Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

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Equity Bottom-up Research

Equity Bottom-Up

Banco Products (India) / Equity Bottom-Up

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<li>Five names cleared the 15% hurdle, averaging 20-27% ROCE over FY22-26; <a href="https://www.smartkarma.com/entities/frontier-springs-limited" target="_blank" data-smartkarma-citation="entities:44291:1" rel="noopener">Frontier Springs (FS IN)</a>  shows the strongest momentum with FY26 ROCE of 41%.</li>
<li>Four of five expanded margins; <a href="https://www.smartkarma.com/entities/gandhi-special-tubes-ltd" target="_blank" data-smartkarma-citation="entities:3577:1" rel="noopener">Gandhi Special Tubes </a>earns a 43.6% EBITDA margin, while <a href="https://www.smartkarma.com/entities/frontier-springs-limited" target="_blank" data-smartkarma-citation="entities:44291:1" rel="noopener">Frontier Springs </a> and <a href="https://www.smartkarma.com/entities/nitta-gelatin-india-limited" target="_blank" data-smartkarma-citation="entities:17900:1" rel="noopener">Nitta Gelatin India </a> more than doubled net margins since FY22</li>
<li>Shares have compounded 22-76% annually since January 2022; Banco, Gandhi, and Nitta trade at 16-17x P/E, while Menon trades at 39x, with strong growth projected for the future.</li>
</ul>


Five names cleared the 15% hurdle, averaging 20-27% ROCE over FY22-26; Frontier Springs (FS IN)  shows the strongest momentum with FY26 ROCE of 41%.
Four of five expanded margins; Gandhi Special Tubes earns a 43.6% EBITDA margin, while Frontier Springs  and Nitta Gelatin India  more than doubled net margins since FY22
Shares have compounded 22-76% annually since January 2022; Banco, Gandhi, and Nitta trade at 16-17x P/E, while Menon trades at 39x, with strong growth projected for the future.


India Small And Micro Cap Compounders: High ROCE, Profitable Growth, Outsized Shareholder Returns

India

Nitta Gelatin India Limited is a joint venture between Kerala State Industrial Development Corporation (KSIDC) and Nitta Gelatin Inc., Japan. The company specializes in manufacturing and selling gelatin, ossein, collagen peptides, and dicalcium phosphate, catering to the pharmaceutical, food ingredients, nutraceuticals, and agriculture industries. It commenced commercial production in 1979 and is headquartered in Kochi, Kerala, India.

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Nitta Gelatin India (NIGI IN)

India Small And Micro Cap Compounders: High ROCE, Profitable Growth, Outsized Shareholder Returns

Five Indian small-caps with 20%+ 5-yr avg ROCE and rising margins have compounded 22-76% a year since Jan-22; Banco, Gandhi and Nitta still trade...

Sameer Taneja

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