EQUITY IDEAS

*Monarch Networth | Travel Food Services Ltd – A long runway for growth- Company Update* *CMP - Rs 1,366; Target Price - Rs 1830; Rating - BUY; Upside: 34%* - Travel Food Services (TFS) Ltd reported a strong Q1FY27 performance, with revenue and earnings ahead of our estimates, supported by better-than-expected like-for-like growth, healthy net contract gains and continued mobilisation of new outlets across key airports. - Importantly, the company delivered this performance despite subdued passenger traffic and weakness in international travel amid Middle East disruptions, underscoring the resilience of its business model and effectiveness of premiumisation, menu innovation and revenue optimisation initiatives. - While near-term margins remain impacted by upfront manpower and pre-operating costs associated with the recent commissioning cycle, we expect operating leverage to improve as these outlets mature. - Going ahead, growth visibility remains strong, supported by the ramp-up of nearly 90 recently commissioned units, 50+ outlets under development across Delhi, Cochin, Navi Mumbai, Noida and other airports, and continued scaling of premium Travel QSR, lounges and passenger services. We maintain our BUY rating with a revised TP of Rs 1,830. Link to the report: https://tinyurl.com/TFSQ1FY27 Disclaimer: https://bit.ly/4hsIUGy Thanks & Regards, Rahul Dani / Aachal Pal Monarch Networth Capital

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OCCL posted 211% higher Q1FY27 EPS of Rs.8.1, supported by better capacity utilisation, domestic market share and customer relationships. With Rs.422 cr. reserves, low debt and strong cash flows, its growth outlook remains strong. Ambika Cotton reported 61% higher Q1 EPS of Rs.44.9. The long-term prospects remain bright. Maharashtra Seamless posted 1,150% higher Q1 EPS of Rs.15 and is undergoing Rs.850 cr. Capex, which may lead to FY27 EPS of Rs.65, while the stock trades at 9.4x forward P/E vs peers at 22x, indicating upside potential.. DCM Nouvelle clocked 1,150% higher Q1 EPS of Rs.15, which may lead to FY27 EPS of Rs.35. The stock trades at just 5x forward P/E, making it attractive. Hindalco posted 76% higher Q1 EPS of Rs.31.6, which may lead to FY27 EPS of Rs.120 from Rs.86.8 in FY26. At 8.8x forward P/E, the stock offers attractive valuations. Manoj Vaibhav clocked 33% higher Q1 EPS of Rs.5.6, which may lead to FY27 EPS to Rs.28 from Rs.23.5. At 5.8x forward P/E vs peers at 58x, valuations remain compelling. Smartlink Holdings reported 154% higher Q1 EPS of Rs.5.6, which may lead to FY27 EPS of Rs.17. With Rs.208 cr. free reserves and 12.3x forward P/E vs the industry average of 82x, the stock looks attractive. Tembo Global posted 33% higher Q1 EPS of Rs.1.6, which may lead to FY27 EPS of Rs.7.2 from Rs.5.5. At 8.5x forward P/E vs peers at 67x, the stock appears underpriced. Kalyani Steels reported 11% higher Q1 EPS of Rs.15.6, which may lead to FY27 EPS of Rs.66. At 12.8x forward P/E vs peers at 22x, the stock offers upside potential. Aries Agro clocked 48% higher Q1 EPS of Rs.10.5, which may lead to FY27 EPS of Rs.40 from Rs.33. At 9x forward P/E vs the industry average of 17x, valuations remain attractive. GSFC posted 14% higher Q1 EPS of Rs.4, which may lead to FY27 EPS of Rs.20. The stock trades at 17.5x forward P/E, offering attractive growth potential. Winsome Textiles reported 28% higher Q1 EPS of Rs.4.5, which may lead to FY27 EPS of Rs.16.5. At just 5.3x forward P/E, along with Rs.170 cr. capex for capacity expansion, the stock offers strong upside potential. SNL Bearings clocked 28% higher Q1 EPS of Rs.9.6, which may lead to FY27 EPS of Rs.36. At just 10.7x P/E vs the industry average of 41x, valuations remain attractive. Manaksia posted 70% higher Q1 EPS of Rs.3.9, which may lead to FY27 EPS of Rs.13 from Rs.B. At just 4.6x forward P/E, the stock looks attractive. Ramco Industries clocked 73% higher Q1 EPS of Rs.9.1, while FY26 EPS grew 65% to Rs.34.4. Its group-company stakes offer potential monetisation of Rs. 4,700 cr., while the stock trades at 10x forward P/E, indicating strong upside potential. D.P. Abhushan posted 77% higher Q1 EPS of Rs.28.3, which may lead to FY27 EPS of Rs.118 from Rs.93. New stores and expansion support growth, while the stock trades at 11.7x P/E vs the industry average of 58x, indicating substantial upside potential. A Time Communications Publication.bs

