Jitendra Singh

Cables and wire sector #Polycab near all time high #KEI near all time high #Apar at all time high #Universal cables near all time high #RR CABEL NEW HIGH Sector is well positioned for excellent move.

Some companies I am researching these days: HFCL: Into Optical fiber cables, telecom & defense. Benefit from DC demand for high fiber cables and interconnect solutions, secured a 1.1bn OFC contract. Expanding defense capabilities via aerospace acquisition & establishing a new ammunition facility in AP. backward integration into preform manufacturing to reduce costs by 15 to 20%. Aarti Pharmalabs: Scaling up high margin cdmo business which recently hit 40 commercial projects and growth guidance of 30-40%. New atali greenfield plant will drive volume growth for cdmo and intermediates into fy27. Xanthine capacity is doubling to 9000 tons by the end of this fy. Gravita India: scaling recycling capacity and diversifying into new segments like lithium ion and rubber. focusing on value added products. long term goal of achieving over 25% volume growth and 35% pat growth. capacity doubling from 3.4 lakh to 7+ lakh MTPA by FY28. Adani ports: hard to replicate business, india's largest commercial port operator. high entry barriers due to strategic port locations and long term concessions. double digit growth being a large cap.

HFCL: Right place, right time "Dene wala jab bhee deta, deta chhappar phad ke" HFCL recently posted blockbuster Q4FY26 results with >100% revenue growth while PAT went from a loss of 84 crores to a profit of 184 Crores AI-led capex boom resulting is abnormally high demand for optical fibers + huge tailwinds in defence & aerospace Recently, I did a post on sterlite technologies: x.com/shiladitya4u/s… While Sterlite is a pure play on optical fiber boom, HFCL is a slightly more diversified conglomerate with the defence & aerospace also poised to become a significant contributor going forward. Lets look into the business in little more details Recorder orderbook of >21000 crores, more than 2X jump, hyperscaler order of $1.05Bn to start execution in Jun-2026 Company is almost operating at full capacity utilization, and continuously expanding capacity as order inflow is too strong. In general, data center OFC is higher margin products, DC interconnects are even more higher margin, they expect DC interconnect to generate 400 cr revenue in FY26 and 800 cr in FY27 conservatively Optical fiber capex- 28 to 34 mn km by Dec 2026, Optical fiber cable capacity 34-39 by June 2026 and 43 mn km by Dec 2026 Preform capex of 580 Cr of 300 T/month (internal requirement is 1000 T/month), to be ready by Apr-2028. 15-20% cost reduction. This is not a near-term trigger. Also, this is a major difference from Sterlite tech. While Sterlite tech makes its own preform, HFCL buys it from external vendors. So, I believe Sterlite hsa even more scope of margin expansion if they are able to execute well. HFCL said they don't have any major impact of Iran war. Though there is price inflation of raw materials, they are easily able to pass the same and they have long term contracts with vendors which are going without disruption Defense & Aerospace Expansion: HFCL is consolidating its defense business under its subsidiary, HFCL Advanced Systems Private Limited (HASPL). Recently HASPL acquired Defsys solutions has 1900+ cr export orders in aerospace & aerostructures, a very high entry barrier business segment. The company has been allotted 1,000 acres of land in Andhra Pradesh to set up a dedicated ammunition facility (artillery shells, grenades etc.) HFCL is currently going through the approval process for electronic fuzes, BMP Tank Upgrades each of which has a very large TAM Overall, defence & aerospace orderbook is 2230 Cr, of which 1930 cr is exports. Defence & Aerspace business is expected to scale up rapidly - from 200 cr in FY26 to 500 Cr in FY27 and 800+ Cr in FY28. Also, this is a higher margin business than their optical fiber business Overall guidance Management has guided for 'atleast 20-25%' revenue growth and 3-4% margin expansion. I think this is conservative if we look at the Q4Fy26 numbers & given the huge orderbook. I won't be surprised if the company shows a growth of 35-40% in FY27. My rough estimates for FY27: 600-750 Cr PAT, which means stock is trading at 25-32 times FY27 EPS Not cheap, not overvalued. But, given the market's craze about hot sectors, I won't be surprised if market gives it high valuations. This is not a buy/sell reco. Please do thorough research before investing.

Every transformer uses multiple bushings, and at EHV and UHV voltage classes, those bushings predominantly use porcelain hollow insulators as their outer envelope. So if bushings are the bottleneck for transformers, porcelain hollow insulators are the bottleneck for bushings. Something I learnt today.

