Author: Sovrenn Financial Technologies Pvt. Ltd.

18th Mar 2024

Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO

SOVRENN TIMES

DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
 18th Mar 2024
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SOVRENN FRAMEWORK

Please look at the following parameters to assess any company for investment:

(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.

(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.

(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.

(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.

(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.

(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.

(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
1. CEINSYS TECH LIMITED BSE: 538734 (1st time covered: 2nd Jun 2023)
Recent filing: (ORDER) Ceinsys Tech Ltd. has received work order worth INR 2.8 Cr from Brihanmumbai
Municipal Corporation for renewal of 35 AutoCAD severe based licenses for 3-year period.

SUMMARY: 3y Operating Profit uptrend | PE 20.9x (Sector PE range 30-50) | Excellent Dec-23 results | New-
Age IT

• MCap of INR 934 Crore (share price = INR 572 / share) (as on 18th Mar ‘24)
• TTM PE of 20.9x (as on 18th Mar ‘24) Retail float = 24.5% (Dec-23)

Company Description: Established in 1998, Ceinsys Tech Limited is leveraging smart technology and
analytics to deliver new age solutions in the geospatial and engineering domains. The service offerings of
the company include Geospatial Services, Risk Analytics, Engineering Support, Digital Enterprise, Consulting
Service and Software Solutions to various industries like Water, Oil & Gas, Energy, Telecom, Transport etc.

Share price and Volume (last 1 year):

Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Ceinsy 127 156 148 210 196 221 216 367 363 354 449 592

(In INR Cr) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales 57.0 41.0 53.4 52.1 73.0 53.8 58.3 63
Op Profit 5.7 6.3 1.4 2.2 21.8 11.4 9.8 11
Net Profit 3.7 5.4 1.5 2.7 21.2 8.4 4.7 10.4
OPM 10% 15% 3% 4% 30% 21% 17% 17%
NPM 6% 13% 3% 5% 29% 16% 8% 16%
Promoter % 58.6% 58.6% 58.6% 58.6% 58.6% 58.6% 58.6% 75.0%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales 141 176 197 185 203 220 248
Op Profit 21 24 50 18 24 33 54
Net Profit 5 3 22 2 10 31 45
Website: https://www.ceinsys.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 3
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
PE 20.9 (IT: 30-50)
Below sector range

Yes
Futuristic Sector
(New Age-IT)
Smart City Solutions
HNI / Institutional
/ Promoter No
Buying
Special Situation No

Mar ’24: Company has received work order worth INR 12 Cr from
Maharashtra Industrial Development Corporation (MIDC, a Government
of Maharashtra Undertaking), for Providing & fixing AMR Domestic &
Non-Domestic wireless Water Meter including installation, maintenance
Integration with MIDC Billing Software, Bill payment App, Field staff
Employee App including cloud based multi-protocol HES & MDMS with
Alerts, to be executed over 24 months.

Feb ’24: Company has received Letter of Intent worth INR 60 Cr for
Implementation of Digital Project Management System for Progress
Monitoring of various Schemes for Maharashtra Jeevan Pradhikaran,
Maharashtra under Jal Jeevan Mission, to be executed over 30 months.

Feb ‘24: Company has received Service Order worth INR 5.3 Cr from
Fugro USA Land Inc for Extraction of all assets for 15581 miles of New
Mexico 2023/2024 Lidar project. This project needs to be executed over
Future Visibility Yes the next 6 months.

Nov ‘23: Company has secured Purchase Order from MAHAGENCO,

Maharashtra State Power Generation Company Limited for
Implementation of Flow Monitoring System at Khaperkheda TPS
amounting to INR 9.1 Cr, to be implemented over 1 year.

Nov ‘23: Company has been awarded an extension letter up to June 15,
2024, for one of the major projects from State Water and Sanitation
Mission, Uttar Pradesh for Selection and Appointment of Consultant for
Third Party Inspection and Monitoring of Physical and Financial
Progress for various Rural Water Supply Projects for 3 clusters:
Lucknow, Chitrakoot Dham and Devi Patan. This is an extension to the
existing orders, the Company had received in FY22 and the size of the
orders shall depend on contractor’s actual execution value during
project duration.

This page is created for information purpose. It is not a BUY/SELL recommendation. 4

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Oct ‘23: Company has secured work allocation order worth INR 248 Cr
from State Water and Sanitation Mission, Water Supply and Sanitation
Department, Government of Maharashtra for Appointment of System
Integrators for IoT Deployment including Design, Implementation &
Maintenance with Centralized IoT Platform for Jal Jeevan Mission
Projects in State of Maharashtra, to be implemented over 2 years with 5
years of Operations & Maintenance.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 5

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
2. GENSOL ENGINEERING LIMITED NSE: GENSOL
(1st time covered: 17th Feb 2023)

Recent filing: (PROJECT COMPLETION) Gensol Engineering Ltd. has completed 160 MW ground-mounted
solar project for Continuum Green Energy in Bhavnagar, Gujarat, valued at Rs 128 Crores. This project will
contribute significantly to company’s increasing solar EPC project portfolio.

SUMMARY: 4y Operating Profit uptrend | 4q Operating Profit uptrend | PE 73.7x (Sector PE range 30-90) |
Fund raise | Institutional entry | Large Orders | Ace Investor | Acquisitions | Promoter Buying | Solar + EV

• MCap of INR 3,030 Crore (share price = INR 800 / share) (as on 18th Mar ‘24)
• TTM PE of 73.7x (as on 18th Mar ‘24) Retail float = 13.71% (Dec-23)

Company Description: Gensol is involved in the business of solar consulting & EPC. It provides concept to
commissioning solar advisory, execution and operation services for solar projects in India and abroad.
Expanding its operations, Gensol has also established an EV manufacturing facility in Pune, India, for the
development and production of electric three wheelers and four wheelers. Alongside, Gensol offers
comprehensive EV leasing solutions and is serving leading ride-hailing players with its buy-and-lease
package of EV cars.

Share price and Volume (last 1 year):

Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Gensol 371 361 373 450 554 611 672 867 771 843 865 1,174

(In INR Cr) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales 127 102 81 51 164 145 199 220
Op Profit 15 15 17 15 29 37 49 63
Net Profit 9 10 8 -2 7 10 11 12
OPM 15% 15% 21% 30% 18% 25% 25% 29%
NPM 7% 10% 10% - 4% 7% 6% 6%
Promoter % 71.2% 71.3% 71.4% 64.7% 64.7% 64.7% 64.7% 62.6%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales 69 83 81 64 160 398 728
Op Profit 7 9 4 6 19 58 178
Net Profit 5 7 2 3 11 23 41
Website: https://www.gensol.in/

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 73.7 (Solar + EV: 30-90)
Higher end of sector range
Yes
Futuristic Sector Solar EPC
(Solar + EV)
Mar ’24: Promoter Group bought 11k shares at INR 795, aggregating
to INR 88L.
Sep ‘23: Shareholding pattern showed entry of Mukul Mahavir
Agrawal holding 1.64% of the Company.

