You give it a company’s data and it lays out the numbers in the order you should read them. It is live now at finvezto.com/stock-x-ray

What it does

Export any company from Screener using its “Export to Excel” feature. Drop that file into Stock X-Ray. You get a clean dashboard of that stock in seconds. No login. You just drop the file and use it.

What is covered

For every chart on the dashboard, we add a short note on how to read it. So you are not just looking at a chart. You also learn what it shows and what a healthy figure looks like.

How to use it

Step by step.

1. Open any company on Screener. For example, Asian Paints: https://www.screener.in/company/ASIANPAINT

2. Click Export to Excel. The file downloads to your computer.

3. Go to finvezto.com/stock-x-ray and drop that file on the page.

4. You get the full picture of the stock in seconds.

Try it on any stock you already follow. If something could be clearer, or you want a chart added, tell us. Your feedback makes the tool better.

finvezto.com

Anand Ganapathy K | SEBI Registered Research Analyst | INH000016630

Stock X-Ray is an educational research tool. It presents public company data and standard valuation methods. It is not a recommendation to buy or sell any security.

The following is the qualitative analysis.

Let’s Begin.

The control panel in an aircraft cockpit.

The system that brings a train to a stop.

The power box humming inside a solar farm.

The diagnostic unit in a hospital.

Different industries, different brand names on the outside. Underneath, a single Chennai company has built all of them.

You will almost never see the company's name on the machine, because the name on the box belongs to the customer. That company is Avalon Technologies.

It runs an Electronic Manufacturing Services business, EMS for short, and it has quietly become one of the largest pure-play EMS players in India.

The interesting part is its consistency. Revenue has compounded through a brutal industry downturn, the order book keeps climbing, and the balance sheet has stayed clean while the company doubled its output. This report walks through how that consistency is built.

This week, Let’s explore the business & fundamentals of Avalon Technologies Ltd. NSE: AVALON

Performance Chart

Their Road to Consistency

1. Overview and Business Model

• Think of building a car where one supplier delivers the wiring, body and dashboard fully assembled. Avalon does that for industrial electronics. This complete-machine delivery is its core edge.

• Avalon makes nearly every part itself: circuit boards, cables, metal casing, plastic parts and magnetics. It then assembles them into one working machine. The client just adds its brand.

• Avalon builds small batches of intricate, costly equipment. This low-volume, high-complexity focus shapes the entire business.

• Avalon operates 12 manufacturing units. Two sit in the United States at Atlanta and Fremont, and ten across Chennai, Kanchipuram and Bengaluru. Genuine two-continent scale.

• Its plants run 65 production lines: 10 surface-mount, 12 through-hole, 43 assembly. Surface-mount and through-hole are two ways to fix parts onto boards.

• Promoters Kunhamed Bicha, the Chairman and Managing Director, and Bhaskar Srinivasan, the President, have run the business since inception.

• The group runs the listed parent plus three subsidiaries. One sister company supplies critical parts captively, making up roughly 20 to 25 percent of consolidated revenue. Smart internal sourcing.

• By manufacturing location in FY26, India produced roughly 79 to 81 percent and the United States 19 to 21 percent. The base stays firmly Indian.

• By billing geography in nine months of FY26, the United States gave about 62 percent of sales and India 38 percent.

• The FY26 vertical mix was Industrials 35 percent, Mobility 27 percent, Clean Energy 19 percent, Medical and others 10 percent, Communication 9 percent.

• Certifications span aerospace, automotive, telecom and medical standards like AS9100 and ISO 13485. These let Avalon serve regulated, high-trust sectors.

2. Climbing The Value Chain

• Box-build revenue reached 54 percent of total sales in FY26, up from about 44 percent in early FY25. Climbing the value chain steadily.

• Integrated box-build revenue surged 106 percent year on year in the first quarter of FY26. Customers now buy whole systems, not components.

• Complete systems carry richer economics than bare boards. Avalon held gross margins near 35.8 percent in FY25.

• Building whole machines locks clients in for longer. Avalon secures commitments stretching up to 36 months. Switching suppliers mid-program becomes painful for customers.

• Its aerospace certification lets it build cabins and regulated medical hardware.

• Avalon designs custom plastics and metal sheets in-house. This mechanical control improved turnaround time. It wins time-sensitive contracts.

• The box-build push helped EBITDA reach ₹114.9 crore in FY25 and ₹173 crore in FY26.

3. The Dual Shore Engine

• Atlanta and Fremont handle rapid prototyping next to American design engineers. Closeness wins early design slots.

• Once designs stabilise, high-volume work shifts to Chennai. India’s lower costs lift profitability. A clean handoff between two shores.

• The dual-shore setup let Avalon pass on 99 percent of tariff impacts in FY26. Trade wars barely dent margins. Flexibility is its tariff shield.

• EBITDA margin climbed from 7.2 percent in FY24 to 10.8 percent in FY26. Indian operations alone delivered 14.8 percent in Q4 FY25.

• Management targets a long-term 80 to 20 India-to-United-States manufacturing split. Keeping 20 percent local reassures American clients.

• In FY26, the United States subsidiary drove most incremental growth, lifting US manufacturing share to 19 to 21 percent.

• That US subsidiary, ABV Electronics, contributed ₹758 crore of FY26 consolidated revenue. American demand is doing the heavy lifting now.

• The US unit still posted a small EBITDA loss of ₹7 crore in Q3 FY26. Losses are narrowing toward breakeven.

• Global firms are diversifying supply chains beyond China, a shift called China plus one. This trend steers fresh contracts to Avalon.

4. Sticky Embedded Customers

• Avalon engages at the component design stage, not just assembly. This embeds it inside the customer’s engineering cycle. Early entry builds durable lock-in.

• Many flagship relationships exceed seven years. Product lifecycles often stretch 15 to 20 years. Long programs mean repeating revenue.

• Marquee customers include Collins Aerospace, Meggitt, Bloom Energy, ABB, GE and Bharat Electronics and Faiveley Transport, a Wabtec company.

• Its customer count grew from 54 in 2020 to 89 by late 2022. New logos keep arriving. The base is widening, not just deepening.

• Top three clients form less than 25 percent of open orders. No single exit can sink the backlog. Diversification reduces dependence risk.

• Regulated approvals create high barriers. Once qualified for aerospace or medical work, suppliers are rarely replaced. Qualification itself becomes a moat.

• Avalon’s quality systems run identically across India and the United States. This unified control lets work move shores seamlessly. Customers feel no quality drop.

• Once a client transfers a line to Chennai, costs fall for them too. Lower prices plus proven quality keep retention high. A win-win that locks loyalty.

5. Five Vertical Resilience

• The five verticals are industrials, mobility, clean energy, communication and medical devices. Each cycles differently. Weakness in one is offset elsewhere.

• Industrials led FY26 at 35 percent of revenue and grew about 67 percent year on year in Q3. Heavy machinery demand stayed strong.

• Mobility contributed 27 percent of revenue. Railway signaling and braking grew roughly 70 percent year on year. Rail modernisation budgets are flowing to Avalon.

• Aerospace, inside mobility, grew about 64 percent year on year in late FY26. Long program recoveries add high-margin revenue.

• Communication revenue jumped 102.6 percent year on year in the first quarter of FY26. 5G and satellite deployment drove it.

• In FY25 every vertical expanded. Clean energy rose 66 percent, mobility 113 percent, industrials 35 percent and communication 53 percent.

• Shared component sourcing across sectors boosts bargaining power. Avalon squeezes better volume discounts from chip suppliers. Many verticals with 1 efficient supply chain.

6. The Clean Energy Engine

• Clean energy formed about 19 percent of FY26 revenue and grew roughly 35 percent year on year in Q3. Decarbonisation spending is finding Avalon.

• It designs solar hybrid power inverters for global energy brands. These repeat orders keep its production lines running steadily, not idle. Busy lines spread fixed costs and protect margins.

• Avalon also builds parts for hydrogen fuel cells and electric vehicle chargers. This shows engineering range beyond solar inverters. The same factories handle several green products.

• A United States law, the One Big Beautiful Bill, sets solar tax-credit deadlines. Developers must finish construction by December 2027 as per the policy.

• To claim credits, developers must start building by July 2026. This triggered a rush of orders, spiking the backlog and lifting guidance.

• Its dual-shore setup lets it shift solar production between countries. Trade-law changes cause minimal long-term harm. Flexibility protects this growth engine too.

• The United States energy storage market is growing 60 to 70 percent. Developers are ordering battery systems aggressively.

• Avalon plans to migrate clean energy lines to India over time. Lower assembly costs should expand gross margins.

7. A Visible Order Book

• The short-term order book reached ₹2,196 crore by March 2026, up about 24.7 percent year on year. Execution runs over the next 12 to 14 months. Strong near-term visibility.

• On top sit long-term contracts worth roughly ₹1,245 crore, spanning 15 to 36 months. These stabilise factory utilisation. Long contracts smooth out the lumps.

