Noob Investor

Monthly Portfolio Update- APRIL Portfolio Completed 3Y 1M Bought : Omnitech Engineering Exited : TD Power From Peak ,PF is still down 21.16% Watchlist - Shivalik Rasayan+ Medicamen Bio, Jnk India , Sattrix, Cohance,Looking for BESS bets ...would appreciate any help 🫡

IEX , understanding the business model and mapping the business

Your eyes are seeing a 72% thrust increase in a single photo. Booster 4, the top image, carried 29 Raptor 1 engines. Each one produced 185 metric tons of thrust, for a combined 5,365 tons at liftoff. You can see the exposed wiring, the external pipes, the heat shields wrapped around each engine like makeshift armor. SpaceX built it in 2021. It never flew. After sitting in a "rocket garden" for 630 days, it was rolled into a bay and scrapped in March 2024. Booster 19, the bottom image, carries 33 Raptor 3 engines at 280 metric tons of thrust each, for a combined 9,240 tons at liftoff. Look at how clean the engine section is. SpaceX moved all the external plumbing, sensors, and cooling lines inside the engine body itself, which eliminated the bulky heat shields entirely. The result is an engine that's lighter, more powerful, and designed to fly again without being torn apart for inspection between flights. Some context on those numbers. Saturn V, the rocket that carried astronauts to the Moon, produced about 3,400 metric tons of thrust. Booster 19 produces 2.7 times that. NASA's SLS, which just flew the Artemis II crew around the Moon on April 1st, produces about 3,990 metric tons. Booster 19 produces 2.3 times that, and SpaceX is building it to be fully reusable. SLS costs roughly $4.1 billion per launch and gets thrown into the ocean. The per-engine jump from Raptor 1 to Raptor 3 is 51%. But SpaceX also added 4 more engines to the ring, stretched the fuel tanks, swapped from 4 grid fins to 3 larger ones, and built the hot-staging adapter (the section that separates the booster from the upper stage mid-flight) directly into the booster structure instead of bolting on a detachable ring. Booster 19 stands about 1.5 meters taller than its predecessors. SpaceX has logged over 40,000 seconds of ground test time on Raptor 3. On March 16th, they ran a 10-engine static fire of Booster 19 at the brand-new Pad 2 in Boca Chica. Flight 12, the first launch of a V3 Starship, is targeting later this month. Four and a half years between these two photos, and the one that never left the ground was scrapped so SpaceX could build the one that might become the most powerful rocket stage ever flown.

Indian Defence Budget - Demand & Projection.

Quality is too polite here, binding constraint for steel is not GCV, it is ash content Indian coking coal sits at 35 to 45% ash, Australian imported coal runs 8 to 10%. No amount of washing closes that gap, because the ash is baked into our geology as per se... That is why 37 billion tonnes of reserves still gives us 95% imports for coking coal. On PFBG, the scale jump is questionable i mean BHEL is going from a 0.25 tonne per day methanol pilot to a full commercial ammonium nitrate plant at Jharsuguda. That leap is where most Indian indigenous tech has stumbled before. Even if it runs, it competes with Gulf urea made on 2 dollar gas. BCGCL plant will still need subsidy support to survive. Steel Secretary sees coking coal imports hitting 160 MT by 2030, up from around 81 MT in FY25. Coking coal was notified as a critical mineral in Jan 2026, opening degraded forest land and skipping public hearings. That is a tell 😉Policy is pushing hard, and even then the official forecast roughly doubles the import bill

After staying 100% Invested 🔥

Just see what Hasmukh Adhia did as Finance Secretary to the Indian economy. Anyone with even a 10% understanding of economics can see how disastrous it was. He destroyed the Indian financial market with the reintroduction of LTCG while keeping STT and poor GST implementation. Zero downside. Zero accountability. Now he is chairman of Gift City, GMDC, Gujarat Alkali, and Principal Advisor to the Gujarat CM. Instead of facing consequences for stupidity he got rewarded and those who followed him made it worse by hiking STCG, LTCG and STT. The problem was not him. The problem is the mindset. From Adhia to Bajaj to Somanathan. Babus are parasites with no clue about real-world stuff. Same thinking. Market is sin because gambling and we must not let it grow.

Aerospace , a global context led by strong orderbooks and execution shortfalls because of a distorted supply chain , the player who can capture these supply chain wins the game, its not about orders any more its about who can execute more source: internal research

Asked someone from the industry whether foreign investors are still interested in allocating to India. The TLDR: Interest has pretty much died out. India is seen as geopolitically exposed, especially to an oil shock. There are no real AI plays. Valuations are rich. And the rupee situation doesn't help. On top of that, investors who were sitting on gains have taken money off the table and are now looking at markets like Japan, Taiwan, Korea, Europe etc instead. He also pointed out that our LTCG/STCG structure and the increase in STT have made India less attractive compared to other markets that are seeing inflows. If we need to attract FPIs back, and we do, fixing this feels like pretty low-hanging fruit.

