1. Market Position:

• Market leader in pigments with a substantial 35% market share.
• Largest pigment producer in India, exporting to 85+ countries.
• 3rd largest pigment producer globally.

2. Future Guidance:

• Recently commissioned capacities expected to drive future growth.
• Anticipated ROCE improvement with higher utilization.
• Focus on expanding product portfolio and international presence.
• Positive outlook for H2 FY24, with gradual margin expansion.

3. New Product Launches:

• Launched Sudatherm Cobalt Blue 6421K and Sudatherm Cobalt Green 6451K.
• Benefiting from the “China plus one” strategy.

4. Financial Highlights (Q2FY24):

• Revenue increased by 14% to ₹601 Cr.
• EBITDA showed significant growth of 53% at ₹66 Cr, with 10.9% margins.
• Net profit surged by 293%, reaching ₹18 Cr.
• Strong Operating Cash Flow at ₹77 Cr, compared to ₹54 Cr YoY.
• Debt-to-Equity (D/E) ratio improved to 0.57 from 1.2 YoY.

5. Key Risks:

• Caution due to evolving geopolitical situations and global macroeconomic conditions.
• FY23 challenges for the Pigment Industry with subdued demand, higher input prices, and destocking.

6. Sudarshan Overview:

• State-of-the-art infrastructure with a focus on ESG.
• 2 manufacturing plants in Mahad & Roha and a dedicated R&D center.
• Captures a 35% domestic market share.
• Global pigment market presents an $8.6bn opportunity.

7. Future Strategies:

• Positioned for sustainable growth in India’s pigment manufacturing.
• Focus on expanding market share in coatings, inks, plastics, and cosmetics.
• Strategic goals include portfolio enhancement and global footprint expansion.

8. Prominent Investors:

• Vijay Kedia holds a 1.44% stake in the company.

9. Key Metrics:

• Market Cap: ₹3200 Cr.
• Price to Cash Flow (P/CFO): 11.
• ROCE and ROE expected to improve.
• Attractive valuations with a double-digit growth outlook.
• Margins may expand to 14-15% from the current 10-11%.

Conclusion:
Sudarshan Chemicals, as a market leader in pigments, demonstrates strong financials, strategic initiatives, and a positive growth outlook. The focus on capacity expansion, new product launches, and international penetration positions the company for sustained success. However, monitoring geopolitical risks and industry challenges is essential for a comprehensive investment decision.

1. Financial Performance:

• P/E at 22, indicating reasonable valuation.
• PEG ratio below 1, suggesting potential growth at an attractive price.

2. Revenue and Growth Outlook:

• Current revenue at ₹4000+ Cr.
• Future outlook projects ₹10,000 Cr with a robust 20%+ CAGR.

3. Prominent Investors:

• Backed by notable investors Ashish Kacholia and Mukul Agarwal.

4. Business Model:

• Acts as a proxy for real estate and home premiumization.
• Omni-channel marketplace with 91 retail stores.
• Offers 1,00,000+ SKUs and 125+ brands.

5. Financial Highlights (H1FY24):

• Revenue grew by 31% YoY.
• EBITDA increased by 26% YoY.
• PAT saw a substantial 29% YoY growth.
• Impressive Same Store Sales Growth (SSG) at 23% in H1.
• Sustained double-digit growth over the last 10 quarters.

6. Operational Metrics:

• Working capital improved to 30 days.
• ROCE enhanced to 16%.

7. Shareholder Landscape:

• Key shareholders include Mukul Agarwal (2.27%) and Ashish Kacholia (1.86%).
• APL Apollo paid the balance amount of ₹78.75 Cr for the warrant.

8. Financial Strategy and Growth Guidance:

• Raised funds directed towards debt reduction and operational needs.
• Growth guidance set at an ambitious 20%+.
• Aiming for a turnover of ₹10,000 Cr in the next 5 years (20% CAGR).

9. Strategic Initiatives:

• Shift in product mix to enhance margins (targeting 3.5% from the current 3%).
• Non-steel business expansion expected to boost blended EBITDA margin.
• Targeting a non-steel business contribution of 25% to total revenue in the next 4-5 years.