• Letters of intent, which are preliminary commitments, add about ₹949 crore. Avalon plans expansion against them proactively. Demand visibility ahead of spending.

• The total pipeline peaked near ₹3,190 crore in late FY26. This cushion improves bargaining power with chip suppliers. Scale begets supply security.

• Order inflows grew 29 percent year on year in Q4 FY26. Global brands increasingly pick Avalon over unorganised regional players.

• Top three clients hold under 25 percent of open orders. No single client dominates the backlog. The pipeline is structurally insulated.

• This visibility let management raise FY26 revenue growth guidance to 40 percent mid-year. Confidence backed by signed orders.

• For FY27, management conservatively guided 24 to 27 percent revenue growth. They prefer under-promising. A refreshing habit in a hype-prone sector.

8. Asset Light Balance Sheet

• Avalon built a new export-focused Chennai plant for just ₹15 crore. Capacity grew without heavy borrowing.

• Annual capital spending runs only ₹50 to 60 crore. Gross fixed asset turnover hit 9.5x in Q3 FY26.

• The debt-to-equity ratio sat at a tiny 0.08x in December 2025. Net debt is near zero.

• Gross debt fell to ₹163 crore in the first half of FY26. The company pays down loans while expanding.

• Almost all remaining debt is short-term working capital, with no long-term obligations. Interest costs stay minimal.

• Interest coverage improved from 6.9x in FY25 to 8.7x by the first half of FY26. Profits comfortably cover interest. The financial cushion is thickening.

• The net working capital cycle shortened from 161 days in March 2024 to 112 days in March 2026. Cash is being freed up.

• Receivable days fell to 72 and inventory days to 86 in late FY26. Faster collection, leaner stock. The cash engine is improving.

• Operating cash flow turned positive at ₹57 crore in FY26, against ₹25 crore earlier. Profits are becoming cash.

• Avalon held ₹100 crore of unencumbered cash in December 2025. The current ratio was a comfortable 2.22x.

9. New Growth Verticals

• Avalon partnered with a global semiconductor equipment maker to build Industry 4.0-compliant boxes. Industry 4.0 means smart, connected factory systems. A high-tech leap.

• Prototype development and technical readiness are done, with production approval pending. Meaningful semiconductor revenue is expected from FY27.

• These complex systems need advanced mechanical and electronic engineering. Simple assemblers cannot compete. Once qualified, suppliers stay for years.

• Avalon uses its in-house sheet metal and machining for this work. Internal sourcing controls cost, helping it price against Chinese suppliers. Vertical integration pays off.

• It is building Kavach, the Indian Railways anti-collision safety system. Commercial production is expected in the second half of FY27. Riding rail modernisation directly.

• Avalon took a roughly 4.05 percent stake in Zepco for drone motors and power electronics, priced near ₹306.55 per security. Betting early on drones.

• It is also expanding into aerospace cabins, locomotive engine subsystems, energy storage and satellite communication. Adjacent, high-engineering work.

• Semiconductor and defence niches carry premium margins and long lifecycles. They reduce reliance on cyclical consumer demand. A deliberate climb toward resilient, high-value revenue.

That’s it for today. Read the full deep-dive report on finvezto.com → https://finvezto.com/reports/avalon-machines-you-never-see

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. I do not recommend buying or selling stocks mentioned in this newsletter. I do not hold any positions in the stock discussed. Securities market investments carry market risks. Kindly review all related documents before investing.

I want to tell you about a small change, and the thinking behind it.

Until now, the daily stock notes landed in your inbox every morning. I started doing that because I wanted you to have them ready and easy. Over time I realised an email every day is a lot. I don’t want to bombard you with emails every day.

So the notes have moved. The research I compile, the signals worth knowing, now live as a searchable database on the website. Not everything that crosses the tape, only what is worth your attention. Please check the following link to see the database.

finvezto.com/stock-notes

You can search by date, by stock, by sector, or any keyword you want.

If you prefer to still read it on Substack, the same notes go up under Substack Notes section here - compass.finvezto.com/notes

The Consistently Performing Stocks reports will keep reaching your inbox, same as before. Once every 2 weeks.

One last thing. The daily notes are only the surface. The real work sits on the website, full company deep dives, the DCF and valuation, the red flags I find, and how I read a business before I act on it. If you ever want the research behind the headlines, that is where it lives.

finvezto.com/reports

Thank you for reading.

Regards,

Anand Ganapathy K
SEBI Registered Research Analyst | INH000016630

🟩 Reliance Industries subsidiary R4IR Realty, with partner Mahadev Realtors, won the 101-acre Juhu Galli slum cluster redevelopment around Andheri’s Gilbert Hill. The project builds over 28,000 rehabilitation homes, with Reliance beating JSW and Shapoorji Pallonji for one of Mumbai’s largest slum clusters.

🟩 TCS was named a Global Premier Partner in Anthropic’s Claude network, rolling Claude out to 50,000 associates and forming a dedicated AI business unit. The deal targets regulated sectors like financial services and healthcare, where most enterprise AI stalls at pilots over accuracy and audit demands.

🟥 HAL filed a cheating and forgery FIR against Hyderabad supplier Tec Aero Devices over 199 forged test reports for Tejas Mk1A components. HAL had already blacklisted the firm until March 2027, so the criminal case signals tighter supply-chain scrutiny as Tejas Mk1A deliveries run late.

🟩 DOMS Industries signed an asset purchase agreement to acquire the Reynolds pen brand’s India assets for 3.7 million dollars, closing by July. The cash buy hands DOMS a legacy mass-market brand and its IP, machinery and contracts, instantly widening reach in India’s crowded writing-instruments market.

🟥 MTAR Technologies came under pressure after a Bloomberg report that Crusoe Energy paused a 1.8 GW Wyoming data centre using Bloom Energy fuel cells. Bloom drives an estimated 55 to 65% of MTAR’s revenue.

🟩 India scrapped excise duty and cesses on petrol blended with 22 to 30% ethanol, the first major tax incentive for blends above E20. The move lifts demand visibility for sugar and grain-based ethanol producers.

🟩 Haleon will invest about Rs 2,000 crore in its first India manufacturing plant, a greenfield oral-care site at Pithampur in Madhya Pradesh. The Sensodyne and Crocin maker, not listed in India, signals deepening consumer-health FDI, with the plant due to run by 2029-30.

🟩 ASUS will start making TUF gaming laptops in India this fiscal year, claiming to be the first brand to localise gaming-laptop production here. Built through a Chennai EMS partner, the move lifts ASUS’ local laptop share toward 20 to 30% from 10% in FY25.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Reliance Industries will build and lease a 168 MW AI data centre in Jamnagar to Meta, its first such facility in India, delivered within 2 years.

🟩 NTPC will float a tender exceeding Rs 10,000 crore for its Rajasthan nuclear plant, with the notice inviting tender expected around June 15. The package sits within the Rs 42,000 crore Mahi Banswara 4x700 MW project with NPCIL, NTPC’s entry into nuclear after first concrete was poured in March 2026.

🟩 Concord Biotech received USFDA approval for its tofacitinib tablets in 5 mg and 10 mg strengths, addressing a US market worth about $500 million. The arthritis and ulcerative-colitis drug marks Concord’s push from fermentation-based APIs into finished formulations.

🟩 Astra Microwave’s board approved demerging its space, meteorology and hydrology business into wholly owned Astra Space Technologies, a unit contributing Rs 157 crore or 13.58% of revenue. Shareholders receive one Astra Space share for each held, with separate listing targeted by Q1 FY28.

🟩 Zepto doubled FY26 operating revenue to Rs 22,623 crore ahead of its IPO. Net loss widened 26% to Rs 5,905 crore. Per-order loss nearly halved to Rs 78.75 from Rs 136.15.

🟥 Natural rubber prices climbed to a record Rs 267 per kg on global supply disruption and tight domestic availability, raising input costs across the tyre industry. Rubber is roughly a third of tyre raw-material cost, so the spike squeezes margins at MRF, Apollo Tyres and CEAT.

🟥 India’s net equity mutual fund inflows fell 40% month-on-month to Rs 22,908 crore in May 2026 from Rs 38,440 crore in April, the lowest in 2026.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 TCS confirmed at the AGM that AI agents will structurally reduce hiring, marking the end of headcount-driven revenue growth. The shift to agent-led delivery is its most fundamental business model change in two decades.

🟩 UltraTech Cement set up a wire and cable manufacturing facility, marking the company's first entry into the electrical products segment. Parent Aditya Birla Group already controls Hindalco Industries, India's largest copper and aluminium producer, giving UltraTech a natural raw material advantage in cables.

🟩 Afcons Infrastructure secured a Rs 5,301 crore breakwater construction contract for the Vadhvan Port project in Maharashtra. Vadhvan is India's first greenfield deep-water port, designed at 20-metre draught to handle ultra-large container vessels and reduce India's transshipment dependence on Colombo and Singapore.

