Author: Sovrenn Financial Technologies Pvt. Ltd.

25th Jul 2025

Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO

SOVRENN TIMES
News

DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
 25th Jul 2025

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SOVRENN FRAMEWORK

Please look at the following parameters to assess any company for investment:

(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.

(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.

(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.

(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.

(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.

(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.

(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Sovrenn Times - 5 News Summary

1. HIND RECTIFIERS LIMITED

Filing: (FUND RAISE) Board meeting scheduled on July 29, 2025 to consider a fundraise through a
preferential issue of warrants.
MCap: INR 2,326 Cr PE: 63.5x
Number of LinkedIn Employees: 630 Members.
GSTR3B: Last Filed Jun ’25.
Clients: Indian Railways, Bharat Heavy Electricals Ltd (BHEL)

2. EFC(I) LIMITED
Filing: (EXCELLENT RESULTS) For the quarter ending Jun-25, Sales up 2.2x YoY from INR 102 Cr in
Jun-24 to INR 220 Cr in Jun-25. Similarly, Net Profit up 2.9x from INR 16 Cr to INR 47 Cr. On a QoQ
basis, Sales up 4% and Net Profit down 2%.
MCap: INR 3,445 Cr PE: 26.1x
Number of LinkedIn Employees: 273 Members.
GSTR3B: Last filed Jun ‘25.
Clients: 3i Infotech, Conneqt, EOS, Kalyani Forge Access Healthcare, Conneqt etc.

3. CIGNITI TECHNOLOGIES LIMITED

Filing: (GOOD RESULTS) For the quarter ending Jun-25, Sales up 14% YoY from INR 468 Cr in Jun-24
to INR 534 Cr in Jun-25. Similarly, Net Profit up 2.3x from INR 28.7 Cr to INR 66 Cr. On a QoQ basis,
Sales up 1% and Net Profit down 10%. Net profit for Jun-24 adjusted for exceptional items after tax. (Net
Profit – INR 10 Cr, Exceptional items after tax INR 28.7 Cr)
MCap: INR 4,342 Cr PE: 17x
Number of LinkedIn Employees: 3,618 Members.
GSTR3B: Last Filed Jun ’24.
Partners: AWS, Leapork, etc.
4. ANANT RAJ LIMITED
Filing: (GOOD RESULTS) For the quarter ending Jun-25, Sales up 26% YoY from INR 472 Cr in Jun-24
to INR 592 Cr in Jun-25. Similarly, Net Profit up 38% from INR 91 Cr to INR 126 Cr. On a QoQ basis,
Sales up 10% and Net Profit up 6%.
MCap: INR 19,755 Cr PE: 42.9x
Number of LinkedIn Employees: 136 Members
GSTR3B: Last filed Jun ’25.
Projects: IT Park, Manesar, Gurugram and IT Park, Panchkula, Haryana.

5. VIVIANA POWER TECH LIMITED

Filing: (L1 BID) Company has been declared the L1 bidder for turnkey contracts involving supply,
installation, testing, and commissioning of 11 KV underground cable laying with Ring Main Unit systems
and MVCC overhead conductors for MGVCL under the Nadiad O&M Division and Halol Division, as part
of the system improvement (SI) scheme.
Stock has given a 6-month breakout
MCap: INR 740 Cr PE: 37.4x
Number of LinkedIn Employees: 40 Members
GSTR3B: Last filed Jun ‘25.
Clients: BHEL, Adani, L&T, etc

This page is created for information purpose. It is not a BUY/SELL recommendation. 3

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

1. HIND RECTIFIERS LIMITED NSE: HIRECT

(1st time covered: 30th Jun 2025)

Recent filing news: (FUND RAISE) Board meeting scheduled on July 29, 2025 to consider a fundraise
through a preferential issue of warrants.

SUMMARY: 2y Operating Profit uptrend | 1q Operating Profit uptrend | Excellent Mar-25 results | PE 63.5x
(Sector PE range 30-70) | Capital Goods | Orderbook: INR 1,025 Cr (as of Jun-25)

FUTURE OUTLOOK: Company targeting a conservative 30% revenue growth in FY26 and EBITDA Margin
to be in mid to late teens in the next 5 years.

● MCap of INR 2,326 Crore (share price = INR 1,335/ share) (as on 25th Jul ‘25)
● TTM PE 63.5x (as on 25th Jul ‘25) Retail float = 24.3% (Jun-25)

KEY RED FLAGS: Highly Competitive Sector

Stock price can go down or up based on market forces. Always diversify your portfolio.

Company Description: Established in 1958, Company manufactures power electronic equipment such as
converters, inverters, propulsion system, rectifiers and railway transformation equipment like traction
transformer for locomotive, motors, various types of panels for locomotive switch board cabinet, regulated
battery charger, inverters and modular pantry.

Share price and Volume (last 1 year):

Price Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 LTP
HIREC 918 892 1161 1270 1383 1228 844 948 874 1289 1281 1335

(In INR Cr) Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
Sales 98 132 137 151 136 166 169 185
Op Profit 7 11 13 14 14 18 18 20
Net Profit 2 4 2 5 7 10 10 10
OPM 7% 8% 10% 9% 11% 11% 10.4% 10.8%
NPM 2% 3% 1% 3% 5% 6% 6% 5%
Promoter % 44% 44% 44% 44% 44% 44% 43.98% 43.98%

(In INR Cr) Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Sales 300 305 372 359 518 655
Op Profit 38 20 23 15 44 70
Net Profit 19 5.4 7.8 -6.3 13 37
Website: https://hirect.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 4
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend Yes
PE 63.5x (Capital Goods: 30-
70)
Higher end of sector range

Futuristic Sector Yes

HNI / Institutional
Mar ’25: Cassini Partners L.P. Managed by Habrok holds 2.95% stake.
/ Promoter Yes Habrok India Master LP holds 2.1% stake. Mukul Agrawal holds 1.46%
Buying stake.

Special Situation No
Jul ’25: Company has received 2 orders totaling to INR 284 Cr – INR
101 Cr and INR 127 Cr. Total Orderbook currently stands at INR 1,025
Cr.
Future Visibility Yes
Jun ’25: Company has received an order worth INR 127 Cr (to be
executed by FY27) from Indian Railways.

Jun ’25: Company has received an order worth INR 101 Cr (to be
executed by FY26-FY27) from Indian Railways.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 5

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

2. EFC(I) LIMITED BSE: 512008 (1st time covered: 3rd Oct 2024)
Recent filing news: (EXCELLENT RESULTS) For the quarter ending Jun-25, Sales up 2.2x YoY from INR
102 Cr in Jun-24 to INR 220 Cr in Jun-25. Similarly, Net Profit up 2.9x from INR 16 Cr to INR 47 Cr. On a
QoQ basis, Sales up 4% and Net Profit down 2%.

SUMMARY: 3y Operating Profit uptrend | PE 26.1x (Sector PE range 30-50) | Excellent Mar-25 results |
Leasing of Office Space | Institutional Entry | Acquisitions | Diversified Commercial Services | New Orders

FUTURE OUTLOOK: Company plans to add 22,000–25,000 seats under the leasing business at INR 6,500–
7,000 rent per seat, maintaining 90% occupancy (current total seat portfolio 60,000+)

• MCap of INR 3,445 Crore (share price = INR 346 / share) (as on 25th Jul ‘25)
• TTM PE 26.1x (as on 25th Jul ‘25) Retail float = 20.1% (Jun-25)

KEY RED FLAGS: 1. Mr. Rajesh Chandrakant Vaishnav (Director) sold 2.2L shares worth INR 12.08 Cr in
Oct'24. 2. HNI Investor Vanaja Sundar Iyer reduced his stake from 1.7% in Mar'24 to below 1% in Mar'25
Stock price can go down or up based on market forces. Always diversify your portfolio.

Company Description: Entrepreneurial Facilitation Centre, EFC Limited is a leading real estate enterprise
offering transformative managed office space solutions for entrepreneurs, small and medium enterprises
(SMEs), and large corporations. Company possesses leasing solutions for co-working spaces, managed
offices, and enterprise offices that deliver desirable services for all business needs.

Share price and Volume (last 1 year):

Price Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 LTP
EFC 240 232 270 291 297 266 233 248 269 335 304 346

(In INR Cr) Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Sales 98 172 93 102 166 177 211 220
Op Profit 40 61 52 46 79 93 109 102
Net Profit 11 21 28 16 37 40 48 47
OPM 41% 35% 56% 45% 48% 52% 52% 47%
NPM 11% 12% 30% 16% 22% 23% 23% 21%
Promoter % 56.8% 56.8% 45.6% 45.6% 45.6% 45.6% 45.6% 45.4%

(In INR Cr) Mar-22 Mar-23 Mar-24 Mar-25 TTM

Sales - 103 410 657 774
Op Profit - 55 173 328 383
Net Profit - 4 63 141 172
Website: https://www.efclimited.in/

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend No
PE 26.1x
(Commercial Diversified
Services: 30-50)
Below sector range
Futuristic Sector No

Jun ’25: Forbes EMF is holding 1.5% stake. Sageone- Flagship Growth
2 fund is holding 1.9%, NAV Capital VCC is holding 1.2%, Bandhan
Small Cap fund is holding 1.6%, Sageone Flagship growth Fund is
holding 1.7% stake.
HNI / Institutional Mar ’25: Promoter bought 12.9k shares at INR 210/share, aggregating
/ Promoter Yes to INR 27 L in Mar’25.
Buying Mar ’25: Abhishek Narbaria and Umesh Kumar Sahay, both Promoters
& Directors, have together purchased 12,895 shares at INR 210 per
share, aggregating to a total of INR 27.09 Lakhs.