Stocks looking good for next week #Netweb #SCI #GMDC #Mahabank #Datapattern #UniversalCables

Kirloskar Pneumatic - Quietly transitioning into a product-led industrial compounder 🔶️ Transformation underway • From packages (6-8 month cycles) → equipment (4-12 weeks) → faster execution, less lumpiness • Focus on margin discipline, not chasing low-quality growth ➡️ “If we could get an order with the margins we wanted, we took it. And if not, we let it go.” 🔶️ Business Segment Mix • Refrigeration: 40-45% • Process Gas Systems (PGS): 35-40% • Air Compressor Division (ACD): 18-20% 🔶️ Innovation engine kicking in • 57 IP filings in FY26 (128+ total) • New products scaling: >> Tezcatlipoca – centrifugal compressors gaining strong traction >> Khione – refrigeration compressors scaling well >> Tyche – semi-hermetic compressors (new launch) >> Hydrino – oil-free compressor (food/pharma applications) • Target: 10-15% revenue from new products ➡️ “we target that we should have at least 10% to 15% of sales [from new products].” 🔶️ New growth vertical • Zephyros (Air Conditioning) → 10-15% more efficient • Launching in Q1FY27 • Entry into large, volume-driven market 🔶️ Strong demand tailwinds • Domestic: food, chemicals, engineering • Energy: CNG, CGD rollout, hydrogen, biogas • Managing 1000+ CNG stations ➡️ “KPCL is well positioned to capitalize on opportunities… including biogas, hydrogen and coal gasification.” 🔶️ Growth Guidance • Target: 20%+ growth (topline + bottomline) • Long-term aspiration, not just FY27 • EBITDA Sustainable range: 18-20% 🎯 Watchouts • Higher product mix → better margins + predictability • New products hitting 10-15% mix • Zephyros scale-up • Gas cycle recovery 👉 KPCL = Industrial + Energy transition + IP-led growth story 🔴 Disclaimer: No recommendation. For educational purposes only.

Most people still see Navin Fluorine as a normal chemical stock. But Q4 says otherwise! #NavinFluorine #CDMO #StockMarketIndia

Aimtron concall summarise in one line. 550-600 Cr topline in FY27, thats a 80-100% growth. Forward PE lands to 25.

HFCL - Structural Shift Underway | Concall Breakdown The most important shift here is not growth, it’s quality of growth. - HFCL concall, points to a shift in growth quality, led by AI/data center demand (100 to 150 Mn FKM) driving higher realizations and shift to high fiber cables. - Visibility is strong with a ₹21,200 Cr order book (58% exports) and a $1.1Bn deal (Q1 execution). - With ~100% capacity utilization, management is prioritizing execution and selectively taking orders (read: demand strong, capacity catching up), while expansion is underway. - Pricing is supportive but closer to peak levels. - Margins have clearer levers with +3 to 4% expansion expected, driven by product mix (27%→62%), exports (12%→41%), and EPC drag reversal (~₹170 Cr AMC). - Data center interconnect (₹400→₹800 Cr) and defense (~₹2,230 Cr OB, 20 to 25% margins, ~10 to 12% FY27 mix) are scaling as new engines, while preform capex ₹580 Cr (15 to 20% cost benefit, ~2 year timeline, initial 300 tons vs 1,000 tons requirement, aimed at supply control over availability) adds supply control. - Telecom demand is stable post-5G (next major cycle 6G in ~2 to 3 years), with DC demand offsetting the gap. - A strategic restructuring committee is evaluating business separation (no timeline), indicating potential future value unlocking. - Management tone remains conservative (20 to 25% growth) despite strong tailwinds. Overall, transition toward a more diversified, margin-accretive model is visible, execution remains the key monitorable. No Buy/Sell Recommendation #StocksInFocus #StocksToWatch #HFCL #DC #OFC

STL Tech vs HFCL 🔶️ Business Model & Positioning • STL Tech > Pure-play optical + connectivity solutions provider > Fully integrated: Glass → Fibre → Cable → Connectivity → Data Centre solutions > Strong focus on AI data centres & global digital infra • HFCL > Diversified telecom + defence + EPC player > Segments: OF/OFC + Telecom equipment + Defence + System integration > Transitioning from EPC → product-led + defence-driven model 🔶️ Order Book / Visibility • STL Tech > Order book: ₹7,309 Cr > Order intake growth: +110% YoY • HFCL > Total group-level visibility > ₹21,000 Cr+ 🔶️ Capacity & Integration • STL Tech > End-to-end integration incl. glass manufacturing > Global manufacturing footprint > Strong R&D + 780+ patents • HFCL > OFC capacity 34 mn fkm → expanding to 42 mn fkm > Optical fibre: 28 mn → 33.9 mn fkm > Entering preform manufacturing (backward integration) 🔶️ Business Mix & Strategy • STL Tech > High-tech, innovation-led > Focus on AI-era infrastructure > Premium product positioning • HFCL > Shifting: >> EPC → Products >> Govt → Private + exports > Target: 70%+ product revenue (FY27) > Export share rising to ~50% target 🔶️ Differentiation • STL Tech > AI-focused portfolio (Neuralis, HCF, multicore fibre) > Global innovation leadership > Strong positioning in hyperscaler ecosystem • HFCL > Unique combo: Telecom + Defence + OFC > Defence adds high-margin optionality > Large export orders (₹10,000 Cr+ single OFC deal) 👉 Follow @vishan_29 for more updates.

