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JD Cables Limited The Bull Thesis JD Cables combines stellar return efficiency with structural catalysts - specifically its ₹407 Cr highway electrification order and the upcoming Dankuni plant capacity doubling. (1/11) #CableStocks #ElectricalStocks #ShareMarketIndia #StockMarketIndia

Antique || KEC International Outlook remains optimistic; Margin trajectory remains key monitorable We recently attended KEC International's analyst meet, where the management emphasized its positive outlook on the upcoming business opportunities across segments, mainly driven by the domestic T&D, Civil business and cables. The company continues to guide for a healthy FY27 topline growth of 12-15% (led by strong order book + L1 position of INR 400bn, healthy domestic T&D growth, turnaround in civil business, and scale up in cables and renewables); however, the on-going supply chain bottlenecks could impact margins in the near term. Nevertheless, given multi pronged approach to improve the quality of earnings coupled with the prevailing tailwinds in the end markets it operates in, we bake in healthy 35% earnings CAGR over FY25-28E. We retain our FY27/28 EPS estimates with unchanged target price of INR 581 based on 14x FY28E EPS. #KECInternational #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Antique || Venus Pipes and Tubes Strong domestic sales aid growth; new capacity commissioned Venus Pipes and Tubes reported 4QFY26 standalone revenue of ~INR 3.0 bn (8.5% below our and 3.5% below consensus estimates due to lower exports). 4Q revenue increased by 17.1% YoY and 1.9% QoQ, aided by higher domestic sales, partly subdued by lower export sales (geopolitical tensions including West Asia conflict). Domestic revenue grew by 47.3% YoY and 5.5% QoQ to INR 2.1 bn and constituted 70.9% of 4QFY26 revenue (vis-à-vis 56.4% during 4QFY25). Standalone EBITDA at INR 494 mn (11.0% below ours and 4.4% below consensus estimate) increased by 18.7% YoY and 1.1% QoQ; EBITDA margin improved by 23 bps YoY to 16.3% (as against 16.1% in 4QFY25) but declined by 12 bps QoQ (as against 16.5% in 3QFY26), impacted by higher input costs. Adjusted PAT came in at INR 253 mn, higher by 6.8% YoY but lower by 3.6% QoQ, impacted by higher interest and depreciation expense. In May'26, the company commissioned additional seamless tubes capacity (incl. 6,000 MTPA of mother hollow pipes), taking total capacity to 48,000 MTPA (incl. 27,600 MTPA of welded and 20,400 MTPA of seamless tubes). The company has also commissioned fittings capacity, which is expected to aid revenues and margin. Management guides for a 20% YoY volume growth along with an EBITDA margin of ~17% in FY27, aided by new seamless and fittings capacities ramping up, and resilient domestic demand (INR 4.5 bn order book and higher infrastructure capex allocation in FY27 Union Budget). We revise our estimates in line with FY26 performance and management guidance, leading to a 6% reduction in FY27 EPS estimates. Maintain a BUY rating with a TP of INR 1,593 (no material change vs INR 1,592 earlier) at a target FY28E P/E multiple of 17x. #VenusPipesandTubes #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Antique || Aditya Birla Fashion and Retail Operating leverage aids profitability ABFRL's 4QFY26 performance was a beat on estimates on the profitability front. Revenue growth was largely driven by revenue/LTL growth of 19%/ 14% YoY in the Pantaloons segment, while the Ethnic business grew by 3% YoY. TMRW continued its strong momentum with 46% YoY growth, alongside a gradual improvement in profitability, while luxury retail delivered double digit revenue growth. The quarter witnessed steep GM contraction, likely due to higher EOSS. However, EBITDA margin contraction was lower on account of lower operating expenses. EBITDA margin for Pantaloons expanded slightly, led by operating leverage, while expansion in the Ethnic portfolio was driven by improved profitability in key brands (Luxury brands and TCNS). To counter 3-4% raw material inflation, ABFRL is evaluating price hikes of 5-8% in 2HFY27. Management remains watchful of potential demand compression due to inflation/price hikes in the 2HFY27. We increase our FY27-28E estimates by 13-24% to account for improving growth in Pantaloons. Maintain HOLD recommendation with a SoTP-based TP of INR 65 (previously INR 63) on FY28 estimates. #AdityaBirlaFashionandRetail #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Antique || Star Cement Profitability peaked-out amidst rising competition Star Cement's (STRCEM) 4QFY26 EBITDA at INR 3.15 bn (up 20% YoY) was above our/ consensus estimates by 4%/ 10%, led by lower than expected costs. Volumes, including clinker sales at 1.73 mn MT, rose by 13% YoY while realization, including incentives, remained flat QoQ, both largely in-line. Accordingly, STRCEM recorded EBITDA/ton of INR 1,818 (up 6% YoY) vs. our estimate of INR 1,732. Management has indicated cost inflation to impact costs by ~INR250-300/t in 1H; however, price hikes taken post 4Q are expected to partially offset the impact. Increasing competition in the North East, lower incentives accruals owing to GST reductions and diversification in the North markets may be a drag on overall profitability/ return ratios. We have maintained our FY27-28E EBITDA estimates while retaining our TP of INR 240 based on unchanged 10x FY28 EV/EBITDA. Maintain HOLD. #StarCement #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Antique || Hitachi Energy India Geared for Growth We recently attended Hitachi Energy's (HEI) analyst meet, whereby management shared optimism on the company's business outlook, given strong T&D capex opportunities arising both in India and globally. HEI highlighted five key demand drivers along with its capabilities and offerings developed to tap business opportunities emerging from the theme, expected to play out in near-to-medium term. To support future growth, the company has planned capex of INR 40bn over the next four years aimed at strengthening infrastructure and execution capabilities. We believe HEI is well positioned to benefit from the INR 7.9 trn T&D capex lined up by the Ministry of Power, however given premium valuations we down grade the stock to HOLD with revised target price of INR32,490 (earlier target price of INR24,464), valuing the company at 70x (earlier exit multiple of INR 55x) FY28E EPS of INR464. #HitachiEnergyIndia #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Nuvama || FORTIS HEALTHCARE Routine show; Jaipur, Mulund improve Fortis’s Q4FY26 revenue beat consensus estimate by 2% while EBITDA/adjusted PAT were in line with estimates. Hospital revenue grew 19% YoY (volume-led) with margin at 22%. Agilus delivered a strong performance with 12% YoY growth. Fortis is well-positioned to deliver revenue/EBITDA CAGR of 15%/23% over FY26–28E, driven by: i) strategic bed expansion plan with most additions via brownfield projects; ii) operational turnaround in existing hospitals; and iii) continued recovery and growth momentum at Agilus; Fortis’s proactive pursuit of M&A opportunities remain an upside trigger. Retain ‘BUY’ with an unchanged TP of INR1,145. At CMP, the stock trades at 29x/23x FY27E/28E EV/EBITDA. #FORTISHEALTHCARE #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Nuvama || J K CEMENTS Strong volume growth JK Cement (JKC) reported robust grey cement volume growth of 14% YoY in Q4FY26 and 17% YoY in FY26. Grey cement realisation inched up ~3% QoQ. Blended EBITDA/t contracted ~20% YoY to INR1,010. JKC has commissioned 3mtpa split GU in Bihar, taking total grey cement capacity to 32.3mtpa. Management is targeting double-digit volume growth in FY27E. Geopolitical issues have led to volatility in costs, compelling us to cut FY27E/28E EBITDA by ~12%/7%. JKC’s consistent volume growth, efficiency improvement and superior RoEs make it an attractive bet. Retain ‘BUY’ with a revised TP of INR7,034 (INR7,438 earlier) based on 19x Q4FY28E EV/EBITDA. The stock trades at 15.3x FY28E EV/EBITDA. #JKCEMENTS #Indiastocks #Investment #StocksAnalysis #StocksUpdates

