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LNPR Capital®

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Dec 15

🧵 Deep Dive | Invicta Diagnostic Limited
Invicta Diagnostic IPO: Radiology-Led Diagnostics with 40% EBITDA & 40%+ ROCE

Invicta Diagnostic Limited is a Mumbai Metropolitan Region–focused diagnostic chain operating under the brand PC Diagnostics, with a strong emphasis on advanced radiology-led diagnostics, scalability, and capital efficiency.

Founded in 2021, Invicta has expanded rapidly through a mix of organic growth and acquisitions, building a network of 7 diagnostic centres and 1 centralized laboratory within just four years — a key execution marker in a capex-heavy industry.

The company operates a hub-and-spoke diagnostic model:
• 1 Flagship Centre (full radiology + pathology)

• Multiple Hub Centres (MRI / CT / advanced radiology)

• Spoke Centres (collection + basic radiology)
This structure drives higher asset utilization and operating leverage.

Geographic presence spans Thane, Parel, Sewri, Byculla, Marol, Bhayander East & Kalwa, creating dense clustering in MMR — critical for diagnostics where proximity, repeat visits, and physician referral networks matter.

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LNPR Capital®

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Nov 24

Yash Highvoltage Ltd – Powering India’s Grid Reliability

A complete snapshot of one of India’s leading transformer bushing manufacturers ↓

India’s Bushing Champion

Yash Highvoltage Ltd (est. 2002) is a niche power-engineering company manufacturing high-voltage & high-current transformer bushings.
• 40,000+ bushings installed globally
• Approved by all major Indian utilities (NTPC, PGCIL, etc.)
• ISO 9001 & 14001 certified

Strong Product Portfolio

Yash makes the full range of critical transformer bushings:

• OIP Condenser Bushings
• RIP/RIS Dry-Type Bushings
• OIP Wall & Oil-to-Oil Bushings
• High Current Bushings (up to 25,000A – first in India!)
• Retrofit, testing & repair services

They also offer interchangeability solutions for any global brand (up to 245kV / 25kA).

Capacity, Customers & Revenue Mix
• Manufacturing facility: Vadodara
• Installed capacity: 7,000 bushings/yr
• FY24 Geographical Split: Domestic 95% | Exports 4%
• FY24 Product Split: RIP 82% | OIP 13% | High Current 3% | Others 2%
• Top 10 customers = ~80% revenue

Approved supplier across major government, private & global power OEMs.

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LNPR Capital®

@LnprCapital

Nov 15

Oriana Power: H1 PAT explodes 2.5x 🚀, inks $100M Actis deal for 1 GW, & dominates in BESS + Green Hydrogen. A giga-trend powerhouse! ⚡️

Founded in 2013, Oriana Power operates across the renewable energy value chain: solar EPC, RESCO/IPP assets, BESS projects, green hydrogen, green ammonia, and compressed biogas. The company delivers on-site and open-access solar plants, hybrid renewable systems, and utility-scale storage solutions.

✅ Blockbuster H1 FY26 Results 🚀

Oriana Power has reported stellar financial results for the first half of FY26 (ending Sept 30, 2025). The growth is explosive:

- Consolidated Revenue: ₹781.18 Cr (a 2.17x jump YoY)
- Consolidated EBITDA: ₹181.74 Cr (a 2.32x jump YoY)
- Consolidated Net Profit (PAT): ₹121.63 Cr (a 2.50x jump YoY)
- Basic EPS: ₹59.77 (up from ₹24.84 in H1 FY25)

✅ The Game-Changing Actis Partnership

This is a massive validation. Oriana has signed a joint development agreement (JDA) with Actis GP LLP, a leading global investor.

The Deal: To develop 1 GW of Renewable Energy (RE) assets.

- The Money: Actis will invest $100 million in equity over two years.
-Oriana's Role: Oriana will be the exclusive EPC + O&M partner, targeting ₹4,000+ Cr in revenue from this JDA alone.
- Capital Recycling: Oriana also sold ~238 MW of solar plants to Actis at an enterprise value of ~$108M, unlocking capital for new growth.

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LNPR Capital®

@LnprCapital

Nov 10

Exhicon Events Media Solutions Ltd | Empowering India’s Exhibition & Events Ecosystem 🌏 | H1 FY25 PAT Surges 2x YoY to ₹22 Cr | Expanding Global Footprint Across 5 Countries 🚀

Incorporated in 2010, Exhicon Events Media Solutions Ltd (EEMSL) provides 360° solutions to the Exhibitions, Conferences & Events industry.

⟶ Zero Net Debt | Positive Operating Cash Flow

⟶ Listed on BSE SME since 2023

Part of the Exhicon Group, which has diversified interests in MICE, Media, Real Estate, Solar Energy, FMCG, Healthcare & International Trading.

Business Overview
⟶ End-to-end event & exhibition solutions — from Media, Marketing & Design to Infrastructure & Execution.

⟶ Provides turnkey setups for B2B & B2C events across India and abroad.

⟶ Assists clients with event permissions & licenses.

