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).

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)

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.

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

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.

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.

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.

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.

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

India Shelter Finance Corporation Ltd
About the company:
➟ India Shelter Finance Corporation Limited, incorporated in 1998, is engaged in the business of housing finance.

➟ For the past 15 years, the company has been providing affordable home loans and loans against property, primarily in Tier 2 and Tier 3 geographies across India.

➟ The company focuses on serving low- and middle-income customers, especially those who are building or buying their first homes.

➟ India Shelter maintains a granular portfolio with an average ticket size (ATS) of approximately ₹10 lakhs, supported by a Pan-India distribution network spanning 265 branches across 15 states.

➟ With a 15-year vintage since its operational inception in 2010, the company has developed a deep understanding of the affordable housing finance segment.

➟ The company has a strong commitment to corporate governance, driven by a diverse and experienced Board with expertise across various areas of banking and finance.

➟ India Shelter is managed by an experienced professional team, backed by marquee investors who bring strategic guidance and financial strength.

➟ It employs technology-enabled underwriting and risk management systems, which have been tested through business cycles, ensuring robust performance. Most business processes are digitized end-to-end, enhancing efficiency and scalability. ➟ Business Profile: The company finances the purchase and self-construction of residential properties for first-time home loan takers through home loans and also offers loans against property (LAP).

➟ Assets Under Management (AUM): As of Q3 FY25, the company’s AUM stands at ₹7,619 crores. The AUM has grown at a CAGR of 35% between FY19 and FY25.

NACL Industries Ltd
About the company:
⟹ NACL is an established player in the agrochemical industry, engaged in both technicals and formulations.
⟹ The company serves both the Indian and international markets.
⟹ NACL offers a diversified portfolio of over 50 products, covering all major crops.
⟹ It has a strong logistic network, with products sold through more than 55,000 retail counters across India.
⟹ NACL has emerged as a reliable contract manufacturer for several major multinational companies (MNCs).
⟹ The company exports products to over 30 countries worldwide.
⟹ NACL has forayed into the international branded business by registering its brands in South-East Asia and Africa.
⟹ The company is actively working on expanding its presence in these international regions. Business Profile
NACL Industries is a leading agrochemical company engaged in the following business segments:
⟹ Domestic Retail Business – Supplies crop protection solutions directly to farmers across India.
⟹ Domestic Institutional Business – Supplies agrochemical products to B2B customers, including large Indian companies.
⟹ Exports Business – Supplies both technical and formulated agrochemicals to multinational companies and global distributors.

Kaveri Seed Company Ltd
- Kaveri Seed Company is engaged in research, production, processing, and marketing of high-quality hybrid seeds.
- It is one of the largest seed companies in India, with a strong R&D base for developing quality hybrids in key Indian crops.
- The company has developed over 125 high-quality hybrids and varieties across field and vegetable crops.
- Its presence spans 12 agro-climatic zones, covering 18 states across India. Business Overview:
Indian agricultural enterprise specializing in the research, development, production, processing, and marketing of hybrid seeds. With over three decades of experience in the seed industry, the company offers a diverse product portfolio that includes more than 125 high-quality hybrids and varieties across field and vegetable crops.

Transformers & Rectifiers India Ltd

About the company:
Headquartered in Ahmedabad, TARIL is a leading manufacturer of transformers and reactors in India.

The company offers a diverse product range, including:
- Single-phase power transformers up to 500MVA & 1200kV class
- Furnace transformers
- Rectifier and distribution transformers
- Specialty transformers for locomotive traction applications
- Series and shunt reactors
- Mobile substations
- Earthing transformers
- Solar application transformers
- Green hydrogen application transformers

TARIL operates on a B2B model, serving power generation, transmission, distribution, and industrial sectors.
The company has an installed capacity of approximately 40,000MVA across its manufacturing units.
With a global presence, TARIL exports to over 25 countries. Growth Drivers
Niche Transformers
- 333 MVA, 1200 kV auto transformer dispatched to National Test Station BINA, India through Power Grid, achieving the highest AC voltage in the world.
- 156 MVA furnace duty transformer installed at Novorross Steel, Russia – the largest of its kind.
- 132 MVA, 33 kV electric arc furnace duty transformer (60 Hz) installed at Grupo, Mexico.
- 315 MVA, 400/220 kV auto transformer successfully underwent short circuit testing at KEMA, Netherlands.
- 70 MVA, 36 kV electric arc furnace transformer (50 Hz) installed at Yazd, Iran.
Achieved the highest number of short circuit test completions by any company in India.

