Key Notes on Expleo Solutions

August 29, 2024 Expleo is a software services provider Software development, validation and verification, and Engineering consultancy services Focused on BFSI, Aerospace, Automotive, Defence and Rail Industry Financial track record In last 10 years, revenues have increased at a CAGR of 17% and profits at 12%. Average ROE during this period was 24% In last … Read more

Key Notes on Krsnaa Diagnostics

August 7, 2024 Started in 2011, Company is into providing diagnostic services Radiology 168 MRI/ CT centres 1443 tele reporting centres Pathology 120 processing labs and 2,270 collection centres Radiology in Q1FY25 contributed 55% of revenues and pathology 45%. These numbers however fluctuate from quarter to quarter. The company operates significantly under the PPP Model, … Read more

Key Notes on Welspun Living

July 24, 2024 Its into home textiles segment Its into B2B as well as branded business. Brands include Spaces, Welspun, Disney Home and Christy amongst others It sells its products across 50 counties and has relationships with all the major retailers It has also ventured into flooring solutions Revenue break-up. In Q1 FY 25 75% … Read more

Key Notes on Steel Strips Wheels

July 25, 2024 Founded in 1991, SSWL is into Automotive wheels – both Steel & Alloy Wheels In March 2024, it acquired AMW Auto Components Ltd through NCLT located in Bhuj, Gujarat.  Company expects AMW to provide it with a capacity to produce 7mn Steel Wheel Units in total for CV, Tractor and PV. Strategic … Read more

Key Notes on Sirca Paints

November 18, 2024 Decent Q2 performance Good sales growth but pressure on margins due to demand pressures and volatile commodity prices. Domestic market the struggles are expected to continue. For exports, Sirca SPA Italy approval will still take 3-6 months. Acquisition in the South market is expected by Q4. Budget for acquisition is about Rs … Read more

Key Notes on Kewal Kiran Clothing

October 28, 2024 Good YoY topline growth number of 17.5% during Q2FY25. Management claims that sales could have been further higher but for due to some production related issues. Management believes that the business picked up very well from August end onwards and expects it to continue during Q3 and Q4 as well Operating margins … Read more

Key Notes on Sheela Foam

May 17, 2024 Company is the owner of Sleepwell brand of mattresses. It is the largest manufacturer of PU foam. Other than mattresses, it supplies PU foam in the B2B market for furniture cushioning, automobile cushioning, acoustics and others During FY 2024, it acquired another established mattress brand ‘Kurlon’ and made a significant stake purchase … Read more

Key Notes on Ion Exchange

November 15, 2024 No additional significant observation. Valuations continue to be high at 49x TTM P/E. This kind of business with signifiant moving parts should be ideally available at less than 25x trailing P/E. May 31, 2024 Formed in 1964, Ion Exchange focuses upon water, wastewater treatment & environment solutions In FY24, domestic business contributed … Read more

Key Notes on Shivalik Bimetal Controls

May 30, 2024 In business since 1984, Company gained momentum over last 5-6 years Company sells standardised products through distributors as well as customised products directly to the OEMs Sales mix 65% revenues are exports and 35% domestic In Q4FY24, 47.6% revenues were from Shunt Resistors and balance 52.4% from bimetal. Volume wise mix was … Read more