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🏭 New SME IPO 🎉 💠 Horizon Reclaim (India) Ltd (BSE SME) 🗓️ IPO Open: 12 Jun 2026 ⏳ IPO Close: 16 Jun 2026 💰 Price Band: ₹98 – ₹103 📦 Lot Size: 1200 Shares 💵 Minimum Investment: ₹2,47,200* 📌 Issue Size: ₹54.27 Cr In SME IPOs, minimum application is for 2 lots. 📖 Read the RHP carefully before applying. 🚫 Do not apply only based on GMP or market rumours. RHP: res.cloudinary.com/dsblws9ej/imag…

🚀 UTKAL SPECIALITY INDUSTRIES INDIA LTD IPO 📦 A beneficiary of India's shift towards sustainable paper packaging. ✅ 10+ years of operating history ✅ 17 state presence ✅ 80,000 sq. ft. manufacturing facility ✅ 200+ product SKUs ✅ Export business with "Outstanding Exporter" recognition ✅ Diversified customer base with no major customer dependency The company manufactures paper cups, glasses, plates, bowls, tissues, paper bags, pizza boxes, sweet boxes, wrap papers, straws and other food packaging products. 📊 FY25 Performance 💰 Revenue: ₹48.62 Cr ⚙ EBITDA: ₹10.88 Cr 📈 EBITDA Margin: 22.4% 💵 PAT: ₹6.68 Cr 📈 PAT Margin: 13.7% 🌱 Industry Tailwinds • Strong shift from plastic to paper packaging • Government support for sustainable alternatives • India paper packaging market expected to grow from USD 19.07 Bn to USD 46.43 Bn by FY30 A niche packaging player with strong profitability, scalable manufacturing, export presence and exposure to a fast-growing industry.

SME IPOs LISTING REPORT CARD FOR TODAY Merritronix Ltd 💠 IPO Price: ₹149 💠 Lot size: 1000 Shares 💠 Investment*: ₹2,98,000/- 💠 Listing: ₹283.10 (90%) ⬆️ 💠 Profit*: ₹2,68,200/- ---------- SMR Jewels 💠 IPO Price: ₹128 💠 Lot size: 1000 Shares 💠 Investment*: ₹2,56,000/- 💠 Listing: ₹102.95 (-19.57%) ⬇️ 💠 Loss*: ₹50,100/-

IPO Events For The Day Closing Today :- Vahh Chemicals Ltd (SME) UHM Vacations Ltd (SME) Allotment Today :- CMR Green Technologies (M) Listing Today :- SMR Jewels Limited (SME) Merritronix Limited (SME)

Sagar Defence Engineering Starts Preparations For It's Mega IPO in 2027 The Autonomous and Unmanned Systems Maker has appointed DAM Capital as it's BRLM The Defence Player is likely to target an IPO Size of 2,000-3,000 Crore, which is likely to be a combination of Fresh issue and an OFS Sagar Defence designs, develops and manufactures autonomous and unmanned systems across maritime, aerial and underwater domains. Its product portfolio includes unmanned marine surface vehicles, maritime spotter drones and personal aerial vehicles. FY25 Financials Revenue : 101 Crore PAT : 33.3 Crore It has an Orderbook of over 3,000 Crore

Kuku Technologies Ltd as filed DRHP with SEBI via Confidential Route The Company has hired Kotak Mahindra Capital, Jefferies, JM Financial, and Axis Capital as Bankers Expected IPO Size is near ₹3,000 Cr at about ₹15,000 Cr Valuation. Both Fresh Issue and OFS will be there Kuku Tech Operates Kuku FM, Kuku TV and Guru FY25 👇🏻 Revenue: ₹242 Cr Loss: ₹153 Cr As per some sources, Kuku Tech has achieved over ₹1,400 Cr Revenue and Near EBITDA Breakeven in FY26

📢Major Strategic Addition for Pajson Agro: Vietnam Cashew Pioneer Joins as Advisor Pajson Agro India Ltd has appointed Mr. Vu Thai Son as Strategic Advisor. * 30+ years in the global cashew industry * Founder of Long Son, one of the world's leading cashew processors * Chairman, Binh Phuoc Cashew Association (region contributing ~70% of Vietnam's cashew exports) Mr. Son will advise Pajson Agro on sourcing, procurement, processing, quality standards, buyer requirements, packaging, and global market trends. _A strategic move that brings world-class industry expertise to support Pajson Agro's next phase of growth and strengthen its position in the global cashew value chain._ _Press Release:_ https://shorturl.at/EkUMI

Current Infraprojects Achieves SMERA SME 1 Rating, Reflecting Highest Creditworthiness Among SMEs Current Infraprojects Limited has been awarded SMERA SME 1 rating by SMERA Ratings Private Limited, reaffirming its strong financial position and operational reliability. Key Attributes of the Rating * Highest Creditworthiness among SMEs * Reflects Strong Financial Stability * High Degree of Safety in Timely Servicing of Financial Obligations * Rating Effective till 1 June 2027 This recognition from an independent rating agency enhances the Company's standing among financial institutions and business partners, supporting its continued growth and execution capabilities.