Power sector overall is seeing strong developments, but the biggest value creation is expected in the High Voltage (HV / EHV / HVDC) segment 🔥🔥🔥 Excellent stocks to track 👇 Hitachi Energy Quality Power Power Grid CG Power GE Vernova T&D KEI Industries Siemens Energy India Transrail Rajesh Power Atlanta Electricals Yash Highvoltage TARIL Polycab KEC International Kalpataru Projects ABB India Bharat Bijlee Apar Industries BHEL Transrail Lighting Skipper Techno Electric Bajel Projects Advait Energy Schneider Electric Infra Transformers & Rectifiers India Voltamp Transformers Kirloskar Electric Danish Power Indo Tech Transformers Finolex Cables Dynamic Cables Universal Cables RR Kabel ⚡ Why High Voltage Segment is the Real Winner 1. National Grid Strengthening EHV lines (220kV–765kV) are the backbone of India’s grid. They enable seamless power transfer across regions, balancing surplus and deficit states efficiently. 2. Renewable Energy Integration Renewables are useless without transmission. Ultra-high voltage corridors are being built to: 1. Evacuate solar/wind power 2.Connect remote generation hubs to demand centers 3. Support India’s renewable targets 👉 This is a multi-decade opportunity 3. UMPP & Mega Projects Support Ultra Mega Power Projects require: 1. Long-distance bulk transmission 2. High-capacity infrastructure EHV networks ensure efficient evacuation and base-load reliability 4. Industrial & Freight Corridors Upcoming: 1. Industrial corridors 2. Dedicated freight corridors 3. Metro + manufacturing zones All require stable, uninterrupted high-capacity power 👉 Direct demand for HV infrastructure 5. HVDC – Game Changer ±500kV / ±800kV HVDC systems: 1. Enable ultra-long distance transmission 2. Reduce losses 3. Improve grid stability 👉 Critical for connecting remote regions like North-East to demand hubs 6. Grid Stability & Emergency Backup EHV systems provide: 1. Redundancy 2. Load balancing 3. Emergency rerouting 👉 Essential for 24x7 reliable power ecosystem ⚡ Insights 👉 Power generation is visible 👉 Distribution is regulated 👉 But transmission (especially HV/EHV) is where real scalability + margins lie This segment benefits from: 1. Massive capex cycle 2. Policy support 3. Renewable expansion 4. Industrial growth Disclaimer: This is for educational purposes only and not investment advice. Please do your own research before investing.

This is the second part of our "Finding Moated Business" series, following our previous discussion on INOX INDIA. The focus this time is on another highly intriguing Indian chemical company. It's one of only four such companies globally, which strongly suggests the presence of a significant competitive advantage, or MOAT, in its business model. In this thread, we will analyze this business in three key steps: 1) Understanding what makes this business MOAT-ed and how. 2) Assessing if this MOAT translates into robust financial performance for the company. 3) Determining if this MOAT's primary function is to simply accumulate cash on the balance sheet at a normalized growth rate, or if it provides the capacity for growth significantly faster than its industry peers.

Hind Rectifiers : RnD playbook with a big TAM landscape. Few Non-AI Notes 👇 #hindrectifiers 💎Business: Hind Rectifiers operates in power electronics & 🔌power conversion systems, with a strong focus on Railways🚂 (core segment) – traction transformers, propulsion systems and Industrial electronics & semiconductor. The company is expanding beyond railways into defense ( currently negligible part) , Electronics and also eyes global markets. 40 products under development with main focus are of Power Electronics in railways. Focus on new IP creation, Product upgrades and Engineering improvements with diversification be seen in Defense and non railways too. #Railways ——————————————————— 📔⁠Order Book: Order book stands at 1,103 crore as on (Dec 2025) mainly driven by Indian Railways and OEM customers. Execution is spread across multiple quarters. Order book stagnant due to temporary slowdown due to delay in railway tenders (shifted to Q1) but strong order inflow expected next quarter. ——————————————————— 🪡 ⁠Tailwinds in the Sector : Strong structural tailwinds from 2.93 lakh crore railway capex (record allocation). Focus areas are electrification, Rolling stock modernization and high-speed rail corridors. Additional tailwinds in form of 1,700 locomotives planned next year and increasing tender pipeline . Overall long-term demand visibility remains very strong. #capex ——————————————————— 🧩Backward Integration : Copper conductor manufacturing at Sinnar facility is ramping up nicely. Meaningful contribution expected from Q1 FY27 onwards. This project enables in-house manufacturing of copper conductors, which are critical inputs for traction transformers. Backward integration to help in cost efficiencies , Supply chain control and reduced vendor dependency. Company also sees external sales opportunity in transformer industry. #copperbull ——————————————————— 🤝BeLink Solutions: Operates under BELINK HIRECT SAS (Europe subsidiary). Currently loss-making (1 Cr loss on 34 Cr revenue). This subsidiary provides entry into printed electronics adjacencies and cross-selling (Europe + railways + defense). Turnaround to take time which is not mentioned by management but large profitability multiples expected post that. ——————————————————— 👉Contraction in EBITDA Margins due to commodity volatility (specially copper) and investment in backward integration (Sinnar plant) . EBITDA margin declined by 120 bps YoY. Expecting full improvement by Q1 FY27 and major upside in margins to be seen from Q2 FY 27 post CTC plant ramp up. #finance ——————————————————— 🚢⁠Export Side of Business :Currently trials ongoing in US & Germany but no immediate large orders yet. Long gestation cycle (testing + approvals required) is the nature of business. Strong push seen toward global expansion by leveraging European subsidiary (BeLink) and Cross-continental R&D. #Export ——————————————————— 🦮⁠ ⁠Guidance : No formal guidance policy, but management indicated for a 30% YoY growth going forward mainly driven by existing products (not R&D pipeline) which can be icing on the cake. Disclosure : Not invested . Notes for education purpose only.

