In today’s briefing:
- Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
- Greaves Electric Mobility Ltd Pre-IPO – Battles Market Share Erosion and Reliance on Subsidies
- Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Market Cap > USD 1 Billion)
- Zen Technologies Q4 FY25 Update: Record Performance & Strategic Expansion
- InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion
- The Beat Ideas: Bajaj Consumer ~ A Turnaround Play Through Non- ADHO Business
- Salzer Electronics Limited Q4 FY25 Update: Strategic Shifts, Capacity Expansion on Track
- Kuantum Papers Q4 FY25 Update: Navigating Headwinds, Betting on 50% Expansion & Realisation Turnover
Belrise Industries IPO Trading – Robust Insti Demand; Leads Recent Listings
- Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
- Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Greaves Electric Mobility Ltd Pre-IPO – Battles Market Share Erosion and Reliance on Subsidies
- Greaves Electric Mobility Ltd (GEML) is looking to raise about US$120m in its upcoming India IPO.
- GEML is a manufacturer of electric vehicles in India, specializing in E-2Ws and 3Ws to a lesser extent. It’s focusing on shifting towards higher ASP High Speed E-2Ws.
- Historically, demand has been sensitive to whether government subsidies are available and had impacted margins before.
Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Market Cap > USD 1 Billion)
- May is a result season, and hence, very few companies that are out of their silent period are eligible to permit insider trading activity
- Sectors with notable activity include real estate, financials, media and renewable energy.
- Most of these stocks are close to same price levels where the insider purchases happened.
Zen Technologies Q4 FY25 Update: Record Performance & Strategic Expansion
- Zen Technologies (ZEN IN) reported record-high quarterly and annual financial performance in Q4 & FY25, surpassing internal guidance for the year. Strategic acquisitions in naval simulation, drone components& robotics completed.
- The strong financials and acquisitions significantly diversify capabilities and market reach, positioning Zen to capitalise on increasing defence spending and evolving warfare needs.
- Performance exceeds expectations, reinforcing confidence in Zen’s indigenous technology leadership and growth trajectory, despite potential short-term order inflow volatility.
InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion
- InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
- Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
- Geopolitical events like India-Pak war caused booking dips and flight delays.
The Beat Ideas: Bajaj Consumer ~ A Turnaround Play Through Non- ADHO Business
- Bajaj Consumer Care Limited (BJCOR IN) operates in the position in light hair oil through its flagship brand Almond Drops with a 65% market share in this category.
- In FY25, revenue grew 3.2% YoY to INR 2.4 bn, but EBITDA fell 9.6% and PAT declined 15.6% due to copara(RM) price surge and high employee cost.
- Management expects ADHO to rebound with rural demand recovery, while Coconut Oil and skin-care extensions continue to expand the non-ADHO portfolio base aiming 40% share from current 20% in revenue.
Salzer Electronics Limited Q4 FY25 Update: Strategic Shifts, Capacity Expansion on Track
- Salzer reported strong top-line growth in Q4 and FY25, secured significant smart meter and smart lighting orders, but faced margin pressure and wrote off investments in unviable EV ventures.
- Strong revenue growth was driven by core businesses, but higher smart meter expenses impacted profitability, while new orders and EV investment signal future strategic direction.
- Management is actively navigating challenges, focusing on high-growth areas like smart meters and EV charging, reinforcing a positive medium-term growth outlook despite near-term margin volatility.
Kuantum Papers Q4 FY25 Update: Navigating Headwinds, Betting on 50% Expansion & Realisation Turnover
- Kauntam Papers (KAUN IN) reported stable Q4 FY25 volumes but lower revenue/profit YoY amidst industry headwinds, while progressing on a significant capacity expansion by 50%.
- The company demonstrated margin resilience despite challenging raw material(wood) and import dynamics with expectation of price surge by 6-7% in next 6 months.
- Ongoing capex project of INR 735 crores is on track for completion by Mar-26 where purchase orders worth INR 540 crores already issued, remaining in final stages.
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