CEAT Company Details Report
CEAT is a prominent tyre manufacturing company and the flagship entity of the RPG group. With over 1,900 stock keeping units it has a strong product portfolio. In FY24, CEAT manufactured 4.8 cr tyres and made a mark by launching Indiaโs first range of EV tyres designed for two, three and four-wheelers. The company has a robust global presence, exporting to over 110 countries and partnering with 27+ key OEMs (original equipment manufacturers) and has 2,000 SKUs (stock keeping units) product range. CEAT has wide distribution network, including 900+ outlets nationwide, 5,500 dealers, and 59,000 sub-dealers, ensuring widespread accessibility and customer reach. In export markets it caters to agri-radial category, passenger car tyres and bus radial tyres with special focus on EU, LATAM and US markets. In the overall two-wheeler tyre segment (replacement market), it has a market share of ~35% and ~17% in the passenger car/utility segment. With more than 30% market share in two-wheeler EV OEMs, CEAT has established itself as a strong brand in the EV space. CEAT operates six manufacturing plants across India and collaborates with 17 outsourcing units for the production of tyres, tubes, and flaps. These facilities are strategically located to cater to different segments of the market: The Halol plant specializes in manufacturing passenger car radial tyres and truck & bus radial tyres. In Nashik, a range of tyres is produced, including truck & bus tyres, light truck tyres, farm tyres, and passenger car radial tyres. The Nagpur plant focuses on the production of scooter tyres, bike tyres, and threewheeler tyres. Bhandup is dedicated to manufacturing truck & bus tyres, farm tyres, and specialty tyres. The Ambernath plant produces specialty tyres, while the Chennai plant specializes in manufacturing passenger car radial tyres and motorcycle radial tyres. The company has established a digital footprint through its association with e-commerce platforms. Currently, ~9% of PV/UV replacement sales is from D2C channels.
CEAT is a prominent tyre manufacturing company and the flagship entity of the RPG group. With over 1,900 stock keeping units it has a strong product portfolio. In FY24, CEAT manufactured 4.8 cr tyres and made a mark by launching Indiaโs first range of EV tyres designed for two, three and four-wheelers. The company has a robust global presence, exporting to over 110 countries and partnering with 27+ key OEMs (original equipment manufacturers) and has 2,000 SKUs (stock keeping units) product range. CEAT has wide distribution network, including 900+ outlets nationwide, 5,500 dealers, and 59,000 sub-dealers, ensuring widespread accessibility and customer reach. In export markets it caters to agri-radial category, passenger car tyres and bus radial tyres with special focus on EU, LATAM and US markets. In the overall two-wheeler tyre segment (replacement market), it has a market share of ~35% and ~17% in the passenger car/utility segment. With more than 30% market share in two-wheeler EV OEMs, CEAT has established itself as a strong brand in the EV space. CEAT operates six manufacturing plants across India and collaborates with 17 outsourcing units for the production of tyres, tubes, and flaps. These facilities are strategically located to cater to different segments of the market: The Halol plant specializes in manufacturing passenger car radial tyres and truck & bus radial tyres. In Nashik, a range of tyres is produced, including truck & bus tyres, light truck tyres, farm tyres, and passenger car radial tyres. The Nagpur plant focuses on the production of scooter tyres, bike tyres, and threewheeler tyres. Bhandup is dedicated to manufacturing truck & bus tyres, farm tyres, and specialty tyres. The Ambernath plant produces specialty tyres, while the Chennai plant specializes in manufacturing passenger car radial tyres and motorcycle radial tyres. The company has established a digital footprint through its association with e-commerce platforms. Currently, ~9% of PV/UV replacement sales is from D2C channels.
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#SALES #GROWTH 5 Year CAGR 11.3%
In FY24, the net sales was โน11,944 cr and increased by 5.6% YoY. Growth during the year has been largely driven by OEMs and specialty & passenger category tyres. It has begun to see some recovery in exports and the replacement market, especially in the commercial category. The company believes that the increasing share of tyres above 16-17 inches in the PV segment, along with its focus on this category, will positively impact growth, going forward. In 9M FY25, the net sales was โน9,798 cr v/s โน8,951 cr and grew by 9% YoY. The growth was mostly driven by replacement & exports segment, while the OEM segment had moderate growth. It witnessed volume growth in the two-wheeler and passenger car segment (replacement), alongside three-wheeler segment as well observed steady growth. It continued to gain market share in the passenger car and two wheeler segment and the OEM segment is expected to witness market share gain backed by new launches PV, CV and two wheelers.
