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25,26,27
September 2024

SSIAS
COVERAGE
71 Companies, 1 Insightful Conference Recap

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SSIAS Coverage - 71 Companies | Arihant Bharat Connect Conference 2024
25,26,27 September 2024

© 2024 by Smart Sync Investment Advisory Services

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Disclaimer:

The information provided in this eBook is for educational and informational purposes only.
While the author has made every effort to ensure the accuracy of the content, it is presented
without any express or implied warranty as to its accuracy, completeness, or usefulness. The
summaries and notes were compiled in parallel with management commentary, and there is a
possibility that our analysts may have misinterpreted or misreported the information by
mistake. This is purely an objective report of the conference calls and should not be considered
as an endorsement or recommendation to buy or sell securities. Readers are encouraged to
seek professional advice before making any investment decisions.

SEBI Disclaimer: This is just for informational and educational purposes only. Smart Sync
Investment Advisory Services might have recommended certain businesses like Suyog
Telematics, SEAMEC, UFO Movies and Pyramid Technoplast to our advisory customers. This is
purely an objective report of the conference calls and should not be considered as an
endorsement or recommendation to buy or sell securities. Readers are encouraged to seek
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About Smart Sync Investment Advisory Services
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Foreword
We are pleased to present this free e-book, which encapsulates our coverage of the Arihant
Bharat Connect Conference, held from 25th to 27th September 2024. At Smart Sync
Investment Advisory Services, our team of analysts diligently covered 71 companies during this
event, summarizing our interactions with the management teams in concise and insightful
notes.

The Arihant Bharat Connect Conference provided us with a unique learning experience and an
excellent opportunity to explore companies that often have limited public disclosures and
information available. Engaging directly with management allowed us to gain valuable insights
into their business operations, growth strategies, and industry dynamics. This e-book aims to
capture the essence of those discussions, offering our readers a condensed yet informative
overview of these emerging companies.

We hope this resource provides you with meaningful takeaways and enhances your
understanding of the lesser-known segments of the market. As always, we encourage you to
seek professional advice when considering any investment decisions.

Happy reading!

Team Smart Sync Investment Advisory Services

Ankit Kanodia
Co-Founder,
Smart Sync Investment Advisory Services

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Preface

The Arihant Bharat Connect Conference 2024 was a significant event that brought together a
wide array of companies, many of which are not frequently discussed or well covered in the
public domain. Our team at Smart Sync Investment Advisory Services took this as a valuable
opportunity to dive deep into these companies, focusing on learning directly from management
teams about their business outlooks, challenges, and growth potential.

This e-book is a result of our efforts to distill those interactions into concise, easy-to-read
summaries. We covered 71 companies during the conference, and each company’s insights have
been presented with clarity, keeping the essence of the discussions intact. For many of these
companies, the conference marked a rare opportunity to access direct commentary from
leadership, giving us a deeper understanding of businesses that often operate under the radar.

The journey of putting this resource together has been immensely rewarding for our analysts, as
it allowed us to discover new companies and industries, shedding light on lesser-known
opportunities. We hope this e-book serves as a practical guide and a starting point for those
seeking insights into these emerging players in the market.

Thank you for your trust in us, and we look forward to continuing to provide you with insightful
and valuable research.

Team Smart Sync Investment Advisory Services

Shivam Shah
Research and Content
Smart Sync Investment Advisory Services

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Finally, get an overview of the companies covered during the 3 days of the
conference by clicking on a Day below:

Day -1 | Day -2 | Day -3

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 DAY -1
Sr. No. Name of the company Sr. No. Name of the company
1 Vaibhav Global Ltd 13 Laxmi Organic Industries Ltd
2 Steelcast Ltd 14 AVG Logistics Ltd
3 Raymond Lifestyle Ltd. 15 Suryoday Small Finance Bank Ltd
4 Capital Small Finance Bank Ltd 16 S J S Enterprises Ltd
5 All E Technologies Ltd 17 HT Media Ltd
6 Deep Industries ltd 18 Dodla Dairy Ltd
7 L T Foods Ltd 19 Vertoz Ltd
8 eMudhra ltd 20 GTPL Hathway Ltd
9 Cineline India Limited 21 Indag Rubber Limited
10 Dev Information Technology Ltd 22 Sonata Software Ltd
11 HP Adhesives Ltd 23 Manorama Industries Ltd
12 Spencers Retail Ltd 24 UFO Moviez India Ltd
Vaibhav Global Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 5202 Crore | Share Price: Rs. 313

1. India Plans: Jewelry and allied sectors are doing well in India. However, the company’s target
audience is aged people and through TV. Hence focus on India is not at the moment. After 3-5
years, Japan & India may become the focus. Right now the focus is on the USA and also started
focusing on Germany in 2021. There is still a lot of under-penetration in these markets and the
company is confident of achieving good growth here.
2. Total investment in Germany is around 20 million dollars. The first target is to make breakeven in
Germany.
3. Disturbance in the global world especially the US and Europe especially Germany: Operate in low
pricing categories where global economic disruption will have the least impact.
4. VGL has a business model different from other larger players in the industry. While the
competition’s business is dependent on high-ticket products and third-party brands and logistics,
VBL benefits from vertically or
5. During the election cycle, there are always temporary disruptions. But soon after the election,
the media focus goes back from the election to entertainment and fashion.
6. The reason for targeting the old audience is that they have the time and money, and they give
VBL more repeat sales. Hence, LTV is much higher for old consumers compared to young
consumers.
7. The sale is not dependent on a star product but over 40,000 SKUs. Hence, the logistics,
upgradation and fast turnaround play a huge role in the success of sales throughout the year.
8. Germany's business is still new plus macro issues have led to pressure on margins but past high
margins can be achieved in the next 2-3 years as cost to sales reduce going forward.
9. The business in general requires very little capex. No capex plan for the near future.
10. Revenue growth guidance of mid-teen in FY25.

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Steelcast Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 1590 Crore | Share Price: 786/Share
Export Oriented Steel and Alloy Steel Castings - Diversifying into Defence and
Railroads.

1. Catering to diverse Industrial sectors like Earth Moving, Mining & Mineral Processing,
Locomotives, Rail Road, construction and Defence. They are producing specific defense products
which no one is making domestically.
2. OEM sales ~99%
3. Work with marquee MNC players globally.
4. Aim is to de-risk the business by reducing dependency on 1-2 sectors. Thus foraying into
Railways and Defence.
5. Company has also obtained an aerospace license from Germany. Can open up new avenues.
Same is with a rail road order from North America.
6. Capacity utilization ~44% in FY25 -> lower volumes -> destocking (export +domestic)
7. H1 will be subdued with business being bottomed out in Q2FY25. Q3FY25 onwards business to
improve. Destocking is completely over across all industry segments globally. There will be an
uptick in demand from Q3FY25. Guidance of significant increase in topline and bottomline
backed by destocking and uptick in demand across business segments.
8. Total Segments they cater to = 9. More or less their Export to Domestic ratio = 60:40. Export to
15 countries will add 3 more soon.
9. Capacity in Tonnage Guidance: 18k tonnes in FY26, 23k in FY27 and 29k tonnes in FY28.
10. Company was very concentrated on the Mining business in FY23 and the share has come down
going forward.

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 11. The Railroad industry is their biggest bet, especially regarding orders from NA. They plan to
increase the revenue contribution from this sector to 19% going forward.
12. EBITDA Margin Target of 24-25%.
13. Material cost passed down to customers is already pre-defined with the customer and there is
usually a lag of a quarter.
14. Domestic growth opportunities are huge.
15. External factors behind business transformation: Post COVID, the company managed to pass
down huge cost increases to their customers. Western Europe and American companies are
facing challenges and thus they are capitalizing. So they are positioning themselves accordingly.
16. Internal Factors behind business transformation: Efficient WC management, debt free,
investments in mutual funds and cash to cater to any growth opportunity that might arise.
17. Company is getting preference amongst the western europe and american market. They are 25%
more cost competitive compared to the players in Western Europe and America mainly due to
labor cost. They are also competitive with respect to Chinese players. Add to it the China + 1
sentiment where western economies are derisking from China, Steelcast is better poised to
capture the market. North America still imports ~60-65% casting products from China and thus
Steelcast can see business moving from Chinese players to them.
18. Company is hearing from Mining and Earth Moving customers that coal output is higher and will
continue to be so. More mines to be opened. Steelcast stands to benefit from this. This is also a
reason why they might do better going forward but the business has no correlation with coal
prices.

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Raymond Lifestyle Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 14,614 Crore | Share Price: 2399/Share

1. Demerger Transformation: The company has undergone significant changes since the demerger
three years ago, resulting in a strong governance structure and a "board-driven" approach.
2. Focus on premiumization, casualization, and ceremonial wear.
3. Expansion in sleepwear and inner-wear categories, with new stores launching in the next 3
months.
4. Retail Expansion: The company is heavily investing in retail, with plans to open new stores,
targeting a total investment of INR 150-200 crores.
5. Franchise Model: A large part of their growth is expected to come from franchise stores.
6. Ethnic Division: Expected to achieve 5x growth in the coming years, aiming to increase revenue
from weddings and ethnic wear from INR 200 crore to INR 500 crore.
7. Margins: The company expects to maintain similar margins, supported by fabric premiumization
and manpower training.
8. Apparel Segment: Investments in the apparel segment are projected to break even and start
generating profit, with a 15% growth in ethnic wear investments.
9. Revenue Contribution: Significant revenue growth from all three segments—innerwear, ethnic
wear, and sleepwear, each contributing over INR 100 crore. Branded fabric remains the largest
revenue contributor, accounting for about half of the company’s revenue.
10. ROCE (Return on Capital Employed): Reported at 32%.
11. Manufacturing: Raymond does not manufacture its own garments but has focused on fabric
premiumization and design differentiation.
12. Export Growth: Significant export growth, with inquiries from large buyers like Walmart, driven
by the "China +1" and "Bangladesh +1" strategies.
13. Omnichannel Presence: The online market, primarily driven by apparel, contributes around 11%
of total revenue.

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 14. Ethnic Wear: The company is gaining market share in the largely unorganized ethnic wear
segment by focusing on superior quality, unique designs, and customer relevance.
15. Brand Awareness: Achieved an 80% brand awareness in the ethnic segment through a strong
marketing push over the last year.
16. Store Expansion: Plans to increase the store count and expand the retail footprint significantly.
17. Profitability: The company expects to generate similar profit margins across its segments through
a combination of product premiumization, retail expansion, and efficient cost management.
18. Cash Generation: Improved due to reduced depreciation costs.
19. Raymond Lifestyle Ltd is focusing on leveraging its strong brand and market presence to drive
growth across various apparel segments, with a particular emphasis on expanding its ethnic
wear division and optimizing its retail network through both company-owned and franchise
models.

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Capital Small Finance Bank Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 1,376 Crore | Share Price: 305/Share
"Enhancing Financial Performance Through Branch Expansion and Focused
Lending"

1. The cash-to-deposit ratio is aimed to be in the mid to high 80% range. It typically takes branches
about 15 to 20 months to reach breakeven. By the end of FY25, the plan is to operate 200
branches, with an additional 30 to 40 branches set to open in FY26. Operating expenses are
expected to remain constant for both FY25 and FY26.
2. The goal is to achieve a growth rate of 22% to 24% in advances for FY25.
3. The company is confident in its ability to maintain ROE guidance, especially if the RBI decides to
cut rates. The focus will continue to be on secured products, as the company sees significant
potential in this area and currently has no plans to venture into unsecured products.
4. The target is to sustain an interest spread between 5.5% and 6%, alongside a cash-to-deposit
ratio in the mid to high 80% range. The company believes it operates efficiently, with cost of
funds aligned with the 5.5% to 6% target.
5. Main competitors include other public sector banks, NBFCs, and universal private banks, which
tend to serve a lower customer segment.
6. Currently, the company does not plan to enter the microfinance sector. Instead, focused on
providing agricultural loans to farmers who grow at least 2 to 3 crops. This approach helps
mitigate risks, ensuring that if one crop fails, the others can offer some financial relief.

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All-E-Tech Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 868 Crore | Share Price: 430/Share
Intelligent Business Applications For Digital Transformation - Microsoft Product
Suite

1. What does All-E-Tech Do: Transform operations and enhance customer experiences through
cloud-enabled automation, tailored enterprise applications, and streamlined processes.
Integrate systems for seamless data flow and leverage AI-driven insights to drive growth, while
managing organizational change for smooth transitions
2. The company modernizes operations by using Microsoft’s suite to automate processes, integrate
systems, improve customer experience, and gain actionable insights through AI and data
management.
3. All-E-Tech Business Model: Company is not a license reseller. They provide them solutions. For
eg: They understand the challenges that their customer wants to overcome. Eg. Customer’s
inventory cost is very high or an African Bank wants to increase their business from existing
customers. All-Etech Looks at these problems and then gives them the technology and products,
trains their people and helps them manage it.
4. How is Microsoft different from Oracle or Any other Provider: Company finds the product of
Microsoft best suited to meet their clients needs. Microsoft is also way ahead in AI than other
players.
5. Any Plans to Partner with Oracle/Google/Amazon: In situations where a different product line
might be needed to meet their client’s needs, they do go to other players. There is no product
better - it is just governed by the client’s needs.
6. 3 Parameters which determine All-E-Tech’s association with Microsoft: 1. How much business
are you doing? 2. How many people within your organization are certified by Microsoft across

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 levels and product lines. 3. Competency on Azure/ other Microsoft product lines. Microsoft has
done away with Gold/Silver License or Tags. All-E-Tech has qualified for business competency
license.
7. All-E-Tech vs. Sonata Enterprise (Both use Microsoft): Sonata is focused on exports and focused
predominantly into licensees. All-E-Tech doesn't do this and is a consultancy and product-led
company. With cloud now everything is bundled and they deal with products only.
8. Being Smaller in Size, how is All-E-Tech managing to Get a Foothold in US and Other Markets?
They look at customer segmentation - Mid and Upper Mid Market where bigger players like TCS
and Infosys don’t look at.
9. Mid Size Market/TAM for All-E-Tech: $50bn Globally.
10. Customer Profile/Concentration: Majority of a company's customer relationships go over 10
years. Needs of the business keep changing as competition and landscape changes. All-E-Tech
remains their partner over their journey. Their engagements are long term and thus there might
be some concentration there. For a customer to change his ERP is really hard as switching costs
are really high and thus there is customer retention.
11. SaaS or ERP Service Player? Last 5 years there has been a shift in how customers are
implementing ERP. Enterprise applications are moving towards being SaaS applications. While
the product cost to customers is clearly SaaS, however there is also an overarching need for
services that they require. Now with cloud servers, companies are spending all their ERP cost.
That is why All-E-Tech’s wallet share has increased as compared to 5 years with the SaaS based
model. Recurring revenue has increased now.
12. Competition Intensity: Increase in competition means the market is expanding. Market is
growing. Significant part of Microsoft Ecosystem drivers are ex-All-E-Tech. Promoter sees them as
brand ambassadors.

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Deep Industries Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 2,813 Crore | Share Price: 440/Share

1. Started providing
2. National gas compression services started in 1991
3. Ventured from gas compression to dehydration, to chartered hiring & now drilling rigs &
integrated project management
4. Cover 70% of the post-exploration value chain
5. Only co. in India to provide these services in the value chain
6. Only listed co. in the industry with negligible debt
7. Have maintained EBITDA % of 40% for the past decade
8. Gas compression is a less value-added service that the company used to provide
9. The unique concept of transforming EPC model into charter hiring started by company where it
provides all the services together which is required for natural gas to be processed & sell
10. This entire plant was created in 4 months vs. average. the time frame of 1.5 years taken by other
players
11. New opportunities coming in the industry wherein if the company can help existing producers
increasing
12. The company expects a fixed charge + 64% of the incremental production from this opportunity.
13. Oil & Gas in existing facilities, then it will get a share of the revenues
14. Management expects excellent demand going forward
15. Company acquired Dolphin offshore to expand offerings into offshore segment
16. Focusing on 275 handling bars in Dolphin
17. Expects to grow at 30% CAGR in the next 3 years given the industry tailwinds & existing order
book

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 18. Current gas prices are quoting higher than 7.5$ (11-11.5$ are current levels), however,
management has modeled 7.5$ while calculating its order book. Therefore, management
doesn’t see any downside on the current order book
19. ONGC will come up with 2-3 more rounds of tenders, OIL india & Kaynes Oil & gas are also
expected to bring more tenders
20. Company deploys vessels for 2-3 years (longer contracts)
21. Company has never seen the current type of demand & order book in the past decade
22. The peak order book used to be 500 Crs, but the current order book post the recent win has
increased to 2600 Crs
23. The company is focusing more on value-added services
24. Expect 2 more project enhancement projects
25. Push from central govt. To increase natural gas consumption, new discoveries (leading to
demand for the company’s services), the Industry has seen consolidation in the past
decade..therefore, management believes that the company has an opportunity to reap fruits
26. Expect contribution from production enhancing contracts + dolphin offshore to increase margins
in FY26
27. PAT margin guidance of FY25 will be higher than 22%
28. The company will primarily focus on tapping the indian market
29. Southwest Pinnacle (another listed company) is not present in the onshore segment
30. Company doesn’t expect any headwinds unless oil prices fall below 50$

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L T Foods Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 14,786 Crore | Share Price: 426/Share

1. Previous freight hikes had negatively affected margins. Currently, easing freight costs are
expected to positively impact margins in Q4 FY25.
2. Anticipating double-digit growth in FY25. And margins to remain consistent with FY24.
3. Product Contribution in Revenue:
a. Specialty rice: 87%
b. Organics: 10% - 10.5%
c. Ready-to-cook and ready-to-eat: 2.5% - 3%
d. Product contribution mix is expected to remain stable over the next 2 years.
4. Ready-to-Eat Market:
a. The company’s primary ready-to-eat market is the USA. Revenue from ready-to-eat
products in the USA is INR 140 crores.
b. The majority of sales are in the USA, with India focusing more on ready-to-cook options.
5. Market Distribution: 65% of the business originates from international markets. And the
remaining 35% from the Indian market.
6. Production Capacity:
a. Doubling capacity for ready-to-eat rice production in the USA.
b. Capacity Utilization:
i. India: 85% - 90% (paddy to rice), 70% (rice to rice)
ii. USA: Fully utilized at 100%.
7. Margin Guidance: Margins projected between 14% and 15%.
8. Private Labels: Private labels contribute 10% to overall revenue, primarily in Europe.
9. Domestic Revenue Distribution: Modern Trade, E-Commerce, and Quick Commerce account for
35% of volume, with higher margins than the industry average. General trade makes up 65% of
the volume.

