Fundamental Analysis (Long term)

VARROC ENGINEERING | Q1 FY27 Growth Drivers 🚀 Revenue Growth - FY27 revenue growth ambition: 20–25%. - Q1 revenue grew 29.9% YoY. - Strong automotive volume growth. - Overseas business grew 45.6%. - Growth supported by new program ramp-ups. ⚡️ E-Mobility Growth - EV revenue grew 87% YoY. - EV contribution reached 15.8% of revenue. - Strong 2W EV demand supports growth. - Product integration can support future ASPs. - EV penetration expected to increase further. 🔋 E-Mobility Order Wins - Q1 wins worth ₹600 Cr annualized peak revenue. - Two-thirds driven by e-mobility. - One new customer SOP starts Q2 FY27. - Two additional customers in advanced discussions. - Further SOPs expected during FY27. 💡 Overseas Electronics & Lighting - Overseas electronics and lighting revenue expected to double. - Romania launches supporting electronics growth. - Thailand lighting wins add revenue. - Multiple additional order wins expected. - Overseas mix expected to increase. 🇷🇴 Romania Turnaround - EBITDA breakeven targeted by Q4 FY27. - Electronics business now separately reported. - New programs supporting revenue ramp-up. - Low/high-voltage electronics opportunity expanding. - Margin improvement remains key catalyst. 💰 Margin Recovery - Q1 EBITDA margin: 8.5%. - India EBITDA margin: 10.6%. - War-related impact: ~0.75%. - Tooling impact: ~0.8% one-time. - Most pressure expected to reverse in Q2. - Customer recovery expected in Q2/Q3. 📈 Medium-Term Margin Expansion - PBT margin target: 10%. - Target timeline: 3–4 years. - Overseas business also targets 10% PBT. - Operating leverage supports profitability. - Overseas turnaround remains major driver. 🏭 E-Mobility Capex - FY27 capex guidance: ₹500–550 Cr. - Q1 capex already reached ₹160 Cr. - Majority focused on e-mobility capacity. - Supports new EV model launches. - Capacity expansion enables future growth. 🌍 Overseas Expansion - Strong overseas growth momentum. - Romania electronics scaling rapidly. - Thailand lighting business expanding. - New global programs support diversification. - Reduces dependence on domestic operations. 🏆 Long-Term Revenue Target - FY31 revenue aspiration: ₹20,000 Cr. - Target implies significant scale-up. - Organic growth remains primary driver. - Overseas targeted at 20% of revenue. - Non-auto/inorganic contribution targeted around 10%. ⚙️ Traction Motor Opportunity - New customer SOP begins Q2 FY27. - Two additional customers in advanced discussions. - SOPs expected within FY27. - Supports e-powertrain diversification. - Adds future recurring revenue. 👨‍💼 Technology Leadership - New CTO: Eric Hammond. - Brings 25 years automotive technology experience. - Focus on e-powertrain and electronics. - Higher-voltage systems under development. - X-in-1 architecture opportunity expanding. 🚗 ASP Stabilization - EV ASP declined high-single-digit YoY. - Driven by product mix changes. - Management expects no major double-digit decline. - Component integration can improve ASPs. - Product complexity supports value addition. 🌐 Global Program Wins - Q1 order wins: ₹600 Cr peak revenue. - Thailand 4W lighting win supports overseas growth. - E-mobility remains largest order driver. - Further significant wins expected. - Stronger order pipeline supports visibility. 💵 Balance Sheet Improvement - Net debt/equity remains comfortable at 0.28x. - Zero net debt target maintained for FY28. - Current debt increase considered temporary. - Working capital normalization can support deleveraging. - Higher profitability supports cash generation. 🎯 Management Targets - FY27 Revenue Growth: 20–25%. - FY27 Capex: ₹500–550 Cr. - Overseas Electronics/Lighting: 2x growth. - Romania EBITDA Breakeven: Q4 FY27. - Medium-Term PBT Margin: 10%. - FY31 Revenue Aspiration: ₹20,000 Cr. - Zero Net Debt Target: FY28. ✅ Key Long-Term Growth Drivers - 20–25% revenue growth. - Rapid EV penetration. - E-mobility order wins. - Overseas electronics expansion. - Romania turnaround. - Thailand lighting growth. - New EV customer SOPs. - E-powertrain technology expansion. - Margin recovery and operating leverage. - ₹20,000 Cr FY31 revenue aspiration.

