Wealth Solitaire

𝐈𝐧𝐟𝐥𝐮𝐱 𝐇𝐞𝐚𝐥𝐭𝐡𝐭𝐞𝐜𝐡 (Update) A 𝐑𝐚𝐫𝐞 𝐂𝐃𝐌𝐎 / 𝐍𝐮𝐭𝐫𝐚𝐜𝐞𝐮𝐭𝐢𝐜𝐚𝐥𝐬 𝐩𝐥𝐚𝐲𝐞𝐫 𝐥𝐢𝐬𝐭𝐞𝐝 𝐢𝐧 𝐒𝐌𝐄 𝐬𝐩𝐚𝐜𝐞 Main Board quality company on SME platform ✅Promoter quality + Manufacturing facility - Both are TOP Notch Detailed analysis👇🏻 ________________________________ Co is engaged in CDMO (end-to-end right from 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐨𝐟 𝐟𝐨𝐫𝐦𝐮𝐥𝐚) for Nutraceutical brands 🔹𝐒𝐞𝐫𝐯𝐢𝐧𝐠 𝐭𝐨𝐩 𝐧𝐮𝐭𝐫𝐢𝐭𝐢𝐨𝐧 𝐛𝐫𝐚𝐧𝐝𝐬 𝐢𝐧𝐜𝐥: 1. Carbamide Forte (products - superb ratings on Amazon) 2. ⁠ Divine nutrition - one of a well known brand in supplement etc 3. ⁠In talks with ON nutrition (US based- considered one of the top of industry) 🔹𝐕𝐞𝐫𝐲 𝐬𝐭𝐫𝐨𝐧𝐠 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐦𝐨𝐝𝐞𝐥: - Net debt free - ⁠Historical consistent Operating Cash Flows (OCF) to EBITDA of 50-60% - ⁠Continuous capex over last 3-4 yrs funded out of internal accruals 🔹𝐄𝐦𝐞𝐫𝐠𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬 - 𝐂𝐨𝐬𝐦𝐞𝐭𝐢𝐜𝐬 (𝐡𝐢𝐠𝐡𝐞𝐫 𝐦𝐚𝐫𝐠𝐢𝐧) & 𝐕𝐞𝐭𝐞𝐫𝐢𝐧𝐚𝐫𝐲 - Setting up separate lines for these out of IPO funds - Focus is on increasing this contribution from 5% currently to 15-20% in next 3 yrs 🔹Capex from IPO funds : 𝟐.𝟓𝐱 𝐜𝐚𝐩𝐚𝐜𝐢𝐭𝐲 𝐛𝐲 𝐀𝐩𝐫’𝟐𝟔 (9 months from now) - 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐨𝐟 𝟓𝟎𝟎-𝟓𝟓𝟎𝐂𝐫 ✅ 𝐩𝐨𝐬𝐭 𝐜𝐚𝐩𝐞𝐱 🔹Financials/Projections (conservative): FY25: Rev 105Cr ; PAT 13.4Cr FY26E: Rev 175Cr ; PAT 23-24Cr✅ 𝐅𝐘𝟐𝟕𝐄: 𝐑𝐞𝐯 𝟐𝟔𝟓𝐂𝐫 ; 𝐏𝐀𝐓 𝟑𝟖-𝟒𝟎𝐂𝐫 ✅ Margin profile in line with peers like Zeon Lifesciences (unlisted) gives additional comfort 🔹Peer comparison (can check tagged tweet) - 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐚𝐭 𝟔𝟎% 𝐝𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐭𝐨 𝐨𝐭𝐡𝐞𝐫 𝐂𝐃𝐌𝐎 / 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐦𝐟𝐫𝐬 - No direct competitors, covered proxies (CDMO pharma, Nutraceutical brand owners, Consumer contract mfr) _________________________________ Disc: Not a buy / sell reco | DYODD

