Sushil Finance

📢Q4FY24 Results Update - Vimta Labs Ltd

We expect the FY26E EPS to be Rs. 32.3 and the PAT margin to be 16.6%. We have assigned a P/E multiple of 22X and arrive at a Target Price of Rs. 727, showcasing an upside potential of 44% from current levels with an investment horizon of 18-24 months, with a BUY rating on the stock.

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- Awfis is the largest flexible workspace solutions company in India as on December 31, 2023, based on total number of centers. As on December 31, 2023, they are ranked 1st among the top 5 benchmarked players in the flexible workspace segment with presence in 16 cities in India with 169 centers and 25,312 seats under fit out with chargeable area aggregating to 1.23 million sq. ft. In addition, they have entered into signed letters of intent (“LOI”) with space owners for 13 additional centers, with 10,859 seats aggregating to 0.55 million sq. ft. As on December 31, 2023, they have over 2,295 clients and have resence in 52 micro markets in India.

OBJECTS OF THE ISSUE
1. Funding capital expenditure towards establishment of new centers (₹ 42.03 Cr.)
2. Funding working capital requirements (₹ 54.37 Cr.)
3. General corporate purpose.

Offer for Sale of up to 12,295,699 Equity Shares by selling shareholders. The company will not receive any proceeds from the Offer for sale.

📢 New Stock Report Alert - VIP INDUSTRIES LTD

VIP Industries Ltd posted a weak quarter in terms of EBITDA and PAT numbers. However, these were primarily due to one-time expenses, and the management remains confident of improved growth and margins in the second half of the financial year. Therefore, we expect FY26E revenue at Rs.2953.1 cr, EBITDA of Rs.476.2 cr at an EBITDA margin of 16.1% and PAT of Rs.256.7 cr. We estimate FY26E EPS at Rs.18.1, and assign a PE multiple of 41x, maintaining the target price of Rs.741 (upside ~45.4%) from the current market price of Rs.510. We maintain our BUY Rating for VIP Industries Ltd over an investment horizon of 24-30 months.

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- Incorporated on December 7, 2016, the company began its journey to change the way non-life insurance products are understood and experienced by consumers and distributors in India. Go Digit General Insurance (Go Digit) is one of the leading digital full stack insurance companies, leveraging technology to provide innovative approach to product design, distribution, and customer experience for nonlife insurance products. As at December 31, 2023, there were 43.26 million people who have availed the insurance benefits under them, out of which 27.74 million customers acquired in motor insurance product, 14.97 million customers acquired in health insurance products.

OBJECTS OF THE ISSUE
1. Maintenance of solvency ratio; and
2. To undertake the activities proposed to be funded from the Net Proceeds

Offer for sale up to 54,766,392 equity shares by the selling shareholders. The company will not receive any proceeds from the Offer for sale.

May the auspicious occasion of Akshaya Tritiya bring infinite prosperity and good fortune to you and your family! 🌼💫

📢 Q4FY24 Results Update - Smruthi Organics Ltd.

Smruthi Organics Ltd posted a relatively stronger quarter in terms of revenue numbers as well as margins. As backward integration and FDF expansion continues to be a major focus for the company, as well as the continual focus to increase presence in the PIC/S signatory countries sustains, we can expect revenues as well as margins to improve in the coming quarters. We expect FY26E revenue at Rs.175.7 cr, EBITDA of Rs.22.5 cr at an EBITDA margin of 12.8% and PAT of Rs.10.1 cr. We estimate FY26E EPS at Rs.8.9, and assign a PE multiple of 24x, maintaining the target price of Rs.213. We keep our BUY Rating for Smruthi Organics Ltd over an investment horizon of 18-24 months

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📢 Q4FY24 Results Update - EVEREADY INDUSTRIES INDIA LTD

Eveready Industries India Ltd posted a flat quarter in terms of revenue growth, however, EBITDA and PAT numbers grew significantly on a YoY basis. We expect FY26E revenue at Rs.1688.1 cr, EBITDA of Rs.255.1 cr at an EBITDA margin of 15.1% and PAT of Rs.147.7 cr. We estimate FY26E EPS at Rs.22.4, and assign a PE multiple of 22x, maintaining the target price of Rs.447 (upside ~34.7%) from the current market price of Rs.332. We maintain our BUY Rating for Eveready Industries Ltd over an investment horizon of 24-30 months.

