"Battery Chemicals are not demand constrained. They are capacity constrained."

Mgmt, ACUTAAS CHEMICALS Ltd.
(Q1 FY27 Concall)

Acutaas is no longer just a pharma intermediates company. It is building 3 structural growth engines—CDMO, Battery Chemicals and Semiconductor Chemicals. 🧵

1/ Business Model: From One Engine to Three

Acutaas is transforming from a pharma intermediates manufacturer into a specialty chemistry platform.

Current pillars:

• Pharma Intermediates (cash cow)
• CDMO (high-margin growth)
• Battery Chemicals (next leg)
• Semiconductor Chemicals (future optionality)

Over time, revenue mix will become more diversified as specialty chemicals scale. 2/ Q1 FY27: Strong execution across the board

• Revenue: +59% YoY
• EBITDA: +122% YoY
• PAT: +70% YoY
• Gross Margin: 57.9% (+470 bps)
• EBITDA Margin: 34.3%

Growth was driven by a better product mix, strong CDMO execution and operating efficiencies—not just higher volumes

Sedemac Mechatronics Ltd: SEDEMAC

Most investors think SEDEMAC makes auto parts.

They don't.

They make the "brain" that controls engines and electric motors.

Their products are tiny computers (ECUs) that use proprietary software, physics and control algorithms to decide how an engine or motor should behave.

That's why management calls them "critical, control-intensive ECUs." 2/ Lets Understand 👉 Whats an ECU

Think of a motorcycle.

🛞 Wheels move.

⚙️ Engine produces power.

🔋 Battery supplies electricity.

But who tells all these parts when, how fast and how efficiently to work?

👉 The ECU.

SEDEMAC designs that intelligence completely in-house—hardware, software and control algorithms, with no technical collaboration.

That's the real business.

1/ Indo Borax is India's leading Boric Acid player (~50% market share), supplying industries like steel, ceramics, pharma and agriculture, while expanding into value-added boron products.

Concall updates Q4FY26 🧵 2/ FY26 marked a transformational year with new ownership and professional leadership.

✔️ Zero debt
✔️ Sole Indian IP-grade Boric Acid manufacturer
✔️ Strong balance sheet
✔️ Premium brand built over decades

Mgmt:
"We are trying to take this company to the next level."

POCL Q4FY26 Concall Updates :

1/ Mgmt : “Copper cathode margins can be ~₹60,000–70,000/ton vs current ₹35,000–40,000/ton.”🔥

The company is steadily transitioning from a lead recycler into a higher-margin integrated non-ferrous platform.📝 2/ Q4FY26 👉strong quarter for POCL.

Q4FY26:
• Revenue: ₹842 Cr (+53% YoY)
• EBITDA: ₹61 Cr (+117% YoY)
• PAT: ₹39 Cr (+136% YoY)

Margins expanded sharply:
• EBITDA margin: 7.2% vs 5.1%🔥
• PAT margin: 4.6% vs 3.0%🔥

Exports contributed 66% of revenue.🚀

“AI is creating a global transformer shortage. Siemens Energy India is building capacity BEFORE the cycle peaks.”

1/ ENRIN 👉 strong H1 FY26:
• Revenue +26.8% YoY → ₹43.1Bn
• Order backlog +22.2% → ₹184.3Bn
• Operational margin expanded to 18.9%
• PT backlog +27.5% 2/ Siemens Energy India is into
• Power Generation
• Power Transmission

Products:
→ Transformers
→ GIS/Switchgears
→ HVDC
→ STATCOMs
→ Steam turbines

• ~55% of India’s large steam turbines built with Siemens tech
• ~30% of India’s HVDC capacity built with Siemens tech

Techno Electric Q4 FY26 Concall updates :

1/ “By 2030, digitization/data centers will become the face of this company and transmission will become the second side of the coin.”

That was the key takeaway from Techno Electric’s FY26 concall.💡

Techno is no longer positioning itself as just a transmission EPC player.