𝐓𝐚𝐮𝐫𝐢𝐚𝐧 𝐌𝐏𝐒 - 𝐂𝐌𝐏 𝟐𝟓𝟓 (MCap 227 Cr) Sector - Capital Goods 🏭 Taurian is manufacturer of crushers, screeners, etc used mainly in mining, infra, etc ___________________________________ Amazing product and top notch quality (ground checks) 𝐉𝐮𝐬𝐭 𝟑-𝟒 𝐨𝐭𝐡𝐞𝐫 𝐝𝐨𝐦𝐞𝐬𝐭𝐢𝐜 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 & 𝟑 𝐌𝐍𝐂𝐬 𝐢𝐧 𝐨𝐫𝐠𝐚𝐧𝐢𝐬𝐞𝐝 𝐩𝐥𝐚𝐲 (This product requires higher tech / engineering) Taurian is the only these few players having 𝐜𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐭𝐨 𝐝𝐨 𝐡𝐢𝐠𝐡 𝐩𝐨𝐰𝐞𝐫 𝐜𝐫𝐮𝐬𝐡𝐞𝐫𝐬/𝐬𝐜𝐫𝐞𝐞𝐧𝐞𝐫𝐬 (Upto 800TPH)✅ ✅𝐓𝐨𝐩 𝐜𝐥𝐢𝐞𝐧𝐭𝐞𝐥𝐞 - 𝐋&𝐓, 𝐇𝐂𝐂, 𝐓𝐚𝐭𝐚, 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐭𝐨𝐦𝐢𝐜 110,000 sqft state of the art manufacturing facility (unlike majority SMEs having jugadu facilities 2-3 galas of 10,000 sqft each) 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐮𝐭𝐢𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐣𝐮𝐬𝐭 𝟐𝟎% 𝐟𝐫𝐨𝐦 𝐞𝐱𝐢𝐬𝐭𝐢𝐧𝐠 𝐩𝐥𝐚𝐧𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐛𝐢𝐠 𝐡𝐞𝐚𝐝𝐫𝐨𝐨𝐦✅ ___________________________________ Dynamic 2nd gen promoter - he will easily grow the business 70-80% CAGR FY25: Rev 74Cr ; PAT 10Cr 𝐅𝐘𝟐𝟔𝐄: 𝐑𝐞𝐯 𝟏𝟑𝟓𝐂𝐫 + ; 𝐏𝐀𝐓 𝟏𝟗-𝟐𝟏𝐂𝐫✅ FY27E: Rev 240Cr ; PAT 35Cr Capital goods companies with this kind of product line in my view 𝐝𝐞𝐬𝐞𝐫𝐯𝐞𝐬 𝟐𝟓-𝟑𝟎 𝐏𝐄 (𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐚𝐭 𝟏𝟎.𝟓𝐏𝐄 𝐅𝐘𝟐𝟔𝐄 ; 𝟔.𝟓𝐏𝐄 𝐅𝐘𝟐𝟕𝐄) ✅ _____________________________________ Other growth areas: M-Sand machines is a big growth area - with govt moving towards banning of river sand mining, this will gain big traction. Taurian has entire range Superior product quality has opened up export markets - Co expects 40% of revenue from exports next year (was negligible in FY25) Waste processing in another sector which company could explore Note: NOT a buy / sell reco | DYODD

𝐀𝐟𝐜𝐨𝐦 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 (Update) Good numbers H1FY26 performance: Rev: 240Cr vs 150Cr HoH vs 89Cr YoY 𝐏𝐀𝐓: 𝟓𝟓𝐂𝐫🔥 𝐯𝐬 𝟑𝟎𝐂𝐫 𝐇𝐨𝐇 𝐯𝐬 𝟏𝟗𝐂𝐫 𝐘𝐨𝐘 Q1 performance had been out of the park and co has maintained that performance in Q2 ____________________________________ Now key is to track 3rd and 4th aircraft. Expecting these to come in soon 1️⃣Existing capacity: 44 tonnes 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐚𝐭 𝐣𝐮𝐬𝐭 𝟏𝟗 𝐏𝐄 (𝐚𝐧𝐧𝐮𝐚𝐥𝐢𝐬𝐞𝐝 𝐇𝟏) - 𝐭𝐡𝐢𝐬 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐝𝐞𝐬𝐞𝐫𝐯𝐞𝐬 𝟑𝟎-𝟑𝟓𝐏𝐄 BUT, MAINLY, HUGE EXPANSION… 2️⃣By Q4FY26: Capacity 110 tonnes And with fund raise plans in place 3️⃣By Q2FY27: Capacity 220 tonnes 4️⃣𝐁𝐲 𝐐𝟒𝐅𝐘𝟐𝟕: 𝐂𝐚𝐩𝐚𝐜𝐢𝐭𝐲 𝟑𝟑𝟎 𝐭𝐨𝐧𝐧𝐞𝐬 So with 𝟕-𝟖𝐱 𝐞𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧✅ 𝐢𝐧 𝐩𝐢𝐩𝐞𝐥𝐢𝐧𝐞, 𝐁𝐈𝐆 𝐁𝐈𝐆 𝐧𝐨𝐬 𝐩𝐨𝐬𝐬𝐢𝐛𝐥𝐞. Just need patience considering delays due to inherent limitations of this sector DYODD | Not a buy / sell reco

