Kartik 📟

Indegene , part 2 of the detailed research note and our perspective on the company is now live folks , do give it a read a lot of differentiated insights that separates from the consensus ! Thanks for all your kind words on Part 1 , you all will find even more value in part 2 @logical_traderr Arvind has been a phenomenal partner to work with , we are just starting ! Link below @valueequityin/note/p-195728316?utm_source=notes-share-action&r=7dokv9" target="_blank" rel="nofollow noopener">substack.com/@valueequityin…

A cheap stocks PE can go up post results, and for what looks expensive. The PE can go down post results. Always form an opinion on Rate of change and EPS growth vs just looking at TTM PE alone in isolation. PE isn't valuation

@Iyervval Both seem to be having constipation

Most iconic image of the election

@ReshadFCB Excuses by Laporta , problem is 1:1

🚨 JUST IN: Bastoni is waiting for Barcelona to make a proposal to Inter so he can speak with its management. He has already said YES to a contract till 2031 and awaits his dream move. Barça says 3 things: 1) Priority is a forward, 2) Flick must give the final OK, 3) Difference to sort in price valuation. @martinezferran #Transfers 🇮🇹

@Barca_Buzz Sevilla getting relegated would be a delight

The relelgation battle in La Liga is going down to the wire.

@FCBarcelona Happy Birthday bro 🎂

Birthday boy! 🥳

Congratulations India for throwing the communists out of all state governments for the first time in 59 years. As votes are counted today, it has become apparent that the communists will lose power in Kerala. The commies are out of power across India for the 1st time since 1967

We need to understand opportunity cost of capital when trying to be contrarian, if the contrarian bet has no timeline of playing out , always remember in a market like India where there are always multiple high growth companies you will loose out on returns and growth Contrarian bets are okay when the optionality is in your favor where the odds are significantly stacked up in your side that the probability of making money is the highest and the payoff big enough to justify the holding period cost of being contrarian The return has to match if not exceed the rate of time to get them , otherwise contrarian theme wont be in your favor

A little boy from Rosario changed the politics of West Bengal Forever My Goat 💜

First order of business Put a new clean coat of paint Last time the city was painted was in 1947

#OnCNBCTV18 | CDMO biz sales expected to ramp-up in FY27, expect gross margin to remain steady Current investments are comfortable. Co de-risking by sourcing materials more efficiently. Expect employee strength to go beyond 10,000 Satyanarayana Chava, #LaurusLabs to CNBC-TV18

@AdityaRajKaul 😭

Social media influencer and mimicry artist, Ratan Ranjan, dresses up as West Bengal CM Mamata Banerjee and carries a plate of 'jhalmuri' to the BJP HQ.

@RohitDu48986022 Chup bsdk

Precision Engineering and High demand categories across Energy , Aerospace , Medical Systems and Semiconductor In this forging capabilities and regulatory edge is big item to watch with certifications depth and financial ability to re invest into higher value chains , we have seen lot of auto ancs migrate higher into precision engineering