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eMudhra Ltd
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 7,158 Crore | Share Price: 864/Share

1. The company was established in 2008 and has Core Business Segments: 1) Cyber Security:
Includes services related to data protection, network security, and cyber risk management.
2)Digital Transformation: Encompasses digital trust services like identity verification, document
authentication, and website/device certificates.
2. India: Contributes 55% of the revenue and International (US and Middle East): Accounts for 45%
of the revenue. Services in these regions have been actively expanded over the past two years.
3. Focus on providing solutions that ensure the identity and authenticity of documents, websites,
and devices.
4. Three Key Solutions Offered: 1) Digital Certificates for websites and devices. 2)Identity
verification and authentication services. 3) Digital signature services for documents.
5. From January 2023, the company reduced sales to smaller partners and retail stock purchases
but focused instead on major partnerships. This strategic shift is aimed at optimizing sales
channels and enhancing profitability.
6. Targeting further growth in the Middle East and US markets.
7. Revenue of Annuity: 70-75% of total revenue comes from Annuity. Business Segment Revenue
Split: 1) Cyber Security: 65-67% of total revenue. 2) Digital Transformation Services: 30-33% of
total revenue. 3) Digital Trust Services: Approximately 20% of total revenue.
8. Experience and Expertise: The company’s long-standing presence and deep expertise in digital
security create a significant entry barrier for new competitors.
9. Product Development: Unlike new entrants who often rely on third-party products, eMudhra has
developed its proprietary solutions, strengthening its position in the market.
10. Entry Barriers: The digital trust and cybersecurity market is difficult to penetrate due to the high
time and resource investments needed. It typically takes 3-4 years for a new entrant to establish

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 trust services. The existing competition primarily consists of established players rather than new
entrants.

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Cineline India Ltd
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 411 Crore | Share Price: 120

1. India is the most under-screened country and India has the highest amount of footfalls per
screen in the world.
2. Sold the business in 2011
3. The hotel business has witnessed good growth in revenue and EBITDA in the last few years. The
company intends to sell the business in FY25 and use the proceeds in growing the cinema
business.
4. Footfalls have reduced by 20% from 2019 to 2023. The company took a sample of 2000 screens
and observed that footfalls in the top 3 content in 2023 were much higher than in 2019.
5. UFO Moviez, which is another listed player in this space, is the company’s vendor and also
Cineline has alloted UFO advertisement slots in their screens.
6. Entering into the cloud kitchen segment as well. Refrained from making any revenue guidance.
7. The target is to open 30 screens a year translating to around 90 Cr of yearly capex. 4 years
payback.
8. One participant raised a question on a red-flag of buying the hotel business at a high valuation of
334 Cr in 2019 and now willing to sell the business at a price of 273Cr which is significantly lower
than the price they paid in 2019. The important point to note is that in 2019, the property was
bought from the promoters in the company books via a related party transaction.
9. The cinema industry has become more organized post-pandemic making it harder for smaller
new players to make a dent in the industry.

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DEV Information Technology Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 322 Crore | Share Price: 143/Share
Exiting stake in co-working space

1. Started journey in 1997

2. Have a presence in Gujarat, Rajasthan, Kerala & Canada
3. In the year 2017, listed on SME
4. CTO - Vishal came into the business post-acquisition of his biz by Dev IT
5. Leading Microsoft & AWS partners for the past 27 years
6. Taking their legacy applications & converting them into cloud
7. The company is helping enterprises move into ERP
8. The company is into data center support services
9. Provide end-to-end IT services to our customers
10. Acquired a dedicated Microsoft enterprise solutions-focused co.- Dhyey consulting
11. GIDC, GFSC, govt. Of Rajasthan, RERA Rajasthan
12. Sold 4% of its co-working biz, at 300 Crs valuations, the company is growing at 100% YoY
13. Continues to hold 23% of stake in DevX
14. Set a target of increasing geography presence beyond India & USA
15. Plans to expand its enterprise solutions
16. Integrating cyber-security services with managed IT services
17. Lilikoi couldn’t acquire/fulfill its open offer obligations in DEV IT due to financial constraints, as
a result, existing management will continue to operate the business
18. The attrition rate is only 2% despite having lower remunerations Vs larger players, the company
also provides ESOPs & company performance incentives

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 19. Expect PAT margins to expand from 10% in FY25 to 15% in the next 3 years
20. Targets 170 Crs revenues in FY25 & 225 Crs revenues in the coming years
21. The company plans on adding IOT products

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HP Adhesives Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 858 Crore | Share Price: 93.4/Share
Expanding product portfolio and Improved sales strategy to drive business.

1. Strong growth across product portfolio. Aim to have a wide product portfolio across the value
chain.
2. They sell to distributors and then these distributors sell it to end users.
3. Exports are a growing category. Currently contribute about 10%.
4. Finolex, Hindware and many others are their institutional customers of Solvent Cement. It is
white labeled.
5. Strategically located depots (close to ports and proximity to customer zones). 1 depot to come
up soon and plan to open many more in the coming months.
6. Unit-II is almost ready. Unit-I will be primarily for Solvent Cement and other products to be
gradually moved to Unit-II.
7. From single product to multiple product categories, the company has been building its
distribution network over the years.
8. Company to launch epoxy adhesive and PVA adhesive soon and working on several others as
well.
9. Idea is to cater to the entire distribution network with the help of an entire product basket.
10. Sold to 1450 distributors last year. Sales Team - ~285.
11. Formulation is the key in the business.They have their own processes and formulas for their
products.
12. Availability of RM is key and they have their strategies in place.

13. Growth Strategies:

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 14. Every year they intend to add 100-150 distributors and expand their sales team (lead by
ex-Pidilite, ex-SRF) across India. Want to deepen secondary penetration, i.e focusing on the
end-user (as compared to just about selling to distributors and not bothering where they sell and
how they sell). Their expanded Sales team will be taking care of the retail market(plumbers) and
incentivising the retailer(plumber) which will result in demand generation.
15. Several initiatives with the plumbers by their Sales team where they explain their products.
16. They are also investing in plant automation. Will help in cost reduction and productivity
optimization and efficiency.
17. Financials and Numbers:
18. Historically, the company has been managing their profitability by keeping GM > 35%. FY22 and
FY23 outliers due to COVID and Russia/Ukraine Wars. They’ve reoriented their supply chains and
thus their GMs are back to normalized levels.
19. Management is confident of keeping their GM>35% and it might continue to go up backed by
new product launches. Aspire to go to 40-45%.
20. Operating leverage playing out resulting in increased EBITDA.
21. Highly WC intensive business. Don’t want to grow at the cost of giving out credit to their
customers and are very conscious of receivables. Historically, WC as 25-30% of Sales but wants to
bring it down to 20%. Will lead to superior FCF generation.
22. But have started doing channel financing for the distributors.
23. Why No Sales Growth in the last 6-7 quarters:
24. Till FY23 there was healthy growth on the back of volumes + value as raw material prices were
growing (passed down to customers, low cost inventory), but then it plateaued.
25. FY23-FY24 saw volume growth but no value growth. However, guiding a 20-25% going forward as
RM has somewhat stabilized.
26. Distributor lead business growing at a very healthy rate as compared to the Solvent
Cement/Institutional business

27. Competition and Guidance: Both Pidilite and Resinova have an entire product portfolio and the
sheer scale of these companies give them added advantage. But HP Adhesives is confident of
growing despite it as they go on adding more product categories. Management believes that the
opportunity is huge and they will grow at a faster rate (no specific guidance).

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 28. Geographical Spread: Western Market being the largest (40%) and 25% each from North and
South, 10% from East. North East seems attractive as there is no penetration. They have started
building a team there. UP has a huge potential as well.
29. Capacity/CWIP: Expanding capacity since last 2-3 years and introducing automation in
operations.Major chunk will be capitalized at the end of this quarter.
30. Current Utilisations: Capacity across product categories are different. Solvent Cement - 60-65%
and other categories at slightly lower levels. Excess capacity keeping in mind the high demand
going forward. Can’t afford to not have any product available on the shelf. And utilization levels
are dynamic.

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Spencers Retail Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 915 Crore | Share Price: 102/Share
Closing operations in NCR and South & Expansion in East and UP + Looking to
make a complete turnaround of the business

1. From Q3 onwards, the company will be operating in the east. Focused expansion strategies in
the East.
2. The biz. is confident to go back to INR 2400 crores topline in the next 12 months.
3. Accelerating journey towards EBITDA breakeven in 6 to 9 months.
4. Confident that 19.5% gross margin is sustainable.
5. Expecting sustainable operating cost structure with 13% at the store level and 6% as overhead
costs.
6. Stores are in hypermarket format: from 10000 sq. ft. to 25000 sq. ft. and Kirana format: 2000 sq.
ft. to 4000 sq. ft.
7. The company spends INR 2.5 to 3 crores to open up a new store.
8. The decision to exit the NCR, Andhra Pradesh, and Telangana clusters involves closing 49 stores,
which represent nearly 22% of the business. These locations have incurred approximately Rs. 56
crores in losses at the regional EBITDA level, primarily due to slower growth, heightened
competition, and a fragmented market presence. By withdrawing from these areas, the company
aims to alleviate the negative impact on store-level EBITDA, allowing for a more focused and
efficient operational strategy.
9. Starting from Q3, the emphasis will be on consolidating its presence and expanding its
operations further in the East and Uttar Pradesh territories. Planning to add 8 to 10 stores in a
12-month period in the geographies of East and UP. Focused on measured and targeted store
openings in these regions.

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Laxmi Organic Industries Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 8,182 Crore | Share Price: 296/Share

1. Acquisition and Business Strategy:

● Floro Intermediates Business: Lakshmi acquired assets, intellectual property, and
customer base from Mitani (a joint venture between Mitsubishi and an Italian company)
at the end of 2019. These assets have been relocated to India and are now operational,
generating revenue for the company.
● Two Business Units:
○ Essentials Business Unit: Focuses on economies of scale, cost efficiency, and
customer proximity. It is more cyclical and commodity-driven, with asset turns of
3-5 and EBITDA margins of 8-12%.
○ Specialties Business Unit: Includes Daiki team derivatives and the new Floro
intermediates. Emphasis is on R&D, with higher EBITDA margins (20-25%) and
lower asset turns (1-2). 2% of specialty revenues are invested in R&D, aiming for
20% of revenues to come from new products launched in the last five years.
2. Customer Insights: Lakshmi aims to ensure reliability of supply and competitive costs in the
Essentials segment. In Specialties, the focus is on understanding customer applications and
functionality requirements.
3. Financial and Operational Performance: The Essentials business is subject to market cyclicality,
with the recent demand-supply dynamics causing lower margins. Specialties are more stable and
less affected by market cycles.
4. Safety and Operational Excellence: Safety is a priority for Lakshmi, with a focus on preventing
issues before they happen. They continuously improve operations by analyzing performance
data and shutting down less efficient production lines if necessary.

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 5. CapEx Plans:CapEx of INR 1100 crores is planned, split between Essentials and Specialties.A
significant portion will be invested in a new site in Dahej, aiming to double top-line growth by
FY28.
6. Lakshmi is positioned strongly in India with a 35% market share in ethyl acetate.Despite the
global chemical market's challenges, particularly with China and Europe, Lakshmi's cost position
has protected it from price undercutting by Chinese imports.
7. Overall, Lakshmi aims to balance its cyclical Essentials business with the more stable and
profitable Specialties segment, leveraging its strong market position in India and expanding its
capabilities through strategic investments and R&D.

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AVG Logistics Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 595 Crore | Share Price: 436/Share
A business run by a Dhandho Maxx Promoter and where many triggers are falling
into place .

1. FMCG Logistics company, and also into cold chain solutions. Also provide 3PL services as per
requirement of customers. Customers include Nestle, HUL, Apollo, MRF etc.
2. Started moving goods through Indian Railways post COVID.
3. Assam is a gateway to the 7 sisters in NE. Company is focusing on this route and ths working with
Indian Railways for transporting goods through Assam( Guwahati). The tenure is for 6-7 years.
4. LNG and EV vehicles are showing huge promise for the company as many of their customers are
preferring this as per their ESG mandate.
5. Partnering with UP Govt. Will use their state bus for transporting goods.
6. Company is buying 50% of the fleet and leasing the remaining.

Guidance:

7. Next 3-4 years they are confident that they will grow at 25-30%. Logistics is going to play a major
role going forward in India. Company is sensing a good opportunity in the market.Earlier they
were catering to FMCG customers only but now adding new industries like Steel, Cement and
Pharma. Expecting good orders from govt. in the1st week of Oct. (200 Cr.).
8. Confident of achieving 700cr in FY25. (25-30% from railways)
9. H1 is usually tepid but H2 is strong in this business.
10. Confident of maintaining 18-19% EBITDA margins. (target is to improve)

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 11. 470 employees for 500 odd crores. However, the number of employees won't increase at the
speed of their revenue growth and thus m argos might expand,
12. Aim to improve PAT by 100-150bps every year.
13. Planning to make the company debt free by FY28.

Foray into Cement and Steel Industry

14. It leads to high turnover and more or less the same margins if they consider payment terms.
Their target is to achieve Rs. 1000 crore in the next 5 years from these industries. Ultratech
Cement spends close to 20, 000 crores and Dalmia Cement spends close to Rs. 4000 crores. AVG
has signed contracts with these two companies and are receiving favorable payment terms. This
is a huge opportunity for them. (They hired KPMG for consultancy and they advised them to tap
this market.) They are also in contact with Adani, Wonder and JK Laxmi in Cements. Tata Steel,
JSW, Jindal Steel and Shyam Steel are also in touch are their customers.
15. WC Cycle is better as compared to FMCG

Cold Chain:

16. Getting subsidy in Maharashtra and Karnataka.

17. Applied for land in MIDC, Pune. Expecting to get clearance in the 1st week of October. 2 more
warehouses are coming up - 1 in Noida and 1 in Karnataka.

Driver se Chaalak Scheme

18. Very asset light initiative where Driver pays for the vehicle (5L investment for 40-45L Vehicle) and
works for AVG Logistics. Drivers find it lucrative. 30-40 drivers onboarded.
19. They are giving business guarantees to drivers. The rate has been fixed by AVG Logistics assuring
them that their EMI will be paid through the business given by AVG Logistics.
20. Promoter personally meets these drivers to ensure everything is smooth.

Parcel Cargo Express Train (PCET) Railway Business/DFC

21. Perishables/FMCG goods are being moved through this. Have contracts with Colgate, Haldiram,
ITC, Nestle, HUL. It’s a long term contract (3 years).
22. Railway has annual turnover of 1800-2000 cr but plans to increase it to 5x of this in the next 3-4
years.

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 23. AVG Logistics has 6 routes here currently but plans to add 3 more routes.
24. Railway charges per km per tonne basis. Tenders are tailor made and as per logistics players
needs.
25. They are the only major player in this space right now.
26. DFC will be a huge enabler for AVG Logistics as Steel and Cement will also moved through these
routes.
27. Own Truck vs Leased Truck Margins - 25% in Own Trucks and Leased Trucks -12 to 14 Margins.
28. Govt’s Payment Terms: 15 days (Receivable)
29. Acquisitions: Under process. Will be able to declare next quarter. Deal not finalized yet. Planning
to acquire 1-2 companies. 1 Company is having around 50cr and other businesses are doing a
business of 170 cr.

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Suryoday Small Finance Bank Ltd
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 1,986 Crore | Share Price: 187/Share

1. Deposit Growth: Achieved a 40% increase in deposits, totaling rs. 8,000. Credit-Deposit ratio at
110%.
2. Cost of Funds & Asset Management: Cost of Funds: 7.6%.Key Asset and Liability Management
(KATA) ratio: 17.7%.
3. NPA Metrics & Asset Quality: GNPA reduced to 2.7%; NNPA down to 0.4%. Provision Coverage
Ratio (PCR) is strong at ~83%. Gross slippage: ₹77 crore; write-offs: ₹64 crore. Net GNPA stands
at ₹41 crore. Substantial provisions were made in Q1, including ₹30 crore CGFMU- Credit

Guarantee Fund for Micro Units reimbursement.

4. Branch Expansion & Strategy: Opened 40 new branches, totaling 1,700. Focus on retail banking,
comprising 79% of the ₹8,000 crore portfolio. Introducing smaller smart banking outlets to
capture micro markets.
5. Digital Initiatives: Collaborated with digital partners to enhance deposit collection. Targeting a
100% Credit-Value ratio in deposits and advances.
6. Market Challenges & Revised Guidance: Higher slippage rates are anticipated in Q2, with stress
on retail deposits.Revised growth targets to 30-35%, with deposits expected to outpace
advances. Aiming for a consistent cost-to-income ratio of 57-58%.
7. Household Income Assessment: Using credit bureau data and internal scorecards for thorough
customer assessments post-RBI's removal of lending caps. Shifted to independent teams for
verifying household income.
8. Employee Training & Cost Efficiency: Implemented training for credit officers and advanced
machine learning models to improve assessment accuracy.
9. Credit Guarantee Fund (CGF) Scheme: Emphasizing long-term assessment over immediate
claims. Acts as protection against interest rate spikes, particularly in microfinance.

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 10. Asset Quality & Growth Guidance: Growth outlook of 30-40% despite asset quality concerns.
Strong growth anticipated in mortgages and commercial vehicles, while microfinance faces
challenges. Credit cost guidance remains around 3.5%, with some seasonal variations.
11. Operational Insights & Strategy Adjustments: Management actively reviewing slippage in
specific areas, with potential adjustments to growth expectations post-Q2. Focus on deepening
customer engagement and targeting new acquisitions.
12. Vikas Loans & High-Yield Products: Transitioned to a more thorough credit appraisal process for
Vikas loans. Potential for scaling up micro loans, with ongoing assessment of performance
metrics.
13. Commercial Vehicle (CV) Financing: Significant improvement and expected growth in the CV
segment. Focus on maintaining high-quality collections and expanding the portfolio.
14. Liability Raising Experience: Utilizing composite branches and smart banking outlets for scalable
liability raising. A considerable portion of liabilities being raised digitally, with a focus on granular
deposit increases.
15. The company is balancing growth and asset quality management, leveraging the CGF scheme for
risk mitigation. There is a focus on enhancing customer engagement and digital solutions for
liability management, with future guidance potentially adjusted based on evolving financial and
market conditions.