𝐅𝐫𝐞𝐬𝐡𝐚𝐫𝐚 𝐀𝐠𝐫𝐨 (Alpha Ideas meet update) ▪️3rd largest Gherkins exporter. 𝐆𝐨𝐚𝐥 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐞 𝐧𝐨. 𝟏 (𝐥𝐚𝐫𝐠𝐞𝐬𝐭) 𝐛𝐲 𝐅𝐘𝟐𝟕/𝐅𝐘𝟐𝟖✅ ▪️Gherkins taste matters a lot - it is customised for each geography, customer stickiness also higher so not exactly a commodity play, but more B2B consumer play ▪️Currently exporting to 40 countries, plans to take this to 80 by FY27 ▪️𝐖𝐚𝐥𝐦𝐚𝐫𝐭 𝐰𝐡𝐢𝐭𝐞 𝐥𝐚𝐛𝐞𝐥𝐥𝐢𝐧𝐠 𝐭𝐞𝐧𝐝𝐞𝐫 expected next month (Sep’25)✅ ▪️New products like Baby corn, jalapeños, etc have lot of potential and to drive growth _________________________________ Now coming to the numbers (my view)… FY25: Revenue 250Cr ; PAT 29Cr New unit which started in Jan’25, alone has revenue potential of 250-300 Crore✅✅ Currently, running at 45-50% utilisation, with plans to ramp up to 90% by Mar’26 𝐒𝐨, 𝐅𝐘𝟐𝟔𝐄: 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝟑𝟖𝟎𝐂𝐫 ; 𝐏𝐀𝐓 𝟒𝟖-𝟓𝟎𝐂𝐫✅ Further, few inorganic opportunities being evaluated and further capex being planned 𝐅𝐘𝟐𝟕𝐄: 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝟓𝟎𝟎𝐂𝐫 ; 𝐏𝐀𝐓 𝟔𝟐-𝟔𝟒𝐂𝐫 View on Promoter Mr Junaid: Purely focused on execution with a well defined business plan NOTE: Not a buy/sell reco | DYODD

𝐒𝐭𝐚𝐫 𝐈𝐦𝐚𝐠𝐢𝐧𝐠 (𝐔𝐩𝐝𝐚𝐭𝐞) ✅𝐁𝟐𝐁 𝐭𝐢𝐞 𝐮𝐩 𝐟𝐨𝐫 𝟒 𝐧𝐞𝐰 𝐜𝐞𝐧𝐭𝐫𝐞𝐬 to be added over next 6 months ⏩️Also since these will be within the hospital, 𝐢𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐟𝐨𝐨𝐭𝐟𝐚𝐥𝐥. 𝐒𝐨 𝐡𝐢𝐠𝐡 𝐮𝐭𝐢𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 / 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐟𝐫𝐨𝐦 𝐝𝐚𝐲 𝟏 𝐢𝐭𝐬𝐞𝐥𝐟 Star Imaging currently has 4 B2C centres generating 45Crore revenue. 𝐓𝐡𝐞𝐬𝐞 𝟒 𝐧𝐞𝐰 𝐜𝐞𝐧𝐭𝐫𝐞𝐬 𝐨𝐧 𝐁𝟐𝐁 𝐜𝐚𝐧 𝐚𝐥𝐬𝐨 𝐥𝐞𝐚𝐝 𝐭𝐨 𝟏𝟓 𝐂𝐫𝐨𝐫𝐞 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 (assuming these might be smaller ones) After yesterday’s update on B2C centre expansion, now this. Seems like 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐢𝐬 𝐠𝐨𝐢𝐧𝐠 𝐛𝐢𝐠 𝐨𝐧 𝐁𝟐𝐂 𝐚𝐧𝐝 𝐁𝟐𝐁 𝐰𝐡𝐢𝐜𝐡 𝐰𝐢𝐥𝐥 𝐥𝐞𝐚𝐝 𝐭𝐨 𝐛𝐢𝐠 𝐫𝐞-𝐫𝐚𝐭𝐢𝐧𝐠✅✅ Not a buy / sell reco | DYODD

