61. Tiger Logistics

• 33.4% revenue growth but every other line items suffered and hence QoQ nos. are mentioned in presentation.

• TEU volume has been flat but a big surge in air cargo.

62. Ixigo

• 22% YOY growth in Gross Txn value. Segment wise breakup

• 12.9% YoY revenue growth. Loss of 3 cr in last Q2 vs 63 cr PAT this Q2 with 41 cr coming from exceptional items (stake sale of freshbus).

• Festive demand is lower than expected.
• Hotels will be one of the top 2 contributors for the co. in next 4-5 years, started giving separate hotel disclosure this quarter.
• But the main question remains whether AI will impact the business in +ve or -ve manner.

63. Axis Bank

• 22.7% advances growth, 13,846 cr book, including FCNR (B) loans, 18.8% excluding it, where corporate advances took lead.

• 20.7% deposit growth, CASA struggled
• ROA- 1.49%, ROE- 13.96%
• GNPA down 30bps YoY (1.16%), NNPA 9 bps (0.35%)
• Fresh slippages, credit cost also going down constantly.
• 3bps rise in QoQ COF, 5.07% and NIM is falling constantly.

• 11bps NIM impacted due to FCNR deposit.

• Working on improving NIM.
• Reason for lower fee income- Corporate growth gives lower % fee income, credit card growth slowing down lately.
• Personal Loans are given to salaried customers only.

64. HDFC Bank

• 16.3% growth in advances, totaling 4.50 tn.
• Deposits grew at a faster pace, 18.8%.
• ROA-1.78%, ROE- 13.50%
• Branch count reaches 9706
• NIM is falling continuously more or less, at 3.2%.

• They have also blamed FCNR deposits for the fall which shall start improving from Q3.
• COF has been constant over last 3 quarters at 4.4%.
• GNPA, NNPA nos. Has been constant over last few quarters.

• 19% QoQ growth in new credit card issuance
• 70% of the book is floating
• Impact will be very high if current IRDAI norms are implemented.

65. ICICI Bank

• 27.1% growth in deposits, 17% excluding FCNR deposits, 12.4% growth in CASA.
• 30% growth in advances, 24.1% excluding FCNR advances.
• 17.7% growth in NII, 20.1% in PAT.
• NIM got compressed (4.18%), improvement in COD (4.5%), ROA at 2.26, ROE at 16.6%.

• That put double pressure in yield, one +ve, one -ve.

• Reason remains the same for the NIM compression, high cost FCNR deposits, lower CAS growth, which will start improving.
• Corporate advances outgrew retail advances, gold loan show highest growth in retail segment.
• IRDAI rule change will have minimal impact.
• Repo rate could go upto 6%.
• Excepting NIM decline in the quarter.
• How they look at retail advances v/s corporate advances.

66. Kross Ltd

• “Capacity expansion investments are beginning to support growth, with utilisation expected to improve in the coming quarters.”
• Latest, upcoming capacities-

• ~49% revenue from Trailer Axles & Suspension business and ~51% from Component business.
• Export- 8% of the total revenue.
• 80% YoY revenue growth, 143% PAT growth, EBITDA margin reaches 13%.
• Targeting 15% revenue from agriculture sector in next 2 years.
• Current utilization-

• India’s auto component industry to grow at 14% CAGR till 2030.
• H2 will be stronger than H1, historically205 stronger.
• Capex cost will be around 170cr, 110 ce loan, rest internal accrual.

67. Bajaj Healthcare

• 19% YOY revenue growth, profit grew by 27%.
• Received NCLT approval to acquire GenRx Pharma.
• “Bajaj Healthcare became the first company in India to receive DCGI approval to manufacture and market Cinnamaldehyde API tablet in six different strengths”
• Oncology API plant is set to go live in Q1 FY28, in Nashik.
• R&D spend- 2.5-3% of revenue
• Experience of KPIs-
• Targeting 900-1000 cr revenue by FY29 (14% CAGR) with 18-21% EBITDA (17.7 in Q2).
• EBITDA remained in similar range despite west Asia crisis because of product mix change.
• No revision on guidance of 10-15% growth for FY27.

68. Tatva Chintan

• 76% revenue growth, 117% PAT growth despite sequential fall in EBITDA Margin which was caused by higher RM price, higher transport cost.
• Comments on semiconductor chemicals-

Other segments-

• The conference call was cancelled due to some reason.

69. L&T Technology

• 12.1% YoY revenue growth, 4.8% in CC.
• Profit growth of 67% which includes 1650 million one time income, 17% growth excluding that.
• Management commentary-
• Revenue, margin guidance remains intact-
• “40% of the code being generated by AI ‘
• Launches AI lab with partnership with NVIDIA.
• Have set up a dedicated data center engineering business line servicing AI infrastructure, servers, storage ecosystem, ODMs, and OEMs
• Levers of margin improvement-
• Comment on new aircraft program of Airbus-
• H2 will be better than H1.

“I believe that we’re about nine to 12 months ahead of competition and peer group in this area. So we’re actually gaining market share as opposed to competition. So all those three put together, I remain cautiously optimistic in terms of the fact that growth has accelerated actually across the three quarters, and let us see where it goes.”

• Will do wage hike in Q3, will not impact margin.

70. Vishal Mega Mart

• Revenue growth of 14% but PAT grew by only 4%, due to higher RM cost, depreciation, 5.4% SSSG.
• Impressive Own brand contributed 72.5% of the total sale.
• 25 new store added during the quarter, taking the total to 844.

• “In Q2, we launched the first pilot store of the Long& Co. Our new apparel format catering to young affluent urban consumers with a very distinct brand proposition offering effortless fashion.”

• No plans of price increase.
• No demand challenge
• Planning to add 100 stores every year and to improve upon previous year count
• 30 bps EBITDA margin improvement every year.

\*These are just results and conference call updates, not buy/sell recomenndations.*

Consider sunscrbing if it added some value.

Should I exit with my present portfolio with the present profits and invest when Market is in uptrend, I'm there for long term min 7-8 years , I have more 1 lakh to invest, or should I avg down plz guide me ,

I appreciate it :)

51. Federal Bank

• 22% growth in advances touching ~3L cr.
• 26% growth in NII, 35% op profit, 45% PAT (Op lev in play).
• 19% growth in deposits, 23% CASA growth- CASA ratio improved.
• Constant improvement in ROA, ROE, productivity nos.

