Fundamental Analysis (Long term)

Insecticides , MD Says - NDTV PROFIT There Is A Slight Delay In Rainfall Rain Plays A Very Important Role For The Industry Working On Rice & Soyabean Products Indeed, Rain Has Been Delayed This Year Expect Double-Digit Growth In This Year Working For Some Contract Based Businesses Expect Decent Growth From Export Businesses Dry Crops Like Cotton, Groundnut Seem More Risky Will Launch Products In Rabi And Kharif Season Will Take Maximum Advantage Of Dahej Unit

Vedanta's Anil Agarwal sees each demerged business crossing $100 billion in value

FM Nirmala Sitharaman Flags Global Headwinds, Says India Faces Challenges From Forex, Crude Oil And Fertiliser Price Volatility; Reiterates Push To Attract More Foreign Capital Through Calibrated Reforms

32 QUALITY MIDCAP STOCKS TO STUDY & TRACK 🔥🔥🔥 ▪️ Neuland Laboratories ▪️ HFCL ▪️ MCX ▪️ Cupid ▪️ Netweb ▪️ TD Power ▪️ MTAR Technologies ▪️ Kalyan Jewellers ▪️ Emmvee Photovoltaic ▪️ Syrma SGS ▪️ Hindustan Copper ▪️ Sona BLW ▪️ PhysicsWallah ▪️ Aditya Infotech ▪️ Angel One ▪️ Premier Energies ▪️ R R Kabel ▪️ CRISIL ▪️ Coforge ▪️ Wockhardt ▪️ GRSE ▪️ Sansera Engineering ▪️ Craftsman Automation ▪️ HBL Engineering ▪️ Apar Industries ▪️ Gland Pharma ▪️ Kirloskar Oil Engines ▪️ KEI Industries ▪️ Aster DM Healthcare ▪️ CDSL ▪️ Emcure Pharmaceuticals ▪️ Glenmark Pharmaceuticals Midcap companies often sit in the sweet spot between stability and growth. Many businesses in this segment are established leaders in their respective industries while still having significant room for expansion. Tracking and studying quality midcaps helps investors understand emerging industry trends, management execution, earnings growth, capacity expansion, and potential future large-cap opportunities. DISCLAIMER The above list is prepared solely for educational, learning, and tracking purposes. This is not a buy, sell, or hold recommendation. Please conduct your own research before making any investment decisions.

Cholamandalam Investment: Management Commentary Growth Guidance - FY27 AUM growth maintained - Guidance at 21-23% - Growth outlook remains strong Interest Rate Outlook - Expects repo hike in H2 - Monitoring rate environment - Confident despite uncertainties Margin Outlook - No NIM impact expected - Rate hikes manageable - Profitability outlook stable Diesel Price Impact - Limited loan book impact - Customers can pass costs - Business model remains resilient Management Confidence - Guidance remains achievable - Growth visibility remains healthy - Execution confidence unchanged Key Takeaway - Strong growth outlook intact - Margins expected to remain stable - Management remains confident

Anupam Rasayan: Key Management Interview Takeaways Technology Leadership - First to commercialize ETFA globally - Uses continuous flow chemistry - Enhances safety and quality - Improves environmental footprint ETFA Opportunity - TAM estimated at $500-600 million - Targets 10-15% market share - Revenue potential exceeds $15 million - EBITDA margin above 25% Flow Chemistry Expansion - Applying technology across chemistries - Nitration applications under development - Chlorination opportunities progressing - Three products already in pipeline Growth Outlook - Revenue CAGR guidance unchanged - Targets 20-30% CAGR - Guidance considered conservative - Visibility remains strong Order Book Strength - Order book exceeds $1.6 billion - Supports long-term growth visibility - Provides revenue certainty - Strong demand environment Key Growth Segments - Pharma remains major driver - Polymer business gaining traction - ETFA supports future growth - Sitagliptin and Pyrosulfone important Bliss GVK Integration - Utilization around 30% currently - Targeting 60-70% utilization - Expected over two-three years - Significant operating leverage potential Capital Allocation - Focus on debt reduction - Strengthen balance sheet first - Cash flows prioritized internally - No immediate acquisition plans Key Takeaway - Technology differentiation remains strong - Large order book supports growth - ETFA could become meaningful driver - Balance sheet focus continues

VEDANTA Management says Each company to have own leadership and own board Unlocking value through Vedanta demerger Demand for critical metals to benefit Vedanta Al adoption to be the integral to natural resources companies