10. Operational Efficiency:

• Average ticket size increased by 12% YoY.
• Improved throughput without the need for store expansion.

Conclusion:
Shankara Building Products displays a promising outlook with strong financials, strategic initiatives, and notable investor backing. The focus on product mix diversification and expansion into non-steel businesses positions the company for sustainable growth in the real estate and home premiumization sectors. As with any investment, thorough research and monitoring of industry trends are recommended.

1. Financial Performance:

• Consistent double-digit growth for the past 5 quarters, ranging between 25-40%.
• Margins have shown significant expansion, moving from 5% to the current 19%, signaling a robust turnaround in the last 6 quarters.

2. Future Guidance:

• Management projects a 20% growth in revenue.
• Expected margin surpassing pre-COVID levels, aiming for 20%+ (25%) margins.

3. Valuation Metrics:

• Cash and investments stand at ₹4282 Cr, while the market cap is ₹5944 Cr.
• Enterprise Value (EV), excluding investments, is at ₹1662 Cr, indicating potential value.

4. Financial Highlights (H1FY24):

• Revenue up 27% at ₹260 Cr.
• EBITDA up 186% at ₹49 Cr.
• Net profit increased by 37.5% to ₹72 Cr.
• Collections rose by 21% to ₹278 Cr.
• Robust Operating Cash Flow (OCF) generated for H1FY24 at ₹108 Cr, marking a ₹50 Cr increase YoY.
• EBITDA run rate surpassing ₹200 Cr, with an attractive EV/EBITDA ratio of 8-9 times.

5. Operational Metrics:

• As of Sep ’23, 560,830 active paid campaigns.
• Database comprises 40.2 million listings, up 18.6% YoY.
• Quarterly unique visitors at 171.7 million, up 9.7% YoY.

6. Business Model Overview:

• JD is a leading Indian local search engine, digitizing small and medium businesses across India.
• Launched JD Mart, a B2B marketplace for SMEs in February 2021.
• Utilizes a subscription-based prepaid model with negative working capital and a net debt-free balance sheet.
• 62% of revenue from top 11 cities; 38% from Tier-II and Tier-III cities.

7. Services for SMEs:

• Offers a comprehensive platform for advertisers, mainly SMEs.
• Provides services such as listings, website creation, online payments through JD Pay, ratings and reviews, and enhanced reach through deals and catalogues.

Conclusion:
JustDial presents an enticing investment opportunity with its robust financial performance, favorable future guidance, attractive valuation metrics, and a well-established business model catering to SMEs. The company’s growth trajectory and diversified services for advertisers contribute to its appeal in the current market scenario. As always, investors are encouraged to conduct thorough due diligence before making investment decisions.

• Investment Plans (FY24):

• Plans to invest ₹650-700 crores in the current fiscal year.

• Expansion Strategy (Next 3 Years):

• Aims to add 7-8 million sq ft to its portfolio over the next three years.

• Sales Projection (Next 5-5.5 Years):

• Plans to sell over ₹12,000 crores worth of inventory in the next 5-5.5 years.

• Demand Outlook:

• Describes the demand as robust, indicating positive market conditions.

• Future Projects:

• Envisions future projects with a total saleable area of 83.76 lakhs sq ft.

• Available Land for Development:

• Possesses 82.39 acres of land available for future development.

• Saleable Area in Pipeline:

• Indicates 67.18 lakhs sq ft of saleable area in the development pipeline.

Conclusion:
Ashiana Housing is positioning itself for substantial growth, backed by significant investment plans, expansion targets, and a positive outlook on demand. The company’s focus on future projects and available land for development underscores its commitment to long-term sustainability and expansion in the real estate market.

1. Corporate Evolution:

• Established in 2013 as Oriana Power Private Limited.
• Transformed into a Public Limited Company on April 8, 2023, as Oriana Power Ltd.
• Specializes in solar energy solutions for industrial and commercial clients.