🟩 JSW Infrastructure received a Letter of Award for the integrated development of the Outer Container Terminal at Kolkata Dock System. Kolkata Dock System is the primary port gateway for India's landlocked Northeast, Bihar, and Jharkhand, giving JSW Infrastructure a strategic eastern India terminal anchor.

🟩 GMR Power & Urban Infrastructure divested its 26% stake in the Mumbai Airport land development joint venture to an Adani Group entity. Adani Airports has operated Mumbai's international airport since acquiring GVK's concession, and airport-zone land development is a direct adjacency to the group's core airport operations.

🟩 Midhani targets rare earth independence through next-generation alloy development and infrastructure investment. India imports most rare earth alloys from China, and domestic production by Midhani addresses a direct supply chain vulnerability in aerospace and defence manufacturing.

🟩 VA Tech Wabag's consortium secured a large order, classified by the company as Rs 250–600 crore, for the Ajman Sewage Biorefinery Plant in the UAE. The biorefinery model converts sewage sludge into bio-energy and fertiliser, differentiating VA Tech Wabag from conventional wastewater treatment contractors in the GCC market.

🟩 PhonePe and CRED will revive credit card rent payments under an RBI-compliant marketplace model, restarting a category banned for intermediaries in 2023.

🟩 A US court struck down the $100,000 H-1B dependent employer visa fee, removing a significant cost exposure for Indian IT companies reliant on US placements. TCS, Infosys, and Wipro file tens of thousands of H-1B petitions annually, and at $100,000 each, the aggregate cost exposure ran into billions of dollars.

🟥 The Enforcement Directorate summoned Zepto founders ahead of their planned IPO for a FEMA compliance review of the company's foreign investment structure. Zepto raised over $1 billion from global investors including Nexus and DST Global, and FEMA reviews of foreign capital structures are standard pre-IPO compliance events.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Grasim approved ₹3,094 crore in capex to expand lyocell fibre capacity at its Karnataka plant, targeting the premium segment of sustainable textiles. Grasim is India’s only domestic lyocell producer, and the fibre commands a 20-25% price premium over standard viscose, insulating new capacity from commodity-grade import competition.

🟩 IRB Infrastructure reported a 25% year-on-year rise in May toll revenue to ₹843 crore, extending its trend of double-digit monthly growth into FY27. IRB's portfolio is concentrated on NH corridors in Maharashtra and Rajasthan, where commercial vehicle traffic growth has consistently outpaced the national average.

🟩 KNR Constructions' joint venture secured a ₹3,361 crore coal mine development contract from SECL for the Kusmunda open-cast project in Chhattisgarh. The contract equals approximately 91% of KNR's current market capitalisation, and coal mine development marks a significant diversification from the company's core road construction business.

🟩 Amber Enterprises and partner IL Jin are forming a joint venture for medical, defence, and aerospace electronics manufacturing in India. Amber already operates ILJIN Electronics India for PCB assembly, and this new JV with the same Korean partner extends into higher-margin defence and aerospace electronics.

🟩 Fineotex Chemical to increase manufacturing capacity from 200 million pounds per year to 350 million pounds per year at its primary facility, a 75% expansion. Fineotex supplies textile auxiliaries to apparel manufacturers, and the capacity increase positions it for India's growing garment export pipeline under bilateral trade agreements.

🟩 India's EV penetration crossed 11% of total auto sales for the first time in May as overall auto sales hit a record monthly high. An 11% EV penetration threshold is where adoption curves historically inflect upward, as charging infrastructure density and vehicle model availability reach critical mass in key urban corridors.

🟩 India's overall goods exports grew 15% year-on-year in April-May 2026, with non-oil goods exports rising 11% year-on-year. A double digit rise in a rising rupee environment is a strong signal of growing manufacturing competitiveness.

🟥 State oil refiners are losing ₹6 per litre on petrol and ₹30 per litre on diesel at current retail prices, per an official statement. An under-recovery deficit at this scale historically precedes either retail price increases or compensatory government transfers to protect OMC balance sheets from erosion.

🟩 SEBI Chairperson confirmed the regulator is working with RBI to introduce derivatives on corporate bond indices, aimed at deepening India's corporate debt market.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Adani Ports incorporated a new shipping subsidiary, expanding into global marine operations and offshore logistics presence. APSEZ dominates India's port sector but has never owned commercial vessels. The shipping subsidiary fills the only gap in its end-to-end cargo chain.

🟩 TVS Motor's HLX motorcycle series has crossed 5 million global unit sales, establishing a presence across more than 57 countries.

🟥 IndiGo's Airbus A321XLR deliveries face delays as war-related supply chain disruptions hit Airbus production. The A321XLR, with a range of 4,700 km, was IndiGo's instrument for non-stop routes to Europe and Central Asia; delays push that capacity expansion further out.

🟩 JSW MG Motor India crossed 1,000 installed EV chargers across 470-plus locations and announced three new energy vehicle launches in calendar year 2026. MG's proprietary charger network creates customer retention that competitors without captive charging infrastructure cannot replicate, a moat being built before Tesla establishes an Indian footprint.

🟩 India's tyre exports reached a record Rs 27,312 crore in FY26 despite global supply chain disruptions.

🟩 Union Minister Ashwini Vaishnaw announced 60 next-generation metro coaches for Kolkata's rail network, to be delivered over the next 4-5 years. BEML, India's primary domestic metro coach supplier, stands as the most direct beneficiary of procurement orders at this scale across urban rail projects.

🟥 RBI confirms implementation of the bank lending rule for proprietary trading. HDFC Securities estimates this will reduce exchange trading volumes by 10-12%. About 35% of industry trading margins are collateralised via bank guarantees. Restricting this facility removes proprietary leverage, compressing exchange turnover.

🟩 AirTrunk, the Blackstone-backed Australian data centre operator, plans a $30 billion expansion of its data centre business in India.

🟥 The RBI held the repo rate at 5.25% and cut its FY27 GDP forecast to 6.6% from 6.9%, citing West Asia spillovers. A hold after multiple cuts signals the RBI has reached its easing floor. Future growth recovery now depends on energy prices, not monetary policy.

🟩 India exempted FIIs from capital gains tax on government securities interest and waived withholding tax on bond income. Ordinance has been passed. Tax-free G-sec income expands India's bond buyer universe beyond index trackers to active yield funds. Foreign capital in Indian debt could rise substantially.

🟩 NSE's registered investor count crossed 26 crore, adding 1 crore new accounts in four months, driven primarily by retail participation from smaller cities and towns.

🟥 Russia supplied 38% of India's crude oil imports in May 2026, holding its position as India's largest oil source despite persistent Western sanctions pressure.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

Every week I analyze a company’s fundamentals as part of my research work. My goal is to understand what drives their consistent performance. This is an educational post to understand the business and not a recommendation to buy the stock.

This week, Let’s explore the business & fundamentals of
Genus Power Infrastructures Ltd. NSE: GENUSPOWER

Performance Chart

Quality Chart

Their Road to Consistency

1. Overview and Business Model

• The company was founded in 1992 making basic electricity meters. Today it designs, manufactures, installs, and operates smart metering systems for state electricity utilities.

• The business model shifted from selling meters once to operating them for 10 years. The company installs the full system, earns a fixed monthly fee per meter, and maintains the network for the contract duration. Install Once. Get a decade of recurring income.

• Over 105 million meters are installed across India. The company’s devices measure more than 20% of India’s total electricity. That roughly covers 1 in 5 households nationwide.

  

• The company is not just a hardware manufacturer. It employs 225+ software developers and 250+ device engineers managing proprietary software platforms that communicate with, read, and manage every installed meter remotely.

• Annual manufacturing capacity now exceeds 18 million meters. 4 facilities in Jaipur, Haridwar, Guwahati, and Kotputli span nearly 1 million square feet. The scale was built in anticipation of a large policy push.

• GIC, Singapore's sovereign wealth fund and one of the world's most sophisticated institutional investors, holds a 15.11% direct equity stake in Genus.

• The NCLT sanctioned a demerger on April 24, 2025. The non-power investment business was spun off as a separate entity. What remains is a clean, focused business with no distractions on the balance sheet.

• The company employs 16,800+ people and plans to add 2,200 more by 2027. Headcount growth is tracking order book execution.

• The promoter family runs the company across 4 generations.

2. Policy Driven Demand

• As of January 31, 2026, 22.4 crore meters had been approved under this national program. Only 5.5 crore have been physically installed. The gap between approved and installed is future revenue for companies executing these projects.

• Bihar’s electricity theft and billing losses fell from 19.94% in FY24 to 15.5% in FY25 after smart meter rollout. Assam’s losses dropped from 23.39% in FY20 to 15.74% in FY24.

• The Assam project covers 57.45 lakh meters for the state electricity utility. The Bihar project covers 1.03 crore meters under a separate government structure. Both are among the largest active smart meter rollouts in India.

• Larger states like Uttar Pradesh, Tamil Nadu, and Maharashtra have approved the highest meter volumes. But installation pace is slower. Gujarat saw public protests in Vadodara, Rajkot, and Jamnagar over unexpected billing changes.