HNI / Institutional Jul ‘23: Block Deal happened in the Company on 25th July ‘23 at
9:36am, wherein 2L shares were traded at the price of around INR
/ Promoter Yes 1,416/share, aggregating to INR 28.3 Cr, wherein the seller was
Buying Wellray Solar Industries Pvt. Ltd. There seems to be multiple buyers
at less than 0.5% each of outstanding shares bought, as no buy bulk
deals were reported.
Jul ‘23: Block Deal happened in the Company on 24th July ‘23 at
2:48PM, wherein 60k shares were bought at the price of INR
1,386/share, aggregating to INR 8.3 Cr.

Feb ‘24: BoD has approved the raising of INR 900 Cr of equity via
issuance of 1 Cr warrants of the Company. The fundraise saw
participation from distinguished domestic and international
participants including FPIs like Elara India Opportunity Fund, Aries
Special Situation Yes Opportunities Fund, Tano Investment Opportunities Fund, etc. This
capital strengthens Gensol’s financial position, facilitating new
opportunities with funds being deployed for working capital, inorganic
growth opportunities and further investment in subsidiaries.

Mar ‘24: Company has incorporated a wholly owned subsidiary by the

name of Gensol Clean Energy Private Limited. Through this
subsidiary, the Company wants to carry out business of generation,
development, accumulation, production, manufacturing, processing
and distributing of any kind of power or electrical energy using wind
energy, solar energy, renewable energy, battery storage etc.

Mar ‘24: Company emerged as the lowest bidder for a partial capacity
of 70 MW/140MWh for a 250 MW/500 MWh Battery Energy Storage
Future Visibility Yes System (BESS) tender floated by Gujarat Urja Vikas Nigam Limited
(GUVNL) in Gujarat on-demand basis. The project will contribute INR
450 Crore to Gensol’s revenue over the period of contract.

Feb ’24: Company’s Subsidiary named Gensol Electric Vehicles Pvt.

Ltd received Automotive Research Association of India (ARAI)
Certification for its electric vehicle. This paves the way for the electric
vehicle’s official launch and sale in the Indian market.

Feb ‘24: Company has secured orders aggregating to INR 338 Cr

from two prominent Independent Power Producers (IPPs), recognized
This page is created for information purpose. It is not a BUY/SELL recommendation. 7
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
as global leaders in renewable power production with a commitment
to providing environmentally friendly and dependable solutions. The
initial order pertains to a 250 MWac/350 MWdc ISTS solar power
project situated in Rajasthan. Furthermore, an additional project
involves a 50MWac/72.5 MWdc solar power initiative in Maharashtra.

Feb ‘24: Company, along with Matrix Gas and Renewables, has won
a bid for manufacturing capacity for an advanced Electrolyser Plant
under the auspices of the Sustainable Hydrogen Innovation & Green
Hydrogen Technologies (SIGHT) program. The awarded project, with
a manufacturing capacity of 63 MW per annum, is strategically
positioned to contribute significantly to India’s ambitious goal of
producing 5 million metric tons of green hydrogen annually by 2030.

Jan ‘24: Wholly owned subsidiary has been incorporated by the name
of Gensol Green Energy Pvt. Ltd. to carry business of generation,
development, accumulation, production, manufacturing, processing
and distributing of any kind of power or electrical energy using wind
energy, solar energy, renewable energy, battery storage etc.

Jan ’24: Executed MoU with the State Government of Gujarat for an
investment of INR 2,000 Cr for Electric Vehicle Manufacturing. It will
generate around 1,500 jobs in the region.

Jan ‘24: Company has received order worth INR 138.7 Cr from Sarda
Energy and Minerals Ltd. for Solar Power Project in Chhattisgarh.

Dec ‘23: BoD approved the raising of INR 300 Cr of funds via
issuance of equity shares or any other eligible securities.

Dec ‘23: In an interview with NDTV Profit, Chairperson Anmol Jaggi

said he expects Company’s revenue to increase 10 folds from INR
393 Cr in FY23 to INR 4,000 Cr by FY26, with all businesses
contributing to growth.

Dec ‘23: Mr. Anmol Jaggi, Founder of Gensol Engineering, shared

the first look of Made in India and 'ready for universal adoption - an
intelligent, electric urban car by Gensol Group' on his Twitter handle.
The launch will most likely happen in March 2024 as per his Tweet.

Oct ‘23: Company has emerged as the lowest bidder for the
Engineering, Procurement, and Commissioning of a trailblazing
Green Hydrogen-based mobility station in Kargil, Ladakh. Gensol is
set to develop a 500-kW grid-connected, ground-mounted solar
power project that will provide energy to the hydrogen refueling
station. Matrix (under common promoters), India’s most rapidly
expanding natural gas aggregator and hydrogen infrastructure
developer, will oversee the Engineering, Procurement, and
Commissioning of dual electrolysers, each with a capacity of 30 NM3.
The scope of work includes the entire balance of plant EPC
encompassing the green hydrogen system installation, storage, and
dispensing facilities, in addition to the requisite civil and electrical
infrastructure for the integrated solar and hydrogen operation in
Ladakh. This pioneering project, unprecedented in India, spans the
complete green hydrogen supply chain. Gensol pledges to execute
the project for NHPC, ensuring a minimum green hydrogen purity of

This page is created for information purpose. It is not a BUY/SELL recommendation. 8

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
99.97%, with the project slated for completion within 12 months from
the issuance of the work order.

Oct ‘23: Received order worth INR 302 Cr from Maharashtra State
Power Generation Co. Ltd., expected to be completed within 12m and
involves conceptualization, engineering, provisioning, installation,
testing, and commissioning of a state-of-the-art 62 MWAC Crystalline
Solar PV Technology Grid Interactive Solar PV Power Plant.

Sep ‘23: Gensol EV Lease Pvt. Ltd., subsidiary of Gensol Engineering

Limited, an EV-focused leasing solutions provider, announced a
significant milestone with an order for more than 500+ Tata Ace Cargo
EVs. This substantial order, valued at INR 75 Cr is from an all-electric
logistics company. An Initial batch of 20+ EVs have already been
leased, with the remaining cars to be deployed over the next 6 months
across 5 states in India – Maharashtra, Karnataka, West Bengal,
Tamil Nadu and Telangana. In addition, Company is working with
customers in the PSU, last mile delivery and employee transportation
business with a leasing requirement of 100+ electric vehicles.

Aug ‘23: Announced maiden two turnkey international Solar EPC

projects in Dubai with Dubai Government Workshop Warehouse (to
commission in Nov ‘23) and Dubai Police (to commission in Jun ‘24).
Aggregating to a capacity of 14.08 MWp, these projects have a
cumulative order value of INR 101.6 Crores. With this, the Company
also ventures into international markets.