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- Aadhar Housing Finance is a retail-focused HFC focused on the low income housing segment, serving economically weaker and low-to-middle income customers, who require small ticket mortgage loans. The average ticket size of their loans was ₹0.9 million and ₹1.0 million with an average loan-to-value of 57.7% and 58.3%, as of December 31, 2022 and December 31, 2023, respectively. BCP Topco, which is an affiliate of funds managed by Blackstone, is the company’s Promoter and currently holds 98.72% of the pre-Offer issued, subscribed and paid-up Equity Share capital. They have a presence in 20 states and union territories, which is the highest among the peers analyzed by CRISIL as of March 31, 2023and an extensive network of 487 branches* including 109 sales offices, as of December 31, 2023.

OBJECTS OF THE ISSUE
1. To meet future capital requirements towards onward lending (₹ 750 Cr.)
2. General corporate purposes

Offer for sale of equity shares aggregating to ₹ 2,000 Cr. The company will not receive any proceeds from the Offer for sale.

📢 Q4FY24 Results Update - ICICI Bank Ltd.

ICICI Bank is expanding its franchise with high branch addition in the recent past, as it witnesses market opportunities across different markets. The cost of deposits is expected to increase in the near term, however, net interest margin is expected to remain strong above 4% on account of high yielding portfolio. With a strong balance sheet and capital position, the bank is geared to capitalise on growth opportunities in the system. We believe high loan growth, strong CASA deposit franchise and digital initiatives should lead to a healthy ROE/ROA of 17.1%/2.2% by FY26. We have a SOTP-based target price of Rs.1,208 (2.5x FY26E ABV for the bank) with a period of 18-24 months

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- In 2006, TBO Tek conceptualized the TBO platform as a technology tool to simplify the process for travel agents to book airline tickets across multiple airlines. The company has grown into a business with global presence and serviced Buyers and Suppliers in over 100 countries as of December 31, 2023. They provide buyers with a comprehensive travel inventory according to the needs of their customers; and supporting a wide range of currencies along with forex assistances.

OBJECTS OF THE ISSUE
1. Investment in technology and data solutions by the Company (₹ 135 Cr.)
2. Amplification of value of their platform by adding new lines of businesses (₹ 100 Cr.)
3. Investment in sales, marketing and infrastructure to support organization’s growth plans in India (₹ 25 Cr.); and
4. Unidentified inorganic acquisitions (₹ 40 Cr.)

Offer for sale up to 12,508,797 equity shares by the selling shareholders. The company will not receive any proceeds from the Offer for sale.

- - Indigene provide digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies, that assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. The solutions enable life sciences companies to develop products, launch them in the market, and drive sales through their life cycle in a more effective, efficient and modern manner. Their portfolio of solutions cover all aspects of commercial, medical, regulatory and R&D operations of life sciences companies

OBJECTS OF THE ISSUE
1. Repayment/prepayment of indebtedness of one of their Material Subsidiaries, ILSL Holdings, Inc. (₹ 391.33 Cr.)
2. Funding the capital expenditure requirements of the Company and one of their Material Subsidiaries, Indegene, Inc. (₹ 102.91 Cr.)
3. General corporate purpose.

Offer for Sale of up to 23,932,732 Equity Shares by selling shareholders. The company will not receive any proceeds from the Offer for sale.

📢 Q4 FY24 Results Update - Welspun Living Ltd

Raw material have peaked and are reflected in the margins in the current quarter. On the revenue front, we expect a gradual pickup due to long-term drivers like China+1 and possible FTAs with UK and EU and established brands. Going forward, we expect the company to deliver an EPS of Rs.9.9 in FY26, we arrive at a target price of Rs.175. We recommend a BUY at current levels within the time frame of 18-24 months.

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महाराष्ट्र दिनाच्या हार्दिक शुभेच्छा! 🎉🎊 महाराष्ट्राच्या समृद्ध संस्कृती, समृद्ध इतिहास आणि महाराष्ट्राच्या आत्म्यातील ऊर्जा उत्साहाचे आमचे अभिमान आहे. #महाराष्ट्रदिन #जयमहाराष्ट्र

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- - JNK India Ltd. (JIL) is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the “Heating Equipment”) that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries. They have capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning Heating Equipment and cater to both domestic and overseas market. Over the years they have diversified into flares and incinerator systems and have been developing capabilities in the renewable sector with green hydrogen.

