In today’s briefing:
- Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive
- JSW Cement IPO Trading – Overall Demand Lags Recent Listings
- Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty
- PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?
Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive
- CFF Fluid Control enters FY25 with a INR 500+ crore order book and expanded manufacturing capacity at Khopoli and upcoming Chakan facility.
- Strategic partnerships, high entry barriers, and preferred supplier status strengthen revenue visibility amid India’s naval indigenization push.
- Robust growth prospects and contract pipeline outweigh concentration risks, reinforcing a positive long-term outlook.
JSW Cement IPO Trading – Overall Demand Lags Recent Listings
- JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
- JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty
- Goldiam International reported its highest-ever Q1 results, with sales increasing by 39% year-on-year (YoY) and 17% quarter-on-quarter (QoQ).
- The most standout update from the company is that it has able to pass on additional tariffs to US consumers despite a muted demand environment
- Company is now raising growth capital of close to INR 250 crores via QIP and also expanding its backward integration, which will improve its performance further
PG Electroplast: Guidance Cut Tempers Near-Term Outlook, Valuation Back in Check?
- PGEL cut FY26 guidance sharply, triggering ~30% share price fall. Valuations now near long-term medians, with EV/EBITDA at 26.8x and P/E at 54x.
- Near-Term growth headwinds emerge, but Indian RAC market’s 18% CAGR outlook remains intact, supported by low penetration, rising incomes, and PLI-led domestic manufacturing push.
- Correction offers fair-value entry. Long-term thesis intact with PGEL’s EMS leadership, backward integration, and exposure to fast-growing consumer durable categories.
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