In FY24, the net sales was โน11,944 cr and increased by 5.6% YoY. Growth during the year has been largely driven by OEMs and specialty & passenger category tyres. It has begun to see some recovery in exports and the replacement market, especially in the commercial category. The company believes that the increasing share of tyres above 16-17 inches in the PV segment, along with its focus on this category, will positively impact growth, going forward. In 9M FY25, the net sales was โน9,798 cr v/s โน8,951 cr and grew by 9% YoY. The growth was mostly driven by replacement & exports segment, while the OEM segment had moderate growth. It witnessed volume growth in the two-wheeler and passenger car segment (replacement), alongside three-wheeler segment as well observed steady growth. It continued to gain market share in the passenger car and two wheeler segment and the OEM segment is expected to witness market share gain backed by new launches PV, CV and two wheelers.
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#EBITDA #GROWTH 5 Year CAGR 20.8%
EBITDA saw a growth of ~70% YoY and stood at โน1,652 cr. This increase on a YoY basis has been on account of softening of raw material prices. However, from January 2024 onwards, the natural rubber prices have increased owing to global supply shortage and Indiaโs dependance on imported natural rubber. In 9M FY25, the EBITDA was โน1,087 cr v/s โน1,261 cr and de-grew by 13.8% YoY. The company's raw material costs rose YoY due to rise in natural and synthetic rubber prices, however, it couldn't implement equivalent price hikes to offset the increase due to competition. Gross profit declined by 1.3% YoY for the period. Better product mix helped company up to certain extent to offset the same.
EBITDA saw a growth of ~70% YoY and stood at โน1,652 cr. This increase on a YoY basis has been on account of softening of raw material prices. However, from January 2024 onwards, the natural rubber prices have increased owing to global supply shortage and Indiaโs dependance on imported natural rubber. In 9M FY25, the EBITDA was โน1,087 cr v/s โน1,261 cr and de-grew by 13.8% YoY. The company's raw material costs rose YoY due to rise in natural and synthetic rubber prices, however, it couldn't implement equivalent price hikes to offset the increase due to competition. Gross profit declined by 1.3% YoY for the period. Better product mix helped company up to certain extent to offset the same.
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#EBITDA #MARGIN
In FY24, the EBITDA margin was 13.8% and expanded by 520 bps owing to softening of raw material prices and better product mix (premiumization). Contribution from premium ranges grew by more than 2x in last 4 years i.e., 9% in FY19 to 28% in FY23 for PC/UV and 13% in FY19 to ~23% in FY23 for 2W. Company imports 2/3rd rubber and 1/3rd is locally sourced. Margins from Q4 FY24 includes an impact of EPR provisions. In 9M FY25, the EBITDA margin was 11.1% v/s 14.1% in 9M FY24. This declined, mostly owing to rise in raw material costs. Also, the company has not been able to offset the same with similar price increases owing to competition.
In FY24, the EBITDA margin was 13.8% and expanded by 520 bps owing to softening of raw material prices and better product mix (premiumization). Contribution from premium ranges grew by more than 2x in last 4 years i.e., 9% in FY19 to 28% in FY23 for PC/UV and 13% in FY19 to ~23% in FY23 for 2W. Company imports 2/3rd rubber and 1/3rd is locally sourced. Margins from Q4 FY24 includes an impact of EPR provisions. In 9M FY25, the EBITDA margin was 11.1% v/s 14.1% in 9M FY24. This declined, mostly owing to rise in raw material costs. Also, the company has not been able to offset the same with similar price increases owing to competition.
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#PAT #MARGIN
The PAT margin stood at 5.1% in FY24. In the OEM segment, large-diameter tyres now represent over 50% of the offerings, largely due to the rising demand for SUV tyres. In the replacement segment, while the share of these tyres is currently at 7%โ8%, there is potential for this to increase to 25%โ30% within the next two to three years. This shall further expand its profitability in the near future. In 9M FY25, the PAT margin was 3.6% (v/s % 5.8% in 9M FY24). This was mostly on account of decline in operating margin.
The PAT margin stood at 5.1% in FY24. In the OEM segment, large-diameter tyres now represent over 50% of the offerings, largely due to the rising demand for SUV tyres. In the replacement segment, while the share of these tyres is currently at 7%โ8%, there is potential for this to increase to 25%โ30% within the next two to three years. This shall further expand its profitability in the near future. In 9M FY25, the PAT margin was 3.6% (v/s % 5.8% in 9M FY24). This was mostly on account of decline in operating margin.
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#ROCE
In FY24, the increase in ROCE was substantial owing to increased EBIT and the metric stood at 20.1%. This rise was on account of scale of operations, along with improvement in the market share across product segments. Going forward, ROCE would be at mid-teens due to reduced capex costs. The company emphasized its strategy that future investments will be smaller and spread across multiple phases, rather than committing to a single large expenditure. The capacity utilization at the end of FY24 was ~80%. For 9M FY25, the capacity utilization across its plants were at ~80%-85%.