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SJS Enterprises Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 3022 Crore | Share Price: 143/Share
Exiting stake in co-working space

1. Made 2 acquisitions in the past 2 years

2. P/E fund that acquired a stake in 2015 exited last year
3. The company has 7000 SKUs
4. 4 manufacturing facilities
5. Present in all 2 & 4 wheeler segments, along with consumer appliances
6. 32.8% 2W, 36.4% 4W, 22% Consumer appliances & 8% from medical devices
7. Promoter has actually increased stake by 3% post exit of ever-stone
8. It is a professional-driven company
9. Growth is expected more from the PV segment
10. IML interiors, and covered glass among other products will drive PV growth
11. The company’s competence in PV increased post 2 acquisitions
12. Recently onboarded Dixon Tech on consumer appliances business
13. Focused on maintaining EBITDA margins of 25%
14. Aims 1.5X industry growth
15. Targets doubling of turnover in next 3-4 years
16. In consumer appliances- the company caters to telecom (decorative parts) & electronic
appliances
17. Has several technologies under one roof, so can be easier to roll out new products
18. Covered glass is a complex product having a stringent approval cycle, expecting orders in the
next 2-3 months.
19. No effect of the strike on the production of the company

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 20. The company has worked a lot on the product front & building customers, & it is focused on
aggressive growth going forward
21. Increasing size of displays in the car directly benefits companies like SJS
22. Higher capex on display systems will lead to higher demand for components that SJS produces
23. Given the manufacturing process (involving higher complexity & labor) India & SJS are at a
significant advantage on the production front

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HT Media Ltd
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 566 Crore | Share Price: 24.3/Share

1. Media and Entertainment Sector Overview: The sector has experienced a CAGR of 7% over the
last seven years and is projected to reach ₹2.55 trillion in 2024. The print sector remains below
pre-pandemic levels, with a 4% growth in 2023, recovering 90% of its pandemic impact. The
radio segment saw a 10% growth in 2023, with a notable 19% increase in advertising volumes,
although still trailing pre-pandemic levels.
2. HT Media Limited Structure: HT Media Limited is the parent company, holding stakes in various
businesses, including Hindustan Media Ventures Limited and Next Media Works Limited.
Business Segments:
a. Print: Includes Hindustan Times (English), Hindustan (Hindi), and Mint (business paper).
b. Radio: Includes Fever 104, Punjabi Fever, Nasha, and 94.3 Radio One.
c. Digital: Comprises Shine (jobs portal), HD Mobile Solutions (streaming), and Mosaic
Digital (VCCircle, TechCircle).
3. Business Performance: Consolidated revenue stood at ₹1,818 crores, with an EBITDA of ₹118
crores and a 6% margin. Print remains the dominant contributor at 80% of total revenue, while
radio and digital segments each contribute 9%. Digital businesses faced losses due to
investments in OTT Play, a new business initiative.
4. Segment Analysis:
a. Print: Achieved operating revenue of ₹1,386 crores, with a 5% margin. English print ad
revenue slightly declined, while circulation revenue saw an increase.
b. Radio: Recovered post-pandemic with a turnover of ₹157 crores, up from ₹200 crores
pre-pandemic, and an 8% margin.
c. Digital: Generated ₹154 crores in revenue, growing 16% but recorded losses due to OTT
Play investments.

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 5. OTT Play Initiative: This aims to be the largest aggregator platform in India, offering 35+ OTT
platforms and 350+ live channels. Focuses on convenience with a single login feature and
multi-tiered subscription plans offering 10-30% cost savings. Targets customer acquisition
through digital channels, cable, ISP partnerships, and B2B collaborations.
6. Challenges and Resilience: The media sector has faced multiple challenges, including
demonetization, GST implementation, and the pandemic, impacting profitability and growth.
Despite these challenges, HD Media Limited has maintained a strong balance sheet and invested
in new business verticals.
7. Conclusion: The company is positioned for growth with its diverse portfolio, focus on digital
transformation and strategic investments in new businesses like OTT Play. The presentation
emphasizes resilience and strategic planning to navigate industry challenges and capitalize on
future opportunities.

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Dodla Dairy Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 7,232 Crore | Share Price: 1,199/Share
Airlines in transition towards Modern Systems + Cheap Valuations

1. The management is optimistic about maintaining current gross margins while passing on higher
margins to farmers and customers.
2. Anticipating a consolidation phase in the dairy industry over the coming years, the company is
strategically positioning itself to capitalize on these market dynamics. The recent acquisition of a
plant in Kenya, which began production in January FY25, marks a significant step in this direction.
3. The company is projecting steady growth in the African market, with an overall expected
revenue growth rate of 10% to 15%. Notably, the average EBITDA margin in Africa is nearly
double that of India.
4. In India, the company aims to penetrate further into the East and North East regions, identifying
numerous white spaces for expansion.
5. Current plant capacity is 12,000-13,000 tons per month, with utilization levels at 4,500-5,000
tons. The new plant, which started production last year, is anticipated to contribute substantially
to the rising turnover, enhancing overall operational efficiency.
6. Future Guidance:
7. Anticipating Africa business revenue to nearly double to INR 360 crores in FY25.
8. Projecting Orgafeed business revenue to increase to approximately INR 160 crores in FY25.
9. Optimistic about stable EBITDA margins and PAT growth for FY25.

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Vertoz Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 3006 Crore | Share Price: 35.3/Share
A business operating in a fast growing industry.

Company Brief

1. New age AI Tech driven advertising company with HQ in USA. 2 Segments:

a. MAD -Tech( Marketing and Ad Tech): Media, Ad space is bought through an automated
auction process via Real Time Bidding (RTB)
b. Cloud Tech - Cloud Solution in-terms of providing storage
2. Fundraising soon for their growth initiatives - For geographical expansions and inorganic
expansion.
3. Works across Demand Side and Supply Side platform Value chain
4. Competition: Affle (India) , TradeDesk (US). Vertoz differentiates itself
5. PAT Margin: 18-19% is the industry standard and they plan to attain this as early as possible.
Their current PAT margins in both the segments is around 8-9%.
6. International: India business contribution = 70%:30%
7. Growth: Industry pie is increasing every day. Huge opportunity to grow.

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GTPL Hathway Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 1,868 Crore | Share Price: 166/Share

1. The company is on track to reach the significant milestone of 10 million subscribers in its Cable
TV division.
2. The Broadband segment has performed well, particularly following the price increases from
major telecom companies.
3. The company has increased its ARPU from 440 to 460 in the last two years. And is looking
forward to further increasing its ARPU. Anticipating ARPU increase in cable business and stable
growth in broadband segment.
4. Average data consumption per customer per month increased by 13% Y-o-Y to 350 GB.
5. The management believes that as the charges for wireless data are increasing and will increase,
then people will prefer wired data mainly in the coming years as the penetration of wired data
connection is less compared to other countries like USA, Korea, and Eurozone, etc having wired
connection penetration of more than 70% to 80%.

Future Guidance:

6. Anticipating double-digit growth in subscription revenue for FY '25.

7. Strategically planning price increases in cable markets.
8. Expanding the B2B vertical in cable and broadband to enhance subscriber growth.
9. Targeting an operating EBITDA margin of 24-25% for the year.

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Indag Rubber Ltd
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 542 Crore | Share Price: 206/Share

1. Retreading: Retreading tires involves refurbishing worn-out tires by replacing the tread with new
rubber, resulting in significant cost savings and extending tire life by 70-100%. This process
supports the circular economy by reusing materials and is widely adopted across industries. The
worn-out tread is removed and replaced with fresh rubber, enhancing both the tire's longevity
and its safety performance.
2. Environmental and Economic Benefits of Retreading: Retreading provides substantial
environmental advantages, such as saving 57 liters of oil per tire and reducing CO2 emissions by
136 kg per tire. Economically, retreaded tires are more affordable, costing around ₹6,000
compared to ₹25,000 for a new tire. This is particularly beneficial for fleet operators, who can
reduce tire expenses by up to 70%.
3. Economic and Environmental Impact of Retreading: The economic impact of retreading is
significant, particularly for businesses in transportation and logistics, by lowering tire costs. It
also supports environmental goals by reducing oil consumption and CO2 emissions, positioning
retreading as a sustainable and cost-effective solution for tire waste management.
4. Research and Industry Support for Retreading: Research from sources like Frost and Sullivan
highlights retreading as a vital part of the circular economy. Industry support for retreading is
growing, with more companies adopting it as a strategy for sustainability and cost reduction.
5. Conclusion and Future Prospects: The economic and environmental benefits of retreading point
to continued growth potential in the industry. Increasing awareness of sustainability and
cost-saving opportunities is expected to drive future advancements in retreading.
6. Industry Growth and Sustainability: The overall growth and sustainability of the tire industry in
India are driven by infrastructure investments, increased environmental consciousness, and
regulatory changes such as Extended Producer Responsibility (EPR). The industry is projected to
grow from $9 billion to $22 billion by 2032, with radialization rates reaching 65%.

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 7. Company Goals and Challenges: Indag Rubber Limited aims to raise plant capacity utilization to
80% and double its turnover to ₹500 crores by 2027. The company plans to leverage its
subsidiary, Millennium Manufacturing Systems, to achieve a capacity of ₹125-140 crores by 2024
and expand to 1 gigawatt by 2027. Challenges such as rising commodity prices and strengthening
the domestic aftermarket were discussed.
8. Action Items: The key action items identified include increasing plant utilization, introducing new
products, scaling the new business model, and achieving gigawatt capacity for Millennium
Manufacturing Systems. The company also intends to explore additional new business
opportunities to drive growth.

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Sonata Software Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 17,855 Crore | Share Price: 637/Share
A mid-tier IT company looking for aggressive growth.

Company Brief

1. 2 business: Software Solution and 1 License providing business.

2. International business - Strength is their partnership with Microsoft for ERP + CRM
3. Focused on BFSI and Healthcare Services. Other 2 verticals are Retail and Manufacturing and
Hi-Tech (TMT).
4. India business to be valued based on absolute gross contribution. Committed for a 15% growth
in this segment. There will be a slowdown in growth this year.
5. High ROCE business. Margins are less but it is a high volume game.
6. Won an ultra large deal recently on June 24. 3 other large/significant deals also won last quarter.
7. Win ratio for them is 30-40%. Right to win is agility, having senior personnel available for clients.
8. Attrition is around 15-18% across the industry. Market has moderated.
9. Margins impacted due to an acquisition made recently and also their investments in large deals.

Guidance: Targeting revenue of $1.5 billion by FY '26 with an EBITDA in the low 20s. After Q1FY26 the
operating margins will be >20% (low 20s). FY25 will have industry leading growth/but margins will be
low.

Gen AI: 20% of their revenues in 3 years time will come from AI (Aspirational). At present it might be low
as the technology cycle is playing out and customers are waiting for tech to be stabilized.

Impact of FED Rate Cut: New deals will increase going forward across the IT industry. BFSI is seeing
greenshoots. Retail is soft/uncertain. Australia and the US market picking up well.

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Manorama Industries Ltd.
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 4,903 Crore | Share Price: 823/Share
Capacity Expansion + Global Clientele

1. Manorama Industries Limited is a leader in producing cocoa butter equivalent (CBE), specialty
fats, and plant-based butters derived from tree-borne seeds like sal seeds, mango kernels,
kokum, and mowrah seeds.
2. The company has increased its fractionation capacity from 15,000 metric tons in FY21 to 40,000
metric tons, with the most recent expansion of 25,000 metric tons launched in July 2024.
3. Current capacity utilization for the existing plants is approximately 100%. The new capacity is
expected to operate at 60%-70% utilization in FY25, with an anticipated rise to 80%-85% in FY26.
4. The management has commented that the company will generate around INR 1400 odd crores
of revenue from its total capacity, once it is fully operational.
5. Future Guidance:
a. - FY25 revenue guidance: over ₹750 crores. Driven by expanded capacity and economies
of scale.
b. Targeting EBITDA margins: 20%-22%. Potential for further improvements with new
capacities.
6. Manorama boasts a robust procurement network involving millions of tribal communities from
India and Africa in forest dwellers across thousands of collection centers, guaranteeing a
consistent supply of raw materials.
7. Manorama has broadened its customer base to include more than 80 international clients,
featuring prominent chocolate and cosmetic brands.

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UFO Moviez India Ltd
Arihant Bharat Connect 2024
Day -1 | 25 September 2024
Market Cap: Rs. 545 Crore | Share Price: 141

1. Cinema in India is a Way of Life. 100 movies are produced p.a. In more than 20 languages.
[India is the largest producer of movies in the world, USD ~2.4 Billion Gross Box Office collections]
2. UFO is a key player in the digitization of the Indian movie ecosystem. It has redefined film
economics by enabling pan-India releases on day one and improving the viewing experience.
3. Key Offerings

4. Of all the key revenue streams, advertisement is the most lucrative and has the best potential to
grow from the current levels.

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 5. Advertisement screens have gone up since Covid-19. However, advertisement revenues have
been less than 50% of what it was in FY19. This is primarily due to the loss of government
advertisements. In FY19, govt’s share in the ad business was more than 50% and today it is less
than 30%. Hence, the company is focusing aggressively on the corporate and retail share. They
are confident that in the next 2 years, the ad revenues will be back to pre-pandemic levels.
6. The management is mindful of the risks associated with low footfall and taking active steps to
expand the market through new initiatives like Nova Cinema where they make budget cinema
screens in non-metros or tier 2-3 towns.
7. The business does not involve high capex and the company is at the advantage of calibrating
Capex only in the years when the business does well. They upgrade the equipment of the cinema
halls in those times, especially in screens which are premium.

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 DAY -2
Sr. No. Name of the company Sr. No. Name of the company
25 Ashiana Housing Ltd 37 Kilburn Engineering Ltd
26 Z-Tech (India) Ltd 38 Sakar Healthcare Ltd
27 Equitas Small Finance Bank Ltd 39 SPML Infra Ltd
28 Jeena Sikho Lifecare Ltd 40 Motilal Oswal Financial Services Ltd
29 Jyoti Resins and Adhesives Ltd 41 Onward Technologies Ltd
30 Tips Industries Ltd 42 BMW Industries Ltd
31 Onmobile Global Ltd 43 Macpower CNC Machines Ltd
32 Mcon Rasayan India Ltd 44 Sunteck Realty Ltd
33 Meghmani Organics Ltd 45 Aimtron Electronics Ltd
34 BCL Industries Ltd. 46 Maruti Interior Products Ltd
35 CIE Automotive India Ltd 47 Tara Chand Infralogistic Solutions Ltd
36 Swaraj Suitings Ltd 48 Dollar Industries Ltd
Ashiana Housing Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 3307 Crore | Share Price: 329

1. Into middle-income housing since 1979 (45 years). Present in places like Jaipur, Gurugram, Pune,
Bhiwadi, etc.
2. The industry is now in a sweet spot as far as the real estate bull cycle is concerned. Most
optimistic about senior living housing.
3. In the Elite Homes, they are saying good traction. They started with Jaipur and the numbers have
been encouraging. Inquiries and site visits also give them confidence.
4. In Ashiana Amara (Gurugram), out of 280, 180 have already been sold and they see more sales
happening by the end of this year.
5. Their entry into the Bangalore market is still in the pipeline and may start anytime soon. They
have signed a few term sheets.
6. One of the challenges they face during a bull market in real estate is the increase in land prices.
But they manage it well and prefer entering into JV with most deals. But when they get a good
deal, they also buy land parcels singlehandedly. But they always have a strict underwriting rule
of a minimum 30% GP for each project.
7. 10-11 million square feet is the total pipeline. In the next 3-4 years they plan to add another 7-8
million square feet.
8. Ashiana Swarang in Chennai is going to be launched in Q3FY25. The management is very excited
about it and confident of a good launch.
9. In the next 3-5 years, management expects 30-35% of their business will come from senior living.
10. Management is confident that the margin will not be impacted due to a rise in land prices. They
believe that margins will increase due to:
a. senior living is having less competition and less cyclical
b. Scale economics and operating leverage to play out

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 c. Brand pull and pricing power
d. Presence in strong markets where demand is strong
11. Land acquisition plans for FY25 and FY26: Continue to look for opportunities in Jaipur, Channai,
Pune, Bangalore, etc. So will continue to focus on getting good land deals.
12. Focus on Quality: They have strict compliance procedures and a conscious effort to maintain
quality. External consultants also help in upgrading the systems and procedures.
13. Quarterly cash flow from operation (before investment in land parcels) is 80-90 Cr per quarter
and they are confident of maintaining it.
14. Senior living is still in its nascent stage and generally, there is limited competition in this space.
Even if new players enter, Ashiana is confident that they will have enough opportunities to grow
meaningfully and profitably.

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Z-Tech Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 486 Crore | Share Price: Rs. 380/Share
Exciting and unique business model.

About Business

1. Z-Tech works on sustainable infrastructure solutions with a twist like making theme parks out of
waste material. Innovation is at the center of their business model
2. 6 Large Theme Parks developed so far. 6 signed and under development. 15+ under tendering.
3. Team Size - 85+ | Clients - 51
4. Current Order Book - Rs. 145 Cr.
5. Today they are one of the largest community affordable theme park operators in the country and
next year they will be the largest.
6. Building up of the top management complete by bringing in dedicated CEOs for Waste Water
Management, Geo Technical Specialized Solutions, and Theme Park.

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 1. Theme Park: Work closely with govt. Govt provides land, and waste, and Z-Tech makes the
Theme Park out of that waste. Indian Theme Parks are usually priced at Rs. 800-2000 but Z-Tech
Parks are priced around Rs. 100 and below. Their payback is < 6 months. Govt Majority
investment partner and Z-Tech are Minority. Z-Tech operates and maintains the park, does all the
spending ex-land and gets a majority share of the ticket revenue. These projects have been really
successful and some of the projects have paid back in kind much faster than anticipated. 1
million paid visitors as of today. (children get free entry).

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 The company believes they have just scratched the surface and there is a huge runway for them.

2. Wastewater Management: Attained a proprietary technology called GEIST, where they remove
chemicals from wastewater and make the water reusable.

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 3. Geo Technical Solutions:

Opportunity Size:

● Indian Theme Park market size is ₹ 1,865 Crores in 2024, This growth is part of a broader trend in
the amusement industry, which is expected to grow at a rate of 15%, potentially reaching
₹25,000 crores in the near future
● The India Water and Wastewater Treatment Technology Market size is estimated at INR 8,364
crore (USD 1.02 billion) in 2024 and is expected to reach ₹ 14,013 crore (USD 1.71 billion) by
2029, growing at a CAGR of 10.78% during the forecast period (2024-2029)
● India's Geosynthetics Industry size is projected to reach ₹ 15,523.8 crore (US$ 1,891.7million) by
2033. Over the assessment period from 2023 to 2033, the demand for Geosynthetics in India is
predicted to grow with a CAGR of 8.4%

Other Updates

● This year onwards they will see revenue coming in from theme park ticketing and other line
items including food, events happening in the park, etc.