Oct ’24: Rajesh Chandrakant Vaishnav (Director) sold 2.3L shares at

INR 537/share, aggregating to 12.1 Cr.

Special Situation No
Jun ’25: Company has received an Interior and Fit-out Contract order
worth INR 57 Cr (to be completed within 90 days).

Jun ’25: Company has been awarded with a contract to develop two
more Passport Seva Kendras(PSKs) in Hyderabad, as Ahmedabad
PSK nears completion.

May ’25: Company has announced the purchase of 1.2L sq. ft. Office
space in Quantum Towers, Pune. The capacity for the same is 3,000
seats.

Apr ’25: Company has secured a major Interior Turnkey Fit Out contract
Future Visibility Yes
worth INR 183 Cr from a leading Indian MNC. The scope of this contract
includes complete interior fit out work. This end to end delivery model
highlights its strong expertise in executing complex infrastructure
projects with precision, innovation, and attention to detail.

Apr ’25: Company has secured a major Interior Turnkey Fit Out contract
worth INR 183 Cr from a leading Indian MNC. The scope of this contract
includes complete interior fit out work. This end to end delivery model
highlights its strong expertise in executing complex infrastructure
projects with precision, innovation, and attention to detail.

Mar ’25: ACFC, a Real Estate as a Service Company, has informed

BSE about the incorporation of a joint venture company named "Forty
Two Ventures Limited" with Pepperfry Limited. The details include
This page is created for information purpose. It is not a BUY/SELL recommendation. 7
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

authorized and paid-up share capital, turnover, and the involvement of

EFC (I) Limited's nominee shareholders. The venture aims to focus on
logistics, supply chain management, and furniture studio operations.
The initial subscription cost is Rs. 5,00,000 for a 50% stake in the paid-
up share capital. Additionally, the acquisition aligns with the group's
existing business operations and supports its current activities.

Mar ’25: Company has acquired 26,500 sq. ft. of prime commercial
office space in Pune, adding over600 seats to its serviced office
portfolio.

Feb ’25: Company has acquired a 100% stake in Degwekar Industries

Pvt. Ltd. fromEk Design Industries Ltd., making it a wholly owned
subsidiary, with a turnoverof INR 0.8 Cr in FY 2023-24. Additionally, it
has incorporated a wholly ownedsubsidiary, EFC Estate 710 Alpha Pvt.
Ltd., to strengthen strategicassociations in commercial real estate and
IT park projects, aligning with itsserviced office business.

Jan ’25: Company and Pepperfry have signed a Term Sheetto form a
joint venture in furniture manufacturing, logistics, and displaystudios.

Jan ’25: Company has announced a joint venture with Pepperfry to

enhance furniture manufacturing, logistics, and display studios
operations in India, aiming to drive innovation and scale across the
country. The collaboration seeks to bring value to customers, partners,
and stakeholders. The transaction is subject to regulatory approvals,
expected for completion by the end of March 2025.

Jan ’25: Company has acquired a 15% stake in MPF Systems Limited,
which reported revenue of INR 7 Cr in FY24. MPF Systems specializes
in solar energy, wind, green hydrogen, and green ammonia production
and distribution for various consumers, including governments,
industrial units, and power transmission entities.

Dec ’24: NCLT Mumbai approved a plan to revive MPF Fire Systems
Limited, with EFC (I) Limited chosen as the successful bidder. EFC will
invest in up to 15% of the company's equity to support its recovery but
won’t be involved in daily operations.

Oct ’24: Company has signed a Letter of Intent (LOI) to lease an

additional 78,084 square feet of prime property in Hyderabad,
expanding its existing space at Silicon Towers. The new lease spans
three floors, accommodating over 1,700 seats, and consolidates EFC's
presence to nearly 2 lakh square feet in a single building. This strategic
expansion enhances cost efficiency, management, and service
offerings, reinforcing EFC’s leadership in India’s managed office sector
and commitment to meeting the evolving market needs.

Oct ’24: Company, through its subsidiary EFC REIT Private Limited,
has secured SEBI registration for EMBERSTONE SM REIT, India’s first

This page is created for information purpose. It is not a BUY/SELL recommendation. 8

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Small & Medium REIT managed by an office space operator. This

approval allows an initial public offer up to INR 500 crore, with EFC
managing the fund’s commercial real estate investments. This
development expands EFC’s managed office portfolio and marks a
significant milestone in India’s real estate investment landscape.

Oct ’24: Company has incorporated two wholly-owned subsidiaries

namely EFC Estate Marisoft 14 Private Limited and EFC Estate
Marisoft 23 Private Limited to carry on business of designing,
developing, fitting furniture & fixtures and leasing the property on
services / managed office terms to large corporates / single client.

Sep ’24: Company has incorporated a wholly-owned subsidiary of EFC

Limited namely “EFC Estate Wakadewadi Private Limited. This
business will help the company for designing, developing, fitting
furniture & fixtures and leasing the property, which in line with object of
the Company.

Sep ’24: Company announced that Ek Design has commenced

commercial production of furniture at its newly established, state-of-the-
art manufacturing facility over 3 acres of land at Fursungi, Pune. This
milestone, achieved on 19th September 2024, marks a pivotal step in
the company’s growth plan and positioning it to be leading residential
and commercial furniture manufacturers.

Aug ’24: Company announced the execution of a Letter of Intent (LOI)

for the acquisition of a prime property worth over 80 cr. encompassing
49,556 square feet of floor space with a seating capacity over 1,500 in
a strategic location within Pune City.

Aug ’24: Company announced the execution of a Letter of Intent (LOI)

for a significant Design and Build contract with Tata Consultancy
Services (TCS).

Aug ’24: Company secured leases totaling over 1,94,748 square feet
across key locations: Mumbai (16,457 sq. ft.), Pune (28,300 sq. ft.),
New Delhi (45,875 sq. ft.), Noida (71,408 sq. ft.), Kolkata (13,165 sq.
ft.), and Ahmedabad (19,543 sq. ft.).

Jul ’24: BoD approved the acquisition of 100% stake in Degwekar

Industries Private Limited for Manufacturing and designing of furniture.
Turnover of target company for FY23 is 0.8 Cr.

Jul ’24: BoD approved the acquisition of 51% stake in Bigbox Ventures
Private Limited for INR 5.1 Cr to manage office and Co-working space
business. Turnover of target company for FY23 is 4.1 Cr.

Mar ’24: Company has formalized a Design and Build Services contract
worth INR 24.5 Cr with Coforge Limited, a leading global digital services
and solutions provider with presence in 21 countries.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

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3. CIGNITI TECHNOLOGIES LIMITED NSE: CIGNITITEC

This page is created for information purpose. It is not a BUY/SELL recommendation. 10
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

(1st time covered: 2nd Feb 2023)

Recent filing news: (GOOD RESULTS) For the quarter ending Jun-25, Sales up 14% YoY from INR 468 Cr
in Jun-24 to INR 534 Cr in Jun-25. Similarly, Net Profit up 2.3x from INR 28.7 Cr to INR 66 Cr. On a QoQ
basis, Sales up 1% and Net Profit down 10%. Net profit for Jun-24 adjusted for exceptional items after tax.
(Net Profit – INR 10 Cr, Exceptional items after tax INR 28.7 Cr)

SUMMARY: 2y Operating Profit uptrend | 4q Operating Profit uptrend | PE 17x (Sector PE range 30-50) |
Institutional Entry | Excellent Dec-24 results | New age IT

• MCap of INR 4,342 Crore (share price = INR 1,585 / share) (as on 25th Jul ‘25)
• TTM PE of 17x (as on 25th Jul ‘25) Retail float = 9.9% (Jun-25)

KEY RED FLAGS: 1. Trade receivables increased from INR 227 Cr in Mar'22 to INR 409 Cr in Mar'25. 2. On
18th April'25, BSE and NSE have imposed a penalty of INR 1.4L each in relation to the reclassification
application filed by the Company.
Stock price can go down or up based on market forces. Always diversify your portfolio.

Company Description: Cigniti is an Al and IP-led digital assurance and engineering services company,
helping global companies across industries like banking, retail & e-commerce. healthcare & life sciences,
airlines, etc. continuously accelerate their digital transformation and become digital-first.

Share price and Volume (last 1 year):

Price Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 LTP
Cigniti 1380 1392 1415 1663 1744 1481 1324 1464 1347 1589 1808 1585

(In INR Cr) Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Sales 452 468 456 468 499 516 530 534
Op Profit 65 65 30 50 65 85 90 89
Net Profit 46 48 27 11 53 64 73 66
OPM 14% 14% 7% 11% 13% 16% 17% 17%
NPM 10% 10% 6% 2% 11% 12% 14% 12%
Promoter % 33.5% 32.8% 32.8% 32.8% 22.7% 55.3% 55.2% 55.2%

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 TTM
Sales 816 872 897 1,242 1,648 1,815 2,014 2,080
Op Profit 133 129 145 129 238 222 289 328
Net Profit 147 122 105 92 168 166 200 256
Website: https://www.cigniti.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 11

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend Yes
PE 17x
(New-age IT: 30 – 50)
Below sector range

Yes
Futuristic Sector
(New Age IT)

Jun ’25: Whiteoak Capital flexi cap fund is holding 4.1%, Whiteoak
Capital Flexi Cap Fund is holding 4.75, Ashoka India Equity
Investment Trust is holdnig 1.8% stake. Nuvama Asset Strategy
Return fund is holding 1% stake, Morgan Stanley Asia is holding
1.7% stake.
HNI / Institutional
/ Promoter Yes Nov ’24: Coforge bought 12.8L shares at INR 1415/share,
aggregating to INR 181 Cr.
Buying
Oct ’24: Societe Generale bought 2.3L shares at INR 1,423 per
share (total purchase value: INR 32.4 Cr) and sold 539 shares at
INR 1,425 per share (total sale value: INR 7.7 L), while Ashika Credit
Capital Limited sold 3.1 L shares at INR 1,413 per share (total sale
value: INR 44.2 Cr).

