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CONCALLS: post #10098 — TG.ME

CONCALLS@Concalls3 · 10.1K subscribers Open in TelegramOpen

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LEAP INDIA LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Total income grew 19% YoY to ₹213.4 Cr. - EBITDA grew 21% YoY to ₹114.1 Cr. - EBITDA margin expanded to 53.5% vs 50.5% in FY26. - PAT grew 30% YoY to ₹24.7 Cr. - PAT margin stood at 12%, up 114 bps. - Cash PAT increased 23% YoY to ₹81.2 Cr. - Growth was supported by higher income, cost optimization and operating leverage. Business Overview - Leap is India's largest on-demand asset-pooling company with around 90% market share. - Manages approximately 14.9 Mn assets with asset base exceeding ₹1,690 Cr. - Serves 1,000+ customers across 10,500+ touchpoints and 28 fulfillment centres. - Portfolio includes pallets, containers, trays, foldable large containers and MHE. - India palletization remains underpenetrated at only 14–17% vs 89–94% in developed markets. - Globally, pallets move around 4x/year vs only 0.4x in India, providing significant utilization runway. Customer Addition & Industry Expansion - Added 48 new customers across 11 sectors in Q1 vs normal quarterly addition of 18–20. - New customer wins create an additional opportunity of around 100,000 pallets in FY27. - Customer base increased from 900+ to 1,000+ YoY. - Business now spans 38+ industries. - Beverage, e-commerce, quick-commerce, FMCG, agriculture and automotive remained key growth areas. - Textile performance was subdued due to supply shortages and higher raw-material costs. Pallet Pooling - Pallet movements increased from 711,000 to 766,000 YoY, up around 8%. - FY27 target is around 3.7 Mn pallet movements. - Company expects to add around 800,000–900,000 pallets into the pooling model during FY27. - Net pallet addition target is around 850,000. - Asset utilization improved from 88.6% to 89.2%. - Management expects utilization to cross 91% in coming quarters and potentially reach 92%+ over the next few years. - Higher movement hire is expected to be margin accretive. Pricing & Customer Stickiness - Per-pallet yield increased from ₹1.45 to ₹1.54. - Company has taken around 5–6% annual price increases. - Price increases are linked to the German Wood Price Index. - Typical customer contracts run for 3–5 years, with price escalation clauses built in. - Management highlighted that no customer has been lost since inception, underscoring high business stickiness. MHE Business - MHE revenue stood at ₹35.3 Cr, up 33% YoY. - Added 174 new machines during Q1. - Average monthly MHE pooling revenue increased from ₹9.6 Cr to ₹11.6 Cr. - Around 1,440 forklifts are currently in the pool. - Battery and controller assets are included within the broader asset pool. - MHE offers strong ROCE and PAT potential, although its EBITDA margin is lower than pallet pooling. Cost Optimization - Transportation cost reduced from 11% to 10% of revenue. - Repair cost declined from 6% to 4.7%. - Warehouse cost increased due to a one-time settlement for closure of 3 warehouses. - FMCG and automotive volumes increased around 20%. - Management continues to focus on asset productivity and operating efficiency. Container Business - Container pooling business remains healthy; no structural slowdown seen. - Growth has been constrained by sharp increases in plastic/raw-material costs. - Crate acquisition cost increased from around ₹650 to ₹1,000–1,200. - Company is therefore purchasing fewer new containers and focusing on faster asset retrieval and repair. - Management remains cautious about deploying capital at elevated asset prices. - Recent timber prices have started to moderate. Capex & Asset Deployment - Q1 asset investment was around ₹76 Cr vs ₹110 Cr in the comparable period. - Company deliberately reduced deployment amid geopolitical uncertainty and high asset costs. - Around ₹25 Cr lower asset deployment was seen versus last year. - Instead of buying aggressively, management is increasing repair and utilization of existing assets. - Around 1.4 Mn pallets were repaired in Q1 vs 1.2 Mn last year. - Existing buffer capacity allows growth without proportional asset purchases. GCC / Middle East Expansion - GCC remains a major international opportunity due to high palletization and import dependence. - Saudi Arabia and UAE entities have been established with required licenses. - GCC expansion has been slowed temporarily due to geopolitical tensions. - Around 5 people are currently in place and approximately 20 customer discussions have been completed. - Most setup-related expenditure has already been incurred; future investment will primarily be for asset deployment. - Management expects GCC to become a meaningful additional growth driver once conditions stabilize. - GCC revenue opportunity