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 ● H1 is usually soft for the company historically but they have been able to move the needle
forward this year.
● The company expects that each of the parks they operate will have 60000 visitors per month
on average.
● EBITDA Margin Profile:
■ Theme Park: EPC Level: ~40%, Operating and Maintain: 40%
■ Water: 20%
■ Geotechnical : 40%
● Theme Park business will be huge for Z-Tech as 20-25 cities have got in touch with the team.
So This will be ramped up and there will be a tilt towards Theme Park but Geo-Tech and
Water are equally important for them. Their aim: 50% from Theme Park and 50% from
GeoTech and Wastewater.
● Guidance for FY25: Doubling of Sales and 3x their profit.
● Competition will eventually come in given the huge opportunity but they are confident that
they will have headway at any given point of time in terms of execution and financing.
Especially leveraging their relationship with govt. And understanding how govt works.
● Unit economics depend on the locality, land in acres and the nature of theme park.
● Discussions are ongoing for international projects, with plans to leverage partnerships with
the Indian External Affairs Ministry for potential projects abroad.

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Equitas Small Finance Bank Ltd
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 9274 Crore | Share Price: 81.5/Share

1. Loan Repricing: 85% of the loan book is fixed rate. Anticipated yield compression if RBI reduces
rates; potential to lower deposit rates and improve Net Interest Margin (NIM).
2. Gold Loans: Gold loan product exists but hasn’t scaled well due to operational challenges.
Current disbursement is around ₹40-50 crores per month; no major investments are planned in
this area.
3. Branch Strategy: No branch expansion is planned in the next two years, resulting in cost savings.
4. Non-MFI Asset Quality: The non-MFI book is performing well, and growth and asset quality are
stable. Vehicle finance shows some slippage, but overall credit costs are manageable (1.44% in
Q1).
5. Long-Term Strategy: Shift from microfinance (aiming for 25% of the book) to diversify the
portfolio, with significant reductions over time. Continuous focus on improving credit costs
(lowering from 3.5% pre-demonetization to lower levels during crises).
6. Universal Bank License: Two-year pause before applying for a universal bank license, expected
around 2027. Transitioning to a universal bank could enhance risk perception and reduce capital
adequacy norms.
7. NIM Outlook: NIM has declined due to the increased cost of funds and holding excess liquidity.
Strategies to protect NIM include adjusting disbursement focus and reducing savings account
interest rates. The long-term target for NIM is between 7% and 7.5%.
8. Future Focus: Building a loyal customer base to reduce sensitivity to interest rates. Emphasizing
the growth of products beyond microfinance to stabilize margins and improve profitability.
9. Conclusion: Management is optimistic about long-term growth and stability, with a focus on
strategic adjustments and customer engagement.

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Jeena Seekho Lifecare Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 3841 Crore | Share Price: 1545

1. 2012 became famous by doing an ayurvedic treatment on a person who was earlier suggested
surgery. Even though Acharya Manish has been in the field since the late 1990s, the growth of
his clinics started after this event. He formed his company Jeena Sikho Lifecare only in 2020.
2. The main purpose is to remove toxins from the human body to cure it. Total 117 centres today.
3. On 01.04.2024, Ayurved was included in the health insurance by GOI. Many states are also
following suit.
4. Guidance of 450 Cr Sales and about 25% net profit margin in FY25.
5. Low capex model.
6. The payback period of any new hospital is less than 5 months. This means that they get back all
their initial capex in less than 5 months.
7. 300+ ayurvedic doctors, plus 50 others. 2400 company employees, and 525 outsourced
personnel.
8. In FY23, the average revenue per bed was 1600. In FY24 it was 7900, and today it is 8500.
9. Hired E&Y for audit of systems and review and soon they will become the auditor.
10. In May or June of next year, they will be in the main board.
11. Management bandwidth: 12 people in the top management have been with the company for
more than 5 years. Also, there are 13 new people in the top management. There is a professional
team that is driving the growth and operations.
12. Ayurved has been in India for 1000s of years. However, it has not been marketed in the right way
which is why the industry is very small. Hence, a company with an aggressive focus on growth
and marketing is managing to grow very fast.
13. Jindal naturopathy in Bangalore has been for so many years but is still in losses as per the
management. However, Jeena Sikho has a different model with a razor-sharp focus on operating
metrics and awareness programs have been able to grow sustainably and profitably.

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 14. Long-Term Vision: The target for FY25 is 2100 beds, and in the next 3 years: 3000 beds. In the
long term, wish to have hospitals in all the major cities. Aspiration is to become the largest
Ayurvedic company in the next 5 years with a good presence outside India as well.
15. Cancer integrated hospital to be opened in Chandigarh on a 14-acre land parcel with 300
hospitals through a JV in which Jeena Sikho will have a 60% share.
16. The first OTC product has been recently launched. And another one is to be launched by
December.
17. Numbers
a. Hospitals: 35
b. Clinics: 116 (out of this 49 are frnachisee owned, rest owned by the company), and
c. Beds: 1600
18. 22 new hospitals in the pipeline.

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Jyoti Resins Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 1905 Crore | Share Price: 1587/Share
Excelling in the adhesives Industry

1. Entered 17 years of operations

2. Presence in 14 states
3. Operating through 60 distributors for smaller cities.
4. Operating through 38 branches for bigger cities (metros).
5. Selling to 12,000 active retailers & working with 3.5 lac carpenters.
6. Purely focused on furniture adhesives
7. Brownfield capex of 10-15 Crs which will double the capacity
8. Expect revenues of 500-600 Crs post brownfield capex
9. Will incur another greenfield capex near the company’s current plant of 35-40 Crs
10. The greenfield capex can create 1000 Crs worth of revenues
11. Reduced payment cycles in mature states but higher working cycles in newer states like UP
12. Created a separate marketing team focusing on carpenters
13. A fall in VAN prices led to higher margins
14. Jubilant Industries- Jivonjor is present in UP and Telangana, but not present in Gujarat &
Rajasthan
15. The company is targeting mass & premium customers
16. Pidilite, Astral, Jubilant Industries, Nikhil Adhesives & Asian Paints compete with the company
along
17. Margins outperform the industry due to a focused strategy on white glue. In contrast, Pidilite
manages 870 products, resulting in varied overheads and expenses, which impacts their margins.
The product mix is crucial here.
18. With the upcoming brownfield expansion, expected revenues of ₹600-700 crores are projected
within 1 to 1.5 years, pending environmental clearance that may take 3-6 months.
19. The company is enhancing branch operations for distribution, leveraging a network of plywood
laminate consignees for warehousing. They also deploy their own teams to establish a robust
retailer network, minimizing risks in payment collection and inventory buildup.
20. Currently, 80% of sales are generated through branches, while 20% comes from distributors.
21. Q3 and Q4 are anticipated to be strong in billing. In the white glue segment, Jyoti Resins ranks
second after Pidilite with over ₹250 crores, while competitors like Astral, Asian Paints, and
JivanJor each generate ₹100-150 crores.

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Tips Industries Ltd
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 8964 Crore | Share Price: 702/Share

1. Company Overview
a. Founded: 1988 by Mr. Kumar Tarani and Ramesh Tarani.
b. Initial Focus: Regional music; expanded to Bollywood.
c. Market Share: Approximately 60-65% in new content acquisition.
d. IPO: Launched in 1999 with a positive response.
e. Challenges: Faced piracy and revenue shifts from physical to digital formats.
f. Revival: Growth driven by ringback tones (2008) and digital platforms (YouTube, OTT
services).
2. Financials
a. Revenue Growth: Over 30% CAGR.
b. Digital Revenue: 75% from digital sources (mainly YouTube).
c. Content Investment: 25-30% of revenue (~₹65-70 crores annually).
d. Profit Margins: EBITDA margins of 65-70%; PAT margins around 50%.
e. Debt: Operates with no debt.
f. Dividend Payout: Over 70%.
3. Content Strategy
a. Library Composition: Focus on songs from 1980-2000; growing emphasis on new, quality
content.
b. Amortization Policy: Costs written off in the year of release, with outright rights
acquisition.
c. Future Plans: Targeting 200-300 high-quality songs annually, reducing quantity.
4. Digital Strategy
a. Warner Partnership: Minimum guarantee deal for catalog distribution across platforms.

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 b. Revenue Protection: Insulated from streaming rate cuts; growth anticipated from
subscription models.
5. FY 25 Overview: Target: Release 300 new songs. First Half Releases: Approximately 100 songs in
Q1; Q2 updates pending.
6. Revenue Mix
a. Digital Revenue: 75% of the total.
i. YouTube: 45-50% of digital revenue.
ii. OTT Platforms: 25% of digital revenue.
b. Non-Digital Revenue: 25% of the total, segmented into:
i. Public Performance
ii. TV Broadcasting
iii. Publishing
iv. Brand and Sync Partnerships
7. Paid Subscription vs. Live Streaming
a. Paid Subscription Revenue: 10-15% of total; expected growth.
b. Live Streaming Revenue: 85%, primarily from free users.
8. Growth Drivers for FY 25 (30% Growth Guidance)
a. Digital Advertising Growth: Shift from print/TV to digital (25% CAGR).
b. Rising Paid Subscriptions: Increased earnings per stream (15-20 PESA).
c. Public Performance Market Growth: Compliance and licensing awareness.
d. Increased Smartphone Penetration: More users transitioning to streaming platforms.
9. Margin and Revenue Insights
a. Margin Comparisons: Similar margins for digital and non-digital segments.
b. Content Investment: 25-30% of revenue reinvested in content creation.
10. Collaboration with Warner Music
a. Distribution Strategy: Warner manages negotiations with platforms.
b. Partnership Benefits:
i. Global reach and access to platforms.
ii. Minimum guarantee contracts for revenue protection.
iii. Upfront payments for content reinvestment.
11. Competitive Landscape
a. Independent Labels: Rising competition, but sustainability relies on strong music
libraries.

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 b. Acquisition Strategy: Focus on quality content; balance between internal and external
acquisitions.
12. Intellectual Property (IP) Duration: Master Recordings: 60-year lifespan; recreations can extend
IP life.

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OnMobile Global Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 889 Crore | Share Price: Rs. 83.5/Share
Creating a global gaming ecosystem.

About Business

● Get game developers and operators on the platform and earn out of network effects. They have
developed a platform where it has the potential to become a one-stop solution for gamers. It is
licensed.
● They have deployed 100+ mobile operators on their gaming platform. Plan to increase this
number to 250+ by FY26.
● Google and Apple disrupted the gaming operators and took away their revenue streams.
OnMobile is giving them a platform.
● 7.6m paying subscribers as of Q1FY25.
● Marketing across 70 countries is a challenge for company. Aim for 1:2 payout from their
marketing campaigning. That is aim to earn $2 for every $1 spent on marketing.
● Gaming Revenue: 100% subscription as of today but by FY26 they aim to get 45% from licenses
(platform) and rest from subscription. Confident of achieving this mark based on their strategy.
● Gaming has 90% GM and Mobile Entertainment has 50% GM. Plan to get 50% of their revenues
from gaming by FY26.
● Voddafone is their customer and they are also in talks with other telecom operators to
renegotiate contracts.
● Market is going to switch to cloud gaming in a big way in the next 2 years.
● India has a great gaming ecosystem and their focus is going to be the Indian market in the next 2
years.
● They have a service on e-sport events. They are mainly into casual gaming at the moment and
are not into it in a big way. They will have e-sports on their gaming platform though.

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The Gaming Ecosystem:

● ‘Challenges Arena’ - Their platform where users are awarded points/prize money for trivia
questions or play games and get prizes as well. They took this platform and took it to the game
operators. Hyper casual gaming is 55% of the market today.
● ‘ONMO’ Gaming Platform- A patented software. It allows streaming of any games in real time.
It is like a social e-sport platform where people can compete live, see others play in real
time/live. It is sold to Game developers.

It is like the single destination for all gaming services. Operators use this platform to integrate
their games and systems. Operators pay a license fee to use this platform. It is an App which is
linked to the cloud server rather than the phone. So a user doesn't need to go to the app store
(Google or Iphone). So the benefit for gaming operators is that they get a pie of revenue here as
compared to having their services on Google Play Store or Iphone App Store. Thus they get more
value here. Operators get 20-40% of the revenue that the Gaming Platform generates through
them.

Real growth in gaming from Emerging Markets. PlayStation is obsolete in these markets as they are
expensive. But cloud gaming will change things. That is why Mobile First will be pushed initially and as
their ONMO Gaming Platform (like the soft version of playstation) matures, it might scale rapidly in the
next 1-2 years. They are looking at M&A opportunities for acquiring a gaming development company.

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MCON Rasayan Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 106 Crore | Share Price: Rs. 168/Share
A fast-growing construction chemical company.

About Business

● MCON Rasayan Ltd is the leading manufacturer and supplier of high-quality construction
chemicals and specialty building finishing products to the Indian industry and overseas
markets.Ready Mix Mortar, Tile Adhesive & Grouts Concrete Repair are some of their products.
● Tile Adhesive market is a HUGE opportunity for company. Company is one of the very few
players in this segment which is recognized by Indian Standards.They have a range of products in
this segment.
● Chikli Plant which was on rent has been closed and the production has been shifted to their new
facility in Ambethi Plant. There won't be a challenge of unavailability of products or low
production from this year on.
● No more capex as Ambethi Plant (Mother Plant) is ready. Avg Capacity Utilization - 60-65%,
250cr minimum from the mother plant.
● Strong R&D. Working closely with customers to improve. Most products in this space are uniform
across players but there are few products where MCON has exclusive products like their variant
of Tile Adhesive plus supply is a huge differentiator for MCON.
● Expanding their dealership network. Have a strong relationship with dealers which helps them to
project their products.
● Construction Chemical Industry is growing at 13.5% CAGR. Currently they are not even at 0.1% of
industry and the growth potential is humongous.

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 ● Govt policies are also pushing the industry growth. Don't want to do export business as the
Indian market is offering huge opportunities.
● Looking at the export market. Waiting for the neighborhood to stabilize first though.
● Getting big into the paint and coating category (already have a presence but with projects) and
now getting into the retail segment in select pockets soon plus strategic partnership to ensure
their presence across India. This will complete their product basket. Revenue will start reflecting
from 4th quarter FY25.

Guidance:

● Grow at 80% as compared to last year. New Market acceptance is high. 2-3 year down the line,
govt policies are strong and consumption is kicking in, they are targeting 500cr in the near term.
(Not willing to answer when)
● EBITDA Margin to improve by 200 bps - 300bps from FY25.
● North and South Operations to start picking up in the next 2-3 months.
● Recurring revenue is 30-35% from their established clients. Will increase going forward.As
dealers and distributors get a knack of product, the stickiness improves.

Fundraise:

● For Working Capital. Speed of expansion is dependent on WC. It will happen soon. Can’t tell
about when, how much and who will invest at this stage.
● High Volume Low Margin products keep their machine running. High Value Added products will
continue to add to the expansion of the bottomline.

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Meghmani Organics Ltd
Arihant Bharat Connect 2024
Day 2 | 26 September 2024
Market Cap: Rs. 2,613 Crore | Share Price: 103/Share

1. Company Background: Meghmani Organics Ltd., established 35 years ago, initially specialized in
pigments and has since diversified into agrochemicals, focusing on crop protection and crop
nutrition.
2. Business Segmentation:
a. Agrochemicals (Crop Protection): Contributes 7080% of revenue, with a focus on
insecticides and herbicides produced in four manufacturing facilities.
b. Pigments: Primarily produces CPC-based blue and green pigments from three
manufacturing plants.
c. Crop Nutrition: Recently launched a nano urea product in collaboration with IFCO, aimed
at reducing dependency on imported urea.
d. Titanium Dioxide (TiO2): Acquired Kingman Chemicals to enhance TiO2 production,
targeting domestic markets to reduce imports.
3. The rationale for Diversification: The strategic expansion into crop nutrition and TiO2 aims to
stabilize revenue streams by balancing exportdriven income with domestic sales, addressing
future uncertainties and reliance on imports.
4. Market Outlook: Demand is expected to improve from Q3 onwards, following a challenging
period marked by reduced capacity utilization and normalization of supply chains postCOVID.
Management anticipates stabilization and gradual improvement in margins within the
agrochemical segment.
5. Capacity Utilization Challenges: The pigment segment's capacity utilization declined from 81% in
FY 22-23 to 41% in FY 24 due to overstocking during the pandemic. The TiO2 plant, acquired as a
distressed asset, has faced operational delays but management is optimistic about future
improvements.

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 6. Future Growth Projections: For FY 25, management targets revenue between ₹1,800 and
₹2,000 crores, expecting improved margins driven by global antidumping measures against
Chinese TiO2 imports, enhancing competitiveness.
7. AntiDumping Duty (ADT) Updates: The Commerce Ministry has completed evaluations related
to TiO2 and a provisional ADT plan is expected by October, pending Finance Ministry approval.
8. Revenue Trends: Agrochemicals typically see Q1 as the lowest and Q4 as the highest revenue
quarter. Improvements in revenue are anticipated, with Q2 expected to outperform Q1 and Q4
projected to deliver strong results.
9. Product Strategy: Meghmani emphasizes innovation by developing new products rather than
expanding existing ones, helping to avoid market saturation. Recent launches include
agrochemical products like bendamide and ethiol.
10. Market Dynamics: Despite overcapacity in certain products, such as 240, management remains
optimistic about long-term demand, especially with the introduction of 240 resistant seeds.
11. Financial Outlook: Management aims for revenue exceeding ₹2,500 crores in FY 202526, with
stable EBITDA margins between 1415% by FY 2027. The company is actively reducing debt and
aims for a marginal debt profile post-FY 2026, with an average interest cost of around 6%.
12. Adoption of New Products: The nanofertilizer sector is a focus area, with ongoing efforts to
promote new products and increase farmer adoption, supported by government initiatives.
13. Pigments Business: The pigment business remains stable, though prices are flat. The focus will
shift towards optimizing operations rather than expanding capacity.
14. New Markets and Products: Meghmani exports to over 80 countries and targets diverse markets
based on product applications, having introduced 10 new products in the last three years to
expand its market presence.

