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Mar 28

Alpex Solar Ltd
About the company:
- Alpex Solar Limited, established in 1993 and headquartered in Greater Noida, Uttar Pradesh, is a leading manufacturer of high-power photovoltaic (PV) modules.
- The company operates a fully automated robotic manufacturing facility with a capacity of 450 megawatts (MW), expandable to 2 gigawatts (GW).
- The product portfolio includes bifacial modules, mono PERC, and half-cut solar PV modules, utilizing monocrystalline and polycrystalline cell technologies.
- Alpex Solar manufactures high-grade aluminum frames and junction boxes, ensuring quality control and compatibility with its solar panels.
- The company provides integrated solar energy solutions, including engineering, procurement, and construction (EPC) services for large-scale power plants, commercial solar installations, and residential solar systems.
- Notable projects include a 65 MW installation in Bhadla, NTPC, operational since 2016, and over 10,000 AC/DC solar water pump installations.
- Certifications include ALMM, IEC, and BIS, reflecting the company’s commitment to quality.
- Alpex Solar has been ranked No. 7 in the Photon Lab Report Germany.

Business Overview
ASL is one of North India’s largest PV module manufacturers, specializing in solar PV modules, solar power plants, aluminum frames, Independent Power Producer (IPP) projects, Green Hydrogen (GH2), and AC/DC water pumps. The company also undertakes EPC projects and is involved in trading circular knitting needles, yarn, air purifiers, water pumps, and solar panels. With over 15,000+ solar water pump installations completed, ASL continues to expand its presence in the renewable energy sector.

Products & Services
ASL manufactures solar panels and provides technical, administrative, consultancy, and financial services in renewable energy. The company specializes in solar photovoltaic (PV) systems and hybrid solutions that integrate solar energy with other power sources, ensuring efficient and sustainable energy solutions.

Business Segment:
🔹 Solar Module Manufacturing – Produces high-power photovoltaic (PV) modules, including bifacial modules, mono PERC, and half-cut solar panels using monocrystalline and polycrystalline cell technologies.

🔹 Aluminum Frames & Junction Boxes – Manufactures high-grade aluminum frames and junction boxes, ensuring quality control and seamless integration with solar panels.

🔹 Engineering, Procurement & Construction (EPC) Services – Provides turnkey solar energy solutions for large-scale power plants, commercial solar installations, and residential solar systems.

🔹 Solar Water Pump Solutions – Offers AC/DC solar water pump systems, with over 10,000 installations completed.

🔹 Project Development & Execution – Specializes in solar power project development and execution, including a notable 65 MW installation in Bhadla, NTPC.

🔹 Research & Development – Focuses on innovation in solar module efficiency, new technologies, and enhanced manufacturing processes. 🚀

SUBSIDIARIES - VALUE CREATORS FOR THE FUTURE

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LNPR Capital®

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Mar 25

Credit Rating Agencies companies:
Credit rating agencies play a crucial role in the financial ecosystem by assessing the creditworthiness of entities, including corporations, financial institutions, and government bodies. Among the key players in this sector, CRISIL, ICRA, and CARE Ratings stand out as the most prominent agencies in India, each offering independent and analytical insights into credit risk. CRISIL, a subsidiary of S&P Global, is known for its deep market expertise, extensive research capabilities, and diversified services spanning credit ratings, risk management, and advisory solutions. It has built a strong reputation for providing comprehensive financial assessments across industries. ICRA, an affiliate of Moody’s Investors Service, brings global best practices to the Indian market, offering a range of rating methodologies and research-driven credit evaluations that cater to banks, NBFCs, and corporate entities. The agency’s credibility stems from its meticulous approach to analyzing financial parameters, industry trends, and macroeconomic factors. Meanwhile, CARE Ratings, an independent credit rating agency, has established itself as a reliable evaluator of credit risk, particularly for medium and small enterprises, infrastructure projects, and structured finance products. With a strong focus on transparency and credibility, CARE Ratings provides investors and lenders with critical insights into the financial health of borrowers, helping facilitate better-informed lending and investment decisions. These agencies collectively contribute to enhancing financial market stability by enabling efficient risk assessment, improving credit access for businesses, and ensuring that investors have reliable information to make sound financial decisions. Their evaluations influence borrowing costs, investment flows, and overall market confidence, reinforcing their indispensable role in India’s financial system.

