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CONCALLS: post #10165 — TG.ME

CONCALLS@Concalls3 · 10.1K subscribers Open in TelegramOpen

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September 8, 2026 1.6K 1

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BEHARI LAL ENGINEERING LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue from operations stood at ₹151.7 Cr, up 18% YoY; volume increased 13.4% YoY to 22,095 tonnes. - EBITDA rose 23% YoY to ₹29.7 Cr, with margin at 19.6%; operating EBITDA margin was 18.2%. - PAT increased 24.5% YoY to ₹19.2 Cr, with PAT margin at 12.7%. - EBITDA/tonne increased to ~₹13,500 vs ~₹12,400 YoY. High-Value Product Strategy - High-value products contributed 60.4% of revenue, up from 55.7% YoY and 57.8% in FY26. - FY26 high-value mix had already increased from 45% in FY25 to 58%. - Management is targeting ~70% high-value product mix in the near future. - Alloy steel contributed 47.7%, metal rolls 25.8%, engineering castings 19.8% and forging ingots 1.9% of Q1 revenue. - Growth strategy is focused on mix improvement and realization, rather than chasing commodity volumes. Capacity & Utilization - Overall capacity utilization reached 90.5% in Q1; melt shop at 94% and rolling mills at 87.5%. - The same melt shop can manufacture rolls, specialty bars and castings, allowing production to shift toward stronger/high-value demand. - Current year growth will primarily come from product-mix optimization; additional melting capacity is expected from the next financial year. - Unit 3 is under construction and expected to commence operations in Q1 FY28. Unit 3 & New Products - Unit 3 will focus on centrifugal casting, metal rolls, ICTP/ICDP rolls, HSS rolls, engineering castings and other foundry products. - ICTP/ICDP and HSS rolls are largely imported currently, creating a significant import-substitution opportunity. - Two centrifugal casting technologies—**vertical and horizontal**—are planned, with machinery orders already placed. - Company expects to start production next year and sees potential for significant market share. - Forging capabilities will support higher-margin valve steel, die steel and tool steel grades. Order Book - Order book stood at ₹162 Cr / 13,138 tonnes as of June 30. - Order-book realization is around ₹1.2 lakh/tonne versus Q1 revenue realization of ~₹93,000/tonne, indicating a richer mix. - Management highlighted that the order book is skewed toward high-value products, providing visibility for the next 2 quarters. Defense & Aerospace - Company has started receiving orders from government PSUs including Bharat Dynamics and Nuclear Power Corporation of India, along with private-sector defense customers. - Products are being developed for import substitution and Make in India requirements. - Defense customer approvals involve a long prototype and qualification cycle. - Initial prototyping revenue has started; meaningful defense revenue is targeted from FY28. - Management sees strong long-term opportunity in specialized grades currently not manufactured domestically. Foundry & Power Opportunity - Strong demand is emerging from the power sector, with customers providing order visibility extending to 2035. - Company recently produced a 22–23 tonne single-piece casting for a major power-sector customer. - Investments in CNC machining, testing, NDT, shot blasting, painting and finishing will provide one-stop foundry solutions. - Forward integration should improve customer stickiness and support higher-value castings. Financial Strength & IPO - June-end net worth stood at ₹325 Cr, gross borrowing at only ₹11 Cr, cash at ₹52 Cr and debt/equity at 0.03x. - ROE was 23.6% and ROCE 27%. - IPO raised ₹301 Cr, including ₹93 Cr fresh capital; promoter holding post issue is 70.84%. - IPO proceeds include ₹56 Cr for equipment/civil work, ~₹7 Cr for rooftop solar, debt repayment and corporate purposes. - Company targets ~₹80 Cr CapEx in FY27, of which ₹5 Cr was spent in Q1 and ₹75 Cr is planned over the remaining quarters. Margins & Outlook - Gross margin improved to 48.9%, up 146 bps YoY, driven primarily by richer product mix. - Management expects operating EBITDA margin to improve by 20–25% over the next 2–3 years from current levels. - Solar investment should reduce power costs, while new grades, machining and forging should further increase value addition. - Export revenue was ₹8.6 Cr in Q1 vs ₹11.5 Cr YoY; decline was attributed to shipment timing/order phasing, with no change in long-term export trend. - Long-term growth is expected from higher-value products, Unit 3, import substitution, defense, power and exports. KEY TAKEAWAY - 60% high-value mix today, targeting 70% + Unit 3 from FY28. 