Neetu Yoshi Limited – H2 & FY26 Concall Highlights Company Overview Neetu Yoshi Limited specializes in manufacturing critical "Class A" safety components for the Indian Railways, including parts for wagons, coaches, locomotives, and track infrastructure. The company operates with a high entry barrier due to the tedious RDSO approval process. Currently, the company is transitioning from a component manufacturer to a provider of complete assembly lines, with a vision to become a full-scale wagon manufacturer within three years. Key Financial Performance: Key Financial Highlights – FY26: * Total Income of ₹101.59 Cr, YoY growth of 43.47% * EBITDA of ₹33.87 Cr, YoY growth of 44.54% * EBITDA Margin of 33.34%, YoY growth of 24.56 Bps * PAT of ₹25.01 Cr, YoY growth of 52.03% * PAT Margin of 24.62%, YoY growth of 138.58 Bps * EPS of ₹6.91, YoY growth of 18.32% Profitability: * The company aims to maintain PAT margins of approximately 25% as it scales. Operations & Capacity Expansion: New Manufacturing Facility: * The new plant is scheduled for commencement in June FY26, with the first invoices expected to be raised within the same month. Capacity Split: * The old plant has a peak revenue capacity of ₹110 Cr, while the new plant is designed for ₹200 Cr. Product Capabilities: * While the old plant handles parts under 100 kg, the new facility can process heavy components up to 1,000 kg, including bogies, couplers, and crossings. Product Pipeline: * The company currently has 15 to 20 new products in the RDSO approval pipeline across track, locomotive, and coach segments. Revenue Guidance & Growth Outlook: FY27 Targets: * Management has set a revenue guidance of ₹210 Cr to ₹220 Cr for the current financial year. FY28 Peak Revenue: * With both plants reaching peak utilization and the addition of the track section, the company targets ₹350 Cr to ₹400 Cr in revenue. Segment Diversification: * Beyond railways, Neetu Yoshi is exploring high-margin opportunities in the mining and thermal power/energy sectors, utilizing its existing infrastructure without requiring significant new capex. Raw Materials & Working Capital Management: Receivables & Price Protection: * The company uses Price Variation Clauses (PVC) in government contracts to protect margins against raw material price increases. Receivables Trend: * Management noted that 31st March receivables were high due to government fund cycles but confirmed that 50% of the outstanding ₹32 Cr was cleared by April 15th. Track Section Expansion: * The company raised ₹29 Cr through warrants specifically to fund working capital for its new track section. * This segment requires higher working capital because raw materials (rails) are more expensive than the scrap used for other components and require an inventory of at least 2 months. Strategic Vision: Export Strategy: * The company plans to begin exporting precision-engineered components to the US and UK markets by FY28. Long-term Integration: * The ultimate goal is to evolve into a complete wagon manufacturing company within the next 3 years.

IPO Size: ₹54.66 Cr • Price Band: ₹110 to ₹116 • Lot Size: 1,200 Shares • Minimum Investment: ₹1.39 Lakh • Closes on 9 June 2026 • Listing on NSE Emerge

BSE SME IPO ALERT Date: 4 to 8 June 2026 Price: ₹ 157 - ₹ 166 Lot Size: 800 shares Listing Date: 12 June 2026 GMP (HoS): ₹ 34/-

🏭 New SME IPO 🎉 💠 UHM Vacation Ltd (BSE SME) 🗓️ IPO Open: 04 Jun 2026 ⏳ IPO Close: 08 Jun 2026 💰 Price Band: ₹157 – ₹166 📦 Lot Size: 800 Shares 💵 Minimum Investment: ₹2,65,600* 📌 Issue Size: ₹36.02 Cr In SME IPOs, minimum application is for 2 lots. 📖 Read the RHP carefully before applying. 🚫 Do not apply only based on GMP or market rumours. RHP: drive.google.com/file/d/1r1PEGO…

Recode Studios Earnings Call on 3rd June at 4PM, hosted by Moonwalk Capital Link to register: https://us06web.zoom.us/meeting/register/cK9LImX2S5ubDi0Z3ymyjw#/registration Why you should attend? ~ Understand with management what led to strong growth in FY26 ~ The Future plans for next few years ~ Strategy for modern trade and quick commerce foray ~ Building blocks behind 50% growth guidance in FY27 ~ How will the new warehouse unlock its growth potential? Link to Presentation: https://tinyurl.com/RecodePPT RSVP Moonwalk Capital

