Daily Brief Industrials: GE Vernova T&D India, Kajaria Ceramics, Orient Overseas International, Neo Marketing, Nitto Kogyo, COPRO-HOLDINGS Co Ltd, Van Elle Holdings, Donaldson Co, GE Vernova and more

• GE Vernova T&D has secured a landmark HVDC-VSC order for the Khavda-South project, materially improving multi-year revenue visibility.
• The win reinforces GVT&D’s positioning in India’s grid transformation, strengthens backlog to record levels, and supports sustained earnings growth through FY28.
• With HVDC, grid digitalization, and capex acceleration aligned, GVT&D remains a high-quality transmission compounder with incremental upside optionality.

• Kajaria Ceramics (KJC IN) is in the limelight after it reported a fraudulent activity in its step-down subsidiary, KGPL. 
• The funds were embezzled and siphoned by CFO of its subsidiary over a period of two years. Amount involved was INR 200 mn, corresponding to 6-7% of consolidated FY25 PAT. 
• This raises questions on both internal controls and role of statutory auditors. Also, we note a very high gross PPE turnover ratio in KGPL which leads doubt on revenue recognition/capex.

• Weak price momentum and spot rates both improved somewhat in November-December
• But we believe this improvement will quickly dissipate, due to still-poor end demand 
• We still see deep-sea container industry as entering a lengthy down-cycle; AVOID

Key points (machine generated)

• Neo Marketing (TSE: 4196) is a marketing support firm listed on the Tokyo and Nagoya Stock Exchanges, achieving record-high sales despite delays in its mid-term management plan.
• The company focuses on consumer engagement and has outlined three growth strategies: enhancing recruitment of marketing consultants, expanding its customer base and geographical reach, and increasing customer spending.
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• Nitto Kogyo Corporation (hereafter, the Company) announced H1 earnings results for FY2026/3 on 10 November 2025 (See the table below).
• Against the backdrop of strong CAPEX and growing  IT investment appetite, as well as project wins in the domestic automobile market, all segments recorded increases in both sales and profits.
• The Company posted record-high net sales for Q2. Meanwhile, operating profit rose, reaching the second-highest level for Q2 on the back of higher marginal profit driven by sales growth and a JPY 500 mn uplift from improved project pricing. 

• H1 FY2026/3 Results summary: COPRO-HOLDINGS. Co., Ltd., (hereafter, the Company) announced H1 results for FY2026/3 on November 14 (Friday), 2025.
• Key consolidated figures marked record highs, with net sales of JPY 16,980 mn (+19.3% YoY), operating profit of JPY 1,481 mn (+19.7% YoY), Non-GAAP operating profit of JPY 1,739 mn (+20.8% YoY), ordinary profit of JPY 1,480 mn (+17.7% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 935 mn (+17.3% YoY).
• However, results fell slightly short of the initial plan. The main driver of earnings growth was consolidated subsidiary COPRO CONSTRUCTION. Co., Ltd. (hereafter, COPRO CN).

• 8th December: Greengage & Co Group has announced its intention to IPO onto AQSE.
• The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients.
• It provides business-to-business (B2B) introductions to electronicmoney (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.

• Donaldson Company delivered a solid first-quarter performance that reflected steady execution across most of its core businesses, while also highlighting areas where growth remains uneven.
• Management emphasized that results were supported by the company’s long-standing filtration-focused business model, particularly the recurring aftermarket component, which continued to provide resilience despite mixed end-market conditions.
• Sales reached a first-quarter record level, supported by growth in Mobile Solutions, Life Sciences, and select Industrial end markets, while operating margins expanded due to expense discipline and cost optimization initiatives.

• GE Vernova has defied initial skepticism to become one of the best-performing large-cap stocks since its April 2024 debut.
• The company, initially dismissed as a sluggish, low-margin power generation business, has rallied nearly 400% post-spinoff, eclipsing returns from high-flying tech names like Nvidia and even Bitcoin.
• This surge came to a head in mid-December 2025, when Vernova’s management issued blockbuster guidance, sending shares up 16% in a single session.