580·Sep 9 MOLBIO DIAGNOSTICS LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Consolidated revenue from operations stood at ₹408 Cr. - Sold 164 devices and 62.4 lakh test kits during Q1. - Export revenue was ₹67 Cr, contributing 16% of total revenue. - EBITDA stood at ₹104 Cr, with 25% EBITDA margin; PAT was ₹52.7 Cr. - Management targets FY27 revenue growth of around 25% and EBITDA margin of 24–25%. TruNat Platform - 12,500 machines installed across 90+ countries, with 43 assays covering 30 diseases. - Platform has conducted 5–6 Mn+ tests historically and generates recurring revenue through proprietary consumables. - Around 75% of revenue currently comes from test kits. - Early installations from 2017–18 are still running, with no device replacement cycle seen so far. - TruNat is a closed proprietary system; third-party consumables cannot be used. - Same machine can test multiple diseases; consumables change according to the test. TB Opportunity - India has around 25,000–30,000 TB diagnostic centres, while TruNat has reached only around 8,000–9,000. - Remaining centres largely use traditional microscopy, creating a long runway for molecular diagnostic conversion. - TruNat is one of only 2 WHO-endorsed molecular TB technologies, and the only one that is battery-operated and deployable at point-of-care. - Newly completed government TB tender provides a 2-year contract. - Management sees significant further opportunity in both India and international TB programs. HPV Opportunity - TruNat HPV underwent extensive validation led by AIIMS with support from WHO/Gates-linked agencies and was found to meet international criteria. - Government of India has recommended rollout under the national program and found the test cost-effective. - WHO prequalification application is also being pursued for international expansion. - Management expects greater clarity on deployment and volumes next quarter. Exports & Global Expansion - Export business began around 2023 and is still in the network-building/ramp-up phase. - Distributor network spans 90 countries, with registrations continuing across markets. - Europe is opening through stringent IVDR/IBDR certifications, including TruNat CT-NG for chlamydia and gonorrhea. - Management expects exports to become an important growth driver over the coming years. - Developed-market expansion includes Europe and the US through TruNat, Prognosis and OptraScan. Manufacturing & CapEx - Test-kit capacity utilization is around 58%, while device capacity utilization is around 42%. - Of the ₹200 Cr IPO proceeds, around ₹72 Cr is earmarked for automation. - Automation should improve efficiency and enable the company to potentially double revenue from FY26 levels without major capacity expansion. - Around ₹105 Cr will be invested in an integrated R&D centre in Bangalore. - No major additional CapEx is currently envisaged. R&D & Innovation - R&D spending is maintained at around 5–6% of revenue. - Company has 153+ scientists and 207+ patents. - Bulk of future R&D investment will shift toward new diagnostic platforms, rather than only adding assays to TruNat. - Focus includes both infectious and non-communicable diseases. - Management estimates the addressable opportunity for future NCD point-of-care platforms could be 10x+ the current molecular-testing opportunity. Prognosis - Prognosis contributed around ₹11 Cr revenue in Q1. - FY26 revenue was ₹154 Cr, with around ₹12 Cr PAT. - Management expects FY27 EBITDA margin to remain around 19%, broadly similar to FY26. - Ultra-portable X-ray products can complement TruNat for TB screening + confirmatory testing. - Veterinary applications, particularly companion animals, are another potential growth avenue. OptraScan - OptraScan received US FDA clearance in July 2026 for its end-to-end digital pathology workflow covering hardware, software and AI. - US represents around 60% of the global pathology market; discussions with large US laboratory/hospital chains are underway. - India already has around 35–40 installations. - OptraScan received ~$30 Mn fresh capital and is fully funded for the next 2–3 years. - FY27 is expected to remain muted; meaningful contribution is expected from FY28–FY29 onward. Business Outlook - Management cautions against judging performance quarter-to-quarter as public-health business can be non-linear. - Growth will be driven by higher machine installations, recurring kit consumption, new assays, exports and new platforms. - Existing TB opportunity remains substantial, while HPV, hepatitis and international markets provide additional growth avenues. KEY TAKEAWAY - 25% growth target + 75% recurring kit revenue + strong global runway. 