Daily Brief India: Gensol Engineering, SAMHI Hotels , Sandur Manganese & Iron Ore and more

In today’s briefing:

Gensol Engineering Forensic Analysis: Insights from SEBI’s Investigation
The Beat Ideas: Samhi Hotels, A Strategic Play on India’s Premium Hotels
SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

Gensol Engineering Forensic Analysis: Insights from SEBI’s Investigation

SEBI has launched a forensic investigation into Gensol Engineering Ltd. (GEL), highlighting grave concerns around corporate governance, fund misuse, and misleading disclosures
What began as a story of meteoric financial growth has now unfolded into a cautionary tale of alleged fund diversion, shady preferential allotments, and sharp promoter decline.
This research note delves into the key issues identified by SEBI, the financial patterns that triggered scrutiny, and the implications for stakeholders.

SAMHI Hotels (SAMHI IN) witnessing a 9-10% top-line growth attributed to same-store Average Room Rate (ARR) growth and robust occupancy trend across all the segments.
Company is set to generate a top line of INR 3.2-3.5bn pa post stabilization in 2 years with an increase of 532 keys across three hotels.
Company is expecting 35% revenue growth in next 3-4 years by repositioning the ACIC portfolio under the Marriott Tribute & Courtyard brands and opening new hotels like W& Westin Tribute.

Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.
Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.
Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.

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