High-Growth Stocks (30–50% CAGR Focus) Consumer & Retail - Shanti Gold International - PNGS Gargi Fashion Jewellery - Veranda Learning Solutions - Jyoti Resins & Adhesives - Sunrakshakk Industries Real Estate & Infrastructure - Shriram Properties - Arvind Smartspaces - Denta Water & Infra - SPML Infra - Sanghvi Movers Manufacturing & Industrials - Macpower CNC Machines - Hariom Pipe Industries - Dhabriya Polywood - Sandhar Technologies - Awfis Space Solutions Chemicals & Specialty Materials - Platinum Industries - JG Chemicals - Tinna Rubber & Infrastructure - Carysil Energy & Services - Asian Energy Services - Basilic Fly Studio Key Growth Themes - Capacity expansion driving growth - Strong order books supporting visibility - Premiumization improving margins - New products expanding opportunities - Sector tailwinds remain favorable Highest Management Growth Targets - Platinum Industries: 35%+ CAGR - Veranda Learning: 3-4x expansion - Shanti Gold: 35-40% growth - PNGS Gargi: ~35% CAGR - Shriram Properties: ~36% CAGR Key Takeaway - Focus on execution consistency - Monitor guidance delivery quarterly - Order books remain critical - Capital allocation needs tracking - Growth quality matters most New Stocksip with 5k @New_Stocksip

AXISCADES Technologies AXISCADES 3.0 2025 → FY2030 The Transformation Power 930: ₹ 9,000 Cr / ₹ 960 Cr PAT by FY2030 Sharp focus on four pillars: • Aero Manufacturing • Defence Solutions • Hardware-Driven AI Solutions • Space System Manufacturing

Vintage Coffee: Capacity Expansion Meets Margin Expansion Business Model - Export-focused B2B coffee player - Supplies private-label products - Presence in 30+ countries - High client retention levels - No consumer brand investments Current Product Portfolio - Spray-dried instant coffee - Agglomerated instant coffee - Instant chicory products - Focus on export markets Key Growth Driver #1 - Capacity expanded to 11,000 MTPA - Earlier capacity 6,500 MTPA - Expansion completed ahead of schedule - FY27 becomes first full benefit year Key Growth Driver #2 - Entering freeze-dried coffee - 5,500 MTPA planned capacity - Capex exceeding ₹450 Cr - Target commissioning FY27 Why Freeze-Dried Matters - Higher realization product - Premium coffee category - Better margin profile - Potential EBITDA uplift - Improves business quality Institutional Interest - DII ownership rising - FII ownership increasing - Coverage remains limited - Still relatively underfollowed Investment Positives - Full utilization achieved - Strong export positioning - Capacity-led growth visibility - Margin expansion opportunity - Sticky customer relationships Key Risks - Large FDC project execution - Promoter pledge levels - Historical equity dilution - Coffee price volatility - Export market concentration Critical Monitorables - FDC project milestones - Debt funding execution - Promoter pledge reduction - Capacity utilization trends - Margin progression Key Takeaway - Vintage Coffee's story is evolving from a simple capacity-expansion play into a potential margin-expansion story. The brownfield expansion drives volume growth, while successful execution of the freeze-dried coffee project could materially improve profitability and business quality over the next few years.