Aug ‘23: Gensol EV lease (subsidiary) secures a deal for providing

300 Electric Cars to Odisha Renewable Energy Development Agency
on a 5-year Operational Lease with a total value of INR 115 Cr.

Jul ‘23: In 1QFY24, received orders from reputed clients for the
development of solar power projects in Andhra Pradesh,
Chhattisgarh, Gujarat, Jharkhand, Kerala, Madhya Pradesh,
Maharashtra, Rajasthan and Uttar Pradesh. The cumulative order
value of these projects is worth INR 277 Cr.

Mar ‘23: Gensol has fully acquired Scorpius Trackers Ltd., one of
India’s largest providers of single-axis solar trackers solutions.
Company expects that with this acquisition, the combined revenue
of Gensol Solar Division would reach INR 2,300 Crore by FY24.

Feb ‘23: Received purchase orders from reputed clients for the
development of solar power projects aggregating to a capacity of
over 247 MWp in Andhra Pradesh, Haryana, Gujarat, Jharkhand,
Kerela, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu,
Uttarakhand and West Bengal. Cumulative order value is pegged at
over INR 500 Cr, taking the total order book over INR 1,025 Cr.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
3. KPI GREEN ENERGY LIMITED NSE: KPIGREEN
(1st time covered: 1st Feb 2023)

Recent filing: (ORDER) KPI Green Energy Ltd. has emerged as the successful bidder in the Maharashtra
State Power Generation Co. Ltd. (MAHAGENCO) tender for development of 100MWAC Solar Power Project.
This tender win is aligned with company’s strategic vision and ambitious target of achieving 1000 MW by the
year 2025. This tender win marks a pivotal moment in its journey as Company expands its business beyond
the state of Gujarat.

SUMMARY: 5y Operating Profit uptrend | 3q Operating Profit uptrend | PE 61.3x (Sector PE range 30-50) |
Excellent Dec-23 results | Fund raising | Institutional entry | Promoter buying | Solar

• MCap of INR 9,199 Crore (share price = INR 1,526 / share) (as on 18th Mar ‘24)
• TTM PE 61.3x (as on 18th Mar ‘24) Retail float = 18.2% (Dec-23)

Company Description: Incorporated in 2002, KPI Green develops, builds, owns, operates, and maintains
solar power plants through Independent Power Producer (IPP) and as service provider to Captive Power
Producer (CPP) under the brand name of 'Solarism'.

Share price and Volume (last 1 year):

Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
KPI 418 506 492 815 830 894 823 820 1,155 1,468 1,214 1,740

(In INR Cr) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales 75 122 160 179 182 189 215 330
Op Profit 36 42 53 60 54 69 71 104
Net Profit 10 22 21 34 32 33 35 51
OPM 48% 34% 33% 34% 30% 37% 33% 31%
NPM 13% 18% 13% 19% 18% 17% 16% 16%
Promoter % 54.5% 54.7% 54.7% 54.8% 54.8% 54.8% 54.8% 53.1%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales - 34 59 102 230 644 917
Op Profit - 15 27 58 109 208 298
Net Profit - 9 6 22 43 110 150
Website: https://www.kpigreenenergy.in/
This page is created for information purpose. It is not a BUY/SELL recommendation. 10
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 61.3 (Clean Energy: 30-50)
Above sector range
Yes
Futuristic Sector
(Solar)
Promoter Buying: (Note: 1:1 Bonus issue is Jan ‘23)

Mar ’24: 915 shares at INR 1735/share, aggregating to 16L

Sep ‘23: 6k shares at INR 807/share, aggregating to INR 49L.
HNI / Institutional Aug ‘23: 1.5k shares at INR 837/share, aggregating to INR 12L.
/ Promoter Yes Nov ‘22: 11.2k shares at INR 773/share, aggregating to INR 86L.
Oct ‘22: 10.8k shares at INR 763/share, aggregating to INR 82L.
Buying Sep ‘22: 3k shares at INR 927/share, aggregating to INR 27L.

In Aug ‘23, Designated Person sold 20k shares at INR 885/share,

aggregating to INR 1.7 Cr.

Dec ‘23: BoD approved the allocation of 25L Shares to be allotted to

eligible QIBs at an issue price of INR 1,183 per Equity Share,
aggregating to INR 300 Cr. Several Institutions are subscribing to the
QIP including Quant Mutual Fund, Societe Generale, Goldman Sachs,
Special Situation Yes
Morgan Stanley, BoFA Securities, Yes Bank, Bengal Finance, etc.

Oct ‘23: BoD will meet on 11th Oct 2023 to consider and evaluate
proposal for raising funds by preferential issue or any other mode.

Mar ‘24: Company has received the Letter of Intent from Gujarat Urja
Vikas Nigam Limited (GUVNL), awarding it 50 MW (16.8 MW Wind +
50 MW Solar) Wind-Solar Hybrid Power Project.

Mar ’24: Company has received an order of total capacity of 305MWac

out of which 175MWac is awarded by Aditya Birla Renewables
Subsidiary Limited and 130MWac is awarded by ABREL (RJ) Projects
Limited for development of Balance of System for 305MWac solar
Future Visibility Yes capacity forming part of the wind-solar hybrid power project in state of
Gujarat. The project is scheduled to be completed in the financial year
2025-26.

Mar ’24: Received orders of 9.40 MW for executing solar power

projects, under ‘Captive Power Producer (CPP)’ Segment.

Feb ‘24: Received order of 1.5 MW for executing solar power project
under ‘Captive Power Producer (CPP)’ Segment of the Company.

Feb ‘24: Company has received order of 15 MW for executing solar

power project under ‘Captive Power Producer (CPP)’ Segment of the
Company. This project needs to be executed in financial year 2024-25.

This page is created for information purpose. It is not a BUY/SELL recommendation. 11

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Jan ‘24: Received order of 5 MW for executing solar power project
under ‘Captive Power Producer (CPP)’ Segment of the Company.

Jan ’24: Received new orders worth 5.60 MW for executing solar power
projects under 'Captive Power Producer (CPP)' Segment of the
Company, to be executed by FY25.

Jan ‘24: Received order of 2 MW for executing Solar Power Project

under 'Captive Power Producer' Segment, to be completed in FY25.

Jan ‘24: Received new order of 3 MW for executing Solar Power Project
under 'Captive Power Producer’ Segment, to be completed in FY25.

Jan ‘24: Company has received new order of 2.10 MW for executing
Solar Power Project under 'Captive Power Producer (CPP)' Segment
of the Company, to be completed in FY25.

Jan ‘24: As per KP Group's Twitter handle, KP Group & Govt. have
signed a deal for a 2.6GW+ solar/wind/hybrid power plant.

