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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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LNPR Capital®

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Apr 17

Vadilal Industries Ltd🍦🍨
About the company:
➞ Vadilal Industries Ltd. is one of India’s most iconic and enduring food and beverage companies, best known for its wide range of ice creams and frozen desserts.

➞ The company was founded in 1907 by Vadilal Gandhi in Ahmedabad, Gujarat, initially starting as a small soda fountain.

➞ Vadilal Gandhi used the traditional Kothi method to make ice cream during the early days of the business.

➞ The business was later passed on to his son, Ranchod Lal Gandhi, who began a one-man operation with a hand-cranked machine and opened a small retail outlet in 1926.

➞ Over the decades, Vadilal evolved from a local soda and ice cream maker into a multinational enterprise with a presence in over 45 countries.

➞ The company is engaged in the manufacturing of ice cream, frozen desserts, juicy, and candy.

➞ It also processes and exports a wide range of processed food products such as frozen fruits and vegetables, canned fruit pulp, ready-to-eat, and ready-to-serve products.

🧁 Product Portfolio
➞ Ice Creams: Includes cones, candies, bars, ice-lollies, cups, family packs, and economy packs across a wide variety of flavors. Vadilal offers more than 150 flavors in over 300 different packs and forms, making it one of the largest ice cream ranges in India.

➞ Frozen Desserts: Features popular offerings like Cassata, which has been a long-time favorite among Indian consumers.

➞ Processed Foods: Offers a wide range of frozen vegetables, ready-to-eat snacks, curries, and breads, catering to domestic and export markets.

➞ Dairy Products: Includes flavored milk and other dairy-based items that complement its ice cream and dessert line-up.

➞ All products are 100% vegetarian and egg-free, appealing to a broad and diverse consumer base both in India and internationally.

📈 Brand Position
➞ Vadilal is the second-largest ice cream brand in India, reflecting its strong nationwide presence and legacy.
➞ It holds the number one position in key categories such as Cones, Cups, and Candy.
➞ The company commands a 16% market share in the organized Indian ice cream market, indicating significant consumer trust and market penetration.

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LNPR Capital®

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Apr 16

Rama Phosphates Ltd
➞ Rama Phosphates Limited (RPL) was incorporated in 1982 and officially established on September 4, 1984.
➞ The company is headquartered in Mumbai, India.
➞ RPL is a prominent manufacturer of phosphatic fertilizers, particularly Single Super Phosphate (SSP).
➞ Its product portfolio includes fertilizers, sulphuric acid, micro nutrients, and soya oil.
➞ Over the years, RPL has evolved into a diversified enterprise with operations across fertilizers, chemicals, micronutrients, and soya-based products.

➞ Rama Phosphates Limited stands tall in the fertilizer industry with its leading brands “Girnar” and “Suryaphool”.
➞ The company has built its foundation on integrity and remains passionate about continuously improving its products and services.
➞ RPL contributes to sustainable agricultural growth by ensuring the availability of fertilizers across the country at affordable prices.
➞ It offers a one-stop solution for the diverse needs of Indian farmers, helping them feed the nation’s growing population.
➞ The company plays a vital role in the success of India’s Green Revolution, supporting food security and rural prosperity.

➞ Product Profile:
a) Fertilizers:
➞ Fortified fertilizers such as Zincated and Boronated Single Super Phosphate (SSP) in both powder and granule form.
➞ Mixed fertilizers including various grades of NPK.
➞ Water-soluble complex fertilizers for efficient nutrient delivery.
➞ Micronutrients like Magnesium Sulphate.
➞ Additional agri-inputs such as insecticides and soil conditioners.

b) Chemicals:
➞ Sulphuric Acid (98%).
➞ Oleum (23%).
➞ Linear Alkyl Benzene Sulphonic Acid (LABSA).

c) Oil:
➞ Extraction of Soyabean Crude Oil.
➞ Production of Soya De-oiled Cake (DOC).
➞ Refining of Soya Edible Oil.
➞ Manufacturing of Lecithin, a valuable soy-based by-product.

