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Exports fell 38% in Q4 and took the headline profit with them — but EBITDA per wheel kept rising, the first OEM steel-wheel price hike in twenty years landed, and alloy + knuckles are scaling on capacity already built.
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Revenue fell 20% by design — the pivot from wagons to metro cars and Vande Bharat is underway, with an order book at 8.6× revenue that is 65% passenger. The gap between booked work and recognised revenue is the entire investment case.
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950 new beds, three hospitals opened, the Agra acquisition closed — and a margin trough that is denominator, not disease. The recovery from here is mechanical: new hospitals fill toward mature occupancy while the established base compounds ARPOB.
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A+ rated, borrowing costs down from 12.5% to 7.9%, net debt headed from 3.1× to 1.7× EBITDA — and W Hyderabad opens Q4 FY27 on a zero-capex lease. At 8.3× FY28E EBITDA the stock prices in none of it.
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Record ₹5,240 Cr revenue, EBITDA/tonne up 46% sequentially, SS flat rolling approved — the market prices a cyclical steel company while a multi-product materials platform commissions through FY29, on a net-cash balance sheet.
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Highest profit in four decades, HealthCo at cash breakeven, and a confirmed Q4 FY27 demerger that hands shareholders 195.2 AHTL shares per 100 held — at no cost. The market prices one business; the target reflects three.
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The stock de-rated 54% waiting for PM-KUSUM 2 — while the business posted record ₹2,064 Cr revenue, 22% ROE and its first positive-OCF quarter in three years. At 2.4× book, the scheme is priced as if it never arrives. We think that's the mispricing.
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Every pillar of our May-2025 thesis delivered, and the stock paid 47% for being right. At ₹9,003 the price has caught up with the value: we downgrade to HOLD — not a top call, a discipline call. Existing holders sit tight; new money waits for a setback.
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Q2 confirms cost discipline holding even as realisations soften. Captive power and ore keep the margin floor in place; the re-rating waits on ferro-alloy spreads.
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The cleanest read in the staples-of-capex theme. Q2 confirms pricing power and operating leverage — the structural W&C capex thesis is intact.
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Initiating on Shyam Metalics with a Buy. Vertical integration, balance-sheet headroom and downstream value-add support a structural re-rating.
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Freight-wagon legacy plus a metro and Vande Bharat order book make Titagarh a multi-cycle compounder with visibility through FY28.
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Alloy-wheel mix shift, EV pipeline and exports — Q1 supports the thesis with visible margin expansion.
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Tier-2/3 hospital expansion plays out over years, not quarters. Q1 shows operating discipline despite greenfield ramp costs.
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Premiumisation, distribution depth and operating leverage in premium IMFL drive the thesis. Q1 confirms the category mix shift.
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Q1 supports the structural cables-capex thesis. Distribution depth, the B2C extension and operating leverage remain the three legs of the bull case.
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Positioned for a structural re-rating as alloy-wheel mix, EV-platform supply and export ramp converge. Buy with 44% upside.
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The tier-2/3 expansion strategy is intact. Near-term margin headwinds from new units are timing risk, not thesis risk.
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Among the largest IMFL players with deep distribution and a credible premiumisation push. Initiating Buy with a multi-year horizon.
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Initiating coverage on Polycab as the cleanest beneficiary of the wires & cables capex super-cycle. Buy, multi-year horizon.
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