Demand and prices of caustic soda remain firm, with Gujarat Alkali, Lords Chloro and TGVSL posting strong Q1 results. TGVSL promoters bought 4.77 lakh shares in the last two quarters, signalling confidence. At PE of just 8x and 10% dividend, the stock looks attractive at CMP v/s its all-time high of Rs.182. IOL Chemicals & Pharmaceuticals delivered record Q1FY27 performance, with PAT rising 90% to Rs.64.05 cr. Non-Ibuprofen products contributed 43% of pharma revenue, while the Chemicals business recorded 29% YoY revenue growth and 193% EBIT growth. China approval for Clopidogrel API further strengthens the outlook. If the stock surpasses Rs. 180, a new range of Rs.190-210 may open. Bodal Chemicals is an integrated chemical player with 8 plants, 200+ products, 600+ customers and exports to 30+ countries. Q1FY27 EPS rose 219% to Rs.2.4, potentially taking FY27 EPS above Rs.10. Forward PE of 7x v/s peers at 19x makes the stock attractive at Rs.68 v/s its life-time high of Rs.193. Donear Industries has reserves of Rs.267 cr. v/s equity of Rs.10 cr. Q1FY27 PAT rose 119% QoQ to Rs.11.26 cr. v/s Rs.5.14 cr. in Q4FY26. Stock may surpass its 52-week high of Rs.116. GTV Engineering announced a 2:1 bonus issue and reported 92% higher Q1FY27 PAT at Rs.3.99 cr. The stock may surpass its 52-week high of Rs.84. Jyoti reported Q1FY27 PAT of Rs.5.15 cr. v/s Rs.3.26 cr. in Q4FY26, a 58% QoQ rise. With PE of just 7x, the stock looks attractive at Rs.52 v/s its life-time high of Rs.208. Manali Petrochemicals reported a 349% YoY jump in Q1FY27 PAT to Rs.64.36 cr. If the stock surpasses Rs.77, a new range of Rs.80-90 may open. Morepenlab delivered its highest-ever quarterly revenue and earnings in Q1FY27, with EBITDA rising 207% and PAT 394%, supported by API recovery, exports and CDMO growth. Its medical devices business offers an additional growth engine. Stock looks attractive at Rs.84 v/s its life-time high of Rs.222. National Fittings has reserves of Rs.84 cr. v/s equity of Rs.9 cr. Q1FY27 PAT rose 129% QoQ to Rs.3.94 cr., while five-year profit CAGR stands at 42.5%. EPS of Rs.4.34 in Q1FY27 could lead to FY27 EPS of around Rs.20. Stock looks attractive at Rs.164 cum dividend v/s its life-time high of Rs.285. Northern Spirits reported 86% higher Q1FY27 PAT at Rs.9.27 cr. v/s Rs.4.98 cr. in Q4FY26. With PE of just 7x and five-year profit growth of 56%, the stock looks attractive at Rs. 129 v/s its life-time high of Rs.576. Sarla Performance Fibers reported a remarkable 746% QoQ rise in Q1FY27 PBT to Rs.46.30 cr., potentially taking FY27 EPS above Rs.21. Promoter holding rose to 59.98% from 57.11%, signalling confidence. Stock looks attractive at Rs.101 and may surpass Rs.132. Super Crop Safe reported 162% higher Q1FY27 PAT on revenue of Rs. 18.56 cr. Sucrosa looks attractive at Rs.14 v/s its life-time high of Rs.37.75. Smrutht Organics turned profitable with Q1FY27 PAT of Rs.2.88 cr. v/s a loss of Rs.1.10 cr. in Q1FY26. Q1 EPS of Rs.2.57 could lead to FY27 EPS above Rs.12. Stock may surpass its 52-week high of Rs.164. TGV Sraac reported 62% higher Q1FY27 PAT at Rs.45.42 cr. and has reserves of Rs.1,190 cr. v/s equity of Rs.28 cr. Promoter holding rose to 64.26%, while PE is just 8x and dividend is 10%. Stock looks attractive at Rs.106 v/s its life-time high of Rs.182. Vodafone Idea reaffirmed its three-year growth targets with a $4.7 billion network investment plan, targeting double-digit revenue growth and threefold cash EBITDA. It plans to add around 3,500 4G sites monthly and expand 5G to 200+ cities. Just keep on radar. Emerald Finance has partnered with Zirakpur-based Fireknott Fashion to offer Early Wage Access to employees. Neetu Yosht has commenced commercial