Special Situation No

Dec ’24: Company announced the completion of the final tranche

closing on December 20, 2024, under the SPA with Coforge Limited.
With this acquisition, Coforge now holds a 54% stake in the
company.

May ’24: Coforge Limited and Coforge Pte. Ltd. launched an open
offer to acquire 71.6L equity shares (26% stake) of Cigniti
Technologies at INR 1,415 per share, totaling INR 1,013 Cr.
Future Visibility Yes
Oct ‘23: Company has achieved the Trusted Information Security
Assessment Exchange (TISAX) Label 2 Certification with Maturity
Level 3 for its Digital Assurance and Quality Engineering Services in
the India and Europe regions in the Automotive Industry. According
to the Company, this milestone propels it into the role of a trusted
partner for manufacturers, OEMs, and global automotive client.

Jan ‘23: Cigniti partners with Lambda to accelerate the digital

assurance and digital transformation journeys of global companies.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 12

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

4. ANANT RAJ LTD. NSE: ANANTRAJ (1st time covered: 29th Sep 2023)
Recent filing news: (GOOD RESULTS) For the quarter ending Jun-25, Sales up 26% YoY from INR 472 Cr
in Jun-24 to INR 592 Cr in Jun-25. Similarly, Net Profit up 38% from INR 91 Cr to INR 126 Cr. On a QoQ
basis, Sales up 10% and Net Profit up 6%.

SUMMARY: 4y Operating Profit uptrend | 7q Operating Profit uptrend | PE 42.9x (Sector PE range 50-100) |
Fund raise | Partnerships | Acquisition | Institutional entry | Realty | Data Center

FUTURE OUTLOOK: As per Q4FY25 PPT, Anant Raj Estate in Gurugram is a sprawling 220-acre integrated
development offering a mix of luxury villas, plots, flats, commercial and office spaces with social
infrastructure, boasting an estimated INR 10.8 million sq ft of real estate development potential and an
expected projected revenue of INR 22,000 Cr.

• MCap of INR 19,755 Crore (share price = INR 576 / share) (as on 25th Jul ‘25)
• TTM PE of 42.9x (as on 25th Jul ‘25) Retail float = 13.2% (Jun-25)

KEY RED FLAGS: 1. Trade receivables increased from INR 22 Cr in Mar'22 to INR 126 Cr in Mar'25.
Stock price can go down or up based on market forces. Always diversify your portfolio.

Company Description: Anant Raj Limited is one of the largest real estate developers in Delhi and NCR
Region. It has taken substantial projects from DDA and other governmental departments. Its diverse range
of businesses encompasses various ventures, including Residential Townships, Group Housing, Commercial
Developments, IT parks, Malls, Office Complexes, Affordable Housing, Hospitality and Data Centers.

Share price and Volume (last 1 year):

Price Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 LTP
AnantR 596 704 741 673 855 598 463 492 451 561 566 576

(In INR Cr) Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Sales 332 392 443 472 513 535 541 592
Op Profit 80 90 104 103 113 134 142 151
Net Profit 60 71 84 91 106 110 119 126
OPM 24% 23% 24% 22% 22% 25% 26% 25%
NPM 18% 18% 19% 19% 21% 21% 22% 21%
Promoter % 63.3% 63.3% 60.0% 60.0% 60.0% 60.0% 60.2% 60.1%

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 TTM
Sales 350 276 250 462 957 1,483 2,060 2,181
Op Profit 75 52 35 76 197 334 492 539
Net Profit 40 24 9 53 149 266 426 461
Website: https://www.anantrajlimited.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend Yes
PE 42.9x (Data Center: 50-100)
Below sector range

Yes
Futuristic Sector
(Data Center)

Jun ‘25: Tata Small Cap Fund is holding 1.6% stake. Tata Indian
Opportunities Fund is holding 1.4% stake in the Company. Axis Mutual
Fund is holding 1.8% stake. Kotak Mahindra Life Insurance Company
HNI / Institutional
Yes is holding 1.3% stake. Genesis Grand General Trading LLC is holding
/ Promoter 2.6% stake.
Buying
May ’24: Axis Small Cap Fund bought 26L shares at INR 368/share,
aggregating to INR 95.6 Cr.

Oct ‘24: BoD considered and approved the issuance of equity shares
or other convertible securities by way of Qualified Institutions
Placement, for an aggregate consideration not exceeding INR 2,000
Yes Cr.
Special Situation
Jan ‘24: Finance and Investment Committee approved the allocation
of 1.7 Cr shares at INR 296 each, aggregating to INR 500 Cr to
qualified institutional buyers.

Feb ‘25: Avarna Projects LLP, a JV with Birla Estates, is launching

Phase-IV of Birla Navya, Avik Phase-2 in Sector 63A, Gurugram,
featuring residential independent floors. All necessary approvals have
been obtained.

Feb ‘25: CSC Data Services India Ltd. (CDSIL) and Anant Raj Cloud
Pvt. Ltd. (ARC) signed an agreement to jointly promote co-location
data center and cloud services. ARC will support CDSIL with
technology, marketing, and implementation of data center and disaster
recovery services for government and private organizations.
Future Visibility Yes
Oct ‘24: CRISIL Ratings Limited has assigned new ratings for the
company's long-term and short-term bank loans: CRISIL BBB/Stable
(for long-term) and CRISIL A3+ (for short-term). Additionally,
Infomerics Valuation and Rating Private Limited (IVR) has revised the
company’s credit ratings. The previous ratings were IVR BBB-/Stable
and IVR A3, which have been upgraded to IVR BBB/Stable and IVR
A3+ respectively.

Aug ‘24: Investment Committee has approved the acquisition of 100%

equity shares of Sheetij Properties Private Limited, engaged in the
business of development of real estate and is having Partnership
This page is created for information purpose. It is not a BUY/SELL recommendation. 14
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

interest in LLP namely Fortunea Infrastructure LLP which has land

holding of approx. 11.35 acres in Sector 63A, Gurugram, Haryana,
where the Company has one of the largest development projects
namely Anant Raj Estate.

Jul ‘24: Anant Raj Cloud Pvt Ltd, a wholly-owned subsidiary of Anant
Raj, has entered into a Memorandum of Understanding/Agreement
with Google LLC, an American global technology company to
collaborate for providing Data Center Infrastructure, DC Managed
Services and Cloud Platform to various Public & Private enterprises.
The parties will collaborate closely to assist customers in developing
purpose-built Al-infused solutions for Data infrastructure, Productivity,
and Security.

Jun ‘24: Company’s wholly-owned subsidiary named Anant Raj Cloud,

has signed agreements with Orange Business Services India
Technology Pvt. Ltd., part of Orange S.A. The agreements cover
designing, building, and operating ARC's cloud platform, establishing
servers at the ARC Data Center, and supporting, promoting, and
selling ARC's colocation data center and cloud platform services to
current and future customers under mutually agreed terms.

Apr ‘24: Company has achieved pre sales of INR 4,150 crores for its
projects at Sector 63A Gurugram, Haryana. The handing over of the
projects will start from the current financial year and will be delivered
in next four years.

Mar ‘24: Company’s wholly owned subsidiary named Anant Raj Cloud
which has an alliance with Telecommunication Consultants India
Limited (TCIL) for its Data Centers, enhanced the scope of offering
enlisted in MoU and has entered into an addendum for this purpose.
In addition, with ongoing Services of IAAS offering with TCIL, both
parties decided to provide Cloud Services, Managed Services and
Security Services of the Cloud to the Prospective Clients. These
additional offering will enable Anant Raj to provide end to end Services
related to Data Center and the Cloud services.

Feb ’24: Company announced the commencement of a new Group

Housing Project named "The Estate Residencies" in Sector 63A,
Gurugram, Haryana, with a saleable area of one million square feet of
high-rise luxurious residences. It highlights that all necessary
approvals for the project, including registration from the Haryana Real
Estate Regulatory Authority (HARERA), have been obtained.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 15

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

5. VIVIANA POWER TECH LIMITED NSE: VIVIANA

(SME: Lot Size = 125 shares) (1st time covered: 30th Jan 2023)

Recent filing news: (L1 BID) Viviana Power has been declared the L1 bidder for turnkey contracts involving
supply, installation, testing, and commissioning of 11 KV underground cable laying with Ring Main Unit
systems and MVCC overhead conductors for MGVCL under the Nadiad O&M Division and Halol Division, as
part of the system improvement (SI) scheme.

SUMMARY: 4y Operating Profit uptrend | 2h Operating Profit uptrend | PE 37.4x (Sector PE range 30-50) |
Excellent Mar-25 results | Fund raise | Acquisition | Promoter buying | Large Order | Orderbook of INR 236
Cr (Sep-24) (1.1x of FY25 revenue) Telecom | Solar | Power infra

FUTURE OUTLOOK: As per Q2FY25 Investor Presentation, Company aims to achieve an order booking
target of INR 250 Cr and a turnover of INR 160 Cr (144% Growth) in FY25, increasing to INR 350 Cr and INR
240 Cr (50% Growth) in FY26, and further reaching INR 525 Cr and INR 365 Cr (52% Growth) in FY27 |
Company expected PAT margin for the year around 10-11%.

• MCap of INR 740 Crore (share price = INR 1,178 / share) (as on 25th Jul ‘25)
• TTM PE 37.4x (as on 25th Jul ‘25) Retail float = 21% (Mar-25)

KEY RED FLAGS: Borrowings have doubled from INR 10 Cr in Mar-23 to INR 51 Cr in Mar-25. 2. Priyanka
Choksi (CFO) resigned from her post in Aug-24.
Stock price can go down or up based on market forces. Always diversify your portfolio.