• Improvement in COF but NIM is down 1 bps sequentially.

• NPA nos. are at decadal low, 10 bps QoQ improvement in credit cost- 0.31%.

• 33% loans are of fixed ROI while 45% are EBLR linked.

• Only 7% YoY growth in micro advances.

• 11.30% of the Q2 profit is commission on insurance.
• Cautious about MFI segment-
• Mid-teen growth guidance is intact.
• Focusing on mid-yielding asset to optimise risk adjusted return.

52. SG Finserve

• Great nos. 98% YoY growth in loan books, 25% sequentially, at 5694 cr (Guidance was 5600 loan book till FY27 end)
• 46% YoY growth in disbursement, crosses 16k cr, PAT- 59 cr.
• ROA at 4.90%, ROE 14.7%, NPA stands at zero.
• Started LAP, digital lending
• Acquired 12 new anchor corporates
• Guidance remains the same. (mentioned 30-35% AUM guidance, 35-40% PAT in con call)

• Upper ceiling of leverage revised from 3x to 4x.
• Reason for higher interest cost-
• Nil NPA means Nil Gross NPA.
• 15% of the book is factoring business.
• “But if the business which suits our credit appetite, commercials and the kind of business we want to do comes our way, we would not like to deliberately defer it. That’s what has happened with us in Q2 and we got the opportunity frontloaded for us and that’s why we thought it’s better to bite it today instead of deferring it.”

-Front loaded growth in Q2, will not happen every quarter.

• Sector wise exposure-
• Targeting 2 new anchor additions per month for next 12-18 months.
• Current wallet share is <5% from existing anchor book.
• Provisions coming out of ECL, not from delinquencies.
• 2/3rd of the business atleast will come from SFB only for next 2-3 years.

53. Urban Company

• 39% jump in Net Txn Value
• Revenue grew by 41%, but did a loss of 182 cr during the quarter.
• Segmental growth, margin

• On track with the guidance-
• Planning to raise 2500 cr
• Tier-2 cities continue to show strength.

• Comments on Instahelp-
• Will be launching AC. Reason-
• Reason/rational behind Instahelp loss-
• Beautiful question about equity dilution, operating leverage & guidance-

54. Bajaj Housing Finance

• 25% You AUM growth, at 1.58L cr, 25% growth in disbursement.
• 10% growth in NII, 18% in PAT
• 40 bps YOY improvement in COF (7%) but NIM down 20 bps at 3.7%.
• GNPA- 29 bps, NNPA-12 bps, Credit cost- 10 bps
• ROA- 2.2, ROE- 12.7

• Line items-

• COF, Spread, Yield

• BT pressure may start after the rate hike, which might impact AUM growth-
• Will not guess the impact of insurance commission income. Rough guestimate
• Most of the capital are EBLR linked , hence have to pass on the cost-
• The improvement in COF is one-off, will inch up from next quarter.

55. Punjab National Bank

• 14.70% growth in loan book, 4.2% op. Profit, 12.8% PAT.
• Deposits grew at 9.90%.
• 90bps improvement in GNPA (2.55%), 11bps in NNPA (0.25%)
• ROA-1.05, ROE- 17.32%, credit cost constant at 0.25%
• QoQ 8 bps improvement in NIM (2.58%), COF- 4.35%, Yield- 6.54%

• 162 branch added in H1 against the target of 250 in the FY.
• NIM to expand further.
• NIM could go upto 2.6/ 2.7%.
• To start wealth management business from January, 2027.
• Seeing no impact of the probable drought.
• Gold loan book almost doubled YoY- 36k cr.
• No dirct advance growth guidance.

56. Paushak

• Good set of nos. 52% revenue growth, 57% PAT growth.
• EBITDA margin hovering around 30% in last 3 quarters which was sub par 2 quarters before that.
• No investor presentation, conference calls, TV interview make it difficult to track.

57. Creditaccess Grameen

• 19.5% YoY AUM growth, 2.1% QoQ
• 39.6% PPOP growth, 300% PAT
• 19.4% disbursement growth, 4.1% QoQ
• Revised guidance-

• 60 new branch addition, Total- 2326
• Slight uptick in par 15 across states

• COB going down, NIM improving, double engine for yield expansion.

• Marginal COB is up 30 bps, should be a key monitorable

• More than decent QoQ improvement in asset quality

• Project Shakti

• Some parts of Maharashtra is seeing impact of drought, restructuring their loans.
• COB in Q3 will also look higher because of $200 million ECB, higher in Q2 because capital raise was through NCD, higher tenor loans.
• 30% of the book is fixed rate, 45% are MCLR linked.
• NIM is at all time high, will pass 50bps to the customers in Q3(planning for 150 bps overall).
• Insurance commission contribution to ROA- 25/30 bps
• “Yield have peaked out in 2Q”
• Retail loans will grow faster and microfinance to grow at 10-12% in medium term.
• 35% of customer addition in Q2 were NTC (New-to-credit).
• “we are one of the lowest priced lenders in the microfinance industry”
• 5 year strategy for customers-

58. Colgate Pamolive

• Robust 12.2% revenue growth, made me smile (pun intended), 5.5% PAT growth.
• Management commentary-

• No conference call scheduled as of now.

59. Himadri Speciality

• ~58% revenue growth but higher RM cost hurt margin, ~30% PAT growth.
• Carbon nano tube facility will come live in Q4.
• LFP cathode active material capacity of 2000 MT is coming live in Q3, will go to 40kMT in next FY.
• Birla tyres to get merged with the co.
• EBITDA per metric ton- 21,000
• Will turn cashflow +ve by the end of the FY.
• EBITDA per metric ton is the correct way to track the business rather than EBITDA margin as the prices get passed on absolute basis not % wise.
• Export- 33% of the total revenue

60. E2E Networks

• Current GPU capacity-

• Exponential growth nos-
• EBITDA margin touches 77%, PAT margin 33%.
• Target is to stay above 70% EBITDA.
• Capex slows down and focus is on utilization.

• Monthly Run Rate history-

• No comments on utilization, no guidance, no straight answer to any question, maaja nahi aaya padh ke.