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BCL Industries Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 1715 Crore | Share Price: 58/Share
Fast-growing player in ethanol & biodiesel space

● The company started as solvent extraction, diversified into the edible oil segment & has now
become one of the largest players in the ethanol industry.
● It became difficult for the company to compete in edible oil from imports
● 100 KLPD ethanol plant was established in 2011 & currently, it has 700 KLPD ethanol & ENA
capacity (400 KLPD in Bathinda & 300 KLPD in West Bengal)
● ENA licenses are tougher to get
● Alcohol consumption is rising at 12-15%
● Management is an advocate of the consumption of maize for ethanol production
● The company has a power plant using a paddy straw (stubble)
● Has created a good supply chain to procure Paddy in 15-20 days
● Setting up a 75 KLPD biodiesel plant, where maize extract from ethanol production will be used
inhouse for biodiesel
● The blending of Biodiesel is less than 1% while govt. Targets are 5%,
● The primary reason behind low penetration is the lack of raw materials, however, the company
has an advantage.
● FCCI rice allotment to the industry will benefit the Industry
● Expects 1800-2000 Crs revenues from biodiesel & ethanol in FY26, which will make up the lower
revenues from edible oil
● A recent stake sale by the promoter was made by the promoter’s Mother, who has turned 60
years & wanted money to fulfill some family & social obligations
● Seeing a significant increase in maize production in India
● Promoter’s warrants have been converted entirely
● 2-3 Rs savings per unit are made by using power from paddy-straw
● The biodiesel factory is expected to go live in Q1FY26.
● The contribution of Edible oil led to lower cash flow from operations (gave no credit, however,
inventory prices were highly volatile due to import duty).
● Most of the machinery of the edible oil segment will be scrapped, expects to sell the land in the
open market (possible value being 40-50 Crs)

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 ● The edible oil segment reported 2.5% EBITDA margins while ethanol clocked 13.5%, therefore,
after exiting the edible oil segment, margins on consolidated levels are expected to rise
significantly.

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CIE Automotive India Ltd
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 20,827 Crore | Share Price: 549

1. They are a subsidiary of the CIE group in Spain. The Spanish company holds 65% in the Indian
entity The global company is 4 Mn Euro out of which the Indian entity is about 1 Mn Eurp.
2. They are a B2B engineering company with a focus on operation excellence in the Automotive
space. They are especially into the production and sale of automotive components to original
equipment manufacturers and other customers in India and overseas.
3. Strong association with Mahindra helps them immensely in their business. Strong export order
book as well.
4. Strong presence in EV but EV market has not picked up as anticipated in the past.
5. The next two quarters will be difficult as the Indian market is subdued and may take its own time
to bounce back.
6. Competitive Landscape: The tier 2 automotive component industry is a highly fragmented space.
Forging has large players like Bharat Forge and Ramrishna Forging. In Iron casting companies like
Brakes India & Nelcast are one of the good competitors. Aluminum casting competitors like
Endurance and Craftsman.
7. CIE has done more than 90 inorganic partnerships since its inception 1990s. CIE India has also
made 2 acquisitions. Hence, they are always actively looking for acquisitions. However, generally,
there are challenges related to valuation and alignment of philosophies.
8. The Indian market should grow to 6-7% CAGR in the next 5 years. And CIE aspires to grow 5-6%
faster than the market.
9. Except for iron casting, in none of the segment they need to make big Capex. Incremental capex
in all segments is always on-going. But in Europe, they have enough capacity and do not intend
to invest in any incremental Capex anytime soon.

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Swaraj Suiting Ltd
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 508 Crore | Share Price: 279/Share

1. Swaraj Suiting Ltd Overview: Founded 30 years ago, Swaraj Suiting Ltd started in polyester fabric
trading and later expanded into manufacturing. The company was incorporated in 2003, and by
2012, it became a key regional player with advanced loom installations. By 2018, it had grown to
a monthly production of 18 lakh meters, shifting from job work to grey fabric manufacturing,
which significantly boosted revenues and profits.
2. Expansion and Strategic Moves: To reduce reliance on a few customers, the company
transitioned to grey fabric manufacturing and began backward integration with a denim facility
in Madhya Pradesh in 2020. The company increased its denim capacity to 21 lakh meters per
month and will further expand non-denim production. A new cotton fabric plant and a spinning
facility, set to launch in late 2023, are expected to improve efficiency and reduce production
costs.
3. Financial and Growth Projections: Swaraj Suiting is set to double its revenue this year, with
projected earnings of ₹610-650 crores. Full capacity utilization by FY25 could bring revenues to
₹900-1000 crores. The company also benefits from government subsidies, which are being used
to repay loans and enhance working capital. Margins are expected to improve due to in-house
yarn production and backward integration.
4. Clients and Markets: The company works with wholesalers, garmenters, and brands, aiming to
increase brand revenue to 30-35%. It partners with Walmart and is negotiating with Primark.
Swaraj Suiting is also growing its export business, targeting ₹100-150 crores this year, and
expanding into markets like Bangladesh, Colombia, and Peru.
5. Future Plans: Swaraj Suiting plans further capacity expansions, including moving into garment
manufacturing to directly supply global brands. Its focus on innovation, strategic growth, and
increased capacity positions the company for long-term success and a competitive edge in both
domestic and international markets.

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Kilburn Engineering Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 1924 Crore | Share Price: 425/Share
Fast-growing Industrial solutions provider

● Provides customized industrial solutions including rotary dryers, boiler dryer, etc.
● Industries catered include carbon black, chemicals, and fertilizer among others.

● To increase capacity, completing an acquisition in Amarnath worth 22 Crs to be completed by

October
● Acquired another company - AMI energy~ which offers solution for waste heat recovery systems
to Power, cement, petrochemicals, steel & other countries
● Able to offer several solutions post-inorganic growth strategy
● Signed termsheet to acquire Monga Steel based out of Pune, which is engaged in providing dry
heat solution based out of RF technology. It caters to industries like Textiles, Ceramics, Fiberglass
among others.
● Q1 sales stood at 64 Crs on standalone level & on consolidated levels, it stood at 180 Crs
● Order book stands at 370 Crs+ as on June & has a good enquiry pipeline of 2000 Crs+
● Scaled business from 220 Crs to 320 Crs in last 2 years & is on track to do 500 Crs revenues
● Done an acquisition of 22 Crs recently which should aid revenues going forward.
● Peers include Walchandnagar Industries, and Alok Industries among others
● Expects to maintain an EBITDA of 20-22%
● Global market size is 2-3 Bn$

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 ● Cash payout for new acquisition is 75 Crs
● Expects 700 Crs revenues by FY26 due to the new acquisitions
● No competitors for its new acquisition “Monga” In India, expects to scale this business to 100 Crs
in the next 2 years.
● Has started to receive much higher value orders
● Kiburn’s product applications include moisture reduction in the production of carbon black for
instance.
● Planned capex for FY24 was 10-15 Crs,did a 20 Crs capex for asset acquisition of Amaraja battery
in FY24
● Got cement Industry clients for the first time from Shree Cement, this can be a good industry for
the waste heat recovery boiler market (which is highly consolidated and led by Thermax), the
TAM for this industry is 5000 Crs

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Sakar Healthcare Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 696 Crore | Share Price: 320/Share
Oncology + Expansion + High Margins

● The company is working on seven new products, with three focused on completing the
development. So far, it has submitted 17 out of 27 regulatory dossiers in about 11 countries. In
the oncology segment, there are 34 different molecules in development.
● One of the standout features is the flexible business models offered to clients, which includes
both Contract Development and Manufacturing Organization (CDMO) services and non-CDMO
options. The facilities are equipped with modern, integrated technology.
● Currently, 27 dossiers are available in the market. The company aims to reach a revenue target of
₹100 crores by FY26. Once the oncology segment is fully operational, it could generate up to
₹500 crores in revenue over the next three years.
● Capex for the oncology segment—including APIs and research—is around ₹250 crores.
● The EBITDA margin for the existing business is 25%, expected toinch up to 28%-30% in oncology.
● Right now, 77% of Sakar's exports come from non-oncology products and the rest from its CDMO
operations. This export percentage is projected to remain between 75% and 80% in the next one
to two years for Sakar's registered products, with the remaining 20% to 25% for the domestic
market.
● As the oncology segment grows, the company anticipates higher revenues and improved profit
margins due to the significant barriers to entry in this field. Vertically integrated units to meet
the rising demand.
● The CDMO division, which is EU GMP approved, collaborates with major multinational
pharmaceutical companies. This partnership involves product development, technology transfer,
and commercial supply from European clients.

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SPML Infrastructure Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 1650 Crore | Share Price: 279/Share
The fast-growing player in the water EPC space

● Deals with govt. Companies only

● Have executed several prestigious projects in the past decade
● Gave ESOPs to the company
● Pipes are acquired from Jindal Saw among others
● Does JV with the likes of JITF infra, Kalpataru among others
● Very limited players other than SPML & L&T who can take projects having O&M requirements of
10 years
● Targeting only fully funded projects
● Bihar, Rajasthan & UP are target states
● The shortage has started to happen in India, and by 2030- the supply of water will be half the
demand
● Sees water as a good business opportunity for the next 15-20 years
● Has restructured the debt worth 1657 Crs, debt was transferred the debt to NARCL

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 ● NARCL's shareholding will remain unchanged at 12.5% until they exit (irrespective of any
fundraise in the future)
● Promoter has infused more than 300 Crs in the business to improve liquidity given the business
opportunity~

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 ● Expect arbitration awards of 604 Crs in the next 4-5 years, 180 Crs of the same is expected to be
received soon. NARCL will take a share of 380 Crs with the remaining flowing to the company’s
kitty.
● The arbitration award system has improved drastically~ Claims against the reward by Govt. now
require 75% of the disputed amount to be given to the court + interest payments for delayed
payment will come live..which is leading to better settlement.
● Currently Vivad se Vishvas scheme is going into PSUs, however, management expects the same
to be expected in other BJP states.
● 4000 Crs Claim has been filed by the company & out of that company expects to convert 40% of
the same into rewards.
● Downsized assets & liabilities by 1000 Crs owing to arbitration awards
● Networth & cash position have improved substantially with the balance sheet looking much
cleaner.
● Resolved all the legacy claims
● Management states- “company should be looked as a start up- Huge experience, tailwinds, PQs,
lack of past baggage on the balance sheet & committed promoter group along with selective
orders being taken going forward”
● The focus will be to do orders on their own books with profit margins of 10-15%
● The focus will only remain on the water
● In its current 2000 Crs order book- 1000 Crs is own orders & another 1000 Crs is JV (out of which
company’s share will be shown in the topline & bottom line)

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 ● Every month- 8000-10,000 Crs tender will come
● The company is L1 in various projects, however, the company will announce an order only after
the LOI is announced
● Bank guarantee limits stand at 470 Crs (100Crs FD) & can bid for 5000-6000 Crs orders going
forward
● Has approached credit ratings to do ratings which will help in talking new funds at lower costs.
● Plans to take JV orders of 2500 Crs per year & will get profit margins in the 1st year itself, also bid
for 4000-5000 Crs order from their own end
● The EPC business has matured a lot in the past few years, the company also made mistakes in
the past but survived.
● Not lost any arbitration award as customers work with the company & develop good
relationships.

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Motilal Oswal Financial Services Ltd
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 45,848 Crore | Share Price: 766/Share

1. Motilal Oswal Group, with a 37-year legacy, operates a twin-engine business model that
combines operating businesses and treasury investments. Its operating businesses include retail
broking, institutional equities, investment banking, asset management, private equity, private
wealth management, and housing finance. The group's financial performance has been strong,
with a 34% decadal growth in operating profits and a 42% growth in total profits, alongside a
current annual growth rate of 41%.
2. Industry Trends and Growth Opportunities: Motilal Oswal is well-positioned to benefit from
industry tailwinds such as the financialization of savings and growing investable wealth,
especially in wealth management, capital markets, and asset management. India’s projected
9.5% GDP growth and expanding savings pool provide substantial opportunities.
3. Key Business Segments:
a. Retail Broking and Distribution: Transitioning towards wealth management with a focus
on high ARPU clients. 45% of revenue comes from broking, with the remainder from
cross-sell opportunities.
b. Asset Management: Outperforming benchmarks, driven by equities and alternates, with
strong SIP flows and successful NFOs.
c. Private Equity and Real Estate: Delivering strong IRRs with potential for significant carry
returns.
d. Private Wealth Management: Growing AUM, particularly targeting the Ultra HNI
segment, with investments in talent expected to improve margins.
e. Capital Markets and Investment Banking: Leading in institutional equities, aiming to
double revenues in investment banking.
f. Housing Finance: Focused on affordable housing, with plans for growth and a potential
IPO in two years.

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 4. Treasury Investments: Treasury investments generate a 19.6% IRR, funded by operating cash
flows and providing liquidity that strengthens the group’s borrowing power. Investments include
70% in AMC products, 20% in private equity and real estate, and 10% in unlisted stocks.
5. Ultra HNI Wealth Focus: The group's private wealth business is increasingly focused on the Ultra
HNI segment (clients with a net worth of ₹25 crore+). With ₹1,40,000 crore in AUM, half of
which comes from this segment, the group is investing heavily in talent and RMs to boost
growth. Profit After Tax (PAT) margins are expected to rise from 40% to 50%, driven by increased
scale and productivity in this high-value client base.
6. Regulatory Impact: Recent SEBI regulations on derivatives are expected to have minimal impact
on the group due to its pricing model and large cash revenue mix.
7. Conclusion: Motilal Oswal Group, with a market cap of ₹47,000 crores, is well-diversified with
revenues from brokerage (34%), Net Interest Income (31%), fee-based businesses (19%), and
distribution (12%). The group’s strategic focus on leveraging industry trends, expanding key
business segments, and optimizing its treasury investments positions it strongly for future
growth. With its aim to be a leader in each of its business segments, the group is poised to take
full advantage of the growth opportunities ahead.

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Onward Technologies Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 939 Crore | Share Price: Rs. 414/Share
Transition From IT-S complete. The company now banking on growth in pure ER&D Space.

About Business

● Transitioned out from the old legacy IT business to Engineering. Q2FY24 is when things will start
to move back up and shift a gear towards Industrial Equipment,Transportation and Healthcare
using Digital Transformation, Embedded Tech and Mechanical Integration.
● Focused on the US and Europe only across these verticals. RTW in US is their strong team
there.(?)
● Automotive has been the fastest growing vertical for them. Successful in Europe and taking the
model to US. Railways is an area they are also very excited about and plan to scale this business
in the next 2-3 years.
● In a very short span of time they have scaled up their Healthcare business. Poised for growth in
the US market.
● Business Model linked with customers. All their strategies are based on that. Plan to work with
select customers and scale up along with them.
● They are a pure play design services company. R&D, innovation heavy. They compete with a
handful of ER&D players. Industry is such that everybody has a roadmap for growth.

On Margins:

● Margin expansion will continue to happen YoY. Last 3 years the company built a sales and
operational team. But from now onwards, true execution will start to happen and margins will
improve. 15% and higher by FY28.
● Management is seeing that customers are asking for an execution engine in US and Europe from
India based ER&D team, i.e getting them Onshore rather than offshore. Stickiness with

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 customers will come from here. Margins will be less here but on the blended basis it will
improve.
● Next 3 years: Now they have the clients on board, getting sales and operations strategy in place
and now it is all about execution.
● Sitting on cash for any inorganic opportunity that may arise.
● Gross Margins are constant, their overheads are low and thus company is aggressive in their
pricing strategy.

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BMW Industries Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 1548 Crore | Share Price: Rs. 69/Share
A Company into conversion of steel to end products for Tata Steel and SAIL

About Business

● BMW Industries Ltd is primarily engaged in manufacturing, processing and selling of steel
products consisting of engineering and other products and services related to the same.
● It is engaged in Manufacturing & Processing of HRPO Coils, CR Coils, GP Coils, GC Sheets, MS and
GI pipes, TMT rebars, etc. for marquee steel players in India.

Products:

● TMT, HRPO coils, HR Slit Coils, GP Coils, GC Sheets and MS Pipes.

● Pipes and Tubes Capex: 0.5MT commissioned, rest 0.5 MT will be completed by end of the year
● Strong order book from Tata Steel and SAIL .(Long term contract)
● Margins are stable and are not affected due to volatility in steel prices.
● They are cash flow positive and have strong relationships with their customers.

On their superior margins vs their peers: They are doing processing for their customers. Raw Material is
provided by customers only. They only get processing fees from their customers plus they also don't have
any marketing cost. All these processing revenue/fees are on a per tonne deliverable basis and are
different for different products. These are linear in nature.

For their own product brand they outsource the manufacturing and don't use their own plants so as to
not disturb the contract manufacturing orders from clients as well as their own brand’s products
demand.

Guidance: FY24-FY26: 17-18% CAGR, OPM: 27-28% and PAT Margin of 12.5% | FY25 Capex - 170-180cr.

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Macpower CNC Machines Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 1,398 Crore | Share Price: 1,397/Share
Innovation + Expansion + Market Opportunities

● Currently, the company holds a 3.2% market share in India, positioning itself for significant
growth.
● Macpower’s machines are designed to help customers save on costs, time, and manpower. The
company offers the most competitive pricing in India.
● Strategically, the R&D facility is in Bangalore to attract skilled researchers, while manufacturing is
based in Gujarat to keep production costs low. The company is also eyeing export opportunities.
● Recently, a new R&D center was established in Bangalore, focusing on advanced technologies
like 5-axis machining centers, EMS, PCBs, and semiconductors. Macpower is preparing for the
IMTEX exhibition in January to showcase its latest 5-axis machines and EMS products developed
at this center.
● Management is optimistic about increasing its share in the defense sector, expecting high-value
orders that could boost profit margins. They aim to remain debt-free while utilizing Mudra loans,
which have increased from ₹10 lakh to ₹20 lakh, providing quicker and cheaper financing for
customers.
● Macpower targets a revenue growth rate of 20-25% annually over the next five years, supported
by ongoing capacity expansions and strategic partnerships.
● Currently, the focus is on domestic sales, but plans to explore exports, particularly to Russia, are
set to begin in Q3.
● Production capacity has grown from 1,500 to 2,000 machines, with a goal of reaching 2,500 in
the coming years. The company is investing ₹2 crore in capital expenditures to enhance
production capabilities and efficiency.
● Spare parts sales currently contribute 2% to 3% of revenue, with potential to increase to 5% to
6% over the next four to five years.

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 ● Additionally, Macpower has launched an automation division that requires less manpower.

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Sunteck Realty Ltd
Arihant Bharat Connect 2024
Day - 2 | 26 September 2024
Market Cap: Rs. 8723 Crore | Share Price: 595/Share

1. Strong Financial Performance:

○ Sales of ₹502 crores, reflecting 30% YoY growth.
○ Collections of ₹342 crores, up by 19% YoY.
○ ₹100 crores in operating cash flow surplus, making the company net debt-free with ₹39
crores in positive cash flows.
2. Key Strengths:
○ MMR Focus: Dominant presence in the Mumbai Metropolitan Region (MMR).
○ Diversified Portfolio: Includes projects across luxury, premium, and aspirational
segments (e.g., Signature Island, Sunteck City, Naigaon).
○ Land Bank: 50 million sq. ft. with a gross development value (GDV) of ₹37,000 crores.
○ Strategic Partnerships: Collaborations with major partners like Ajay Piramal, Kotak
Group, and IFC (World Bank).
3. Project Highlights:
○ Dubai Project: Major venture near Burj Khalifa, with a GDV of ₹9,000 crores. Launch
expected within 12-15 months.
○ Commercial Leases: Projects BKC 51 and Sunteck Icon were leased to UpGrad and Times
of India Group.
○ Sunteck City (Goregaon): Delivery of 4th Avenue is expected this year.
4. Growth Drivers:
○ Annuity Income: Expected to grow from ₹70 crores to ₹300-320 crores annually by FY28.
○ Pre-sales Target: Aiming for 30-35% growth in FY25, driven by projects like NPNC and
Dubai.
○ EBITDA Margins: Projects such as NPNC and Dubai are expected to generate margins of
60-65%.
○ Zero Debt: Maintains a healthy financial position with no debt.