It is evolving into a Power + Digital Infrastructure platform sitting at the intersection of:
• AI/Data Centers
• Grid modernization
• Renewable evacuation
• HVDC & Digital Substations 2/ FY26 execution remained strong despite major geopolitical disruptions.❗

• Revenue: ₹3,252 Cr (+35% YoY)
• EBITDA: ₹448 Cr (+36%)
• EPS: ₹46.6 (+24%)

Mgmt said Gulf/Middle-East disruptions impacted FY26 topline by ~₹200 Cr due to:
• Gas shortages❗
• Insulator/switchgear supply❗ bottlenecks
• Commodity inflation❗

Important :
This was NOT a demand issue.
It was purely execution/supply-chain related.

“Among all entities in this segment, we will be the least impacted.”💡

Choice of words ⬆️

1/ 🧵 JNK delivered a very strong FY26 and the concall clearly suggested the company is entering a different phase.

FY26:
• Revenue: ₹838cr (+68%)
• EBITDA: ₹111cr (+72%)
• PAT: ₹65cr (+115%)
• Order Book: ₹1,961cr

Q4 EBITDA margin reached 15.2%.🔥 2/ Legacy low-margin projects are behind.

Mgmt:
“Q3 onwards more of the new projects came into picture.”

“14-15% is what basically is the normal EBITDA what we expect going forward.”

Also:
• Legacy orders left: only ~₹40-50cr
• ~₹1,850cr+ OB now consists of new projects.

GE Vernova T&D delivered one of the MOST important concalls in India’s power infrastructure space.

Not because of quarterly numbers.

But because management effectively said:

“This time the cycle is different.”🔥

Q4 Fy26 Concall updates:

🧵👇 1/ FY26 was exceptional:

• Order inflow: ₹14,776 Cr (+37%)
• Q4 order inflow: ₹8,614 Cr (+188%)
• Revenue: ₹6,206 Cr (+45%)
• PBT ex-exceptional: ₹1,713 Cr (+2.1x)
• EBITDA margin: 27.1%

Order bk ₹21,460 Cr.

Importantly:
Orders are growing FASTER than rev.

🧵 FCL (Fineotex Chemical) may be entering high growth phase.

Once seen as a textile chemical co. is now becoming:
✅ A global specialty chemicals platform
✅ A US oilfield chemicals player
✅ A high-margin service + solutions business

And mgmt was extremely aggressive. 👇 1/ Biz Model:
FCL manufactures:
• Textile chemicals
• Oilfield chemicals
• FMCG/Hygiene chem
• Water treatment chem.

But the real moat is:
✅ Custom formulations
✅ Technical services
✅ Last-mile delivery
✅ Customer-specific solutions

This creates sticky relationships.

Data Patterns hinted at something BIG.🔥

1/ This may no longer remain a small defence electronics company.

Mgmt commentary suggests a transition from:
➡️ niche defence vendor
to
➡️ India’s next full-scale indigenous defence systems powerhouse.🔥

Q4 fy26 concall updates🧵👇 2/ 📈 FY26 was a breakout year:🔥

✅ Revenue: ₹925 Cr (+31%)
✅ EBITDA: ₹371 Cr (+35%)
✅ EBITDA Margin: 40%
✅ PAT: ₹271 Cr (+22%)
✅ Order inflow: ₹1,121 Cr (+216%)
✅ Net debt free
✅ Cash + Investments: ₹423 Cr

Q4 EBITDA margin came at a stunning 56%.
🚀🚀🚀🚀🚀

TDPOWER : Q4 FY26 Bullish mgmt , bullish concall 🚀🚀🚀,

1/7 🚨 TD Power Systems may be entering its BIGGEST growth cycle ever.🔥

AI power boom + export surge + entry into 200MW generators = potential multi-year rerating story.

✅ FY27 guidance raised to ₹2400Cr+
✅ “Extremely high probability” of further upgrades💥
✅ Order inflow up 51% YoY to ₹2238Cr
✅ FY28 revenue capability seen at ₹3000–3200Cr

Real trigger : Large generators ( upto 200MW) 🔥 2/7 Mgmt commentary was extraordinary:

🗣️ “Customers are monitoring our deliveries twice a week.” 😄

No slowdown.
No inventory pile-up.

