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*MAIDEN FORGINGS -Market cap - 150 crore *Story*: Transforming from commodity steel maker to *high-margin Defense + B2G supplier* *Key Points:* ● *New Plant*: 4-acre automated, solar-powered plant in Modinagar. Consolidating 2 old units → Lower cost, higher capacity ● *Debt Cut*: Selling old land to pay debt. Growth without equity dilution ● *Defense Pivot*: DRDO certified - CEMILAC, TBRL, Ordnance Factories ● *Clients*: HAL, BHEL, NTPC. Defense margins >> Auto/Industrial steel ● *Leadership*: MD Nishant Garg - Aggressive expansion + disciplined capex ● *Growth*: ∼30 % Cagr expectations ● *FY26*: ₹233.96 Cr Revenue, Record 35,546 MT production *Market Data as on 4-6 Aug 2026:* ● *Share Price*: ₹103.90 - ₹104.99 ● *Market Cap*: ₹148.94 Cr to ₹149 Cr ● *52 Week Range*: ₹63.52 - ₹108 ● *P/E*: 29.66 | *P/B*: 1.95 *Catalyst*: Plant commissioning + Defense order execution *Thesis*: Smallcap moving to Defense. Operationally lean + Govt.

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*Chandan Healthcare Market Cap - 663 crores *FY26 at a glance* *Q4 FY26*: Revenue ₹77.41 Cr [+19% YoY], EBITDA ₹14.25 Cr [+13% YoY], PAT ₹6.92 Cr [+15% YoY] *Full Year*: Revenue ₹280.67 Cr [+20% YoY] | EBITDA ₹56.84 Cr [+31% YoY] at *20.25% margin* | PAT ₹27.06 Cr [+22% YoY] at *9.64% margin* *Scale*: 8.8M tests [+21% YoY] from 2.0M patients [+13% YoY] | *Pathology 71.5% | Radiology 28.5%* --- ### *The Chandan Story - What’s Changing* *1. From One Track to Many Tracks* Chandan is no longer just B2C. It’s now *B2C 40% [+29%] | B2B 30% [+50%] | B2G ∼30%*. They’ve also opened new doors: *Franchise 1.6% + Online 1.5%* in Q4. The playbook is clear – own the sticky centers, keep sample collection asset-light, and reduce dependence on pure third-party labs. *2. Going Pan-India, Step by Step* *13 states today, 3 more this quarter*. Network = *72 Diagnostic Centers + 400+ Collection Centers*. 2 super-specialty labs are running in Lucknow & Haldwani. *Delhi, Raipur, Bhopal* labs go live in 2-3 months. Capex is calibrated: *Standalone Lab ~₹1 Cr*, Diagnostic Center mid-range, *Comprehensive Center ₹6-7 Cr* with CT/MRI. *3. FY27/FY28 Triggers Already Lined Up* *₹800 Cr PPP Pipeline*: 5 ten-year projects kick off from Q2 FY27 – Punjab, Haryana, Assam with 1.5T/3T MRI, CT, X-ray. New *patient-pay model* means no govt receivable overhang. *Tier-1 Cities*: Diagnostic hubs now live in *Mumbai, Kolkata, Raipur, Chandigarh*. *Jeena Sikho*: 5-year exclusive across *150 Ayurveda centers, 17 states*. Daily run-rate has scaled to *₹4.5L+ vs ₹2.5-3L earlier*. --- ### *⭐ What Stands Out* *1. Franchise as the Growth Engine* *130+ today → 1,000 in 24 months*. That’s 25-35 new locations every month. This is how they plan to cover India faster. *2. People With Skin in the Game* *Employees are becoming shareholders*. When the team owns a piece, execution usually follows. *3. Hospital on the Horizon* *Chandan Hospital IPO is in the pipeline*. A separate listing could bring more visibility to the group’s healthcare ecosystem. *4. Where the Real Margins Live* *Diagnostics-only EBITDA >40%, mature centers up to 50%*. The pharmacy business ~₹120 Cr at 5% margin is being pruned – 5-6 unprofitable stores shut. Management is guiding for *30-35% group EBITDA* post this expansion phase. *5. Capital Discipline* *No fresh equity dilution planned*. FY27 capex of ₹45-50 Cr will be met from accruals + balance warrant money. Govt receivables at 114 days are being structurally solved with new PPP terms. Track record: *Zero bad debts* from govt contracts. --- *In short*: A diagnostics business with >40% margins, scaling through 1000 franchises, adding Tier-1 hubs, locking ₹800 Cr PPPs, aligning employees as owners, and preparing a hospital listing by group .

