Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
Axiscades Technologies Limited
Key Investment thesis –> Company focus on Aerospace, Defense, Semiconductor, Electronic system verticals and gearing up for FY26, FY27
Business
AXISCADES is a leading, end to end technology and engineering solutions provider aiding creation of innovative, sustainable and safer products worldwide. AXISCADES is headquartered in Bangalore with subsidiaries in USA, UK, Canada, Germany, India and China; and offices in Germany, France, Denmark, USA and Canada. AXISCADES has a diverse team of over 3,100 professionals working across 20 locations across North America, Europe, UK and Asia-Pacific, striving to reduce the program risk and time to market.
The company offers Product Engineering Solutions across Embedded Software and Hardware, Digitization and Automation, Mechanical Engineering, System Integration, Test Solutions, Manufacturing Engineering, Technical Publications, and Aftermarket Solutions. The solutions comprehensive portfolio covers the complete product development lifecycle from concept evaluation to manufacturing support and certification for Fortune 500 Companies in the Aerospace, Defense, Heavy Engineering, Automotive, Energy and Semiconductor industries.
Company Portfolio
Current serving Major Industries
Aerospace
Heavy Engineering
Products engineering
Products and Solutions for Defense
AIP and Energy
Semiconductors
Awards
Received 3rd consecutive Diamond supplier award from Bombardier for 2022. This recognition is a testament to our unwavering commitment to excellence, innovation, and delivering with the highest standards of quality.
Opportunities :
Unique positioning with deep domain capabilities ranging across competencies, with respect to – Electronics Products, Engineering Services and Defence
Growth driven by leveraging Digital ER&D and Defence
ER&D Services – A large and underpenetrated market with a Global TAM of ~$1 Tn
Strong Defence-Tech Play with leadership in Radar, Sonar and Electronic Warfare systems
Revenue Breakup
FY24 revenue breakup
Q1Fy25 revenues breakup
Q2Fy25 revenues breakup
Fundamental Ratios, Cash, EBITDA, PAT, SHP
Stable OPM, Stable tax, Quarterly YOY growth in sales and PAT, Borrowing reducing
DE ~0.4 , Free cash flow is good , Pledge is Nil, ROCE < 15 and ROE<10%
Promoter has sufficient skin in game, Cash flows are good, Cash conversion cycle is elongated
Triggers
Macro Trends :
Recent Triggers in last 1 year or so
Appointment of Chairman Mr. Abidali
Appointed Mr. Abidali Neemuchwala as Chairman of the Board and Non-Executive Director at AXISCADES. With a distinguished career spanning over three decades in the technology industry, he has earned enviable reputation for his expertise in aligning organizations, driving business results, and consistently leading transformational initiatives.
Strategic partnerships and Opening Engineering design center
Signed a strategic partnership with with Cantier, a Singapore-based powerhouse in Manufacturing Execution Systems (MES), with a specialization in Industry 4.0 integration to create a synergy that promises to elevate precision, efficiency, and innovation in the manufacturing sector.
Inaugurated Engineering Design Centre in Saltney, UK to serve the long-term requirements of the Aerospace Industry and various promising opportunities in the region.
Signed a strategic partnership with KANZEN Institute Asia-Pacific Pvt Ltd (KIAP), for new age Industry IIoT, Digital Automation and MES 4.0 implementation for delivering enhanced value to our Global customers.
Mergers and Acquisitionsand QIP
Completed the acquisition of add solution GmbH which will strengthen our service offerings and bring opportunities to deliver enhanced value to our combined global client base. . This will provide us with a strategic foothold in the automotive space, with significant offshoring opportunities and access to marquee global automotive OEMs.
The board has also approved the acquisition of EPCOGEN., a niche service provider in Energy space, specializing in engineering design and solutions. This proposed acquisition will strengthen our presence in energy vertical, provide access to Middle East and North American Energy markets
QIP in Jan2024 at 657Rs/share — The Company successfully concluded the Equity Raise of INR 220 Crores in January 2024, with marquee Institutional Investors subscribing to the issue. This will strengthen the balance sheet and improve profitability, Reduction in Net Borrowings by 60% from INR 214 crores to INR 85 crores, which will significantly reduce Finance Cost
Deal Wins
Deal win with Aerospace OEM with TCV of $ 18 Mn in the areas of in-service repair and manufacturing support
Design and prototype wins in several defense programs, such as HISAR, next generation ERP for combat aircrafts, Intel based SBC, DEAL satellite terminal design, DF for Naval program, adding to the production order pipeline
Digital Team ramped to 75+ FTEs with deep competencies in automation, AI/ML and robotics, with complete digital project execution capabilities
Acquisition of add-solutions GmbH and EPCOGEN, opens new vistas in Automotive and Energy Space, adding strategic logos and competencies
Q4FY24 updates
Revenue from new customer logos grows to Rs.69 crores, a growth of 5 Times over the previous year
Deal win with Aerospace OEM with TCV of $ 18 Mn in the areas of in-service repair and manufacturing support
Defense Production Revenues in Mistral triples from Rs.39 crores to Rs.112 crores, with Rs.272 crores in executable production orders
Commencement of delayed delivery of Man Portable Counter Drone System (MPCDS) to the Indian Army, with significant addressable
market in Indian Defense and Global Markets
Design and prototype wins in several defense programs, such as HISAR, next generation ERP for combat aircrafts, Intel based SBC, DEAL satellite terminal design, DF for Naval program, adding to the production order pipeline
Digital Team ramped to 75+ FTEs with deep competencies in automation, AI/ML and robotics, with complete digital project execution capabilities
Advanced level discussions with leading helicopter manufacturer for engineering and design support
New opportunities in counter drone system over next 5 years are highly promising with addressable market more than INR 3,000 Cr. 40 Nos of one of a kind Man Portable Counter Drone System (MPCDS) cleared for dispatch to the Indian Army. Balance 60 Nos under production.