• Their Joint MD stated that only 15.6 crore meters of India’s 31-32 crore requirement have been formally tendered so far. More than half the market has not yet been put out to bid.

• Each smart metering contract is structured as an 8-10 year arrangement. The executing company installs meters upfront and then earns a monthly fee per meter for the full contract period.

• Central government funding bodies provide financial support to state electricity utilities for smart meter procurement. This reduces credit risk for executing companies.

3. GIC Platform Architecture

• The joint venture keeps large project-specific debt off the parent company’s balance sheet. GIC funds the equity. The company earns fees for supplying meters, installing the systems, and maintaining them over 10 years.

• Approximately 80% of the platform’s project value flows back to the company as revenue. The installation phase, spanning roughly 27 months, contributes 55-58% of order value. The maintenance and operations phase, covering the remaining 93 months, contributes 20-22%.

• When a new project is bid, a dedicated project company is first set up as a subsidiary of the parent. Once the bid is won and execution begins, this entity transfers to the joint venture platform.

• As of March 31, 2026, ₹23,361 crore of the ₹25,173 crore total order book belongs to projects under this joint venture platform. That is 93% of the total order book. The joint venture is the primary revenue engine for the next 7-8 years.

• State electricity utilities in India have a long history of payment delays. This company solved that structurally. Utility payments are legally routed into a ring-fenced account before the utility can spend that cash elsewhere. The company collects from a protected pool, not from a utility's general treasury.

• The US International Development Finance Corporation, the US government's development finance arm, invested $49.5 million directly into the company. The DFC applies rigorous governance and operational standards before committing capital. That bar is not easy to clear.

• Beyond the joint venture, the company can sell meters to other smart metering operators as an independent manufacturer. Competitors executing their own projects can buy meters from this company.

4. Order Book Visibility

• Order book trajectory: ₹931 crore (March 2021), ₹4,115 crore (March 2023), ₹30,110 crore (March 2025), ₹25,173 crore (March 2026). The FY26 dip from FY25’s peak reflects execution converting orders into revenue.

• An order book at 5.3x FY26 standalone revenue offers futuristic revenue visibility. Even at 30% annual growth, the current order book extends coverage well into FY29.

• ₹23,361 crore of the order book sits within the GIC joint venture structure. These are long-concession contracts spanning 8-10 years.

• National program data shows only 5.5 crore of 22.4 crore approved meters have been installed nationally. The company has installed over 1 crore. Substantial new order potential remains within the already-approved universe.

• Management plans to install 1 crore smart meters in FY27 alone. That matches cumulative installation across prior years combined. Execution velocity is doubling year-on-year. This is the most important operational metric to watch going into FY27.

• The Bihar and Assam anchor projects are live and billing. Order book credibility is backed by active execution in the field.

5. Full-Stack Integration

• Large government smart metering tenders require demonstrating hardware and software capabilities under a single entity. This company builds meters for residential, commercial, industrial, and grid-level applications in-house.

• The central software platform that communicates with all installed meters can work across multiple network technologies, including cellular and wireless connections, in a single deployment. It also integrates meters made by other manufacturers. This flexibility reduces long-term project cost significantly.

• The data management layer processes raw meter readings and converts them into billing data, energy audits, prepaid recharge systems, and consumption analytics for utility operators. Both the communication software and data software are built in-house.

• The business model involves the company funding the full project cost upfront, including meters, communication hardware, and software setup. It then recovers this investment over a 10-year period through monthly per-meter service fees. Higher upfront risk, but significantly higher lifetime revenue per project.

• Over 1 million meters are actively managed by the company’s proprietary software platforms. Software revenue from licensing these platforms to other operators and utility companies is capital-light. Every additional client contributes near-zero marginal cost revenue.

6. Manufacturing Muscle

• Making meter casings internally reduces freight costs and prevents design copying by competitors.

• 4 manufacturing locations spread across Rajasthan, Uttarakhand, and Assam reduce single-site concentration risk. Positioning capacity closer to major project geographies also reduces logistics cost and delivery timelines on large state-level rollouts.

• The factory infrastructure includes dedicated clean rooms, precision electronic assembly lines, automated testing stations, and plastic molding machinery. This is proper electronics-grade manufacturing with the same standards as consumer electronics factories.

• The government-recognized R&D center has a hardware team of 250+ engineers focused on meter design. A software team of 225+ developers focuses on the communication and data management platforms. 2 separate R&D teams build technology that gets stronger with each cycle.

• Over ₹150 crore has been invested in R&D over recent years. Combined development experience in the software team alone exceeds 450 years.

• The company secured a $49.5 million investment from the US International Development Finance Corporation specifically to expand its manufacturing and deployment capacity.

7. Working Capital Improving

• Days to collect payment from customers has been falling. The direction is steep and consistent. Management targets 75-80 days by FY27. If the trajectory holds, this is a fundamental improvement in cash conversion quality.

• Under the joint venture structure, project companies pay the parent within 90-120 days after invoicing. This is structurally faster than the old model of billing state electricity utilities directly.

• Inventory days remain elevated at 104 (March 2026) because multi-state rollouts require pre-positioned materials and communication hardware across multiple project locations.

• Net debt rose from ₹605 crore (March 2025) to ₹1,573 crore (March 2026). This is almost entirely short-term working capital borrowings. Peak net debt is expected around ₹1,900-2,000 crore in FY27.

• Payments from state electricity utilities are routed directly into dedicated project bank accounts. These accounts must always maintain a cash buffer equal to five times the monthly fee due. Revenue distributions to the parent begin only after certified performance milestones are met.

• The joint venture has received cumulative equity infusions of ₹487 crore by March 2026, projected to reach ₹1,100 crore by FY27. This is the capital investment phase. Cash generation begins in FY28. The company is in year three of a 10-year concession lifecycle.

8. Adjacencies and Exports

• India’s government targets gas to account for 15% of the national energy mix by 2030. Accurate billing for gas requires smart meters similar to electricity meters. The company is India’s only manufacturer with British Standards certification for gas meters.

• 12 crore gas meter installations over 6-7 years is a market potentially as large as the current electricity smart metering cycle. Existing relationships with state utility operators create a natural channel to cross-sell gas meters.

• Smart water meters address non-revenue water losses, regulatory requirements, and environmental compliance for municipalities. Global water utility digitization spending is projected at USD 340 billion over 10 years.

• Export markets in the Middle East, Africa, and Asia-Pacific are being developed. Rapid urbanization and infrastructure investment in these regions drive demand for integrated metering solutions.

• The communication and data management software platforms can be licensed to other smart metering operators and utility companies globally. This is intellectual property revenue.

• The first wave of smart meter installations in Europe and the United States is approaching end-of-lifecycle. A second replacement cycle is emerging. Indian manufacturers with globally certified, compatible products are positioned for this cycle.

9. Risks and Concerns

• Net debt rose from ₹605 crore (March 2025) to ₹1,573 crore (March 2026). Peak net debt is expected near ₹2,000 crore in FY27. These are short-term working capital borrowings. Any credit tightening or interest rate spike directly increases costs and squeezes near-term margins.

• Operating profit margin is guided to compress to approximately 18% in FY27, down from 20.3% in FY26. A higher share of installation-phase revenue versus pure meter supply drives this compression. Margin recovery is dependent on FY28 as more projects shift to the recurring maintenance phase.

• 40-45% of smart meter components, primarily the chips and processing units that make meters smart, are imported. Fixed-price contracts with state utilities make cost recovery difficult when input costs rise. Global semiconductor supply chains remain volatile.

• Promoters have pledged a portion of their shareholding, representing approximately 2.11% of total outstanding equity. In absolute terms this is not high.

• Larger states with the highest approved meter volumes are the slowest in actual deployment. Gujarat saw public protests over unexpected billing changes during rollout. State government cooperation and utility execution capacity vary significantly across India. Revenue velocity depends partly on factors outside the company’s control.

• Free cash flow has been negative across FY24-FY26 due to ongoing investment into joint venture projects. Cash generation begins in FY28 as projects enter recurring billing phases. Investors need patience for the cash cycle to turn.

That’s it for today.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. I do not recommend buying or selling stocks mentioned in this newsletter. I do not hold any positions in the stock discussed. Securities market investments carry market risks. Kindly review all related documents before investing.

🟥 Vedanta disclosed that the Enforcement Directorate searched its premises from June 1 to 3 under FEMA, reportedly over royalty payments to parent Vedanta Resources. The company says no penalty or business impact followed. This search has happened just weeks before its demerger. Strange.

🟩 Titan set an FY30 target to double its jewellery revenue versus FY26 at a 20% CAGR and reach 1,400 stores from 800. The 20% pace sits well below the 46% jewellery growth Titan posted in Q4 FY26, signalling planned normalisation after gold-price-driven gains.

🟩 Maruti Suzuki launched India’s first flex-fuel car, capable of running on up to 100% ethanol, at a Delhi event with Union Minister Mr. Gadkari and Mr. Puri. Maruti becomes the first automaker to launch a flex-fuel model. The government will roll out 100 ethanol fuel stations across Delhi-NCR and Maharashtra, targeting 500 by end-2026 and 5,000 by 2027, said Mr. Puri.