sales are not an issue for ofc .. dont over analyse ..just focus on margins , WC, DEBT.. so focus on execution if I read it correctly OFC are at same level of transformers 3-4 years ago .. STLTECH - 100 - 290 hfcl - 69 - 110 in just last 3 months

Q4FY26 Results – HFCL Ltd Rev. Growth: 127.8% YoY & 50.7% QoQ OP Margins: 17.3% in Q4FY26 vs -4.5% in Q4FY25 PAT Growth: 321.4% YoY & 80.2% QoQ Result Highlights: 1. Margin profile improved meaningfully due to shift towards product-led business and better revenue mix, with increasing contribution from exports and private sector clients. 2. Order book remains strong at ₹21,200+ Cr, providing multi-year revenue visibility across telecom, defence, and connectivity solutions. 3. Export momentum continues to strengthen, with exports contributing ~41% of FY26 revenue, positioning HFCL as a global telecom & OFC player. Key Takeaways: • Massive turnaround quarter with strong earnings recovery • Operating leverage kicking in with margin expansion • Strong demand tailwinds from 5G, data centers & defence • Increasing exports + product mix shift = long-term growth visibility Management Commentary: “FY26 has been a defining year for HFCL, during which we delivered our highest-ever performance, achieving over 21% YoY revenue growth and ~97% YoY PBT growth. Looking ahead, we strongly believe that HFCL is entering a structurally stronger and more predictable growth phase. We are witnessing not only a substantial expansion in our order book but also improvement in its quality, with a higher share of exports, long-term contracts, and high-margin products." Disc: Not a Buy/Sell Recommendation #Q4FY26 #resultupdate

Mr. Rajnath Singh and Mr. Chandrababu Naidu will likely attend the stone laying ceremony at HFCL’s defence factory in Andhra Pradesh.

Modern Insulators @219.. Now one should looking at such companies in this peak pessimisim & downfall.. #dydd #noreco #invested #moderninsulators

Aimtron Electronics' Whole Time Director Sneh Shah joins @MVachhrajani to discuss the company's standout FY26 performance, business outlook, and more.

#stltech Booked almost 5000 Cr OB in Q4. PAT hit by deferred tax otherwise 100 Cr Won first order under G654 segment pave way for submarine cables. Next Q Open OB is 1450 Cr means next Q1 revenue would be 1900-2000 Cr. Enjoy the rally.

Sterlite Technologies - Q4FY26 Concall Notes Margin story is the most important thing to track here. EBITDA margins at 13.5% up ~400bps QoQ. Management is guiding 20% by Q4FY27. Order book at ₹7,309 cr (+67% YoY). Inflows at ₹7,687 cr (+109% YoY) for FY26. ₹1,468 cr executable in Q1FY27 alone. North America went from 25% to 39% of revenue in one year. Europe at 40%. Together, that's 79% of revenue from outside India. This is no longer a domestic telco play. On the AI angle, STL launched Neuralis, a DC-specific cable portfolio (pre-terminated trunks, IBR cables up to ~7,000 fibers, local manufacturing in South Carolina). The 400G to 800G/1.6T shift is where copper hits its physical limit. Fiber's addressable market in AI DCs is not linear — it expands as rack density and data rates go up. Hollow-Core Fiber (India's first), G.654.E for ultra-long haul DCI, Multi-Core Fiber delivering 4-7x capacity. If even one of these gets commercial traction at scale, the revenue-per-km math changes significantly. Enterprise/DC segment at 19% revenue share in FY26, expected to be at 30% by FY27. Net debt at ₹1,128 cr, net debt/EBITDA at 1.3x. Targeting below 1.2x. QIP approval is enabling, not imminent. Tariff reduction from 50% to 15% is a Q1FY27 tailwind. Anti-dumping appeal filed Sep'25. Potential US refund of ₹100 cr+ being pursued - not in estimates anywhere. Raw material risk on germanium and helium, management mentioned that availability improves QoQ. STL Digital: ₹284 cr revenue (flat YoY), EBITDA turned positive at ₹3 cr. 35 clients. Not the story here yet. Core thesis to track: STL is transitioning from a commodity cable supplier to a solutions provider for AI-era infrastructure. If they don't, the valuation conversation gets harder. North America OFC demand expected at 15% CAGR through 2030. Global OFC market share ex-China stable at ~8%.