Vigor Plast – Core Investment Thesis: “The Fittings Gem”* *Company Snapshot* Vigor Plast = brand-led plumbing & fittings company. Moving away from low-margin OEM to 100% Vigor brand sales in pipes + fittings. *1. Market Cap* - Market Cap: 80 cr approx…

Vigor Plast – Core Investment Thesis: “The Fittings Gem”* *Company Snapshot* Vigor Plast = brand-led plumbing & fittings company. Moving away from low-margin OEM to 100% Vigor brand sales in pipes + fittings. *1. Market Cap* - Market Cap: 80 cr approx and cmp 75 approx - IPO price was 81 - Category: SME micro-cap in piping sector *2. The Fittings Moat = Margin Machine* - *1,600+ SKUs* across CPVC, uPVC, SWR, Agri lines. Massive product depth = barrier to entry. - *Margin premium*: Fittings 25-30% vs pipes 10%. Blended EBITDA margin ∼29-30% → beats most pipe peers. - *Tooling barrier*: ₹7-10 lakhs per mold, 24x7 cycles. Hard for small players to replicate. *3. Capital-Light “Hub & Spoke” Expansion* ⭐ *Key Strategy* ⭐ - *Warehouse-first model*: Open warehouses in Ahmedabad, Noida, West Bengal, South Hub first. Test demand* . - *Backward integration later*: Only after demand is proven, add local pipe extrusion. Keep high-cost fittings mfg centralized at Jamnagar. - *De-risked capex*: No heavy machine capex until ₹100 Cr turnover. Sweat existing assets first. *4. Balance Sheet Discipline* - Focus on debt reduction. No leverage-led growth. - Capex only post validation = low balance sheet risk. *5. Growth + Profitability Guidance* - *FY27 target*: ₹80-90 Cr 40% YoY growth. - *Pricing power*: Can give 2-4% discounts for market share and still maintain healthy margins. *6. Headwinds to Monitor* - *Raw material volatility*: uPVC price cuts by Reliance force discount pass-through. CPVC inputs 100% imported = more stable. - *Seasonality*: Monsoon softness, summer/agri + construction demand surge. #### *Why It’s a “Gem” – 4 Pillars* Strategic Pillar | Vigor’s Position Brand Control | 100% Vigor brand. Zero low-margin OEM Product Breadth | 1,600+ fittings SKUs = structural entry barrier Capital Discipline | Debt reduction + no capex till ₹100 Cr revenue Expansion De-risking | Warehouse first, plant later only if demand proves *Verdict*: Agile, high-return SME scaling smart. Capital-light logistics + high-margin product moat = strong ROE potential without balance sheet stress.

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*Rathi Steel - Market cap 232 crore - Steel co - huge Turnaround Ongoing . - *Current Capacity*: 85,000 MT rolling mill capacity, utilizing 50% - *Expansion Plans*: - Debottlenecking to achieve full utilization - Additional rolling capacity of 150,000 MT - Melting facility addition planned for next year - Targeting 3-4x production capacity by 2028 - *Financials*: - High interest rate of 16% due to past loan issues, expected to reduce - Low bargaining power for raw materials, expected to improve in 2 years - Margin expansion from 4% to 8% in next 2 years - *Growth Prospects*: - 25% CAGR sales growth for next 2 years - Factory land in Ghaziabad valued at ₹300 crore+ - *Valuation*: - CMP: ₹28 target market cap 700 crore in next 3 years. Any query please DM

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