could reach around ₹150–200 Cr in 3 years. - GCC opportunity is expected to be over and above the India growth guidance. Growth Guidance - Management reiterated 20%+ YoY revenue growth as the broad guidance. - EBITDA growth is expected to be higher than revenue growth over the full year. - Business has seasonal contribution of approximately 22% Q1, 24% Q2, 25% Q3 and 29% Q4. - Management aims to outperform the 20% growth guidance if operating conditions remain supportive. - Long-term growth will be driven by India, while GCC provides an additional opportunity. Margin Outlook - Historical EBITDA margin range has been around 47–56%. - Management expects margins to remain within this range over the next few quarters. - Company sees potential for 100–200 bps EBITDA margin improvement through scale and operating leverage. - Quarterly margins can fluctuate based on the mix of pallet pooling, MHE, repairs and other businesses. - Management cautioned against assuming a fixed mathematical relationship between revenue growth and EBITDA margin. Working Capital - DSO improved from 131 days to 119 days. - MHE DSO remains strong at around 62–63 days. - Management expects DSO to reduce by 10–15 days per quarter. - Working-capital cycle is expected to become substantially normalized over the next 2–3 quarters. Technology & Network - Technology-led tracking, repair and asset management remain key competitive advantages. - Network exceeds 10,500 touchpoints, making nationwide asset movement and redeployment difficult to replicate. - Company plans to introduce 3D printing for automotive/textile inserts. - Crate-cleaning systems are expected to be automated from the next quarter. - Two additional warehouses of around 300,000 sq ft may be closed/integrated during Q2–Q3. KEY TAKEAWAY - 19% growth, 53.5% EBITDA margin; 20%+ growth guidance with GCC upside. 724·Sep 1 MILKY MIST DAIRY FOOD LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 PERFORMANCE - Revenue grew 44% YoY to ₹973.45 Cr. - EBITDA increased to ₹144.89 Cr, with EBITDA margin at 14.9%. - PAT stood at ₹64.67 Cr, with PAT margin at 6.6%. - Gross margin stood at 34.2%, up nearly 270 bps. CATEGORY PERFORMANCE - Paneer volume/sales growth stood at 34%. - Cheese revenue grew 38%. - Curd revenue grew 27%. - Ice cream volume grew 45%, while revenue grew 60%. - Yogurt revenue grew 153% QoQ to ₹84.5 Cr. PANEER - GST on paneer becoming 0% has narrowed the price gap between organized and unorganized players. - FSSAI/state action against analog paneer is driving volume shift toward organized players. - Management expects strong paneer growth ahead. - Around 90% of India's paneer market remains unorganized, indicating significant opportunity. PROTEIN & WHEY - High-protein paneer, cheese and yogurt are already part of the portfolio. - Company generates around 1 million litres of cheese whey/day. - Whey protein extraction project will cater to B2B, B2C and internal consumption. - Plant expected to be operational in around 15–18 months. - Management expects meaningful margin and bottom-line contribution from whey protein. MILK PROCUREMENT - Daily milk procurement reached 13.2 lakh litres, up 28% YoY. - Landed procurement cost is around ₹45/litre, with ₹41–42/litre paid to farmers. - Third-party procurement is around 10–12% and is expected to decline gradually. - Procurement network is expanding across Tamil Nadu, Karnataka and Maharashtra. MARGINS - Value-added product mix is helping offset higher milk costs. - Company took around 10.5% price increase to offset input inflation. - Milk represents around 50–55% of total input cost. - EBITDA margin improved from 12.2% to 14.9% QoQ. - Management expects around 0.5% operating leverage from scale. - Further margin expansion expected from capacity utilization, product mix, asset sweating and market expansion. CAPACITY & CAPEX - New natural cheddar cheese plant commissioned with 120 MT/day capacity. - Significant headroom remains in ice cream, yogurt, cheese and other categories. - Current Perundurai infrastructure can potentially support revenue of around 3–3.5x FY26 at current MRP. - Planned investments include whey protein concentrate, lactose, natural cheese, processed cheese and yogurt. REGIONAL EXPANSION - Current revenue mix: approximately 69% South / 31% non-South. - South grew around 44% YoY, while non-South grew around 50% YoY. - Long-term mix could gradually move toward 60:40. - Maharashtra milk procurement has already started. - Proposed Maharashtra manufacturing setup is still at the drawing-board stage. - Procurement will be built ahead of the plant to target at least 40% utilization from day one. DISTRIBUTION - Presence across 22 states + 5 UTs. - Network of 4,200+ distributors. - More than 41,000 coolers/freezers/chocolate coolers deployed. - Plans to add 50,000+ additional coolers/freezers over 3 years. - Around 140 exclusive brand outlets currently operational. KEY TAKEAWAY - 44% growth + 14.9% EBITDA margin; paneer, protein & capacity utilization remain key growth drivers. 