Key Notes on Relaxo Footwears

September 25, 2023 Strengths Established brand with wide distribution. High unorganised industry at >60% provides opportunity for brands like Relaxo. However, low barriers to entry mitigates that opportunity significantly. Strong historical average 10yr ROE at 18%. Debt free Weaknesses Low barriers to entry especially with increasing ease (social media and ecommerce) to reach the customer … Read more

Key Notes on Sona Comstar

July 27, 2023 Company in line with the changing industry trends has shifted its focus significantly towards the electric segment in the recent years Battery EV (BEV) segment’s contribution to revenues has increased from 14% in FY21 to 26% in Q1 FY24. Pure ICE dependent has reduced from 25% to 11% during this period. Balance … Read more

Key Notes on Eureka Forbes

August 9, 2023 Established well respected brand with pan India distribution and service network. Advent acquired it from Shapoorji and currently owns 72.56% stake. It has set up a solid management team headed by Pratik Pota The categories in which Company has dominant presence include water purifiers and vacuum cleaners. Though these two categories are … Read more

Key Notes on Mahindra Logistics

September 7, 2023 A Rs 5,000 cr revenue company currently available at Rs 3,000 cr by FY26, management is targeting Rs 10,000 cr of revenues. Net profits were mere Rs 25 cr in FY 23. In last 2 quarters, company has reported net losses (though marginal). From Q2, company should be coming back into profits. … Read more

Key Notes on Byke

September 6, 2023 Byke operates 17 properties of which 2 are owned, 14 properties are under long term lease contracts (1042 keys) and 1 property under management contract (39 keys). TBHL had most properties in Maharashtra and Goa. The company has been expanding presence in Western and Northern parts of India. The properties are known … Read more

Key Notes on Kalpataru Projects

August 12, 2023 Large diversified EPC Company with global presence. Current order book is in excess of Rs 40,000 cr Promoters stake has reduced from 59.45% on March 2017 to 41.03% on June 30, 2023 Reduction has been primarily to fund promoters’ interests in the real estate Promoter’s pledge is currently at 47% Operating cash … Read more

Key Notes on Stove Kraft

August 9, 2023 Hands on management. However, confusing communication sometimes. Very competitive industry. Company claims top 3 position in many of the categories it operates in. Management focusing on significant retail store expansion Per store investment is Rs 17-19 lakhs Mgmt wants to open 8-10 sores per month Store is expected to break-even in 3rd … Read more

Key Notes on Sapphire Foods

August 3, 2023 Sapphire Foods has ‘non-exclusive’ rights to operate restaurants under three of Yum’s brands: KFC, Pizza Hut, and Taco Bell in India, Sri Lanka, and Maldives. Yum global has recognised Sapphire as one of top 3 franchisee globally in food safety and No. 1 globally on customer experience. Over last five years, the … Read more

Key Notes on Digicontent

August 2, 2023 Its’ a Hindustan Times group company with promoters owning 66.81% of the Company. James Murdoch and Uday Shankar-backed Bodhi Tree held 8.42% of the Company as at June 30, 2023. During the June 2023 qtr they had sold back 1.9% to the promoters. In 2021-2022, the Company had made an effort to … Read more