Dec ‘23: A wind turbine supply order for a total of 193.2 MW has been
placed by KP Group to Suzlon Energy Limited. This order comprises
92 wind turbines of capacity of 2.1 MW each, to be supplied by Suzlon.
Out of this order of 92 wind turbines, KPI Green Energy has awarded
the order of 50 wind turbines, representing a capacity of 105 MW, KPIG
Energia Private Limited has awarded the order of 41 wind turbines
representing 86.1MW capacity and KP Energy Limited has awarded
order of 1 wind turbine of 2.1MW, to Suzlon. The project will be
developed at the Vagra-Vilayat site in Bharuch district.

Dec ‘23: Company has received new orders of 1.75 MW from Citizen
Umbrella Manufacturers Ltd. for executing solar power projects under
‘Captive Power Producer (CPP)’ Segment of the Company.

Dec ‘23: Company received new orders of 4.40 MW for executing solar
power projects, under ‘Captive Power Producer (CPP)’ segment of the
Company, to be completed in FY25. With this, the cumulative orders of
solar power projects under CPP has crossed 148+ MW.

Nov ’23: Company has received new orders of 4.66 MW for executing
solar power projects under ‘Captive Power Producer (CPP)’ Segment
of the Company, scheduled to be completed in FY25.

Nov ’23: Received new order of 1.60 MW for executing solar power
project under CPP from Adarsh Textile, to be completed in FY24.

Nov ’23: Company has been awarded a Letter of Award for a 22.26
MWp Solar Power Project by Aditya Birla Renewable Energy Limited.
Project will be located in Gujarat and falls under the Company's
'Captive Power Producer (CPP)' business segment. Company also
received repeat orders for 2.70 MW for executing solar power projects
under CPP. These orders need to be completed in FY24.

Nov ‘23: KPI Green along with Advait Infratech signed a Memorandum
of Understanding with the Government of Uttarakhand for development
of 500 MW solar park on Captive Power Producer basis and in line with
State Government’s Renewable Policy to empower the state with green
This page is created for information purpose. It is not a BUY/SELL recommendation. 12
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
and sustainable energy. In line with MoU, the Government of
Uttarakhand intent to provide further assistance to the parties for
commencement of the project during the period of this MOU.

Nov ‘23: Received orders aggregating to 6.50 MW for executing solar

power project from Sun Drops Energia Pvt. Ltd. under ‘Captive Power
Producer (CPP)’ Segment. It also received new order for executing
Wind-Solar Hybrid Power Project for 2.10 MW capacity comprising of
2.10 MW wind and 1 MW solar capacity from CTX Life Sciences Pvt.
Ltd. under CPP. With this addition, cumulative orders of Wind-Solar
Hybrid Power Project, till date has crossed 198+ MW under CPP.

Oct ‘23: Company has received new order for executing Wind-Solar
Hybrid Power Project for 4.20 MW capacity comprising of 4.20 MW
wind and 3.60 MW solar capacity from Sustainable Spinning and
Commodities Pvt. Ltd. under ‘Captive Power Producer (CPP)’
Segment.

Oct ’23: Received new orders aggregating to 4.20 MW for executing

solar power projects under ‘Captive Power Producer (CPP)’ Segment
of the Company. Project is scheduled to be completed in FY24.

Oct ’23: Company received new orders aggregating to 12.10 MW for

executing solar power projects, under CPP.

Oct ‘23: Company received 3 orders of total capacity 13.9 MW for

execution of: (i) solar power project of 4 MW capacity from Shree
Parmeshwar Steel Pvt. Ltd. (ii) solar power project of 3 MW capacity
from Vivan Steels Pvt. Ltd., (iii) wind-solar hybrid power project of 6.90
MW capacity comprising of 4.90 MW wind and 2 MW solar from
General Polytex Pvt. Ltd., Surat. All projects need to be completed in
FY24 and fall under CPP.

Sep ‘23: Letter of Intent for 145.20 MW Wind-Solar Hybrid Power

Project (comprising 145.20 MW Wind and 50 MW Solar) in Gujarat by
M/s Ayana Renewable Power Four, under CPP. This is a major step
towards Company’s goal of reaching 1000 MW by the year 2025.

Sep ‘23: Company has successfully commissioned 7.80 MW wind-solar

hybrid power project for Mono Steel India Limited, Surat, under Captive
Power Producer business segment of the Company.

Sep ‘23: KPI Green has received new order for executing solar power
project of 9 MW capacity from M/s. Gujarat Polyfilms Pvt. Ltd. under
CPP. The project is scheduled to be completed in FY24.

Aug ‘23: Company received new orders aggregating to 9.70 MW

capacity for executing solar power project under CPP. Project is
scheduled to be completed in FY24.

Aug ‘23: Entered into MoU with Mahatma Phule Renewable Energy and
Infrastructure Technology Limited, a subsidiary of MPBCDC, a
government undertaking of Maharashtra. This collaboration establishes
a significant strategic partnership aimed at the advancement of diverse
projects, particularly those in the realm of renewable energy.

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Aug ‘23: Bagged 200MWac (240MWp) grid connected Solar
Photovoltaic Power Project from Gujarat Urja Vikas Nigam Limited.
Project is expected to be commissioned within 15 to 21 months.

Jul ‘23: A wind turbine supply order for a total of 47.6 MW has been
placed by KP Group to Suzlon Energy. This order comprises 17 wind
turbines to be supplied by Suzlon. Out of this order, KPI Green Energy
has awarded the order of 10 wind turbines, representing a capacity of
28 MW and 7 wind turbines are ordered by KP Energy.

Jul ‘23: Received new orders aggregating to 7.70 MW capacity for

executing solar power project under CPP.

Jun ‘23: Received single largest LoI for executing Wind-solar hybrid
power project of 40MW (21.5MW Wind & 18.5MW Solar) from
Anupam Rasayan Limited, Surat.

May ‘23: Received approval from the Chief Electrical Inspector (CEIG)
for the 9.40MW wind-solar hybrid power project for M/s. Greenlab
Diamonds LLP, Surat under CPP.

May ‘23: Received an order of execution of Solar Power Project of 35

MW capacity from Creative Technologies, under the CPP.

Apr ‘23: K.P. Group has executed joint business development

agreement with Tristar Transport LLC based out of UAE for the
development of eco-friendly energy solutions across multiple regions,
including India, Middle East, Africa, Asia Pacific, America, & Europe.

Apr ‘23: Company has successfully completed charging of a total of

61.97 MW (solar and wind hybrid) capacity (both IPP and CPP).
These projects are in the advance stage of commissioning.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 14

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
4. DRONEACHARYA AERIAL INNOVATIONS LTD. BSE: 543713
(SME: Lot Size = 1,000 shares) (1st time covered: 27th Feb 2023)

Recent filing: (ORDER) Company has secured a contract to supply IT hardware for the Indian Army's Drone
Lab in Jammu and Kashmir (J&K). In another filing, Company announced the acquisition of an order for the
supply of Precision Mapping System from Earthtree Enviro Private Limited. In a separate filing, Company
has secured supply order of drone controllers from the esteemed Northern Command.