VARROC ENGINEERING – RESEARCH REPORT Business Overview - Varroc is a global automotive components manufacturer. - Products span electrical, electronics, polymers and metallic systems. - Serves 2W, 3W, PV, CV and off-highway OEMs. - Operates 37 manufacturing facilities across 8 countries. - FY26 revenue: ₹8,891 Cr | EBITDA Margin: 9.4%. - India remains the core profit-generating business. Business Mix - Body Systems: 35.2% of FY26 revenue - ICE Powertrain: 25.1% - Lighting: 16.9% - Aftermarket: 10.0% - E-Mobility: 6.2% - HMI: 3.9% - Overseas Electronics: 2.7% Q1 FY27 Performance - Revenue: ₹2,630 Cr | ↑29.9% YoY - Consolidated EBITDA Margin: 8.5% vs 9.5% YoY - India EBITDA Margin: 10.6% - Net Debt: ₹527 Cr - Net Debt/Equity: 0.28x - FY27 Capex Guidance: ₹500–550 Cr - EV-model revenue reached 15.8% of total revenue. - EV-related revenue grew 87% YoY. BIG GROWTH DRIVER – EV - E-Mobility is the fastest-growing business. - EV 2W volumes grew 91% YoY in Q1 FY27. - EVs carry 5–7x higher Varroc content than ICE vehicles. - EV revenue contribution reached 15.8%. - Rare-earth-free SynRM motors reduce magnet dependency. - Second EV customer begins SOP in Q2 FY27. - Two additional EV customers are under advanced discussion. ORDER BOOK – KEY POSITIVE - FY26 net-new wins: ~₹3,289 Cr annualised peak revenue. - Around 65% of FY26 wins were EV-related. - Q1 FY27 added ~₹599 Cr new business wins. - Order book is increasingly skewed toward non-Bajaj customers. - OEM development creates switching costs and multi-year visibility. LIGHTING – NEXT GROWTH ENGINE - Lighting contributes 16.9% of FY26 revenue. - Premiumisation increases content per vehicle. - Matrix LED, ADB and advanced lighting expand opportunity. - Thailand plant begins meaningful ramp-up from CY27. - Thailand has already secured major 4W lighting wins. - China R&D provides technology + cost + speed advantage. OVERSEAS TURNAROUND - Overseas revenue grew 45.6% YoY in Q1 FY27. - Romania electronics remains the major loss centre. - Romania EBITDA breakeven targeted by Q4 FY27. - Thailand lighting should ramp through CY27. - Overseas lighting/electronics turnaround expected from H2 FY27. - Successful ramp-up could significantly improve consolidated margins. INDIA PREMIUMISATION - Body Systems remains the largest business. - Lighting + HMI + Body Systems exceed 55% of revenue. - Premium vehicles require higher electronic and polymer content. - India revenue grew 28.6% in Q1 FY27. - Management targets 20–25% growth for FY27. COMPETITIVE ADVANTAGE - 130+ patents across the group. - 17 SMT lines across India. - In-house motor winding and electronics capabilities. - ISO 26262 ASIL-B functional safety capability. - China-based R&D strengthens global lighting capabilities. - Vertically integrated EV powertrain ecosystem. - OEM co-development creates meaningful switching costs. AFTERMARKET OPPORTUNITY - Aftermarket contributes ~10% of FY26 revenue. - 8,000+ SKUs across 40+ product lines. - 700+ channel partners across 30+ countries. - Less cyclical than OEM business. - Management wants expansion in 4W and exports. - Potential inorganic opportunities remain. MANAGEMENT TARGETS - FY27 growth target: 20–25%. - PBT Margin target: 10% within 3–4 years. - Zero debt target: FY28. - Revenue target: ₹20,000 Cr by FY31. - Target mix: 80% India | 20% Overseas. - Growth expected increasingly from EV, HMI and Lighting. KEY RISKS - Bajaj Auto contributes ~46% of consolidated revenue. - E-Mobility remains heavily dependent on Bajaj currently. - Romania losses may persist if program ramp-up is delayed. - IMES forging business remains loss-making. - Lighting faces intense global competition. - Commodity inflation can pressure margins. - War-related cost under-recovery impacted Q1 margins. - Legal/arbitration matters remain outstanding. WHAT CAN CHANGE THE STORY - Successful new EV customer SOPs. - Faster EV revenue penetration. - Thailand lighting ramp-up. - Romania EBITDA breakeven. - Higher non-Bajaj customer contribution. - Margin recovery toward 10%+ PBT. - Debt reduction and stronger free cash generation. INVESTMENT VIEW Varroc is transitioning from a traditional auto-component business toward a higher-content automotive technology platform. The strongest part of the thesis is the combination of EV content growth + new EV customers + lighting premiumisation + overseas turnaround. The biggest near-term monitorable is execution. India is already profitable, but the overseas businesses need to convert their large order pipeline into revenue and eventually profits. KEY TAKEAWAY Varroc's opportunity is not just auto-volume growth — it is higher content per vehicle, rapid EV penetration and overseas capacity utilisation. If Romania and Thailand ramp as planned while Bajaj concentration reduces, earnings growth could accelerate materially.

