Launched the "DENSTAR" project aimed at developing a dengue vaccine specifically for Africa.
Ratnaveer Precision: The board will meet on June 11 to consider a potential fundraise. | 232 |
| 18 | INOX INDIA: EXPANDING BEYOND CRYOGENICS INTO MULTIPLE HIGH-VALUE THEMES
Private Space Opportunity
- Secured ~₹200 Cr aerospace cryogenic order.
- Order received from leading US space player.
- Similar orders expected during FY27.
- Could become recurring space industry supplier.
- Aerospace qualification barriers remain extremely high.
Why It Matters
- Space contracts carry higher technology perception.
- Creates stronger competitive positioning globally.
- May support long-term valuation re-rating.
- Demonstrates engineering capability beyond LNG.
Kandla Facility Expansion
- Enables ultra-large cryogenic equipment manufacturing.
- Supports tanks up to 60 meters length.
- Can manufacture structures up to 500 tons.
- Expands addressable project opportunity significantly.
New Growth Verticals
- Targets mega LNG storage terminals.
- Supports aerospace cryogenic infrastructure.
- Addresses liquid hydrogen opportunities.
- Serves scientific and fusion projects.
Hydrogen Opportunity
- Hydrogen infrastructure needs cryogenic storage.
- Liquid hydrogen market remains emerging.
- INOX already possesses relevant expertise.
- Potential long-term growth optionality.
Data Center Cooling
- Exploring liquid nitrogen cooling solutions.
- Signed MoU with European partner.
- Progress expected over next 6–12 months.
- Currently remains early-stage initiative.
AI Infrastructure Linkage
- Targets next-generation cooling requirements.
- AI workloads increasing cooling demand.
- Could enter digital infrastructure ecosystem.
- Commercial viability remains key monitorable.
Final Takeaway
- INOX India is evolving from a cryogenic equipment supplier into a diversified platform spanning aerospace, hydrogen, LNG and potentially AI infrastructure. | 279 |
| 19 | Positive for Wire and Cable Companies
Gujarat cabinet approves ‘wire-free city mission’; ₹500 crore allocated for first phase
Under the mission, all 17 municipal corporations and 151 municipalities in Gujarat will be covered in a phased manner.
According to the government, the project will involve the undergrounding of more than 14,600 circuit kilometres of high-tension (HT) overhead power lines and over 31,400 circuit kilometres of low-tension (LT) distribution lines across urban areas. | 285 |
| 20 | Why Zaggle Is Underperforming
Key Concerns
Cash Flow Quality
- Revenue Growth Remains Strong
- OCF Conversion Needs Monitoring
- Working Capital Can Be Volatile
- Earnings Quality Under Watch
Acquisition-Led Growth
- Acquisitions Boosted Growth
- Integration Benefits Reflected
- Growth May Moderate Ahead
- Organic Growth Becomes Crucial
Scaling Challenges
- Large Customer Additions Helped
- Wallet Share Expansion Positive
- High Growth Harder At Scale
- Law Of Large Numbers Applies
Valuation Risk
- Growth Normalisation Key Risk
- Earnings Decline Not Main Concern
- De-Rating Possible If Growth Slows
- Sustainability Matters Most
Key Metrics To Track
- Organic Customer Additions
- SaaS Revenue Growth
- OCF Conversion Trends
- Receivable Movement
- Working Capital Trends
- Acquisition Contribution
- Enterprise Customer Retention
- Wallet Share Expansion
Key Takeaway
- Focus Beyond Revenue Growth
- Organic Growth Is Critical
- Cash Flow Quality Matters
- Growth Sustainability Drives Valuation | 338 |