CRISIL Ltd

ABOUT THE COMPANY:
CRISIL Ltd is a globally diversified analytical company providing ratings, research, risk, and policy advisory services. CRISIL is India’s leading ratings agency and a foremost provider of high-end research to large banks and leading corporations.

Business Segment:
Ratings Business (28% of revenues)
- India’s premier ratings agency, having rated 35,000+ large and medium-scale entities.
- This is the most profitable business of the company, accounting for 51% of total profits while contributing only 28% of revenues.
- The company separated its credit ratings business into a wholly owned subsidiary, CRISIL Ratings Ltd, pursuant to changes in SEBI regulations.

Research Business (65% of revenues)
The business is spread across four areas:
1. India Research – A leading independent research house and India's most credible provider of economy and industry research. The company covers 77 sectors in India and works with approximately 1,200 Indian and global clients, including 90% of India's banking industry by asset base, 15 of the top 25 domestic companies, all domestic mutual fund and life insurance companies, and four of the world's leading consulting firms.

2. Global Research & Analytics – Provides high-end risk, analytics, and research services to over 140 global and regional financial institutions. It serves leading investment and commercial banks, private equity players, hedge funds, and asset management and insurance companies globally. The company has centers in Argentina, China, Poland, London, Melbourne, Sydney, and New York, supporting clients across time zones and languages.

3. CRISIL Coalition – Provides business intelligence services to 25+ corporates and investment banks across the global financial services industry.

4. Greenwich Associates – A subsidiary that provides data, analytics, and insights to the financial services industry. It specializes in providing high-valued data and actionable recommendations to help clients improve their business results. Greenwich was acquired in 2020 and is now a 100% subsidiary of CRISIL.

Advisory Business (7% of revenues)
The business is spread across two areas:
1. Infrastructure Advisory – Offers a wide array of services across the infrastructure development cycle. It helps in smooth infrastructure development through research in areas such as policy and regulatory advisory, infrastructure financing, and program management. The team has expertise across infrastructure sectors such as urban development, energy and natural resources, transport and logistics, and public finance in India and other emerging countries, mainly in Asia and Africa.

2. Business Intelligence & Risk Solutions – A leading provider of regulatory and business analytics solutions to banks and financial institutions. The offerings help financial institutions make informed decisions across corporate and investment banking, commercial and retail banking, cards, asset management, and insurance.

Global Presence
CRISIL has over 4,600 employees globally, representing 40+ nationalities across 12 countries, with approximately 40% women employees.
- UK – London
- Poland – Wroclaw
- USA – New York, NY; Stamford, CT
- Switzerland – Mühlebachstrasse
- China – Hangzhou, Hong Kong
- Japan – Tokyo
- UAE – Dubai
- India – Mumbai (HQ), Gurugram, Pune, Chennai, Ahmedabad, Hyderabad, Bengaluru, Kolkata
- Columbia – Bogotá
- Singapore
- Australia – Sydney
- Argentina – Buenos Aires

Geographical Revenue Breakup
- 41% of revenues from North America
- 28% from India
- 23% from Europe
- 8% from the rest of the world

Workforce Distribution
- 86% of employees in India
- 7% in America
- 4% in Europe
- 2% in APAC
- 1% in UAE

Association with S&P Global Inc.
CRISIL is a subsidiary of S&P Global Inc. Its association with S&P helps blend local and global perspectives in shaping CRISIL’s strategy and governance systems. CRISIL leverages the S&P Global brand through referrals and partnerships in the international market. Regular interactions between management teams facilitate knowledge sharing and idea cross-fertilization. Commercial opportunities are pursued on an arm’s-length basis. S&P Global currently holds a 67% stake in the company.