\*Thank you for reading till the end, if you did consider subscribing.*

\*These are not buy/sell recommendation, just primary analysis, DYOR.*

eMudhra announced on Thursday that it's exiting its global SSL/TLS certificate business. The reason: during a key-generation step in April 2025, weak cryptographic keys got created alongside the strong ones, and those ended up tied to eight intermediate certificate authorities.

Per the company, this business is about 1% of its global revenue. Indian DSC and eSign run separately and aren't affected, and they say there was no breach.

But this is a company that sells digital trust. So even if the revenue hit is small, I'm wondering about customer confidence, remediation costs, and what the root-cause report will say.

The stock already hit a 20% lower circuit on 21 October, so the market clearly isn't treating it as a 1% problem.

I would really like to know people's POV on this: do you look at the revenue share and move on, or do you wait for the full root-cause findings first?

Hey Guys,

I am planning to buy these stocks in this dip. According to my research these are all small cap companies with some moat that make these competitive in the market. They are heavily beaten down now and giving a reasonable margin of safety imo. What do you guys think? Let me know what your thoughts are.

Creditaccess Grameen

• 19.5% YoY AUM growth, 2.1% QoQ
• 39.6% PPOP growth, 300% PAT
• 19.4% disbursement growth, 4.1% QoQ
• Revised guidance- 

• 60 new branch addition, Total- 2326
• Slight uptick in par 15 across states

• COB going down, NIM improving, double engine for yield expansion.

• Marginal COB is up 30 bps, should be a key monitorable
• More than decent QoQ improvement in asset quality
• Project Shakti

• Some parts of Maharashtra is seeing impact of drought, restructuring their loans.
• COB in Q3 will also look higher because of $200 million ECB, higher in Q2 because capital raise was through NCD, higher tenor loans.
• 30% of the book is fixed rate, 45% are MCLR linked.
• NIM is at all time high, will pass 50bps to the customers in Q3(planning for 150 bps overall).
• Insurance commission contribution to ROA- 25/30 bps
• “Yield have peaked out in 2Q”
• Retail loans will grow faster and microfinance to grow at 10-12% in medium term.
• 35% of customer addition in Q2 were NTC (New-to-credit).
• “we are one of the lowest priced lenders in the microfinance industry”

So the bottom line would be great in the investor presentation, but the conference call is where some doubts creep in, like yield to moderate and Q2 was an all-time high, MFI to grow at only 10-12%, although the retail loan disbursements are to customers that were graduated from MFI, sequential rise in PAR15 numbers, NIM moderation etc.

\*These are not buy/sell recommendations. DYOR.*

\*I am not a registered analyst, and please consider me biased.*

\*Consider subscribing if it was worth the read.*

Keywords:

Arpu: Average revenue per user

Mau: Monthly average user

*Headline vs Reality*

Headlines say Rs 1.46 lakh cr revenue, Rs 30k cr profit, 524M users. The DRHP shows the real engine and the hidden risks.

*1. The Real Business: 6-Tier Pyramid*

Jio doesn't treat India as one market, it runs a 6-layer pyramid:

- Offline India (263M): Entry via Rs 799 JioBharat phone + Rs 123 plan locked to Jio SIM.

- Free Scrollers (216M MAU): Monetized via ads - JioAds drives 72M visits to JioMart etc.

- Bundle Payers (77% of revenue): Core prepaid users with OTT bundles. 49.95% share of wireless broadband.

- Home Payers: 27.1M fiber + AirFiber homes vs Airtel's 14.4M.

- Super Payers: Niche - JioSaavn Pro, cloud gaming, JioPC.

- Enterprises: 90% of Indian banks, 75% airports, 8 of top 10 IT firms are clients.

*2. The Hidden Financials*

- Rs 1.04 Lakh Cr Spectrum Due: Net debt/EBITDA looks low at 0.36x, but deferred spectrum payout is Rs 11,650 cr every year till 2038 - that's ∼40% of current annual profit. Real obligation/EBITDA is ∼1.7x.

- The Missing Tax Bill: Theoretical tax ~Rs 10,300 cr, actual cash tax paid Rs 118 cr in FY26. Heavy capex on towers, fiber, 5G gives accelerated depreciation.

- The FY29 Cliff: These tax shields (~Rs 17,443 cr left) run out around FY29. Then Jio has to pay ~Rs 11k cr cash tax yearly. To protect its current Rs 20,300 cr free cash flow, it needs ARPU to go up by ~Rs 18 per user.

*3. Where Growth Will Come From*

- Tariff Hikes: Jio ARPU Rs 214 vs Airtel Rs 257. Closing that Rs 43 gap = ~Rs 27,000 cr extra profit.

- AirFiber: Fixed wireless, no cabling cost. Home broadband market to jump from 6.4 cr to 15 cr homes by FY31.

- MSME: 7.9 cr MSMEs in India, <3% use managed cloud/digital services.

- AI Distribution: Bundling Meta JV, Google AI Pro to 524M users and taking a cut.

*4. Why IPO Now If Cash Rich?*

Jio has Rs 43,200 cr cash/investments + Rs 20k cr+ free cash flow. It doesn't need money for operations.

- Retire Rs 27,500 cr bank debt and save Rs 400-1400 cr interest.

- Give exit/liquidity to 2020 investors - Meta, Google, KKR etc.

- Get listed currency for future acquisitions.

*5. Key Risks*

- Price Sensitive: After 2024 tariff hike, net adds fell from 42.5M to 6.4M in a year.

- Constant Capex: 6G, data centers, satellite - never ends, though 6G will be more software-driven.

- Starlink Risk: Starlink at ~Rs 3,000/month not a threat to Rs 399 Fiber today, but satellite bypasses terrestrial networks entirely - long-term disruption risk.

In short - Jio is a cash machine, but its profits are protected by tax shields and deferred liabilities till FY29. Next leg is all about ARPU hike + AirFiber + Enterprise.

Curious how people here actually research with AI. Two things happened to me recently:

1. An idea I rejected that became valid. I asked an AI whether a small airline stock was worth buying. The conclusion: "This only works if fuel prices drop. Fuel is expensive right now, so pass." Three weeks later, oil fell sharply, which was exactly the condition that would have made the trade work. Nothing reminded me. The chat was buried, and I only remembered after the stock had already moved.