Timepass talk on Sunday 1. India’s Maritime Push: A Long-Term Story, Not an Easy Trade India currently accounts for less than 1% of global ship-owning capacity, and the country pays an estimated $75–90 billion annually to foreign shipping companies as freight. This outflow is significant, broadly comparable in scale to India’s annual defence expenditure. This imbalance exists because only ~5% of India’s EXIM cargo is carried on Indian-flagged vessels, while the remaining ~95% is handled by foreign fleets. To address this structural gap, India has set an ambitious target to break into the top five ship-owning nations by 2047, which, as per government estimates, would require investments of around $350–400 billion over time. As an initial step: India added ~90 vessels to its fleet in FY26, including both coastal and overseas vessels. The government is planning to float tenders for ~60+ vessels in FY27, with a portion already initiated. The Ministry has also aggregated long-term domestic demand of ~400+ vessels by FY42, indicating sustained visibility for the sector. Policy intent is clearly shifting toward indigenization of shipbuilding: “Our effort is that these orders should go to domestic players. Currently, large vessels like VLGCs and VLCCs are not manufactured in India. We aim to develop such capabilities domestically and reduce dependence on foreign shipyards.” - Ministry of Ports (senior official) That said, execution remains the key monitorable, especially in building capabilities for complex vessels (like VLCCs/VLGCs), where India currently has limited presence. We have to rely on MNC JVs. Bottom line: The direction is clear, India wants to reduce freight outflows, build domestic capacity, and increase fleet ownership. This creates a multi-year opportunity, though it will likely play out gradually rather than in a straight line. Key investable buckets: Shipbuilding yards – e.g., Cochin Shipyard, Mazagon Dock Shipbuilders Limited, Swan could be the wildcard! Ancillary / repair ecosystem – e.g., Knowledge Marine & Engineering Works Shipping / fleet operators – e.g., Shipping Corporation of India Don't forget: Despite strong tailwinds, shipbuilding is a non-linear business, marked by long gestation, lumpy revenues, margin volatility, capacity and execution constraints, policy-to-reality gaps, working capital intensity, and global cyclicality, making timing and expectations critical. 2. Anlon Technology Imagine a fire emergency on the 32nd floor of a luxury high-rise or a sudden power failure in a crowded mega-mall. In such moments, the reliability of specialized engineering is not just important, it’s critical to life and safety. That’s where Anlon Technology Solutions comes into play. A couple of years ago, this was the talk of SME-town, a company transitioning from a commission-based model to manufacturing. As the SME segment went through its rough patch, this company inevitably felt the impact as well. Anlon provides high-precision firefighting, rescue, and critical infrastructure equipment that keeps India’s increasingly dense urban ecosystems safe and operational. With the commissioning of its Doddaballapur facility, the company is transitioning from a service-led model to a more manufacturing- and assembly-driven business, positioning itself as a meaningful participant in India’s infrastructure and “Make in India” push. What the company does Anlon is a niche player manufacturing and assembling: Advanced runway rubber removal machines Firefighting and rescue vehicles Specialized infrastructure equipment Its clientele includes: Airports (~80% of revenues) and Municipalities, refineries, and others (~20%) It's a natural beneficiary of: Airport expansion, Urban infrastructure growth and “Make in India” push Revenue mix By product - Firefighting equipment: 65–70% Runway rubber removal machines: 25–30% By business model (evolving) - Direct sales (manufactured/assembled): 40–45% and Spare parts + AMC: 35–45% Business evolution (clear shift underway) Mar’24: Commission (5–15%), AMC (30–40%), Spare parts (40–50%) H1 FY25: Commission (5–15%), AMC (35–40%), Spare parts (35–40%), Direct sales (10–15%) H2 FY25: Commission (5–10%), AMC (30–35%), Spare parts (25–30%), Direct sales (25–35%) H1 FY26: Commission (5–10%), AMC (20–25%), Spare parts (15–20%), Direct sales (45–55%) Debt-free balance sheet, Niche, specialized segment with high technical barriers Key concerns / risks Working capital intensive (high inventory + receivable days) Cash flow conversion needs improvement Low float (~1,200 shareholders) → potential liquidity concerns 3. SEDEMAC: Powering ISG Intelligence Behind India’s Silent Start Engines So what exactly is ISG? ISG stands for Integrated Starter Generator. Traditionally, a petrol engine needs two separate electrical machines to function. A Starter Motor: Used only for a few seconds to "crank" the engine and get it running. An Alternator (Generator): Once the engine is running, this spins to charge the battery and power the lights/electronics. An ISG combines these two into one single unit mounted directly on the engine’s crankshaft. It acts as a motor to start the engine and then seamlessly switches to being a generator once you're moving. If you’ve noticed newer scooters (like TVS Jupiter) starting instantly without the typical “kr-kr-kr” sound, that’s ISG in action. To make an ISG work, a computer needs to know the exact position of the motor's internal parts (the rotor) to send electricity at the right micro-second. Most companies (Bosch, Continental) use