Onboarded world’s largest phone and consumer electronic manufacturer as a customer with clear glide path on engagements into FY25
Order book at 30th Ap24 — 749Cr
Q1FY25 updates
Mistral Solutions received order of ₹90 crores from BEL for supplying Radar Processing Systems
Ramp up in aerospace with European OEM focused on production and plant migration efforts
Ramp up in high end cybersecurity solutioning with UK automotive manufacturer.
Onboarded an EPC major from Middle East as our customer with long term contract
Completed second tranche of delivery of Man Portable Counter Drone System (MPCDS) to the Indian Army
Expenses hit in past Q3/Q4 Fy24
Increase in finance cost due to debt funding for Mistral acquisition . In Q2 FY24, the material cost has increased due to increase in production orders in Mistral and increase in employee expenses on account of annual increments and investments in building competencies in Embedded and Digital for future growth
Q2FY25 Update
Defence revenues grew by a healthy 73% QoQ, with Defence production revenues surging by 84% QoQ, bolstered by a significant order backlog set for execution in fiscal years 2025 & 2026. With a healthy pipeline and focused approach, over the next 12-18 months, we aim the defence revenue to reach around 60% of the overall company’s revenue
Management commentary With latest focus areas
Unmanned combat, we are having anti-drone, drones, and drone controllers
Foreign OEMs, we have a three-pronged, that is, weapon package, submarine, and avionics. preferred offset partner for the weapon system, weapon package
new programs, all our missile programs, one is the largest missile program in India, another is an upgrade of the existing missile program, another is ground system for key programs
Product focus : particular product direct RF. Then there is, of course, our product X-band radar, which is primarily used in the submarine and marine systems.
Airbus, we have major programs running in India. C295, MRTT, Multi Role Transportation Tanker, which is going to be 330 based, And AVEX, of course, 319 based.
Tying with AgniKul, having an MOU with them, and approaching the ISRO, ISRO and other space agencies for two major things, NGLV, New Generation Launch Vehicle, and Bharatiya Space Station. So we want to add value to them significantly, and there could be opportunities in 3D additive manufacturing, and designing of certain subsystem blocks, etcetera. Then there is also chances for electronics-based algorithms and advanced systems, and for the guidance and navigation, that product we’ll be able to make. The third one is AI-based anomaly detection in the launching
Capturing some discussions from Dec24 confcall
C2P strategy, that is, chip to product. That is Mistral’s non-defense activity, or our group’s non-defense activity., we are shifting the center of gravity of C2P to US. Basically it will be driven out of US. We’ll have a small team there and driving the offshore team here. That’s the strategy
We are a very, very good RF in RF. We consider we are among the best in India for RF. RF and RF activities. Second is probably we are one of the best in handling mixed signals. We can handle analog, digital, RF, everything together. That is one of our forte. Third is sensor fusion. We can handle multiple sensor. Sensor fusion comes very, very handy when you deal with multiple sensor in a new AI environment, in new robotics or auto-driven and those kinds of things. We are extremely good in both. Then we are very good in ruggedization. We are especially because we are very defense focused. We can ruggedize any product and do that. And finally that we are very good in the chip, chip level, post-silicon, whatever it is, validation, verification, and take the chip to the product and then product to the customers
Continuous Hiring of Talent
Orders winning, Expansion in Middle east and Outlook for different segments by Management
Added this latest development on 17Jun25
INDRA SIGNS AGREEMENT WITH AXISCADES TO BOOST PRODUCTION OF CUTTING-EDGE SYSTEMS IN INDIA
Indra, a European-based global leader in defense, aerospace, and strategic systems, and AXISCADES a prominent technology solutions provider in defense, aerospace and strategic electronics, are proud to announce a strategic alliance.
Indra is keen to acquire defense-related products and services from AXISCADES, which will be delivered through AXISCADES’ comprehensive design, development, production, and supply chain center.
Both companies are actively exploring joint product development for the Indian and global markets, potentially adapting existing Indra products or creating new ones specifically tailored to meet customer needs.
TechnicalChart
Technical chart on 15-dec24
Technical chart on 29-dec24
Risks
Highly competitive industry
Acquisitions dont play out as anticipated
Customer concentration risk – On a consolidated basis, ~26% of ACTL’s revenues in FY23 were from its top two clients (35% in FY22).
Slowdown in Europe impacting automotive revenues
Heavy Engineering vertical remains a drag for few more qtrs although optimization work going on
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
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The post discusses PLI schemes in the Electronics System Design and Manufacturing (ESDM) sector, which are part of India’s initiative to boost domestic electronics manufacturing. The schemes aim to incentivize production and attract investments, aligning with the government’s goal to make India a global hub for electronics.
The PLI schemes mentioned are part of a broader strategy under the National Policy on Electronics 2019 to overcome domestic manufacturing disadvantages like inadequate infrastructure and high finance costs, aiming to position India competitively in the global electronics market.
The thread includes technical charts for various stocks related to the ESDM sector, which could be analyzed for investment opportunities, reflecting the sector’s growth potential and market interest due to these government incentives.
Impact Of Data Localisation Laws The Indian government’s push for data localisation, under policies like the Digital Personal Data Protection Act, has accelerated the establishment of data centres. Global players such as AWS, Microsoft, and Google are investing heavily to comply with these regulations, while Indian companies like Jio and Yotta Infrastructure are scaling up their capacities.
Green Data Centres On The Rise Sustainability is a key focus for Indian data centres in 2025. Operators are investing in renewable energy sources like solar and wind to power facilities, with states such as Rajasthan and Gujarat leading in renewable energy adoption. Innovative cooling technologies, including liquid cooling and the use of natural resources for temperature management, are becoming standard practices to enhance energy efficiency.