Growth Triggers for Ramkrishna Forgings. Flooded with demand. Inquiries and RFQs keep feeding the order book. Ring rolling is at 127% utilization. Booked for 2 to 3 years Guidance of 8000cr revenue by FY29. North America and Europe are firing. Exports 35% of revenue. Non CV business is expected to become major contributor going ahead. Foray into Titanium and Inconel forgings for aerospace, robotics and semis. Meaningful revenue still 2 years away. Net debt down to 1500cr from 1900cr.

MINDA CORPORATION LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1 FY27 Performance - Revenue: ₹1,846 Cr, up 33.2% YoY. - EBITDA: ₹212 Cr, up 35.4%. - EBITDA margin: 11.5%. - PAT: ₹206 Cr, up 216% YoY. - PAT includes ₹106 Cr exceptional gain. - Highest-ever quarterly revenue achieved. - Highest-ever quarterly EBITDA achieved. - Lifetime order wins: ~₹2,500 Cr. - Seven patents filed during Q1. Business Performance - Mechatronics grew 33% YoY. - Information & connected systems grew 34%. - Wiring harness grew over 30%. - Instrument clusters grew over 35%. - Growth driven by customer share gains. - New customers supported growth. - Premiumization supported value growth. - Exports contributed additional growth. - Capacity utilization: ~77-80%. Business Mix - Wiring harness: 32% revenue. - Vehicle access: 25%. - Die casting: 15%. - Instrument clusters: 16%. - Other businesses: 12%. - Two/three-wheelers: 46%. - Commercial vehicles: 27%. - Passenger vehicles: 19%. - Aftermarket: 8%. Flash Electronics - Revenue: ₹533 Cr, up 42% YoY. - EBITDA margin: 15.4%. - PAT margin: 6.6%. - EV revenue grew 90% YoY. - EV revenue forms ~30%. - Growth driven by new products. - Three-wheeler penetration is increasing. - Kit value continues to increase. - FY27 growth target: 20-24%. - Long-term EBITDA margin target: 16-17%. - Higher commodity costs impacted margins. - Higher labour costs impacted margins. - Customer pass-through arrangements provide protection. EV Opportunity - Minda EV revenue share: ~10%. - Minda EV revenue grew 40% YoY. - Group EV revenue share: ~14%. - EV two-wheeler penetration: ~10.6%. - Passenger vehicle EV penetration: ~7.5%. - Flash benefits strongly from EV adoption. - Magnet-less motors already developed. - Motors undergoing customer testing. - Passenger vehicle EV partnerships underway. - EV growth expected through FY30. Minda Vast Consolidation - Minda Vast revenue grew 22%. - Consolidation lifted PV revenue share. - PV contribution increased from 15% to 19%. - Q1 revenue contribution: ~₹125 Cr. - EBITDA margin improved to 8.4%. - Previous-year margin: 6.5%. - Management targets further margin improvement. - Vehicle access portfolio significantly strengthened. - Products include handles and locksets. - Latches and smart access also included. - Kit value currently ₹8,000-13,000. - Future kit value could potentially double. - Growth spread across multiple OEMs. Order Book - Lifetime order wins: ~₹2,500 Cr. - Orders spread across multiple divisions. - Vehicle access orders secured. - Casting orders secured. - Wiring harness orders secured. - Cluster orders secured. - New energy orders secured. - Electronics orders secured. - Orders span ICE and EV. - Domestic and export opportunities included. - Export order book: 8-10%. - Customer concentration is being diversified. Turntide Motor Controller - SOP