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 5. Market Outlook:
○ MMR Demand: Real estate demand remains strong, supported by infrastructure projects
like coastal roads and metro lines.
○ Luxury Segment: High demand for premium homes, especially in gated communities.
○ Interest Rates: Expected to decline, which will boost demand, particularly in the
aspirational luxury segment.
6. Dubai Project Impact:
○ Expected EBITDA of ₹6,000-7,000 crores over five years, with Sunteck holding a 50%
share.
7. Land Acquisition & Redevelopment:
○ Strategy: Follows a revenue-sharing model to minimize upfront costs.
○ Redevelopment: Actively exploring redevelopment opportunities, with a new project
acquired at Bandstand, Mumbai.

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Aimtron Electronics Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 920 Crore | Share Price: 451/Share
Diversification + US Market Leverage + Capacity Expansion + Focus on India

● Aimtron provides services like PC board assembly, design, engineering, and complete solutions
for sectors such as automotive, industrial, gaming, IoT, robotics, AI, medical, and defense.
● Aimtron is also looking to diversify into new industries like defense, railways, aerospace, and
government projects. They plan to leverage their US presence to build strong customer
relationships and learn best practices in manufacturing and development.
● Aimtron Electronics is aiming for growth of 40% to 50% each year. They are working on
prototypes and projects and adding one SMT line to their operations.
● The company wants to keep its profit after tax (PAT) margin at 15% and an EBITDA margin
between 20% and 25%. Because of its unique position and strategy, the company can achieve
EBITDA margins higher than 20%. Their main focus is to grow further in India.
● In FY24, 50% of their revenue comes from their top five customers.
● The capacity utilization (CU) at the Bangalore plant is 55%, while the Vadodara plant is running at
78%.
● The company has a win ratio of 55% to 60%, depending on the type of volume and business.
● No major capital expenditure (capex) is needed for the next two years. They will start 2nd and
3rd shifts in their plants, with enough capacity to reach revenue between INR 350 to 400 crores.
After that, they will need growth capex.

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Maruti Interior Products Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 112 Crore | Share Price: Rs. 74.2/Share

About Business

● The 26-year-old company that pioneered this niche kitchen accessories in India
● Everyday and Spitze are their customer facing brands where they offer a wide range of 800+
products for different customer segments. All products are designed and developed in house
● Everyday Kitchen Storage Accessories is the economical product range. and Spitze by Everyday is
the Premium Product Range.
● They are also doing contract Manufacturing for brands like Godrej, Hafele India, Kaff Appliances
etc. (10-15%)
● Key supplier for storage accessories to OEMs like Homelane, Livspace, and Spacewood. Selling
Offline through dealers & distributors and Online through e-commerce platforms like Amazon,
Flipkart, Indiamart etc. (~85% of revenue)
● Exports currently account for 10% and can go to 50-60%. Based on their agreements with their
customers, they have to build and develop the product.
● They have the same margins across all their segments. 10-12% PAT is sustainable over the next
few years.
● High ocean freight charges have dampened their OPM (imports) in the last 2-3 years + Raw
material (Aluminum and Steel) prices have also spiked and they cannot pass it down to the
customers.
● Their New Plant is ready and the pilot run is ongoing. From April 25 onwards we can expect that
the new plant will start operating at full capacity. (Spike in Revenues and net profits)
● Currently, their capacity is 2T/Day. With new capex, they will be doing 4T/Day. They can go to
150cr in the manufacturing business (excluding their trading business). 20Cr outlay.

Guidance: FY24-FY26: 24% CAGR, OPM: 27-28% and PAT Margin of 10-12. | FY25 Capex - 170-180cr.

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Inventory will be high due to the import of RM and also because of their retail-facing business they have
to be available with the stock. Thus, it will be WC heavy.

Industry is going through headwinds at the moment, which is difficult to predict. Compared to last year it
will be better though.

Govt has imposed anti-dumping duty and introduced BIS, so importing these products will be prohibited,
so going forward they will have a very good opportunity. Plus they have also MoUs signed with foreign
players for their products. Confident that they will be able to improve the capacity utilization going
forward.

Highest penetration in the South India market.

People are shifting from traditional wire boxes to tandem boxes. They will currently go from 2 containers
to 10 containers per month due to this.

Trading revenue vs. Manufacturing Revenue is currently 50:50.

Modular Kitchen Segment is a 5000cr opportunity.

Tara Chand Infralogistic Solutions Ltd
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 582 Crore | Share Price: 376/Share

1. The company operates through three main segments: Equipment Rental, Warehousing and
Transportation, and Steel Processing and Distribution.
2. In the Equipment Rental segment, the company boasts a fleet of over 300 machines, including
cranes, hydraulic piling rigs, aerial working platforms, and trailers, with a notable introduction of
India’s tallest aerial platform (68 meters) for a steel plant project. This segment is the largest
contributor, accounting for 51% of overall revenue and achieving an impressive 51% EBITDA
margin in Q1 FY25.
3. The Warehousing and Transportation segment manages over 10 million tons of steel annually for
public sector clients, such as Steel Republic of India Limited, providing services like unloading,
stacking, and transportation on a per-ton revenue model. This segment contributed 35% to Q1
FY25 revenue but experienced a margin decline due to temporary labor issues in warehousing.
4. Lastly, the Steel Processing and Distribution segment, while smaller, focuses on cutting steel into
customized sizes for clients and accounts for 5% of the company’s revenue. Together, these
segments reflect the company’s diverse operational capabilities and strategic growth focus.
5. Financial Highlights: In Q1 FY25, the company reported its highest-ever first-quarter revenue and
profitability, showcasing a year-on-year revenue growth of 18%. The order book also saw
significant growth, increasing 71% year-on-year to ₹150 crore, with projects executable in FY25.
The company is targeting 30% revenue growth for FY25, driven by strong demand in equipment
rental, infrastructure expansion, and growth in the steel sector. Additionally, an ongoing capital
expenditure (capex) plan of ₹160 crore for equipment purchases is in place, with expectations to
maintain stable debt levels.
6. Wind Energy Projects: The company has cautiously entered the wind energy sector, focusing on
due diligence to minimize risks. A few industry players are engaging in backward integration by
owning cranes to ensure the availability of equipment required for building wind farms, driven

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 by high demand. The expected revenue from the renewable energy sector, including wind, is
projected to be between 3% to 5% for FY25.
7. EPC Ventures: The company adopts a selective approach toward Engineering, Procurement, and
Construction (EPC) projects, emphasizing specialized service contracts to maintain healthy
margins. This strategy is designed to sustain an EBITDA margin of 20-25%.
8. Interest Costs: Interest costs are anticipated to remain stable, thanks to a balanced debt
management strategy. Any potential spikes in costs would depend on future interest rate
fluctuations. Optimistically, lower interest rates are expected to benefit new loans.
9. Labor Issues: Labor issues experienced in Vishakhapatnam were resolved by June, and full
revenue recovery is expected in Q2 without further impacts.
10. Grain Rental Sector: Performance in Q2 is expected to surpass previous years, with Q3 and Q4
traditionally being peak quarters that contribute 55-60% of overall revenue. Occupancy levels
are projected to improve, with the company aiming to maintain yields around 3%.
11. Competitive Position: The company’s ability to achieve a yield of 3%, compared to competitors'
yields of around 2.5%, is attributed to a diverse mix of equipment and a broad sector focus,
minimizing reliance on lower-margin areas.
12. Conclusion: The company’s diversified operations across 21 states and its engagement in key
sectors such as steel, cement, petrochemicals, and renewable energy instill confidence in its
ability to achieve continued growth and enhance its market position in the coming years.

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Dollar Industries Ltd.
Arihant Bharat Connect 2024
Day -2 | 26 September 2024
Market Cap: Rs. 2880 Crore | Share Price: 508/Share
A business going through a transformation

● It Has 4 manufacturing units

● Only company to have complete backward integration (2-25% consumed inhouse)
● Akshay Kumar, Saif Ali Khan, Yami Gautam & Mahesh Babu
● Earlier had no differentiator, but now in a transformation space, be it -
○ Go-to-market strategy- consolidated product line & brands into 6 categories
○ Branding
● Hired Vector consultancy with the sole mandate to increase reach through Lakshya~ distributor
management system in place which helps in mapping out distributor-level products & sales,
bargaining power has shifted from distributors to the company
● Have 100 people working in tele-calling systems
● In lakshya, replenish stock at the distributor level by themselves
● The transition to the SAP HANA S/4 ERP system impacted sales temporarily, with a loss of
approximately 20-25 days of sales.
○ Now the systems have stabilized & won’t see any issues in the coming quarter
● Capex of warehousing & 20,000 spindles is almost completed, won’t be seeing any new capex in
the coming 3-5 years except a solar power capacity
● The cashflow conversion cycle is 159 days & plans to reduce this to 125 days by reducing the
receivable days
● Cotton prices are stable at 58,000 & are very bullish about the stable scenario going forward.
● The company faces pushback from distributors for the lakshya policy, which is why the roll-out of
the same will be slow
● Management stated that business is shifting towards a FMCG kind-of- business model
● The company earlier faced a delay of 24-48 hours owing to 6 different warehouses, as a result,
the new larger warehouse with a conveyer belt will help reduce inefficiencies.
● Expect to cover the loss of sales in Q1 into Q2 & Q3.
● Company’s Project Lakshya will take time to be implemented in UP & West Bengal (30% of sales)
● Partnered with Zepto for online sales
● A&P expenses as a % of sales is around 6%, & the numbers are expected to remain at 100 Crs in
the coming years.

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 DAY -3
Sr. No. Name of the company Sr. No. Name of the company
49 Kaka Industries Ltd 60 SignatureGlobal India Ltd
50 Modi Naturals Ltd 61 Foods & Inns Ltd
51 Shyam Metalics & Energy Ltd 62 Fino Payments Bank Ltd
52 Suyog Telematics Ltd 63 Seamec Ltd
53 Krishna Defence & Allied Industries Ltd 64 Transteel Seating Technologies Limited
54 Infollion Research Services Ltd 65 Sarda Energy & Minerals Ltd
55 Royal Orchid Hotels Ltd 66 IOL Chemicals & Pharmaceuticals Limited
56 Wonder Electricals Ltd 67 Khazanchi jewellers Limited
57 NewJaisa Technologies Ltd 68 Saraswati Saree Depot Ltd
58 Interiors & More Ltd 69 ROX Hi-Tech Ltd
59 Ugro Capital Ltd 70 Wealth First Portfolio Managers Ltd
71 Brand Concept
Kaka Industries Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 408 Crore | Share Price: Rs. 299/Share
A house of brands in the unorganized polymer-based Furniture Product Space Growing at
30%.

About Business

● Kaka Industries Ltd. manufactures Polymer-based Profiles & fabrication of factory made PVC &
Solid PVC doors. Has 1200 SKUs and 3 manufacturing units and 1 new facility which is fully
integrated and automated.
● Their products are a substitute/replacement for wooden products.20% cost efficient as
compared to wood.
● Launched new products recently – SPC Flooring, HVLS Fans & more.
● Also recently got into the Pre Engineered Building business as well.
● PVC products are 57% of the total revenue. Polyvinyl chloride (PVC) Profile is used in
end-products such as furniture, Wall panel, Ceiling Panel, Decorative Product, Doors, Partition
etc. (Affordable)
● Wood plastic composite (WPC) Solid Profile is used mainly for making doors, door frames and
furniture. It is 20% of the total revenue.
● Unplasticized Polyvinyl Chloride (UPVC), is a low conductor of heat & an energy efficient product.
It has low maintenance & is known for its durability & customizable options. It contributes
~8-10% to the revenues. (Premium)
● Empanelled as “Approved Vendor” with Gujarat State Police Housing Nigam Ltd & military
engineering services (Lucknow & Ahmedabad).
● Want to expand their marketing and sales team. Primarily focused on the untapped PVC market
in furniture space. Want to increase brand visibility.

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Management Commentary

● Gradually shift existing manufacturing operations (phase-wise) from the existing three facilities
to the new 49,000 sq. meters. facility. 400cr is the visibility from this new facility.
● August and September are slow. Festive season will see more demand coming in.
● Highest sales are from Gujarat, Mumbai and Hyderabad.
● Competition: Highly unorganized sector. No listed peer.
● Industry trends: Highly untapped market.
● All products are inhouse, have a high number of SKUs and are of quality. They are 5% premium
to the unorganized sector due to the quality they offer.
● Kaka brand is known in PVC Segment. While onboarding dealers they give a demo of their
products and participate in creating brand awareness with them.
● Deal in advance with new dealers and 40 days of credit with their existing dealers based on their
experience.
● Revenue growth rate of 30% CAGR going forward in the next 3 years and new factory will lead to
100-200 bps OPM increase going forward.
● Mainly their customers are real estate players. 15% is direct sales and 85% through distribution.
● Marketing is mainly through physical marketing/wall painting.
● PEB is currently 2% of their revenue and will get to 7-8% going forward.
● Source their Raw Material (Resin and Calcium) from Reliance and others. No plan to backward
integrate as it is very asset heavy and it is not their competence.
● Operating at 50% of total capacity and within next 3-4 months they will be operating at 100%
capacity.
● Improvement in EBITDA margins is due to better raw material sourcing, better raw material
prices and better qualified team. They have also stopped discounts now due to competition from
the unorganized sector as they are now an accepted brand.
● They contain any RM price rise/fall within 5% and beyond that they pass it on to their customers.
● Seeing demand from premiumization WPC and UPVC. Have added capacity in these segments
and their turnover and margins will expand going forward as more contributions start coming in
from these segments. Their maximum work/focus is now towards premium products.
● Want to expand pan India through their new facilities, especially in the South of India.

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Modi Naturals Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 488 Crore | Share Price: 372

1. They started in 1974, under the visionary leadership of Mr. D. D. Modi. From humble beginnings,
setting up an edible oil factory in Punjab, getting listed at the Bombay Stock Exchange, and
becoming the largest processor of Rice Bran in India, the journey has been a momentous one.
Expertise and competence in natural oil processing grew from strength to strength over the
decades, the company which started as Anil Modi Oil Industries Limited, and evolved into one of
the most trusted and well-known names in the industry – Modi Naturals Limited
2. At a Glance

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 3. Business Verticals

4. Based on the availability and margins of rice and maize, they decide on which grain to use more
for their grain-based ethanol. It keeps changing from time to time.
5. Last year's revenue degrowth was because of the crash in prices of about 40%. Volumes have
been seeing good growth.
6. May demerge the bulk division or separately list them in the future. Management does not want
to give a timeline on this yet.
7. The ethanol division cash flow is used for capex and marketing of consumer business. No new
capex plan for the ethanol division at the moment.
8. Out of 100 Cr capex, 50-60 Cr will be funded through internal accruals and the balance will be
either debt or equity or a combination of both. They will need this fund over the next 10
months. Hence, not yet finalized.
9. Working capital: Consumer 45-50 days, unorganized retail division: goods are sold against an
advance, for organized retail and e-commerce, about 15 days credit. In the bulk division working
capital intensity goes high during the September to March period when the inventory gets built.
10. Expect to do 500-700 Cr revenues from the consumer division (10-12% EBITDA margins in the
short term, and slightly higher going ahead), do not intend to expand the Ethanol business
beyond the current plans which are under the way, intend to go into value-added products. The
bulk division will be separated from the company soon.

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Shyam Metalics & Energy Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 25,602 Crore | Share Price: 917/Share

1. Shyam Metallics, a 20-year-old company, started its manufacturing operations in 2005 with a
small plant in Bangalore. Over two decades, it has grown significantly, achieving a CAGR of over
30% in EBITDA and PAT, and more than 22% in revenue. The company funds its CAPEX through
internal accruals, relying on banks only for working capital.
2. The company, originally a purely B2B entity, has expanded into a multi-metal operation,
producing value-added products and entering the aluminum and stainless steel markets. Recent
ventures included aluminum foil production in 2022 and the acquisition of Mittal Corp in 2023,
marking its entry into the stainless steel sector. Shyam Metallics has a CAPEX plan of ₹10,000
crore, with half of it already spent, and aims to maintain a positive cash flow, with current
reserves between ₹1,500-2,000 crore.
3. As one of India's largest long steel producers, the company has a finished steel production
capacity of 2 million tons and has introduced new products like color-coated sheets. Additionally,
the company has invested in railway sidings, significantly improving logistics and reducing
transportation costs.
4. Several factors influence the company's profitability and margins. Steel, being a commodity, is
subject to market-driven pricing, with minimal price control despite strong branding. Margins
fluctuate due to the company's reliance on the sponge iron production method, which typically
offers lower margins compared to the blast furnace route.
5. The company’s transition toward value-added products (VAPs) has improved margins. VAPs have
grown from 15% of revenue in 2019 to 48%, with expectations to reach 65-70% in the next five
years. However, these margins are still vulnerable to market dynamics, including raw material
costs and demand fluctuations.

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 6. Steel industry margins are inherently volatile, and while Shyam Metallics experienced
exceptional margins of 25-27% in 2022, typical margins range between 12-15%, which is still
considered healthy for the industry.
7. Lastly, despite lower overall borrowings, rising interest costs are attributed to non-fund-based
borrowings like Letters of Credit (LCs) for raw material procurement, contributing to increased
expenses even when borrowings decrease. Overall, the company’s strategic focus on growth,
value-added products, and operational efficiency positions it well for the future, despite the
inherent challenges of the steel market.

