Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  </li>
<li>Key risks: Stocks face material headwinds on cost pressure, competition, valuations </li>
<li>Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia</li>
</ul>


Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  
Key risks: Stocks face material headwinds on cost pressure, competition, valuations 
Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia


External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Segment-wise performance: Revenue breakdown stands at: Pressure Cooker - 22.8%; LED - 7.5%; Induction Cooktop - 14.2%; Gas Cooktop - 9.6%; Non-stick Cookware - 16.1% and Mixer/Small Appliances - 29.8%.</li></ul><div><div><div><ul><li>In 4QFY22, Pressure Cooker volume declined by 9.3% YoY, Gas Cooktop volume declined by 48% YoY, Induction Cooktop volume grew by 83.3% YoY</li><li>Non-stick Cookware volume declined by 19.5% YoY, LED volume declined by 5.6% YoY and Small Appliances/Mixer/Others volume declined by 1.5% YoY.</li></ul></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Segment-wise performance: Revenue breakdown stands at: Pressure Cooker - 22.8%; LED - 7.5%; Induction Cooktop - 14.2%; Gas Cooktop - 9.6%; Non-stick Cookware - 16.1% and Mixer/Small Appliances - 29.8%.In 4QFY22, Pressure Cooker volume declined by 9.3% YoY, Gas Cooktop volume declined by 48% YoY, Induction Cooktop volume grew by 83.3% YoYNon-stick Cookware volume declined by 19.5% YoY, LED volume declined by 5.6% YoY and Small Appliances/Mixer/Others volume declined by 1.5% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stove Kraft Limited - Margin Pressure Offsets Topline Growth; Exports Situation

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We analyze Q3 FY22 Earnings for <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> and <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a> </li>
<li>Stress in rural is hurting BJE, CROMPTON is riding high on new products, Upcoming AC season is the key for HAVL. For Stove Kraft growth is falling off a cliff. </li>
<li>BJE and HAVL would be best placed to explore a potentially long and short respectively. </li>
</ul>


We analyze Q3 FY22 Earnings for Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Havells India (HAVL IN) and Stove Kraft (0490943D IN) 
Stress in rural is hurting BJE, CROMPTON is riding high on new products, Upcoming AC season is the key for HAVL. For Stove Kraft growth is falling off a cliff. 
BJE and HAVL would be best placed to explore a potentially long and short respectively. 


India Household Appliances | Q3 Earnings Review and Channel Check Map

<div>
<div>
<h2>About India Channel Insight</h2>
</div>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>
<div>
<p>For this insight, we interact with current and prior distributors of <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a>; <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a>; <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> </p>
</div>



About India Channel Insight



Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we interact with current and prior distributors of Stove Kraft (0490943D IN); Bajaj Electricals (BJE IN); Crompton Greaves Consumer Electricals (CROMPTON IN) and Havells India (HAVL IN) 


India Channel Insight | Stovekraft, Bajaj Electricals, Crompton Consumer, Havells

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<div>
<p>In this Insight, we present our takeaways from channel interactions that are focused on <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> , <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, <a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> and <a href="https://www.smartkarma.com/entities/stove-kraft-ltd" target="_blank" data-smartkarma-citation="entities:31372:1" rel="noopener">Stove Kraft (0490943D IN)</a></p>
</div>
<h3>About India Channel Insight</h3>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>



In this Insight, we present our takeaways from channel interactions that are focused on Asian Paints (APNT IN) , Ashok Leyland (AL IN), Makemytrip Ltd (MMYT US) and Stove Kraft (0490943D IN)

About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


India Channel Insight | Asian Paints, Ashok Leyland, Makemytrip, Stove Kraft

India

Stove Kraft Limited manufactures and distributes kitchen appliances. The Company provides iron boxes, gas stoves, microwave ovens, mixer grinders, cooktops, rechargeable lamps, hand blenders, and other related products. Stove Kraft serves customers worldwide.

Stove Kraft (STOVEKRA IN)

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

Stove Kraft Limited - Margin Pressure Offsets Topline Growth; Exports Situation

Stove Kraft Ltd reported 4QFY22 revenue of Rs2.61bn, up 11% YoY. The topline was 5.2% below our estimate. Gross margin contracted by 450bps YoY to...

Nirmal Bang

India Household Appliances | Q3 Earnings Review and Channel Check Map

We analyze Q3 FY22 Earnings for Bajaj Electricals, Crompton Greaves Consumer Electricals, Havells India and Stove Kraft along with presenting...

Pranav Bhavsar

India Channel Insight | Stovekraft, Bajaj Electricals, Crompton Consumer, Havells

For this insight, we interact with current and prior distributors of Stove Kraft; Bajaj Electricals; Crompton Greaves Consumer Electricals and...

Pranav Bhavsar

India Channel Insight | Asian Paints, Ashok Leyland, Makemytrip, Stove Kraft

In this Insight, we present our takeaways from channel interactions that are focused on Asian Paints, Ashok Leyland, Makemytrip Ltd and Stove Kraft

Pranav Bhavsar