𝐃𝐒𝐌 𝐅𝐫𝐞𝐬𝐡 𝐅𝐨𝐨𝐝𝐬 (𝐙𝐚𝐩𝐩𝐟𝐫𝐞𝐬𝐡) - Update Superb H1 nos H1FY26 performance: Rev 96Cr vs 66Cr YoY PAT 7Cr🔥 vs 2.5Cr YoY 𝐅𝐮𝐫𝐭𝐡𝐞𝐫, 𝐇𝟐 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐞𝐯𝐞𝐧 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐬𝐢𝐧𝐜𝐞 𝐌𝐞𝐚𝐭 𝐜𝐨𝐧𝐬𝐮𝐦𝐩𝐭𝐢𝐨𝐧 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐢𝐧 𝐰𝐢𝐧𝐭𝐞𝐫 (Q3 & Q4) ▶️ FY26E: Rev 220Cr ; PAT 17Cr (vs FY25 Rev 131Cr ; PAT 9Cr) IPO funds full impact in FY27 ▶️ FY27E: Rev 320Cr ; PAT 24-25Cr✅ _________________________________ Profitable D2C with high growth available at very reasonable valuations: FY26 basis: 1.8x revenue ; 22x PE FY27 basis: 1.3x revenue ; 16x PE v/s Exorbitant valuations of other platform / D2C businesses DYODD | Not a buy / sell reco

𝐏𝐡𝐚𝐧𝐭𝐨𝐦 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 (H1FY26 Update) Absolute BLOCKBUSTER set 🔥🔥 Beyond everyone’s expectations. 𝐍𝐨𝐰 𝐚𝐭 𝐣𝐮𝐬𝐭 𝟗𝐏𝐄 𝐅𝐘𝟐𝟔𝐄 𝐛𝐚𝐬𝐢𝐬 In my view, 𝐃𝐞𝐬𝐞𝐫𝐯𝐞𝐬 𝐚𝐭 𝐥𝐞𝐚𝐬𝐭 𝟐𝟓𝐏𝐄: 1. Creative capabilities + super portfolio of brands (Tippett, Milk, etc) 2. Serving Marquee customers directly: Netflix, Marvel, Warner Bros 3. High margin business: 20% PAT 4. Growth outlook of 70%+ (current year 100-120%) ____________________________________ H1FY26 performance: Revenue: 89Cr vs 35Cr YoY vs 64Cr HoH (vs management guidance 65Cr) 𝐏𝐀𝐓: 𝟐𝟏𝐂𝐫 🔥 vs 8Cr YoY vs 12Cr HoH (vs management guidance 13Cr) 𝐀𝐛𝐨𝐯𝐞 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐌𝐢𝐥𝐤 𝐚𝐧𝐝 𝐨𝐧𝐥𝐲 𝟏 𝐪𝐮𝐚𝐫𝐭𝐞𝐫 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐓𝐢𝐩𝐩𝐞𝐭𝐭. 𝐈𝐧 𝐇𝟐 𝐰𝐞 𝐰𝐢𝐥𝐥 𝐬𝐞𝐞 𝐟𝐮𝐥𝐥 𝐓𝐢𝐩𝐩𝐞𝐭𝐭 𝐧𝐨𝐬 𝐚𝐧𝐝 𝐌𝐢𝐥𝐤 𝐧𝐨𝐬. 𝐒𝐨 𝐢𝐦𝐚𝐠𝐢𝐧𝐞 𝐭𝐡𝐞 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 ___________________________________ Market had been discounting / punishing phantom due to not meeting guidances in FY25 - but did not care to understand that entire industry was suffering then due to sudden external factors ✅Now with this performance exceeding guidance big way + huge valuation mismatch, potential for huge re-rating ___________________________________ Industry checks: 1. Big turnaround in VFX is already underway 2. Strong order inflow and very good collections recently Phantom is best poised to benefit with its creative capabilities and especially with recent acquisitions of top studios in US and Europe: Tippett and Milk