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Suyog Telematics Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 1709Crore | Share Price: 1602

1. Suyog Telematics Limited is a dynamic player in the telecommunications industry, specializing in

cutting-edge telecom tower infrastructure solutions. The company is committed to driving
connectivity in both urban and rural areas. Known for its strategic approach, Suyog Telematics
focuses on high-power small cell infrastructure, fiber connectivity, and environmentally friendly
solutions. With a diverse portfolio and a client base that includes major telecom operators, the
company plays a key role in transforming cities into 5G-ready hubs and powering rural villages
with advanced network capabilities.
2. Business Model

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 3. Master Service Agreement: Long term 15 years

4. Being small has some advantages as per the management. The reason for having high margins is
that Suyog’s vendors are not allowed to outsource their work. All the other operations in the
company are company-owned which further helps in the margin.
5. PAT margins will sustain between 32-35%.
6. Very positive on the BSNL project. Volumes from BSNL is much higher than
7. In FY25 2000-3000 towers to be provided to BSNL, around similar numbers to be provided in
FY26 as well.
8. Airtel & Jio have slowed down their investments in towers and started expanding more on 5G.
9. The maximum number of new sites will be from Vodafone and BSNL in the next two years.
10. Vodafone has gone from 1-month advance to 90 days payable, which has led to stress in the
receivables partly.
11. The general master sales agreement with all operators is for one month in advance only.
Vodafone is a special situation where Suyog is trying to support them in their challenging times.
12. The business of Indus Tower and Suyog are almost similar. But Suyog believes that they are faster
in turnaround.
13. Small Cell Tower is a very big opportunity for the company as per the management.

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 14. Trippling tenancy from current 5000 to 15000 tenancies by FY26. By FY25 it should be around
8000 tenancies.
15. 800-850Cr capex is planned for FY25 and FY26 and about 50% of that is already secured through
internal accruals and promoter’s infusion. The remaining will be a mix of debt and equity
infusion.
16. Do not get any revenues for CCTV. It is a strategy company has adopted to put small cell towers
on the pole on which CCTV is planted.
17. Confident of the government’s continued support to BSNL and hence do not see any risk reated
to orders or payments.
18. Apart from Maharashtra, 12-15 states have been identified where they will aggressively market
in the next 2-3 years.
19. Expect huge growth in revenue from the fiber segment.

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Krishna Defence and Allied Industries
Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 994 Crore | Share Price: Rs. 724/Share

About Business

● Motto is to act as an import substitute for our armed forces and work towards indigenising
defense products. Also present in Dairy segment
● 86% revenue from Defense and 14% from Dairy.
● Team of 250 with 28+ engineers.

Product Range

● Ship Building Steel Sections: 100% Make India thrust of Govt of India. It is used as stiffeners in
shipbuilding, especially in the Ship Hull which maximizes resistance to buckling due to increased
strength to weight ratio of 1:3.Krishna is 1st one to indigenize this product.
● Special Steel Alloy Ballast Bricks: 100% indigenized the same. It is used as balancing and
counterweight for critical Naval Platform.
● Heavy Vehicle Factory Steel Profile: 100% indigenized the same. Supplying to Indian Army for
Tanks.
● Other Products: Special Steel Alloy Welding Wire, Welding Electrodes and Improved Space
Heating Device (Transfer of Technology from DIPAS & DRDO),IED Containment Vessel, Modular
Vehicle Barrier : All successfully indigenized.
● Also qualified for coast guard of India requirements.
● Dairy Segment is growing at a steady pace.
● Through their associate companies WAVEOPTIX DEFENCE SOLUTION PRIVATE LIMITED company
is planning to enter into Special focus on Optic Fibre over Radio Frequency for long distance and

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 secure signal transmission in Defence and Aerospace sector. Got an order from L&T Defence for
the same. Company plans to increase their stake to 51% in Waveoptix.

Guidance: They are aiming to grow at + 40% CAGR for the next 3 to 5 years given the geopolitical
scenario.

Management Commentary

● Commercial Shipbuilding will also be a focus area for them going forward.
● Not allowed to export as all the applications are classified. But with focus on exports this might
change.
● With China growing its fleet and India’s role on the Indian Ocean, the Indian Navy wants to make
up for what hasn't happened in the last many years. So this will grow.
● High Working Capital is the characteristics of the business. Q4 is where everything balances out.
Working hard to bring it down.
● Raised capital in January 24. Funds went towards capex and working capital needs.
● Orders from govt are split between many vendors as these are critical items and govt wants to
ensure smooth supply chains.
● In H1 they have bagged new orders close to 200cr. They see this trajectory growing. Huge bids
(175cr) are in the pipeline as well. Hit Rate - 40-50%.
● Product development cycle is close to 2 years but they have several products which they are
working on.
● Margins will improve going forward as their fixed costs are now stabilized.
● Hatches - 100cr addressable market. The Navy will ensure there are at least 2 participants.
● Market share across their product segments could be around 50-58%.
● Plans of the Navy till 2035 are huge. They are planning to bring in 40 additional ships in the short
term and many more in the time to come.
● A start up called Planis(?) are making Remote Operated Vehicles (ROV or UAV). Krishna has
partnered with them.

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Infollion Research Services Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 269 Crore | Share Price: 278/Share

1. Overview: infollion Research Ltd is positioned as a premium expert marketplace in the gig
economy, specializing in providing expert advice to B2B clients. Their client base includes
consulting firms, private equity funds, public market funds, and large corporations. They have a
growing network of over 80,000 experts, with a strong focus on India and key markets like the
US.
2. Key Business Model: infollion operates a marketplace connecting seasoned experts, often with
20+ years of experience, with companies seeking high-quality consultancy on a one-on-one
basis. Their primary engagement model is expert calls, which generate 85-90% of the company’s
revenue. The platform is highly curated, with meticulous onboarding of experts over a decade,
providing a substantial advantage in quality and trust.
3. Company Statistics:
● Over 80,000 experts, with 65,000 based in India.
● 1,500+ CEOs and 6,000-7,000 presidents or VPs on the platform.
● 400 projects completed per month.
● Team size: 150 employees.
● Strong financial health, with zero debt and a high ROE and ROCE.
● Revenue for FY24 was around ₹52 crore, with 12,000 expert calls executed monthly.
4. Financial Performance:
● Maintains high EBITDA margins of around 20%, with gross margins of 50%.
● PAT of approximately ₹8.5 crore in FY24.
● Three-year CAGR has been consistently high, between 50-60%.
● Recent IPO led to a slight dip in ROE and ROCE due to capital infusion, but these figures
have historically been around 40%.

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 5. Tech Integration: infollion emphasizes technological advancements, particularly in developing
value chain mapping tools and improving its marketplace's technical infrastructure. Their value
chain mapping allows clients to visually map hundreds of experts, enhancing service quality and
efficiency.

6. Growth Strategy: infollion aims to expand its market presence in India and internationally,
competing primarily in the high-end gig economy. The company has been gaining market share
from global competitors as it continues to focus on sustainable and profitable growth. Custom
impanelments account for 20% of the company's new expert onboarding, ensuring that they
maintain a high-quality pool of talent.
7. Industry Context: The gig economy is growing, particularly at the premium end where infollion
operates. The company views itself as part of the "B2B human cloud," offering flexible,
expert-driven services. As global funding for private players diminishes, infollion sees an
opportunity to further consolidate its market position, especially against large global networks.
8. Management & Leadership:
● The company has been led by its founder since its inception in 2009.
● The senior management team is long-tenured, with many key personnel having started
their careers at infollion and staying for over a decade.
● The company emphasizes a steady, long-term growth model, with the founder holding a
majority stake and intending to stay for the long haul.

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Royal Orchid Hotel Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 990 Crore | Share Price: Rs. 361/Share

About Business

● 107 Hotels and is the fastest-growing hotel chain in India. Many new hotels are in the pipeline to
be opened.
● Sales Split: Don’t get revenue from managed hotels as they get only management fees ( per
accounting standards). Own Hotels: 121.26 cr, Managed Hotels - 30.23cr.

Management Commentary

● Lemon tree, fortune can be peers

● FY25 Topline growth of 10-12%
● Leisure Hotels: 27% of Revenue| Rest 73% of Revenue Business Hotels. Leisure Hotels - ARR vs
Business is high but there is seasonality attached to it.
● Managed hotels are signed up for a 15-year contract.
● Q2 might be flat but Q3 and Q4 are usually the strongest which will help them meet their
10-12% guidance.
● 24 Hotels are in the Pipeline. Will be ready by Q4FY25. The largest capex will go towards Mumbai
assets. (60cr investment). Bangalore and Goa assets will also see upgrades.
● Being cautious on their balance sheet. A strong balance sheet helped them come out of COVID
slightly unscathed.
● Concerts and Experiences are demand drivers. Sold out their Mumbai property with ‘crazy’ ARR
for Coldplay concert.
● Demand in the hospitality sector has gone up significantly and the industry is seeing a shift.
Younger consumers want to explore and travel more, and the ‘long weekend’ concept is picking
up. ARR growth of 8-10%, whereas occupancy growth will be static.

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Wonder Electricals Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 1976 Crore | Share Price: 1475/Share

1. Company Overview:
a. Founded: in 2003 as Wonder Fibromatz Private Limited, later converted to a public
limited company in 2018.
b. IPO: Completed the IPO process in 2019 on the NSC Emerge SME platform and migrated
to the NSC and BSE main boards in 2022.
c. Core Business: A leading OEM/ODM manufacturer specializing in fans and home
appliances, including heaters, ventilating fans, and kettles.
d. Product Capacity: Operates three manufacturing plants in Roorkee, Haridwar, and
Hyderabad, with a daily production capacity of 40,000 fans (12 million annually).
e. Key Products: Ceiling fans, BLDC fans, exhaust fans, TPW fans (Table, Pedestal, Wall),
heaters, and kettles.
f. Revenue (FY 2024): 570 crore INR.
g. Customer Base: Increased to 15 key clients by 2023, with confidentiality agreements in
place.
2. Growth and Milestones:
a. 2015: Expanded customer base from 1-2 clients to 6.
b. 2019-2021: Growth in customer base to 12 clients by 2021.
c. 2023: Expanded further to 15 clients.
d. 2024: Launched new products (TPW fans, heaters, and kettles) and sold 5.6 million fans.
3. Financial Performance (FY 2024):
a. Revenue: 570 crore INR.
b. EBITDA: 24.6 crore INR.
c. Fan Sales: 5.6 million units.
d. Growth Target: Aiming for 25% market growth, driven by energy-efficient product lines.
4. Market Insights:

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 a. Fan Market Drivers: Supported by government initiatives like PM Awas Yojana and
increasing urbanization.
b. Key Growth Drivers: Increasing market share for organized players, rising per capita
income, and product diversification.
c. Future Focus: Expanding into export markets, increasing product capacity, and leading in
energy-efficient fan categories.
5. Operational Challenges and Financial Strategy:
a. Seasonality and Financial Fluctuations: Margins and receivables/payables fluctuate due
to the seasonal nature of the business. Typically, production and sales peak in the last
quarter, inflating balance sheet metrics as of March 31st. Receivables and payables are
higher in these periods due to increased turnover.
b. Margins and Growth Strategy: Margins are relatively low in the B2B and OEM segments
due to a focus on volume supply to larger brands. However, the company is entering
higher-margin product categories, such as BLDC fans and premium segments, which is
expected to improve margins gradually. Efforts are underway to optimize cost structures
by localizing component sourcing, particularly for BLDC motors, which are currently
imported. This shift will reduce costs and improve value addition, positively impacting
future margins.
6. Conclusion: Wonder Electricals Ltd. is focused on scaling up its operations, driving product
innovation, and expanding into premium and energy-efficient categories. While margins remain
slim due to the B2B model, the company is taking strategic steps to localize production and
enhance profitability in the long term. Its strong customer base, growing product portfolio, and
experienced leadership team position the company for continued growth and market leadership.

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Newjaisa Technologies Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 340 Crore | Share Price: 96.4

1. Incorporated in 2020, NewJaisa Technologies Ltd sells refurbished Laptops, Monitors, Tablets,
and Accessories at discounted prices.
2. NJTL is a technology-driven, full-stack direct-to-consumer company specializing in refurbished IT
electronics. It offers quality refurbished electronics at discounted prices compared to new
products.
3. Serving a Pan India customer base across approximately 20,000 pin codes through e-commerce
and online platforms, NJTL's key customer segments include students, home users, SMEs, and
working professionals.
4. Business Model

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 5. Unit Economics

6. Certification and government approvals are required to source laptops from Global MNCs and
corporates.
7. Roughly 30% of sourcing is done from corporates and expect this number to go up going
forward.
8. Corporations are becoming responsible. It is not just about the highest bidder who gets the deal,
it is the overall value proposition like data security, mapping, traceability, etc.
9. There is a seasonality in the business. H2 is significantly better than H1 in terms of volumes.
10. Growth has tapered off in recent times because the company has focussed more on expanding
the team, improving the processes, and making the operations more efficient.
11. Do not have any plans to enter consumer durables in the next 3-5 years at least. Focus is on
growing the existing categories first as there is a huge opportunity there to scale up.

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Interiors & More Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 234 Crore | Share Price: 334/Share

1. Company Introduction: Started in 2012, Interiors and More Limited specializes in silk flowers,
vases, furniture, fabric, and lighting products for weddings, events, and home/office décor.
Initially supplied florists but later expanded into wedding and event-related products.
2. Product Range: Includes artificial flowers, leaves, furniture, fabric, lighting, and decorative items
for home and office use. Began with imports from China, Thailand, Vietnam, and other
countries, eventually moving to in-house assembly in 2016 and full manufacturing in 2021 in
Umargaon, Gujarat.
3. Growth and Expansion:
a. The company has consistently grown, focusing on increasing its capacity and expanding
its product line.
b. 2022-23 revenue: ₹24 crores; 2023-24 revenue: ₹32 crores, showing 20-25%
year-on-year growth.
c. Expanded operations beyond India, with a new office in Dubai and plans to enter the
European and US markets through exhibitions in Germany.
4. Sales Strategy:
a. Sales channels include showrooms, exhibitions, franchisees, and a dealer network across
India.
b. Major clients include retail chains like Reliance and decorators/event managers such as
Interflora and E-Factor.
c. The company is also focusing on expanding its retail and wholesale franchises, and sales
in the Middle East.
5. Competitive Advantage:
a. Artificial flowers are increasingly favored in the wedding and event industry due to their
longer lifespan and versatility compared to fresh flowers. Customization and innovation
are key drivers, with a focus on theme-based weddings and high-scale events. Interiors

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 and More distinguishes itself by offering unique, India-made products that cater to
large-scale, unpredictable event demands.
6. Manufacturing and Cost Efficiency:
a. Shifted from importing to manufacturing 30-40% of its products in-house, with plans to
scale to 80-90%.
b. Competitive pricing due to cost-efficient production and significant stock levels to meet
ad hoc demands.
c. The company benefits from lower labor costs and the ability to customize products
locally, leading to a cost advantage over imported products.
7. Inventory Management: High inventory levels are necessary due to the unpredictable nature of
demand in the wedding/event industry, but efforts are being made to optimize stock levels as
the company scales.
8. Competition: Interiors and More currently holds a unique position in India as a manufacturer of
artificial wedding and event products at scale. Competitors may arise, but the company remains
confident in its ability to maintain a competitive edge through innovation and cost efficiency.
9. Interiors and More Limited has evolved into a significant player in the artificial flower and
wedding/event decor industry. With strong manufacturing capabilities in India, a growing sales
network, and an expanding international presence, the company is well-positioned to capitalize
on the increasing demand in the event industry. Their focus on innovation, customization, and
cost-efficient production gives them a strong competitive edge, while plans to streamline
inventory and expand manufacturing capacity promise sustained growth in the future.

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UGRO CAPITAL Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 2419 Crores | Share Price: 260/Share

● A technology-focused, data-centric small business lending platform, founded in 2018.

● Initially called Chokhani Securities, renamed U GRO Capital.
● Lends exclusively to MSMEs (Micro, Small & Medium Enterprises).
● The MSME sector is growing faster than India’s GDP, comprising 35% of the economy. backed by
several government schemes, with a focus in the budget.
● A huge credit gap of nearly ₹92 lakh crore exists, increasing demand for lending businesses like
U GRO Capital.
● Utilizes machine learning models with over 20,000 data points for:Quick execution and borrower
segmentation(Borrower ratings and risk bands to reduce errors and defaults).
● Multi-Product Strategy and strong distribution network.
● Sector Focus: Micro Enterprises,Light Engineering,Auto Components, Chemicals,Food
Processing,Education,Healthcare,Electrical Equipment & Components and Hospitality.
● Product Offerings : Business Loans,Machinery Loans,Micro Enterprises Loans,New Age
Products,Business Loans Secured by Property and Retailer Finance.
● Significant Growth from March 2022: AUM ₹2,969 crore to March 2023: AUM ₹6,081
crore,raised ₹340 crore in equity. Projected AUM of ₹9,047 crore by March 2024.
● Equity raise of ₹1,265 crore and AUM projection of ₹9,218 crore by June 2024.
● Launched GRO Score 2.0, strengthened distribution, and laid the foundation for co-lending
models.
● Plans to scale co-lending model, introduce GRO Score 3.0, and launch a D2C customer channel.
Rating upgraded.Cost of borrowing expected to reduce.
● Strong AUM (Assets Under Management) growth.
● Majority holding by institutional investors.

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SignatureGlobal India Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 22,380 Crore | Share Price: 1,593/Share
Strong Market Demand + Strategic Project Launches + Focus on Mid-Income
Housing + Efficient Operations + Sustainable Margins + Decreasing Debt Levels +
Continued Price Appreciation

1. Signature Global (India) Limited is making significant strides in the residential real estate market,
particularly in the Delhi NCR region, with a strong focus on Gurugram. The demand for housing
remains high, and the company is well-positioned to capitalize on this trend.
2. The company plans to launch projects worth ₹16,000 crores in FY25, primarily in December
2024. They are optimistic about a sustained growth cycle in the market for the long term.
Notably, Gurugram accounts for over 54% of total housing sales in NCR, highlighting its
importance as a primary market.
3. Signature Global is targeting the sale of 4,000 housing units at an average price between ₹2.5 to
₹2.75 crores in FY25. Most of their customers are end users, primarily salaried individuals, and
the company prefers not to sell more than one apartment to any single customer.
4. The company is also expanding into other NCR markets while maintaining a focus on Gurugram.
They plan to launch a large project in Sohna aimed at the mid-income segment, with prices
expected to be lower than in Sector 71.
5. Signature Global is confident in achieving sales guidance of ₹10,000 crores and launch guidance
of ₹16,000 crores for FY25. They expect revenue growth of over 25% for FY25, FY26, and FY27,
with EBITDA margins projected between 15% to 20% for the next two years.
6. Operational efficiency is a key focus, and the company intends to selectively replenish land
inventory without incurring significant expenses on business development. The net debt level is
anticipated to decrease, with a target net debt-to-equity ratio of 1 by the end of FY25.
7. Despite the impressive demand in Gurugram, the company has not yet considered expanding to
other metro cities. They expect that as demand continues to outpace supply, property prices will
rise by 6% to 7% in lower scenarios and by 12% to 14% in higher scenarios.