production at its new Haridwar facility from September 13, 2026, nearly doubling its overall manufacturing capacity. Forcas Studio is leveraging two decades of industry experience with an asset-light, low-cost strategy to build a scalable fashion business. Mitsu Chem Plast has invested Rs.1.94 cr. in machinery to add 3,550 MT annual capacity, taking total manufacturing capacity above 36,000 MT. Sanjivani Parenteral reported strong Q1FY27 performance, with total income rising 34% YoY to Rs.23.99 cr. and PAT growing 44% to Rs.2.49 cr. Advit Jewels reported strong Q1FY27 performance, with total income rising 37% YoY to Rs.35.40 cr. and net profit growing 38% to Rs.8.19 cr. Captain Polyplast, a micro-irrigation and solar solutions provider, reported Q1FY27 revenue growth of 16% and EBITDA growth of 27% Maiden Forgings completed the sale of its vacant Ghaziabad land parcel for Rs. 12.90 cr., unlocking capital for ongoing expansion. Dhruv Consultancy Services reported Q1FY27 total income of Rs.15.94 cr. and strengthened its order book across key infrastructure verticals. Khazanchi Jewellers reported strong Q1FY27 performance, with revenue rising 45% and EBITDA growing 89%, supported by its established jewellery retail business. Supreme Power Equipment reported Q1FY27 total income of Rs.48.31 cr. and EBITDA of Rs.8.89 cr., strengthening momentum in its transformer business. Patil Automation approved the acquisition of an additional 10% stake in Mii Robotics, taking its shareholding from 60% to 70%. KRN Heat Exchanger and Refrigeration reported Q1FY27 revenue of Rs.252.32 cr., up 119% YoY, EBITDA of Rs.49.06 cr., up 179%, and net profit of Rs.32.90 cr., up 165%. Overseas revenue grew 177% to Rs.52.38 cr. Magellanic Cloud subsidiaries secured two e-surveillance orders worth Rs.22.13 cr. from DFCCIL and NCR Corporation India, with contracts extending up to five years. Praveg reported Q1FY27 total income of Rs.46.21 cr. and EBITDA of Rs.3.90 cr., while expanding its hospitality and tourism footprint. Unihealth Hospitals successfully treated a complex pancreatic case through minimally invasive laparoscopic surgery at UMC Hospitals, Navi Mumbai, strengthening its advanced tertiary care capabilities. Intense Technologies reported Q1FY27 total income of Rs.31.04 cr., EBITDA of Rs.1.53 cr. and net profit of Rs.87.16 lakh. SEPC reported Q1FY27 total income of Rs.282 cr., up around 39% YoY, EBITDA of Rs.26 cr. and an order book of Rs.10,670 cr. as of June 30, 2026. Iris Clothings saw Nippon India Equity Opportunities AIF acquire 15 lakh shares through a bulk deal at Rs.55 per share, representing around 0.79% stake worth Rs.8.25 cr. Aartech Solonics is an R&D-driven engineering firm focused on advanced energy applications, with exports to Oman, Qatar and Africa. Q1FY27 PAT rose 146% to Rs.1.55 cr. and sales grew 68% to Rs.7.29 cr., indicating strong growth potential. Univastu India has an order book of over Rs.1,750 cr. against a market cap of just Rs.286 cr., with major orders from L&T, IRCON and Pune Metro. Q1 sales rose ~260% to Rs.104 cr. and PAT grew 150% to Rs.10 cr.; at 19x PE, the stock looks attractive for a strong run when market sentiment improves. Laser Power & Infra is an integrated power cable and conductor manufacturer serving power transmission, railways and renewable sectors. With over Rs.2,400 cr. annual revenue, 20.5% ROCE, a 25-acre Kharagpur facility and a partnership with US-based TS Conductor for advanced carbon-core conductors, the company has strong growth prospects. Agarwal Toughened Glass manufactures value-added architectural and industrial safety glass, with an executable order book of Rs.55 cr. and Rs.68.04 cr. preferential fund raise for expansion. Q1FY27 revenue grew 22.86% QoQ to Rs.34.40 cr., while partnerships with Saint-Gobain support growth in safety and solar glass. Century Extrusions is a leading aluminium extrusion manufacturer with 15,000 MTPA capacity and a planned 9,000 MTPA brownfield expansion. Q1FY27 net profit rose 59.75% YoY to Rs.3.77 cr. and sales grew 32.85% to Rs.138.36 cr., while the Rs.45 cr. rights issue will support expansion and liquidity. DDev Plastiks clocked 24% higher Q1 EPS of Rs.6.2, which may lead to FY27 EPS of Rs.24 from Rs.19.5 in FY26. The stock trades at a P/E of 12.2x, making it attractive.