CMR Green Technologies Limited IPO Anchor Book Blockbuster Anchors 🔥 Finest Names ever seen for a <200 Cr Anchor Book 5/5 Top MFs Investors Include : ▪︎ SBI Mutual Fund ▪︎ ICICI Prudential Mutual Fund ▪︎ HDFC Mutual Fund ▪︎ Nippon India Mutual Fund ▪︎ Kotak Mutual Fund ▪︎ Goldman Sachs Funds ▪︎ Edelweiss Mutual Fund ▪︎ Abakkus Mutual Fund ▪︎ Bank of India Mutual Fund ▪︎ BNP Paribas Environment Fund ▪︎ Bajaj Life Insurance Company ▪︎ Kotak Mahindra Life Insurance ▪︎ Citigroup Global Markets ▪︎ Susquehanna Pacific Fund

Emerald Finance Limited – Q4 & FY26 Earnings Conference Call Highlights Company Overview: Emerald Finance Limited is a technology-driven NBFC focused on Early Wage Access (EWA), digital lending, and loan syndication. The company operates through its proprietary technology platform and partners with over 40 financial institutions and 14 lenders, including major banks such as ICICI Bank, HDFC Bank, and RBL Bank. Financial Performance: Q4 FY26 Highlights: * Total Income of ₹9.76 Cr, YoY growth of 50% * EBITDA of ₹6.83 Cr, YoY growth of 55% * PAT of ₹4.36 Cr, YoY growth of 64% * EPS of ₹1.27, YoY growth of 67% FY26 Highlights: * Total Income of ₹31.20 Cr, YoY growth of 44% * EBITDA of ₹23.23 Cr, YoY growth of 56% * PAT of ₹15.15 Cr, YoY growth of 70% * EPS of ₹4.36, YoY growth of 70% Business Verticals & Revenue Mix: * EWA contributed approximately 6% of total revenue during Q4 FY26. * Cross-selling revenue witnessed significant growth, supported by the introduction of new modules across the company's app and web portal. * The syndication business facilitated disbursements of approximately ₹375 Cr across gold loans and other lending products during Q4 FY26. * Product-wise yield profile: 1. Personal Loans: 3%–4% 2. Gold Loans: ~1% 3. Home Loans/LAP: 1%–1.25% Operational Performance: Corporate & Employee Base * As of March 31, 2026, Emerald had 214 signed and live corporate clients. * Around 180–185 corporates are actively utilizing the platform. * The company's solutions currently cover approximately 30,000 employees. * Nearly 15% of employees actively use the EWA product, while the remaining employee base provides a significant opportunity for cross-selling financial products. * EWA customer retention remains strong, with repeat usage levels of approximately 90%. Employee Profile & Loan Metrics * The average monthly salary of users on the platform ranges between ₹55,000 and ₹60,000. * The average loan ticket size is approximately ₹25,000. * Loan eligibility is capped at either ₹1 lakh or 50% of the employee's earned salary, whichever is lower. Asset Quality & Recoveries * The company recovered ₹38 lakh during the year. * Write-offs amounted to ₹23 lakh as of March 31, 2026; however, recovery efforts on these accounts continue. Technology & Strategic Initiatives * Emerald is among the few players in the industry offering loan disbursement capabilities through WhatsApp. * Customers can access the company's services through: 1. Emerald EWA Android Application 2. WhatsApp-based interface 3. Dedicated Web Portal * While the company's presence is primarily concentrated in North and West India, it has recently onboarded its first corporate client in South India and is actively exploring expansion opportunities in Eastern India. Management Commentary & Outlook: * Management remains optimistic about growth prospects and is targeting an EPS exceeding ₹7 in the next financial year. * The company aims to add 120–150 new corporate clients annually going forward. * Management reiterated its disciplined growth philosophy of "Slow is smooth and smooth is fast," emphasizing sustainable expansion and prudent risk management over aggressive growth. * Following the recent credit rating upgrade, the company expects a reduction in its cost of funds, which could further support profitability and business expansion. Key Takeaways: * Strong growth in income and profitability during FY26. * Cross-selling and syndication businesses are emerging as important growth drivers. * Healthy retention levels and a large untapped employee base provide significant monetization opportunities. * Rating upgrade is expected to improve funding costs and strengthen scalability. * Management remains confident of sustaining growth momentum while maintaining a conservative risk framework.

🏨 SUBA HOTELS CROSSES 100 HOTEL MILESTONE, REPORTS RECORD FY26 REVENUE Suba Hotels delivered its highest-ever revenue of ₹115.89 Cr in FY26, registering 45% YoY growth while expanding its footprint to 102+ operational hotels across 73 destinations. 📈 Key Highlights • Revenue: ₹115.89 Cr (+45% YoY) • EBITDA: ₹26.82 Cr (+13% YoY) • PAT: ₹18.01 Cr (+19% YoY) • 102+ operational hotels and 4,660+ keys 💬 Management highlighted that revenue growth was driven by network expansion, higher business volumes, and strong traction across brands and operating formats. ⚠️ Despite strong operating performance, EBITDA and PAT growth lagged revenue growth due to changes in the GST framework during FY26. The loss of Input Tax Credit (ITC) benefits on certain operating expenses increased the industry's cost base and impacted profitability. 🎯 Looking ahead, the company remains focused on asset-light expansion, operational efficiencies, and strengthening its presence across high-growth hospitality markets.