In today’s briefing:
- NAVA Limited (NAVA.IN): Diversified Growth, Strong Financials, and Strategic Global Expansion
- Shriram Pistons & Rings Ltd: Powering Forward with Precision and Purpose
- Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up
- Kilburn Engineering: Record Performance and Robust Growth Outlook
- Time Technoplast Limited: Value-Added Products and Composites Drive Strong Performance
- Venus Pipes & Tubes Ltd- Capacity Rising, Cash Faltering
NAVA Limited (NAVA.IN): Diversified Growth, Strong Financials, and Strategic Global Expansion
- NAVA’s net profit doubled from ₹536 Cr in FY23 to ₹1,091 Cr in FY25, driven by strong power and mining earnings.
- Maamba Phase II will double Zambian power capacity to 600 MW by FY27 with $400M investment. Zambia agri projects in avocado and sugar aim for diversified, steady revenue from FY27.
- NAVA has become debt-free, strengthening its balance sheet. Improved credit ratings reflect steady profits, healthy cash flows, and low debt risk.
Shriram Pistons & Rings Ltd: Powering Forward with Precision and Purpose
- The company is expanding into EV motors, precision plastics, and exports to over 45 countries worldwide
- SPRL reported Rs 36,612 million total income in FY25, with 15.3% YoY growth and a 22.8% EBITDA margin
- SPRL balances legacy ICE products with new EV, plastics, and non-auto segments for resilient growth
Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up
- Gujarat Fluorochemicals (FLUOROCH IN) reported strong consolidated Q4FY25 financials, driven by fluoropolymers, with significant PAT growth and reduced net debt.
- This indicates sustained momentum in core fluoropolymers, potential for significant revenue contribution from the new EV business in the coming years, and an improved balance sheet supporting future investments.
- Capex of INR 1,600 crs in FY26 funded via external accruals will expand EV and fluoropolymer capacities, enabling long-term growth across energy, mobility, and specialty segments.
Kilburn Engineering: Record Performance and Robust Growth Outlook
- Kilburn Engineering (KEL IN) achieved highest-ever standalone/consolidated revenue and EBITDA, completed two strategic acquisitions (ME Energy, Monga Strayfield), and secured record orders, particularly entering the Nuclear sector.
- The performance validates the company’s strategy of diversification and inorganic growth, providing strong visibility for future revenue with 50% growth target for FY26 .
- The strong execution, robust order book, and confident management guidance reinforce a positive outlook, suggesting significant growth potential building on recent strategic moves.
Time Technoplast Limited: Value-Added Products and Composites Drive Strong Performance
- Strong FY25 financial performance driven by volume growth outpacing revenue, significant PAT increase, and improved margins, particularly from higher-growth value-added and composite product segments.
- The strategic focus on higher-margin value-added products, especially composites, is enhancing profitability (margins, ROCE) and positioning the company for future growth in key sectors like clean energy and sustainability.
- The consistent execution on strategic targets (ROCE, debt reduction, composite growth) strengthens conviction in the management’s ability to deliver and capitalize on emerging opportunities, despite some project timeline shifts.
Venus Pipes & Tubes Ltd- Capacity Rising, Cash Faltering
- Venus Pipes is a growing stainless-steel pipes and tubes manufacturer and exporter in India having over nine years of experience in manufacturing of stainless-steel tubular products.
- With respect to forensics, we highlight several takeaways including steep increase in inventory days funded by creditors, expensive capex compared to peers, etc.
- Weak governance practices are identified with respect to warrant issuance and non-disclosure of information on several fronts.
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