OBJECTS OF THE ISSUE
1. Funding working capital requirements (₹ 262.69 Cr.)
2. General corporate purposes.

Offer for sale up to 8,421,052 equity shares by the selling shareholders. The company will not receive any proceeds from the Offer for sale.

Happy Mahavir Jayanti! Let’s remember the eternal message of Lord Mahavir: ‘Live and let live.’ May his teachings of non-violence and love resonate in our hearts and guide us towards a world of unity and compassion. 🙏💖

May the blessings of Lord Rama illuminate your life on this auspicious Ram Navami

Eid Mubarak! Wishing you and your loved ones a blessed Eid filled with joy, peace, and prosperity. May this special occasion bring you closer to family, friends, and cherished traditions. 🌙✨

गुढी पाडव्याच्या हार्दिक शुभेच्छा ❤️

On this auspicious occasion of Gudi Padwa, may you be blessed with new opportunities, good health, and prosperity. Let's welcome the New Year with joy and gratitude. 🌟🪔

- Bharti Hexacom is a communications solutions provider offering consumer mobile services, fixedline telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. It offer services under the brand ‘Airtel’. They have a distinct strategy to premiumise portfolio by acquiring and retaining quality customers and deliver an experience to them through their omnichannel approach and use of data science.

OBJECTS OF THE ISSUE
1. To carry out the Offer for Sale of up to 11,756,910 by the Selling Shareholders.
2. To achieve the benefits of listing the Equity Shares on the Stock Exchanges. The company will not receive any proceeds from Offer for sale.

As we turn the page to a new financial chapter, may it be filled with lucrative opportunities, wise investments, and flourishing portfolios. Cheers to a prosperous financial new year ahead! 📈💼

📢 Re-Instating Coverage - Venus Remedies Limited

The company has paid up its dues and with a clean balance sheet and investments in R&D and new products, it is poised for the next phase of growth With the strengthening of international presence, change in the product mix and use of technology leading to higher operating efficiency, we forecast Venus Remedies revenue/PAT to grow at 14% / 20% CAGR over FY23-26E At the current market price, the stock is trading at an attractive level of 8.4x P/E on FY26 EPS Going forward, we expect the company to deliver an EPS of Rs 36.9 in FY26 assigning a target multiple of 10.5 x we arrive at a target price of Rs. 388 showcasing an upside potential of 25% from current levels with an investment horizon of 18-24 months.

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📢 New Stock Report Alert - KILITCH DRUGS (INDIA) LTD.

We expect the company to deliver top line growth of ~110% for the year FY26E over FY23, backed by pickup in new orders from Ethiopia. Additionally, we expect the company to deliver strong EBITDA and PAT margins of ~17.1% and ~8.3% respectively in FY26E. Our estimates for EPS for the year FY24E, FY25E & FY26E are projected to be Rs. 7.3, Rs. 11.9 & Rs. 15.3 respectively. We have assigned a P/E multiple of 30X and arrived at a target price of Rs.466 that provides an upside of ~21% from the current market price of Rs. 384 with an investment horizon of 24 to 30 months. Hence, we reinstate coverage on Kilitch Drugs (India) Ltd with a ‘BUY’ rating.

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Let the colors of Holi ignite joy, love, and togetherness in every heart. Wishing you a vibrant and joyous Holi filled with laughter and cherished moments! 🎨🌈

📢 New Stock Report Alert - Sharda Motor Industries Ltd

Factoring the various growth triggers for Sharda Motor Industries Ltd, along with robust fundamental metrics, we expect FY26 revenue at Rs.3132.0 cr, EBITDA at Rs.430.9 cr at an EBITDA margin of 13.8% and Adjusted PAT of Rs.281.1 cr. Given the strong growth outlook, we estimate FY26E EPS at Rs.94.6, and assign a PE multiple of 18x to arrive at a target price of Rs.1702, which is an upside of ~34.6% from its last traded price of Rs.1265. We re-instate coverage on Sharda Motor Industries Ltd. with a BUY rating, over an investment horizon of 24-30 months.

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📢 New Stock Report Alert - Kajaria Ceramics Limited

KCL enjoys the highest market share in the Indian tiles industry & also occupies a prominent position in the world. This leadership has been maintained over the years with consistent investments in branding & marketing and establishing a robust distribution network. In light of the anticipated switch from an unorganized to an organized industry, we expect KCL to be the key beneficiary. In addition, KCL is well placed as compared to its peers in terms of fundamentals. The net debt-free company has been reporting stable return ratios, strong cash generation & has been paying dividends consistently for years. Going forward, we expect the company to deliver an EPS of Rs.34.6 in FY26; assigning a target multiple of 44x (which is the median P/E of the last 5 years) we arrive at a target price of Rs.1,463 showcasing an upside potential of 23% from current levels with an investment horizon of 18-24 months.