physical sensors (called Hall sensors) inside the engine to track this. Sensors are prone to breaking due to engine heat and oil. Sedemac wrote a complex mathematical algorithm that "guesses" the position by reading electrical feedback instead of using a physical sensor. That's deep tech! Sedemac Mechatronics is a specialist in the design, manufacture and supply of advanced control‑intensive Electronic Control Units (ECUs) for mobility and industrial applications. Its product portfolio consists of Integrated Starter Generator (ISG) ECU, Electronic Fuel Injection (EFI) ECU, ISG+EFI ECU, EV motor controllers, and Genset Control Units. The company commands 35% market share in India’s ISG ECU segment for 2W/3W vehicles and 75–77% share in the Indian genset controller market for 9MFY26. Company has 12 granted patents and 11 more in the approval stage. They spend abut 7-10% of their revenues on R&D. Its key clientele includes TVS Motor, Hero MotoCorp, Bajaj Auto, Mahindra, Kirloskar Oil Engines, and Generac. Primary risk is, The Top 10 customers contributed 98.7% of revenue in 9MFY26 and TVS Motor alone is responsible for 75-80% of revenues! Though they have electric vehicle (EV) offerings, it's largely tied to products for ICE vehicles. While FY26 results are yet to be out, the recent business update indicates that sales of control-intensive ECUs grew ~60% YoY, pointing to a strong Q4 performance. FY25 PAT was 47cr, so, if I assume 80cr PAT for FY26, it is still at 100 P/E! It will probably remain like that! 4. Acutaas Chemicals - Peakness of margins or middle of an incredible story!? Acutaas has reported exceptional numbers, with EBITDA margins expanding from 23% in FY25 to 36% in FY26, a jump that few would have anticipated. Even more striking is the recent trajectory: margins over the last three quarters have come in at 31%, 38%, and 42%, highlighting a sharp improvement in operating leverage and business mix. Driven by strong traction in the CDMO segment, the Advanced Pharmaceutical Intermediates business delivered 44% YoY growth in Q4. While one product is already scaling well, four additional products are in the pipeline, with validation completed and regulatory approvals awaited. These are expected to start contributing from FY27 onwards. Overall, the company appears to be on track to achieve its ambitious ₹1,000 crore CDMO revenue target by FY28. In the Battery Chemicals segment, Acutaas has already commercialized its first two products, with two more expected to go commercial in FY27. Importantly, the company has secured contracts covering the entire planned volumes for the next couple of years, providing strong demand visibility. As a result, this segment should begin meaningfully contributing from FY27 onwards. Semiconductor segment has stated to gain traction. This should play well for FY28. Management is guiding for ~25% growth in FY27, and historically, they have tended to outperform their own guidance. Assuming margins sustain at current levels, FY27 EBITDA could exceed ₹600 crore. At current valuations, this translates to roughly 35x EV/EBITDA, which is by no means inexpensive. As a reference point, Divi's Laboratories has historically commanded 40x+ EV/EBITDA multiples, largely due to its ability to sustain consistently high margins. In comparison, Acutaas today not only matches, or even exceeds, Divi’s current margin profile, but is also delivering far superior growth. While some moderation is inevitable over time, that phase may still be a couple of years away, supported by strong tailwinds from CDMO, Battery Chemicals, and Semiconductor segments. Given this backdrop, it is reasonable to expect elevated valuation multiples to sustain in the near term. 5. Vimta Labs – A Delayed Story or a Broken One? Back in Jan’25, @drgsrk2006 presented this idea at the Hyderabad Investing Enthusiasts meet. In less than six months, the stock doubled, rewarding investors. The core thesis then was - FY26 revenues of ₹450–500 crore with PAT of ₹90–100 crore. Fast forward to 9M FY26, revenues stand at ₹299 crore with PAT at ₹57 crore, well below market and investor expectations. Unsurprisingly, the stock corrected sharply, slipping below ₹400 in March and now hovering around ₹450. In hindsight, the stock price had run ahead of fundamentals, only to realign once the earnings trajectory failed to keep pace. Q3 faced a few transient headwinds, including facility restructuring and a temporary slowdown in clinical research order inflows. However, Q4 is expected to see a strong rebound, with revenues estimated in the range of ₹100–125 crore, aided by the catch-up of deferred revenues from Q3. With results around the corner, this becomes a stock worth tracking at current valuations. Here are the key things to watch for in the Q4 results/concall: Seasonal Tailwinds - The food testing division typically sees its highest numbers in Q4 due to seasonal demand. Revenue Catch-up: Revenues deferred from Q3 due to operational delays are expected to be realized. Capacity Utilization: The Electricals & Electronics division recently qualified a second EMI/EMC testing chamber, which will support growth as the existing chamber was already at 80-85% utilization Biologics Launch: FY27 will be the maiden year for biologics contract research and development services. The facility is on track for commercialization by Q1 FY '27. That's all for this edition. Have a great Sunday! Disclaimer: None or buy or sell recommendations. This publicly available information is shared for learning and education purposes

