Devesh Kedia, CFA

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Devesh Kedia, CFA

Devesh Kedia, CFA

@deveshkedia_

Brothers Financial Solutions | Kyro Ventures | Evolving Insights

Mumbai, India Katılım Mart 2015
433 Takip Edilen2.8K Takipçiler
Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
A detailed thread on another unique leader with solid tailwinds and multiple optionalities, proving its mettle quarter after quarter! A must read for people tracking the megatrend. Disc: Not a recommendation
Kyro Ventures Research@kyroventures

Shaily Engineering Plastics (Q4 & FY26) 1/10 While the market argues over which pharma giant wins the obesity war, one Indian company quietly became the thing that delivers the drug. FY26 was the year Shaily's semaglutide pens went live — commercially launched in Canada, first-ever US tentative approval, EMA nod for Teriparatide. Revenue ₹991 Cr (+26%) | PAT ₹170 Cr (+83%) | Healthcare mix 21% → 40% in twelve months. The picks-and-shovels thesis just got real. 🧵

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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Here's a detailed overview of the much talked about PEB sector We have also uploaded a detailed sectoral mind map to our fast growing Kyro Research Library (kyroventures.com) which can help you learn the sector from scratch! Many more business, thematic and watchlist reports are already live!
Kyro Ventures Research@kyroventures

THE PEB DECODE: EPACK PREFAB vs INTERARCH - Q4/FY26 1/10 While the market lumps every steel-building stock into one "PEB trade," Q4FY26 concalls revealed two very different machines: One is a young challenger compounding at 36% and chasing share. The other is a 40-year incumbent moving up the value chain and rationing its own order book. Same sector. Different playbooks. 🧵 🗺️ We've just added a full PEB sectoral mind map to the Kyro Library (kyroventures.com) — the structure, players, and demand drivers behind this thread, in one view. 📌 Educational thread. No buy/sell calls. Discuss; don't act on tweets. Follow @kyroventures for more.

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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Here is a detailed thread on the most prolific insurance leader in India, expecting further volume uptick and margins even at such a big base! Disc: Not a recommendation
Kyro Ventures Research@kyroventures

PB Fintech (Policybazaar) — Q4 FY26 Decoded 🧵 A Kyro challenger-thesis thread 1/10 — The market is valuing the wrong P&L PB Fintech is still priced like a paid-marketing funnel — spend to acquire, book the take rate, repeat. But the Q4 numbers reveal a quieter shift: PB is converting a transaction business into a deferred-claims-data business, where the asset isn't the customer — it's knowing which customers won't claim. FY26: Premium ₹29,934 Cr (+42%) • PAT ₹670 Cr (2.2% of premium) • Renewal ARR ₹1,126 Cr (+63%). The interesting part isn't the growth. It's what management said they'd do with it.

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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Here is a deep dive on the most consistent auto anc player in India, delivering a mind boggling outperformance for 26 straight quarters! Disc: Not a recommendation
Kyro Ventures Research@kyroventures

SJS Enterprises - The Consistent Outperformer Here's a detailed thread on this unique leader 🧵 1/8 While the market chases EMS and defence multibaggers, an aesthetic parts maker quietly compounded 30%+ for 5 straight years — and just made its boldest pivot yet. SJS Enterprises is no longer a "decals & dials" company. It's becoming India's only integrated automotive display platform. 26 consecutive quarters of beating industry growth. Net cash ₹243 Cr. Q4FY26 EBITDA margin: 30.3%. 🧵

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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Food for thought With the kind of tailwinds, growth, capex and guidance being given by pure play AI and DC stocks and the proxies, the sky seems to be the limit. The worrying part is the lack of many pure or clear proxies in India. The tailwinds, earnings growth and quality is there for everyone to see and hence the hefty valuations as well. But a big part of the valuations is the scarcity premium these stocks are getting. The lack of quality stocks to play the theme is playing in their favour at the moment. But eventually, the earnings have to justify the bigger chunk of the valuations and not the scarcity premium. Everyone's excited about the theme and joining the bandwagon at the moment but choosing wisely, allocating smartly and exiting timely will be equally important going forward.
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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Indian Defence as a theme is here to stay and there are multiple ways to play it. Data Patterns is the strongest indigenous challenger in this backdrop. Not a recommendation Here's a detailed thread on the company and the latest Q4 updates👇🏻
Kyro Ventures Research@kyroventures