Edge Computing And Regional Growth India’s shift towards edge computing is transforming data centre architecture. With the rollout of 5G and the proliferation of IoT devices, smaller edge data centres are being established closer to users in Tier 2 and Tier 3 cities.
Expansion Of Colocation And Hyperscale Facilities By 2025, colocation and hyperscale data centres will dominate the Indian market. Colocation facilities, which allow multiple organizations to share infrastructure, are becoming the preferred choice for startups and small businesses due to cost efficiency. On the other hand, hyperscale data centres, built to support massive data volumes for global giants like Amazon and Google, are rapidly expanding to cater to India’s growing digital needs.
Advances In Security And Automation With increasing cyber threats, Indian data centres are integrating advanced security measures such as Zero Trust Architecture, AI-powered threat detection, and biometric access controls. Automation is playing a vital role in optimizing operations. AI systems are managing energy consumption, predicting maintenance needs, and ensuring seamless uptime, reducing operational costs while improving efficiency.
Government Support And Policy Initiatives The Indian government’s initiatives, such as the National Policy on Software Products and state-level incentives, are creating a favourable ecosystem for data centre growth. Many states are offering subsidies on land, power tariffs, and taxes to attract data centre investments.
Opportunities In Tier 2 And Tier 3 Cities As data consumption grows beyond urban centres, data centre operators are expanding into Tier 2 and Tier 3 cities. These locations offer lower operational costs, ample land availability, and growing demand for digital services, making them attractive for future investments.
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
Jash Engineering
Key Investment thesis –> Increasing Demand of Water Intake Systems, Water and Waste Water Pumping Stations and Treatment Plants, Storm Water Pumping Stations, Water Transmission Lines, Consistent Business and Order book
Jash engineering is dedicated to offering varied products for use in Water and Wastewater Pumping Stations and Treatment Plants, Storm Water Pumping Stations, Water Transmission Lines, Desalination, Power, Steel, Cement, Paper & Pulp, Petrochemicals, Chemicals, Fertilizers and other process plants. Headquartered in Indore – India, Jash has six well-integrated state-of-art manufacturing facilities, four in India and one each in the USA & UK. Global presence with bases in India / USA / Austria / Hong Kong / UK
Employees > 1075, Countries served 45+, Manufacturing units 6, Capacity utilization 70% approx
Company has many accolades, and technical collaborations
Joint Venture with Invent , Germany to manufacture their range of aeration and mixing equipment.
Technical & Financial collaboration with Schuette, Germany for Bulk solids valves
Technical Collaboration with Invent, Germany for Disc Filter
Technical collaboration with Rehart, Germany for Archimedes screw pumps & hydro power generation.
Technical collaboration with Weco Armaturen, Germany to offer its range of Valves in Asian market
Business Segments and Revenue Contribution and Products
Domestic 40%, Exports 60%
Water control gates –60% (FY24) 49%(Q1Fy25)
Valves -15% FY24, 13% Q1FY25
Screening equipment 15% FY24, 31% Q1FY25
Hydropower and pumping solutions 10% FY24, 7% Q1FY25
Clientele
Strengths :
Long standing relationships with domestic marquee customers.
Efficient business model
Strong project execution capabilities
Diversified geographical presence in India and world
Strong Technical Qualification to bid for new projects
Highly experienced Management Team
Fundamental Ratios, Cash, EBITDA, PAT
ROCE>25% and ROE> 22%, DE ~0.23 , Free cash flow is good , Pledge is Nil
Net Profit went 67X+ in 10 Years, Consistent Dividend Payout
Consistent Profit growth, sales growth, ROE over 3 years, 5 years, 10 Years
Triggers
Expanding presence and Acquisitions
Acquired Waterfront Fluid Controls Ltd, UK in 2023.
WATERFRONT UK PLANT & OFFICE INAUGURATION After successful acquisition of Waterfront Fluid Controls Ltd, UK, the company has taken manufacturing plant on lease which is adjoining shed to the present Waterfront’s shed. This plant was commissioned on 31st May 2024.
A new plant for manufacturing process equipment is under construction in Chennai. This plant will be commissioned in December 2024/Feb25. This facility is being built at an approximate cost of Rs. 20 crores and this will start contributing to improvement in revenue from April 2025 onwards. This facility at its peak production capacity will contribute up-to Rs. 100 Cr to company revenue.
A new land has been acquired for expansion of Unit 4 (Fabricated Products Plant), SEZ Unit. This new plant of ~ 55000 sq. ft. will be commissioned in FY 2025-26. Manufacture Stainless steel products for the growing export market. The construction of this plant will start in October 2024 and the plant will be commissioned by year end 2025. This plant will be constructed at a tentative cost of Rs 22-23 crores inclusive of land and at its peak production capacity will contribute up-to Rs. 100 Cr to company revenue.
Good execution and order book and Consistent new orders
946 cr order book on 1st sep24, 74cr orders in pipeline, negotiation
FY25 guidance ~675cr
New Product developments
First Vortex Grit Mechanism with Grit Classifier For 26 MLD STP Jhansi, UP Jal Nigam
Combined Screening & Grit Removal System-1MLD (PTU) for Enviro-Infra, Bareilly, UP
First set of Bladder Vessel 9 m3 x 3, 1 m3 x 3 supplied to Varanasi WSP Project
3 Wheel Sealed Version Disc Filter for 6 MLD capacity for Delhi Jal Board
Technical chart on 6 Oct 24
Risks
Large working capital requirement, cash conversion cycle is bit high Trade receivables and Inventory on higher side Rising raw material and commodity costs Increase in competitive bids for procuring the projects
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
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Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
Likhitha Infra Limited (LIL)
Key Investment thesis –> Increasing Demand of Gas pipeline Infra, City Gas distribution and National Gas policy 2030, Expanding Geographically, Consistent Business and Order book
LIL was incorporated in 1998 and is engaged in the business of pipeline laying providing comprehensive erection, testing, and commissioning of Oil and Gas pipelines, city gas distribution projects, tankage and operations and maintenance services. It is based in Hyderabad, Telangana.