Acquisition
In H1FY24, CRISIL acquired Bridge To India Energy Private Limited, a renewable energy consulting and knowledge services provider.

Webinar
In H1FY24, CRISIL Ratings launched its first edition of the Annual Infrastructure Summit, titled 'Revving Roads and Renewables.’ It hosted webinars covering sectors such as data centers, organized retail, pharmaceuticals, power, steel, and trends in credit quality.

ICRA Ltd
About the company:
ICRA Limited was set up in 1991 by leading financial and investment institutions, commercial banks, and financial services companies as an independent and professional investment information and credit rating agency. It is involved in rating, management consulting, outsourcing, and information services.

Range of Services
- Rating Services: ICRA is one of India's most experienced credit rating agencies. It rates debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings, and municipalities.

- Industry Research: The company provides research services across the economy, industry, and companies. It researches 55 industries, offering in-depth analysis of business and profitability outlook, industry trends, competitive landscape, and regulatory environment.

Revenue Breakup
The company earned approximately 59% of its revenues from ratings, research, and other services, followed by knowledge services at 34%, market services at 5%, and consultancy services at 2%.

Geographical Revenue Concentration
The company earned around 64% of revenues from services provided in India, while 36% came from services provided outside India.

Operations
With over 31 years of experience and a workforce of approximately 400 employees, the company operates through 13 offices across India, including locations in New Delhi, Gurugram, Mumbai, Kolkata, Chennai, Ahmedabad, Bengaluru, Hyderabad, and Pune.

Macroeconomic Outlook
- CPI Inflation
- FY2025 estimate: 4.8%
- FY2026 estimate: 4.2%

- GDP Growth
- Real GDP growth FY2025 estimate: 6.5%
- Real GDP growth FY2026 estimate: 6.5%
- Real GVA growth FY2025 estimate: 6.5%
- Real GVA growth FY2026 estimate: 6.3%

- WPI Inflation
- FY2024: 2.4%
- FY2025 estimate: 3.1%

- Fiscal Deficit
- FY2025 estimate: 4.8% of GDP
- FY2026 estimate: 4.4% of GDP

- External Account
- Current account balance FY2025 estimate: -0.8% of GDP
- Current account balance FY2026 estimate: -1.0% of GDP

- Repo Rate
- Another rate cut of 25 bps is expected in Q1 FY2026 after the February 2025 cut, followed by an extended pause.

Challenges and Headwinds
- Management acknowledges potential headwinds in the ratings business due to fluctuations in bond issuance volumes.
- Competitive intensity remains high, particularly in commoditized segments like bank loan ratings.

Capital Allocation and Shareholder Returns
- The company continues to evaluate capital allocation strategies, including dividend payouts and potential buybacks, to maximize shareholder returns.

Franchise Development Initiatives
- ICRA is strengthening its franchise through periodic conferences, seminars, webinars, and media activities to enhance visibility and brand strength.

Subsidiaries
- ICRA operates a credit rating business in Sri Lanka and Nepal through its subsidiaries ICRA Lanka and ICRA Nepal, respectively. ICRA Lanka is a wholly owned subsidiary, while the company holds a 51% stake in ICRA Nepal.

Past Penalties
- The company was penalized ₹1 crore by SEBI for lapses in assigning a credit rating to non-convertible debentures of IL&FS.
- Former MD and CEO Naresh Takkar was placed on administrative leave in July 2019 and was later terminated in August 2019 by the company's promoters and directors.

Association with the Promoter
- Moody’s Investors Service is the indirect promoter of the company and one of the largest credit rating agencies globally.
- ICRA has a technical services arrangement with Moody's, which benefits its in-house research capabilities by providing access to Moody's global research base.
- As of March 2022, Moody's Corporation holds approximately 52% stake in the company.

Investments
-The company held total investments worth ₹842 crores on a consolidated basis, including investments in mutual funds, equities, fixed deposits, bank balances, and corporate deposits.

Margin Guidance
- Margins are expected to improve through process engineering and technology investments.
- The non-ratings business may see differing margin dynamics compared to the ratings business, given the higher-margin nature of knowledge services.