🧵 Data Patterns: India's Biggest Defence Challenger | Q4FY26 Decoded 1/10 While the market debates which Indian defence stock to own, one company quietly built something rare: End-to-end IP ownership across radars, EW, avionics & missile seekers — competing head-on with foreign OEMs. Revenue 3x in 5 years. Order book at all-time high. Q4FY26 just dropped clues that demand attention. 🧵

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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Spent some time with the latest AMC results — and the big picture is boringly simple. The financialisation of Indian savings is a one-way street. More people, more SIPs, more passive money into mutual funds — year after year. And most of that crowd isn't trying to beat the market; they just want in. That growth story is, frankly, a no-brainer. Here's the angle I like: As an active investor, you can play that exact theme by owning the platform. You don't have to pick the winning fund — you can own the house. The AMCs are the toll booth on every new folio and SIPs - businesses that compound with each one. NAM India and ABSL AMC are two proven growth engines sitting right on that road. Here's a simple breakdown! Disc: Not a recommendation
Kyro Ventures Research@kyroventures

The Indian AMC Industry: Focusing on NAM India & ABSL AMC, Q4 FY26 1/8 — ONE INDUSTRY, TWO OPPOSITE BETS FY26 was a stress test: ₹81.5 lakh cr industry AUM (+21% YoY) delivered through a brutal Q4 (NIFTY −14.5% QoQ). The revealing part isn't that both listed AMCs survived — it's that NAM India and ABSL AMC are now running structurally opposite strategies. One is compounding scale; the other is rebuilding the engine. A thread on what their prints say about the business. 🧵