621·Sep 1 HAPPIEST MINDS TECHNOLOGIES LTD – COMBINATION UPDATE #Q1FY27 Proposed ITC Infotech Combination - Happiest Minds and ITC Infotech announced a proposed merger to accelerate the $1 Billion revenue target from FY31 to FY28. - Combined entity targets around $1 Billion revenue by FY28 with operating margin of around 18.3%+. - FY26 pro-forma combined revenue stood at approximately ₹7,033 Cr. - Combined entity would have 19,000+ professionals, 800+ customers and presence across 30+ countries. - On FY26 revenue, the combined company would rank around the 11th largest IT services company in India. Transaction Structure - Promoter Suta will sell 22.1% of his 44.2% holding in two tranches for aggregate cash consideration of around ₹1,330 Cr. - First tranche is linked to expected CCI approval in Q3, while the second follows shareholder approval. - Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares. - Listing of the combined entity is expected in Q2–Q3 FY28. - Post-merger, ITC will hold ~73.4%, while public shareholders will hold 26.6%. - Suta is expected to hold around 7.55% in the combined listed entity and will no longer be a promoter. - Merger is expected to be completed over approximately 15 months, subject to regulatory and statutory approvals. Valuation - Happiest Minds valued at 15.1x FY26 EBITDA. - ITC Infotech valued at around 13.6x FY26 EBITDA. - Implied valuation: Happiest Minds around ₹6,167 Cr and ITC Infotech around ₹11,920 Cr. - Combined implied valuation stood at approximately ₹18,087 Cr. - Promoter transaction price averages around ₹395/share, versus assessed valuation of around ₹405/share. Strategic Rationale - Happiest Minds brings strengths in AI, data, cloud, digital engineering and cybersecurity. - ITC Infotech adds capabilities in SAP, PLM, enterprise transformation, Industry 4.0 and enterprise applications. - Combination creates an end-to-end technology proposition from strategy/design to engineering, modernization, operations and security. - Management sees strong potential for cross-selling and deeper account penetration. - Large customer overlap appears very limited or nil, creating greater cross-sell potential. - Cross-selling discussions will accelerate after CCI approval. Customer & Geographic Scale - Combined company will serve 800+ customers. - ITC Infotech has 50+ Fortune Global 500 and 60+ FTSE 100 customers. - Combined revenue mix expected at approximately 38% Americas, 31% Europe and 31% Rest of World. - Key vertical mix includes CPG & Retail 28%, BFSI 20%, Manufacturing & Industrials 17%, Travel & Hospitality 12%, with Healthcare and EdTech around 6–7% each. Growth & Synergies - ITC Infotech revenue increased from ₹2,246 Cr in FY20 to ₹4,718 Cr in FY26, largely through organic growth. - Management indicated historical growth has been predominantly organic, with limited acquisitions. - Combined entity aims to maintain a similar growth trajectory and reach $1 Billion revenue by FY28. - Growth target of around 14–15% CAGR is in INR terms. - Revenue synergies expected from cross-selling, larger transformation deals, deeper strategic accounts and broader industry solutions. - Larger scale should improve ability to win turnkey transformation programs. - Partner relationships with Microsoft, SAP, ServiceNow, PTC, Amazon and Google can be leveraged more effectively. Margin Outlook - Happiest Minds FY26 EBITDA margin was around 17.3%. - ITC Infotech FY26 EBITDA margin was around 18.3%. - Combined FY26 margin is estimated at around 18.1%. - Management does not expect margin dilution from the combination. - Target includes around 100 bps margin expansion through scale and operating efficiencies. - Potential benefits include lower SG&A per revenue, office consolidation and better employee utilization. - Both companies currently carry bench; combined workforce should allow faster deployment and improved utilization. AI Opportunity - AI remains central to the combined strategy as enterprises shift from experimentation toward enterprise-wide GenAI and agentic AI deployment. - Combined entity will have 9,000+ AI-trained professionals. - Happiest Minds brings digital/data/GenAI capabilities, while ITC Infotech adds physical, manufacturing and industrial AI. - Happiest Minds' Relai Build and ITC Infotech's IQ Studio/K-Fabric could potentially be harmonized. - Management has not yet quantified AI revenue contribution for the combined entity. Integration & Employees - Both companies will operate independently until required approvals are received. - Detailed leadership structure, incentives and responsibilities will be discussed after CCI approval. - Management intends to retain the strengths and people of both organizations. - Operational synergies are expected mainly after the merger is completed. - Immediate priority is cross-selling and revenue growth, followed by operational optimization. Key Metrics To Track - Management will monitor cross-sell index, large-deal proposal generation and conversion. - Order booking and TCV will be key indicators of whether the combination is accelerating growth. - Further details on integration and synergy opportunities are expected over the coming months. KEY TAKEAWAY - Merger creates ₹7,033 Cr scale, 19,000+ employees and a credible path to $1B revenue by FY28. 