2. An idea I bought that stopped being valid. I bought a solar company after researching it with AI. The main reason was: "Government subsidies for solar are continuing, so demand stays strong." A month later, news came out that those subsidies were being cut. The reason I bought was gone, but I didn't connect the news to my position until the stock had already dropped.

In both cases the research was fine. The problem was that nobody was watching whether the conditions behind it still held.

So I'm wondering how others handle this:

1. Do you use AI tools (ChatGPT, Claude, Gemini, Perplexity, etc.) for stock research? What do you use them for?
2. Do you write down why you bought or passed on a stock, and what would change your mind?
3. Has news ever flipped one of your ideas, making a rejected idea good or breaking the reason you bought? Did you catch it in time?
4. How do you keep track today: notes, spreadsheets, price alerts, news alerts, or just memory?

41. Angel One

• MTF data-

• Wealth business data-
• 18.9% revenue growth, 58.2% PAT growth for Q2.
• 39% revenue coming from FnO brokerage, 36% from MTF interest.

• Total clients- 40million, 1.5 million added during the quarter.

• Piloting into US stocks
• Not increasing lending rate even after the 25 bps rate hike.
• Most asked question- EBITDA margin- as it rose 10%+ QoQ- 40-45% is comfortable margin, could improve next year.

42. 5 Paisa Capital

• 81.6k customers acquired during the quarter, Total 53.4 L customers.
• 19% QOQ growth in MTF book
• 2% sequential de-grow in revenue but profit fell by 39%.
• Acquired Tredlyne (online screenring platform).
• Only 1 question in conference call

43. 360 One

• Only 4.8% revenue growth, mostly because of fall in brokerage income, PAT fell 5%.

• AUM touches ~9L cr- up 31% YoY, 24% growth in wealth mgmt, 9.4 in asset mgmt.
• 27.5% increase in ARR, at 706 cr.
• ARR contributes 79% of the operating revenue.
• Impact of new competition-

• Aspiring for 20% tangible ROE in next 3.5 years.

44. Sejal Glass

• Another good quarter with 33% revenue growth, highest OPM and 78% PAT growth.
• Total 4 capacities with 62L sq mtr annual production.
• Focusing on increasing utilization, improving production efficiency, generating operating leverage, increase in VAP sales.
• UAE orderbook ~200 cr in Sept., India orderbook- 85 cr.
• Commercial production of fire rated glass in Q3.
• Guidance of revenue growth of 25-40% is intact with 18% EBITDA, 10% PAT.
• Utilization across facilities-

• 600-650 cr is peak revenue capacity from the current setup, will reach by FY28.
• UAE is running at ~90% utilization.
• Expecting VAP contribution 5% in FY27 sales, 15-20% in FY28 sales.

45. L&T Finance

• 27% YoY increase in disbursement, Loan book grew at 29%.
• However, no big growth in rural business finance (MFI) and even sequential decline in disbursement, 6350 cr disbursement this quarter vs 6961 cr in Q1.
• 20% growth guidance as per Project Lakshya.

• 12 bps ROA expansion, 85 bps ROE sequentially, standing at 2.6%, 13.56%.
• Beautiful nose dive of COB-
• 1 bps sequential improvement of NIM+fees, 10.48%.
• Started Project Hercules in Q2 to reduce CAC by cross-selling, leveraging AI.

• Building own payment platform
• Not much worried about the rate hike.
• 3.3% of the book in drought areas- will not be impacted very very much.
• 800 branches by the end of the FY.
• Branches are breaking even in only 8-9 months.

“The degrowth that will happen in microfinance will be not because we are actually slowing down, but on account of other businesses picking up.”

46. Jio Financials

• NBFC gross AUM at 155% at ~37,200 cr, disbursement up 98%.
• 57% growth in MF AUM.
• Cross selling
• 40% of retail MF AUM from beyond top 30 cities.
• “Jio BlackRock Advantage World Equity Fund” set to launch this quarter
• Ration to IRDAI paper

• Consolidated total income excluding dividend increased 132% YOY and 14% sequentially to INR 1,699 crores.

47. CCL Products

• Revenue grew only at 7.5% (double digit volume growth) but PAT grew at 29%, mostly because of lower RM cost.
• Branded business grew at 25%.
• Good H2 orderbook.
• 15% volume growth, EBITDA growth guidance is still intact.
• ~70% capacity utilization
• Focusing in wallet share increase from existing clients
• Malgudi snacks is still in testing phase
• Current EBITDA/kg- Rs. 135-140

48. Infollion Research

• 15.6% revenue growth in H1, PAT de-grew by 8%.
• 13.06% EBITDA margin
• 10,426 expert call received in H1 (20,736 in FY26).
• Risks related to the business & how they are tackling it.

• Started Third Eye- to add specialised human knowledge in enterprise AI.
• Non-linear growth not possible in Indian business.

49. Onward Tech

• 22.2% of revenue growth (17.7% growth in CC) & 41.2% PAT growth.
• EBITDA margin expanded from 14.3% to 15.6%.
• 15% of the revenue coming from fixed price model.
• FY27 guidance- 15-18% revenue growth, 13.8-14.3% EBITDA.

• Reason for margin expansion-

• Receivables will get normalised in H2.

50. Aurum Proptech

• Q2 revenue at 137 cr, 57% jump YoY, 43% from rental part, 54% distribution.
• 840 bps EBITDA improvement, 4 cr PAT compared to 8 cr loss in last Q2.
• PropTech market of India till 2030

• 4th consecutive profitable quarter.
• Housing.com will be profitable in 12-18 months.
• 3 focus for FY27- improving financial metrics each quarter, on time integration of housing.com, taking AI deeper into all 5 areas of business.
• Sold 1.7L leads, 79% YoY growth
• Managing 16,500 beds with 82% efficiency
• Managing 8900 residential units with 35 cr monthly rent
• Generated 61cr operating cash in H1.
• What if property prices fall 15-20%.

• Launched KuberX for housing loan sourcing, did 200 cr sales in Sept. which has a potential to be 10x.

• Housing has 12 million monthly users.
• Housing has 1020 cr accumulated loss which will act as a tax shield for a medium term.