Company has two (02) Joint Ventures viz., CPM-Likhitha Consortium, India and Likhitha Hak Arabia Contracting Company, Kingdom of Saudi Arabia. In addition, Company held 60% equity share capital in Likhitha Hak Arabia Contracting Company, and consequently, now it became a subsidiary of the Company
Has successfully laid over 1500 km of steel pipelines and over 1500 km of MDPE of oil & gas pipelines in the past years. Additionally, the company is laying approximately 1000 km of oil & gas pipelines for the ongoing projects Executed the First Trans-National cross-country pipeline of South-East Asia connecting India to Nepal in the year 2019, for the supply of petroleum products
Strong presence in more than 20 states and 2 Union Territories in India.
Business Segments:
a) City Gas Distribution Projects: This Involves laying of steel and MDPE pipelines for consumers across domestic, commercial and industrial sector, creating a network of pipelines along with associated facilities, Last Mile Connections, CNG Stations b) Cross Country Pipeline Projects: Laying of Cross Country Pipeline projects along with piping, civil, electrical, instrumentation and other associated works c) Operation & Maintenance Services: O&M services include providing skilled manpower, executing emergency repairs, overhauling, scheduled maintenance activities and operation of the network d) Tankage: Construction of fuel depots including storage tanks, Combined Station Works, mechanical, instrumentation, electrical, civil works, F&G system, and other associated facilities
Strengths :
Long standing relationships with domestic marquee customers.
Efficient business model
Strong project execution capabilities
Diversified geographical presence in India
Strong Technical Qualification to bid for new projects
Strong promoter holding showing skin in game
Strong Order Book 1500cr in Jun24
Highly experienced Management Team
Credit ratings –>Long term facilities A/Stable and Short term facilities A1
ROCE>30% and ROE> 20%, DE ~Nil , Free cash flow is good , Pledge is Nil
Stable OPM, Net Profit went 33X+ in 10 Years, Consistent Dividend Payout
Consistent Profit growth, sales growth, ROE over 3 years, 5 years, 10 Years
Promoter has sufficient skin in game at 70% shareholding
YouTube link
Triggers
Macro Trends :
India has set a target of increasing the share of natural gas in the overall energy mix to 15% from present 6.7%.
As per the Government policies, PNGRB has increased the number of Geographical Areas (GAs) to 228 comprising of 402 districts spread over 27 States and Union Territories, covering 70% of Indian population and 53% of its area. These recent Government initiatives have provided lucrative opportunities for Oil & Gas infrastructure service providers
Recent policy moves, including a wide-scale rollout of CNG and the expansion of gas infrastructure including LNG terminals, long-distance transmission pipelines and city gas distribution networks, will help drive 30bnm³ of gas demand growth over the next decade through fuel switching away from coal and oil. A recent switch to CNG from coal in India’s brick industry is encouraging greater gas use.
India is set to dominate the number of trunk/ transmission pipeline projects that are expected to start operations in Asia during 2024-2028, contributing about 43% (62 projects) of the region’s total projects count by 2028. The transmission pipeline length of 29,800 kms is expected to be added, says GlobalData, a leading data and analytics company.
The gas pipeline infrastructure has been seeing intense development activity. The Government of India has set a target to reach 34,500 km by 2024-25 end from 22, 335 km as on January, 2023. Furthermore, plans to connect states with the trunk natural gas pipeline network by 2027 are gathering momentum.
In terms of investments, the Petroleum and Natural Gas Ministry said about ` 41,000 crore ($4.95 billion) are expected from companies to build natural gas pipeline infrastructure in the northeastern states and northern federal territories of Kashmir and Ladakh. The thrust on natural gas and government policy initiatives are in line with India’s global commitments to boost the use of cleaner fuels and cut carbon emissions with the ultimate goal of achieving net zero carbon emissions by 2070.
Expanding presence
In line with growth strategy, Company has entered new markets such as the Kingdom of Saudi Arabia and the United Arab Emirates, where we see substantial opportunities in the oil and gas infrastructure sector. The company has been exploring growth opportunities beyond India. We have formed a joint venture firm in Saudi Arabia and have opened a branch office in Abu Dhabi, UAE to explore business prospects in the Middle East markets which promise long-term growth for pipeline infrastructure development.
The Indian government’s continued emphasis on expanding the oil and gas transportation network and promoting city gas distribution projects provides us with a steady stream of contracts.
India’s energy consumption is on the rise, with the country consuming 19.9 million metric tonnes of petroleum products and 5.51 BCM of natural gas during FY 2023-24. As the world’s third-largest consumer of energy, India’s demand for natural gas is expected to grow fivefold by 2047, in line with the nation’s vision of becoming a developed nation by its centennial year
Good execution and order book and Consistent new orders
Technical chart on 21st Sep24
Risks
Large working capital requirement, cash conversion cycle is bit high Trade receivables and Inventory on higher side Any change in CGD policy Rising raw material and commodity costs The Company is deriving significant portion of orders from major Oil & Gas distribution companies inducing a client concentration risk Increase in competitive bids for procuring the projects
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
A dark store is a small warehousing urban distribution centre exclusively for online shopping with an area ranging between 3,000 to 8,000 sq ft located close to densely packed residential areas to meet quick delivery requirements, Srinivas N, Managing Director, Industrial and Logistics, Savills India said.
Dark stores stock a variety of products and operate around the clock. This enables quick access to inventory, reduces transportation costs, has a quick turn-around time, and improves last-mile delivery capabilities.