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- Popular vehicles & services Ltd. is a diversified automobile dealership in India in terms of revenue as of Fiscal 2023 having a fully integrated business model. It caters to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of pre-owned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products. They categorise their automobile dealership business into three key segments, namely,

(a) passenger vehicles including luxury vehicles,
(b) commercial vehicles and
(c) electric two-wheeler and three-wheeler vehicles.

OBJECTS OF THE ISSUE
1. Repayment and/or pre-payment, in full or part, of certain borrowings, availed by the company and certain of their Subsidiaries, namely, PAWL, PMMIL, KGPL, KCPL and PMPL (₹ 192 Cr.)
2. General corporate purposes.

Offer for sale of 11,917,075 equity shares. The company will not receive any proceeds from the offer for sale.

Embrace the divine energy of Mahashivratri and let it ignite the flames of transformation within you. Wishing everyone a night filled with reverence, blessings, and spiritual awakening.

- Established as a partnership firm in 1999 and subsequently incorporated as a company in 2009, Gopal Snacks is a fast moving consumer goods company in India, offering ethnic snacks, western snacks and other products in 10 States and 2 Union Territories as of September 30, 2023. It offers a wide variety of savoury products under the brand ‘Gopal’, including ethnic snacks such as namkeen and gathiya, western snacks such as wafers, extruded snacks and snack pellets, along with fast-moving consumer goods that include papad, spices, gram flour or besan, noodles, rusk and soan papdi.

OBJECTS OF THE ISSUE
1. To carry out the Offer for Sale of Equity Shares aggregating up-to ₹ 650 Cr.
2. Achieve the benefits of listing the Equity Shares on the Stock Exchanges.

The company will not receive any proceeds from the Offer.

📢 New Stock Report Alert - ADF Foods Lts

STRONG BRAND PRESENCE IN THE INTERNATIONAL MARKET COUPLED WITH CAPACITY EXPANSION TO PROPLE GROWTH.
ADF Foods Limited (ADF) is one of the leaders in the manufacturing and distribution of food and has a strong brand presence spanning over nine decades.
The company has an international presence with over 55+ countries, 180+ distributors, and over 400 SKUs. The company has 8 brands under its umbrella in the frozen foods, ready-to-eat/ready-to-cook items, and meal accompaniments. Currently, the company has an installed capacity of 28,000 MT; however, the company is undergoing a capex for capacity expansion. The capex is divided into 2 parts: greenfield capex (Rs. 60 cr) and brownfield expansion (Rs. 15 cr) until FY26. The debottlenecking activity done by the company has unlocked a potential of ~Rs.100 cr additional revenues.

HEALTHY FINANCIAL PROFILE ENABLES THE COMPANY TO STRONG ARM ANY ADVERSE MARKET TAILWINDS.
The company’s revenues have grown at a CAGR of ~18.1% from FY19 to FY23 and were at Rs. 450.3 cr in FY23 from Rs. 231.4 cr in FY19. The EBITDA margins have significantly improved to 17.9% in FY23 as compared to 12.5% in FY19. Subsequently, the net profit margins have improved from 10.9% in FY19 to 12.4% in FY24. The company is a net-debt-free company with investments of Rs. cr as of March 31, 2023.

OUTLOOK AND VALUATION
The company has launched a number of products in FY23 & FY24 and the same have gain traction during H1FY24. The company is expanding its installed capacity and debottlenecking its existing capacities can yield higher revenues in the near to medium term. Hence, we have forecasted annual sales growth of 17%, 18% and 20% in FY24E, FY25E and FY26E derived a revenue of Rs. 746 cr for FY26E. We expect the PAT margins to remain in the range of 13%-14% through FY24E to FY26E and EPS of Rs. 9.2 in FY26E. As we assign a P/E multiple of ~26X we arrive at a price target of Rs. 239 which gives us an upside of ~26% from CMP of Rs. 190. Hence, we initiate coverage on ADF Foods Ltd with a BUY rating over an investment horizon of 24-30 months.own manufacturing augurs well for the company in terms of margin and gro