Dhandho Investor

Operators are well aware that large population of investors are driven by greed of making quick gains & are easily mislead/ motivated to believe fairy tale type future of companies which have rotten track record. And don't look at track record of promoter, BV, Dividend history, PE Ratio etc 1️⃣JAYASWAL NECO- In an era where genuine promoters have scaled up their steel empire manifold, JAYASWAL NECO promoters were busy milking the co. Co managed to conclude Debt Settlement/Restructuring Plain steel player without any mines or speciality product ( like Rails) and look at financials- ▶️ Mcap whopping 7000 cr ▶️Q1 EPS 0.96 ▶️Q2 EPS 1.08 ▶️Q3 EPS 0.76 Operators spreading stories of forays into Defense & what not 2️⃣DIAMOND POWER INFRA (FV Re 1)- ▶️Book Value (-13.6) ▶️H1 EPS 90 Paise ▶️TTM EPS 1.18 👉PE 108 👉Mcap 6xAnnual Revenue Again Fairy Tales flying around of foray in Copper mines & many more # U decide Target Price

TELECANOR GLOBAL - IMPROVED FUNDAMENTALS/Q3 ESTIMATE 1️⃣Co had already reported 2.53 crore NP on 5.74 crore Revenue in Q2 2️⃣Now we estimate that Q3 NP can be 2.70-2.75 crore in Q3 Vs Loss YoY 3️⃣70 acre surplus land near Vizag already valued @ 152 crores 4️⃣Co planning to venture in AI 5️⃣Promoters increased their stake SIGNIFICANTLY 6️⃣Some more corporate events possible # Multibagger in making!!

BLESSING IN DISGUISE👉 Normally prompt regulatory approvals in any field are praiseworthy However, nearly 2 months taken by SEs in approval of Preferential Offers has saved lakhs of Investors from impending losses It is common practice that whenever any co plans funds raise via Preferential Offer of Equity shares, well in advance stories start circulating about glorious days ahead. Promoter budgets crores to collude with operators to ramp up stock price. Then comes announcement of P Offer fund raise. Names of investors are finalised and application made to SEs for approval By the time approval comes ( normally 2 months), stock price falls in many cases below P Offer price. Naturally plans to raise funds gets aborted 1️⃣ATMASTCO has proposed P Offer @ 230 but didn't get money from Prospective Allottees 2️⃣Recently HUBTOWN investors backed out to pay for P Offer @ 341 although so called elite investors were involved 3️⃣AVP INFRA plans to raise @ 180 have bitten the dust 4️⃣SATHLOKAR has planned to raise 100 crores @ 481. Cmp is lower. And fancy for EPC stocks is down. Let us wait and watch whether co gets the funds Even in case of CCD, Investors refuse to pay balance 75% and prefer 25% being forfeited ( EMBDL) # BSE NSE doing good job in whetting P Offer proposals

K2 INFRAGEN- PERHAPS CHEAPEST INFRA STOCK K2 INFRAGEN listed at NSE has been in biz of Water and Road Infra. Of late co has become very aggressive in Railway Infrastructure ( transmission lines) K2 has procured single largest order ( of it career) worth 262 cr from RAILWAYS which takes it total order book to over 500 cr 1️⃣H1, Revenue was 91 cr ( 51 cr) and PAT 7 cr ( 4 cr) translating into EPS of 5.73 2️⃣We estimate FY26E Revenue of 230 cr PAT 18 cr. EEPS 14 3️⃣FY27E Revenue 290 cr NP 23 cr EEPS 18 VALUATIONS- ✅Trading@ just 4.3xFY27EEPS ✅Mcap just 95 cr Vs 500 cr order book # Mcap should be 200 cr in 6-9 months

🌈TELECANOR GLOBAL- NEW IDENTITY ✅Co has created New Logo for stronger branding ( see screen shot) ✅Had declared bumper Q2 ✅Q3 is expected to better than Q2 ✅Has shifted to New Corporate premises ✅Venturing into A I is game changer # Poised for much higher market cap