Company Description: Viviana Power Tech Ltd. operates in the Power Transmission, Distribution and
Industrial EPC space. Within the span of about five years, Viviana has completed 40 projects (Contracts
worth INR 40+ Crores). The projects include ±500 KV HVDC and 400/ 220/ 132/ 66/ 33 KV Transmission
lines/ Sub Stations of private and Government utilities and industries. It also undertakes turnkey jobs for
Supply, Erection, Testing & Commissioning of all types of Electrical system.

Share price and Volume (last 1 year):

Price Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 LTP
Viviana 908 807 824 852 1047 912 690 773 898 865 1177 1178

(In INR Cr) Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25
Sales - - - - 42.5 48 171
Op Profit - - - - 7 8 25
Net Profit - - - - 4 4.5 15.3
OPM - - - - 17% 16% 14%
NPM - - - - 9% 9% 9%
Promoter % - - - - 73.4% 73.4% 70.3%

This page is created for information purpose. It is not a BUY/SELL recommendation. 16

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Sales - 20.1 22.5 32.6 36.2 65.5 219
Op Profit - 2.2 2.1 4.9 5.2 11.6 32
Net Profit - 1.2 1.0 2.8 3.0 6.5 20
Website: https://www.vivianagroup.in/

Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend Yes
PE 37.4x (Telecom/Solar/Power
Infra: 30-50)
Lower end of sector range
Yes
Futuristic Sector
(Electrification)

Mar ’25: Rajesh Kumar Singla is holding 1.05%, stake.

Mar ’25: Promoter bought 7.9k shares at INR 698/share, aggregating

to INR 55L in Mar ‘25.

HNI / Mar ’25: Promoter bought 5k shares at INR 678/share, aggregating

Institutional / Yes to INR 34L in Mar ’25.
Promoter Buying
Feb ’25: Promoter bought 22.8k shares at INR 794/share,
aggregating to INR 1.8 Cr.

Dec ’24: Promoter bought 5k shares at INR 905/share, aggregating

to INR 45.3 L.

Jun ’24: BoD has approved the issuance of 3.1L shares at INR
625/share, aggregating to INR 19.3 Cr and 52k warrants at INR
Special Situation Yes 625/warrant, aggregating to INR 3.2 Cr.

Jun ’25: Company has received bid confirmation as L1 bidder for

turnkey supply, erection, testing & commissioning of a 220kV D/C
LILO line at Avaniya substation with 25 km OPGW cable. Final details
to follow post receipt of Letter of Intent.

Jun ’25: Company receives bid confirmation for L1 Stage -successful

bidder for turnkey contract for conversion of 11/22 KV HT Line
Future Visibility Yes
Network into underground/overhead cable network, MVCC and RMU
for Ring Main System at Navsari City.

Jun ’25: Company has received bid confirmation for L1 Stage -

successful bidder for Supply, Erection, Testing & Commissioning of
66kV Transmission Line for GETCO under Kisan Suryoday Yojana.
Letter of Intent of Award is awaited.

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Jun ’25: Company has received an order worth INR 3.9 Cr for 66kV
and 33 kV Transmission Line Works for Green PVC Project at
Mundra, Gujarat.

Jun ’25: Company declared L1 Bidder for Six Turnkey Contracts for
Supply, Installation, Testing and Commissioning of 11 KV Medium
Voltage Covered Conductor (MVCC) with its accessories and allied
items in Anjar, Bhuj, Bhavnagar, Junagadh, Jamnagar and Amreli
circle of PGVCL under Kisan Suryodaya Yojana (KSY) Scheme.

Apr ’25: Company’s subsidiary Aarsh Transformers Private Limited

has been awarded a contract worth INR 66 Cr from Dakshin Gujarat
Vij Company Ltd.

Apr ’25: Company has received two bid confirmations for L1 Stage
orders (i) Supply, Installation, Testing, and Commissioning of 11KV
Medium Voltage Covered Conductor (MVCC) with its accessories
and allied items for the creation of a robust network to ensure reliable
power supply in the 11KV feeder of Bhuj Circle under PGVCL's
System Improvement (SI) Scheme, to be completed within 9 months.
(ii) Supply, Installation, Testing, and Commissioning of 11KV Medium
Voltage Covered Conductor (MVCC) with its accessories and allied
items for the creation of a robust network to ensure reliable power
supply in the 11KV feeder of Rajkot Rural & Morbi Circles under
PGVCL's System Improvement (SI) Scheme, to be completed within
9 months.

Mar ’25: Company's consolidated operating revenue for FY25 has

surpassed INR 200 Cr as of 28th Mar-25. This marks a significant
milestone for the company since its inception. This achievement
highlights the company's focus on efficiency and securing large-scale
contracts. Favorable market conditions and strong client relationships
have supported this growth.

Mar ’25: Company has approved expansion into real estate,

infrastructure development, and construction, including buying,
selling, leasing, and developing residential, commercial, and
industrial properties. It will also engage in civil contracting,
prefabricated structures, and manufacturing of building materials.

Mar ’25: Company has received an order worth INR 6.9 Cr from
Gujarat Energy Transmission Corporation Limited.

Feb ’25: Company has become the holding company of Aarsh

Transformers to expand its business in designing, manufacturing,
and assembling power and distribution transformers, substations,
electrical panels, and components for power generation,
transmission, distribution, and renewable energy systems.

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Jan ’25: Company subsidiary, Aarsh Transformers Private Limited,

has secured an INR 2.4 Cr contract from M.M. Brothers.

Dec ’24: Board approved an additional INR 63 Cr credit facility from

HDFC Bank, increasing the company’s working capital limit to INR
120 Cr, boosting growth prospects and accelerating FY27 targets.
Strategic initiatives include expansion into African power markets,
bidding for INR 450 crore in transmission & distribution tenders, and
participating in utility transformer tenders via its subsidiary.

Nov ’24: Company has secured 2 turnkey contracts of total worth INR
106 Cr (i) INR 74 Cr from Paschim Gujarat Vij Company Limited and
existing client, M/s. Dakshin Gujarat Vij Company Limited under the
SI and KSY Schemes. (ii) INR 32.3 Cr from Madhya Gujarat Vij
Company Limited under the SI Scheme.

Oct ’24: Company Aarsh Transformers Pvt Ltd, a subsidiary, has set
up a new Distribution Transformers Unit in Por-Vadodara with a
capacity of 1.00 MVA, aiming to expand to 7 MVA and increase
production from 7,000 to 15,000 units annually. The company has
passed key type tests and is developing Dry-Type transformers. The
inauguration of the facility is set for 29th October 2024.

Sep ’24: Company acquired 75% equity Shares of Aarsh

Transformers Private Limited to carry out business of designing,
manufacturing and assembling of Power and Distribution
Transformers, Compact Substations, Ring Main Units, Electrical
Panels, Electrical Components etc. used in Power Generation,
Transmission and Distribution network and renewable energy
system. This Acquisition will help strengthen the technical expertise
and to increase the client base of the parent company.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 19

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Other News
MCON Rasayan India Ltd
(BUSINESS UPDATE) For the quarter ending Jun-25, Sales stood at INR 13 Cr representing low double
digit growth on YoY basis. Capacity utilization stood at 55%. Company added 11 distributors and 39
dealers in the paint segment, launched 5 new SKUs (including Ready Mix Dry Concrete), and expanded via
7 FOCO model partnerships to strengthen Tier-2/3 markets. H2FY26 is projected to benefit from festive
demand, infrastructure rollout, and supportive policy momentum.

• MCap of INR 66 Cr (share price = INR 90/share); TTM PE 29.2x (as of 25th Jul ‘25)

Essen Speciality Films Ltd

(WEAK RESULTS) For the quarter ending Jun-25, Sales up 19% YoY from INR 34.6 Cr in Jun-24 to INR
41.2 Cr in Jun-25. Similarly, Net Profit down 34% from INR 2.7 Cr to INR 1.8 Cr. On a QoQ basis, Sales
down 8% and Net Profit increased to INR 1.8 Cr from Net loss of INR 4.5 Cr

• MCap of INR 1,025 Cr (share price = INR 413/share); TTM PE 100.6x (as of 25th Jul ‘25)

Felix Industries Ltd

(ORDER) Company has received an order worth INR 140.1 Cr from Hocco Industries for a 1500 KLD Zero
Liquid Discharge (ZLD) System, 1500 KLD Water Treatment Plant (WTP), and 120 KLD Sewage Treatment
Plant (STP) under a 10-year BOOT model. Company will invest 80% of the project cost (INR 10 Cr out of
INR 12.5 Cr), with capital recovery through 120 monthly installments and an advance of INR 2.5 Cr. The
project will generate recurring monthly revenue of INR 90.9 L (including O&M charges of at least INR 75 L
over the tenure). The systems will be fully engineered, supplied, installed, and maintained by Company.

• MCap of INR 264 Cr (share price = INR 193/share); TTM PE 32.1x (as of 25th Jul ‘25)

Sigachi Industries Ltd

(GOOD RESULTS) For the quarter ending Jun-25, Sales up 33% YoY from INR 96 Cr in Jun-24 to INR 128
Cr in Jun-25. Similarly, Net Profit up 56% from INR 13 Cr to INR 20 Cr. On a QoQ basis, Sales up 0% and
Net Profit up 27%. Net Profit for Jun-25 adjusted for exceptional items. (Net Loss – INR 101 Cr, Exceptional
Items – (INR 121 Cr))

(FIRE INCIDENT IMPACT) Fire took place at Company’s Hyderabad Unit in Jun-25, impacting a revenue
loss of INR 60 Cr over the closure period of operations at the facility.