India Specialty Chemicals CDMO — Consolidated Capability & Capex Map , capability builders will be enabled to capture large profit pools source: internal research

How HCG Makes Money ?? HCG earns money by taking care of cancer patients at every stage of their journey — from the first doctor visit to diagnosis, treatment, and long-term follow-up. Cancer is not a one-time illness. It is complex, long-term, and can come back. Because of this, patients need care over months or even years. HCG benefits from this by being involved throughout the entire journey, earning revenue at each step. Unlike general hospitals , where a patient might visit different departments or even different hospitals over time HCG provides all cancer-related services under one roof. This means patients usually stay within HCG for their entire treatment journey, which increases the total value HCG earns from each patient over time. The Patient Journey: From Diagnosis to Follow-up Every rupee HCG earns comes from patients at different stages of this journey: The graphic below shows this complete chain and modality mix.

Was going through HCG Hospitals after KKR entry. Mgmt says 80–85% of incremental EBITDA will come from existing (mature) centres. Right now there are 3 mature centres and 11 in the emerging bucket which should mature over the next 2–3 years, so as these move into the mature bucket EBITDA should scale fast. The one number to track every quarter is how many hospitals are doing ₹10+ Cr/month . @AdityaKhemka5 @IncredWealth Currently There are 3 matured centres, Target is 5 by FY27 and 8–9 (total) by FY30. (estimated) If this number keeps moving up, the story is working, if not, it isn’t. Anyone tracking this closely, DM.

India's Defence Exports , the big numbers , a lot more to come

Voltas peaked out market share of 26% in 2021. Daikin was relatively a newbie 6-7% around 2019, but when you see the past few yrs of the parent group’s annual report and ppt’s, they’ve been the most bullish on Indian mkt. Daikin today stands around 17%, Voltas 18-19%, kinda same with bluestar &others. When buying mkt leaders- make sure mkt leader stays ruthless & maintaining mkt dominance, else downside risk becomes too high and you’ll risk losing a lot of money.

India’s nuclear story just got real. Kalpakkam’s 500 MWe fast breeder reactor has achieved first criticality — a major step into Stage II of India’s nuclear programme. But listed market alpha is not in “reactor hype”. It’s in proxies: • Heavy engineering • Turbines • Pumps/valves • Forgings • Electrical equipment • EPC Nuclear is not a short-term trade. It’s a long-duration capex theme. Follow @investor_sr33 for more updates on this theme .

Extremely interesting concall snippet on usage of gas in SEMICONDUCTOR industry in India. Source: INOX India Q2 Concall

India uses 1,300 units of electricity per person per year. The US uses 12,000. That gap is a four-decade investment thesis. Here is what I've been researching: India's power infrastructure value chain- 5 layers, 6 companies, and where the margin actually sits. The MNC oligopoly at the top (GE Vernova, Hitachi Energy) is delivering extraordinary results. GE Vernova's EBITDA margin went from 16.7% to 26.7% in a single year. Hitachi's order book is ₹29,135 crore: 55-60% HVDC. These are the right businesses. The market knows it. The valuations reflect it. Below them, three setups I find more interesting: 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗣𝗼𝘄𝗲𝗿 (QPOWER): Claims to be the only Indian manufacturer of HVDC/FACTS coil products above 220kV. Its customers include Hitachi, Siemens, and GE Vernova. Standalone EBITDA: 34%: higher than GE Vernova's 26.7%. ₹6,000 crore market cap. 𝗞𝗦𝗛 𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 (KSHINTL): Makes the winding wires inside the transformers that GE Vernova and Hitachi sell. If you're using EBITDA margin % to evaluate this company, you're using the wrong metric; full copper pass-through means the correct lens is EBITDA per tonne, which improved 12% YoY in Q3FY26. Top customer: 10.18% of revenue. December 2025 listing. ₹2,629 crore market cap. 𝗙𝗶𝗻𝗼𝗹𝗲𝘅 𝗖𝗮𝗯𝗹𝗲𝘀 (FINCABLES): Not just a cable company. Holds 32.39% stake in Finolex Industries + ₹2,770 crore in liquid investments. Non-core income exceeds 25% of PBT; strip that out and the core cables business trades cheaper than the headline PE suggests. Three catalysts: E-beam cables (₹500-600 crore revenue target), in-house optical fibre, DISCOM exposure. Full deep dive: 7 companies, 5 layers, complete financials, on Substack and YouTube. SEBI Reg. INH000023807 | Positions held: QPower, KSHINTL, FINCABLES | Not investment advice.