Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

<div>In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective:</div><div><ul><li>&nbsp;2014 Actual versus 2014 Revised Estimates.&nbsp;</li><li>Similarly 2015 Revised Estimates versus 2015 BE and gives 2016 BE numbers.&nbsp;</li></ul>This presentation does not gives any views on the Union Budget of 2016, which is domain of experts, except few comments given on next slide.This presentation provides&nbsp;some tools with which readers can assess if Government&rsquo;s objective of 2016 Revenue and Costs can be met.<ul><li>For some key parameters, the presentation provides</li><li>2014 Revised Estimates versus 2014 Actual Numbers</li><li>2015 Budgeted Estimates versus 2015 Revised Numbers</li><li>2016 Budgeted Estimates versus 2015 Revised Estimates</li><li>Growth in 2014, 2015 and 2016</li></ul></div>

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective:&nbsp;2014 Actual versus 2014 Revised Estimates.&nbsp;Similarly 2015 Revised Estimates versus 2015 BE and gives 2016 BE numbers.&nbsp;This presentation does not gives any views on the Union Budget of 2016, which is domain of experts, except few comments given on next slide.This presentation provides&nbsp;some tools with which readers can assess if Government&rsquo;s objective of 2016 Revenue and Costs can be met.For some key parameters, the presentation provides2014 Revised Estimates versus 2014 Actual Numbers2015 Budgeted Estimates versus 2015 Revised Numbers2016 Budgeted Estimates versus 2015 Revised EstimatesGrowth in 2014, 2015 and 2016

India's Budgets: 2006-2015. Key Charts, and Key questions

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). </li>
<li>
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.</li>
<li>A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.</li>
</ul>


Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 

These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.


The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

<ul>
<li>Jubilant Ingrevia has launched its "Pinnacle 3.4.5" strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.</li>
<li>The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.</li>
<li>With increasing downstream integration, global CDMO expansion, and a robust R&amp;D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.</li>
</ul>


Jubilant Ingrevia has launched its "Pinnacle 3.4.5" strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.
The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.
With increasing downstream integration, global CDMO expansion, and a robust R&amp;D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.


The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

Jubilant Agri and Consumer Products / Event-Driven

Jubilant Agri and Consumer Products (JUBLCPL IN)

<ul>
<li>Separation of fertilizer division enables sharper valuation for adhesives, removing drag from losses and unlocking pure-play growth potential.</li>
<li>High growth with underpriced products; margin expansion likely as brand strength builds, closing gap with Pidilite and Jyoti Resins.</li>
<li>Once loss-making agri business now EBIT-positive; post-demerger focus may revive segment and surprise on valuations.</li>
</ul>


Separation of fertilizer division enables sharper valuation for adhesives, removing drag from losses and unlocking pure-play growth potential.
High growth with underpriced products; margin expansion likely as brand strength builds, closing gap with Pidilite and Jyoti Resins.
Once loss-making agri business now EBIT-positive; post-demerger focus may revive segment and surprise on valuations.


Event Driven: Jubilant Agri & Consumer Products Demerger- Next Value Creator from the Bhartia Group?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

India

Jubilant Pharmova Limited operates as a pharmaceuticals company. The Company offers products and services across the pharma value chain that includes manufacturing and supply of radiopharmaceuticals, developing therapies, and drug discovery and development services. Jubilant Pharmova serves customers worldwide.

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Jubilant Pharmova (JUBLPHAR IN)

India's Budgets: 2006-2015. Key Charts, and Key questions

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective: 2014 Actual...

Pawan Sachdeva

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

Jubilant Ingrevia aims for 3x revenue and 4x EBITDA growth by FY30 with a focus on higher-margin segments like Specialty Chemicals and Nutrition,...

Sudarshan Bhandari

Event Driven: Jubilant Agri & Consumer Products Demerger- Next Value Creator from the Bhartia Group?

Separating fertilizer division boosts valuation for adhesives, poised for growth and margin expansion to compete with industry leaders.

Nimish Maheshwari

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

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India's Budgets: 2006-2015. Key Charts, and Key questions

In continuation of my work of detailed work on India Budget for last ten years, this piece through simple charts puts in perspective: 2014 Actual...

Pawan Sachdeva

The Beat Ideas: Jubilant Pharmova - Turning Capex Into Catalysts for Long-Term Value

​Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Sudarshan Bhandari

The Beat Ideas: Jubilant Ingrevia-Specialty Formula for Margin Expansion

​Jubilant Ingrevia aims for 3x revenue and 4x EBITDA growth by FY30 with a focus on higher-margin segments like Specialty Chemicals and Nutrition,...

Sudarshan Bhandari

Event Driven: Jubilant Agri & Consumer Products Demerger- Next Value Creator from the Bhartia Group?

​Separating fertilizer division boosts valuation for adhesives, poised for growth and margin expansion to compete with industry leaders.

Nimish Maheshwari

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

Jubilant Pharmova is investing in expanding PET radiopharmacy sites and other segments to drive faster growth and margin expansion, aiming for...

Jubilant Ingrevia aims for 3x revenue and 4x EBITDA growth by FY30 with a focus on higher-margin segments like Specialty Chemicals and Nutrition,...

Separating fertilizer division boosts valuation for adhesives, poised for growth and margin expansion to compete with industry leaders.