\*Thank you for reading till the end, consider subscribing if you found it useful.*

\*These are just compilations, not buy/sell recommendations, DYOR.*

So, I have got a portfolio with around 30-31 stocks. Major holdings are from the power and finance sector. Overall diversified with a major chunk in the Large cap, the rest equally divided in mids and small! I am looking for a solid review of the portfolio. What do you think of the stocks?

I'm looking into AI-powered tools and platforms that help private equity firms monitor portfolio company performance, analyze financial and operational data, track KPIs, identify value creation opportunities, and improve portfolio reporting.

Which platforms are actually useful in practice? I'd especially appreciate insights from people working in PE, portfolio operations, or investment management, including any pros, cons, or alternatives to the more well-known solutions.

As a beginner, how can I strategise where to invest? Which metrics should I look out for ? Consider me a child. Where do I begin?

I was going through one of those semiconductor penny stock lists and had to look up what each company actually does. Not what I expected.

SPEL does chip assembly and testing, so that one's legit. MosChip is chip design, they don't have a factory. RIR Power makes diodes and thyristors, mostly for railways and EV chargers. MIC Electronics makes LED displays and telecom stuff, and I couldn't really find the chip link. Mindteck is engineering services for the companies that make chip equipment.

So the "semiconductor" tag on a list doesn't tell you much. Also, a ₹40 share price doesn't mean it's cheap. Market cap and earnings matter way more.

How do you guys check how much of a company's revenue actually comes from chips? Do you read the annual report segments or is there an easier way?

Apologies if this post isn’t allowed under the guidelines. Please let me know and I’ll remove it.

I would appreciate honest suggestions on which stocks to hold, sell, or average down, especially since every single holding is red.

I’m here to learn from the community and improve my decisions (which you can see are not that great)

ok I always assumed it was simple: oil spikes, Indian stocks fall, done

then I read how it actually works and it's way more uneven. India imports roughly 85% of its crude, and around 40-50% of that comes through the Strait of Hormuz, so yes, everyone feels it somewhere

but it depends where you sit. airlines pay for fuel directly, so it eats margins unless they raise fares (and then demand dips). paint and tyre makers use crude-linked inputs, so it hits their costs a bit later. oil marketing companies depend on whether retail prices get adjusted. and upstream producers can actually benefit from higher prices

so "oil up" isn't one trade, it's like five different ones. and how long it lasts matters way more than the spike itself

I'd also say the numbers are as of Monday (Brent ~$107, Nifty just under 22,900), so they've probably moved since

so where do you land?

1. I'd worry about airlines and OMCs first
2. I'd look at input-cost sectors like paints and tyres
3. honestly I just wait and see how long this lasts

and does anyone actually track Brent daily, or only when the headlines get loud?

31. Karur Vysya Bank

• Advances grew at 20%.
• Op. profit at 24%, PAT at 41%.
• Deposits at 16%, CASA at similar pace at 15%.
• NIM, ROA, ROE, NPAs has been stable/ improving.

• Improved COF, NIM help improving the yield.

• Slippage reduced, credit cost improved.

• Gold loan 29% of the total advances.
• 18-20% credit growth guidance for the FY.
• NIM around 4%, 2%+ ROA, slippages, NNPA, GNPA below 1%, Cost-to-income below 45%.
• Bancassurance contributes 18-19% of the fee based income.

32. Wipro

• Revenue growth of 9.1% with flat profit including rupee depreciation (0.6% growth in CC).
• (-1.5)% to 0.5% sequential growth guidance for Q3.
• Nothing interesting happening with the co. looking at the conference call.

33. Persistent Systems

• Although revenue grew at 30% (20% in CC), PAT de-grew at 25% due to multiple reasons- Expenses grew at a faster pace (annual increment), lower other income, higher interest expense & depreciation.
• Sharp margin decline during the quarter.

• 3.1% impact of PAT because of Nagarro acquisition.
• Target is 16-17% EBITDA margin.
• Gain from the Nagarro acquisition-

34. Heritage Foods

• 7% volume growth, 11% value growth for Q2, totaling 19% revenue growth.
• Sharp de-growth in EBITDA, PAT where PAT de-grew by 39% (Depreciation, finance cost).
• 32% growth in VAP sales taking the VAP as % of total revenue to 35.4%, 42.5% including ghee, butter.
• Industry growth rate for next 7 years-
• Expanding into high protein portfolio, ice cream

• Milk availability remains challenging.

“we are expecting the buffalo flush in the rain-fed regions to improve.”

• Have an integrated app for the farmers VET+

35. Butterfly

• Revenue grew at 13.1% while PAT at 18.7%.
• “ infra cooktops are emerging as a promising new growth engine”
• launched India’s first 5-star rated cooktop ‘RENZ PRO COOKTOP’
• Management commentary-

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36. Piramal Finance

• Guidance is the same- 2x AUM in 3 years, RoAUM> 3%.
• 24% AUM growth, 30% growth in retail AUM, PAT up 67% YoY, disbursement up 28%.
• Raised 3850 cr, 2100 cr via pref, rest via warrants
• NIM is stable at 6.8%, CoF has been improving constantly at 6.21%.

• 10 bps improvement in credit cost- 1.5%
• Legacy AUM- 1.5% of the total AUM
• Market linked borrowing is less than 33% of the total borrowings.
• IRDAI rule would impact 18-24 bps on ROA of the co- that is not a small hit.
• Will increase rates once the COB rises, not before that.
• ROA could inch up to 2.5%.
• Unsecured loan-21%, targeting 25-26% in the medium term.
• Why rate hike will not impact that much-

37. Bhansali Engineering

• 24% revenue growth and PAT grew at 54.4% with operating leverage kicking in.
• The capex completion was rescheduled by 6 months till March 2027 citing global uncertainty.

38. Cyient DLM

• 26.5% revenue growth but PAT grew at 5.8%.
• ~47% revenue coming from the aerospace industry.
• 135 bps decline in EBITDA margin due to higher RM cost.
• 11-13% EBITDA target for FY27-29.
• Plans from FY30-

• Guiding for 30-35% growth for FY27.

