Minerva Capital Research Solutions Broker Research reports

Company has recently signed Letter of Intent and offer to lease with separate international lessors for lease of 2 additional aircrafts of dry lease basis

Considering Revenue & EBITDA per kg as per FY25, at peak utilization of 95% from total capacity (existing + new), Company has potential to reach 3.5x of FY25 Revenue & EBITDA

Strong order book: INR 430 Cr.+ providing revenue growth visibility, 12 ongoing projects of INR 201 Cr. to be executed by Aug’25, Upcoming order book (received & confirmed) of INR 230.5 Cr. with project commencement from May’25 to Aug’25

Order Book of INR 1,461 Cr. (representing 2.8x FY25 revenues) as on Mar’25 with strategic priority on slope and tunnel projects which yield higher profitability further supported by recent credit rating upgrade and experienced management track record.

Robust management guidance on growth potential supported by ongoing capacity expansion, strategic diversification into new products & markets. However, investors to be cautious of the final outcome of SEBI probe, exposure to stretched receivables.

Healthy order book of INR 22,700 Cr. (Apr’25) translating into 6.8x order book / FY25 sales (highest amongst peers), strategic importance to GoI (prime production agency for guided weapons systems) and expected improvement in operating margins.

Incorporated in Oct’20, Company manufactures polyester textured yarn (‘PTY Yarn’), unbleached synthetic grey fabric from its three manufacturing units located in Surat, Gujarat which are equipped with total of 15 texturizing machines, 6 warping machines, 700 water jet looms & 10 folding machines with current aggregate installed capacity of 2,332.80 lakh meters per annum which is proposed to be augmented by 1,127.52 lakh meters per annum with Unit 4 (proposed funding from IPO proceeds) which will constitute 32.58% of capacity post expansion.

Augmented by change in product mix, increase in exports, extensive experience of promoters in driving the business.

The unexecuted order book of INR 400 Cr. (as of Feb’25) is to be executed in the next 8 to 9 months, providing revenue visibility for FY26. The Order book position has improved from INR 371 Cr. (as of Sep’24) on the back of order inflows.

Range of specialty chemicals for entire textiles value chain (cleaning , dyeing, printing, finishing process) & over 1500+ SKUs across all product categories.

Diagnostic Chains

Demand: Est. at 4,448 tons in CY2023 (valued at $306 Bn. at average value of $1,940 per ounce) bifurcated as
primarily (a) Jewellery: 49% (b) Bars & Coins: 27% (c) Central Banks: 23%

India water & wastewater treatment market expected to grow at CAGR of 6.2% (2023 to 2033) to reach $23.8 Bn. in 2033 from $13 Bn. in 2023 (Source: Marketysers Global Report | Denta Water & Infra Solutions Ltd.)

Company has total installed capacity of 678,000 MTPA of Rubber Black and 92,000 MTPA of Specialty Black which is set to cross total 1,000,000 MTPA by FY27 (increase of ~30%) spread across 5 locations in India.
Blended margins (EBITDA / MT) has been increasing Y-o-Y on account of increase in exports as well as product mix (performance and specialty chemicals).

Incorporated in Aug’1986 as Partnership Firm by Mr. Balkrishna Ramkaran Goyal and subsequently converted into Public Limited Co. in May’2018, Company is EPC player in construction and development of infrastructure projects (roads, highways, bridges & buildings) along with revenue diversification from Toll Collection Contracts (TCC), Ready Mix Concrete (RMC) Manufacturing, wind power generation, residential plotting projects with unexecuted order book of ~INR 873 Cr.

Durable, sustainable and versatile products to meet increasing real estate demand from urbanization
? Easy to install products with quicker turnaround time ensures real estate developers compliance with RERA timelines thereby increasing preference towards Company’s products
? Capability to produce multiple SKUs (different thickness, colors) in small to big batch sizes provides flexibility to developers to meet changing needs of urban population

Authorized by L&T, Siemens, Schneider Electric, TDK to manufacture fully type tested panels
?Strategic tie-ups to procure components directly without intervention of dealers
?In-house design team to produce panels compliant with International Standards (IEC) and Indian Standards (IS)

Incorporated in 2006 by Mr. Nilesh Patel (Chairman & Managing Director), Company manufactures
& supplies different range of electrical lamination cold rolled grain oriented (C.R.G.O.) - lamination core, slit coils, stacked cores, wound core & toroidal core mainly used in transformers (types: power, distribution, dry-type, high voltage / medium voltage, low voltage)