👉🏻 *MONEY TIMES TALK*👈🏻 *15.08.2026* ₹ Although Money Times recommendation have outperformed other media, stock brokers and research houses, the brief recommendations under Money Times Talk (MTT) cannot display 'BUY', 'SELL' or 'HOLD' recommendations. Readers should, therefore, exercise their own judgement and evaluate the future prospects of the stock given Its past performance, Industry prospects in the backdrop of a growing economy and in consultation with their investment adviser. ➤ As per astrology view, some important turning dates are 17, 19, 21, 25 & 28th August 2026. Friday night closing: Brent Crude $89.59, Dow-108 pts., Nasdaq -74 pts., S&P -13 pts, and Gift Nifty -8 pts. at 24,423, signalling a mild gap-down opening on Monday, subject to weekend developments. As per market grapevine, markets may remain volatile with a sell-on-rise mood. Al concerns, lack of double-digit growth, heavy IPO activity, rising inflation and rupee weakness remain key concerns. Astro tension: Rahu remains in Dhanista nakshatra till 5-12-2026, with wild volatility and unexpected sharp rises and falls possible. Therefore, reduce F&O and options trading, avoid overtrading and leverage, and strictly avoid MTF till December 2026. Q1 results season is over, and while many broader-market companies posted strong numbers, retailers largely lost money, as per SEBI data. Focus on a few growth-oriented cash stocks with strong Q1FY27 results and an optimistic Q2FY27 outlook. Black Rose, Chemcon Speciality Chemicals, Haldyn Glass, IOLCP, IVP, Morepenlab and TGVSL may perform well over the next 3-4 months.. Very big alert for F&O and options traders. As per market grapevine, CAS again showed its impact on the 13-8-2026 Sensex expiry, with Rs.150 cr. BSE cash volume settling Rs.4 lakh cr. of notional outstanding options. A 78,000 CE jumped from Rs.2 to Rs.79 in just three minutes. Till a practical solution emerges, focus on select growth-oriented cash stocks. Astro alert: Saturn remains retrograde till 11-12-2026. Unexpected sharp market moves may continue during this period. Therefore, reduce F&O and options trading, avoid overtrading and leverage, and strictly avoid MTF till December 2026, As per market grapevine, stocks to watch include Archidply, Blackrose, Bodal Chemicals, Bright Brothers, Chemcon Speciality Chemicals, Donear Industries, GTV Engineering, Haldyn Glass, Hindustan Adhesives, IOLCP, Indag Rubber, IVP, Jyoti, Manali Petro, Morepenlab, National Fittings, Northern Spirits, Sarlapoly, Smruthi Organics, Super Crop Safe and TGVSL. As per market veteran, investors see returns and headlines, but the real edge is understanding the risk and volatility behind those returns. Don't chase the highest return blindly; invest with your "third eye" by assessing risk, volatility and sustainability. Nifty has remained stuck around the 24,200-24,600 range around Independence Day for three consecutive years, at 24,100-24,200 in 2024, 24,500-24,600 in 2025 and 24,300-24,400 in 2026. Investors may be better served by focusing on select growth-oriented cash stocks with strong Q1FY27 results and Q2FY27 outlook. On Friday, 13-8-2026, bullish breakouts with volumes were seen in Archidply, Blackrose, Bodal Chemicals, Donear Industries, GTV Engineering, HPBL, Jyoti, Manali Petro, Morepenlab, National Fittings and Sucrosa. Keep these 11 stocks on radar for Monday. As per market veteran, shifting from a loss-making stock to one with better earnings visibility can be painful, but short-term pain can lead to long-term gains. Quick profits are exciting, while steady compounding feels boring, but over 10-15 years, boring often wins. Focus on protecting capital. Reshuffle the portfolio after studying quarterly results and con-calls. If a stock shows no momentum for around 100 days, consider reducing the position and