Leonardo DiCaprio is the person who has given the Internet the most memes.

What did I read this week 1. On April 20, the President of USA signed the Presidential Determination 2026-10, a Defense Production Act (DPA) Section 303 determination for grid infrastructure, equipment, and supply-chain capacity. Thereby, officially classifying conductors, transmission lines, transformers, substations, high voltage lines & capacitors & CRGO core used in transformers as items which are essential to national defence. The current waiting for distribution transformers in USA has gone to 13 months vs the historical average of 3 months & for power transformers the lead time is 42 months vs the historical average of 15 months. This trend is visible financially in order book of GE Vernova, Eaton, Bloom energy & the GRID ETF. For EATON the order book increased by 16% YOY in Q4 results. Primarily driven by Data centre and demand for other electrical goods. For GE Vernova the Quarterly order book increased by 71% YOY, & back logs for GAS turbines has gone to 100 GW. 2. India's power demand hit a record high of 256.1 GW on April 25, 2026, driven by intense early summer heatwaves and economic growth. This peak demand surpassed the 250 GW record from May 2024, with expectations to reach 270 GW+ soon. The grid successfully met this surge using increased coal-fired generation and solar energy. Increased cooling needs (air conditioners) during April-June are the primary drivers for surging power usage. 3. Something which I do on every weekend is to check the list of industries which are strongly outperforming the benchmarks and displaying relative strength from here:- stockscans.in/market-scans The two industries apart from power sector that caught my attention were the Metals and mining space & the capital markets. For case study I will cover one business from each sector briefly- A) Post Vedanta's demerger. The Aluminium business & Power business will be worth tracking. The Aluminium business will have higher captive consumption of Bauxite going forward from FY27 which can increase their ebitda margins. In the power business this year they have commissioned around 1.6 gigawatt of capacity at Athena, Meenakshi. So, total capacity as of now up and running is 4.2 gigawatt. This is expected to go to around 4.8 gigawatt by end of H1 of the next year. Long term plan in place is to put additional 10 to 12 gigawatts of power capacity. B) Nippon India Asset management: Nippon is a market leader in ETFs with 21.4%+ market share and many ETFs like Gold bees, Nifty Bees, Silverbees etc have the highest trading volumes. ETFs funnily is a business with network effects. More volume=more investors=More liquidity=lower impact cost=better reflection of underlying assets value=more investors=lesser impact cost=more liquidity. Passives as a category is growing at 30%+ since last 5 years in India. Worth studying. 4. Eli Lilly posted a big beat-and-raise in Q1’26, with 56% revenue growth and EPS up >150% driven mainly by explosive GLP‑1 demand in diabetes/obesity. Growth was volume-led despite pricing pressure, and management raised full-year revenue and EPS guidance, underscoring confidence in multi‑year GLP‑1 upside. An oral GLP‑1 (Foundayo) approval plus strong retatrutide and other late‑stage data deepen the pipeline, but investors should still watch U.S. pricing/regulatory risk and Lilly’s ability to keep scaling manufacturing to meet unprecedented demand. Dr. Reddy’s just secured Health Canada’s first-ever approval for a generic Ozempic (semaglutide) injection, opening a key G7 beachhead for its global GLP‑1 strategy with a May launch window and aggressive pricing expected. Behind the scenes, OneSource Specialty Pharma is the CDMO workhorse scaling and manufacturing the formulation from its US‑FDA approved Bengaluru facility, while Shaily Engineering supplies the high‑volume GLP‑1 injector pens that will carry not just Dr. Reddy’s semaglutide, but potentially multiple global GLP‑1 generics over the next few years. 5. AUTO continues to fire: Auto Volumes Apr’26: ▪️ PVs:Domestic Industry volumes grew ~20% YoY led by Maruti (+32%) and Tata Motors (+31%). Maruti witnessed broad-based strength across UVs, compact and mini segments. Hyundai (+17%) and M&M (+8%) reported relatively moderate growth, while Toyota continued to outperform (+21%). ▪️ CVs: Domestic CV volumes (ex-AL) remained healthy (+16% YoY) supported by infra-led freight movement. Tata Motors outperformed significantly (+28%) driven by strong SCV/pickup demand (~40% growth). VECV and M&M LCV grew 9% and 7%, respectively. ▪️ 2Ws: Domestic 2W volumes (ex-Bajaj) grew ~30% YoY led by Hero MotoCorp (+85%) and Royal Enfield (+37%). TVS grew 8% with strong EV traction (+36%), though motorcycle volumes remained impacted by supply constraints. Exports grew 19% YoY but remained mixed across OEMs. 6. CDMOs like Navin & Acutaas had a strong finish to the financial year 26. Both of their CDMO business growth is led by Darolutamide & launches of new CDMO molecules. For Navin, the CDMO business crossed 541 crore of revenues and they are guiding for $100 Million in FY27. For Acutaas they maintain their guidance of 1000 crore CDMO revenue for FY28, and encouragingly the Semiconductor chemical business reported solid margins and growth after multiple Quarters of destocking. They are doing a capex of nearly 200 crores for setting up the Semiconductor chemicals plant in South Korea. 7. The capital markets index is a rising part of the NSE 500 index and its share in the NSE 500 has grown from a mere 0.1% 10 years ago to 0.84% 5 years ago, and now stands at over 2.5%. The number of companies in the capital market segment increased from just 3 companies 10 years ago, to 10 companies 5 years ago, and now stands at 18 companies as per MOSL's concall. There are tonnes of more learnings and I will keep sharing them as the results season has just started. Do let me know in the comments section if you loved these learnings and will like for us to continue this series :)

Welcome, Leo 😎 #F1 #MiamiGP

@Barca_Buzz @OriolJove 🧿

📊| Pedri last night became the youngest player ever to start 200 matches for Barcelona. Pedri - 23 years and 159 days. Lionel Messi - 23 years and 227 days. Xavi - 24 years and 44 days. Via: @OriolJove

@Barca_Buzz Ref was a jerk, he tried his best to ruin our game, max 4-5 mins is what was apt

🎥 - Fermín’s reaction when he saw that 8 minutes were added at the end of the game.