Time Technoplast: Becomes first Indian company to receive approval for 250-litre high-pressure Type IV composite hydrogen cylinders

Sterlite Technologies Ltd Q4FY26 #Q4FY26 #Stockmarket #Nifty #sterlite ➤ FY26 Revenue ₹4,745 Cr (+18.8% YoY) ➤ EBITDA ₹628 Cr (+38.94% YoY) with ~13.2% margin ➤ Q4 Revenue ₹1,441 Cr (+36.98% YoY & +14.7% QoQ) ➤ Q4 EBITDA 218 Cr (+49.32% YoY) ➤ Delivered a consistent sequential improvement in EBITDA margins for the sixth consecutive quarter, driven by higher utilization and improved product mix ➤ Order book ₹7,309 Cr at FY26 end ➤ FY26 Order intake surged ~110% YoY ➤ Large projects across North America, Europe, and India ➤ AI Data Centre (AI-DC) business emerging as core growth engine ➤ Focus on AI-ready digital infrastructure & hyperscaler demand ➤ Partnerships with Colt, Netomnia, Mynet, SLICFiber, Swoop ➤ Strong traction across US, UK, Europe, Asia ➤ 780+ patents demonstrating strong R&D capability ➤ Key innovations: ✓ Neuralis: AI Data Centre connectivity suite ✓ Hollow Core Fibre (HCF): ~46% faster, ultra-low latency ✓ Multi-Core Fiber (MCF): higher data capacity ✓ CONCAT: plug-and-play connectivity solution ✓ Expanded IBR portfolio for faster deployment ➤ Management Commentary ✓ FY26 described as “transformative” ✓ Strong positioning via end-to-end control (glass → AI data centre) ✓ Focus on hyperscalers, high-capacity networks, and AI infrastructure

JNK India - India's leading combustion equipment company 🔶️ Key Offerings • Process fired heaters, reformers, cracking furnaces (71% rev) • Flares & incinerators • Hydrogen systems & solar EPC • Special fabricated equipment (via JV) 🔶️ End Market Exposure (9M FY26 Revenue) • Petrochemicals: 58.35% • Refining: 29.6% • Steel: 6.9% • Chemical & Pharma: 4.3% 🔶️ Order Book & Revenue Visibility • ​Order Book as of 1st Jan: Rs. 1,761 Cr • Order for Cracker Furnace in Mar'26 - 300-600 Cr • Total Order Book - ₹1,900-2,100 Cr (4x-5x FY25 revenues) 🚀 • Avg. Execution time - 2-2.5 years 🔶️ Key Projects & Bidding Pipeline ✔️ Ongoing Execution ➡️ BPCL Bina Refinery (₹1,050 Cr) • Execution underway; negligible revenue booked so far • ~3–4% revenue expected in Q4 FY26 • ~50–60% execution in FY27 🔥🔥 • Additional ₹400–600 Cr likely from same contract in next 2 quarters ➡️ HPCL Project • Completion targeted by March (FY26 end) ➡️ Reliance Project • Execution to extend into Q1 FY27 ✔️ Near-to-Medium Term Pipeline ➡️ Dangote Refinery, Nigeria • EPCM signed with EIL & RFQ expected in 1-2 qtrs. • Order finalization: Q3 FY27 • Opportunity: > Fired heaters (~₹2,500 Cr) > 4 reformers (~₹270-360 Cr each) ➡️ Middle East Waste Gas Handling • Opportunity size: ₹200–250 Cr • Finalization expected in 2–3 months ➡️ Domestic Clean Fuel Project • Opportunity size: ₹200–250 Cr • Finalization expected in 2–3 months ✔️ Total Opportunity Size (if all convert) - atleast ₹4,000 Cr 🔥🔥 🔶️ Capacity Utilization • Current utilization is around 70%, primarily constrained by engineering manpower • Mundra facility (5K MT capacity) is underutilized currently due to a low export mix but is expected to scale with the incoming Dangote and Middle East orders 🔶️ Management Guidance • Maintained FY26 revenue growth guidance of ~40% 🔥 • EBITDA margins are expected to be sustained in the 13-14% range • Can do ₹1,000 Cr revenues in FY27 👉 Follow @vishan_29 for more updates. No reco. DYDD.