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LNPR Capital®

@LnprCapital

Apr 15

Gallantt Ispat Ltd.
About the company:
➾ Incorporated in 2005, Gallantt Ispat Limited is a leading iron and steel manufacturing company located in Eastern Uttar Pradesh.
➾ The company operates across multiple sectors, including Iron & Steel, Agro, Power, and Real Estate.
➾ Leading manufacturer of TMT bars with an installed capacity of 950,000 TPA.
➾ Profitable growth driven by strong cost optimisation, backward integration, and value addition initiatives.
➾ Well-entrenched presence in key consumption states such as Uttar Pradesh and Gujarat.
➾ Strong presence in the infrastructure sector, catering to both private and public projects.
➾ Promoted by a first-generation entrepreneur with over 40 years of experience in the steel and power sectors.
➾ Executes premium construction projects.
➾ Growth predominantly funded through internal accruals; the company is net debt-free.

Gallantt Ispat Limited – Business & Product Overview

Gallantt Ispat Limited, part of the Gallantt Group, operates in the integrated steel manufacturing sector in India. The company focuses on producing value-added steel products with manufacturing facilities primarily located in Gorakhpur (Uttar Pradesh) and Kutch (Gujarat).

➾ Sponge Iron
• Application: Raw material for steelmaking, used in induction furnaces and electric arc furnaces.
• Manufacturing: Produced from iron ore and non-coking coal through the direct reduction process.
• Key Use: Acts as a primary input for billets and structural steel.

➾ Mild Steel (MS) Billets
• Application: Intermediate product used in re-rolling mills to manufacture TMT bars, angles, and structural components.
• Strength: Known for uniform quality and consistent chemical composition.
• End Use: Construction, fabrication, and infrastructure projects.

➾ TMT Bars (Thermo-Mechanically Treated Bars)
• Application: Widely used in civil construction and infrastructure development.
• Strength: High tensile strength, corrosion resistance, and earthquake resistance.
• Grades: Typically available in Fe-500 and Fe-550 grades.

➾ Structural Steel
• Products: Includes angles, channels, beams, and flats.
• Application: Used in bridges, buildings, towers, industrial sheds, and infrastructure.
• Advantages: Durable, cost-effective, and easy to fabricate.

➾ Ferro Alloys
• Types: Primarily ferro-manganese and silico-manganese.
• Usage: Added during steelmaking to improve strength and performance of the final product.
• Positioning: Largely used for internal consumption, with surplus sold to third parties.

➾ Captive Power
• Capacity: In-house coal-based thermal power generation for operational efficiency.
• Advantage: Reduces reliance on external electricity and helps in cost control.

Integrated Manufacturing Facility Highlights
Gallantt Ispat operates a fully integrated steel plant, meaning it produces everything from raw materials (sponge iron) to finished goods (TMT bars and structural steel).
The company’s plant also includes sinter plants, waste heat recovery systems, rolling mills, and pellet plants.

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LNPR Capital®

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Apr 11

Chambal Fertilisers & Chemicals Ltd🌾
About the company:
⟹ Chambal Fertilisers and Chemicals Limited (CFCL) is a prominent Indian agrochemicals company headquartered in Kota, Rajasthan.
⟹ Established in 1985 by the KK Birla Group, it is now part of the Adventz Group.
⟹ CFCL is one of the largest private-sector producers of urea in India, contributing to approximately 13% of the country’s total urea production.
⟹ The company is primarily engaged in the production of urea from its own manufacturing plants.
⟹ CFCL also markets and deals in other fertilisers and agri-inputs.
⟹ It has a joint venture in Morocco for the manufacture of phosphoric acid.
⟹ The company was earlier engaged in the software business; however, in FY21, it sold assets and transferred liabilities to exit the segment.

⟹ Product Portfolio
Beyond urea, CFCL markets a comprehensive range of agricultural inputs under the ‘Uttam’ brand, including:
⟹ Di-Ammonium Phosphate (DAP)
⟹ Muriate of Potash (MOP)
⟹ Kissan eMart (digital agri-input marketplace)
⟹ NPK Fertilisers
⟹ Single Super Phosphate (SSP)
⟹ Crop Protection Chemicals (insecticides, fungicides, herbicides)
⟹ Specialty Plant Nutrients

⟹ Business Overview
⟹ The company is primarily engaged in the manufacturing of Urea.
⟹ It is also involved in marketing other fertilisers such as DAP, MOP, NPK fertilisers, Specialty Plant Nutrients, and Crop Protection Chemicals.
⟹ Through a joint venture, CFCL is engaged in the manufacture of phosphoric acid in Morocco.

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