🟩 Hyundai Motor India will roll out its first dedicated mass-market EV, a compact eSUV, from its Chennai plant this year. Hyundai will build the model in Tamil Nadu for export worldwide, anchoring its $5 billion India investment plan.

🟩 Aurobindo Pharma received final US FDA approval for Tofacitinib tablets in 5 mg and 10 mg strengths, the generic of Pfizer’s Xeljanz. Tofacitinib treats rheumatoid arthritis, psoriatic arthritis and ulcerative colitis, adding to Aurobindo’s 550-plus final US approvals that anchor its largest revenue market.

🟩 Dixon Technologies said its joint venture with China’s Vivo for smartphone manufacturing is under active consideration for government approval. Approval would hand Dixon scale in branded smartphone assembly. China-linked electronics tie-ups still face prolonged security and FDI clearance in India though.

🟩 HDFC Mutual Fund will temporarily restrict lumpsum subscriptions into its Gold ETF and Gold Fund of Fund. Fund houses cap gold ETF inflows when demand outpaces the physical gold they can source.

🟩 The Defence Ministry is evaluating incentives for sourcing indigenous military-grade materials under the draft Defence Acquisition Procedure 2026, a tailwind for Mishra Dhatu Nigam. Mishra Dhatu Nigam is India’s main producer of superalloys and special steels for defence and space, so sourcing mandates would lift its captive demand.

🟩 India’s power consumption rose 11.55% year-on-year to 164.98 billion units in May 2026, from 147.89 billion units in May 2025. An intense heatwave drove the jump as peak demand hit a record 270.82 GW, more than the year-ago 230.99 GW.

🟩 The Union Cabinet approved scrapping capital gains tax on foreign portfolio investors’ holdings of government securities, to be enacted through an ordinance. The move targets the bond market only.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Titagarh Rail Systems guided its Passenger Rail Systems segment to a minimum of 200 cars in FY27. FY26 delivered 63 passenger rail cars. The 200-car target represents over 3x year-on-year growth in a single year. Vande Bharat Sleeper deliveries, a BHEL JV for Vande Bharat Sleeper manufacturing, and the first aluminium metro coaches made entirely in India are the FY27 milestones.

🟩 IEX recorded a total electricity trade volume of 12,983 MU in May 2026, up 18.6% year-on-year. Day-Ahead Market volume rose 25% year-on-year in May. Average market clearing price stood at Rs.4.88 per unit. April 2026 volume was 12,341 MU, also up 16.6% year-on-year. Each successive month has accelerated versus the prior.

🟩 JBM Auto claims 49% electric bus market share in May 2026 with 157 e-bus registrations for the month. FY26 full-year market share was 24% with 1,282 registrations.

🟩 Bajel Projects was awarded an EHV substation EPC order worth Rs.300-400 crore from a domestic client

🟩 Shilpa Medicare acquired a 30.4% equity stake in Gate2Brain, a Swiss clinical-stage biotech developing brain cancer therapies.

🟥 Zydus Lifesciences received a USFDA warning letter for its Baddi formulation manufacturing facility in Himachal Pradesh. The letter cites purified talc used at Baddi that did not meet current USP requirements.

🟥 SEBI restrained Rajesh Mehta, Executive Chairman of Rajesh Exports, from buying, selling, or dealing in securities of Rajesh Exports. Rajesh Exports is India's largest gold processing, manufacturing, and export company by revenue, with significant domestic retail brand presence.

🟩 India's HSBC Composite PMI for May 2026 rose to 59.3, up from 58.1 in April 2026. Services PMI reached 59.8, the stronger of the two sub-indices, rising from 58.9 in April. Consecutive monthly readings above 58 confirm expansion in domestic services output and new business formation.

🟩 The Union Cabinet approved a Rs.10,000 crore ATF Price Stabilisation Fund. The fund is structured as interest-free advances to oil marketing companies (IOCL, BPCL, HPCL).

🟥 India tightened silver import regulations, mandating DGFT prior authorization for all 99.9% purity silver forms including grains and powder. India spent USD 12 billion on silver imports in FY26, up 150% year-on-year from USD 4.8 billion in FY25. Import tariffs on gold and silver were also raised to 15% from 6% earlier this year. Collectively designed to reduce bullion-driven pressure on India's foreign exchange reserves.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟢 Adani Ports handled 48.3 MMT of total cargo in May 2026, up 16% year-on-year over May 2025. Container volumes grew 17% YoY and liquid cargo surged 33% YoY, reflecting broad demand across trade categories. Rail logistics volumes fell 19% YoY to 48,170 TEUs, the 2nd consecutive monthly decline in that segment. Rail freight carries better per-unit margins than port handling. Sustained weakness there is the watch item for FY27 blended EBITDA.

🟢 Infosys expanded its strategic collaboration with DNB Bank (Norway) to modernize financial crime operations, covering fraud detection and anti-money laundering systems. On the same day the company unveiled an AI-powered editorial engine built with Handelsblatt Media Group in Germany. Both wins deepen Infosys’s AI services engagement with European financial services and media clients.

🟢 Tega Industries completed the acquisition of Molycop on June 1, 2026, at an enterprise value of approximately USD 1.5 billion. Tega holds 84.2% of the combined entity through its Singapore HoldCo. Post-acquisition, Tega becomes one of the world's largest grinding media suppliers for mining, serving 400+ mines across 40 countries.

🟢 Hero MotoCorp dispatched 570,068 units in May 2026, up 12.28% year-on-year over 507,701 units in May 2025. Scooter volumes more than doubled to 66,305 units, up 103.78% YoY, with scooter share rising to 11.63% of total sales. Exports surged 77.95% YoY to 33,284 units.

🟢 Transrail Lighting secured fresh orders worth ₹575 crore in T&D, civil construction, and pole businesses as of June 2, 2026. The wins include a 500 kV HVDC transmission line project for an undisclosed marquee customer. Total unexecuted order book stands at ₹16,361 crore as of March 31, 2026, up 12% year-on-year.

🟢 Alkem Laboratories launched a single-shot semaglutide pre-filled syringe at ₹350, the first such format commercially available in India. Over 50 generic semaglutide brands entered the market after Novo Nordisk’s Indian patent expired on March 21, 2026.

🟢 Delhivery incorporated a wholly owned subsidiary named Delhivery Fintech Distribution to expand its fintech operations. The subsidiary signals intent to develop embedded finance products for the SME merchants and sellers already within Delhivery's logistics network. Probable product areas include working capital financing, payment logistics, and insurance distribution. Logistics companies entering embedded fintech is a proven playbook in Southeast Asia. Execution risk in India is still high given existing NBFC and fintech competition.

🟢 India’s seafood exports touched a fresh all-time peak of USD 8.46 billion in FY26. India is the world’s third-largest seafood exporter. Strong demand from Southeast Asia and the US has driven the sustained run-up.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Zee Entertainment Enterprises secured Indian broadcast and streaming rights to 39 FIFA events spanning 2026-2034, including the FIFA World Cup 2026/2030, and the FIFA Women’s World Cup 2027. Coverage begins June 11 across 4 newly launched Unite8 Sports channels in Hindi and English, plus ZEE5 streaming. FIFA had initially sought $100 million for India rights, later reduced to approximately $60 million. JioStar offered only $20 million.

🔴 India’s domestic air traffic fell 3.47% year-on-year in April 2026 to 1.38 crore passengers from 1.43 crore in April 2025, per latest DGCA data. IndiGo’s market share rose to 65% in April from 63.3% in March; Air India Group fell to 24.7% from 26.2%. International passenger volumes dropped 39.3% and international flights fell 37.2% year-on-year in April; weaker international traffic also reduces domestic connection demand. IndiGo is gaining share in a contracting market. Indicates structural cost advantages.

🟩 Marksans Pharma entered a definitive agreement to acquire 100% of QliniQ B.V. (Netherlands) for €7.5 million, pending completion conditions. QliniQ reported €9.35 million revenue and €1.01 million net profit for FY ended December 2025. It carries zero debt and posted a 41% revenue CAGR over FY2023-FY2025.

🟩 ASUS is scaling local laptop manufacturing with Dixon Technologies’ subsidiary Padget Electronics, targeting approximately 30% of India laptop sales from domestically produced units in FY2026-27 versus ~10% last year. The MOU between Padget Electronics and ASUS was already signed in September 2024. Dixon’s Tamil Nadu facility is now operational for HP, ASUS, and Lenovo. The acquisition gives Marksans front-end sales, marketing, distribution, EU GDP-licensed wholesale infrastructure, and direct access to insurer-led pharmaceutical tender channels in the Netherlands.

🟩 Kalpataru Projects International secured fresh orders worth approximately ₹2,002 Cr across three business segments. T&D wins cover the Middle East and the Nordics. Buildings & Factories secured repeat client orders. Railways reinforced its metro rail presence in India.