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 8. The management is still in the process of appointing a new CFO and plans to focus
predominantly on residential projects, while also considering some commercial and retail
developments.

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Foods & Inns Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 1000 Crore | Share Price: 138/Share
Businesses going through a transformation of product mix

1. The primary division is pulping

2. Mangoo is the biggest division followed by papaya & tomato pulping

3. Also make a vegetable puree, and honey powder among others

4. Acquired Kusum masala (primarily in the North & moving into the western zone)
5. Tetra cart is a value-added division~

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 6. The Dalal family took over the management in 2016
7. A key strategy was diversifying from Mango pulping to other segments
8. The working capital cycle of the tomato business is less vs mango which was a cash guzzler
9. B2C biz saw the acquisition of Kusum foods from a promoter who didn't have a future
generation, got this business at less than 1X P/S
10. Was going slow in the B2C business, but expects strong growth going forward
11. Doubled capacity in Spray dried (1000 MTPA), the largest player has 1 lakh MTPA. Therefore, the
company expects strong growth here given the great margins & utility of the product
12. Struggled with cash in the past owing to money being stuck in the mango business, but after
raising funds from the likes of Madhu Kela & Matthew Cyriac, has enough funds for growing
other segments
13. Pectin will be a great value addition for the company going forward which has a high import
substitution potential
14. The only company in India having technology of tetra pack & aims to give competition to
Zomato & Swiggy
15. Facing disruption in exports owing to shipments but hasn't witnessed any cancellation
16. Received 8000 MTPA order for tomato pulping yesterday
17. 35% tax rate will continue
18. Stabilization of the Pectin facility has happened & sales should follow soon
19. Lower processing in FY24 was led by a lack of availability of fruits
20. Targeting 1700 Crs revenues by FY27

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Fino Payments Bank Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 3361 Crore | Share Price: 404/Share

1. Nature of the Bank: Fino is not a traditional bank; it operates primarily on fee-based income
rather than interest from lending and deposits.
2. Revenue Model: Last fiscal year, it generated over ₹1,470 crore in revenue, with 90% derived
from transaction-driven fees.
3. Founded in 2007 as part of ICICI to improve rural banking access.
4. Transitioned to a Payments Bank in 2017, focusing on transaction-based services.
5. Business Model:
a. Transaction-Centric Focus: Emphasizes acquiring and monetizing transactions.
b. Asset-Light Operations: Operates with minimal branches, relying on a vast network of
1.8 million distributors and merchants.
6. Key Services:
a. Remittances and Cash Withdrawals: Constitutes 30% of business; fees for remittances
are around 1%, while cash withdrawal fees are covered by issuing banks.
b. Customer Acquisition: Attracts 2.5 crore monthly visitors and charges ₹499 annually for
account maintenance, with a 60% renewal rate.
c. Cash Management Services: Contributes 10% of revenue by allowing companies to
deposit cash at Fino's points.
d. Digital Services: Accounts for 15% of revenue, focusing on profitability from valued
services.
7. Financial Insights:
a. CASA Revenue: Includes subscription fees; interest income is recorded separately.
b. CMS Charges: Fees are transaction-based, with throughput figures for reference.
c. UPI Services: Revenue from B2B UPI services, serving as a settlement bank for clients.
d. Growth Expectations: Anticipated growth in digital payments and CMS due to ongoing
digitization.

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 e. Customer Retention: 40% of CASA customers are digitally active, encouraged through
distributor incentives.
f. Competitive Advantage: Technological capabilities and an in-house UPI switch improve
operational efficiency.
g. Customer Value Proposition: Businesses benefit from efficiency, technology integration,
and cost savings associated with no transaction fees.

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SEAMEC Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 3692 Crore | Share Price: Rs. 1452/Share

About Business

● Group has fairly large competence in the Offshore Vessel business in the Oil and Gas sector and
other sectors. Diving Support Vessel - Niche Market. Has the biggest fleet in the region.
● They own 5 DSV, 1 Barge and 1 OSV. Other 2 OSV are leased from HAL Group. ONGC, Saudi
Aramco and ADOC are some of their major clients.

Management Commentary

● Guidance: 20-25% reduction in the difference between consolidated and standalone basis. 15%
CAGR growth in bottomline year on year.
● Even though oil prices are correcting, their vessels are chartered on a long term basis. And fuel
used in the charter is not under their domain.
● Strategy is to get into long term contracts rather than depending much on spot rates.
● Indian vessel flags get priority over foreign vessel flags in this region.
● No movement on the UK business front. Still figuring out the opportunity. Will purchase new
vessels if opportunity arises. Currently investing only in the construction of a building.
● East Coast Production might take time to ramp-up. Their services might be required in next 1
year but not on immediate business.Acquired a company for meeting their requirement of diving
workshop and warehouse. Land of the company is provided by MIDC.

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Transteel Seating Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 144 Crore | Share Price: Rs. 71/Share

About Business

● Into office furniture which is 43000 cr. B2B market. Industry is mainly unorganized (80%). Godrej
and Featherlight are their peers in the organized space. Addressable market would be around
20% of 43000. cr.
● They are a ~30 year family run business.
● 2 verticals -
○ Seating: They procure finished products. Products sourced from vendors in Chennai,
Delhi and Mumbai.
○ Desking: They manufacture it entirely.
● First in the industry to go for advertising tech. Getting customers in the funnel post which they
convert them to small and medium businesses as their clients.
● Work mainly with the private sector only as their clients.

Management Commentary

● Company does 2-2.5 cr business with retail. Organized players like Neelkamal don't cater to
these customers.
● Have an orderbook of 10-12cr. To be executed in the next 2 months. 1 deal submitted for
Walmart worth 5cr etc. They are always pitching for large deals and conversion of deals is erratic.
● Margins will fall as they chase growth. PAT to come down to 10% going forward.
● Confident of achieving 100-115cr this year. (Rs. 160cr target in ppt - might depend if they crack a
huge deal of say Rs. 100 cr) Target of Rs. 1000 cr optimistically and Rs, 600 conservatively in the
next 5 years. Benchmarking on Featherlight.
● Typically the deal size is around 20-25L.
● No plans for share dilution going forward.

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 ● Bangalore constitutes 40% of their revenue.
● Working on remanufacturing, recycling and other verticals for growth. Not looking at exports.
● Their manufacturing unit is rented. They can do 240 cr from their current unit in the South and
plan to come up with another unit in the North.
● Facing hiring challenges at the top-level. Currently being handled by family members.
● Business from Coworking Segment have cash flow issues and margin is less. Not concentrating
much on this.

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Sarda Energy & Minerals Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 15,311 Crore | Share Price: 434/Share

1. Historical Focus: Originally concentrated on coal and iron ore mining, supported by robust
railway infrastructure.
2. Ferroalloy Leadership: A key player in ferroalloys, with total capacities of 147-150 MVA across
Raipur and Vizag plants, both backed by 80 MW captive power units.
3. Business Transformation: Transitioned from Raipur Alloys to Sarda Energy and Minerals Limited,
shifting from a metal-centric to a power-centric business model.
4. Power Infrastructure: Operates three hydropower plants (144 MW total) with an additional 25
MW upcoming; recently acquired a 600 MW power plant to enhance integration with coal
operations.
5. Future Outlook: Expecting a notable shift in EBITDA towards power and minerals while
maintaining metal operations, with financial clarity anticipated in the next fiscal year.
6. The company is transitioning to a power-centric model while maintaining a dual focus on
minerals and energy, emphasizing a decade-long vision for this strategy.
7. The 600 MW power plant is operational, managed by NTPC as a consultant. Full financial impact
is expected from Q1 FY25, with some contributions anticipated in the current financial year.
8. Last year's EBITDA for the power plant exceeded 300 crores at a lower PLF of around 50%.
Detailed financial numbers will be shared in an upcoming market filing.
9. The development timeline for the Shahpur coal mine remains uncertain, pending final regulatory
approvals. Contributions from the mine are not expected in the current or next financial year.
10. Coal from the Shahpur mine is anticipated to be utilized for in-house operations, focusing on
captive consumption for both steel and power sectors.
11. Positive trends are emerging in the ferroalloy market following cuts in US and China markets,
with domestic ferroalloy prices rising by ₹500-₹600. The steel market is also experiencing
varying price increases, contributing to overall optimism.

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IOL Chemicals Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 2800 Crore | Share Price: 476/Share
Businesses going through a transformation of product mix

1. Capex of 200 Crs P.a. for the next 2 years through internal accruals
2. The largest producer of Ibuprofin
3. Targeting USA market
4. The company’s customer was impacted by 483A filling
5. Non-ibuprofen is mainly running at break-even level
6. Got permission from various regulatory authorities in the non-ibuprofin segment
7. Pharma includes- Ibuprofen & Non ibuprofen
8. Chemical margins are in single-digit
9. Pharma has higher margins
10. Ibuprofen-Non Ibuprofin split currently stands at 65:35 which is expected to become 50:50 going
forward
11. During COVID, paracetamol & Ibuprofen were widely used which led to higher prices
12. Destocking happened in 2023
13. The company as a whole is expecting improvement in margins
14. In pharma- Ibuprofen (90% utilisations), Non-Ibuprofin (40-50% & in paracetamol its 90-95%),
Chemicals business has 90% margins
15. 5-6 years back, business was solely in Ibuprofin, currently, Non-Ibuprofin has started contributing
meaningfully
16. Product mix will be targeted toward exports leading to higher margins
17. SI group in USA exited Ibuprofin segment
18. Targeting a 75% share of Ibuprofen & 50% of non-Ibuprofin to come from Regulated markets
going forward should increase margins going forward in the Non-Ibuprofin segment.
19. Getting good prices in the export market from Ibuprofen, prices in domestic can go down
further.
20. Dependent on China for getting DCDA for producing Metmorfin.

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Khazanchi Jewelers Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 1,309 Crore | Share Price: 529/Share
New Flagship Showroom + Shift to B2C Segment + Expansion Plans + In-House
Manufacturing + Focus on High-Margin Products + Growing Organized Sector

1. The company currently operates a single retail showroom in Sowcarpet, Chennai, which spans
1,200 square feet and showcases over 25 product categories. It features a design library with
more than 500,000 unique designs.
2. Exciting plans are underway to open a new flagship showroom of 10,000 square feet in
Sowcarpet, a key wholesale hub in South India. This new location is expected to significantly
boost revenue, targeting at least a 30% growth compared to existing operations.
3. The flagship showroom, scheduled to open by April of FY25, will focus entirely on the B2C
segment. The management expects that margins will also improve following this launch.
4. Currently, the company relies on a network of manufacturers across India for outsourcing.
However, they plan to establish manufacturing plants after the new showroom opens.
5. The business primarily focuses on handmade jewelry, fusion pieces, and lightweight options.
6. The B2B segment currently accounts for 90% to 92% of revenue and B2C for 8% to 10%. After
the flagship showroom opens, B2C revenue is expected to rise to 25%.
7. An investment of 150 crores is planned for the flagship showroom.
8. The company aims to achieve a manufacturing capacity that will meet 20% of its requirements.
9. In the coming years, they plan to expand further in South India, with potential diversification into
other regions later. The company also manufactures lab-grown diamonds in-house.
10. Current margins in the B2B segment are around 4%, while B2C margins are projected to be
between 8% and 9%.
11. Management is optimistic about achieving 20% to 30% revenue growth, because of supportive
government policies and a shift from unorganized to organized markets. They see reduced duties

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 as an opportunity to compete more effectively, which could further boost growth in the
organized sector.
12. Additionally, the company plans to open 5 to 6 more showrooms over the next two years
following the flagship showroom launch.

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Saraswati Saree Depot Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 616 Crore | Share Price: 156/Share
Strong Distribution Network + Focus on B2B Segment + Repeat Customer Base +
Strategic Regional Focus

1. Saraswati Saree Depot Limited (SSDL) is a major saree wholesaler that started in 1966. Today, it
stands as one of India's leading players in the B2B segment of the saree industry.
2. The company earns over 90% of its revenue from sarees. In addition to sarees, SSDL also
wholesales other women's clothing, including kurtis, lehengas, and various dress materials,
along with accessories.
3. A key highlight for SSDL is its annual event called "Utsav", which began in 2002. This event plays
a crucial role in boosting sales, contributing about 13-15% to annual revenue through special
offers and exclusive collections.
4. Most of SSDL's revenue, about 88%, comes from its facility located in Uchgaon, Kolhapur. The
company has built a strong network of 13,000 family-owned shops and collaborates with over
900 weavers from major Indian hubs like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata,
and Bengaluru.
5. The top 10 customers account for 8% of total sales, while the top 10 suppliers make up 26% of
total purchases. SSDL focuses primarily on the Maharashtra and Southern regions, with 17% of
its revenue coming from the South.
6. The company is dedicated solely to the B2B segment, with 90% to 95% of its customers being
repeat buyers. It also has a joint venture in Ahmednagar and is currently focusing on improving
its Kolhapur store and the performance metrics of its Ulhasnagar store.
7. SSDL currently holds a market share of around 2% to 3% and aims to grow beyond the industry's
average. Looking ahead, the company anticipates a 15% to 25% increase in profit after tax (PAT)
in the coming years.

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ROX Hi-Tech Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 274 Crore | Share Price:120/Share

1. Established over 23 years ago, headquartered in Chennai, specializing in IT and IT services, with
branches in Bangalore, Hyderabad, Noida, Mumbai, and Ahmedabad. And having approximately
150 skilled employees.
2. Core Offerings: 1)Data Center Solutions 2)Software Security and Services 3)Application
Development 4) SAP and Automation 5) AI and Edge Solutions
3. Mission: To enhance quality of life through high-tech, sustainable solutions and become the
partner of choice for digital transformation.
4. Vision: Achieve sustained growth while adding value to all stakeholders.
5. Key Partnerships: 1) IBM: Platinum Partner, pursuing Gold status. 2) Cisco: Premier Partner,
aiming for Gold. 3) SAP: Gold Partner. Others: Google, Lenovo, and partnerships with various
security vendors.
6. Established in 2002, with significant milestones including:
a. IBM True Blue Partnership (2003)
b. SAP HANA migration (2020)
c. Private cloud implementation (2023)
d. Listing on NSE Emerge platform (2023)
7. Revenue Growth: CAGR of 40% over the last three years, with guidance around 20% for the next
few years.
8. EBITDA Margin: Maintaining around 18-20%.
9. Recent Developments: The current revenue target for the year is ₹204 crores, with half already
achieved. Working capital days have increased due to post-COVID liquidity issues and
complexities in turnkey projects.
10. Future Outlook: Anticipated stabilization of working capital issues post-US elections. Plans to
consolidate market position and improve margins over the next 3-5 years.

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Wealth First Portfolio Managers Ltd.
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 1380 Crore | Share Price: Rs. 1295/Share

About Business

● 3rd party with 3rd party money. Financial Products

● Clients include institutions like IIM-A and other corporates/HNIs.
● 75 person team. 1 office in Ahmedabad and started another in Pune. Planning to start in Surat
and Bangalore.
● Research on financial products like AIF, PMS, Mutual Funds, Bonds etc and then based on that
they cater to their clients.
● 30 products are catering to 99% of their client needs. (all financial products in their basket right
from post office, insurance, mutual funds, stocks to AIFs.) End to end solutions.
● Ranked 33rd in the AMFI list behind major banks ad other financial institutions.
● Focused on creating relationships and providing right service to clients.
● New Initiatives: Applied for NOC for establishing a presence in Gift City to cater to NRIs.
● NRI business is huge but there are not many avenues. Onboarding them is not easy but GIFT City
will help in smoothening that front.
● 99% is from trail commissions and recurring income.

Management Commentary

● Try to put their own money in new products that they eventually provide to their clients. Skin in
the Game.
● They grow faster than what they did in the last few years.
● They are hiring a lot of freshers from college and are trained . Their main focus is on trail based
commission growth but with a client first mentality.
● Want to have a robust dividend policy in the next 2 quarters.

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 ● Have a PMS and RIA license. RIA Model - 600cr AUM. 70-80 lakh of revenue from this. RIA is not
feasible. Many are surrendering their RIA license.
● Sweet Spot of ticket size 2-15 cr. It is time value vs returns. UHNIs does not give them time value
return.
● Top 10 clients - 35% concentration.
● Are open to new products but should fit the profile of their clients.
● Each Relationship Manager is backed by 3 people. 1 RM can manage about 100-150 clients.
● Succession planning in place with 3 of his key aides already being groomed. Son in his 30s.
● Marketing is growing like anything. India is generating affluent families at a very high rate. They
dont need to do much cold calling.

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Brand Concepts Ltd
Arihant Bharat Connect 2024
Day -3 | 27 September 2024
Market Cap: Rs. 740 Crore | Share Price: 659

1. Brand Concepts enters into franchise or trademark license agreements with reputed brands.
2. The company analyses the brand and other factors and creates a product design, a sample is
manufactured, and on approval from the brand, it outsources its manufacturing activities to the
manufacturers located in India and China.
3. The growth had been great post the pandemic but has slowed down a bit in the recent past due
to:
a. Relatively higher base
b. Lower consumer demand
c. SSSG is negative YoY.
4. Aims to grow 15-20 % YoY. But one has to keep a watch on consumer sentiments. Management
is hopeful of a good marriage season this year.
5. Volume and value growth will be at a similar rate. The new brands have a lower ASP.
6. The company works with brands like Tommy Hilfiger, United Colors of Benetton, and
Aeropostale, and also sells its in-house brands Sugarush and The Vertical.
7. To expand manufacturing capabilities in the hard luggage going forward.
8. 5-6 stores have been opened in Q2, in H1 they will cross 10 new stores. H2 also they intend to
open 10 new stores.
9. UCB since being started last year has been performing decent and scaling up fast.
10. Margins on e-commerce are a little better than all the other channels.
11. In-house brands form less than 5% of the total revenue.

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Acknowledgements

We would like to extend our heartfelt gratitude to Arihant Capital for organizing the Bharat
Connect 2024 Conference. The event was meticulously planned and executed, providing an
invaluable platform for investors, analysts, and company managements to engage in meaningful
discussions.

The conference offered a rare opportunity to interact with a diverse range of companies, many
of which have limited public exposure. Arihant Capital's attention to detail, seamless
coordination, and insightful session structure allowed for deep, productive conversations,
making it a truly enriching experience for all participants.

We appreciate the effort and dedication that went into organizing such a large-scale event, and
we are grateful to have been a part of it. This e-book is a testament to the quality of discussions
and insights gained during the conference, and we hope it serves as a valuable resource for
those looking to explore emerging companies and trends.

Team Smart Sync Investment Advisory Services

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