1. Operational Models:

• Engages in the CAPEX model for solar projects (EPC services).
• Operates under the RESCO model through 18 subsidiaries for solar solutions on a BOOT basis.

1. CAPEX Model (EPC):

• Clients include major names like Hindustan Petroleum, Hero Motocorp, Tata Memorial Hospital, and more.
• Oriana’s role spans Engineering, Procurement, Construction, and Operation of solar projects.
• Clients invest in capital expenditure, and Oriana delivers projects exceeding 100 MWp capacity.

1. RESCO Model (Opex):

• Clients include Hindustan Copper, National High-Speed Rail Corporation, and more.
• Oriana arranges capital, owns, operates, and transfers solar projects.
• Clients pay a predetermined tariff, and Oriana retains ownership, ensuring annuity income.

Current Projects and Empanelment:

• Ongoing projects include Coal India, Solar Energy Corporation of India, and others.
• Empanelment for government projects, industry consortium participation, and corporate partnerships showcase Oriana’s commitment to advancement.

Solutions:

1. Floating Solar Panels:

• Utilizes bodies of water for solar panel deployment.
• Benefits include efficient land use, increased electricity production, and environmental impact mitigation.
• Projects in Udaipur and Vizag showcase capacity and environmental benefits.

1. Ground Solar Power Plant:

• Thrives in open land environments, contributing to sustainable energy landscapes.
• Projects in Udaipur, Bhatinda, Nava, and others demonstrate capacity and environmental contributions.

1. Solar Park:

• Large-scale solar farms amplifying energy utilization.
• Projects in Bikaner, Lalitpur, and Sholapur under construction.

1. Rooftop Solar:

• Premier provider of rooftop solar solutions.
• Projects in Sarvodaya Kanya Vidyalaya, Modern Delhi Public School, Terrestrial Foods Limited, and more.

Operation and Maintenance (O&M):

• Oriana Power emphasizes reliable and efficient O&M services.
• Customized services with a fixed annual fee or a percentage of plant capacity, ensuring quality and client satisfaction.

Conclusion:
Oriana Power Ltd stands as a leading player in the renewable energy sector, offering a comprehensive suite of solutions under both the CAPEX (EPC) and RESCO models. The company’s commitment to innovation, sustainability, and client satisfaction is evident through its diverse portfolio of projects, operational excellence, and strategic empanelment. Oriana Power continues to contribute significantly to India’s renewable energy landscape, aligning with global efforts toward a cleaner and more sustainable future.

1. Financial Growth:

• Advances and deposits demonstrated robust growth, with a 24% YoY increase.
• Notable performance in key sectors: Retail advances (20% YoY), MSME (26% YoY), and Agri (30% YoY).

1. Asset Quality:

• Substantial improvement in asset quality, with NPA reduced to 2.1% from 3.4% YoY.
• Provision Coverage Ratio (PCR) stood at an impressive 98%.

1. Profitability Metrics:

• Strong profitability indicators: ROE (23%) and ROA (1.37%).
• Confident in maintaining ROA between 1.2-1.4% in the upcoming quarters.

1. Balance Sheet Strength:

• Maintaining a robust balance sheet with a Capital Adequacy Ratio (CAR) of 30%.

1. Equity Capital and Growth Plans:

• Raised equity capital during Q2 to support expansion initiatives.
• Aiming for a continued loan book growth of 20% in the coming quarters.

1. Focus Areas:

• Strategic focus on mid-corporates in sectors like pharmaceuticals, textiles, and engineering.
• Exploring opportunities in the export side of textile businesses.
• Emphasizing growth in the gold loan book with a targeted 25% increase.
• Venturing into the Electric Vehicle (EV) space, particularly lending to auto Original Equipment Manufacturers (OEMs).

1. Credit Cost:

• Anticipating minimal credit costs in the upcoming quarters.

Bank of Maharashtra showcases a resilient performance, marked by substantial growth, improved asset quality, and a strategic approach towards emerging sectors like EVs. With a strong capital base and a focus on diverse lending segments, the bank aims to sustain its growth momentum in the dynamic financial landscape.