shifting capital towards stronger performers. Re-enter laggards when momentum returns, but always follow due diligence and risk management. Very big alert: Retail losses in F&O fell to Rs.91,685 cr. in FY26 from Rs.1.12 lakh cr. following SEBI measures. STT revenue from F&O trades rose to Rs.27,695 cr. and SEBI plans to release a study on retail derivative losses within 10 days. Retail traders should remain cautious and avoid excessive F&O exposure. As per market veteran, FOMO is the fastest way to lose money. Chasing every breakout or 20% up-move often leads to late entries, fear and losses. If you don't understand the company, don't enter, irrespective of how fast the stock is moving. Let others chase speed and wait for clarity. Buy in FOMO and sell in panic leads to capital and mental loss, while buying during panic and selling in FOMO can create both capital gains and peace of mind. Follow a plan, avoid excessive churning and stay focused on quality businesses and earnings. Patience and disciplined execution remain the key to long-term wealth creation. As per market veteran, shifting from loss-making stocks to businesses with better visibility can be painful, but this short-term pain may lead to long-term gains. Quick profits feel exciting, while steady compounding feels boring, but over 10-15 years, boring can beat exciting. Focus on protecting capital and choosing businesses with sustainable growth rather than chasing quick returns. A key rule for finding multibaggers is to assess the promoter's mindset first. Strong numbers alone do not create multibaggers. Committed, capable and investor-friendly promoters who can handle success, stay focused and remain committed to their business can create long-term wealth. Management psychology often matters before financial numbers show the opportunity. Big alert: As per market veteran, companies benefited from low-cost inventory ahead of Q1, making the strong performance less sustainable. With Q1 results largely behind us, the market is likely to reward companies with better Q2 earnings visibility and sustainable growth rather than one-time gains. Investors should focus on forward earnings visibility, margins and execution. As per market veteran, every investor has a different risk profile, financial goal and investment horizon, so never blindly copy another portfolio. The right investment is one that matches your risk tolerance and lets you stay invested peacefully for the long term. Financial literacy and disciplined money management are essential for reducing stress and building financial security. Tax data: A massive Rs.36.27 lakh cr. in direct tax demands has been flagged as unrecoverable due to untraceable taxpayers and insolvent companies. As per market grapevine, in capitalist economies business leaders tend to dominate wealth creation, while in socialist systems political leaders and senior bureaucrats often hold greater wealth. Bad ideas never succeed. Bitcoin has delivered a weak performance, down 25% year-to-date and 43% over the last 12 months, highlighting the risks of speculative investments. Astro junction: The Solar eclipse occurred on 12th August and the Lunar eclipse is due on 28-8-2026. Unexpected sharp rises and falls may continue till 31-12-2026. Therefore, reduce F&O and options trading, avoid overtrading and leverage, and strictly avoid MTF and margin-funded investments till December 2026. One-year performance of key railway stocks remains weak with RVNL down 32%, IRFC 30%, IRCTC 29%, Jupiter Wagons 23%, IRCON 22%, RailTel 19%, BEML 10%, CONCOR 9% and RITES 7%. A good company does not always mean a good stock, making entry and exit timing important. Review investments technically and fundamentally every three months and stay disciplined. Archidply Industries notched a remarkable 886% rise in Q1FY27 PAT to Rs.5.62 cr. The stock trades at an attractive PE of just 13x and may surpass its 52-week high of Rs. 121. IRB Infra continues to show strong momentum, with group toll revenue rising around 26% YoY in July 2026. Just keep on radar.