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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
The Indian AMC Industry: Focusing on NAM India & ABSL AMC, Q4 FY26 1/8 — ONE INDUSTRY, TWO OPPOSITE BETS FY26 was a stress test: ₹81.5 lakh cr industry AUM (+21% YoY) delivered through a brutal Q4 (NIFTY −14.5% QoQ). The revealing part isn't that both listed AMCs survived — it's that NAM India and ABSL AMC are now running structurally opposite strategies. One is compounding scale; the other is rebuilding the engine. A thread on what their prints say about the business. 🧵
Kyro Ventures Research tweet media
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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
Radico Khaitan just hit ₹6,000Cr revenue, ₹1,000Cr EBITDA—an "inflection point." But here's what most miss: Regular segment degrew in Q4, yet they crushed it. Here's how🧵 1/4 Why? Prestige & Above jumped 28.5%, now 45.6% of volumes but 70% of IMFL revenue. They chose value over volume. P&A CAGR since FY21 = 21%. MD Abhishek Khaitan: "We want to consolidate [recent launches]... and take it nationally... our P&A category volume growth for next year will be 20%." Insight: When a company stops apologizing for losing low-margin volume, real transformation starts.
Kyro Ventures Research tweet media
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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
🧵 1/4 — The print isn't what consensus thinks it is Syrma SGS Q4 FY26: Rev +27%, PAT +87%. Consensus calls it "operating leverage." The deeper math: If margin had held flat, volume alone would have grown PAT only +24% (in line with rev). Margin expansion (PAT margin 4.8% → 7.1%) added the other ₹115 Cr — 72% of the PAT delta. This is the QUALITY print, not the VOLUME print.
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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
𝗔𝘁𝗵𝗲𝗿 𝗘𝗻𝗲𝗿𝗴𝘆'𝘀 𝗯𝗿𝗲𝗮𝗸𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 — 𝘁𝗵𝗲 𝗘𝗶𝗰𝗵𝗲𝗿 𝟮𝟬𝟭𝟯-𝟭𝟴 𝗽𝗹𝗮𝘆𝗯𝗼𝗼𝗸, 𝗿𝗲𝗽𝗲𝗮𝘁𝗶𝗻𝗴 𝗶𝗻 𝗘-𝟮𝗪. 1/5 Q4 FY26 results, decoded: 📈 Market share: 7.6% → 18.6% in 8 quarters 💰 AGM: 9% → 24% in 24 months 🟢 EBITDA margin: (36%) → (2.5%) — +2,080 bps YoY in Q4 ⏫Volumes: +76% YoY, 83,418 units in Q4 A thesis 🧵👇
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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
Indian OFC — Q4FY26 Concall Read | HFCL × STL Tech 1/8 · The shift Indian OFC composition changed materially in 12 months. • HFCL FY26 revenue: ₹4,949cr (+22% YoY) • HFCL exports share: 12% → 41% (in one year) • HFCL Q4 EBITDA: ₹337cr (vs −₹22cr YoY) • STL FY26 order intake: ₹7,687cr (+109% YoY) • STL Q4 EBITDA margin: 15.1% (6 quarters of expansion) What used to trade as a telco-capex derivative is now reading off global AI-infrastructure spend.
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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
1/8 Q4FY26 results are in for Eternal & Swiggy. The headline isn't who's winning. It's that they've stopped fighting the same fight. Eternal is pressing while competitors retreat. Swiggy is choosing margins over share. Both can be right. Only one can be right for long. 🧵
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Kyro Ventures Research
Kyro Ventures Research@kyroventures·
1/8 — Cables & Wires Q4FY26 Scorecard Brutal macro — Middle East flare-up, Brent ~$100, INR at 94.83, PVC +60-80% in March. Despite all of it, the organized pack expanded. Polycab: Rev ₹28,884 Cr (+29%) | PAT ₹2,708 Cr (+32%) KEI: Rev ₹11,748 Cr (+21%) | PAT ₹918 Cr (+32%) RR Kabel: Rev ₹9,722 Cr (+28%) | PAT ₹492 Cr (+58%) Universal (9M): Rev ₹2,182 Cr | PAT +95% Different stories. Same tailwind. 🧵
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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Sharpen your sword and focus on strategies and planning rather than counting the injured and dead ones. Portfolios are bleeding left right and centre but if you're looking at the notional drawdown and questioning everything you hold, you may miss out on tactical opportunities by forgetting the bigger picture. Review what you hold objectively. You bought something which was attractive at 100 - today it is at 70 - ideally the new price should attract you more, unless the thesis has gone for a toss in the last 2 months - if not, keep focusing on the long race and not the pit stop.
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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Why I think the market is foreseeing a bull run starting sooner than later: 1. Capex is on the rise with private capex also picking up really well 2. Q3 results have been solid till date - much better than expectations 3. Downgrades had peaked after Q2FY26 4. Upgrades are slowly starting to come in after Q3 results 5. Credit growth and financial health remains good (microfinance cycle has also turned) 6. Liquidity flushed by the central bank 7. Inflation under control 8. Fiscal deficit under control 9. US Trade deal signed 10. EU FTA signed 11. GST rate cuts fueling solid growth visible in numbers, especially in the Auto segment (PVs, 2Ws, CVs) 12. Managements reporting good export growth and mentioning multi year opportunities across sectors 13. New & niche sectors opening up for Indian players such as Aerospace parts, Data Centres Hotboxes, etc. 14. Rupee depreciation seems to have stopped for now 15. Capital market stocks showing very high relative strength lately 16. AMC stocks showing good strength lately 17. FII selling seems to have stopped (net buy figures coming in) 18. SMIDs showing higher relative strength vs NIFTY Overall, the tide seems to be turning after a dull phase of over 16 months. Position yourself in the best sectors and themes. Keep hunting and learning new sectors, themes and business models. Differentiate on the basis of headwinds and tailwinds. Find asymmetry. Betting on the right sectors and themes is more important than buying the best stock. Patience has been tested, now its time for your precision to take your portfolios to the next level :)
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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
@palindromename Blanket statements are easy. But bottoms up there are many opportunities at good valuations.
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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
@Prayaan25 IT exports will definitely be hurt but they are not a massive part of India's GDP. Every major sector has cycles but a resilient economy adapts and new themes emerge.
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Saha aham
Saha aham@Prayaan25·
@deveshkedia_ Pls can u clear one doubt, if IT exports come down , how Indian economy will be impacted because of job lossess,
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Devesh Kedia, CFA
Devesh Kedia, CFA@deveshkedia_·
Just imagine the number of cylinders that will start firing after the US Trade Deal issue is out of the way - 1. EU FTA in full flow 2. GST rate cuts in place 3. INR stops depreciating 4. GDP Growth continues to revive back to double digits 5. Exports start growing again 6. Massive shorts in the system run for cover 7. People calling out Indian equities will again become bullish pandits 8. Cash or fomo gold / silver buyers - come back towards equities 9. Capex in full flow 10. Change in sentiment and liquidity flows at good valuations All this and more... Pessimism peaked yesterday and the patient investors will now be rewarded. History doesn't repeat but continues to rhyme. Cheers! #IndiaUSTradeDeal
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