🟩 Godrej Properties acquired a 23.2-acre residential land parcel in the DMIC Integrated Industrial Township, Greater Noida, via e-auction conducted by DMIC Integrated Industrial Township Greater Noida Ltd. Revenue potential exceeds ₹7,000 Cr; the DMIC township hosts 750 acres of plug-and-play infrastructure in one of NCR’s fastest-growing corridors.

🟩 India’s ALMM List-II mandate came into force June 1, requiring all new RE projects to source solar PV modules using only locally manufactured cells approved under the ALMM framework. Websol Energy, Premier Energies, and Waaree Energies are among the key ALMM List-II cell manufacturers.

🟩 India's gross GST collections rose 3.2% year-on-year in May 2026 to ₹1,94,184 Cr from ₹1,88,172 Cr in May 2025.

🟩 India’s Index of Industrial Production for April 2026 rose 4.9% year-on-year under the new 2022-23 base year series. Manufacturing, comprising over 75% of IIP, grew 6.2%; electrical equipment rose 19.2%, motor vehicles 12.7%, capital goods 16%; infrastructure and construction goods grew over 9%. 17 of 23 manufacturing sub-groups recorded positive growth in April.

🟩 India’s final HSBC Manufacturing PMI for May 2026 came in at 55.0, a three-month high, ahead of the April actual reading of 54.7 and the May flash estimate of 54.3. New orders grew at the fastest pace since February. Domestic demand led growth. Export order expansion slowed to a three-month low.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Asian Paints posted decorative volume growth of 12.4% year-on-year in Q4 FY26, ahead of management's stated guidance band of 8-10%. New product launches contributed approximately 17% of overall revenues in FY26; the company filed over 160 patents during the year.

🟩 LIC's CEO and MD R Doraiswamy has confirmed the corporation is actively evaluating entry into the fintech space, either organically or through a strategic investment in a fintech or insurtech player.

🟥 IndiGo management has flagged the possibility of airfare increases as higher fuel costs and Q4 FY26 losses squeeze airline margins.

🟥 Senco Gold recorded a 6% year-on-year volume decline in gold sales during FY26, driven by a 79% surge in average gold prices. Consumers switched toward silver and diamond as price-sensitive substitutes. Silver volumes jumped approximately 35% year-on-year in FY26, and diamond volumes grew approximately 9% year-on-year.

🟩 NSE will extend equity derivatives trading hours by 10 minutes, moving the normal market close from 3:30 PM to 3:40 PM with effect from August 3, 2026. The extension aligns F&O trading with the newly introduced Closing Auction Session in the equity cash segment, which will run from 3:15 PM to 3:35 PM.

🟩 The Union Finance Ministry has approved the ₹70,000 crore Project-75I submarine programme, clearing it to its final stage before contract signing. The project involves constructing 6 advanced conventional diesel-electric submarines for the Indian Navy under the Strategic Partnership Model. Mazagon Dock Shipbuilders will build the submarines at its Mumbai facility with Germany’s thyssenkrupp Marine Systems.

🟩 India has revised export levies on petrol, diesel, and aviation turbine fuel for the fortnight beginning June 1, 2026, cutting all three rates materially. Petrol export duty falls to ₹1.5/litre from ₹3/litre, diesel export duty falls to ₹13.5/litre from ₹16.5/litre, and ATF export duty falls to ₹9.5/litre from ₹16/litre.

🟥 West Asia conflict has disrupted India’s basmati rice export trade. Basmati exports account for a material share of India’s total rice shipments particularly to Iran, Saudi Arabia, and the UAE.

🟥 India’s foreign exchange reserves fell $7.5 billion to $681.38 billion for the week ended May 22, 2026, extending a sharp drawdown from the all-time high of $728.5 billion. The RBI has been selling dollars to slow the rupee’s depreciation.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

Every week I analyze a company’s fundamentals as part of my research work. My goal is to understand what drives their consistent performance. This is an educational post to understand the business and not a recommendation to buy the stock.

This week, Let’s explore the business & fundamentals of Gravita India Ltd. NSE: GRAVITA

Performance Chart

Quality Chart

Their Road to Consistency

1. Overview and Business Model

• Gravita operates across six recycling verticals: Lead, Aluminium, Plastic, Rubber, Copper, and Lithium.

• Lead recycling dominates the revenue mix, contributing approximately 87% of total sales volumes. Automotive battery replacement demand is predictable and non-discretionary.

• The business model earns a processing spread: cheap unorganized scrap goes in, premium customized industrial materials come out.

• Overseas revenues contributed 72% of FY26 total, with India at 28%. A Rajasthan-headquartered company with genuinely global revenue. The split is increasingly international.

• The company serves 400+ customers across 37 countries. Partners include blue-chip names such as Amara Raja, Exide, Tata Batteries, Glencore, Siemens, and Polycab.

2. Margins Locked In

• Every scrap purchase is placed only after a corresponding binding customer sales order is confirmed first. Zero unhedged inventory exists at any point. Risk is engineered out.

• 70-75% of raw material inventory is hedged back-to-back with customers at pricing tied to LME cash rates. Processing spreads are captured at the point of purchase.

• The remaining 25% of metal inventory is hedged directly on the London Metal Exchange through standard derivative contracts. Two layers of hedging leave no meaningful commodity risk in the business.

• In Q3 FY26, raw material costs rose sharply. Hedging gains of ₹9.8 crore offset higher scrap procurement expenses. EBITDA margins held stable.

• MCX empanelment for domestic aluminium hedging was secured, closing a structural vulnerability in India margin protection.

• Hedging gains are reported under other income. Derivative losses under other expenses. The accounting is clean, transparent, and trackable.

• EBITDA margins stayed between 9% and 10.5% across five consecutive fiscal years, through multiple commodity cycles.

• Smaller regional recyclers cannot access LME hedging platforms at their scale. This capability gap creates a durable operational moat.

3. Feedstock Network Edge

• Gravita runs 39 owned scrap yards and 2,200+ global touchpoints across five continents. Annual scrap collection exceeds 3,30,000 MT. No Indian recycler comes close to this procurement depth.

• Asia operations include 6 owned yards, 1,200+ touchpoints, and 1,92,250+ MT collected annually. India drives the bulk.

• Africa has 32 owned yards and 900+ touchpoints collecting 74,250+ MT. Plants sit close to scrap generators. African input costs are structurally low.

• Americas and Europe together cover 100+ touchpoints and collect 60,500+ MT annually. Developed-market scrap quality is often higher purity. Geographic diversity removes dependence on any single feedstock market.

• Domestic scrap sourcing rose from 43% in FY25 to 52% in Q2 FY26, driven by EPR and BWMR mandates. The India scrap cycle is formalizing.

• Scrap collected directly from OEMs and battery brands compresses the working capital cycle to 74 days. Intermediaries are bypassed entirely. Every node eliminated saves cost and accelerates cash conversion.

• Replicating 39 owned yards across five continents would take decades and hundreds of crores of investment. This network is a time-built, capital-intensive entry barrier.

• Total production capacity stands at 4.36 lakh MT as of May 2026. Capacity utilization is 70%, excluding recent additions. The feedstock pipeline is feeding the plant base at a healthy rate.

4. Value-Added Product Mix

• The product catalog includes customized lead alloys, lead sheets, red lead, TPO, aluminium alloys, plastic granules, copper sheets, brass cups, and copper foils. A full-spectrum product library across six materials.

• Value-added products were 42% of FY26 revenues and 36% in FY22. Product mix quality is the rising tide underneath the revenue numbers.

• OEM approvals for customized alloys require significant time and technical validation. Once granted, switching costs make customer relationships structurally sticky.

• Average lead EBITDA per tonne reached ₹23,043 in recent periods. Basic recyclers earn far less on the same tonne of scrap. They earn a customization premium.

• The plastic segment targets ₹10-11 per kilogram EBITDA as a steady-state margin. Per-unit margin targets guide production mix decisions. This pricing discipline shows up in the EBITDA consistency.

• African facilities added value-added processing in FY23. Cheap African scrap is now converted into premium alloys and exported to European and Middle Eastern customers.

• The company holds a healthy 60,000 MT+ orderbook as of May 2026. This forward visibility supports consistent quarterly delivery. Orderbook depth is a lead indicator.

5. Capital-Efficient Expansion

• Capital allocation rules are non-negotiable: payback below 3 years, ROIC above 25%, asset turns above 8x. Every project clears this filter before money is committed.

• FY26 capex was ₹372 crore: ₹200 crore for existing verticals, ₹172 crore for new ones.

• Mundra lead recycling capacity expanded by 80,300 MTPA to 1,45,100 MTPA using existing port-side infrastructure.

• The 6,000 MTPA Li-ion battery recycling plant at Mundra was commissioned in FY26 at a modest initial cost.

• Capacity grows from 4,19,959 MT in FY26 to 6,54,959 MT by FY29E in existing verticals alone. New verticals add another 1,46,600 MT. Total target: 8,00,000+ MTPA by FY29.