Nuvama || CENTURY PLYBOARDS Another round of capex announced CPBI’s Q4FY26 revenue shot up 25% YoY led by 23%/39%/142% volume growth in plywood/MDF/particle board. Furthermore, recovery in laminates continued with revenue growth at 16% YoY and EBITDA margin at 11.4% (up 240bp QoQ). Despite high depreciation and interest, higher other income propelled PAT higher by 54% YoY. The company has announced capacity expansion in plywood (120k CBM) and particle board (240k CBM)/MDF. We believe with fresh capex coming up, Century is poised for growth and eventual market share gains. We maintain ‘BUY’ with a revised TP of INR1,096 (earlier INR1,027) at Q4FY28E EPS. The stock currently trades 39x/29x FY27E/28E consensus EPS. #CENTURYPLYBOARDS #Indiastocks #Investment #StocksAnalysis #StocksUpdates

ENERGY ACCESS IS ESSENTIAL TO HUMAN DEVELOPMENT

Indian Aesthetics and Decoratives TAM mix (%)

Nuvama || SUZLON ENERGY Execution in-line; future visibility fades Suzlon’s Q4 execution was 830MW (estimate: 875MW) with 17.5% EBITDA margin (estimate: 17.7%), resulting in in-line PAT of INR11bn aided by DTA adjustments. Management highlighted WC strain due to PSU order execution and delayed commissioning while remaining non committal on execution growth over the next two years with scale-up expected through improved EPC mix and export optionality. SUEL expects additional DTA creation of INR30–35bn on past losses (factored in SotP). We cut FY27E/28E EPS (2%/4%) as we increase interest costs on WC strain. Downgrade to ‘HOLD’ with an unchanged TP of INR55 (due to limited future visibility) based on 30x FY28E (WTG + F&F EPS) plus DCF of O&M. The stock trades at 29x FY28E EPS. #SUZLONENERGY #Indiastocks #Investment #StocksAnalysis #StocksUpdates

ROAD TO ₹1000 CRORE & CAPEX Management is targeting a consolidated revenue of ₹1,000 Crore within the next two fiscal years (FY27–FY28). To achieve this, they need ₹160–170 Crore in capital over the next 2-3 years, and are guiding for an equity fundraising round in the next 6 to 12 months. Watch this space carefully ! Strategic Roadmap • Double capacity via the Dankuni plant by March 2026. • Execute ₹515 Crore total outstanding EPC and manufacturing order book. • Maintain 15-16% margins in manufacturing, offset by 7-9% in EPC. (11/11) #CableStocks #ElectricalStocks #ShareMarketIndia #StockMarketIndia

THE PEER DISCOUNTS Why is JD Cables trading at ~21.43x P/E, while behemoths like Polycab & KEI trade above 50x P/E ? The discount is driven by three main factors: 1️⃣ SME-Listing platform illiquidity (high lot sizes of 800+ shares) 2️⃣ Significant working capital drain (negative CFO) 3️⃣ Potential dilution risk to fund CAPEX. (10/11)

JD Cables Limited The Bull Thesis JD Cables combines stellar return efficiency with structural catalysts - specifically its ₹407 Cr highway electrification order and the upcoming Dankuni plant capacity doubling. (1/11) #CableStocks #ElectricalStocks #ShareMarketIndia #StockMarketIndia