431·Sep 9 SHIPROCKET LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Transactions grew 36% YoY, GMV 31%, and revenue 34% to ₹592 Cr. - Merchant count increased 14% while ARPU grew 18%. - Adjusted EBITDA rose 9x to ₹8.9 Cr; loss before tax improved to ₹13.7 Cr from ₹18 Cr. - TTM transactions stood at 216 Mn, GMV at ₹34,600 Cr and merchants at 2.24 lakh+. Core Business - Core revenue grew 22% YoY to ₹411 Cr, while transactions grew 31%. - Core adjusted EBITDA stood at ₹52.7 Cr, with margin improving 50 bps YoY to 12.8%. - Larger D2C merchants performed strongly, supporting retention, growth and mix. - Input-cost compression from logistics partners also supported margins. - Core EBITDA margin has improved from 6% to ~12% over the last 3 years. Emerging Business - Emerging revenue grew 70% YoY to ₹182 Cr, contributing 30% of revenue vs 24% last year. - Omnichannel grew 92%, driven by quick commerce, cargo and PTL/fulfillment. - Cross-border business declined marginally due to global volatility; focus remains on higher-margin, profitable customers. - Martech is growing rapidly from a small base and carries better margins. - Emerging contribution margin improved from around 9–10% to 15%, while adjusted EBITDA improved from -38% to ~-24%. Merchant Growth & Cross-Sell - TTM merchant base reached 2.24 lakh+. - Emerging merchants increased from 30,000 to 48,000 YoY. - Core merchants buying emerging services increased from 7.3% to 8.8%. - Growth is increasingly driven by merchants buying more products across the Shiprocket stack. - Management continues to focus on expanding the merchant funnel, which can later graduate into higher-value/power merchants. Unit Economics - Adjusted EBITDA per transaction improved from ₹0.22 to ₹1.5 YoY. - Management highlighted that every incremental transaction is margin accretive after overheads. - Contribution margin is growing faster than revenue, supported by emerging-business growth and operating leverage. - Larger merchants generally generate lower shipping realization due to volume-based pricing, but can consume more services across the platform. Martech Opportunity - Martech includes checkout, conversion tools, advertising and AI-led merchant solutions. - New QuickPay simplifies checkout by surfacing preferred payment options and discounts, helping conversion and prepaid mix. - Steel Deal recommends complementary products and aims to increase AOV and attach rates. - AI Assist handles pre-order queries and post-order support while enabling checkout directly inside chat. - AI Ads can generate creatives within minutes and uses Shiprocket's commerce and purchase data for personalization. - Martech is also being extended across Instagram, Facebook and WhatsApp to improve traffic and ROAS. Omnichannel & Quick Commerce - Shiprocket's system connects D2C brands with quick-commerce platforms, automating order notifications, truck allocation and delivery-slot booking. - The platform aggregates purchase orders across multiple D2C brands and improves visibility of inventory movement. - Management sees strong opportunity as D2C brands increasingly leverage the rapid growth of quick commerce. Technology & Data Moat - Shiprocket operates an asset-light model and integrates with 250+ partners and 42 courier partners. - Platform has processed over 700 Mn transactions historically. - More than a decade of consumer, merchant and logistics data supports routing, checkout, fraud detection and marketing decisions. - Around 93% of checkouts have addresses filled automatically. - Integrated data across shipping, checkout, marketing and consumer behaviour is positioned as a key competitive advantage. Customer Acquisition - Core CAC increased to around ₹3,600 in Q1 from ₹2,800 in the previous quarter. - Management views CAC movement as experimental rather than seasonal. - CAC is generally recovered within a short period through customer contribution margins. - Company does not expect CAC to move structurally higher and continues testing new digital acquisition channels. Competition & Retention - Shiprocket continues to integrate with leading logistics partners rather than owning logistics assets. - Its value proposition is access to multiple courier networks, intelligent routing, data-driven recommendations and lower RTOs. - Larger merchants benefit from multi-carrier routing and SLA optimization, while smaller merchants gain access to capabilities they could not build independently. - Management continues to see opportunities for cross-selling more services into the existing merchant base. Business Model & Monetization - Shiprocket acts as an end-to-end commerce infrastructure platform for SMEs and D2C merchants. - Revenue is monetized on a consumption-based model, linked to shipments and checkout transactions. - Strategy is to acquire/enable the merchant transaction first and then monetize the same order across multiple margin pools. - Management prioritizes transaction growth over maximizing monetization of every individual service immediately. Seasonality - Q3 is typically the weakest quarter because larger D2C merchants redirect inventory and marketing toward marketplaces during the e-commerce festive season. - Other than this shift, management does not see significant seasonality in the business. KEY TAKEAWAY - 34% revenue growth + 70% emerging growth + improving unit economics. 