⟶ Serves Governments, Corporates & Trade Associations across 10+ industries.
Exhicon’s expertise includes large-span structures, event décor, CCTV, branding, audio-visuals, and modular infrastructure — spread across 5 Indian cities.

Business Verticals
⟶ B2B Trade Shows
⟶ Event Venues / Real Estate
⟶ Event Media & Publications
⟶ End-to-End Exhibition Solutions
⟶ Exhibition Hospitality & F&B
⟶ International Expo Sales & Marketing

Presence in UAE, Switzerland, Thailand & Hong Kong, with a marketing network across 50+ countries.

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LNPR Capital®

@LnprCapital

Aug 1

Ceinsys Tech Ltd
About the company:
Incorporated in 1998, Ceinsys Tech Ltd provides Enterprise Geospatial & Engineering Services and sale of software and electricity.
- Core Expertise: Ceinsys Tech is a leading technology solution provider in the IT-enabled sector, renowned for its expertise in geospatial engineering and other engineering services and solutions.

- Geospatial Services: They offer a broad range of geospatial intelligence services, including data creation, data analytics, decision support systems, and enterprise web solutions.

- Strategic Expansions (Acquisitions):
In 2022, the company strategically expanded into the mobility sector by acquiring Eniggro Technologies, enhancing capabilities in manufacturing technology and mobility engineering solutions across the entire product development process and industrial automation for diverse sectors (e.g., two and three-wheelers, passenger cars, commercial vehicles, off-highway equipment).
In 2024, they acquired the geospatial business of VTS in USA, primarily operating in the telecom domain.
They are currently identifying more targets for inorganic growth to expand into geospatial and engineering services, having mobilized almost US$28 million for this purpose. Both current M&A opportunities are in the due diligence stage and are moving well, though timelines can shift. These acquisitions are expected to be in geospatial but will incorporate newer technologies not currently at CST.

- Global Presence & Clientele: The company serves prestigious global clientele including large corporates, OEMs, asset management companies, and government bodies. They have offices in India, the United States, the United Kingdom, and Germany, combining local expertise with international reach.

- New Vertical: Ceinsys Tech is venturing into software product development and emerging technologies through a new vertical focused on Artificial Intelligence (AI), Machine Learning (ML), and embedded electronics. This vertical emphasizes the development of AI and ML-enabled applications and solutions to enhance delivery for existing domains, reflecting a commitment to innovation.

📌 Q1 FY26 Financial & Operational Highlights (Ended June 30, 2025)
➤ Operational Revenue: ₹157 crore, up 112% YoY
➤ EBITDA: ₹30 crore, up 130% YoY
➤ EBITDA Margin: 19.35%, an increase of ~140 bps
➤ Net Profit (PAT): ₹32 crore, up 166% YoY
➤ PAT Margin: 20.18%

📌 Key Drivers of Growth
➤ Strong project execution and operational efficiency improvements
➤ Higher volumes managed with existing tech infrastructure
➤ EBITDA margin expansion due to cost optimization

📌 Strategic Developments
➤ Merger with Algro Technologies (100% subsidiary) effective April 1, 2024 — streamlined reporting and financial consolidation
➤ US Market Expansion: ₹10 crore invested this quarter for business development — led to 20% QoQ revenue growth from the US

📌 Cash & Order Book Position
➤ Operational Cash Surplus: ₹127 crore as of quarter-end
➤ Cash Flow Accretion: ~₹27 crore from ₹30 crore EBITDA
➤ Total Order Book: ₹1,209 crore as of June 25
▫️ ₹765 crore in geospatial
▫️ ₹445 crore in technology solutions

📌 Segment Performance
➤ Technology Solutions Revenue: ₹84 crore in Q1 FY26 vs ₹31 crore in Q1 FY25 — 2.7x growth
➤ Contribution to turnover: 54% in Q1 FY26 (vs 51% in Q4 FY25)

📌 Operational Efficiency
➤ Employee Cost: Reduced to 23% of revenue from 35% YoY — driven by scalability and execution using existing tech infrastructure
📌 Major Contracts Secured
➤ ₹115 crore MMRDA system integrator contract
➤ ₹11.5 crore project management consultancy
➤ ₹5.5 crore Autodesk software development contract from MMRDA
📌 Milestone Achievement
➤ Highest-ever quarterly performance in revenue and EBITDA in company history

📌 Strategic Focus & Growth Drivers – Q1 FY26
➤ Margin Enhancement
▫️ Focused on boosting margins, especially in the technology solutions segment
▫️ Technology margins stood at ~30%, compared to 15–16% in geospatial engineering
▫️ Strategy: Increase tech deliveries while maintaining geospatial margins

➤ Sustainable Margins Outlook
▫️ Margin strength expected to sustain, driven by high-margin tech solutions pipeline and execution efficiency

➤ International Expansion Strategy
▫️ Continued focus on organic + inorganic growth to expand international revenue share
▫️ CEO-designate Suraj KP’s core mandate is to grow the international business
▫️ Long-term mix target: shift from current 70% India / 30% International to 60:40 or 70:30 in favor of International within 3 years