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. 🚀

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.

🚀 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.

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.

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.

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

Solar Industries India Ltd🛡️
📍 Headquarters: Nagpur, Maharashtra
📆 Founded: 1995
🌎 Global Presence: Operations in 65+ countries

Business Segments 🏭⚡
🔹 Industrial Explosives – Bulk & packaged explosives for mining, infrastructure, and construction
🔹 Defense Explosives & Ammunition – High-energy explosives, ammunition filling, and pyrotechnic fuses
🔹 Propellants & Warheads – Missile warheads, rocket propellants, and defense-grade explosives
🔹 Initiating Systems & Accessories – Detonators, detonating cords, and other components

Manufacturing & Operations 🏗️🚀
🏭 Multiple manufacturing facilities across India
⛏️ Key Clients: Coal India, Singareni Collieries, and global mining companies
🛡️ Defense Innovations: Expanded into drones, missile warheads, and rocket propellants
🔹 One of India's largest manufacturers of explosives, serving critical industries like mining, infrastructure, and defense
🔹 Continues to expand its global footprint and product portfolio in high-energy defense applications
🚀 Powering industries, securing defense, and shaping the future of explosives technology! Product Segments 🏭🚀
🔹 Industrial Explosives (86% in FY24 vs 91% in FY22) 💥
Products: Bulk explosives, packaged explosives, and initiating systems
Applications: Mining, infrastructure, construction, defense, and space sectors

🔹 Defense Products (14% in FY24 vs 9% in FY22) 🛡️
High-Energy Materials: HMX, RDX, TNT, and their compounds
Propellants: Composite propellants for Akash, BrahMos, PSOMXL, and space rocket motors
Ammunition & Weapons: Multi-Mode Hand Grenades, mines, warheads, and other advanced defense products

📈 Strong growth in the defense segment as the company expands its presence in high-energy materials and advanced weapon systems!

C2C Advanced Systems Ltd

About the company:
C2C Advanced Systems is a vertically integrated defense electronics solutions provider, catering to the indigenously developed defense products industry in India. The company focuses on cutting-edge technology systems for defense, security, and aerospace sectors.

- The company is committed to making India a key player in advanced defense technologies.
- Collaboration with global players is essential to accelerating innovation.
- Promoters and key managerial personnel have over two decades of experience, contributing intellectual and financial investments.
- Successfully executed the "Combat Management System" (CMS) for the Royal Malaysian Navy, competing against established global platform players.
- Specializes in re-engineering and upgrading legacy military systems to address technology obsolescence.
- Positioned as a domain-agnostic technology company with an "Intelligent Platform" focus, offering a competitive edge in defense technology.
- Expertise in architecture design, data acquisition, data analytics, and AI/ML extends to both military and civilian applications.
- Military-grade innovation ensures the highest levels of performance.
- Expansion strategy includes building a strong presence in digital transformation, particularly in Industry 4.0 and transportation.
- Revenue-generating focus areas applicable to both defense/security and Industry 4.0 include:
- Virtual supply chain
- Virtual logistics
- Virtual maintenance
- AI/ML applications in product development and engineering. Business Model in Defence Security
- C2C Advanced Systems does not manufacture metal or electronic components but focuses on intelligent platforms that enable operationalization and data analytics for enhanced situational awareness and command control.
- The company's architecture, engineering, and design are platform-agnostic, ensuring compatibility with legacy, current, and future defense systems.
- A key capability is upgrading legacy platforms, where the metal structure outlasts the electronics and supporting systems.
- In-house expertise allows for continuous product development and innovation, ensuring a long-term annuity income stream across the life cycle of platforms, systems, and subsystems.