• Total capex through FY29 is approximately ₹755 crore, spread across four years. Internal cash generation covers this without external equity raises.

• ROIC held at 24% in FY26 despite heavy expansion activity.

6. Global Ops

• Operations span 14 plants across four continents: India, Sri Lanka, five African countries, Romania, and Dominican Republic. Overseas contributed 72% of FY26 revenues.

• Factories in Mozambique, Senegal, and Tanzania qualify for full corporate tax exemptions as LDC-classified operations. These tax savings flow directly to net margins.

• Approximately 80% of lead produced in LDC plants enters India duty-free, bypassing the standard 5% import tariff. Africa processes cheap scrap. India receives zero-duty refined metal.

• The Mundra port facility enables direct ship-to-plant raw material intake and finished product export. Port proximity lowers logistics cost per tonne of both inputs and outputs.

• African facilities export value-added formulations to European and Middle Eastern customers since FY23. The Africa-to-Europe value chain is high-margin arbitrage.

• Rubber recycling in Romania started in FY25, capturing EU-mandated demand for certified recycled polymers. Europe’s environmental regulation is Gravita’s growth catalyst.

• The expansion playbook is reproducible: start small, grow volumes, commission a plant near proven scrap sources. 9 overseas facilities were built this way across 25 years.

• 70% of total manufacturing capacity is located outside India. This scale of international presence reduces single-country regulatory, economic, and policy concentration risk.

7. Policy Creates Tailwind

• Battery Waste Management Rules legally bind brands like Exide, Amara Raja, and Tata Batteries to meet EPR targets only through authorized recyclers. Gravita is a primary authorized partner.

• GST eliminated the tax arbitrage that unregistered scrap traders used to undercut organized players. The informal cost advantage is permanently gone. Competition has narrowed to execution quality and feedstock access.

• The Vehicle Scrappage Policy mandates retirement of old commercial vehicles, releasing end-of-life batteries into formal collection channels. Policy feeds feedstock at scale. Volume flowing formally is a compounding benefit.

• State pollution control boards are systematically shutting non-compliant local smelters. Their scrap volumes redirect to authorized collection networks. Informal closures are Gravita’s feedstock gain.

• Domestic scrap sourcing rose from 43% in FY25 to 52% in Q2 FY26, driven directly by EPR and BWMR compliance pressures.

• ILA-accreditation (International Lead Association) is rare in India. Premium customers require it before placing orders. Certification acts as both an entry barrier and a demand qualifier.

• ESG-conscious global corporations need certified recycled materials to meet their own sustainability commitments. Gravita’s ISO 14001 and ISCC credentials make it the default preferred supplier.

8. New Verticals Unlocked

• Gravita acquired 99.44% stake in Rashtriya Metal Industries Limited (RMIL) for ₹561.84 crore in FY26. RMIL’s Sarigam, Gujarat plant has 31,200 MTPA copper and alloy capacity.

• RMIL reported ₹1,040 crore in revenue and ₹82 crore in EBITDA for FY26. The acquisition adds immediate P&L scale.

• Founded in 1946, RMIL serves established electrical and defence sector customers. These are high-barrier, loyalty-heavy relationships built over decades. Gravita acquires a customer book alongside a plant.

• The entire ₹561.84 crore acquisition was funded from Gravita’s liquid investment portfolio of approximately ₹737 crore.

• Copper scrap-to-alloy capability enables backward integration, reduces supplier dependence, and creates cross-selling opportunities using RMIL’s existing customer base.

• Lithium-ion battery recycling commenced at Mundra in FY26 with a 6,000 MTPA pilot plant. EV battery retirement volumes will peak in the late 2020s. First-mover market positioning, secured at low cost.

• Rubber recycling is now operational in both Romania (FY25) and India (FY22). Two geographies, growing regulated demand, and no serious Indian competitor with comparable scale.

• Steel recycling is the next listed vertical on the Vision 2030 roadmap. Each addition widens the scrap basket and diversifies revenue streams further.

9. Management and Governance

• CMD Rajat Agrawal founded Gravita in 1992 and has driven strategy for 33 consecutive years. Founder-led continuity over three decades is a compounding organizational asset.

• Average management industry experience exceeds 30 years. Average management association with Gravita is 15 years. This team has navigated multiple commodity cycles together.

• Four rounds of ESOPs have been issued. 100% of employees across the 3,500-person workforce are covered under incentive schemes.

• The senior team includes a standalone CEO, CFO, and three Executive Directors leading specific business lines. Leadership depth enables the delegation that global scale requires.

• The board maintains 50% independent directors. An ESG committee was created at the board level. No visible governance lag for a business operating in 14 countries.

• Zero complaints of ethical breaches or statutory non-compliance were recorded across all plants in FY26. BRSR core indicator assurance was completed.

• 15 consecutive years of dividend payouts reflect a capital return culture that has held through volatile periods.

10. Risks and Red Flags

• African operations in Mozambique, Senegal, and Tanzania carry political instability, currency volatility, and unpredictable regulatory risk. An FY25 disruption in Mozambique visibly dented overseas margins.

• In Q3 FY26, aluminium volumes fell 43% YoY as scrap aggregators withheld feedstock during a period of high primary metal prices. No active aluminium hedging mechanism existed at the time.

• The Labor Code implementation is expected to create ₹42 crore in total liability, with ₹35 crore being prior-period. Provisioned but not fully closed.

• The ₹561.84 crore RMIL acquisition is the largest in Gravita’s history. Integrating copper scrap sourcing, customer migration, and operational culture across geographies takes time.

That’s it for today.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. I do not recommend buying or selling stocks mentioned in this newsletter. I do not hold any positions in the stock discussed. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Tata Motors EV bookings jumped 25-30% since the West Asia crisis began in March 2026.

4 retail fuel hikes in 10 days seems to have accelerated the consumer shift to EVs.

Monthly output of Tata Motors is ~10,000 EVs; company plans to scale to 15,000 in 3-4 months.

Tata Motors Market share slipped to ~40% in FY26. It was around 55% in FY25.

🟩 HPCL, BPCL, and IOC have seen daily losses ease after 3 staggered fuel hikes since May 15.

Before the hikes, combined under-recovery was running at ~₹1,000 crore/day.

First hike of ₹3/litre alone cut losses to ₹750 crore/day, a 25% reduction from the pre-hike level.

Cumulative hikes are ~₹4.8/litre on petrol and diesel. Losses still persist. Around ₹600.day.

🟩 India’s power transmission sector gets ₹9 trillion in government-committed capex through 2032.

Power Grid Corp alone is deploying ₹1.08 lakh crore in FY26-28.

India’s HVDC market is projected to double to $31B by 2035.

Beneficiaries: KEC International, CG Power, ABB India, BHEL, Siemens Energy.

🟥 India’s TV ad market share has fallen to 27% in FY26. Digital now commands 44%.

Zee Entertainment’s net profit fell 25% in the first nine months of FY26 versus the same period in FY25.

About 50 channel licenses have been surrendered over the past three years.

DTH subscriber base is declining.

🟩 VinFast’s Green SM has launched 1,000 electric cabs in Delhi-NCR.

Fleet target is 15,000 vehicles across Indian metros by December 2026.

Fares start at ₹8/km; driver partners are offered ₹40,000/month.

It enters the market filling the gap left by BluSmart’s suspension earlier this year.

🟥 India’s summer beverage season is being crimped by an aluminium can crunch.

Iran’s Hormuz blockade and BIS import certification norms tightened supply simultaneously from early 2026.

Beer makers face a shortfall of 120-130 million 500ml cans this season versus last year’s supply levels.

Domestic manufacturing capacity is running 20% below current market demand.

Hindalco emerges as the structural beneficiary as beverage companies are forced to prioritise domestic sourcing.

🟥 VFS Global is under scrutiny after EU inspection reports flagged data lapses, fake slots, and visa shopping.

Issues were documented across assessments by 11 EU member states between 2020 and 2025.

A 20-member EU delegation visited India specifically to address these shortcomings.

Over 1 million Indians now apply for Schengen visas annually through VFS, more than double the pre-pandemic level.

Stricter EU oversight of external service providers could structurally challenge VFS’s near-monopoly on Indian Schengen processing.

🟩 India’s gross FDI hit a record $94.53 billion in FY26, up 17% from $80.62 billion in FY25.

A new all-time high. Net FDI, however, was just $7.65 billion after repatriations and outbound investment.

India’s share of global FDI inflows has roughly doubled over the past decade.

A gross-to-net gap of $87 billion signals India attracts capital efficiently but struggles to retain it. A difficult problem to solve.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 JSW Steel commenced construction of its 13.2 MTPA greenfield integrated steel plant at Paradeep, Odisha, with an estimated investment of Rs 65,000 Cr in phases. The plant is built on land where South Korean steel giant Posco failed after two decades of resistance. India’s largest private steel capex is now formally underway.

🟩 HCLTech launched an autonomous finance platform powered by Google Cloud’s Gemini Enterprise, targeting end-to-end automation of financial operations for enterprises. Positions HCLTech in the agentic AI race for enterprise finance workflows.