SUMMARY: 3y Operating Profit uptrend | 2 semi-annual Operating Profit uptrend | PE 49.9x (Sector PE
range 70-120) | Excellent Sep-23 results | New products | Strategic collaborations | Entry into International
markets | Acquisitions | Institutional entry | Drones

• MCap of INR 350 Crore (share price = INR 146 / share) (as on 18th Mar ‘24)
• TTM PE of 49.9x (as on 18th Mar ‘24) Retail float = 21.4% (Sep-23)

Company Description: Incorporated in 2017, the Company provides a high-end ecosystem of Drone
solutions for multi-sensor Drone surveys, data processing of Drone data using robust high-configuration
workstations, Drone pilot training & specialized GIS training.

Share price and Volume (last 1 year):

Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Drone 123 131 135 172 145 158 178 188 184 192 190 166

(In INR Cr) Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23
Sales - - - - - 5.0 13.6 20.9
Op Profit - - - - - 1.1 4.0 5.7
Net Profit - - - - - 0.3 3.1 4.0
OPM - - - - - 16% 29% 27%
NPM - - - - - 6% 23% 19%
Promoter % - - - - - 28.2% 28.2%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
Sales - - - 0.0 3.6 18.6 34.5
Op Profit - - - -0.2 0.6 5.1 9.7
Net Profit - - - -0.2 0.4 3.4 7.0
Website: https://www.droneacharya.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 15
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 49.9 (Drones 70-120)
Below sector range
Yes
Futuristic Sector
(Drones)
Dec ‘23: Bofa Securities Europe SA bought 1.67L shares at INR
HNI / Institutional 188/share, aggregating to INR 3.1 Cr.
/ Promoter Yes
Jan ‘23: Harishkumar Gupta bought 1.2L shares at INR 143/share,
Buying aggregating to INR 1.7 Cr.

Special Situation No
Mar ‘24: Company announced its recent accreditation as a DGCA certified
Medium Category Drone Pilot Training Organization. The certification
grants legal authorization for flying drones within the weight range of 25 kg
to 150 kg, encompassing crucial sectors like agricultural spraying and
delivery drones. This achievement aligns perfectly with the visionary Namo
Drone Didi initiative spearheaded by Prime Minister Shri Narendra Modi.
The initiative aims to empower women with drone piloting skills, particularly
in agricultural drone operations, facilitating sustainable livelihoods in a
rapidly evolving sector.

Mar ‘24: Company has been awarded a significant service order from
Adani to provide DGCA certified drone pilot training. This marks a notable
milestone in the adoption of drone technology within large-scale
enterprises like Adani. The order value is INR 35k.

Mar ’24: Company has won the First Person View (FPV) drone pilot training
contract by the Ministry of Defence, Department of Military Affairs,
Government of India. The training program, spanning an extensive
Future Visibility Yes duration of 15 days, will cover a comprehensive curriculum including theory
sessions on the latest rules and regulations issued by the Directorate
General of Civil Aviation (DGCA), emergency protocols, simulator training
to enhance drone flying skills in simulated environments, and practical on-
ground drone flying exercises. Upon completion of the training, each
candidate will undergo verbal, written, and practical examinations and will
be awarded a completion certificate.

Mar ’24: Company announced its foray into the Southeast Asian market
with the official inauguration of Drone Entry Thailand's new office,
strategically located at AIT Bangkok. This significant move signifies a
milestone achievement for the Company as it expands its reach in drone
sales, services, and training throughout Southeast Asia, leveraging its
strong base and connections in Bangkok, Thailand.

Mar ’24: Company and ITC Limited have launched the All Women’s Namo
Drone Didi Batch. This initiative, sponsored by ITC as part of its Corporate
Social Responsibility, trains women from Self Help Groups in Maharashtra
as drone pilots. Supported by ITC subsidiaries, the program spans 5 days,
providing participants with a 10-year drone operation license in India. The
comprehensive curriculum covers drone fundamentals, DGCA regulations,
This page is created for information purpose. It is not a BUY/SELL recommendation. 16
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
failsafe mechanisms, and emergency protocols. The initiative is led by a
master trainer, an experienced DGCA certified Drone Instructor,
emphasizing its commitment to gender inclusivity and empowerment in the
drone industry.

Mar ’24: Company announced the launch of groundbreaking FVP (First

Person View) Drone equipped with advanced Day and Night vision
capabilities tailored specifically for Defence applications.
The FPV Drone with Day and Night vision has undergone rigorous testing
and triumphant trials in strategic locations including Pokhran and Lachung
within India's Southern, Northern, and Eastern Commands. These trials
have demonstrated the Drone's resilience in adverse conditions,
cementing its position as an indispensable tactical asset for the Indian
Defence Forces.

Feb ‘24: Company has signed a term sheet to acquire 76% stake in
Aerophile Academy Private Limited, a prominent DGCA certified drone
pilot training center in South India. This strategic move marks
DroneAcharya's foray into South India's drone pilot training landscape,
further solidifying its position as India's leading Drone Pilot Training
Organization.

Feb ’24: Company announced that it has officially entered into an MoU with
JAIN (Deemed-to-be University), Bangalore, aimed at advancing aviation
and aerospace education.

Feb ’24: Company announced its inaugural order of supply of Agricultural

Spraying Drones from Vimaan Aerospace.

Feb ’24: DroneAcharya in collaboration with its associate company Drone

Entry (Thailand) Co. Ltd., is pleased to announce the successful
acquisition of a significant export order for the provision of Defense FPV
(First Person View) Drones. This strategic contract underscores the
advanced technological capabilities of DroneAcharya and the operational
expertise of DroneEntry Thailand in the domain of unmanned aerial
systems.

Feb ‘24: Company has officially entered into an MoU with Vimaan
Aerospace Private Limited, a prominent oil marketing company to
collaborate on the provision of drones and drone-related training and
services. The partnership is strategically focused on applications in the
agriculture sector, survey and surveillance, solar panel cleaning, windmill
maintenance, facade cleaning, and defense.

Jan ‘24: Company has received a notable order from Tata Community
Initiatives Trust. The order entails providing cutting-edge Geographic
Information System (GIS) training for Drones or Unmanned Aerial Vehicles
(UAV) to 15 individuals in Bengaluru, spanning a comprehensive 35
effective hours.

Jan ‘24: Company has secured a work order for implementation of skill
training program catering to 20 candidates. This initiative has been
generously sponsored by the Tata Community Initiatives Trust (TCIT),
reflecting their commitment to empowering communities through
skill development.