399·Sep 9 DHOOT TRANSMISSION LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Q1FY27 Performance - Revenue growth was nearly 50% YoY, significantly ahead of industry growth. - Wiring harness revenue grew 44.6% YoY while non-wiring harness revenue grew 67.7% YoY. - EV revenue increased 79% YoY, with EV contribution rising to 27% of total revenue from 24% last year. - EBITDA margin improved 110 bps QoQ to 15%. - Multilink acquisition contributed around 3% to overall revenue growth for the quarter. - Finance cost declined as working-capital debt levels were optimized following the March equity infusion. Industry & Outlook - Domestic automotive volumes grew >20%, while exports grew >36%. - 2-wheeler industry grew 22.8%, with EV industry growth at 93% and ICE growth at >20%. - Electrification remains a key growth driver across both wiring and non-wiring harness businesses. - Addition of new customers and products should support growth over the coming years. - Management expects 25–30% growth for FY27, while noting a softer comparison for the first six months due to the GST-led growth in H2 last year. Margin Outlook - Most copper inflation has already been passed through to customers, although copper prices have continued to rise. - Management maintains 15–16% EBITDA margin guidance for FY27. - Raw-material price increases are generally passed through with around a 3-month lag. - Further recovery in margins is expected when the commodity cycle softens. - July and August also saw further raw-material price increases, limiting immediate margin recovery in Q2. Multilink Acquisition - Full integration of Multilink is expected within 3–4 months. - Acquisition added Hero as a customer and expanded the product portfolio with fuel-level sensors and relays. - Significant cross-selling opportunities exist as Multilink serves customers that overlap only partly with Dhoot's existing customer base. - Management expects Multilink to deliver around 25–30% growth, with margins broadly in line with Dhoot's overall business. - Goodwill is currently estimated at around 20–25% of acquisition price, subject to final purchase-price allocation. Non-Wiring Harness - Q1 revenue stood at ₹358 Cr versus ₹213 Cr YoY. - Business growth was 67.7%, with Multilink contributing around 10–12% of this growth during its initial period. - Non-wiring business includes battery packs, controllers, sensors and switches. - Battery packs remain the largest contributor within the non-wiring harness segment. EV Opportunity - Dhoot is present across the EV powertrain, beyond just battery-pack assembly. - Battery-pack assembly has expanded to a second major customer, with supplies already started. - Company is also entering the EV charging business. - Management believes EV adoption is growing faster than earlier expectations. - Top customers view India as an export base, creating additional opportunities from EV exports. - EV revenue contribution is expected to exceed 30–32% within the next 2–3 years. EV Content Potential - EV wiring-harness content is approximately 1.5x–2.5x that of an ICE vehicle. - Higher content comes from additional HV harnesses along with other EV components. - With a broader product basket, total content opportunity can potentially reach up to 4x versus ICE. - Dhoot supplies products including HV/LV harnesses, cord sets, charging guns, RCDs, chargers, DC-DC converters and battery-pack assemblies. Battery Pack Expansion - Company currently supplies battery packs to its leading customer and has added another major customer. - Second-customer supplies began for approximately one month in Q1. - Dhoot plans to consolidate its position in 2-wheeler battery packs over the next 1–2 years before aggressively pursuing 3-wheeler battery packs. - Key battery-pack components including cell holders, tap cells, busbars, wiring harnesses, pressure sensors and connector systems are manufactured in-house. Wiring Harness Business - Q1 wiring-harness revenue stood at ₹1,090 Cr versus ₹753 Cr YoY. - Company is expanding capacity at Jhajjar and Hosur, with these projects expected to add around 15–20% capacity this year. - Current utilization is maintained around 75% to ensure sufficient capacity during peak seasonal demand. - Customers can operate at nearly 100% efficiency during the 5–6 month peak season, requiring Dhoot