• MCap of INR 1,495 Cr (share price = INR 39/share); TTM PE 21.5x (as of 25th Jul ‘25)

Home First Finance Company Ltd

(GOOD TO EXCELLENT RESULTS) For the quarter ending Jun-25, Sales up 35% YoY from INR 336 Cr in
Jun-24 to INR 454 Cr in Jun-25. Similarly, Net Profit up 35% from INR 88 Cr to INR 119 Cr. On a QoQ
basis, Sales up 9% and Net Profit up 13%.

• MCap of INR 15,208 Cr (share price = INR 1,473/share); TTM PE 39.8x (as of 25th Jul ‘25)

Dhabriya Polywood Ltd

(AVERAGE TO GOOD RESULTS) For the quarter ending Jun-25, Sales up 6% YoY from INR 58.7 Cr in
Jun-24 to INR 62.1 Cr in Jun-25. Similarly, Net Profit up 41% from INR 4.7 Cr to INR 6.5 Cr. On a QoQ
basis, Sales down 2% and Net Profit up 22%.

• MCap of INR 413 Cr (share price = INR 382/share); TTM PE 22.9x (as of 25th Jul ‘25)

This page is created for information purpose. It is not a BUY/SELL recommendation. 20

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Alkosign Ltd
(PROMOTER BUYING) In the month of Jul-25, Promoters bought 1.2 L shares at INR 70.5/share
aggregating to INR 81 L

• MCap of INR 86 Cr (share price = INR 80/share); TTM PE 22.9x (as of 25th Jul ‘25)

Sakar Healthcare Ltd

(GOOD RESULTS) For the quarter ending Jun-25, Sales up 28% YoY from INR 41.2 Cr in Jun-24 to INR
52.7 Cr in Jun-25. Similarly, Net Profit up 94% from INR 2.4 Cr to INR 4.7 Cr. On a QoQ basis, Sales up
5% and Net Profit down 19%.

• MCap of INR 796 Cr (share price = INR 363/share); TTM PE 40.2x (as of 25th Jul ‘25)

Unimech Aerospace & Mfg. Ltd

(WEAK RESULTS) For the quarter ending Jun-25, Sales up 7% YoY from INR 59 Cr in Jun-24 to INR 63
Cr in Jun-25. Similarly, Net Profit down 10% from INR 21 Cr to INR 19 Cr. On a QoQ basis, Sales down 7%
and Net Profit down 34%.

• MCap of INR 5,904 Cr (share price = INR 1,161/share); TTM PE 72.1x (as of 25th Jul ‘25)

AVG Logistics Ltd

(CAPEX) Company has secured INR 20 Cr term loan from an NBFC to meet working capital and capex
needs, including the import of ISO tank containers and fleet expansion as company enters into liquid
chemical transportation segment.

(PROMOTER PLEDGE) Promoter “Asha Gupta” has pledged 29.1 L shares of the Company (19.3% of
shareholding) to Shine Star Build Cap Pvt. Ltd. as collateral for the INR 20 Cr term loan secured by the
company for working capital and capex requirements. Post this pledge, 36.81% of promoter holding stands
pledged. The loan will be repaid within 15 months.

• MCap of INR 408 Cr (share price = INR 271/share); TTM PE 19.2x (as of 25th Jul ‘25)

Lloyds Engineering Works Ltd

(PARTNERSHIP) Company has expanded its partnership with Italy’s Fincantieri S.p.A to manufacture
Controllable Pitch Propeller (CPP) and Shafting Systems indigenously. These systems, vital for naval
vessels, will reduce import dependence and support the Atmanirbhar Bharat initiative. Company’s defence
order book stands at INR 100 Cr+.

• MCap of INR 10,136 Cr (share price = INR 73/share); TTM PE 98.3x (as of 25th Jul ‘25)

Kings Infra Ventures Ltd

(UK FTA BENIFIT) Company welcomes India – UK FTA which grants zero duty access to 99% of marine
exports including shrimp, tuna, fishmeal, and aquafeeds and unlocking growth potential in the UK’s $5.4
billion seafood market. Company expects improved margins due to tariff removal of 4.2–8.5%, higher UK
market share, and new product launches under its El Rey, Frigo, and Bento brands. It also plans to
accelerate AI-powered aquaculture via its BlueTechOS platform.

• MCap of INR 329 Cr (share price = INR 134/share); TTM PE 25.0x (as of 25th Jul ‘25)

Dynamic Services & Security Ltd

(ORDER) Company has received an order worth INR 84 L (to be executed by May-26) from South Eastern
Railway for supply of low maintenance lead acid secondary cells for S&T installations.

• MCap of INR 194 Cr (share price = INR 141/share); TTM PE 11.4x (as of 25th Jul ‘25)
This page is created for information purpose. It is not a BUY/SELL recommendation. 21
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Epack Durable Ltd

(JOINT VENTURE) Company as 66.7% JV partner with South Korea’s Bumjin Electronics Co to start
production by Q3 FY26, targeting a 30% market share in the India’s smart audio segment. JV will also
enable technology transfer and reduce import dependency in speaker systems, while supporting
Company’s diversification beyond air conditioners into broader consumer electronics

(CONCALL SUMMARY) Capex for the next 12 month to be around INR 450 Cr-500 Cr. EBITDA Margin
target remains 7.5% plus for FY26 with a medium-term ambition of achieving 8%. Management reiterated
topline growth guidance of 30-35% in FY26 while maintaining the bottom line.

• MCap of INR 3,412 Cr (share price = INR 356/share); TTM PE 58.3x (as of 25th Jul ‘25)

Kaushalya Logistics Ltd

(EXPANSION) Company has added 3 new depots in Siwan, Gopalganj, and Chapra, Bihar for Dalmia
Cement Bharat under its CFA model. These are its 6th to 8th depots opened in FY26, with a combined
expected monthly volume of 15,000 MT. The company now operates 110 depots and rake points,
strengthening its partnership with DCBL and cementing its position as a key logistics enabler for the
cement industry.

• MCap of INR 142 Cr (share price = INR 77/share); TTM PE 12.0x (as of 25th Jul ‘25)

Oriana Power Ltd

(SUBSIDIARY INCORPORATION) Company has incorporated a wholly owned subsidiary, Voltonomy
Energy Pvt Ltd which will focus on power generation, EPC of power projects, operations and maintenance,
and solar energy solutions. Company holds 99.9% in the subsidiary.

• MCap of INR 4,501 Cr (share price = INR 2,215/share); TTM PE 28.4x (as of 25th Jul ‘25)

Patel Engineering Ltd

(FUND RAISE) Company’s board approved the issue and allotment of senior secured rated NCDs worth up
to INR 100 Cr via private placement, comprising a base issue of INR 50 Cr (5,000 NCDs of INR 1,00,000
each) and an INR 50 Cr green shoe option. The 36-month NCDs carry a 10.25% coupon with monthly
interest payments, with principal repayment split as 30% at 24 months, 30% at 30 months, and 40% at
maturity. NCD’s will be listed on NSE and secured by a first-ranking charge on identified land parcels.

• MCap of INR 3,306 Cr (share price = INR 39/share); TTM PE 9.5x (as of 25th Jul ‘25)

KFin Technologies Ltd

(GOOD RESULTS) For the quarter ending Jun-25, Sales up 15% YoY from INR 238 Cr in Jun-24 to INR
274 Cr in Jun-25. Similarly, Net Profit up 13% from INR 68 Cr to INR 77 Cr. On a QoQ basis, Sales down
3% and Net Profit down 9%.

• MCap of INR 19,974 Cr (share price = INR 1,160/share); TTM PE 58.4x (as of 25th Jul ‘25)

Avantel Ltd
(WEAK RESULTS) For the quarter ending Jun-25, Sales up 0% YoY from INR 51.7 Cr in Jun-24 to INR
51.8 Cr in Jun-25. Similarly, Net Profit down 43% from INR 8.1 Cr to INR 4.6 Cr. On a QoQ basis, Sales up
5% and Net Profit down 37%.

• MCap of INR 3,605 Cr (share price = INR 136/share); TTM PE 69.0x (as of 25th Jul ‘25)

This page is created for information purpose. It is not a BUY/SELL recommendation. 22

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Enviro Infra Engineers Ltd

(ORDER) Company has secured two EPC projects totaling to INR 221.3 Cr (to be executed within 30
months) from Bangalore Water Supply and Sewerage Board (BWSSB). (i) INR 80 Cr for Design,
Engineering construction and commissioning of wastewater Treatment Plant with Tertiary Treatment
Facility and Intermediate Sewage Pumping Station along with O&M for 10 years at Byatarayanapura Zone
(DBO mode) in 110 village areas (Phase-II) under Karnataka Water Security and Disaster Resilience
Program. (ii) INR 141.2 Cr for Design, Engineering construction and commissioning of wastewater
Treatment Plants with Tertiary Treatment Facility, Solar Panels along with O&M for 10 years at
Mahadevapura zone in 110 village areas (Phase-II) under Karnataka Water Security and Disaster
Resilience Program.

• MCap of INR 4,650 Cr (share price = INR 265/share); TTM PE 26.4x (as of 25th Jul ‘25)

RED FLAG NEWS CORNER

Tiaan Consumer Ltd
(RESIGNATION) Mr Bharat Bhushan resigned as the Managing Director of the company.

Triveni Engineering and Industries Ltd

(LITIGATION) Company has received a demand from the Assistant Excise Commissioner for INR
46.8 Cr export fees on denatured alcohol (Aug-18 to Jun-25), following the Supreme Court order
upholding state regulation of industrial alcohol. The company is contesting the claim through the
Industry Association.