Instead:
⚡ Massive execution pressure
⚡ Very high utilization
⚡ Strong global demand

79-80% of inflows now from exports. 🌍

SHADOWFAX : India’s logistics infra giant in the making?

Mgmt commentary was extremely bullish.🔥

Massive market share gains.
Record profitability.
Aggressive infra buildout.
100 dark stores.
AI-led operating model.

Q4 fy26 concall updates🧵👇 1/ “FY26 was just a demonstration that we have arrived and we’ve just got started.”🔥🔥🔥

Q4FY26:
• Revenue: ₹1,237 Cr (+74% YoY)
• Orders: 22.6 Cr (+101% YoY)
• Adj EBITDA: ₹58 Cr
• PAT: ₹56 Cr
• PAT Margin: 4.5%

Most important?
Q4 even BEAT festive Q3 sequentially 🔥

CDSL vs NSDL : Through my lens 🔍

1/CDSL vs NSDL 🧵

India’s duopoly in depositories is quietly entering a turning point.

One dominates TODAY.
The other is building for TOMORROW. 2/ 🏆 WHO OWNS THE MARKET?

CDSL → 18+ Cr demat accounts (retail king)
NSDL → 86% custody value (institutional giant)

👉 CDSL = Quantity
👉 NSDL = Quality

Two very different businesses under the same industry.

🧵 Parag Milk Q3 FY26 — Growth Is Intact, Margins Hurt | What wrong?

Must Know 🥛📉, Concall updates.

1️⃣ Q3 Performance — Growth Did NOT Break

• Revenue: ₹1,013 Cr (+14% YoY)
• Volume growth: 8% YoY
• Core categories (Ghee, Cheese, Paneer): 12% volume, 21% value growth
• New Age business: +123% YoY, crossed ₹100 Cr quarterly revenue

👉 Demand and brand traction remain strong. 2️⃣ #PARAGMILK :What Went Wrong — Margin Compression ???

• EBITDA margin fell to 7.6% vs 9.0% last year
• Gross margin down to 25.9% vs 27.2% YoY

Reason (Mgmt):

Milk prices up 20% YoY and 6.5% QoQ
Inflation hit margins despite growth

This is the core reason for market disappointment.

"Summer months the milk pricess generally remain elevated ."

🧵 CarTrade Tech Q3 FY26 — COMPLETE & MUST-READ INVESTOR THREAD 🚗🔥

1️⃣ What is CarTrade Tech? (Business Model – Simple)

CarTrade Tech is a digital automotive marketplace with 3 profitable verticals:

🔹 Consumer Group – CarWale & BikeWale (new vehicle discovery, OEM & dealer leads)
🔹 Remarketing – Vehicle auctions, repossessions, B2B auto transactions
🔹 OLX India – Used vehicles & goods classifieds

💰 Monetisation: OEM ads, dealer subscriptions, auctions, listings, value-added services 2️⃣ #CARTRADE : Why CarTrade Is Structurally Strong

✅ #1 auto portal in India
✅ #1 used classifieds platform
✅ #1 vehicle auction platform
✅ ~85 Mn MAUs | 95%+ organic traffic
✅ Asset-light, tech-led, high operating leverage

🗣️ “We are the most cost-effective way for OEMs and dealers to reach car buyers.”

🧵 THREAD: Mobavenue AI Tech — India’s Emerging AI-Powered AdTech Compounder

**1️⃣
@MOBAVENUE AI Tech is building a global AI-powered advertising & consumer-growth platform.
What makes them different?
They don’t charge for impressions or clicks — they earn ONLY when a real outcome happens (install, lead, KYC, purchase, subscription, verified view).
This aligns perfectly: Client success = Company revenue. 2️⃣ MOBAVENUE :

Their AI tech stack is the real moat.
• Profiles 100M+ users
• Makes decisions in <15 ms (industry: 50–100 ms)
• Processes billions of signals
Platforms like OrbitX, SurgeX, PrismX, DiscoverX, etc. drive the full stack:
Awareness → Acquisition → Activation.