In FY24, the increase in ROCE was substantial owing to increased EBIT and the metric stood at 20.1%. This rise was on account of scale of operations, along with improvement in the market share across product segments. Going forward, ROCE would be at mid-teens due to reduced capex costs. The company emphasized its strategy that future investments will be smaller and spread across multiple phases, rather than committing to a single large expenditure. The capacity utilization at the end of FY24 was ~80%. For 9M FY25, the capacity utilization across its plants were at ~80%-85%.
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#SECTOR #POTENTIAL
โข The Indian tyre industry is projected to experience growth, with its revenue expected to more than double to $22 billion by FY32 from $9.5 billion in FY23. Growth in the industry will be driven by increasing vehicle demand, strategic government investments in infrastructure, and the expanding presence of vehicles fueling the replacement market. (Source: Crisil) โข According to ATMA, India's domestic tyre industry is among the leading player on a global level, with annual production exceeding 20 cr units across various categories including two-wheelers, passenger vehicles, commercial vehicles, and off-road vehicles. โข India's tyre industry has the potential to become a global manufacturing leader, especially as alternatives to China are sought due to geopolitical tensions. Total tyre exports during FY24 were โน23,073 cr v/s โน23,125 cr in FY23. The tyre Imports in India went up by ~19% in FY24. Tyres worth ~โน2,500 cr were imported during the period benefitting from low rates of duty under Free Trade Agreements (FTAs) signed by the country. โข TheUScontinues to be the largest market for Indian tyres of total tyre exports from India in FY24. The top five export markets in FY24 included the US, Germany, Brazil, France, the Netherlands, Italy and the UAE. โข The Indian off-the-road tyre market is set to grow at a steady rate, with the market size expected to reach ~2 cr units by 2032, up from ~1.1 cr units in 2023. this would be led by demand from infra spending for highways and bridges, expansion in agri sector, urbanization & modernization which is expected to fuel demand as OTR based vehicles are required for construction of houses & commercial buildings, and diverse applications across industries that includes recreation vehicles (dirt bikes, etc).
โข The Indian tyre industry is projected to experience growth, with its revenue expected to more than double to $22 billion by FY32 from $9.5 billion in FY23. Growth in the industry will be driven by increasing vehicle demand, strategic government investments in infrastructure, and the expanding presence of vehicles fueling the replacement market. (Source: Crisil) โข According to ATMA, India's domestic tyre industry is among the leading player on a global level, with annual production exceeding 20 cr units across various categories including two-wheelers, passenger vehicles, commercial vehicles, and off-road vehicles. โข India's tyre industry has the potential to become a global manufacturing leader, especially as alternatives to China are sought due to geopolitical tensions. Total tyre exports during FY24 were โน23,073 cr v/s โน23,125 cr in FY23. The tyre Imports in India went up by ~19% in FY24. Tyres worth ~โน2,500 cr were imported during the period benefitting from low rates of duty under Free Trade Agreements (FTAs) signed by the country. โข TheUScontinues to be the largest market for Indian tyres of total tyre exports from India in FY24. The top five export markets in FY24 included the US, Germany, Brazil, France, the Netherlands, Italy and the UAE. โข The Indian off-the-road tyre market is set to grow at a steady rate, with the market size expected to reach ~2 cr units by 2032, up from ~1.1 cr units in 2023. this would be led by demand from infra spending for highways and bridges, expansion in agri sector, urbanization & modernization which is expected to fuel demand as OTR based vehicles are required for construction of houses & commercial buildings, and diverse applications across industries that includes recreation vehicles (dirt bikes, etc).
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#COMPANY #OUTLOOK
โข The company has entered a definitive agreement to acquire Camsoโs three-wheeler off highway construction equipment biasโs tyres and rubber track business from Michelin group. The deal is valued at ~โน1,900 cr. This acquisition shall provide ownership of two manufacturing units in Sri Lanka to the company showcasing its focus towards premiumization, international business saliency and investment in high margin specialty segment. Camso is a premium brand in the OHT segment, tyres & tracks with strong brand equity in Nort America and Europe. It supplies products to over 40 OEMs (JCB, Kubota, CNH, Prinoth, Manitou, etc) and has an aftermarket network covering over 200 dealers. The acquisition is expected to close in Q1 FY26. โข In its Maharashtra plant, the company is planning to increase its capacity by 30% (current capacity therein at ~2.7 cr tyres and capacity utilization stand at 90%) by the end of FY28. The proposed investment would be ~โน400 cr and would be funded via a mix portfolio and distribution network. of internal accruals and debt. The rationale would be to serve the growing demand from two & three-wheeler industry. โข Their international expansion strategy focuses on key markets like Europe, the US, and Latin America with emphasis on segments like OHT, TBR and passenger car radials. Additionally, growth in the US market is anticipated as the company expands its product โข The company expects robust demand in rural markets, particularly for farm trucks and two-wheelers due to government investments in rural infrastructure and a positive agricultural outlook. The company expects the bus, two-wheeler, and farm segments to experience high single-digit to double-digit growth while passenger car demand projected to remain in the low single digits. โข It aims to secure a leading position in the electric vehicle tyre market, and focus on premium product offerings.