NOVELIX PHARMA- DARK HORSE ✅India most populous country on the earth is also facing growing obesity problem ✅That is why. Global Pharma giants have launched ( imports, not mfg in India ) Weight Loss drugs at exorbitant prices. And have been recording blockbuster Sales ✅ Hyderabad based NOVELIX has entered an agreement with GMBU of Germany wherein GMBU will transfer technology & expertise to Novelix to manufacture weight loss drug ASTAXANTHIN ( Must read full ss) ✅ Recently co has done fund raise thru P Offer of shares @ 60/share to fund the same ✅H1 Revenue is 59 cr with 64 lakh PAT which is not significant 👉 However mcap is just 100 cr which is peanuts considering foray in weight loss drug which has immense potential 🎯 Should hold as investment for mega bagger gains

SOME SUGGESTIONS TO SEBI CHIEF (FOR SME) 1️⃣One main reason for lower interest in SME stocks is Half Yearly Financials. Once Half yearly financials are out, investors try to exit & lose interest as Next financials due only after 6 months. And investors divert attention to Main Board for quarterly financials SEBI should make it mandatory for SME companies too to declare Quarterly financials. In this Hi-tech era, SME companies won't have any problems to prepare quarterly financials Quarterly financials will have another benefit. Some promoters who fake financials or do any fraud forgery will be exposed earlier 2️⃣BRLM - It is talked in hush hush tones that several individuals resort to shady transactions to bolster their Networth which should enable them to qualify for BRLM License. To put restraint in such malpractice, SEBI should insist for 3 years Income Tax Returns and even Bank Statements which can expose any shady transactions to bolster Networth And it has become very common for such unworthy BRLM to arrange IPOs of inferior promoters/companies from whom BRLMs take 10-30% cash back from IPO proceeds. SEBI is knowledgeable enough to devise rules to curb such malpractices. For example, put a tight cap on amount of funds that can be used for working capital, General/other corporate purposes. Then it will be more difficult to siphon off the funds for cashback to BRLM # I feel above/similar steps can help restore investors confidence & interest in SME Eco system

GH-2 Solar- Undervalued Unlisted Pick - FY24-25: Revenue of ₹212 crores, PAT of ₹20.2 crores - YTD Sep 2025 (6 months): Revenue of ₹323 crores, PAT of ₹32.5 crores - Expected FY26: Revenue of ₹610 cr, PAT of ₹60 cr Company is also making significant progress on its Green Hydrogen project: - Electrolyser plant commissioning soon at MP including subsidy of INR 300 Crs (Central + State govt) over 7 years - KPI group is actively involved and lots of new business is coming. - Current order book stands at above 800 Crs++ - Secured ₹120+ crores funding from ICICI and Citi for green hydrogen plant setup in Tamil Nadu - IPO is on track for next year for around 1500 Crs Valuation With a current market price of INR 280 per share the current MCAP is only 540 Crs.

🌈PROZONE REALTY- SOLID ASSETS/PEANUT MCAP ✅Despite massive Asset base ( LAND BANK CAN DEVELOP 1.34 CRORE SQUARE FEET SPACE) stock available so cheap as investors don't look beyond Headline numbers ✅Co's Rev look small as so far, mainly driven from Leased space 🎯AURANGABAD MALL- ⏩Total Area 6.97 lac s.f. ⏩Balance to be leased 1.55 lac s.f. 🎯COIMBATORE MALL- ⏩4. 63 lac s. f. ✅These 2 assets fetch approx 120 cr yearly Rev although market value of 11.60 lac s. f. should be at least 1300-1500 cr 🎯NAGPUR ASSETS- ⏩0. 89 mn s. f. Commercial under Development ⏩15. 7 Acres for Residential Development 🎯INDORE ASSETS- ⏩43. 5 Acre land for Mix use Development ✅✅Co has potential to develop TOTAL 1.344 Crore s. f. Area ✅✅FINANCIALS- 1️⃣FY25 Rev 179 cr out of which 120 cr Lease income. EBIDTA Margin 32.2% but Net Loss due to 60 cr eaten by Dep/Interest 2️⃣Q1FY26 ( big jump) Vs Q4FY25- REV 41 Cr Vs 59 cr ( lease income 30 cr each) EBIDTA 55.6% vs 24.2% Net Profit 3.7 cr Vs Loss ✅✅Now Residential Properties under construction which will lead to huge huge jump in Financials 💎10 Acre under Redevelopment in Mumbai ✅✅Land Banks are owned & Fully paid. As Rev surge from Real Estate sale, co will become Debt free # 2000 cr mcap possible in 12-15 months

