Stock return multiplier

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

Some relief for MTAR technology investors. Hopefully it will bounceback

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

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

📊 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

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.

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.

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.

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

Company worth studying with huge capex over the last 3 years Increase in Net Block + CWIP more than 5x 1. Antelopus Selan 50x 2. Sky Gold and Diamond 41x 3. E2E Network 37x 4. Senores Pharma 28x 5. Lloyd Metals 23x 6. Balu Forge 18x 7. Latent View 17x 8. Dynacons Systems and Solutions 14x 9. Exicom Tele Systems 11x 10. Sasken Technologies 9x 11. Venus Pipes 9x 12. Dharmaj Crop 8x

Circuit Filter revised! Revised price band will be effective from June 05, 2026! From 5% to 20%! -BF Utilities From 10% to 20% - Fino Payments Bank - Ganesha Ecosphere - IDBI Bank - JNK India - JTL Industries - Ola Electric Mobility - SML Mahindra

India is preparing its BIGGEST-EVER military drone procurement - orders worth $2 BILLION+ set to be placed with domestic manufacturers in 2026. Import ban = only Indian companies qualify

Zen Technologies Ltd 🔸 India's largest supplier of simulation training equipment & anti-drone systems 🔸 Designs counter-drone solutions for defence & internal security forces 💠 ROCE: 16.2% 💠 3Y Sales Growth: 46% Quietly building a niche in simulation + anti-drone defence tech

Viyash Scientific: From Turnaround Story → Scalable Growth Platform Just a few years ago, the company was struggling with weak profitability, stagnant APIs and integration challenges. • FY26 changed the narrative completely >> Revenue crossed ₹3,420 Cr >> EBITDA jumped to ₹702 Cr >> PAT surged to ₹225 Cr >> EBITDA margins expanded to 20.5% >> Net Debt to EBITDA reduced to 0.2x • Q4 FY26 became the strongest quarter in company history >> Revenue: ₹920 Cr >> EBITDA crossed ₹200 Cr for the first time >> EBITDA margins reached 21.7% >> PAT turned to ₹66 Cr profit from loss last year • The merger integration seems to be finally paying off Management highlighted: >> Better execution >> Improved operating leverage >> Stronger unified platform >> Synergies tracking ahead of expectations • Original synergy target was only ₹50–60 Cr. Now management believes annualized synergies can eventually reach ₹125-150 Cr over next 12-18 months 🔶The biggest strategic shift Viyash is consciously moving away from low-margin commodity APIs. Instead, the company is building a higher-quality business around: >> Complex APIs >> High-potent molecules >> CDMO >> Companion animal health >> Integrated formulations 🔶Companion Animal Opportunity = Biggest Long-Term Bet • Management repeatedly emphasized companion animal business as a major future growth engine • Why this matters: >> Europe companion animal generics market estimated at ~$1Bn >> Generic penetration still only 15-20% >> Pet healthcare demand structurally rising globally • Company is now aggressively preparing for this opportunity: >> R&D expansion >> Manufacturing expansion >> Front-end expansion >> New product pipeline >> 7–8 launches annually planned • Partnership with Boehringer Ingelheim gives Viyash a strong entry point into companion animal distribution ecosystem in India 🔶CDMO Slowly Becoming Serious • Current innovator-linked business already at: >> ₹200–225 Cr >> 8–10 innovator relationships globally • Management expects innovator business itself to grow 30–40% in FY27 • Pipeline under development: >> 16–17 complex products >> Launch timelines from FY29–FY37 >> Focus on lifecycle management + specialty products + high-potent APIs • Importantly, management sounded realistic: >> Building true innovator CDMO takes time >> Current focus is on capability building first >> Looking selectively at inorganic opportunities too 🔶API Business Finally Reviving • Animal health API business was stuck around ~₹350 Cr for nearly 5 years • FY26 became the first year crossing ₹400 Cr run-rate • Human health APIs are also entering next phase: >> Multiple filings done in FY23–FY25 >> Approvals expected to start flowing now >> Management expects double-digit API growth ahead 🔶Margins Looking Structural, Not Cyclical • Gross margins improved to ~55% • Management clearly indicated this improvement is strategy-led: >> Forward integration >> Backward integration >> Exiting commodity products >> Internal API sourcing • Despite heavy future investments in: >> R&D >> Companion animal platform >> Capacity expansion …management still sounded confident on maintaining margin profile. 🔶Balance Sheet Quietly Improving • Strong free cash flow generation • Debt reduction underway • Credit rating upgraded: A → AA- 🔶Overall Takeaway • FY26 looks less like a one-off recovery year and more like ➜ Foundation-building year for next phase of growth • If execution continues, Viyash may gradually transition from: “turnaround pharma story”➜ “specialty animal-health + CDMO platform” 🚀