Future Consumer Ltd

(GOING CONCERN ISSUE) Board flagged severe liquidity crisis, loan defaults, and forensic
audits, with Q1FY26 loss at INR 28.9 Cr and capital deficiency of INR 365.9 Cr. Auditors raised
material uncertainty on going concern as lenders classified loans as NPAs and ARC transfers
continue.

Sigachi Industries Ltd

(FIRE INCIDENT IMPACT) Fire took place at Company’s Hyderabad Unit in Jun-25, impacting a
revenue loss of INR 60 Cr over the closure period of operations at the facility

Burnpur Cement Ltd

(GOING CONCERN ISSUE) For Q1FY26, the company reported zero revenue and a net loss of
INR 19 Cr due to finance costs of INR 18.2 Cr. Operations remain discontinued since Nov-23
following the sale of all operational assets at Patratu to UltraTech Cement by UV Asset
Reconstruction Company. Management has stated the company is no longer a going concern but
is exploring strategic options such as mergers or acquisitions.

Krebs Biochemicals & Industries Ltd

(RESIGNATION) Mr Mr. Jitendra Shah resigned as the Managing Director & CEO of the company.

Take Solutions Ltd

(PROMOTER SELLING) In the month of Jul-25, Promoter sold 19% stake in the company.

This page is created for information purpose. It is not a BUY/SELL recommendation. 23

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Enhanced Surveillance Measure (ESM)

1. Companies Entering ESM Stage 1 on 28th July, 2025

Sl. No. Name of Company

1 Indo Borax & Chemicals Ltd
2 Tejas Cargo India Ltd
3 Winny Immigration & Education Services Ltd
4 Hamps Bio Ltd
5 Icon Facilitators Ltd
6 Kapil Raj Finance Ltd
7 Kesar Enterprises Ltd
8 VJTF Eduservices Ltd

2. Companies Entering ESM Stage 2 from Stage 1 on 28th July, 2025

Sl. No. Name of Company

1 Hemant Surgical Industries Ltd
2 Kalpa Commercial Ltd
3 Konndor Industries Ltd
4 Kore Foods Ltd
5 Rose Merc Ltd
6 Shree Manufacturing Company Ltd
7 Vaxtex Cotfab Ltd

3. Companies Entering ESM Stage 1 from Stage 2 on 28th July, 2025

Sl. No. Name of Company

1 Ahasolar Technologies Ltd
2 Arigato Universe Ltd
3 Aris International Ltd
4 Bisil Plast Ltd
5 Blue Cloud Softech Solutions Ltd
6 Boston Bio Systems Ltd
7 Dynamic Portfolio Management & Services Ltd
8 Everest Industries Ltd
9 Filmcity Media Ltd
10 Flexituff Ventures International Ltd
11 Ginni Filaments Ltd
12 Goel Food Products Ltd
13 Gujarat Lease Financing Ltd
14 Gujarat Natural Resources Ltd
15 High Street Filatex Ltd
16 Inflame Appliances Ltd
17 Integra Switchgear Ltd
18 J.A. Finance Ltd
19 Jattashankar Industries Ltd
20 Jindal Photo Ltd
This page is created for information purpose. It is not a BUY/SELL recommendation. 24
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

21 Kachchh Minerals Ltd

22 Mahamaya Steel Industries Ltd
23 Meyer Apparel Ltd
24 PVV Infra Ltd
25 Reetech International Ltd
26 Shivansh Finserve Ltd
27 Shree Krishna Infrastructure Ltd
28 Shree Marutinandan Tubes Ltd
29 Shreenath Paper Products Ltd
30 Shri Balaji Valve Components Ltd
31 Sugal & Damani Share Brokers Ltd
32 Tarapur Transformers Ltd
33 Three M Paper Boards Ltd
34 TruCap Finance Ltd
35 W. S. Industries (India) Ltd
36 Williamson Financial Services Ltd
37 ABS Marine Services Ltd
38 Agni Green Power Ltd
39 Kay Cee Energy & Infra Ltd
40 Rockingdeals Circular Economy Ltd
41 Supreme Power Equipment Ltd
42 TBI Corn Ltd
43 W S Industries (I) Ltd

4. Companies exiting ESM Framework on 28th July, 2025

Sl. No. Name of Company

1 Arrow Greentech Ltd
2 Asian Hotels (North) Ltd
3 Cybertech Systems And Software Ltd
4 Delta Autocorp Ltd
5 Divine Hira Jewellers Ltd
6 Dhanuka Realty Ltd
7 Felix Industries Ltd
8 Hardwyn India Ltd
9 Magson Retail And Distribution Ltd
10 Pritika Engineering Components Ltd
11 Purv Flexipack Ltd
12 Rajnandini Metal Ltd
13 Richa Info Systems Ltd
14 Royal Arc Electrodes Ltd
15 Urban Enviro Waste Management Ltd
16 Vels Film International Ltd
17 Vilin Bio Med Ltd
18 Adline Chem Lab Ltd
19 Ampvolts Ltd
20 Arihant Foundations & Housing Ltd
21 Benchmark Computer Solutions Ltd
This page is created for information purpose. It is not a BUY/SELL recommendation. 25
Please do your own due diligence before making any investment decisions.
 25th Jul 2025

22 Bharat Agri Fert & Realty Ltd

23 Ceejay Finance Ltd
24 Chandrima Mercantiles Ltd
25 Emerald Leisures Ltd
26 G M Polyplast Ltd
27 Grandma Trading & Agencies Ltd
28 Inditrade Capital Ltd
29 Jupiter Infomedia Ltd
30 Media Matrix Worldwide Ltd
31 Meson Valves India Ltd
32 NACDAC Infrastructure Ltd
33 Naturewings Holidays Ltd
34 Octal Credit Capital Ltd
35 Pentokey Organy India Ltd
36 Prashant India Ltd
37 SBEC Sugar Ltd
38 Scarnose International Ltd3
39 Stratmont Industries Ltd
40 Toss The Coin Ltd
41 Trescon Ltd
42 Trio Mercantile & Trading Ltd
43 Universal Autofoundry Ltd
44 VVIP Infratech Ltd

This page is created for information purpose. It is not a BUY/SELL recommendation. 26

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Sovrenn Times: Macroeconomy News | 25 July 2025

India-UK Sign $100 Bn Trade Deal: Duty-Free Access for 95% Agri Exports, Scotch Tariffs Halved,
Bilateral Trade to Double by 2030

India and the UK signed a Comprehensive Economic and Trade Agreement (CETA) aiming to double bilateral
trade from $56B to over $100B by 2030. The pact grants duty-free access to 95% of Indian agri-exports
(shrimp, tuna, turmeric, mango pulp), while UK’s Scotch whisky tariffs will fall from 150% to 40% in 10 years.
Tariffs on British cars and EVs will also drop under quota limits. Indian professionals gain social security relief
and simplified visa norms for services exports. India excluded dairy, oils, and apples to protect local farmers.
The UK expects the deal to add £25.5B in annual bilateral trade, its biggest since Brexit.

Uttar Pradesh’s Kharif Crop Acreage Surges 26% YoY; Sesame Up 68%, Paddy 32%

Uttar Pradesh’s total Kharif sowing area rose to 8.26 million hectares in 2025 from 6.57 million hectares last
year, a 26% increase. Sesame cultivation witnessed the sharpest jump—up 68% YoY from 180.26k to 303k
hectares. Paddy area expanded 32% to 5.55 million hectares, and maize rose 10% to 701k hectares.
Groundnut and soybean acreage rose to 218k and 40k hectares, respectively. Pigeon pea saw a 49% rise in
area to 273k hectares, and cotton acreage more than doubled to 18k hectares. The trend reflects growing
diversification and increased interest among farmers in oilseeds, pulses, and cotton.

Black Money Crackdown: ₹35,105 Cr in Tax Demands Raised Under Foreign Assets Law

The Indian government has raised over ₹35,105 crore in tax and penalty demands under the Black Money
(Undisclosed Foreign Income and Assets) Act, 2015, till March 31, 2025. A total of 1,021 assessments have
been completed, and 163 prosecution complaints have been filed. Actual recovery so far stands at ₹338
crore. The Act mandates disclosure of all foreign income and assets in I-T returns, with strict penalties for
non-compliance. Tax demands are subject to finalization pending appeals. India receives data on foreign
assets from over 100 jurisdictions under global information-sharing agreements.

Nikkei Surges 3.5% on US-Japan Trade Deal; Yen and Bonds Drop Amid $550B Investment Pledge
and Tariff Shifts

News of a US-Japan trade deal lifted the Nikkei by 3.5%, but the yen weakened and Japanese bonds fell
due to fiscal concerns and reports of PM Ishiba stepping down. Japan agreed to a 15% reciprocal tariff, lower
than the earlier 25%, and pledged $550 billion in US investments backed by state loans. Autos will face 15%
tariffs but without volume caps, while steel and aluminium still attract 50% duties. Japan will import more US
rice within quota limits, avoiding major domestic disruptions. A weak 40-year JGB auction showed investor
concerns, with the bid-cover ratio at a 13-year low. BoJ remains dovish, possibly delaying rate hikes despite
inflationary pressures.

This page is created for information purpose. It is not a BUY/SELL recommendation. 27

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

India to Become 3rd-Largest Economy by 2028; GDP to Double to $10.6 Trillion by 2035: Morgan
Stanley

Morgan Stanley projects India will surpass Germany and Japan to become the world’s third-largest economy
by 2028, with GDP set to double to $10.6 trillion by 2035. This growth will be driven by key states like
Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh, and Karnataka—some of which may individually hit the $1
trillion GDP mark. Currently, Maharashtra, Gujarat, and Telangana are the top performers, while states like
UP and Chhattisgarh have shown sharp upward movement in economic rankings. India could contribute 20%
of global growth in the coming years, boosting MNC earnings. The RBI maintains its FY26 GDP forecast at
6.5%. Infrastructure spending has surged from 1.6% of GDP in FY15 to 3.2% in FY25.