565·Sep 1 ARDEE INDUSTRIES LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Financial Performance - Revenue stood at ₹338.8 Cr, up 35.2% YoY vs ₹250.6 Cr. - EBITDA stood at ₹33.8 Cr vs ₹33.9 Cr YoY. - EBITDA margin stood at 10%. - PBT stood at ₹26.7 Cr, up 5% YoY. - PAT stood at ₹19.9 Cr, up 6% YoY. - PAT margin stood at 5.9%. - Sales volume increased to 17,645 MT vs 15,529 MT YoY. - Revenue mix: 61.3% domestic and 38.7% exports. Capacity Expansion - Installed capacity increased 50.9% to 1,56,950 MTPA from 1,04,025 MTPA. - Expansion became effective from 29 May 2026. - Expansion was achieved through brownfield debottlenecking of the existing facility. - Around ₹15 Cr CAPEX was incurred for the expansion. - New capacity is primarily refining capacity and provides a future growth buffer. - Current utilization is around 65%. - Optimum plant utilization is around 70–75%. - Higher utilization is expected progressively, with FY28 offering better scope. - No immediate further capacity expansion is planned. Volume & Growth Outlook - Management targets broadly 10–20% volume/revenue growth for FY27. - Around 20% growth is the broad upper-end target. - Management remains conservative because of geopolitical and supply-chain uncertainty. - H2 is expected to be stronger than H1. - FY26 volume was around 70,000 MT. - FY27 volume could broadly reach around 84,000–85,000 MT. - Growth is expected to be driven by volume, not metal-price inflation. - Q1 finished-goods realization was around ₹2.09 lakh/MT. - If geopolitical conditions improve, growth and margins could outperform current guidance. Raw Material & Supply Chain - Middle East disruptions affected imported raw-material availability. - Higher freight costs and route blockages remain challenges. - Company deliberately avoided aggressive procurement during the disruption. - Management is developing domestic sourcing to diversify supply. - Domestic procurement has already started through corporates and auctions. - Domestic scrap is currently more expensive than imports. - Domestic sourcing also faces availability, pricing and GST-related challenges. - Import/domestic sourcing mix is expected to remain broadly similar if conditions normalize. - If disruptions persist, imports could decline with higher domestic sourcing. Margin Outlook - FY26 EBITDA margin was around 13%. - Q1FY27 EBITDA margin declined to 10%. - Management currently guides for around 10% margin for FY27. - Geopolitical uncertainty and higher freight costs are key margin pressures. - Domestic raw-material and petroleum-linked costs also impacted gross profit per tonne. - Q1 gross profit per tonne was around ₹34,500 vs ₹38,000 in Q4. - If market conditions normalize, margins can improve. - Management prefers conservative guidance amid current uncertainty. Exports - Export revenue increased from ₹81.6 Cr in FY24 to ₹465 Cr in FY26. - Company currently exports to 8 countries. - Exports contributed 38.7% of Q1FY27 revenue. - Export strategy supports capacity utilization, customer diversification and margins. - Management indicated export margins are slightly better than domestic business. - Working-capital requirement is broadly similar. - Ardee LED 99.97 has been empanelled with the London Metal Exchange (LME). - LME registration has increased international inquiries. - Company also has the ARDEE brand listed on MCX. - LME/MCX presence strengthens pricing transparency and global credibility. Lead Recycling & Circular Economy - Core business focuses on recycling lead-acid batteries and non-ferrous scrap. - Recycled material is processed into high-purity lead and specialized lead alloys. - Lead demand is supported by automotive, backup power, telecom and renewable-energy storage. - Management views the business as more than a commodity opportunity. - Circular production provides both economic and environmental advantages. - Focus remains on improving recovery rates, technology and recycling infrastructure. Lead Alloys - Alloy business currently contributes around 30–35% of production. - Company is focusing on increasing the share of specialized alloys. - Alloy ramp-up is gradual because of OEM approvals and qualification requirements. - Existing