TRANSFORMER COMPANIES Massive demand expected for: • 765 kV transformers • Renewable pooling stations • HVDC terminals Key beneficiaries: 🔹 TRIL (Transformers & Rectifiers India) 🔹 CG Power 🔹 Voltamp 🔹 BHEL 🔹 Indo Tech Transformers 🔹 Genus Power 📌 Transformer industry currently facing: • Long lead times • CRGO steel shortages • Strong pricing power

Yatharth Hospitals Gurugram Expansion & Growth Outlook FY26 Performance - Revenue Grew 36% YoY - EBITDA Increased 30% YoY - PAT Rose 30% YoY - EBITDA Margin At 24.2% Operational Highlights - Network Occupancy At 68% - Q4 Occupancy Reached 71% - ARPOB Grew 7% YoY - Noida Extension ARPOB Up 23% Expansion Plans - Enters Gurugram Market - Initial Investment Of ₹100 Cr - Additional ₹100 Cr Proposed - Capacity Expansion Underway Growth Initiatives - Agra Integration Progressing Well - Agra Revenue Run Rate Strong - Focus On Higher-Margin Patients Capacity Targets - Current Capacity Exceeds 3,200 Beds - Targets 5,000 Beds Soon Efficiency Focus - Government Mix To Reduce - Debtor Days Improvement Planned Clinical Excellence - Advanced Neurosurgeries Performed - Doctors Receive Recognitions Key Takeaway - Strong Revenue Growth Continues - Expansion Driving Future Scale - Margin Profile Remains Healthy - 5,000-Bed Vision On Track

Yatharth Hospitals Gurugram Expansion & Growth Outlook FY26 Performance - Revenue Grew 36% YoY - EBITDA Increased 30% YoY - PAT Rose 30% YoY - EBITDA Margin At 24.2% Operational Highlights - Network Occupancy At 68% - Q4 Occupancy Reached 71% - ARPOB Grew 7% YoY - Noida Extension ARPOB Up 23% Expansion Plans - Enters Gurugram Market - Initial Investment Of ₹100 Cr - Additional ₹100 Cr Proposed - Capacity Expansion Underway Growth Initiatives - Agra Integration Progressing Well - Agra Revenue Run Rate Strong - Focus On Higher-Margin Patients Capacity Targets - Current Capacity Exceeds 3,200 Beds - Targets 5,000 Beds Soon Efficiency Focus - Government Mix To Reduce - Debtor Days Improvement Planned Clinical Excellence - Advanced Neurosurgeries Performed - Doctors Receive Recognitions Key Takeaway - Strong Revenue Growth Continues - Expansion Driving Future Scale - Margin Profile Remains Healthy - 5,000-Bed Vision On Track @Ipoinfo3

Venus Pipes & Tubes Interesting transition from pipes company to engineered solutions player: → ₹185 Cr LOI from a leading data center player → ₹70 Cr capex into pipe spooling/fabrication → Total finished goods capacity scaled from 6,900 MTPA in FY19 to 48,000 MTPA in FY26 → Export business scaled ~13x to ₹400 Cr → Execution visibility improved from ~60 days to 5–6 months → 6.1 MW solar project expected to save ~₹6 Cr annually

RBI sold GOLD worth more than Rs 1,00,000 crore. Yes, more than 1 lac crores of Gold sold to defend the Rupees. Report from Bloomberg suggests that Gold Sales and Dollar sales part of RBI strategy to keep our INR currency stable.

Balaji Amines Launching multiple growth engines in FY27: → DME plant commissioning in Q1 FY27 → NMM plant (5,000 TPA) in FY27 → Acetonitrile plant commissioning in Q2 FY27 → ₹750 Cr specialty chemicals expansion into HCN, Sodium Cyanide, and EDTA chain → Electronic-grade DMC/DMF scaling for high-value applications Standalone remains debt-free while funding capex via internal accruals.