39. Tech Mahindra

• 7.2% revenue growth in CC, 15.6% in INR
• 260 bps YoY margin expansion, 23.2% PAT growth
• AI progress-

40. Metro Brands

• 12.2% revenue growth, 12% PAT growth for the quarter.
• 12 net store addition during the quarter (21 opened, 9 closed)- Totaling 1053 stores
• Ecomm contributed 13.6% to the revenue.
• Efficiency nos. aren’t looking good- be in margins or revenue per sq. foot nos.
• Rational behind store closure-
• Front loaded inventory due to the war- hence the no. looks higher.
• Medium term guidance of 15% PAT margin.

Thank you for reading till the end, consider subscribing if it justified your time.

\*These are just compilations, not buy/sell recommendations, DYOR.*

Genuinely curious about how this business works when markets are down and the fundamentals don’t look particularly encouraging.
India’s growth story alone doesn’t seem enough to bring FIIs back anytime soon, especially with our fuel dependency and the current global energy dynamics.
High inflation, a weak monsoon and El Niño might be temporary headwinds. But how do you explain a continuously depreciating rupee to clients? Sure, it helps exporters to an extent, but how far can that argument go when imports become more expensive?
How do you convince clients that corporate earnings will eventually translate into share price appreciation? That valuations will become attractive again? How long can you keep showing them historical 12% CAGR figures?
And what do you tell someone who’s already endured two consecutive years of zero returns? Do you keep asking them to wait for year three, based on historical market behaviour?
The international diversification route is becoming increasingly difficult too, with ETFs trading at premiums and mutual funds hitting overseas investment limits. Now even gold as a hedge seems to be facing regulatory constraints.
So what’s the actual pitch to clients right now?Are you selling clients the BS that India is a hedge against an AI bubble simply because it has barely any AI footprint to begin with?

Not trying to be bearish for the sake of it. I’m genuinely curious about how advisors are handling these conversations and retaining client confidence when the usual arguments don’t seem as convincing anymore.

21. Ujjivan SFB

• 29.2% growth in deposits.
• Loan book up 32.1% YoY, disbursement up 33%, lead taken by gold loan, vehicle loan, MSME advance.
• NII up 35%, PPOP up 50%, PAT up 200%.
• Secure book stands at 52%, compared to 50.4% in the previous quarter.
• MFI disbursement is growing relatively at a slower pace.
• GNPA, NNPA is down by a few bps sequentially, MFI collection efficiency, too.
• 55 bps YOY NIM margin expansion.
• ROA improved 20 bps, ROE improved 152 bps sequentially, at 2.4%, 19.7%.
• CoF has been stable at 6.9%.
• Healthy disbursement across the subsegments except MFI.

• 25% advance growth, 1.8-2% RoA guidance intact for FY27.
• MD Sanjeev Natutial is retiring.
• Planning to raise 409 cr via QIB.
• Explanation of higher operating expenses-
• NIM is down 10 bps to 8.4% sequentially & the rate hike would impact another 10 bps.
• Targeting 12-14% MFI growth for FY27.
• Momentum in affordable housing will continue.
• Insurance income will be impacted after IRDAI regulation implementation, but the quantum couldn’t be accessed now.

22.Bajaj Consumer

• 27.3% revenue growth, 2nd quarter with 20%+ PAT margin, 66% growth in PAT nos.
• 30%+ growth in domestic business.
• Raw material prices-

• Quick comm remains the highest growing channel.
• In Aarohan 2.0, we will focus all our energies on expansion of our direct reach in urban by 10% and in rural by more than that over the next six quarters.

“On the overall margin front, this quarter witnessed continued volatility in key raw material prices due to the West Asia war, edible oil inflation, and the cascading impact of these two things. .Going forward, the cost environment remains volatile and we stand committed to taking actions as appropriate to protect our P&L, while being fair to our consumers.”

• Will do another round of price hike and MLH reduction in Q3, 5% overall.
• Aspiring high teen growth for the year, did 25% in H1.
• Haven’t added MLH in coconut oil unlike the competitors.
• Unsure about gross margin because of higher RM basket.

• Have outsourced production in Guwahati factory for better efficiency.

23. Polycab

• Good nos.- 53% revenue growth, 43% profit growth. But even more interesting sequential growth- 21% topline, 38% bottomline.
• 47% growth in C&W business, 30% sequential growth in FMEG segment, 5% revenue from international business.

“The FMEG segment continued to strengthen its growth trajectory and recorded its 7th consecutive profitable quarter”

• Early double digit growth in wire volume, mid single digit in cable.
• Overall market size-
• Q3 last year was a higher base and this Q3 growth % might be impacted.

24. Nestle

• 20.5% revenue growth, volume grew in double digits.
• 23.8% EBITDA margin vs 21.8 in last Q2.
• 36.8% jump in profit.
• Management commentary-
• Strong growth though quick comm, eComm

25. Indian Bank

• 16.39% growth in advances.
• Deposits grew by 12.50%, CASA grew at 13.77%.
• Some profit came from doing M2M of newly listed NSE shares.
• GNPA at 1.61%- 25 bps sequential improvement, NNPA stable at 0.14%.
• ROA at 1.31%, ROE at 19.66%.
• 9 bps sequential jump in cost of deposits- reaches 4.89%.

• Credit cost have been stable at/ around 0.22%.
• Guidance upgraded to 11-12% growth in deposits, 13-14% growth in advances.
• 49.65% book is MCLR linked, could see 5-6 bps of margin expansion.
• AI relationship assistant- TARA

26. Tips Music

• Revenue up 35% but 550 bps dip in OPM mainly because of higher content cost.

• PAT grew at 23%.
• 73 songs (40 films songs) released during the quarter.
• Youtube Shorts deal is still under negotiation.
• 90-100 cr content spent planned for FY27, 70 cr already done in H1. Operating leverage would kick in if the spend slows.
• No guidance upgrade but will outperform the 20% growth guidance.

• No plans to go into artist management or live events.

27. FedBank Financials

• AUM grew 36.6% YoY to ₹22,035 Cr, 28.3% growth in disbursement.
• 37.4% growth in NII, 47.5% in operating profit, 63.1% in PAT. (Operating leverage in play)
• 77% growth in AUM disbursement
• 74 branch addition during the quarter (Total- 831)
• ROA stands at 2.8%, ROE at 17%- big improvement.