expected October-November. - Production facilities already established. - Lines are currently being tested. - Working with top-tier customers. - Capacity expansion continues across plants. - New business should ramp progressively. Switches JV - Lifetime order book exceeds ₹1,000 Cr. - SOP expected around Q4 FY27/Q1 FY28. - FY28 revenue target: ~₹150 Cr. - Peak current-order revenue expected FY29. - Expansion to additional customers planned. - Further opportunities under evaluation. Sunroof Business - Customer trials completed successfully. - Product approved in first go. - SOP remains on track. - Q2 launch expected as planned. - New sunroof capability supports PV growth. - Premium vehicle content opportunity increases. Passenger Vehicle Strategy - PV revenue share reached 19%. - Management aims to increase penetration. - High-voltage wiring supports EV growth. - EV die casting provides opportunity. - Minda Vast expands access portfolio. - Sunroof adds premium content. - Power tailgates add new opportunity. - Instrument clusters support PV growth. - Shark-fin antenna orders secured. - Exports can further increase PV share. Flash Cross-Selling - Cross-selling opportunities are increasing. - Casting business already started. - Wiring harnesses undergoing testing. - System solutions create additional synergies. - Joint customer engagements are progressing. - Technical products require customer approvals. - Further revenue ramp-up expected. Capex - FY27 capex guidance: ~₹400 Cr. - Capex spread across business verticals. - No separate EV/ICE allocation. - Investments support capacity expansion. - Automation remains a key focus. - Localization supports cost competitiveness. - Capacity expansion supports order execution. Vision 2030 - Revenue ambition: ₹17,500 Cr. - Growth based on multiple pillars. - Existing business growth remains core. - Premiumization supports revenue expansion. - Exports are a key growth lever. - New products add incremental revenue. - Additional opportunities targeted at ~₹4,600 Cr. - Organic growth remains around 30%. - Inorganic opportunities remain under evaluation. - Order wins support long-term ambition. - New partnerships support future growth. Cost & Margin Outlook - Commodity inflation impacted Q1 margins. - Labour costs remained elevated. - Freight costs also increased. - Operating leverage offset major pressure. - Customer pass-through provides protection. - Some pass-through may lag one-two quarters. - Automation should improve efficiency. - Localization should reduce costs. - FY27 margin target: 11.5-12%. - FY30 EBITDA margin target: 12.5%. Growth Strategy - Increase share with existing customers. - Add new customers. - Expand exports. - Drive product premiumization. - Launch new products. - Strengthen technology partnerships. - Increase R&D investments. - Expand EV presence. - Build system-level solutions. - Pursue disciplined capital allocation. Key Risks - Commodity inflation can pressure margins. - Labour costs remain elevated. - Freight costs can increase. - EV ramp-up requires capacity investment. - Customer approvals can delay launches. - JV performance can fluctuate. - Execution remains dependent on SOP timelines. - Pass-through mechanisms may have time lags. KEY TAKEAWAY - Strong growth, EV expansion and ₹2,500 Cr orders support FY27 momentum.