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Jan ’24: Company has secured a prestigious contract from the Indian
Army, Ministry of Defence. The contract entails providing Capacity Building
and Advanced Drone Training at the Mechanized Army Courses
Group, Ahmednagar.
Jan ‘24: Company has been awarded a prestigious tender worth INR 11.8L
by the Indian Defence System. The company will undertake advanced
drone pilot training and GIS (Geographic Information System) training for
20 officers from the Northern Command Pre-Induction Training School at
Bhalra, Jammu and Kashmir.
Jan ‘24: Company has entered into a Share Purchase Agreement to
acquire 51% of PYI Technologies Pvt. Ltd. Target is engaged in the
business of Manufacturing, Trading, Training of Drones and their
Electronics spares, etc.
Jan ’24: Savitribai Phule Pune University (SPPU) integrates
DroneAcharya's courses in its credit-based academic schedule, marking a
groundbreaking milestone. This allows students to enroll for credit-based
DGCA certified drone training via the university's website. This pioneering
move marks a significant step in mainstreaming drone-centric education,
backed by SPPU's endorsement and joint certification with DroneAcharya.
With 1,000+ affiliated colleges and 600,000+ annual students, this aligns
with Prime Minister Narendra Modi's vision for making India a Global Drone
Hub by 2030, addressing the shortage of skilled drone professionals.
Dec ‘23: Company has secured a groundbreaking contract worth INR
15.8L from Tata Consultancy Services (TCS). The contract entails the
provision of cutting-edge Drone Based 5G Solutions, marking a pivotal
advancement in Drone offerings.
Dec ‘23: Company has achieved a significant milestone by securing a
prestigious tender worth INR 1.42 Cr for the supply of High-End Surveying
Drones from DRIISHYA, Govt. of Haryana. This landmark project marks a
crucial advancement in the utilization of drone technology for various
applications within the state, including Urban Mapping, Planning,
Execution, and other departments' operations.
Dec ‘23: Company has signed a term sheet for the acquisition of 51% stake
in PYI Technology Private Limited. The terms of the Share Purchase
Agreement will be finalized in due course, outlining specific details of the
transaction. This strategic decision will play a pivotal role in
DroneAcharya's expansion plan aimed at broadening its service spectrum
and enhancing its value-added offerings within the drone industry.
Dec ‘23: Company launches pioneering DGCA-certified drone pilot
training for Maharashtra Police, a groundbreaking leap in law
enforcement technology. Senior officials commenced training, equipped
to utilize drones for surveillance, reconnaissance, and swift response.
This initiative can further be leveraged to train 1,95,000 Maharashtra
Police officials, enhancing safety statewide. DroneAcharya plans to
extend this model to other State Police Departments, revolutionizing law
enforcement across India.
Dec ‘23: Secured a contract from the Ministry of Defense, Department of
Military Affairs, Bhalra, J&K for the supply of Drone Lab Equipment aimed
at facilitating Drone Simulator training. This significant endeavor is in
tandem with the contract awarded to DroneAcharya for supplying Drone
Simulators. The supply and implementation of these components will
take place at NCPITS (CBS) Bhalra, Jammu & Kashmir.

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Dec ’23: Signed MoU with D.Y. Patil International University in Pune. This
partnership aims to offer drone-centric courses covering DGCA-certified
pilot training, drone building, GIS, Python coding, and specialized
applications in Agriculture and Disaster Management, available to 15,000
students, faculty, and non-university students. DroneAcharya will establish
a Drone Centre of Excellence on the campus, fostering research and
industrial exposure for students.
Dec ‘23: Launched ‘First Person View’ Drones for asymmetric warfare for
Indian Defense. They are ideal low-cost options in counter insurgency,
LOC/LAC, mechanized operations and have proven their worth in the
recent Russia - Ukraine War and Armenia - Azerbaijan War. Providing a
complete package of the platform, intelligent payloads and training, this
Unmanned technology is set to be a game - changer in the Indian Defense.
Nov ‘23: Company has launched its third RPTO (Remote Pilot Training
Organization) in a strategic collaboration with IIT Ropar. Through this
collaboration, they are aiming to cater to the growing need for skilled
manpower in the Drone Industry in the Northern part of the country. By
imparting quality training and 100% job assistance, DroneAcharya aims to
bridge the gap between the growing demand of skilled Drone professionals
in these areas. Till date, Company has trained 564 DGCA certified drone
pilots, out of 8,362 DGCA certified drone pilots in India, having the highest
market share in private training organizations.
Nov ‘23: Company has been awarded India’s largest DGCA Certified
Drone Pilot Training Tender for Government officers of Karnataka valued
at INR 96L, by the Karnataka Forest Department. The scope of work
includes training of 240 officers in DGCA - certified drone pilot training as
well in applications of Drones in Forestry and Surveillance in two phases.
This project holds a potential for training of at least 13,000 government
personnel in Karnataka in the due course of time.
Nov ‘23: Unveiled its newest environmental monitoring technology:
Drone-based Multi-Gas Sensing & Mapping System. It elevates air
quality monitoring for industries, environmental agencies, researchers,
providing a complete solution for accurate data on air pollution
distribution, identifying potential leakage spots, improving hazmat
response, detecting fugitive emissions, monitoring ship emissions, and
showcasing air pollutant vertical profiles through 3D visualization.
Nov ‘23: Company has commenced full-fledged operations in 5 countries:
Philippines, Thailand, UK, US, and Qatar. With this, the Company
becomes one of the first few Indian companies with comprehensive
operations in sales, services, and training in the field of drones across
the international landscape. Entrance into the European market comes
in the form of an order for the supply of 30 units of their international
standard agricultural drone - the AgriVeer. The AgriVeer is currently in
the process of attaining Type certification and post this, the product will
be launched in the Indian market as well.
Nov ‘23: Signed an MoU with Yashwantrao Chavan Maharashtra Open
University. This aims to introduce credit-based Drone-centric courses to
equip YCMOU students with the skills and knowledge they need for a
successful career in the ever - evolving field of Drone Technology.
Sep ‘23: Company has secured a US$ 1.26mn (equivalent to INR 10.5 Cr)
order for the Supply of Survey/Surveillance Drones and IT Hardware,
Drone Data Acquisition and Processing Services and Supply of Decision
Support System / Project Management Software in Qatar. The order has
This page is created for information purpose. It is not a BUY/SELL recommendation. 19
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
been placed by Triconix Industrials Solutions QFZ LLC, a certified IMS
(Integrated Management System) company, based in Qatar, for an end
user in Oil and Gas sector. Through this project, DroneAcharya is marking
a debut in the Qatar Drone Space as a complete Drone solution provider.
Sep ‘23: Signed up a Franchise deal with Wollstone Capital SA, a
Company based out of Switzerland. Major purpose is to open 30 Remote
Pilot Training Organizations (RPTO) across India to boost Drone sales,
services and certified trainings. The deal amounts to USD 2.7 Million (INR
23 Crore). DroneAcharya, through its partnership with Wollstone will
become an integral source of major development in Drone Sector as it will
increase the number of RPTOs by a significant number and make the
technology, training and jobs reach all across the country. The deal has
been signed up to open up a 100 plus training centres in India in total.
Sep ’23: Launched BHUJANG (Battlefield Hybrid UAV for Joint Attack,
Navigation and Guarding), a heavy lift off, super-high-altitude, long-range
drone with multiple capabilities. It is India’s First Super High Altitude Multi
Rotor Multi - Role Drone, achieving an astonishing altitude of 1,500-meter
AGL (Above Ground Level) from 4,800-meter-high take off point, with a
maximum altitude of 6,300 meter. It is also South Asia's first drone with
combat, transport, and surveillance capabilities in single aircraft.
Aug ‘23: Company made a historic move by successfully testing a
reusable rocket launching vehicle. The objective of the test was to
calculate the burn rate of the solid propellant fuel, attaining an altitude of
3km and returning back to station in operational condition.
Aug ‘23: Entered into an MoU with Mariano Marcos State University, one
of the leading universities in Philippines. The purpose of MoU is to
provide drone pilot training and drone data processing training to the
Local Government Units of Philippines. With this, Company will establish
its presence in Philippines as an enterprise drone solution provider.
Aug’23: Granted an important tender from Karnataka State Remote
Sensing Application Centre (KSRSAC) which is nodal agency for
implementation of Remote Sensing (including Photogrammetary) and
GIS Programs in the state of Karnataka. As a part of project, company
will supply various drone systems and RGB and thermal sensors.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 20