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Mar 24

🚀 Defence & Engineering Stocks in Focus 🇮🇳

India’s defence, aerospace, and strategic electronics sectors are booming with rising indigenization and government support.

Here’s a deep dive into key companies shaping the future. 🧵👇

Electronics & Telecommunications - Critical Tech for Defence & Aerospace
1/ Apollo Micro Systems – Designs high-reliability electronic systems used in missiles, UAVs, space applications, and security solutions. Key player in Make-in-India defence electronics.

2/ Astra Microwave – Develops RF and microwave-based components crucial for radars, communication systems, and electronic warfare (EW) equipment. A vital supplier for defence projects.

3/ Avantel – Specializes in satellite-based communication solutions, software-defined radios (SDRs), and tracking systems used by the armed forces.

4/ ITI Ltd – PSU telecom equipment manufacturer, catering to defence networks, secure communication, and mission-critical projects.

5/ Kavveri Defence – Provides RF solutions, antennas, and microwave components for defence and aerospace applications.

6/ Data Patterns – High-end electronics manufacturer with expertise in radars, avionics, satellite payloads, and fire control systems.

7/ DCX Systems – A major player in manufacturing electronic subsystems for aerospace and defence, focusing on wiring harnesses and RF systems.

Engineering Giants – The Backbone of Defence & Aerospace
8/ Azad Engineering – Manufactures precision-engineered components for defence, aerospace, energy, and nuclear sectors.

9/ BEML Ltd – Produces military-grade vehicles, metro coaches, mining equipment, and aerospace components. Major supplier for defence forces.

10/ Bharat Dynamics (BDL) – India’s leading missile manufacturer, producing anti-tank, air-to-air, and surface-to-air missile systems.

11/ Bharat Electronics (BEL) – Defence PSU manufacturing radars, avionics, electronic warfare systems, and homeland security solutions.

12/ C2C Advanced – Specializes in high-precision defence and aerospace engineering, supplying components for critical missions.

13/ CFF Fluid Control – Designs and manufactures advanced fluid control systems for naval ships, submarines, and aerospace applications.

14/ Hindustan Aeronautics (HAL) – The powerhouse of Indian aerospace, manufacturing fighter jets (LCA Tejas, Su-30 MKI), helicopters (Dhruv, LCH), and avionics.

15/ Jaykay Enterprises – Engaged in industrial and defence engineering, focusing on metal components and precision manufacturing.

16/ MTAR Technologies – High-precision manufacturer of space, nuclear, and defence components, including propulsion systems and missile engines.

17/ NIBE – Involved in advanced engineering for aerospace, defence, and energy industries, focusing on high-precision components.

18/ Paras Defence – A niche player in defence optics, drones, space technology, and electromagnetic pulse (EMP) solutions.

19/ Rossell Techsys – Provides engineering and manufacturing services to global aerospace and defence OEMs, focusing on electrical wiring and avionics.

20/ Sika Interplant – Manufactures critical components for aerospace, aviation, and defence systems, including high-precision parts.

21/ Unimech Aerospace – Specializes in high-precision aerospace components, defence equipment, and aviation-grade machining.

Shipbuilding & Naval Defence – Strengthening India’s Maritime Power
22/ Cochin Shipyard – India’s largest shipbuilding and maintenance yard, producing warships, aircraft carriers, and commercial vessels.

23/ Garden Reach Shipbuilders & Engineers (GRSE) – Specializes in warship construction, amphibious crafts, and fast patrol vessels for the Indian Navy and Coast Guard.

24/ Mazagon Dock Shipbuilders – Leading warship and submarine builder, delivering destroyers, stealth frigates, and Scorpene-class submarines.