💎AGARWAL TOUGHENED- High conviction investment for 2026 👉Co has reported Best Ever financials for H1FY26- 1️⃣ Revenue rose YoY 106% to 46 Cr 2️⃣ PAT flared 172% to 12.25 cr H1 seasonally is lean period & recently co started its 3rd plant. Hence H2 to be blockbuster OUTLOOK- 👉FY26E- ▶️ Revenue 112 cr ▶️PAT 28 Cr ▶️EPS 15.5 👉FY27E- ▶️ Revenue 160 cr ▶️PAT 38 Cr ▶️EPS 21 Trading @ just 8PExFY26 and 6PExFY27, one of cheapest SME co ##Recently stock corrected due to Pre IPO lockin ended. Bright chances to reap big gains

TAURIAN MPS- PROMISING CAPITAL GOODS STORY ⏩ Co is engaged in production of Crushers/screeners for Infra. mining sector ⏩M Sand has bright outlook as river sand getting scarce & Govt putting several controls for river sand usage ⏩Co is known for high quality products with upto 800 TPH range, competing against 3-4 MNCs ⏩Clients like HCC, Larsen, TATA group etc ⏩Stock price fell from 425 due to weaker H1 ( caused by postponement of few large export orders) 🎯Co is getting big export orders where margins are much higher ✅FY26EE Revenue 110 cr NP 18 cr. EEPS 19-20 ✅FY27EE Revenue 190 cr NP 28-30 cr ✅Stock is tdg @ 11PEXFY26 and 7.5OEXFY27 💎Such Hi-Tech capital goods company should get 25-30 PE ## Worth keeping in core portfolio

❌Stock price manipulation at Fund raise occasion. It is common as daylight that price/volume action goes hyper when fund raise plans on anvil 1️⃣RAJOO ENGINEERS- QIP was @ 114. And mkt price was manipulated to perch at much higher levels. Now cmp is ₹ 69 2️⃣BASILIC- QIP was@ ₹ 414. And mkt price at time was much higher. Now mkt price is 320-330 # Moral of the story- Avoid buying just before when Fund raise is in anvil

🌈SELL YOUR MISTAKES IN BOOM TIMES One very prevalent mistake investors commit that they fall in love with companies owning popular brands ( however expensive valuations are) Until 10 years back, companies with big brands were minting money. However in recent years, there is onslaught of tough competition from Global giants which have become most aggressive in Indian mkt & also from New generation entrepreneurs who are carving out niche for themselves with innovative styling & mktg ( backed by PE money) In such a scenario several established brands are taking big hit, signal for investors to exit 1️⃣BATA INDIA- Market cap 13000 cr vs stagnating quarterly Rev of 800 cr ⏩Q2FY26 Rev 801 cr. NP 14 cr vs 52 cr. EPS 1.08 ⏩2.68% sales growth over 5 years ⏩FV Rs 5 ⏩PE Ratio whopping 67.5 2️⃣RELAXO- Mcap 10000 cr vs stagnating quarterly Rev of 620-640 cr ⏩Q2FY26 Rev 629 cr ⏩NP 36 Cr ⏩EPS 1.45 ⏩F V Re 1 ⏩PE Ratio 58 Both companies unlikely to regain old glory. Investors by sticking to above stocks may earn only market driven appreciation # At much lower valuations, investors can buy other high growth stocks

“Gyan dena easy hai, uspar chalna toughest.”🔥 Kotak Mahindra Bank raised a massive ₹71,713 crore. But here’s the twist — ₹45,351 crore (63.23%) was pure OFS. Not growth capital. Not expansion fuel. Just exit cheques for early investors — PE, VC, and insiders. Irony hits harder when numbers speak. For years, Kotak has preached: “India’s IPOs are becoming exit platforms, not capital-raising engines.” But when the mirror turned around — Their own OFS ratio stood above 60%. Soch badhiya thi… par jab baari aayi khud ki, toh wohi “exit window” aur wide open thi. 🚪💸 Because gyan dena easy hai… par jab woh gyan khud par apply karna ho — tabhi asli wisdom dikhta hai. 💭 Sometimes, numbers don’t speak — they expose.