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*MNCL Research: Diamond Power Infrastructure Q1FY27 Earnings call KTAs:* *CMP: Rs 362 | Mcap: Rs 216bn | Rating: Not Covered* *Strong Q1 Despite Heavy Monsoon* Revenue stood at Rs 6,900mn (+129% YoY), EBITDA at Rs 770mn (+149%) and PAT at Rs 580mn (+191%), with EBITDA margin expanding ~91bps to 11.2%. Despite heavy Gujarat monsoon impacting MV cable installation, the company delivered broadly in line with its Rs 7,000mn internal target. Management indicated that normal weather could have added Rs 700-800mn to Q1 revenue. Q1 is seasonally the weakest quarter, with Q3/Q4 typically being the strongest. *FY27/FY28 Growth Guidance Reiterated* Management maintained FY27 revenue guidance of Rs 43-45bn and expects revenue to reach ~Rs 75bn in FY28 and ~Rs 100bn in FY29. The ramp-up is expected to be gradual, with Q2 improving sequentially and stronger acceleration in Q3/Q4, supported by seasonality, capacity commissioning, higher utilization and strong order visibility. *Order Book at ~2x FY26 Revenue* Order book stood at Rs 36.8bn as of 11 Aug 2026, nearly 2x FY26 revenue. The company has won Rs 10bn+ orders since April, including ~Rs 4bn in the last 6-7 days. Around Rs 28bn is targeted for execution in FY27, while ~Rs 845mn is scheduled for the following year. Management expects to enter FY28 with 50-60% of the next year's target already covered. *MV/EHV Remains the Core Strategy* Diamond Power is strategically moving towards higher-value MV and EHV cables, where qualification barriers, realizations and margins are significantly better than commoditized LV products. ~70-80% of its capacity is focused on MV/EHV. At the longer-term Rs 140bn potential revenue level, management expects 50-55% revenue from MV/EHV, 30-35% from conductors and 10-15% from LV cables. *Capacity Expansion Underway* The 4th rod mill is expected by Oct’26, additional MV cable line by Sep’26, and an existing CCV line by Mar-27. A 6th CCV line is targeted for commissioning by Dec-27. Two aluminium corrugation lines are being added with only Rs 170mn capex, allowing existing 33kV capacity to be shifted towards 66kV/132kV products. The new LV facility is expected to commence commercial production in FY28. *Utilization Has Significant Headroom* FY26 utilization was only ~34% for cables and ~20% for conductors. Management targets 50–52% cable and ~40% conductor utilization in FY27, rising to ~60% for both in FY28. Hence, substantial growth can be delivered through utilization improvement before requiring significant additional infrastructure. *Data Centres Emerging as a Major Growth Engine* Diamond already has a Rs 4,350mn data-centre cable order. Management targets Rs 7,500mn data-centre sales in FY27, Rs 10bn+ of data-centre orders by March-27 and ~Rs 15bn orders in FY28. Longer term, management expects data centres to contribute ~20% of revenue. STLS conductors are also benefiting indirectly as data centres require reconductoring of existing transmission lines. *Undergrounding + Climate Resilience = Large MV Opportunity* Gujarat's ROBUST project has a total project cost of Rs 220bn, of which ~Rs 160bn relates to 11kV/33kV MV cables. Diamond has already secured a 1,370km order through Rajesh Power. Management expects Rs 40-50bn of orders to be finalized in Gujarat by year-end. Similar opportunities are emerging across Odisha, West Bengal, Karnataka, Telangana and Andhra Pradesh, with 