to maintain capacity headroom throughout the year. Localization & Backward Integration - Dhoot has a strong localization drive across its wiring-harness operations. - Imported components have reduced from around 30–35% historically to ~20–25% currently. - Remaining components are increasingly localized through backward integration. - Dhoot Auto Components manufactures cables, connectors, terminals and other components in-house. - The subsidiary conducts around ₹1,200 Cr of business for group companies through internal consumption. Raw Material Exposure - Copper accounts for approximately 22–23% of BOM cost. - Rising copper prices remain a near-term margin pressure. - Customer repricing generally occurs with a ~3-month lag. - Management expects recovery once raw-material prices begin to soften. ADAS / Ride Vision JV - Dhoot is progressing toward a JV with Ride Vision for 2-wheeler ADAS solutions. - Product focuses on detecting front/rear collision risks and left/right blind spots. - Company has presented the technology to major 2-wheeler customers and received strong interest. - Dhoot plans to initially focus on 2-wheelers, while the technology can potentially address 4-wheelers as well. - Adoption could be driven by future Government regulations, and management wants to be ready ahead of regulatory implementation. EV Cord Sets & Switches - Automotive switches business remains focused on off-highway and tractor applications and is growing broadly in line with the market. - EV cord-set business is performing strongly. - Dhoot expects to have around 40–45% share of new Indian EV cord-set business coming for next year. - Company participates in both LV and HV systems for electric 2-wheelers, which management said is the case for roughly 99% of relevant applications. M&A & Capital Allocation - M&A remains a continuous opportunity pipeline with support from Bain. - Priority for capital deployment is JVs, technology collaborations and organic expansion, followed by M&A. - Indian acquisitions remain the preferred route. - Overseas acquisitions would be considered mainly where they provide strategic access to technology or specific sectors. - Management is currently not pursuing acquisitions in passenger vehicles, although it is in an advanced stage of a JV for passenger-vehicle HV harnesses. Balance Sheet - Debt stood at around ₹220 Cr at June-end, after considering the Multilink acquisition and March equity infusion. - IPO proceeds were received in August. - Post-IPO, management expects the company to move to a net cash position. - Indicative net cash at end-August is around ₹1,000 Cr, subject to minor variation. KEY TAKEAWAY - 50% growth + 27% EV mix + 25–30% FY27 growth target. 436·Sep 9 FORTIS HEALTHCARE LTD – Q1 FY27 CONCALL HIGHLIGHTS #Q1FY27 Delhi High Court Order - Delhi High Court has directed appointment of a forensic auditor with a defined scope of investigation. - Management stated the order does not change, limit or impede Fortis' strategic or operational plans, including CapEx, bed expansion and M&A. - Fortis will fully cooperate with the forensic exercise while its legal teams evaluate the best way forward. Scope of Forensic Audit - Audit covers reconstruction of the erstwhile promoter entity FHHPL and examination of share dissipation during 2016–18. - It also covers IHH's acquisition of controlling stake in Fortis, including approvals, filings and subsequent utilisation of investment toward acquisition of healthcare assets from RHT Health Trust. - Scope includes examination of any role of Fortis/FHL personnel in the erstwhile promoters' share transactions. - The role of 17 banks and financial institutions in the share dissipation is also covered. Forensic Audit Timeline - Auditor is required to send its information questionnaire within 4 weeks. - Parties will have 2 weeks to respond. - Court has set a timeline of approximately 6 months for completion/reporting of the exercise. - Management expects the audit process to conclude within the court-prescribed timeline, although it noted the adequacy of the timeline may be challenging. Management's Position - Fortis believes it has been in complete compliance with applicable laws. - Management said its internal review found nothing abnormal or improper from Fortis' side. - Based on records reviewed, management remains confident that the outcome should be in Fortis' favour. - Management does not currently foresee any significant or material adverse impact from the audit. IHH Commitment - IHH reiterated that nothing changes regarding its commitment to Fortis. - Fortis remains IHH's growth engine for its India platform. - IHH continues to consider the potential merger of Gleneagles and Fortis at the appropriate time. - IHH is willing to infuse capital into Fortis