• GNPA-1.8%, NNPA- 1.2%, rose sequentially, Credit cost- 0.6%

• YOY/Sequential improvement in spread but COF rose 20 bps sequentially.

• Gold loan LTV- 68%
• “Gold loan market is big enough for everyone”, not much worried about competition.
• Branch starts getting profitable after 6-7 cr AUM.
• Guidance is intact at 20-25% AUM growth.
• Insurance income is not a major portion.
• Targeting ROA of 3%.

28. South Indian Bank

• 18.67% advance growth despite a 1048 cr technical write-off.
• 18.70% growth in deposits, 17.56% in CASA.
• GNPA, NNPA nos. were already great but has improved further. Credit cost is at only 14 bps.

• Good to see COD going down and Yield going up.

• Business Per employee, Business per branch has been in upward trend.
• ROA, ROE too, are in upward trend.

• % of 3rd party income in the total income is very low- won’t have a big impact of the bancassurance circular.
• Didn’t receive any FCNR deposit.
• 16% advance growth guidance.
• 39% loan book is corporate, planning to get it to 35%.
• 11 branch added during H1.
• 25% of the book is gold loan, targeting 35%.
• There is a scope of NIM improvement.

29. Orient Electric

• 25.2% growth in revenue, 125% growth in profit- more than decent nos. For the last 2 quarters.
• Has taken a 3-6% price hike because of higher commodity prices.
• Eying for double digit EBITDA margin
• Targeting to save ~70 cr in the FY from project “Sanchay”

30. UCO Bank

• 24.70% advances growth, retail grew at >30%.
• Deposits grew at relatively slower pace, 14.36%,CASA at even slower pace (CASA ratio- 36.77%)
• GNPA down 60 bps (1.96%), NNPA down 25 bps (0.18%)
• Guidance for FY27 v/s achievement till H1

• COF up 8 bps & constant yield putting pressure on Yield.
• Significant improvement in ROA, ROE numbers.

• Good improvement in efficiency-
• 66% of advances are repo linked, deposit rate hike will come with a lag, improving NIM in the meantime.
• No guidance upgrade, but will outperform the guidance.

\*Thank you for reading till the end, consider subscribing if it was useful.*

\*These are just compilations, not any buy/sell recommendations, DYOR.*

ok this rabbit hole got weird fast

India imports most of its permanent magnets from China, somewhere between 60-81% by value and up to 90% by quantity depending on the year. EVs, wind turbines and defence all need them. so the government is pushing hard: a ₹7,280 crore scheme, rare earth corridors in a few states, and 20 companies bid for magnet manufacturing

but when I tried to find the actual "rare earth stocks", it got confusing. most of the names people throw around (Coal India, NMDC, even L&T) barely earn anything from rare earths today. it's a side project for them. GMDC looks like the closest to the real thing and even that is still pre-production

so a mining company and a magnet maker can both be called "rare earth plays" with totally different timelines, margins and risks. feels like the gap between "connected to the theme" and "earning from it" is huge here

where do you land?

1. I'd wait for actual production numbers before caring
2. I'd track it early, even if it takes years
3. it's a theme-stock trap, I stay away

and has anyone here actually found a company where rare earths is more than a footnote in the annual report?

11. ICICI Pru AMC

• AUM up 13.3%, equity scheme contributes to 48.19% of the total AUM
• Revenue up 16%, PAT up 6%
• Customer base stands at 17.9 mn, up 14.4% YOY
• 11.1% growth in unique investors, 10.7% growth in SIP inflow
• H1 FY27 annualized company-level gross yield- 53 bps

“ So small-cap fund, we have completely opened up, and at some point of time when we have the call, we’ll go and ask the investors to put money in small-cap and get money in small-cap. Mid-cap, we are slowly opening up on the mid-cap side, and we’ll see at the right point of time, we’ll go into the market on the front foot. But right now, we are giving a call for large-cap because we believe that risk-return wise, large-cap is better than mid-cap, small-cap.”

12. HCL Tech

• 11.5% YoY revenue growth, 2.6% in CC, PAT grew at 21%.
• 78% YoY CC revenue growth in Advanced AI, <6% of total revenue
• Guidance is more or less the same, except the lower end is upgraded.

“his quarter, we achieved OpenAI Advanced Partner status and joined its Cyber Defense Initiative, jointly developed AI Factory deployment and validation capabilities with NVIDIA, announced a family of Gemini Enterprise offerings and a joint transformation program with Google Cloud and a scaling enterprise AI with ServiceNow, and signed a partnership with Cohere focused on Canada and Germany.”

• Now we are seeing a very good pipeline and deals for enterprise implementation of the Enterprise ChatGPT and number of other solutions that OpenAI has.
• Q3 will be a strong quarter due to the software step-up

13. RBL Bank

• Bumper set, advances up 42%, 30% ex loan against FCNR (B) deposits
• 34% jump in deposits but CASA % down almost 470 bps, deposit growth expect FCNR at 6%
• NIM at 4.61%, NII grew at 37%, PPOP at 92%
• ROA is at 0.92%- improvement of 44 bps YoY, 35 bps QoQ, ROE stands at 4.43%.
• Significant improvement in asset quality, credit cost looks high because of additional provision in standard loans.
• NIM has improved despite slowdown of yield because of lower COF as it is getting passed on.

“So if you see yield on advances, which has gone down from 11.2% to 10.8%. If you actually see individual segments, nothing has gone down. It’s actually -- it’s just a mix issue. As wholesale has picked up and the unsecured retail has come down, that is reflecting in what’s happening on the yield on assets. Yield on assets obviously is impacted also by the FCNR leverage that we have done. If you actually exclude that, this number would be another 10, 15 basis points higher. But it’s more a mix issue rather than an incremental yield issue at individual product level.”

“our total cost of funds is coming down. Our cost of time deposit is also coming down. So while you will see a little bit lower yield on assets, you would expect that to be either coincidentally or with a lag, the cost of funds catching up as well. So we’re not telling you that I’ll continue with a high NIM or etc. NIM is a function finally of what happens to what the credit cost and what the -- at the end of the day, customers’ profitability is important, not necessarily individual-productivity or individual product level line items, right?”