Morepen Laboratories — generic API manufacturer grinding out a living, or a business undergoing a structural shift the market hasn't fully priced yet? Two new engines are coming online — CDMO and Medical Devices. One has an ₹825 Cr order book. The other is being carved into a separate subsidiary. Together they could fundamentally change the quality of earnings story. Or not. Let's dig in 👇 🏭 What they do — and what is actually changing Morepen started in 1984 as a bulk API manufacturer — mastering process chemistry on off-patent molecules. Today if someone in the US or Europe takes a Loratadine allergy pill or a Montelukast asthma tablet, there's a real chance it came from Morepen's USFDA-approved plants. They hold 64% of India's Loratadine export share and 38.6% of Montelukast exports. Dominant — but in a low-margin commodity game. Then came Chapter 2 — Home Diagnostics. Launched Dr. Morepen glucometers and BP monitors with a classic razor-and-blade model. Sell the machine cheap. Lock the consumer into buying proprietary testing strips forever. 17M+ device users, 1.5 billion+ strips sold. Strips earn 35–45% EBITDA vs 15–20% for APIs. Sticky, recurring, and high-margin. Now Chapter 3 — the structural shift that matters: 🔹 CDMO pivot (late FY26): First-ever large-scale CDMO mandate — an ₹825 Cr multi-year global manufacturing contract with an international innovator. Not a spot API sale. A 4-year rolling commitment — ₹150 Cr in FY27, ₹250 Cr in FY28. First time in 40-year company history they've moved from transactional API vendor to strategic long-term manufacturing partner. 🔹 Medical Devices subsidiary (ongoing): Home Health diagnostics is being reorganised into a separate subsidiary — separating a high-margin recurring consumer business from the low-margin API business. When it stands alone, the market applies a consumer health/med-tech multiple, not a blended pharma multiple. That is where re-rating optionality sits. 🏰 Moat — narrow, but the structural shifts are widening it Regulatory barriers (Strong): USFDA DMF filings take 2–4 years, cost ₹150–250 Cr, and are site-specific. Morepen has zero Form 483 observations across consecutive USFDA audits — a trust advantage that can't be bought overnight. Customer lock-in (Moderate): Switching API suppliers requires a post-approval regulatory amendment — months of compliance review, drug shortage risk. On the consumer side, owning a Dr. Morepen glucometer mechanically locks you into their strips. CDMO shifts the moat durability: A 4-year exclusive manufacturing relationship means a global innovator can't exit without triggering costly regulatory re-filings. That's fundamentally stickier than spot API sales — and earns 22–28% EBITDA vs 15–20% for standard APIs. Risk: Medium-term CGM substitution threat — wearable patches that eliminate finger-prick strips. Premium-priced today, but cost deflation over 5–7 years could disrupt the strip ecosystem. 📊 Valuation — the operating leverage case for FY28 A new ₹200 Cr OSD formulations plant (QIP-funded) is coming online — scaling max revenue capacity from ₹2,200 Cr to ₹3,400 Cr, utilisation ramping 55% in FY27 to 75% in FY28. Capex cycle is largely done. Operating leverage is about to play. Revenue grows 10–15% annually per management guidance. EPS nearly doubles. That's the operating leverage story — fixed-cost base already built, incremental revenue flows disproportionately to the bottom line. At ~14x FY28E, in line with mid-cap pharma peers. If CDMO ramps and medical devices re-rates as a separate entity, the multiple could expand too — not just the earnings. 👔 Management quality — experienced but carry baggage Sushil Suri (CMD) has run Morepen since inception in 1984 — 40+ years of process chemistry and global regulatory navigation Walk the talk verdict: Capital allocation has been disciplined — balance sheet cleaned, debt eliminated, QIP done cleanly, SMT capex delivered on schedule. But near-term margin execution missed — EBITDA compressed when management had guided double-digit margins 2003 GDR governan

Global Big Pharma numbers and guidance for the next year ,key patent related info and mapping the players Will also do a post on the pipeline and mapping the Indian partners so we can start mapping out profit chains

India's CDMO strength sits squarely in stages 3 and 4 API manufacturing and formulation Divi's, Aurobindo, Lupin, Hetero all built on that foundation The next battleground is stages 1 and 2: discovery services and process development. Only handful of Indian players are playing there at scale today

KMEW Reports Record Order Book FY26 Performance - Revenue at ₹256 Cr - EBITDA at ₹97 Cr - EBITDA margin at 38% - PAT at ₹79 Cr - PAT margin at 31% Order Book - FY26 orders worth ₹1,075 Cr - Highest annual inflow ever - Total order book ₹1,400 Cr Key Developments - Won ₹650 Cr Green Tug contracts - Contract tenure of 15 years - Completed JNPA dredging project - Acquired 15-acre shipyard land Growth Initiatives - Expanding shipbuilding operations - Executing IWAI vessel orders - Capacity expansion underway FY27 Outlook - Targets 30% revenue growth - EBITDA margin guided 35-40% Balance Sheet - Cash balance at ₹350 Cr - Free cash around ₹300 Cr - ₹16 Cr claim pending Key Takeaway - Record order book provides visibility - Strong margins and cash position - Expansion supports future growth New Stocksip with 5k @New_Stocksip

Government aims to 2X indians textile market 🔥🔥

BLUE JET Says Euphoria Around The Announcement is Misplaced | New Incubation Business Will Start Moving To India Running Contracts With Wuxi Will Not Get Impacted

GLP-1 domestic market mapping , how the demand plays out and therapy as a % of the market Only thing for now is the pricing and the regulation here , we have seen the regulator being strict on the mis prescription of the drug as a lifestyle drug , heard this from many companies in the recent calls source: Bernstein All Brokerage Reports @Brokerage_report