refining capacity can be utilized for either pure lead or alloys. - Higher alloy production can improve product diversification and customer relationships. Working Capital & IPO Proceeds - Current working-capital cycle is around 90–100 days. - FY27 gross working-capital requirement is expected at ₹400 Cr+. - Around ₹220 Cr of IPO proceeds is earmarked for working capital. - Funds will primarily support additional scrap procurement. - Company is developing new scrap sources across different global geographies. - Additional working capital will support selected export origins requiring higher customer credit. - IPO proceeds are also being used for debt reduction. Balance Sheet - Around ₹20 Cr long-term debt was repaid on 14 August. - Working-capital limit utilization is currently almost zero due to IPO proceeds. - Around ₹150 Cr is held in FDRs as interim deployment of IPO funds. - Management expects a positive balance-sheet and cash-flow impact during FY27. - Return ratios are expected to normalize after the equity infusion. - Management expects to maintain 20%+ return ratios in coming years. Customer Concentration - Business naturally serves a limited number of large customers. - Top 4–5 customers continue to account for a major share of business. - Largest-customer concentration has reduced from around 70% to 40%. - Management expects concentration to decline further as the company grows. - However, top customers will continue to contribute a significant portion of revenue. New Opportunities - Company is evaluating multiple growth opportunities beyond lead recycling. - Lithium-ion battery recycling is being evaluated, but no concrete entry plan has been finalized. - Management is also evaluating opportunities in other metal-recycling segments. - No immediate further expansion has been committed. - Focus remains on utilizing existing expanded capacity efficiently. KEY TAKEAWAY - ₹1,500 Cr order visibility; 10–20% growth target with margin upside if conditions improve. 605·Sep 1 MODISON LTD | GROWTH CATALYSTS Advanced Alloys & High-Performance Contacts - Developing advanced alloys and high-performance contact materials. - Target applications include EV infrastructure. - Renewable energy systems provide another growth avenue. - Industrial automation is an additional end market. - EV integration alone has increased demand for these materials by 51%. - Higher-value, application-specific products can improve product mix. - Exposure is shifting towards structurally faster-growing markets. India Power Equipment Upcycle - India plans to add nearly 470 GW of solar and wind capacity over the next decade. - Large-scale renewable additions require transmission and grid investment. - Indian switchgear market projected to grow from ~$11.33 Bn in 2025. - Market projected to reach ~$18.95 Bn by 2034. - Modison supplies electrical contacts into the switchgear ecosystem. - Transmission and grid capex can drive long-term demand. Export Expansion - Foreign exchange earnings rose to ₹90.16 Cr in FY25. - FY24 foreign exchange earnings stood at ₹67.17 Cr. - Management is targeting new export markets and customers. - Export growth can diversify the revenue base. - Greater exports can reduce dependence on domestic OEM customers. - Provides exposure to global electrification spending. Bank Facilities Enhancement - HDFC Bank long-term facilities increased from ₹90 Cr to ₹115 Cr. - Citi Bank added ₹25 Cr of rated facilities. - Total rated limits increased to ₹157.50 Cr. - Credit ratings: CARE A/A1. - Additional working-capital availability supports revenue expansion. - Provides funding flexibility for a working-capital-intensive business. Vapi Plant Restoration - Vapi plant was affected by a fire on 7 February 2026. - Operations were fully restored by 24 February 2026. - Production resumed just 17 days after the incident. - Restoration removes the immediate production-disruption risk. - Facility is back contributing to output. - Recovery comes amid a year of ~45% revenue growth. Dividend Increase - FY26 final dividend recommended at ₹3/share. - FY25 dividend was ₹2/share. - Dividend increased 50% YoY. - Indicates management confidence in earnings sustainability. - Net profit nearly trebled in FY26. - Higher payout adds to shareholder-return potential. KEY TAKEAWAY - Advanced materials can move Modison towards higher-value applications. - Renewable, transmission, EV and automation demand provide structural growth drivers. - Export expansion can diversify the customer and geography mix. - Enhanced banking facilities support working-capital requirements. - Vapi restoration removes a key near-term operational overhang. - The 50% dividend increase reflects improving earnings and cash-return confidence. Daily Live Business Updates @Stockupdate9 2.2K·Sep 1

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