However, unlike warehousing, dark stores maintain a limited inventory, often with products having a shelf life of less than 24 hours. In contrast, warehouses store a wide variety of materials in bulk quantities, without the same time constraints on product freshness or expiration.
“The current requirements from quick commerce necessitate dark store spaces of 5,000 square feet or larger. The evolution of quick commerce has managed to establish a firm foothold in the market, which indicates a likely increase in the number of these larger stores moving forward,” Abhishek Bhutani, Managing Director, Ahmedabad and Logistics & Industrials, Cushman & Wakefield said.
Where are dark stores usually located?
A 2021 study by JLL showed that in the e-commerce sector, about 10-15 percent of total kilometres travelled in urban areas contributed to 47 percent of total transportation costs.
This brought dark stores closer to the dense residential areas to ensure efficient and timely delivery. However, real estate costs in urban locations cannot meet retail rental expectations. Therefore, dark stores are usually located in smaller commercial building basements, parking spaces, and defunct facilities in the bylanes or alleyways.
Additionally, these stores are not visited by customers. So, low-cost space is most functional for a dark store.
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
Aeroflex Industries
Key Investment thesis –> Increasing Demand of HVAC system, Large Scale Industrialization, Modernization in Agriculture and Demand from new edge industries like Aerospace, Satellite, Solar and Robotics
Company is one of the leading Indian manufacturers of metallic flexible flow solutions made with stainless steel used for controlled flow of all forms of substances including Solid, Liquid, and Gas. Incorporated in 1993, co. is part of Sat Industries Limited.
Product Profile: Braided hoses, unbraided hoses, solar hoses, gas hoses, vacuum hoses, braiding, interlock hoses, hose assemblies, lancing hose assemblies, jacketed hose assemblies, exhaust connectors, exhaust gas recirculation (EGR) tubes, expansion bellows, compensators, and related end fittings.
Exports to 89 countries across Asia, Americas, Europe and Africa, through a diversified go-tomarket model
Scalable and Customized flexible flow solution products
Current serving Major Industries
Steel & Metal
Oil & Gas
Chemicals
Sea Port Terminal Handling
Paper & Pulp
Pharmaceutical
Strengths :
Extensive Promoter experience
Employee strength -500+
The company has 2500+ SKUs
Strategically Located Near JNPT Port
80+ machine lines
72+ Products across various stages of Research and Development
14 Qualified R&D Team
NABL Accredited Lab
ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certified;
Adherence to global standards
Revenue Breakup
Fundamental Ratios, Cash, EBITDA, PAT
ROCE asnd ROE> 20%, DE ~Nil , Free cash flow is good , Pledge is Nil
Stable OPM, Net Profit went 8X+
Promoter has skin in game + Big Shark Ashish Kacholia holding 3.6%
Triggers
Macro Trends :
▪ Global market for SS flexible hose has grown at a CAGR of 8.2% to value at approximately USD 3.3 Bn in 2022 ▪ Traditionally, the demand for Flexible Flow Solutions made with Stainless Steel Corrugation was largely driven by the industrial sector – manufacturing plants and manufacturing products from chemicals to paper ▪ Between FY’18-9M FY23, over 1,840 projects (brownfield and greenfield) were completed in the manufacturing ▪ With Flexible Flow Solutions made with Stainless Steel Corrugation application being universal, this large base is believed to have supported a strong demand for the product ▪ Given the increasing preference for Flexible Flow Solutions made with Stainless Steel Corrugation in place of rubber / PTFE / polymer hoses, the demand for the former from the industrial sector would be stable
Company has worked on Capacity Expansion, value added products
Expanding our presence to:
Electric Mobility
Fire Sprinklers
Solar
Robotics
Semiconductors
Aerospace and Satellite
Management commentary in Q1Fy25 results
Increasing margins possibilities, Increasing orders from assemblies, Focus on value added offerings, possible inorganic Way of expansion, Acquisition
Technicals
Technical chart on 8th Sep24
Risks
PE is bit high in short term
Large working capital requirement, cash conversion cycle is bit high
Exposure to volatile raw material price
Acquisitions dont play as anticipated
Demand dont originate as anticipated
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
In case you have any questions/ queries, please feel free to reach me through Contact Form
Do spread the word among your peers, family members or anyone who can benefit from this blog and asked them to subscribe. But be selfish and take care of yourself first by subscribing before they do.
Enjoy the day and your life. Don’t forget, we are alone in this grand universe and may not get a chance to live again.
Leading manufacturer of Supercomputing Systems in India.
Catering to a diverse clientele including prestigious institutions like IITs and NMDC Data Centre. The Company has designed, developed and deployed some of India’s most powerful Supercomputing systems.
Key Highlights • Number of Installations: Netweb is among the top OEMs in India with over 500 HPC installations. • Technology: Equipped with the Tyrone cluster management suite, Netweb has deployed diverse Supercomputing systems ranging from 10 nodes to 400 nodes and is scalable up to 1,000 nodes. • Revenue Growth: Demonstrated significant growth in revenue, with a CAGR of 166.3% over the period of FY2021-FY2024, reaching ₹ 2,624 Mn in FY2024. • HPC installations and revenue has been steadily rising, reflecting Netweb’s strong foothold in the Indian market. The CAGR of 166.3% over the recent fiscal years is indicative of the growing demand for High-Performance Computing solutions. The High-Performance Storage (HPS) segment focuses on providing advanced storage solutions tailored to enterprise computation needs. Netweb’s offerings in this segment include a range of products designed for high throughput and high IOPs, ensuring reliability and scalability. Unified storage solution Parallel file system storage Cloud native storage Surveillance and object storage 336 FY21 217 FY22 308 FY23 339 FY24
Key Highlights • Technological Edge: Netweb’s HPS Solutions are capable of being integrated into private and public cloud environments with no single point of failure, scalable up to exabytes and built-in high availability. • Performance: Supports up to 10 Mn IOPs and 100 GBps throughput, scalable up to 450 GBps, and designs that can extend up to 1,000 petabytes. • Compliance: Developed in-house and compliant with the “Make-inIndia” policy. • Installations: Deployed at major institutions including Graviton, A.P.T. Portfolio, and INST.