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LNPR Capital®

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Mar 21

Balu Forge Industries Ltd
About the company:
- Balu Forge Industries Ltd (BFIL) manufactures fully finished and semi-finished forged crankshafts and forged components.
- The company specializes in engineering solutions and precision-machined components, backed by 35 years of experience.
- BFIL has the capability to produce components compliant with new emission regulations and new energy vehicle requirements.
- Operations are spread across three advanced manufacturing plants on 8 acres, with a greenfield manufacturing campus of 46 acres set to be commercialized in phases.
- The company caters to multiple industries, including automobiles, industrial vehicles, earthmoving machinery, wind energy, aerospace, defence, oil and gas, locomotives and railway applications, marine, and agriculture.
- BFIL has a strong global presence, exporting to over 80 countries and serving more than 25 OEMs worldwide.
- A dedicated R&D facility drives innovation in new product development, advanced alloys, and material chemistries for specialized applications.
- More than 90% of the company’s revenue is generated through exports.

Driving Growth Through Advanced Expansion
- Facility: A state-of-the-art integrated forging and machining campus in Belgaum, Karnataka, spanning 46 acres.
- Machining Capacity: Currently at 32,000 TPA for machined components, with ongoing expansion and new technology integration to enhance precision and capacity. The company can machine critical high-precision components up to 3 meters in length.
- Forging Capacity: Increased by acquiring specialized assets, adding 72,000 TPA of forging capacity. Further expansion is underway to service a higher weight category and strengthen the company’s global position. The company can forge components up to 1,000 kg using the closed-die hot forging process, with plans to expand this capability.
- Advanced Equipment: Features a 16-ton closed-die forging hydraulic hammer line and an 8,000-ton mechanical forging press with a GERB Anti Vibration System. The addition of 7-axis machining enhances high-precision machining capabilities.
- Automation: The upcoming facility will be fully automated with advanced technologies, including anti-vibration systems and robotic handling.
- Industry 4.0 Standards: Incorporates cutting-edge manufacturing practices to ensure superior efficiency and quality, supporting an annual production of 72,000 tons of forged components.

BFIL’s Core Strength & Capabilities
- One of the leading companies in India for mass-producing crankshafts, showcasing industry leadership.
- State-of-the-art manufacturing facility with strong backward integration capabilities.
- A dedicated research and development facility focused on innovation and product enhancement.
- A modern manufacturing facility in Belgaum, Karnataka, equipped with advanced technology.
- Skilled designers providing 2D, 3D, and CAM modeling solutions with comprehensive expertise.
- Integration of advanced 7-axis CNC capability enhances precision and efficiency in manufacturing.
- Expanding presence in critical and high-precision sectors, including railways, defence, and aerospace.
- In-house capability to manufacture a diverse product range from 1 kg to 1,000 kg and up to 3 meters in length.
- Strong consumer confidence built through a wide product range and timely delivery.
- Expertise in identifying and leveraging opportunities through strategic asset acquisitions at favorable prices.

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Mar 20

Amber Enterprises India Ltd
About the company:
- Amber Enterprises India Ltd, incorporated in 1956, holds a 23.6% share in the total Room Air Conditioner (RAC) market.
- The company is a leading solution provider for the Air Conditioner OEM/ODM industry in India.
- It is an integrated market leader in the Indian RAC industry with a presence across both components and finished goods in the HVAC sector.
- The RAC component portfolio includes heat exchangers, injection-moulded plastic components, motors, copper tubing, cross-flow and axial fans, and sheet metal components.
- Amber Enterprises has a 29% value market share in the Indian RAC industry.
- The company also provides HVAC solutions for mobility applications.
- Apart from air conditioners, it supplies components for other appliances, including washing machines, refrigerators, and water purifiers.

Product Portfolio:
- Amber Enterprises India Limited is a leading manufacturer of consumer durable products and components, offering a diverse product portfolio across multiple business divisions.

1. Room Air Conditioners (RACs):
- Split air conditioners: Designed for various capacities, catering to different room sizes and cooling requirements.
- Window room air conditioners: Compact units suitable for window installations, available in multiple capacities.
- Inverter split air conditioners: Energy-efficient models with variable speed compressors, providing optimal cooling with reduced power consumption.