if required for growth. - IHH reiterated its commitment to increase its stake to 50%+ over the longer term. IHH Investment Clarification - IHH stated that its investment came through a primary issuance by Fortis, following a competitive process run by independent directors. - IHH said it did not purchase secondary shares from the erstwhile promoters or from the open market. - IHH highlighted that the acquisition process was fair, transparent and compliant with regulatory requirements. - The MTO was completed last year after a delay of almost 7 years. Singh Brothers' Shareholding - Management stated that the erstwhile promoters had pledged shares to banks. - Banks subsequently attached and liquidated those shares in the free market. - As a result, the Singh brothers' holding had fallen to negligible levels by February 2018. - Subsequently, independent directors conducted a competitive process and selected IHH as the strategic partner. - IHH infused fresh capital through preferential allotment. RHT Transaction - Management reiterated that the RHT transaction was undertaken for the commercial and capital requirements of Fortis. - RHT was a listed entity in Singapore and the transaction followed applicable regulatory and disclosure requirements. - Management stated that the purpose of the capital infusion and utilisation of funds had been publicly disclosed. - IHH also highlighted that the transaction complied with Singapore and Indian regulatory requirements. Share Transfer Clarification - Management stated that Fortis had no role in the transfer of shares between the concerned parties. - Share transfers were executed between the parties through the registrar. - At that time, regulations did not require promoter share transfers to obtain clearance from Fortis' compliance officer. - Management therefore stated that Fortis was not involved in or aware of those transactions. Operations & Brand - Management said hospital operations remain completely insulated from the legal and shareholding issues. - Doctors, medical teams and operational leadership remain focused on patient experience and clinical services. - Some communication with employees and stakeholders will continue to ensure transparency. - Management does not expect the current development to materially disrupt hospital operations. Growth & M&A Plans - Existing brownfield expansion plans remain intact. - Fortis continues to actively pursue M&A opportunities. - Management stated that the legal matter does not constrain previously disclosed growth plans or other opportunities under evaluation. - Internal accruals will primarily support ongoing growth, while IHH remains willing to provide additional capital for major requirements. Financial Impact - Fortis does not currently require any provisioning related to the forensic audit. - No liability has been fixed under the court order; management described the process as a fact-finding exercise. - Management expects the overall financial impact to be nil, apart from legal expenses. - Legal expenditure was approximately ₹25 Cr last year and a similar amount could be budgeted this year depending on case intensity. - The cost of the current forensic audit is to be borne by Daiichi, as specified in the court order. Legal Strategy - Fortis' legal teams are reviewing the court order and consulting with senior external and internal counsel. - Management expects to determine the appropriate legal action within the next 5–10 days. - If required, Fortis may approach the appropriate legal forum. - Fortis currently does not plan counter-litigation against Daiichi while the matter remains sub judice. - Management said it will consider actions necessary to protect the company's interests. Daiichi Litigation - Management stated that Fortis was neither a judgment debtor nor garnishee in the relevant proceedings. - Fortis believes it has been unfairly brought into the dispute involving the erstwhile promoters. - IHH said the prolonged litigation also delayed its ability to consolidate Fortis faster. - IHH reiterated that it believes its investment process was compliant and transparent. 6-Month Outlook - Management expects the forensic audit process to take around 6 months, followed by potentially a few additional months for subsequent actions. - If the audit proceeds as ordered, management views it as the potential last stop for this line of investigation and litigation, unless something new emerges. - IHH confirmed that Fortis' growth plans remain intact during the next 6–12 months. - IHH can undertake permitted corporate actions within the limits of applicable law. KEY TAKEAWAY - Legal uncertainty remains, but Fortis' growth plans and IHH backing remain intact. 446·Sep 9

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