Hybrid cloud solutions
The Software and Service for HCS segment provides a comprehensive private cloud software stack to manage complex workloads. Netweb’s solutions include big data-centric offerings designed to cater to dataintensive distributed applications.
Netweb has shown remarkable growth across its primary segments. The Company’s commitment to innovation and quality, coupled with strategic partnerships and market expansion, has cemented its position as a leader in the technology solutions domain. The promising revenue trends and expanding market presence suggest a bright future for Netweb in the HighPerformance Computing, Private Cloud, HCI, and AI Systems sectors.
Key Highlights • Technological Edge: Private cloud software stack to handle complex workloads, including 5G enterprise cloud, 5G edge compute, private 5G and enterprise IT. • Big Data Solutions: Utilises Tyrone Camarero dense systems, Tyrone Cluster Management Suite, and Tyrone Collectivo range of specialised storage systems. • Installations: Provided to marquee customers like NMDC Data Centre and Graviton. • Revenue Growth: Significant growth from ₹ 25 Mn in FY2021 to ₹ 176 Mn in FY2024, with an impressive CAGR of 91.6%
Data Centre Server
The Data Centre Server segment caters to diverse customer needs with high-end server solutions designed for low latency and better physical space utilisation. Netweb’s portfolio includes over 200 dual-processor server models under the Tyrone Camarero brand. Network and Switches Networking and Switches are crucial components in robust solutions like HPC, HCS, and HCI. With the increasing demand for dense computing hardware and microservices-based deployments, networks are playing an increasingly vital role and are set to claim a larger share of the technology landscape. Netweb offers a range of “Make-in-India” Switches tailored to meet these evolving demands. The Company is committed to expanding this range to ensure delivery of optimal solutions to the customers.
Key Highlights • Technological Edge: Dual-processor configurations enabling multiple operations simultaneously, with features like low rack space consumption, high in-built storage capability (up to 1 petabyte), and high energy efficiency. • Compliance: Designed and manufactured in compliance with the “Make-in-India” policy.
• Installations: Installations done for marquee customers including IIT, JNU and HL Mando.
• Revenue Growth: Strong revenue increase from ₹ 168 Mn in FY2021 to ₹ 337 Mn in FY2024, reflecting a robust CAGR of 26.1%.
Netweb Technologies unveils Advanced Make-in-India Server Systems
● Netweb Technologies unveiled its new series of advanced server systems at Hyatt Regency, New Delhi on August 30, 2024, showcasing its commitment to high-end R&D, in-house design, and indigenous manufacturing. ● The new range of systems offers up to 256 cores, 6TB of memory, extensive I/O, GPU capabilities, and storage options designed for High-performance computing and AI applications.
● The launch underscores Netweb Technologies’ dedication to driving progress in the technology industry while supporting the Make in India initiative.
● The ceremony featured live demonstrations, showcasing the advanced capabilities of Netweb’s new range of AMD EPYC™ CPU-based servers.
Capex and New Facility:
New state-of-the-art, end-to-end, high-end computing server storage and switch manufacturing facility inaugurated in Faridabad.
Focus on advanced manufacturing skills to manufacture high-end computing systems using latest generation chips from technology partners like NVIDIA, Intel, and AMD.
Expected to enhance production process including PCB design, manufacturing, and SMT for servers, storage, and switches.
Incremental revenue of 30% to 35% expected from the Faridabad facility.
Strategic Focus and Future Plans:
Three strategic pillars: High-Performance Computing (HPC), Private Cloud, and AI.
Focus on technological evolution to deliver cutting-edge solutions meeting global businesses’ needs.
Development of servers based on NVIDIA Grace Superchip under the MGX architecture in progress.
Launched Intel Sapphire Rapids and AMD Genova-based high-end computing servers.
Diverse portfolio of products including those utilizing the latest NVIDIA GPUs for AI training and inferencing market.
Strong demand in the India data center market, providing significant opportunities.
Expecting growth at a rate of 30% to 35% CAGR for the next 3 years.
Plans to maintain leadership in technology by focusing on innovation and expansion.
Opportunities in the oil and gas sector with engagements from government PSUs like ONGC.
Progressing well in Middle East and European markets with a focus on Private Cloud, HCI, and AI solutions.
Looking into M&A opportunities in related areas to enhance growth and capabilities.
Margin improvement expected in the future due to operating leverage and volume growth.
Challenges and Market Size:
Slowest quarter in terms of cash flow due to high capex expenditures.
Need to optimize the new SMT facility for full production capacity to improve margins.
Quantum computing development still in early stages, not included in growth guidance.
Market size details for the 3 verticals and products to be shared separately due to complexity.
Disclosure : I am holding it from very low levels, Not added/not sold recently
Keeping in mind the seasonality pattern inherent to our business wherein Q1 is the weakest quarter and the major chunk of revenues are captured in the subsequent part of the financial year. We want to highlight that we have also improved our gross margin significantly, which were primarily driven by continuous improvement in the product mix where the domestic defense business contributed to 65% of the topline, followed by exports whose contribution is around 21% and the space with 11.5% with rest of the business coming in from meterology and other sectors
Employee expenses have slightly gone up because of the increase in the number of skilled and professional employees. This is mainly due to our employee addition at our Bangalore facility. At the end of the quarter, the employees count is close to about 1537, up from 1468 at the end of the financial year.