2. RAC Components:
- Heat exchangers: Essential for efficient heat transfer in AC systems.
- Electric motors: Integral components driving the functioning of air conditioners.
- Copper tubing: Used in refrigerant flow systems within AC units.
- Injection moulding components: Plastic parts manufactured for various AC models.
- Sheet metal components: Structural parts used in the assembly of AC units.

3. Non-AC Components:
- Refrigerator case liners: Interior linings for refrigerators.
- Plastic extrusion sheets: Used in consumer durables and the automobile industry.
- Washing machine tub assemblies: Components essential for washing machine operations.
- Sheet metal components: Parts utilized in microwaves and other appliances.

4. Mobile Air Conditioners:
- Railway and metro air conditioners: HVAC systems designed for trains and metro coaches.
- Bus air conditioners: Climate control systems for buses.
- Defence and telecommunications HVAC: Specialized air conditioning solutions for defense installations and telecom data centers.

5. Electronics:
- Printed circuit board assemblies (PCBA): Manufacturing services for various electronic applications.
- Printed circuit boards (PCB): Production of single-sided, double-sided, multi-layer, RF, and flexible PCBs.

Amber Enterprises' comprehensive product range and strong backward integration make it a one-stop solution provider for the RAC industry and other consumer durable sectors.

- In Q1 FY25, the company expanded its product portfolio with the addition of tower ACs, window top throw inverter series, tropical high-efficiency split air conditioners, and cassette ACs.
- The electronics division also introduced bare PCBs to enhance its offerings.

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LNPR Capital®

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Mar 18

Carysil Ltd
About the company:
- Carysil Limited, formerly known as Acrysil Limited, specializes in premium kitchen and bath solutions with over three decades of experience.
- Headquartered in Bhavnagar, Gujarat, the company operates subsidiaries in the United Kingdom, Germany, and the United Arab Emirates.
- Carysil’s products are available in over 58 countries, including the USA, Canada, UK, France, Germany, Italy, Denmark, Australia, GCC nations, Israel, Turkey, and China.
- The product portfolio includes:
- Quartz and stainless steel kitchen sinks known for durability and design.
- Faucets and food waste disposers for enhanced kitchen functionality.
- Built-in kitchen appliances, such as chimneys, cook-tops, wine chillers, dishwashers, ovens, microwave ovens, hobs, cooking ranges, ice makers, and coffee makers.
- Bathroom products, including water closets, fittings, and taps.
- The company markets its products under the brands Tekcarysil, Carysil, and Sternhagen.
- A key milestone was its collaboration with Schock & Co GmbH, a German company that invented granite sinks, granting access to advanced German technology.
- Led by Chairman and Managing Director Mr. Chirag Ashwin Parekh, Carysil has expanded its global footprint and diversified its offerings.
- The company employs over 1,200 individuals and has a network of more than 3,000 dealers and distributors, along with over 80 showrooms worldwide.
- Carysil’s mission is to revolutionize kitchens and bathrooms globally by delivering innovative, premium-quality products with exceptional service.
- The vision is to be recognized as a global leader in designing functional, user-centric kitchen and bath solutions that enhance everyday living.

- The company began operations in technical collaboration with Schock & Co., becoming one of the largest manufacturers of quartz kitchen sinks in Asia.
- Carysil also manufactures stainless-steel kitchen sinks, with a core focus on "Quadro Sinks."
- The company offers a complete range of built-in kitchen appliances under the "Carysil" brand, including:
- Kitchen chimneys
- Dishwashers
- Cook-tops
- Built-in ovens
- Wine chillers
- Bathroom solutions are marketed under the "Sternhagen" brand and include:
- Premium sanitary ware
- Washbasins
- Composite 3D tiles

- Carysil's product portfolio includes bathroom suites & fittings, along with kitchen solutions such as sinks, faucets, and appliances.
- The company is the only "Composite Quartz Sink" manufacturer in Asia with patented German technology from Schock.
- Only four other companies worldwide have the license to use this technology.
- Carysil has introduced Physical Vapor Deposition (PVD) technology for metallic finishes in stainless steel sinks.
- The company has developed over 150 models to cater to various market segments.

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