🟩 Zydus Lifesciences received FDA Priority Review for the Saroglitazar NDA in primary biliary cholangitis, the first Indian NCE to reach this milestone. Saroglitazar is the only PPAR alpha/gamma dual agonist with positive Phase 3 data in PBC.

🟩 KEC International secured Rs 1,303 Cr in new orders across T&D, Civil, Renewables, and Cables in India and the Americas. Wins include 400/220 kV substation contracts in Southern India and a 150+ MW wind project in Western India. FY26 order book stood at Rs 36,267 Cr.

🟩 Ola Electric secured regulatory approval for a new electric scooter targeting India’s commercial mobility market, expanding beyond the consumer segment. Commercial two-wheeler EV penetration in India is near-zero. Ola moves first into a segment with a vast untapped fleet of delivery, logistics, and last-mile vehicles.

🟩 Ministry of Defence issued formal RFPs to three consortia for the AMCA fifth-generation stealth fighter prototype: L&T-BEL, Tata Advanced Systems, and Bharat Forge-BEML-Data Patterns. Five prototypes at Rs 15,000 Cr. First prototype target is early 2027. First flight during 2029.

🟥 Air India and IndiGo are cutting domestic flights from June 1 for three months. Air India reducing capacity by up to 22%, IndiGo by 5-7%. ATF costs have risen from Rs 80,000 to over Rs 1 lakh per kilolitre on Iran conflict. Both airlines control 90%+ of domestic capacity. Airfares expected to rise.

🟥 IGL raised Delhi CNG prices by Rs 2/kg on Tuesday, the fourth hike in 15 days, taking rates to Rs 83.09/kg. Cumulative rise since May 15 has been Rs 6/kg. MGL has separately cut commercial subsidies in Mumbai.

🟥 Hyundai Motor will raise vehicle prices by up to Rs 12,800 per car depending on model and variant, effective June 1, 2026.

Companies with good results.

That’s it for today.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Adani Green Energy commissions 3.37 GWh BESS at Khavda, world’s largest outside China, completed in 10 months. Plans 10+ GWh in FY27, scaling to 50 GWh over five years. India’s grid storage buildout just shifted to a different scale.

🟩 KEC International commences elastomeric cable and e-beam irradiation production in Q2 FY27. Debt levels expected to normalise further. Two specialty cable verticals launching in one quarter. Cables are the structural margin upside story for KEC in FY27.

🟩 Tata Elxsi launched VITEL, an AI-powered material intelligence solution for med-tech, built on its Viridium platform. AI for material selection and compliance cycles in medical device design. Adds product depth to Tata Elxsi’s med-tech AI positioning.

🔴 AXISCADES transfers its heavy engineering, energy, and automotive Engineering Services practice to Akkodis for $30.63 million. Deal proceeds fund the Devanahalli Atmanirbhar Complex and Missile Complex. Company pivots toward aerospace manufacturing.

🟩 MobiKwik received RBI in-principle approval for its Payment Aggregator Physical license. Targets 10x merchant business growth by FY28.

🟩 EKI Energy Services received a Category IV Inter-State Electricity Trading Licence from CERC for 25 years. Category IV permits trading of 1,000+ MW blocks. EKI moves into the large-ticket, long-tenure end of India’s power trading market.

🟩 Balu Forge Industries secured its maiden aerospace order from US-based Alpha Aircraft Systems. Advance payment received to commence production. First aerospace entry from an auto-forging base. Higher precision and margins define this segment vs their core business.

🟩 Venus Pipes commissioned 4,200 MTPA seamless tubes and 6,000 MTPA mother hollow pipes, alongside fittings manufacturing. Seamless tubes target oil, gas, and precision segments at higher ASPs.

🟩 SKM Egg Products is investing Rs 400 Cr to scale to 24 lakh layer birds, targeting 5x egg output, with feed mill and biogas additions. One of India’s few listed egg processors.

🟩 SEBI Chairman Tuhin Kanta Pandey said household savings flowing into capital markets are at an all-time high.

🟩 EV insurance in India jumped 670% as smaller cities drive policy purchases. PB Fintech is a direct beneficiary.

🔴 US credit card balances surged to $1.3 trillion at 22% average interest rates, the worst consumer stress levels since 2008. Companies with significant US revenue dependence face growing demand-side risk.

🔴 Taiwan surpassed India to rank 5th globally in market cap. Population of just 2.3 Cr. The surge driven almost entirely by AI and semiconductor stocks. Indian market has broader sector depth. Taiwan market is more concentrated.

That’s it for today.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 BEL secured ₹608 Cr in fresh orders covering radar systems, coastal surveillance, avionics, seekers, jammers, and medical electronics. BEL already has a ₹74,000 Cr orderbook. This adds to FY27 revenue visibility and spans across Army, Navy, and Air Force procurement lines.

🟥 Sun Pharma says it will not give margin guidance as the West Asia conflict is expected to increase logistics and shipping costs in coming quarters. West Asia generates meaningful revenue for Sun Pharma.

🟩 Hero MotoCorp is targeting double-digit volume growth in FY27, with e-scooters identified as the primary growth driver. India’s premium EV two-wheeler market is growing fast. Hero’s shift in emphasis signals a competitive response to Ola Electric, TVS and Bajaj Chetak gaining ground in the segment.

🟩 Kalpataru signed a cluster redevelopment project in Ashok Nagar, Kandivali East covering five societies across 2.8 acres with a GDV of ₹1,250 Cr. Kandivali East apartments averaged ₹23,312 per sq ft in Q4 FY26, up 24% YoY. Kalpataru already has six delivered projects in the same locality.

🟩 Oil India targets 100 wells in FY27, up from 74 wells in FY26, a 35% jump in drilling intensity.

🟩 SEBI is proposing flexible options strike price rules that would require exchanges to add new strikes rapidly during volatile market conditions. The move is aimed at improving trading continuity during sharp swings.

🟥 RBI has released a draft framework to overhaul rules for digital wallets (technically called Prepaid Payment Instruments or PPIs). Here is what is being proposed.

• Credit card loading banned. You will no longer be able to top up your Paytm or PhonePe wallet using a credit card.

• Cash loading cap reduces sharply. Current limit is ₹50,000 per month. Proposed limit is ₹10,000. This affects users who use wallets for remittances.

• Cross-border wallet transactions banned. International payments through wallets would not be allowed.

Mobile wallets are a core payments infrastructure layer in India. Regulatory tightening here affects companies like Paytm, PhonePe etc.

🟥 Indian IT firms collectively saw H-1B approvals fall nearly 40% YoY in FY26 to 11,041 across the top 6 companies. TCS was the biggest loser. Infosys was the only firm to see a rise.

That’s it for today.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.

🟩 Lupin received Chinese regulatory approval for Oseltamivir Phosphate Oral Suspension, an antiviral for influenza treatment. China is a high-volume antiviral market. This adds a new geographic revenue stream to Lupin's branded generic portfolio.

🟥 Swiggy’s bid to become an Indian Owned and Controlled Company (IOCC) failed at 72.36% shareholder support, short of the 75% threshold. IOCC status eases FDI inventory restrictions for Instamart. Without it, Swiggy’s Q-commerce expansion stays constrained.

🟥 H-1B registrations for the FY2027 US visa cap dropped 38.5% to 211,600, down from 343,981, as the US shifted to a wage-weighted lottery. Low-wage sponsorships are being phased out. Mid-tier Indian IT firms with onsite-heavy delivery face rising visa costs.

🟩 LIC's Bancassurance and Alternate Channels crossed ₹5,000 crore in FY26 premium, growing 45% YoY. PAT rose 19.25% to ₹57,419 crore. Board declared a 1:1 bonus issue and ₹10/share dividend.

🟩 MTAR Technologies received international purchase orders worth ₹467 crore from an existing client. Execution splits equally across March and June 2027. Second major international order in 8 days, after ₹2,279 crore won on May 14. Stock is up 507% from its August 2025 low.

🟩 Apollo Hospitals guided Apollo HealthTech demerger and listing by Q4 FY27, targeting annualized revenue of ₹25,000 crore at listing. Shareholders receive 195.2 HealthTech shares per 100 Apollo shares.

🟩 PNC Infra received Letters of Acceptance from NHAI for two HAM highway projects in Uttar Pradesh totaling ₹3,483 crore. Both are 4-lane stretches on NH-927 with 24-month execution timelines. Order value is ~64% of the company's current market cap.

🟩 VA Wabag secured a medium-value DBO order for a Delhi wastewater treatment plant, valued in the ₹100-250 crore range. DBO contracts generate long-tenure O&M revenues beyond construction margins, improving earnings quality for project developers.

🟩 Transformers & Rectifiers India won a ₹228 crore order from GETCO for transformers and reactors, with delivery by August 2028. GETCO is Gujarat's state transmission utility. Renewable integration is driving steady transformer demand from state utilities.

That’s it for today.

Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.