We have created that Bangalore facility for our systems integration and testing, especially in the radar and electronic warfare domain and we have built up NFTR facility also and also assembly hangers to handle and address the radar systems. And also we have created space division in Bangalore facility. We have incorporated 100% subsidiary unit, Astra Space Technologies Limited and that group is basically going to address all future satellite requirements and they are also working in the same facility.
Objective is to get qualified for satelitte integration and launching business. Own satellite launch is the goal in next 2-3 years with synthetic aperture, radar payload ( ISRO collaboration)
Guidance :
And lastly, for the current financial year, we maintain our target which was given previously for an order book in the range of about Rs. 1,200-Rs. 1,300 crores and the topline in the range of Rs. 1,000-Rs. 1,100 crore with the PBT margin to the tune of about 16%-18% on standalone basis.
Import Substitution + Winning Contracts
We made a breakthrough in replacing imported critical wideband receiver for EW project which DPSU has been using for product of foreign make and the DPSU has the production order. Also, we have bagged precision approach radar and repeat order of Doppler weather radars in this quarter. Our anti drone radar is ready for the deployment in the field and we have been responding RFP’s from various agencies.
we define ourselves to be in the IP business. We are in the business of creating IP, enhancing our IP and that can be done both through our own internal efforts as well as collaborations. But eventually we are in the business of monetizing intellectual property. We have embarked on an exercise now aimed at selling out the IP which has been created within the Company and shared to a large extent which we can now either monetize on a standalone basis or combine it with the other IPs which may be available within the Company or externally available to create value. We found that we had multiple products and technologies which had been created and then not acted upon any further post order completion and had just been filed away as the teams got busy in fulfilling other orders. So, taken out of cold storage and updated with the current tech standards, we can productize these technologies on their own, or combine them with other technologies and that is a low hanging route for us. The incremental efforts at making this tech viable and commercial in minimal and offer us easy way to monetize our efforts
Glad to share that two definitive binding term sheets have been signed this past quarter alone, one in the area of chip design services and another in the radar space while discussions have been initiated with multiple companies, both listed space as well as in the smaller unlisted space for enhanced collaboration with the platform, which Astra provides to further enhance our joint intellectual property and create products which are well suited for the future. We are also in a hurry to monetize things at the fastest possible pace and collaborations
Capacity expansion and ability to handle more orders
we enhanced our facility. Recently, we have added auto bonding facility by virtue of which in fact our subsystems that is the tier module of those radars we can produce manifold in the sense about 20 times than what we made it with semi-automatic facility. So, that way we have enhanced our infrastructure, we scaled up our capacity. We are geared up to manufacture as many as numbers as we want.
Order Book
We have crossed the milestone of Rs. 2,000 crores mark this time where the standalone order book as of June 2024 stood at Rs. 2,099 crores and our order wins continues to be healthy. On a consolidated basis, our order book stood at Rs. 2,365 crores as of June 2024. Overall, our order book comprises of 88% of the domestic orders, which are largely BTS, which enjoys good margins and 12% of export, which is a mix of BTP and BTS business. Our consolidated order book consists of Rs. 120 crores worth of service orders, which are typically margin accretive. Our focus remains on getting more orders, which consists of high proportion of complex system projects
Q. top 5 programs that would be critical for our order book accretion and revenue growth in the next 2 years? Management: There are many projects we have been addressing radar and electronic warfare domain especially if you take in the radar, we have been addressing airborne radar and also the ground radars, shipborne radars in all three segments.
Like airborne radars, we have been working for AWC Mk1, Mk1A and also we are waiting for the RFPs for Mk2. . Similarly there is Su-30 opportunities also will come.
Similarly like in the ground segment, there are many radars like we are talking about Tushar like Akash-NG, Akash Prime, WLR repeat orders, these are all which customers DPSS are likely to get. So, we will be getting subsystems from those particular segments.
And shipborne Navy, as I said we are likely to get some repeat orders from Navy.
And in electronic warfare, we have been working for pod jammer for LCA Mk1 as well as we have been working on the ongoing production programs of BEL like Nayan Shakti, Himshakti and all these programs, we are there. And also we are there in the EW programs of like DR118, R118. So, all these programs, we have some orders on hand, and we are likely to get more orders, repeat orders from these customers
Uttam Radar –75% of Radar cost is Antenna –We are supplying exclusively Active Antenna Array units for same. we are expecting around close to Rs. 1,100-1,200 crores worth of business from the Uttam radar in the next 3-4 year’s timeframe
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
Servotech Power
Key Investment thesis –> Developing EV charging Infra and Delivering Solar Rooftop solutions across India. Key Business wins for EV charging Infra, Association with key businesses B2B
SPSL is in the business of high-end solar products and EV chargers. It develops ultra -fast DC chargers and Home AC chargers, and has installed over 2400 EV chargers in collaboration with oil marketing companies
Product Profile: a) EV Charger: Electric Vehicle Charging Station, AC Charger, DC Charger b) Solar Products: Solar Inverter, Solar Panels, Solar Batteries, ServPort, SMU c) Power & Backup: Battery, Servo Stabilizer, etc. d) LEDs: Domestic LED, Commercial LED e) Oxygen Concentrator: Oxygen Concentrator 5L and Oxygen Concentrator 10L f) UVC: UV-C Handheld Disinfection Lamp – 6W, Portable UV-C Disinfection Lamp – 36W (Sensor Equipped), Portable UV-C Disinfection Lamp – 38W, UV-C Disinfection RoboTruk – 150W, UV-C Sterilization Bag, UV-C LED Sterilization Box with 10W Wifi Charger, UV Sterilization Box with Charger, UV-C Car Intelligent Sanitizer, Car Air Sanitizer, UV Air Purifier, FAR UV-C Digital Sanitizer