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
5. ACCENT MICROCELL LIMITED BSE: 505872
(SME: Lot Size = 1,000 shares) (1st time covered: 22nd Dec 2023)

Recent filing: (PROMOTER BUYING) Promoter and Promoter Group of Accent Microcell bought 1.6L equity
shares at INR 233/share, aggregating to INR 3.6 Cr.

SUMMARY: 4y Operating Profit uptrend | PE 26.4x (Sector PE range 20-30) | Capacity expansion | Ace
Investor | Business expansion | Promoter Buying

• MCap of INR 541 Crore (share price = INR 257 / share) (as on 18th Mar ‘24)
• TTM PE 26.4x (as on 18th Mar ‘24) Retail float = NA (Sep-23)

Company Description: The Company primarily manufactures Microcrystalline Cellulose (“MCC”). MCC is
an odourless, fine white powder, a purified form of cellulose derived from refinement of highly purified wood
pulp. It is widely used as texturizer, anticaking agent, binder, lubricant, a bulking agent, diluent which finds a
wide range of applications in Pharmaceutical, Nutraceutical, Food, Cosmetic and other industries.

Share price and Volume (last 1 year):

Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Accent - - - - - - - - - 292 291 271

(In INR Cr) Jun-23 (Q) Sep-23 (Q) Sep-23 (HY) = Jun-23 + Sep-23
Sales 60 49 109
Op Profit 9.8 10.5 20.3
Net Profit 7.1 7.0 14.1
OPM 16% 21% 18%
NPM 12% 14% 13%

(In INR Cr) Mar-20 Mar-21 Mar-22 Mar-23 TTM = ½ *Mar-23 + Sep-23 (HY)
Sales 131 133 166 204 211
Op Profit 9 11 13 19 30
Net Profit 4 5 6 13 20.5
OPM 7% 8% 8% 9% 14%
NPM 3% 4% 4% 6% 10%
Promoter % - - - - 53.7%
Website: https://accentmicrocell.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 21
Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 26.4(Pharma: 20-30)
Middle of sector range

Futuristic Sector No

HNI / Institutional
Dec ‘23: Manoj Agarwal bought 1.2L shares, INR 299/share,
/ Promoter Yes aggregating to INR 3.6 Cr.
Buying
Special Situation Yes
IPO in Dec ‘23

has received a purchase order from world renowned corporate N.

G. P Tobacco ApS, Denmark for its prime product called Cellulose
Microcrystalline ACCEL-112. This order signifies Company’s
strategic foray into the new segment of selling its premium product
into Tobacco Industries. The order size is 24,000 Kgs (24 Tonne)
for each order. Total 3 orders received, aggregating to 72,000 Kgs
Future Visibility Yes (72 Tonne).

INR 54 Cr of IPO proceeds will be used for funding of Capital

Expenditure Requirements To Set up plant at Navagam Kheda
for manufacturing Croscarmellose Sodium (“CCS”), Sodium
Starch Glycolate and Carboxymethylcellulose (CMC)

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 22

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Others
ADITYA VISION LIMITED
(NEW SHOWROOMS) Company has opened its two showrooms, 1 in Jharkhand (Bokaro) and 1 in Bihar
(Barh).
• MCap of INR 3,861 Cr (Share Price = INR 3,210 / Share); TTM PE 50.8x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
AVL 1,547 1,436 1,394 1,619 2,351 2,472 2,382 2,753 3,206 3,477 3,911 3,474

J KUMAR INFRAPROJECTS LIMITED

(ORDER) Company has been awarded a Letter of Acceptance (LOA) valued at INR 334 Cr as the sole bidder
by NBCC (India) Limited. This LOA pertains to the project "Development of Hari Nagar Depot of Delhi
Transport Corporation (DTC) in Delhi at Hari Nagar, New Delhi on EPC basis.

• MCap of INR 4,524 Cr (Share Price = INR 598 / Share); TTM PE 15.1x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
JKUM 254 273 257 301 361 411 432 403 429 485 641 645

KORE DIGITAL LIMITED

(ORDER) Company has secured a prestigious contract (as a part of JV with OSR Teleservices) to undertake
the laying of optic fiber cable ducts and other vital telecom infrastructure along the Mumbai Nagpur
Samruddhi Highway. The project is having the concession period of 15 years, which is extendable for an
additional 10 years, highlighting its long-term nature.
Based on the prevailing approved rates set by the Maharashtra State Road Development Corporation
(MSRDC), the anticipated annual revenue from this project stands at 130 crores, with a projected net yield
surpassing 1500 Crores upon completion. This strategic initiative is poised to significantly augment Kore
Digital's net profit margin, exceeding the current projections.

• MCap of INR 400 Cr (share price = INR 1,138/ share); TTM PE 46.5x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
KDL - - - 150 220 307 305 300 372 566 1,053 1,284

TARA CHAND INFRALOGISTIC LIMITED

(ORDER) Company signed a new Annual Purchase Plan for the upcoming FY2024-25 with Zoomlion India
Pvt Ltd (the wholly owned Indian subsidy of Zoomlion Heavy Industry, China). The projected expenditure for
the proposed purchase plan amounts to INR 160 Cr. It will encompass the acquisition of heavy-duty large
cranes and aerial working platforms equipped with cutting-edge technologies necessary to address the
escalating demands within India's burgeoning economy. As of December 31, 2023, the monthly rental returns
from such assets were recorded at 2.5%.