SOLAR IND: 14,000 CR TOPLINE IN FY27 QUITE ACHIEVABLE, WILL REVISE GUIDANCE AFTER H1 MAINTAIN 35% GROWTH TARGET FOR BOTH DOMESTIC & INTERNATIONAL BIZ EXPECT ENHANCED-RANGE PINAKA ORDERS BEFORE FY27-END 14,000 CR TOPLINE IN FY27 QUITE ACHIEVABLE, WILL REVISE GUIDANCE AFTER H1

SOLAR IND: 14,000 CR TOPLINE IN FY27 QUITE ACHIEVABLE, WILL REVISE GUIDANCE AFTER H1

PUNIT LALBHAI, ARVIND LTD ₹500 Cr Fund Raise Via QIP Will Be Utilised To Repay Debt 2 Months Of Dalco GFT Are Showing In Q1 Results Textiles Biz To Grow In High Single-digit, Mid-teens For Garmenting Advanced Materials Biz To Grow By 20% YoY Targeting ₹1,000 Cr Revenue, 16% EBITDA Margin In FY27 Will See Recovery In Textiles Biz Margin In H2

CANARA BANK, BRAJESH KUMARSINGH SAYS Our Deposit Growth Was In Double-digits, More Focused On Deposits Now Our Reliance On Bulk Deposits Was On The Higher Side, Working To Replace It With Retail Deposits Have Tgt Of $2.3-2.5 Bn Across FCNR(B) Deposits, OFC & ECBs, Already Achieved $2 Bn+ Target Do Not Want To Revise Our 11-12% Growth Guidance Bank Performing Well In The Retail, Agri, & MSME Sectors

AmberEnt Says, From Concall: 👉Printed circuit board margin to rebound Q3 if copper price stable 👉To achieve FY27 guidance for electronics mgmt svcs segment 👉Got permission to reconstruct UP facility that saw fire mishap 👉Margin pressure to sustain through H1FY27 👉Clarity on revenue share of Oppo likely in 15-20 days

GAUTAM DUGGAD OF MOFSL Interest Rate Cuts, GST Cuts Positive For The Economy 180 Smallcap Cos In Our Coverage Have Reported 32% Earnings Growth In Q1 The Cumulative FPI Flows Into India Over The Last 10 Years Is Zero Now For The First Time In 3 Yrs We Have Seen 15% Nifty Earnings Growth Like NBFCs (Both Lending & Non-Lending), Discretionary (Ex-FMCG), Industrials We Are Staying Away From Legacy Large Cap Tech, New-Age Tech Cos

LG ELECTRONICS SAYS Q2 Is Turning Out To Be Better Than What We Thought Last Aug 15 GST Changes Were Announced & Implemented Later, Caused Confusion Focused On Increasing Localisation, Reduce Pressure Of Commodity Costs & Forex Changes Confident That We Can Deliver Better Results Going Ahead Exporting To 65 Countries Now Vs 47 Countries At The Time Of IPO

AMBER ENTERPRISES: CO GUIDES FOR 30–35% REVENUE GROWTH AND 15–16% MARGINS IN THE MOBILITY DIVISION FOR FY26

FINKURVE FINANCIAL | FY27 AUM GROWTH GUIDANCE AUM Growth - FY27 AUM growth target maintained at 50–60%. - Q3 and Q4 expected seasonally stronger. - Growth momentum expected to accelerate in H2. Margin Outlook - NIMs expected to improve. - Higher yields support margin expansion. - Lower funding costs support profitability. - Better efficiency expected to improve margins. Return Targets - Long-term ROA target of 3–3.5%. - Long-term ROE target of 18%. Leverage & Co-Lending - Debt-to-equity targeted gradually toward 4x. - Co-lending share currently stands at 3%. - Targeting 15–20% co-lending by FY27-end. - Higher co-lending could reduce funding costs. Branch Expansion - AUM per branch targeted at ₹12–13 Cr. - Organic expansion into adjacent markets planned. Regulatory Outlook - No major gold-loan regulations expected. - Outlook covers next 12–24 months.