➤ Diversification from Government Business
▫️ Government orders backed by assured funding; not viewed as a financial risk
▫️ Risks exist in execution delays
▫️ Plan: Maintain government revenue in absolute terms, but reduce its overall share via international and private-sector growth

➤ Acquisition Roadmap
▫️ Eyeing acquisitions in geospatial verticals with new-age technologies: AI, IoT, control systems
▫️ Focus geographies: United States and Europe
▫️ Strategic aim: Tech integration + market access

➤ Cash Flow & Revenue Realization
▫️ Maintains a strong cash surplus
▫️ Unbilled revenue accounts for ~50–51% of Q1 revenue
▫️ These are milestone-based and expected to convert smoothly, no cash flow stress expected

➤ River Linking Project Update
▫️ Execution underway but progress slower than planned due to government procedural delays
▫️ ₹30–35 crore executed in Q1 FY26
▫️ Bulk of the remaining execution expected in the upcoming quarters

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LNPR Capital®

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Apr 22

Laurus Labs Ltd
ABOUT THE COMPANY
➞ Founded in 2005, Laurus Labs is a research-driven pharmaceutical and biotechnology company.

➞ The company holds global leadership in select Active Pharmaceutical Ingredients (APIs), including:
• Anti-retroviral drugs
• Oncology (including High Potent APIs)
• Cardiovascular
• Gastrointestinal therapeutics

➞ Laurus Labs also provides integrated CMO and CDMO services to global innovators,
• spanning from clinical-phase drug development to commercial manufacturing.

➞ The company employs 6,500+ people, including over 1,050 scientists.

➞ Operations are spread across 11+ facilities, approved by leading global regulatory agencies:
• USFDA, WHO-Geneva, Japan-PDMA, UK-MHRA, EMA, TGA, among others.

➞ Business Segments
1) Generic API (46% in 9M FY25 vs 41% in FY22)
➞ Laurus Labs has one of the largest HiPotent API manufacturing capacities in India.
➞ It is the world’s leading third-party supplier of antiretroviral APIs.
➞ The API portfolio includes antiretrovirals, oncology, steroids, hormones, and cardiovascular APIs, catering to global generic pharmaceutical companies.
➞ Segment revenue declined 3% YoY in 9M FY25, owing to ARV capacity being reallocated towards high-yield, long-term business opportunities.
Sales Mix:
• ARV API: 59% in Q3 FY25 vs 61% in FY22
• Onco API: 8% in Q3 FY25 vs 25% in FY22
• Other API: 33% in Q3 FY25 vs 14% in FY22

2) Generics FDF (27% in 9M FY25 vs 38% in FY22)
➞ The segment includes oral solid formulations across therapeutic areas such as ARVs, anti-diabetic, cardiovascular, and PPIs.
➞ Segment grew 5% YoY in 9M FY25, driven by robust growth in ARV formulations and developed market portfolio.

3) CDMO Synthesis (24% in 9M FY25 vs 19% in FY22)
➞ Laurus Synthesis offers services like contract manufacturing, clinical supplies, and analytical research to global pharma, crop science, animal health, specialty ingredients, and biotech firms.
➞ Key markets include the US, EU, and Japan.
➞ Segment revenue grew 33% YoY in 9M FY25, supported by new asset ramp-up and clinical pipeline execution.
➞ The company is currently working on 70+ active CDMO projects, including several breakthrough-designated molecules.
➞ 10 projects are commercial (APIs and intermediates).
➞ There are 20+ active projects in Animal Health and Crop Protection chemicals, with commercial validation supplies underway.
➞ These projects are expected to reach peak potential by FY27–28.

4) Biotechnology (3% in 9M FY25 vs 2% in FY22)
➞ Laurus Bio, the company’s subsidiary, supports end-to-end microbial precision fermentation, including clone and strain engineering to large-scale production.
➞ Product offerings include nutraceuticals, dietary supplements, cosmeceuticals, and alternative food proteins, serving applications in regenerative medicine, vaccines, and cultured meat.
➞ In Dec 2024, Laurus Bio secured ₹120 Cr equity investment from Eight Roads Ventures and F-Prime Capital, along with ₹40 Cr co-investment by the company.
➞ The funds will support a 400 KL microbial fermentation facility in Vizag, scheduled for completion by end of 2026.

Eight Roads Co-invests in Laurus Bio – Fostering Sustainable Growth

➞ Laurus Bio, a subsidiary of Laurus Labs, signed a definitive agreement on 6 Dec 2024 to raise equity investment of ₹120 crore from Eight Roads Ventures and F-Prime Capital.

➞ Laurus Labs will also co-invest an additional ₹40 crore at the same valuation.

➞ Upon completion of the transaction, Laurus Labs will hold 75% and Eight Roads will hold 14% stake in Laurus Bio.

➞ Laurus Labs or Eight Roads retain the right to invest up to an additional ₹35 crore before December 2025.

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