9–10 coastal states pursuing climate-resilience/undergrounding initiatives. *AL-59 Replacing Traditional ACSR* Management indicated that AL-59 now accounts for ~70% of the conductor market. Demand is primarily driven by new transmission lines, TBCB projects and state utilities. Diamond has stopped producing traditional ACSR as customers increasingly migrate towards AL-59. *Margins Could Improve with Mix* Management guided for 11–13% EBITDA margin. Q1 margin was already 12.3% despite metal-price and mix-related pressures. As MV/EHV contribution increases, margins should benefit from better product economics and operating leverage. Indicative EBITDA margins are 8–9% for LV cables, 9–10% for conductors, 14–15% for 11kV, ~16% for 33kV and 18–22% for 66kV+ cables. *Operating Efficiency Improving* Operating costs have declined from ~9% to 6.5% of revenue, with management targeting ~6%. Automation, IoT, AI, production monitoring and batch-level traceability are being implemented to increase output without a proportionate increase in manpower. *Exports: Early Stage, But Q3/Q4 Inflection Expected* Exports are currently negligible, but the company is building a dedicated export team and pursuing certifications for Europe, US, Middle East and Africa. Management expects meaningful export order inflows in Q3/Q4 FY27 and is targeting a Rs 5,000mn export order book by FY27-end, initially focused on conductors and MV cables. *QIP Transforms Balance Sheet* The company raised Rs 16.14bn through QIP. Net worth improved from negative Rs 9.22bn as of June-26 to positive ~Rs 6.91bn post-QIP. Around Rs 7.5bn is earmarked for working capital, Rs 1.3bn for LV expansion, Rs 740mn for balancing equipment, Rs 3.5bn for repayment of promoter unsecured debt and Rs 3.25bn for general corporate purposes. *Minimal Debt Expected Till FY28* The Rs 24bn FY26 long-term borrowing largely comprised Rs 19bn promoter-held bonds and a Rs 4bn promoter unsecured loan, the latter repaid post-QIP. The bonds carry only 0.01% coupon and are payable after 30 years, with an estimated NPV of ~Rs 470mn. Management expects no substantial debt until March-28, barring acquisitions or new strategic opportunities. *Key Monitorables* The key risks are execution of the sharp FY27 ramp-up, monsoon-related disruption, metal-price volatility, capacity commissioning and working-capital requirements. Export execution and certification progress will also be important monitorables. Regards, Mohit Surana | Akhil Khanvilkar Monarch Networth Capital

Mainboard IPOs for Next Week Lalithaa Jewellery Mart Date: 17–19 Aug Price: ₹190–201 Size: ₹1,700 Cr Horizon Industrial Parks Date: 17–19 Aug Price: ₹57–60 Size: ₹2,600.5 Cr Shankesh Jewellers Date: 18–20 Aug Price: ₹88–93 Size: ₹367.2 Cr Sunshine Pictures Date: 18–20 Aug Price: ₹342–360 Size: ₹282.1 Cr Gaja Alternative Date: 19–21 Aug Price: ₹152–160 Size: ₹550 Cr

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*MNCL Research: TD Power Q1FY27 results first cut: Strong Beat to Estimates* *CMP: Rs 1,275; TP: Rs 1,246 (UR); Rating: Hold (UR)* *Revenue*: Rs 6,401mn; +72.1% YoY, +8.6% QoQ. +4.3% vs our estimates *EBITDA*: Rs 1,216mn; +76.7% YoY, +24.3% QoQ. +10.1% vs our estimates *EBITDA margin*: 19.0%; +50 bps YoY, +240 bps QoQ; +100 bps vs our estimates. *PAT*: Rs 863mn; +72.3% YoY, +19.5% QoQ. +10.7% vs our estimates *Our view:* The company reported strong set of numbers in-line with the strong order booking trend of the global turbine OEMs. The results exceed our expectations. We will revisit our estimates and rating post the earnings concall tomorrow at 11:30 am. *Call Link:* https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=3325245&linkSecurityString=1c2b1cc063 Regards, Mohit Surana | Akhil Khanvilkar Monarch Networth Capital