MINDA CORPORATION | FY27 MARGIN & GROWTH OUTLOOK Margin Outlook - FY27 EBITDA margin targeted at 11.5–12%. - Q1 EBITDA margin stood at 11.5%. - Long-term margin target reaches 12.5% by 2030. Flash Electronics - FY27 growth targeted at 20–24%. - Focus remains on profitable growth. - Strong growth expected across electronics business. Capex & Capacity - FY27 capex planned around ₹400 Cr. - Investments support EV and ICE opportunities. - Group capacity utilisation stands at 77–80%. - Further capacity expansion planned. Vision 2030 - Revenue target stands at ₹17,500 Cr. - Growth driven by organic expansion. - Premiumisation and exports remain key drivers. - New products support long-term growth. Inorganic Growth - Open to strategic acquisition opportunities. - Acquisitions could supplement organic expansion.

YESTERDAY IS HEAVY. PUT IT DOWN.

SANSERA ENGINEERING LTD | Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1 FY27 Performance - Revenue: ₹1,021 Cr. - Revenue growth: 33% YoY. - EBITDA: ₹196 Cr. - EBITDA growth: 48% YoY. - EBITDA Margin: 19.2%. - Margin expanded 200 bps YoY. - PAT: ₹87 Cr. - PAT growth: 39% YoY. - Adjusted PAT: ₹100 Cr. - Highest-ever quarterly revenue achieved. Segment Performance - Non-auto revenue: ₹200 Cr. - Non-auto growth: 130% YoY. - Non-auto contribution: 20.8%. - ADS revenue: ₹145 Cr. - ADS revenue more than tripled. - Auto Tech Agnostic/XEV revenue: ₹132 Cr. - Auto Tech Agnostic/XEV growth: 22%. - Auto ICE revenue: ₹628 Cr. - Auto ICE growth: 20.8%. - PV, CV and scooter sales hit records. ADS Order Book - ADS order book reached ₹5,750 Cr. - Previous order book: ₹4,440 Cr. - Orders executable through FY31. - Major order came from existing customer. - New order from Semicon equipment. - Customer engagement reaches ~$75 Mn annually. - Order value: ~₹1,250 Cr over five years. - Further RFQs remain active. - Aerospace and Semicon momentum remains strong. ADS Growth Opportunity - Aerospace outsourcing opportunity remains large. - Semicon outsourcing opportunity is expanding. - India outsourcing targets remain aggressive. - AI demand drives Semicon equipment. - Data-center growth supports chip demand. - Customer demand remains strong through FY29-30. - ADS growth expected around 75-80% FY27. - ADS remains key growth engine. ADS Capacity Expansion - New surface treatment facility commissioned. - Nadcap validation process underway. - In-house treatment reduces external dependency. - Better quality and faster execution expected. - 80,000 sq.ft. hangar under development. - Hangar expected operational shortly. - New facility supports larger components. - Additional 100,000+ sq.ft. facility planned. - Built-to-suit facility targeted within 10 months. - ADS asset turns: 2-2.25x. ADS Revenue Potential - Existing ADS facilities: ₹1,400-1,500 Cr capacity. - Defense facility: ~₹500 Cr potential. - New facility: ~₹1,500 Cr potential. - Overall ADS capacity: ~₹3,500 Cr. - Capacity targeted by FY31. - Further orders could increase potential. - Customer validations remain critical. Defense Opportunity - Dedicated defense facility being developed. - Current business includes precision machining. - Existing customers include ISRO and HAL. - Export business includes Israel. - Large European defense opportunities being pursued. - Sheet-metal capability will be added. - Sheet metal supports defense and aerospace. - Special processes improve RFQ competitiveness. - Facility creation targeted this year. - Order wins expected to accelerate. Auto ICE Business - Domestic auto demand remains strong. - Two-wheeler demand remains robust. - Passenger vehicle demand remains healthy. - Crankshaft outsourcing is increasing. - Pantnagar capacity being expanded. - Manesar capacity also expanding. - Connecting-rod capacity being increased. - Forging and machining capacity expanding. - Heat-treatment capacity also expanding. - OEM outsourcing supports future growth. Auto Tech Agnostic & XEV - Segment delivered record quarterly