Common investing mistake to Avoid - In so many instances when any stock price has crashed 30-50% or even higher decline, investors start buying blindly without analysing that even now stock may be grossly overvalued 1️⃣STANLEY LIFESTYLE - HIGH 462 ⏩FY 25 Rev 426 cr ( mcap 1280 cr) ⏩EPS 5.10 ⏩PE RATIO 40 ( at CMP 224) ✅No growth. Rev stagnating since 3 years 2️⃣E2E- Even Insane will be understatement ( we had recommended @ 30-40 level). Has come down from high of 4544. Still ⏩Mcap 4550 Cr vs 155 cr Rev ⏩EPS 4.54 ⏩PE RATIO 511. Height of investor Bhakti in story tellers No story telling can justify such insane/absurd valuations. 3️⃣PROTEAN eGOV- Mcap 3300 cr Vs FY25 Rev 841 cr EPS 22 PE RATIO 36 Does a co whose biz entirely depends on Govt & that too mundane biz of PAN CARD etc?? 4️⃣RAJOO ENGINEERS- Blatant case of brazen stock price manipulation to raise funds ⏩ Subsequent to fund raise, stock price making New Lows. Even now mcap 1325 cr FY25 EPS 2.32 ❌BIG WARNING TO INVESTORS TO BE CAUTIOUS ABOUT COMPANIES WHERE PRICE VOLUME ACTION TAKING PLACE BCOZ CO RAISING FUNDS

❌❌CHALK PERFORMANCE vs CHEESE VALUATIONS ✅Every investor sometimes buys stocks ( having no better outlook) which give Loss. Next Best step to partially correct Loss making decision is to book loss & buy some other undervalued stock ✅You can't cross the stream by remaining in a boat which is leaking ✅Still large portion of investors don't book loss & live for years hoping that stock will bounce back & in the process, miss wealth creation opportunities 1️⃣ ALOK INDUSTRIES- 8500 Cr Mcap ⏩FY24 Rev 5510 cr Loss 847 cr ⏩FY25 Rev 3700 cr Loss 818 cr ⏩Equity 497 cr ⏩ Reserves ( -21511cr) 2️⃣TTML- 10000 Cr Mcap ⏩FY24 Rev 1192 cr Loss 1145 cr ⏩FY25 Rev 1308 cr Loss 1275 cr 🎯A rare breed where Losses equal to Revenue ⏩Equity 1955 cr ⏩CARRY FORWARD LOSSES 21699 CRORES 3️⃣ JYOTI STRUCTURES- Mcap 1350 cr ⏩FY24 Rev 451 cr EPS 0.29 ⏩FY25 Rev 498 cr EPS 0.30 🎯Even Sector leader don't getting such irrational valuations 👎Even though market continues to rise, valuations of above companies continue to decline. 👉 DECLINE MAY CONTINUE

🆕MOSCHIP SEMI- Lacklustre Financials/ Steeply Overvalued Whenever a particular sector becomes fancy of the market, promoters of belong average companies become hyper active to push mcap to absolutely unreasonable levels wherein vested interests regularly dump at High & reenter at Low and continue repeating same dishonest practice 1️⃣Market Cap 4200 cr 2️⃣FY25 Sales 467 cr 3️⃣PAT 33 cr 4️⃣EPS 1.75 5️⃣Various financial parameters not worth mentioning here ❌❌PE Ratio 97 which is nearly 4xNifty EPS # Likes of TCS INFY HDFC BANK Unilever Colgate never lucky to get such sky high PE