Covered the thesis here in quick 12 min Video
Well-equipped 2 manufacturing facilities spanning over 80,000 sq. ft. and 1,44,000 sq. ft. respectively in Sonipat, Haryana
Capacity to manufacture 30,000 AC EV Chargers and 12,000 DC EV chargers annually
The company is majorly into B2B operations and having Marquee clientele comprising of BPCL, IOCL, HPCL, Nayara Energy, UPNEDA and others
Employee strength -500+
Revenue Breakup
Range of EV AC AND DC chargers
DC chargers have amazing features on fast port, advanced connectivity and user friendliness
Range of Solar solutions
Solar panels, Solar Inverters, Solar Batteries
ESS : Energy storage system (Major tailwinds may appear here)
Solar Street light (too much commodity)
Solar charge controller
EV CHARGER Components
Another interesting solution is Servport
Fundamental Ratios, Cash, EBITDA, PAT
ROCE and ROE > 10%, Pledging 0%, Debt to equity under control
High TTM PE and PB ratio
12X Sales and 12X PAT in 10 Years, Stable EBITDA numbers, Improving NPM
Promoter has good skin in game at ~60% shareholding, FII holding 5% approx
Cash conversion cycle have improved in recent years
Triggers
Macro Trends :
Developing EV charging Infra and Solar Rooftop solutions Infra across India
Journey and recent forays
Government subsidies & policies promoting local manufacturing of EV Components and sustainable energy resources
Growing need for carbon neutral has increased the demand forsustainable energy solution
Increasing demand for EV charging stations with healthy traction in order pipeline in addition to a sizable order backlog. Govt. allocate subsidies of INR 800 Cr to set up 22,000 fast chargers at various fuel pumps across India. The government has sanctioned 2,877 such charging stations across 68 cities in 25 states and UTs. In addition, 1,576 charging stations on nine expressways and 16 highways have also been sanctioned.
Projections indicate that fast-charging stations will witness a CAGR of over 40% by 2025.
New additions in budget 2024 like Pumped Storage Policy and exemption of customs duty on lithium will incentivize renewable energy integration and adoption
Rising urbanization and awareness of climate change have led to increase in demand for cost-efficient products
PM Suryodaya Yojana to solarize 1 Cr Households. 50 solar parks with an aggregate capacity of 37.49 GW have been approved in India
Company has worked on Capacity Expansion
Preferential shares allotment and warrants issued at 83 Rs (approx raised 74cr)
Backward integration efforts for key components (control set and power module) are on track, with the control set already being manufactured in India.
Solar Segment:
Regular monthly sales of ₹8-10 crores in the solar segment, targeting a total of ₹100-150 crores annually.
Plans to expand presence in 20-21 states within two months to leverage government schemes for household electricity.
International Expansion:
Export business is expected to grow, with previous year’s revenue at approximately ₹40 crores and positive momentum for future exports.
Attending international exhibitions and establishing a dedicated export team.
Patents; Innovation and Leadership
51% Growth in the Dealer & Distributor Network
Hired 128+ employees in Q1
Coninuous order wins from Major OEM’s —Current order book stands at approximately 8,000-8,500 pieces of DC chargers, indicating strong demand.
Order win from BPCL worth ₹120 Crs for the supply of 1,800 DC EV chargers
Order win from IOCL and other EV Charger OEM’s worth ₹111 Crs for the supply of 1,400 DC EV chargers
Order win from BPCL for the supply of 2,649 AC EV chargers
Order win from HPCL and other EV charger OEM’s worth ₹102 Crs for the supply of 1,500 DC EV chargers
Signed a contract with Adani Total Energies E-Mobility Ltd. (ATEL) for the supply of AC EV chargers
SPSL will be responsible for manufacturing, supplying and Installing AC EV Chargers at different Airports and other said locations
Collaborated with an international company to enhance its in-house components manufacturing.
SPSL will be constructing a cutting-edge manufacturing facility focused on the production of Power Modules, Control Circuits, and PLCs. The new plant will have an initial annual production capacity of 24,000 power modules & will ramp up its production capacity to 2.4 lakh power modules annually
Solar energy storage
Servotech Secures Order of around 1.2 MW Solar Energy Storage and Grid Connected Systems from Rural Development Department and UPNEDA. Servotech will be responsible for installing multiple 75kW solar-based energy storage systems, designed to provide reliable and uninterrupted power supply across Uttar Pradesh. Additionally, the company will also be designing, manufacturing, supplying, erecting, testing and commissioning 20 kW and 40 kW grid-connected solar power systems, contributing to the state’s renewable energy goals. This order will prove to be essential for overcoming geographical and infrastructural challenges in areas of Uttar Pradesh by enabling a broader reach of sustainable energy solutions and ensuring the penetration of renewable energy into the grid.
Creating new subsidiary “Servotech Sports and Entertainment Pvt. Ltd.”
Servotech aims to capitalize on the sporting fervor, its immense popularity, and global appeal to strengthen its brand presence and connect with a wider audience base. This strategic alignment presents an exciting opportunity for Servotech to extend its reach beyond its industry boundaries and tap into new avenues of success and engagement, establishing itself as not just a leader in the EV charging and solar energy sectors, but also as a prominent player in the sports industry.
Technicals
Technical chart on 21st Aug24
Risks
Consistent Equity dilution, consistent increase in borrowing and Negative cash flows poses risk to company business growth
PE is high and any 2 bad qtrs can screw the returns profile from the current levels
Large capital working requirements is another thing to watch out for
Highly competitive industry both in Solar and EV industry
Delay in projects due to Govt policies or Land acquisition issues
Components import is another risk
Disclaimer – Analysis is NOT a BUY/SELL/HOLD Recommendation. It can be used for educational purposes. There can be lot of things which have been missed in analysis either due to lack of information or oversight etc.. Do your own diligence & contact your expert financial adviser before making any investment decision.
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ALPHA AFFAIRS 