sales. - Revenue reached ₹132 Cr. - Revenue grew 22% YoY. - EV adoption supports growth. - Two-wheeler EV adoption remains strong. - Bangalore machining capacity expanding. - XEV components remain strategic focus. - Non-ICE transition progressing as planned. Domestic Auto Demand - Two-wheeler demand remains very strong. - Passenger vehicle demand remains strong. - Q2 demand remains healthy. - Festive season supports Q2/Q3. - Strong demand stresses supply chains. - Raw-material availability requires customer support. - Visibility remains strong for 1-1.5 quarters. - OEM outsourcing remains a structural opportunity. Export Outlook - International business is recovering. - Export growth returning toward normal. - US customers increasingly source from India. - Tariff uncertainty delayed US facility plans. - India exports benefit from this shift. - Premium products are seeing higher exports. - Export mix supported Q1 margins. - Forex movement provided margin cushion. Margin Outlook - Q1 margin benefited from strong mix. - International revenue reached ~40%. - Forex also supported margins. - Material inflation impacted profitability. - Aluminium costs increased moderately. - Consumable inflation remained elevated. - Steel inflation remained limited. - Customer pass-through discussions ongoing. - Tool and labour recovery pending. - Management targets sustained margin improvement. Margin Strategy - FY26 margin was 18.1%. - Management targets around 19%. - Q1 margin was unusually strong. - 20% remains an aspiration. - ADS carries higher margins. - Export business also has higher margins. - ADS/export margins: 25-30%. - Higher utilization can lift margins. - High-20s possible with scale. - Growth and margin remain priorities. FY27 Outlook - High-teens revenue growth expected. - Growth could approach 20%. - Non-ADS growth could reach mid-teens. - ADS growth expected around 75-80%. - Auto growth remains mid-teens. - Exports are gaining momentum. - Off-road demand remains strong. - Q2/Q3 momentum expected to remain healthy. - Coming quarters expected stronger. Long-Term Growth - FY31 revenue opportunity: ₹8,000-9,000 Cr. - Growth driven by ADS. - Auto outsourcing remains important. - EV and ICE opportunities continue. - Export opportunities remain significant. - Non-auto remains strategic priority. - Power transmission is being evaluated. - Power storage is being evaluated. - Humanoid opportunities are being explored. - Organic growth remains the primary focus. Blisk & Complex Components - Blisk program progressing well. - First samples expected within one month. - Large special-process facility commissioned. - Facility supports components up to 4 metres. - 5-axis machining capability available. - Complex structural parts being targeted. - Door and fuselage components targeted. - Seating components also targeted. - Value-chain movement continues. - Nadcap approval expected this quarter. Capex & Capital Allocation - Capex continues to be phased. - Investments linked to customer validation. - Order visibility guides investments. - Utilization remains a key consideration. - Return thresholds remain important. - ROCE takes precedence in allocation. - Long-term strategy also guides decisions. - FY27 Capex guidance not updated. - Organic expansion remains priority. Key Growth Drivers - ADS order book - Semicon outsourcing - Aerospace outsourcing - Defense expansion - Auto outsourcing - EV component growth - Export recovery - Higher capacity utilization - Complex precision components - New manufacturing capacity Key Risks - Geopolitical uncertainty remains. - US tariff uncertainty persists. - Material inflation can pressure margins. - Supply-chain constraints remain. - Customer validation may delay capacity. - ADS depends on Semicon cycle. - AI demand drives Semicon opportunity. - Aerospace faces program-specific risks. - Capacity execution remains important. KEY TAKEAWAY - ADS scale-up plus strong auto demand drives growth.