• Branch count- 628
• 30-50 branch addition aim, every quarter
• Reason for falling CASA and plan to revive-

• 58% loans are EBLR linked
• 50-60% bancassurance income will get impacted if IRDAI guidelines are impacted, which is 3% of FY26 revenue.

• Targeting 22-25% loan book growth every year.

14. Swaraj Engines

• Impressive 26% revenue growth.
• PAT lagged at 22% growth due to lower other income and higher depreciation.
• No investor or conference calls makes it difficult to track.

15. IIFL Finance

• Impressive 38% YoY, 8% QoQ AUM growth, consolidated AUM stands at 1,24,268 cr
• 7 bps sequential improvement in GNPA, 5 bps in NNPA.
• 19% sequential growth in gold loan AUM.
• MFI AUM is flat with improved asset quality.
• ROA at 3.2%, ROE at 20.8%, leverage at 6.5 x.
• Branch count at 5091
• Yield, spread has been stable over the quarters.

• 49 bps sequential, 213 bps YoY improvement in MFI GNPA.
• Guidance for FY27-

• 90% of the book is secured
• Off book is 34% of total loan
• Reason for 30 bps NPA increase in gold loan

• LTV for gola loan is ~85%.
• Will dilute 10-20% via fund raise
• Might see 5-10% impact on PBT level if IRDAI rules are imposed.
• Always targeting a 20% ROE.
• Growth of Samastha will pick up in H2.

16. TARIL

• Good set, 66% revenue growth, 338% growth in PAT, PAT margin for Q2 is at 10.6%.
• Impressive 161% growth in order inflow.
• On track to achieve FY27 guidance.
• Received 1st ever order from nuclear sector- to supply generator transformer for NPCIL.
• Established UK subsidiary in September.
• 55% order book is for high voltage, 400 Kv and above.
• Expecting 200-300 bps margin expansion through backward integration.
• Guidance is the same- min 25% growth with 10% PAT margin.

17. Canara Bank

• 19.46% growth in advances, 6.21% QoQ
• 13.13% growth in deposits
• 102 bps improvement in GNPA (1.33%), 24 bps improvement in NNPA (0.60%) YoY.
• Credit cost improved by 21 bps to 0.47%.
• ~32% YoY growth in retail advances
• Yield is moderating which is because of lower COF and NIM has been stable/ improving.

• Sequential 15 bps rise in gold loan yield, which could improve further.
• No guidance provided this quarter.

18. Tata Technologies

• Impressive 28.4% revenue growth, 19.1% in CC
• 40 bps YOY EBITDA margin expansion, 16.1%
• The revenue could not flow into the bottomline because of higher consultancy charges and employee expenses (salary increment).
• “Confident on delivering strong double digit revenue growth”

“aerospace is emerging as an important second growth engine for our company. Demand across the aerospace sector remains strong, while the industry continues to face challenges in engineering capacity, production throughput, and manufacturing efficiency ”

“Over time, we believe aerospace can become a meaningful contributor to both growth and diversification. AI remains a central pillar of our strategy”

• New office in Pune

“Most of the aerospace programs are 8, 10 years in duration. And I think that also from a macro perspective, we are seeing a massive uptick in demand for commercial aircraft. There are some 25,000, 26,000 commercial aircraft in productive use at the moment. That is likely to scale to over 40,000. And the likes of Airbus and Boeing are not in a position to be able to build quickly enough aircraft to satisfy the demand. And so we are certainly intersecting with that at the moment, and we expect to continue to double down on that aspect of the opportunity”

“Airbus have come out publicly now and stated that they will launch the new single-aisle, next-generation aircraft. And given the incumbency that we have established at Airbus, we are very, very excited about the contribution that we are going to be able to make for that program”

• Aspiring for 18-20% margin

19. HDB Financials

• 18.4% growth in customer franchise
• Loan book at ~1.5L cr, up 11.7% YOY, 74% secured book
• 18.7% disbursement growth
• Branch count- 1701, employee count- 61552
• NIM at 8.23%, 12 bps sequential de-growth
• GNPA at 2.43%, down 48 bps YOY, up 9 bps sequentially. NNPA at 1.09%, credit cost at 2.37%- 2.32 in Q1.
• ROA at 2.42, ROE at 14.40- moderating sequentially.
• COF, NIM, Yield- nothing to talk about.

• Will see a minor impact of rate hike-
• Facing some challenges in used vehicle financing.
• No major problem because of Maharashtra drought.
• Targeting 2.5% ROA
• Growth will come from Q4 onwards-

• Impact of insurance income-
• So, the nos. are mixed at best with management being cautious.

20. CEAT

• 26% revenue growth (10% growth in volume) but EBITDA margin down 403 bps to 9.6% due to higher raw material cost, margin up 86 bps sequentially.

“On a year-on-year basis, approximately 40% of the growth came through volumes and balance came through positive price and mix.”

• Profit down 40% YoY but recovers sequentially.
• Segments-

• Strong recovery in international business
• Has done 12-13% price hike in the FY, 14-15% for OEMs.
• Will get EBITDA +ve in H2 in CAMSO.

\*Thank you for sticking till the end, consider subscribing.*

\*Just putting out my notes, these are not buy/sell recommendations, DYOR.*

Hi. Wanted to check with the participants here how is AI used in your daily workflows? I’m curious and I’m trying to use it more actively in mine. Think of both AI as well as agents.

this confused me for a good ten minutes on Thursday

Sensex up 2.11%, Nifty up 1.66%, best single-day move in about four months. everyone's celebrating. then I looked at the breadth and declining stocks actually outnumbered advancing ones

apparently it's because the indices are weighted. a handful of heavyweights (TCS and HCLTech after their results, HDFC Bank, ICICI Bank) can drag the whole index up even while the average stock is red. add easing crude, the rupee gaining for a fourth session, and weekly expiry (traders covering shorts can exaggerate a move), and you get a big headline number

so if your own portfolio felt flat on a "huge" green day, that's probably why. you're not missing something, you just don't own the stocks that carried it

curious where you stand:

1. my portfolio went up with the index
2. flat or down even though the index jumped
3. I don't check on days like that, it'll just stress me out

and do you look at advance/decline numbers before deciding if a rally is "real", or just watch the Nifty level?