This page is created for information purpose. It is not a BUY/SELL recommendation. 28

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Sovrenn Times: Startup News | 25 July 2025

Infra Automation Startup Enlite Research Raises ₹46 Cr to Expand Globally and Deepen AI
Capabilities

Enlite Research has raised ₹46 Cr (~$5.3 Mn) in Series A funding led by Avaana Capital and Claypond
Capital. The startup will use the funds to expand across the Middle East and Southeast Asia and strengthen
its edge AI, telemetry, and climate tech solutions. Founded in 2017 by Gaurav Bali and Garima Bharadwaj,
Enlite replaces traditional BMS/IBMS systems with compact wireless, AI-powered automation for smart
infrastructure. Key clients include Prestige Group, Fairmont Mumbai, top REITs, and GCC projects. The firm
was also part of Panasonic’s 100X.Vc accelerator in 2023. The raise reflects growing investor interest in infra
automation amid rising sustainability mandates.

SuperK Raises ₹100 Cr in Series B to Scale Tech-Enabled Grocery Retail Across 300 Small Towns

Tech-enabled retail chain SuperK has secured ₹100 Cr (~$11.5 Mn) in Series B funding co-led by 3STATE
Ventures and Mithun Sacheti, with participation from Shubman Gill and Blume Ventures. Founded in 2020,
SuperK operates across 80 towns in Andhra Pradesh, offering franchise-based grocery stores powered by
in-house tech like POS systems, retail OS, and apps. Its membership program now contributes 75% of sales.
With this funding, SuperK plans to expand into 300 towns across Andhra Pradesh, Telangana, and Karnataka
and strengthen talent in marketing and ops. The startup targets India’s $352.8 Bn grocery market, largely
driven by Tier II-V towns. Competitors include Frendy, Kirana King, and Apna Mart.

Netrasemi Raises ₹107 Cr in Series A Led by Zoho to Scale Edge AI SoC Production

Semiconductor startup Netrasemi has raised ₹107 Cr (~$12.4 Mn) in a Series A round led by Zoho Corp,
with participation from Unicorn India Ventures. Founded in 2020, the company builds AI-powered System-
on-Chips (SoCs) for smart IoT applications like surveillance, robotics, and smart infrastructure. The funds will
accelerate R&D, expand manufacturing, and support production of four SoC variants with in-house silicon
IPs. Netrasemi plans to double its workforce to 166 engineers. India’s semiconductor demand is projected to
reach $100–110 Bn by 2030. The funding follows a broader surge in chip startup investments under India’s
Semiconductor Mission.

PhysicsWallah Gets SEBI Nod for ₹4,600 Cr IPO, Despite 13.5X Surge in FY24 Losses

Edtech major PhysicsWallah (PW) has secured SEBI’s approval to launch its IPO via the confidential pre-
filing route, within just four months of submission. The IPO, estimated at ₹4,600 Cr ($531 Mn), is expected
to include a significant offer-for-sale component and could value PW at $3.7 Bn. PW becomes the second
tech startup after Swiggy to receive SEBI’s nod through this route. The company’s FY24 net loss jumped
13.5X to ₹1,131 Cr, despite a 2.6X rise in revenue to ₹1,940 Cr. Recently, PW launched its AI tool Aryabhata
1.0 and signed an MoU with Delhi govt to offer free test prep. The public DRHP is still awaited for further
financial disclosures.

EV Fintech Startup Ohm Mobility Shuts Down After ₹5 Cr Funding and Multiple Pivots

EV financing startup Ohm Mobility has shut down operations after failing to scale despite several pivots, said
CEO Nikhil Nair. Founded in 2020, the startup raised ~₹5 Cr from investors like Antler India and Blume
Ventures. It used EV IoT data to de-risk credit for fleet operators and banks but couldn’t crack a sustainable
business model. Recently rebranded as Ohm Daily to target gig workers, the shift also failed to gain traction.
Ohm never filed MCA financials since inception. The shutdown adds to India’s growing list of startup exits,
including Altigreen, Blip, and subtl.ai.

This page is created for information purpose. It is not a BUY/SELL recommendation. 29

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Top 5 SEBI News

1. SEBI Cancels Registrations of 13 Investment Advisers for Non-Payment of Renewal Fees
SEBI cancelled the registration of 13 Investment Advisers for failing to pay the mandatory five-year renewal
fees as required. Despite receiving show-cause notices in March and April 2025, none of the advisers
submitted any response or documentation within the prescribed timeline. The advisers, including both
individuals and entities like MG Funds Pvt. Ltd. and VBS Investments, had registrations that expired
between Aug-18 and Apr-24. SEBI followed the summary proceedings process and after reviewing the
case, determined that cancellation was necessary to prevent misuse of expired certificates and to protect
investors. While the registrations stand cancelled with immediate effect, the noticees remain liable for any
prior actions or violations during their tenure as registered advisers.

2. SEBI Grants Open Offer Exemption to Janky Rupen Patel in Patel Engineering Indirect
Acquisition
SEBI has granted an exemption to Ms. Janky Rupen Patel from making an open offer under the Takeover
Regulations in relation to Patel Engineering Ltd. The case involves an indirect acquisition of 32.3% voting
rights following the transfer of 99.98% interest in Praham India LLP from her children, Alina and Ryan
Patel, to her by way of gift. This transfer is part of the promoter group and does not alter the company’s
overall shareholding or control structure. SEBI’s Takeover Panel observed that the transaction, being
between immediate relatives, does not harm public shareholders and recommended approval. The
exemption is valid for one year, subject to filing a report within 21 days of completing the transfer.

3. SEBI Consultation Paper on Relaxing Hard Copy Requirements for Debenture Holders
SEBI has released a consultation paper aimed at simplifying compliance requirements for entities with
listed non-convertible securities. The key proposal is replacing the mandatory dispatch of hard copies of
annual reports with a letter containing a web link and QR code, aligning the process with equity-listed
entities. This change is intended to cut costs, reduce paper usage, and improve operational efficiency.

4. SEBI Freezes Bank and Demat Accounts of In-House Productions

SEBI has ordered the attachment of all bank accounts, lockers, Demat accounts, and mutual fund folios of
In-House Productions Ltd (PAN: AAACV1685K) to recover INR 3.3 L, including penalty of INR 2 L and
interest of INR 1.3 L for failure to obtain SCORES authentication. No debits will be allowed until dues are
cleared.

5. SEBI Lifts Asset Attachment After Full Recovery from Mamata Bhiwaniwala
SEBI’s Recovery Cell (Eastern Regional Office) has released all bank, Demat, lockers, and mutual fund
accounts of Mamata Bhiwaniwala (PAN: ADGPB7704B) after recovering INR 5.2 L, including penalty,
interest, and costs in the matter of illiquid stock options.

This page is created for information purpose. It is not a BUY/SELL recommendation. 30

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Sovrenn SME Index: -0.84%

330

280

230

180

130

80
15-Sep-23 15-Nov-23 15-Jan-24 15-Mar-24 15-May-24 15-Jul-24 15-Sep-24 15-Nov-24 15-Jan-25 15-Mar-25 15-May-25 15-Jul-25

Sovrenn SME Index at: 226.62 (1 day change = -0.84%)

Sovrenn SME Index was down 0.84% today. Please note that the constituents of the Index are private. Also,
the Index is only an indication of the movement of the broader SME market and not available for replication
or commercialization in any form. Sovrenn has the right to make changes to Index constituents or change
weightages of the constituents as per its own discretion.

IPO
SME / Subs
Com pany Status Open Close Listing GMP
Mainboard (x )
Umiya Mobile SME Upcoming 28-Jul-25 30-Jul-25 4-Aug-25 0% 0
Swellowarp Industries SME Open 25-Jul-25 29-Jul-25 1-Aug-25 22% 1x
Shree Refrigerations SME Open 25-Jul-25 29-Jul-25 1-Aug-25 72% 2x
Patel Chem Specialities SME Open 25-Jul-25 29-Jul-25 1-Aug-25 48% 2x
Shanti Gold International Mainboard Open 25-Jul-25 29-Jul-25 1-Aug-25 19% 1x
Brigade Hotel Ventures Mainboard Open 24-Jul-25 28-Jul-25 31-Jul-25 7% 1x
GNG Electronics Mainboard Closed 23-Jul-25 25-Jul-25 30-Jul-25 42% 150x
TSC India SME Closed 23-Jul-25 25-Jul-25 30-Jul-25 17% 73x
Indiqube Spaces Mainboard Closed 23-Jul-25 25-Jul-25 30-Jul-25 2% 13x
Monarch Surveyors & Engineering SME Closed 22-Jul-25 24-Jul-25 29-Jul-25 84% 250x
Savy Infra & Logistics SME Closed 21-Jul-25 23-Jul-25 28-Jul-25 20% 114x
Swastika Castal SME Closed 21-Jul-25 23-Jul-25 28-Jul-25 0% 5x

Com pany Sector Rev enue grow th (YoY) Profit grow th (YoY) Issue PE
Umiya Mobile Electronics 33% 140% 17x
Swellowarp Industries Auto Ancllary 18% 68% 12x
Shree Refrigerations Capital Goods 23% 18% 33x
Patel Chem Specialities Speciality Chemicals 27% 38% 20x
Shanti Gold International Consumption 56% 100% 26x
Brigade Hotel Ventures Hotels 17% 24% 144x
GNG Electronics IT Hardware 24% 33% 39x
TSC India Travel Services 33% 4% 20x
Indiqube Spaces Infra 28% 59% NA
Monarch Surveyors & Engineering Workspace Solutions 10% 16% 10x
Savy Infra & Logistics Infra 179% 241% 10x
Swastika Castal Casting 30% 400% 20x

Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.Revenue and
Profit growth is calculated after annualizing last period grow

This page is created for information purpose. It is not a BUY/SELL recommendation. 31

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Companies declaring results on 25th & 26th July 2025

Sl. No. Name of the Company Date
1 ACME Solar Holdings Ltd 25-Jul-25
2 Arkade Developers Ltd 25-Jul-25
3 Aadhar Housing Finance Ltd 25-Jul-25
4 Suraj Estate Developers Ltd 25-Jul-25
5 Sai Silks (Kalamandir) Ltd 25-Jul-25
6 Indiabulls Enterprises Ltd 25-Jul-25
7 Tamilnad Mercantile Bank Ltd 25-Jul-25
8 Sakar Healthcare Ltd 25-Jul-25
9 Sigachi Industries Ltd 25-Jul-25
10 Steel City Securities Ltd 25-Jul-25
11 Paras Defence and Space Technologies Ltd 25-Jul-25
12 Home First Finance Company India Ltd 25-Jul-25
13 Regis Industries Ltd 25-Jul-25
14 SBI Cards & Payment Services Ltd 25-Jul-25
15 Digicontent Ltd 25-Jul-25
16 Manorama Industries Ltd 25-Jul-25
17 Solara Active Pharma Sciences Ltd 25-Jul-25
18 Orient Electric Ltd 25-Jul-25
19 Prataap Snacks Ltd 25-Jul-25
20 KCD Industries India Ltd 25-Jul-25
21 Laurus Labs Ltd 25-Jul-25
22 Bridge Securities Ltd 25-Jul-25
23 LKP Securities Ltd 25-Jul-25
24 SagarSoft (India) Ltd 25-Jul-25
25 GNA Axles Ltd 25-Jul-25
26 Kapil Raj Finance Ltd 25-Jul-25
27 Bombay Wire Ropes Ltd 25-Jul-25
28 Shree Ganesh Biotech India Ltd 25-Jul-25
29 Growington Ventures India Ltd 25-Jul-25
30 Hybrid Financial Services Ltd 25-Jul-25
31 Dhabriya Polywood Ltd 25-Jul-25
32 Rose Merc. Ltd 25-Jul-25
33 Intellect Design Arena Ltd 25-Jul-25
34 Sharda Cropchem Ltd 25-Jul-25
35 Spright Agro Ltd 25-Jul-25
36 Garware Synthetics Ltd 25-Jul-25
37 Saffron Industries Ltd 25-Jul-25
38 New Delhi Television Ltd 25-Jul-25
39 Orient Cement Ltd 25-Jul-25
40 Dhruva Capital Services Ltd 25-Jul-25

This page is created for information purpose. It is not a BUY/SELL recommendation. 32

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

41 Vakrangee Ltd 25-Jul-25

42 Dhani Services Ltd 25-Jul-25
43 Schaeffler India Ltd 25-Jul-25
44 Mahindra Lifespace Developers Ltd 25-Jul-25
45 Tamil Nadu Newsprint & Papers Ltd 25-Jul-25
46 Oscar Global Ltd 25-Jul-25
47 Omkar Overseas Ltd 25-Jul-25
48 GRP Ltd 25-Jul-25
49 The Investment Trust of India Ltd 25-Jul-25
50 Future Consumer Ltd 25-Jul-25
51 CDG Petchem Ltd 25-Jul-25
52 Cipla Ltd 25-Jul-25
53 Omnitex Industries (India) Ltd 25-Jul-25
54 Kreon Finnancial Services Ltd 25-Jul-25
55 Indo-City Infotech Ltd 25-Jul-25
56 Gujarat Mineral Development Corporation Ltd 25-Jul-25
57 Gujarat Lease Financing Ltd 25-Jul-25
58 Chembond Material Technologies Ltd 25-Jul-25
59 Orosil Smiths India Ltd 25-Jul-25
60 Steel Authority of India Ltd 25-Jul-25
61 SG Mart Ltd 25-Jul-25
62 Tata Chemicals Ltd 25-Jul-25
63 Duncan Engineering Ltd 25-Jul-25
64 Reliance Infrastructure Ltd 25-Jul-25
65 Satchmo Holdings Ltd 25-Jul-25
66 Menon Bearings Ltd 25-Jul-25
67 Jammu and Kashmir Bank Ltd 25-Jul-25
68 Burnpur Cement Ltd 25-Jul-25
69 Bank of Baroda 25-Jul-25
70 AksharChem (India) Ltd 25-Jul-25
71 Mid India Industries Ltd 25-Jul-25
72 Vardhman Special Steels Ltd 25-Jul-25
73 T.V. Today Network Ltd 25-Jul-25
74 Sudarshan Chemical Industries Ltd 25-Jul-25
75 Sterlite Technologies Ltd 25-Jul-25
76 Sobha Ltd 25-Jul-25
77 Shriram Finance Ltd 25-Jul-25
78 Sacheta Metals Ltd 25-Jul-25
79 RPG Life Sciences Ltd 25-Jul-25
80 Petronet LNG Ltd 25-Jul-25
81 Poonawalla Fincorp Ltd 25-Jul-25
82 HFCL Ltd 25-Jul-25
83 Grindwell Norton Ltd 25-Jul-25

This page is created for information purpose. It is not a BUY/SELL recommendation. 33

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

84 Chennai Petroleum Corporation Ltd 25-Jul-25

85 Bajaj Finserv Ltd 25-Jul-25
86 Avantel Ltd 25-Jul-25
87 Global Infratech & Finance Ltd 25-Jul-25
88 Chembond Chemicals Ltd 26-Jul-25
89 Vandan Foods Ltd 26-Jul-25
90 Premier Energies Ltd 26-Jul-25
91 SBFC Finance Ltd 26-Jul-25
92 Innovative Tyres & Tubes Ltd 26-Jul-25
93 Rainbow Childrens Medicare Ltd 26-Jul-25
94 Central Depository Services (India) Ltd 26-Jul-25
95 SMC Global Securities Ltd 26-Jul-25
96 Lodha Developers Ltd 26-Jul-25
97 Affle 3i Ltd 26-Jul-25
98 Regency Fincorp Ltd 26-Jul-25
99 Creative Castings Ltd 26-Jul-25
100 IDFC First Bank Ltd 26-Jul-25
101 Coral Newsprints Ltd 26-Jul-25
102 Moneyboxx Finance Ltd 26-Jul-25
103 Jain Irrigation Systems Ltd-DVR 26-Jul-25
104 Ras Resorts & Apart Hotels Ltd 26-Jul-25
105 AYM Syntex Ltd 26-Jul-25
106 Gagan Gases Ltd 26-Jul-25
107 Rishabh Special Yarns Ltd 26-Jul-25
108 Relic Technologies Ltd 26-Jul-25
109 Medinova Diagnostic Services Ltd 26-Jul-25
110 Jagsonpal Pharmaceuticals Ltd 26-Jul-25
111 Chambal Breweries & Distilleries Ltd 26-Jul-25
112 Zen Technologies Ltd 26-Jul-25
113 Jain Irrigation Systems Ltd 26-Jul-25
114 Howard Hotels Ltd 26-Jul-25
115 Adarsh Plant Protect Ltd 26-Jul-25
116 3P Land Holdings Ltd 26-Jul-25
117 Balkrishna Industries Ltd 26-Jul-25
118 TCC Concept Ltd 26-Jul-25
119 Archidply Industries Ltd 26-Jul-25
120 Z F Steering Gear (India) Ltd 26-Jul-25
121 Whirlpool of India Ltd 26-Jul-25
122 Jayant Agro Organics Ltd 26-Jul-25
123 Dolphin Medical Services Ltd 26-Jul-25
124 Cil Securities Ltd 26-Jul-25
125 SKP Securities Ltd 26-Jul-25
126 Kotak Mahindra Bank Ltd 26-Jul-25

This page is created for information purpose. It is not a BUY/SELL recommendation. 34

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Annexure
Sector specific PE classification:
Sector PE Range
5G 30-60
Advertising 30-50
Agri Products 15-30
Alcoholic Beverages 30-70
Automobile and Ancilaires 30-50
Biofuels 30-60
Building Material 30-60
Capital Goods - Electrical Equipment 30-70
Capital Goods - Non Electrical Equipments 30-60
Clean Energy 50-90
Commodity Chemicals 10-40
Consulting Services 30-50
Consumption 30-70
Cyber Security 50-100
Data center 50-100
Defence 50-100
Diversified Commercial Services 30-50
Drones 70-120
Electric Vehicle 80-120
EMS 50-100
Entertainment 20-40
EPC 30-60
Event Management 25-50
Financial Services 20-50
Gas Infra 10-50
Healthcare - Hospitals / Diagnostics 40-80
Hotels and Hospitality 30-60
HR Services 30-50
Infrastructure 10-50
IT 30-50
Marine Services 30-50
Microfinance 10-20
NBFC 20-40
Oil and Gas 10-30
Packaging 20-50
Pharma 20-40
Plastic Products 30-50
Railways 40-70
Realty 30-40
Shipping / Logistics 10-40
Speciality Chemicals 30-50
Steel Products 10-50
Sustainability and Recycling 30-50
Tech Platform 50-100
Telecom / Solar / Power Infra 30-50
Trading NA
Travel Services 30-60
VFX 30-60
Water Infra 10-50
Wires and Cables 30-60

This page is created for information purpose. It is not a BUY/SELL recommendation. 35

Please do your own due diligence before making any investment decisions.
 25th Jul 2025

Retail float calculation:

Shareholding percent for resident individuals holding nominal share capital up to INR 2L.

Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.

Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.

Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 36

Please do your own due diligence before making any investment decisions.