PAGE INDUSTRIES: CO'S REVENUE GROWTH TARGET OF RS. 8000 CR BY FY 28 -29 CO'S RENEWABLE ENERGY CONTRIBUTION 33% FOR (BRIQUETTE + SOLAR); CO TARGETS 50% BY 27 -28

Krishival Foods | Business Update Business Overview - Nuts and dry-fruits business since 2014. - Sources and processes international raw nuts. - B2B clients include Haldiram's and Om Namkeen. - B2C through distribution and online channels. - Exports to Singapore. - Dry-fruit industry grows 8–9% CAGR. Capacity Expansion - Current Capacity: 20 MT/day. - FY26 Utilisation: 7 MT/day. - FY27 Target: 11.5 MT/day. - FY27 utilisation target +60%. - FY29 Target: 40 MT/day. - Capacity targeted to expand 4x. - Q2 and Q3 require close tracking. Melt n Mellow - Acquired regional Maharashtra ice-cream brand. - Business transformed after acquisition. - 189+ SKUs. - 34,000+ retail outlets. - Q1FY27 Growth: 230%. - Ice-cream segment is key growth driver. Distribution Expansion - FY26 Deep Freezers: 3,700. - Current Deep Freezers: 17,280+. - FY27 Target: 26,500+. - Aggressive freezer rollout continues. - Distribution is the key moat. - Retail reach expanding rapidly. Ice Cream Capacity - Plant Capacity: 1,00,000 litres/day. - Targeting 100% utilisation by Q1FY29. - Peak Revenue Potential: ₹600 Cr. - India's ice-cream market expected to expand significantly. - Long-term market growth opportunity remains strong. Management Guidance - FY27 Revenue Growth: 50%. - FY27 PAT Growth: 50%. - FY29 Revenue Target: ₹1,500 Cr. - Implied 3-year Revenue CAGR: ~73%. - Guidance requires rigorous tracking. Key Positives - Strong ice-cream growth. - Rapid distribution expansion. - 34,000+ retail outlets. - Massive freezer deployment. - Significant capacity expansion. - Multiple growth engines. - Large addressable ice-cream market. - Strong FY27 growth guidance. Key Concerns - Dry-fruit profitability needs monitoring. - Capacity utilisation remains low. - FY29 growth targets are ambitious. - Ice-cream execution must continue. - Distribution expansion requires investment. - Margin sustainability remains important. - Guidance execution remains key risk. Key Monitorables - Dry-fruit revenue growth. - Dry-fruit EBITDA margins. - Q2 and Q3 performance. - Capacity utilisation. - FY27 revenue growth. - PAT growth. - Freezer additions. - Retail outlet expansion. - Ice-cream volume growth. - Plant utilisation. - FY29 ₹1,500 Cr revenue target. Investment View - High-growth story with execution risk. - Ice cream provides major growth opportunity. - Dry fruits remain important for profitability. - Distribution expansion strengthens competitive positioning. - Capacity expansion creates significant operating leverage. - FY29 guidance requires rigorous tracking. Key Takeaway - Krishival Foods is building an interesting two-engine growth story, with Melt n Mellow driving rapid ice-cream expansion while the nuts and dry-fruit business provides the established foundation. The 4x capacity expansion, aggressive freezer rollout and 34,000+ retail outlets create significant growth potential, but the key question remains whether dry-fruit profitability, capacity utilisation and ice-cream execution can support the ambitious FY27 50% growth and FY29 ₹1,500 Cr revenue target.

SANSERA ENGINEERING: Co Expect high-teens to 20% growth in FY27 if current trend holds NOTE : Co in the beginning of the year had given mid to high-teens growth guidance