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*PM Modi’s 80th Independence Day Address — “SAPTA DHARA”* From the Red Fort today, PM Modi unveiled “Sapta Dhara” — seven streams of strength to accelerate India’s journey towards Viksit Bharat @ 2047: 1️⃣ Manufacturing — Make in India, global-scale production. 2️⃣ Agriculture & Food Processing — Higher farm productivity & food security. 3️⃣ Technology & Innovation — AI, semiconductors, R&D & digital economy. 4️⃣ Gati Shakti — Infrastructure, logistics & connectivity. 5️⃣ Defence — Aatmanirbharta & indigenous defence capability. 6️⃣ Green & Blue Economy — Clean energy, sustainability & natural resources. 7️⃣ Soft Power — India’s culture, knowledge, values & global influence. *The message is clear: India’s next growth cycle will not depend on one sector — it will flow through seven powerful streams.*

Photo from Srikanth Matrubai

Photo from Srikanth Matrubai

Q1 EARNINGS Good-Max Financial, IRCTC, Honasa Consumer, RCF, Solar Industries, Welspun Living, HMA Agro, Diamond Power, Technocraft Industries, LG Electronics, Indigo Paints, Galaxu Surfactantsz, Manorama, Kennametal India, Seamec Inline/Mixed-DCW, Endurance Tech, Relaxo Footwear, Genus Power, AGI Infra, Brainbees, Elgi Equipments, KRBL, Rane Holdings, JTEKT India, Ingersoll-Rand, Travel Food Services, Brigade Enterprises, Centum Elect, Supriya Life, Fujiyama Power, JSW Cement, Finopayment Bank, Olectra Greentech Weak-Tata Motors PV, Praj Industries, Dreamfolks, Premier Explosives, Samman Capital, KNR Construction, Swan Energy, Unicommerce eSolutions, Avanti Feeds

*DIRECT TAX COLLECTION UPDATE | FY27* ➖➖➖➖➖➖➖ 🇮🇳 Direct tax collections as of 10 Aug 2026 *• Gross Direct Tax Collection:* ₹9.55 lakh crore →Up 19.75% YoY vs ₹7.97 lakh crore last year. *• Net Direct Tax Collection:* ₹8.11 lakh crore →Up a strong 23.09% YoY vs ₹6.59 lakh crore. *• Corporate Tax (Net):* ₹2.70 lakh crore →Vs ₹2.26 lakh crore last year. *• Non-Corporate Tax (Net):* ₹5.07 lakh crore →Vs ₹4.11 lakh crore last year. *• Securities Transaction Tax (STT):* ₹33,824 crore →Vs ₹22,354 crore last year — strong growth in STT collections. *• Refunds:* ₹1.43 lakh crore →Up 3.79% YoY. _*Net direct tax collections have grown 23.09% YoY so far in FY27, indicating strong tax revenue momentum.*_

*AMFI Latest Market Cap Reshuffling*

KRYSTAL INTEGRATED SERVICES ; TARGETS ₹300–350 CR ANNUAL REVENUE FROM CITY LIGHTING & URBAN INFRA BUSINESS 🏙️💡 • 🤝 Acquires 100% stake in Citelum India from France government-owned EDF Group. • 📈 Targets ₹300–350 Cr annual revenue from the new vertical over the next 3–4 years. • 💰 Plans to invest around ₹100 Cr in engineering capabilities, technology platforms and business expansion. • 🏗️ Plans to scale operations across 30–40 cities in 12–15 states. • 📊 New infrastructure vertical expected to contribute 12–15% of consolidated revenue. • 💡 Expansion opportunities include connected lighting, smart metering, EV charging infrastructure and other urban electrical solutions. • 👷 Company sees potential to create 5,000+ skilled and semi-skilled jobs as operations scale.