• MCap of INR 236 Cr (share price = INR 167 /share); TTM PE 20.1x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Tara 85 93 86 91 86 105 111 160 180 179 185 164

H.G. INFRA ENGINEERING LIMITED

(ORDER) Company has received 4 Letter of Awards, aggregating to INR 1,026 Cr for Engineering,
Procurement and Construction (EPC) and commissioning of Solar Power Plant by Jodhpur Vidyut Vitran
Nigam Limited. LOAs are issued to H.G. Infra Engineering Services JV Consortium with Stockwell Solar
Services Private Limited, to be executed over 12 months.
This page is created for information purpose. It is not a BUY/SELL recommendation. 23
Please do your own due diligence before making any investment decisions.
 18th Mar 2024

• MCap of INR 5,822 Cr (share price = INR 894 /share); TTM PE 11.5x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
HG Inf 783 881 906 855 950 931 942 894 850 848 932 881

NIBE LIMITED
(ORDER) Company has received Purchase Order worth INR 21.8 Cr from Larsen and Toubro Limited, for
assemblies and sub-assemblies of Heavy Structures including construction gabion walls, to be executed over
next 4 months.

• MCap of INR 1,715 Cr (share price = INR 1,306 /share); TTM PE 225x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Nibe 364 377 381 373 463 462 515 520 696 630 912 1,529

ADVAIT INFRATECH LIMITED

(ORDER) Company has received two orders worth INR 36.6 Cr for conversion of Overhead 11kV HT Line
Network into Underground Cabling along with Equipment and Accessories on a turnkey basis from Uttar
Gujarat Vij Company Limited (UGVCL) a group company of GUVNL, to be executed over next 8 months.

• MCap of INR 1,234 Cr (Share Price = INR 1,210 / Share); TTM PE 72.6x (as on 18th Mar ‘24)
Price Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Advait 279 319 306 337 443 427 416 370 555 595 1,014 1,435

This page is created for information purpose. It is not a BUY/SELL recommendation. 24

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
IPO

Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.
Revenue and Profit growth is calculated after annualizing last period growth.

SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
Naman In-Store (INDIA) SME Upcoming 22-Mar-24 27-Mar-24 02-Apr-24 34% NA
OmFurn India SME Upcoming 20-Mar-24 22-Mar-24 28-Mar-24 0% NA
Vishwas Agri Seeds SME Upcoming 21-Mar-24 26-Mar-24 01-Apr-24 0% NA
Chatha Foods SME Upcoming 19-Mar-24 21-Mar-24 27-Mar-24 9% NA
Enser Communications SME Open 15-Mar-24 19-Mar-24 22-Mar-24 14% 3
Enfuse Solutions SME Open 15-Mar-24 19-Mar-24 22-Mar-24 63% 34
KP Green Engineering SME Open 15-Mar-24 19-Mar-24 22-Mar-24 31% 5
Krystal Integrated Services Mainboard Close 14-Mar-24 18-Mar-24 21-Mar-24 5% 13
AVP Infracon SME Close 13-Mar-24 15-Mar-24 20-Mar-24 27% 21
Popular Vehicles Mainboard Close 12-Mar-24 14-Mar-24 19-Mar-24 0% 1
Royal Sense SME Close 12-Mar-24 14-Mar-24 19-Mar-24 0% 9
Signoria Creation SME Close 12-Mar-24 14-Mar-24 19-Mar-24 60% 666

Revenue growth Profit growth

Company Sector Issue PE
(YoY) (YoY)
Naman In-Store (INDIA) Modular Furniture Maufacturer 6% 3.2x 12x
OmFurn India Modular Furniture Maufacturer and Supplier 26% 39% 18x
Vishwas Agri Seeds Processing and supplying seeds 30% 69% 12x
Chatha Foods Frozen food processor 21% 2.8x 27x
Enser Communications Business Process Management 40% 2.7x 21x
Enfuse Solutions Technology 15% 22% 26x
KP Green Engineering Steel structure mfg 81% 82% 41x
Krystal Integrated Services Facilities Management 28% 7% 25x
AVP Infracon Infra and Civil works 10% 22% 14x
Popular Vehicles Auto Dealership 16% 25% 29x
Royal Sense Medical equipment supplier 13x 15x 55x
Signoria Creation Apparel -35% -32% 15x

This page is created for information purpose. It is not a BUY/SELL recommendation. 25

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Sovrenn SME Index: 1.58%

Sovrenn SME Index was up 1.58% today. Please note that the constituents of the Index are private.
Also, the Index is only an indication of the movement of the broader SME market and not available
for replication or commercialization in any form. Sovrenn has the right to make changes to Index
constituents or change weightages of the constituents as per its own discretion.

This page is created for information purpose. It is not a BUY/SELL recommendation. 26

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Sovrenn Macro

India's Economic Boom: A Comparison to 2003-07

In a recent analysis, global brokerage firm Morgan Stanley has drawn parallels between India's current
economic boom and the period of 2003-07, highlighting five key trends that support this comparison.

1. Investment Driving Growth

Morgan Stanley points out that after a decade-long decline, investment-to-GDP ratio in India has turned
around, mirroring the trajectory seen during 2003-07. Currently standing at 34 percent of GDP, it is
expected to grow to 36 percent by FY27E, indicating a robust expansion in capital expenditure (capex).

2. Capex Boom and Productivity Surge

During 2003-07, a capex boom led to increased productivity, job creation, and income growth. Similar
trends are observed in the current cycle, suggesting a positive outlook for economic growth driven by
investment-led initiatives.

3. Public and Private Capex Dynamics

While public sector expenditure initially led the capex surge, private sector investment is rapidly catching
up. This echoes the scenario witnessed in 2003-07, where private capex played a pivotal role in driving
economic expansion.

4. Urban-Rural Consumption Dynamics

As in the previous cycle, urban demand is spearheading consumption growth, with rural demand expected
to catch up gradually. Although rural recovery has been delayed due to successive shocks like the
pandemic, signs of improvement indicate a positive outlook for rural consumption.

5. Global Export Market Share Growth

India's market share in global exports is projected to rise, reminiscent of the previous cycle. With a focus on
service exports and international supply chain diversification efforts, India stands poised to benefit from
global trade dynamics.

Macroeconomic Stability
Unlike the previous cycle, current macro stability risks appear less concerning. Inflation is anticipated to
moderate sustainably, with macroeconomic policies likely to maintain stability even amidst a strong growth
cycle.

Outlook and Caution

Morgan Stanley remains constructive on India's macro-outlook, attributing the sustainability of the growth
cycle to capex-driven expansion. However, caution is advised regarding potential constraints such as labor
and logistical bottlenecks, which may emerge in the next 18-24 months.

This page is created for information purpose. It is not a BUY/SELL recommendation. 27

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Annexure
Sector specific PE classification:

This page is created for information purpose. It is not a BUY/SELL recommendation. 28

Please do your own due diligence before making any investment decisions.
 18th Mar 2024
Retail float calculation:
Shareholding percent for resident individuals holding nominal share capital up to INR 2L.

Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.

Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.

Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 29

Please do your own due diligence before making any investment decisions.