โข The company has entered a definitive agreement to acquire Camsoโs three-wheeler off highway construction equipment biasโs tyres and rubber track business from Michelin group. The deal is valued at ~โน1,900 cr. This acquisition shall provide ownership of two manufacturing units in Sri Lanka to the company showcasing its focus towards premiumization, international business saliency and investment in high margin specialty segment. Camso is a premium brand in the OHT segment, tyres & tracks with strong brand equity in Nort America and Europe. It supplies products to over 40 OEMs (JCB, Kubota, CNH, Prinoth, Manitou, etc) and has an aftermarket network covering over 200 dealers. The acquisition is expected to close in Q1 FY26. โข In its Maharashtra plant, the company is planning to increase its capacity by 30% (current capacity therein at ~2.7 cr tyres and capacity utilization stand at 90%) by the end of FY28. The proposed investment would be ~โน400 cr and would be funded via a mix portfolio and distribution network. of internal accruals and debt. The rationale would be to serve the growing demand from two & three-wheeler industry. โข Their international expansion strategy focuses on key markets like Europe, the US, and Latin America with emphasis on segments like OHT, TBR and passenger car radials. Additionally, growth in the US market is anticipated as the company expands its product โข The company expects robust demand in rural markets, particularly for farm trucks and two-wheelers due to government investments in rural infrastructure and a positive agricultural outlook. The company expects the bus, two-wheeler, and farm segments to experience high single-digit to double-digit growth while passenger car demand projected to remain in the low single digits. โข It aims to secure a leading position in the electric vehicle tyre market, and focus on premium product offerings.
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CEAT Limited 2590-2890
Expected level 3600
Support 2250
Expected level 3600
Support 2250
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Listed Defense Players in India & Their Order Books:
๐ธHindustan Aeronautics Ltd: โน94,000 Cr
๐ธBharat Electronics Ltd: โน71,100 Cr
๐ธSolar Industries India Ltd: โน7,100 Cr
๐ธBharat Dynamics Ltd: Approx. โน20000 Cr
๐ธCochin Shipyard Ltd: โน22,500 Cr
๐ธBEML Ltd: โน11453 Cr
๐ธGarden Reach Shipbuilders & Engineers Ltd: โน23,877 Cr
๐ธMishra Dhatu Nigam Ltd: โน1,906 Cr
๐ธZen Technologies Ltd: โน800 Cr
๐ธIdeaforge Technology Ltd: โน21 Cr
๐ธDCX Systems Ltd: โน3,359 Cr
๐ธAstra Microwave Products Ltd: Approx. โน2,332 Cr
๐ธMTAR Technologies Ltd: โน817 Cr
๐ธMazagon Dock Shipbuilders Ltd: โน34,787 Cr
๐ธParas Defence and Space Technologies Ltd: Approx. โน881 Cr
๐ธHindustan Aeronautics Ltd: โน94,000 Cr
๐ธBharat Electronics Ltd: โน71,100 Cr
๐ธSolar Industries India Ltd: โน7,100 Cr
๐ธBharat Dynamics Ltd: Approx. โน20000 Cr
๐ธCochin Shipyard Ltd: โน22,500 Cr
๐ธBEML Ltd: โน11453 Cr
๐ธGarden Reach Shipbuilders & Engineers Ltd: โน23,877 Cr
๐ธMishra Dhatu Nigam Ltd: โน1,906 Cr
๐ธZen Technologies Ltd: โน800 Cr
๐ธIdeaforge Technology Ltd: โน21 Cr
๐ธDCX Systems Ltd: โน3,359 Cr
๐ธAstra Microwave Products Ltd: Approx. โน2,332 Cr
๐ธMTAR Technologies Ltd: โน817 Cr
๐ธMazagon Dock Shipbuilders Ltd: โน34,787 Cr
๐ธParas Defence and Space Technologies Ltd: Approx. โน881 Cr
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Some quality small cap Companies where Promoters are increasing their stakes in this market correction:
Saregama India
Welspun Enterp
Cigniti Tech
Kirloskar Ind
Pitti Engg
RPG Life
Venus Pipes
Vishnu Chem
Som Distilleries
SG Finserve
Mold-Tek Pack
Benares Hotels
Bliss GVS Pharma
Krishana Phoschem
Kross Ltd
Hariom Pipe
Shree Ganesh Rem
Faze Three
Bharat Wire
Saregama India
Welspun Enterp
Cigniti Tech
Kirloskar Ind
Pitti Engg
RPG Life
Venus Pipes
Vishnu Chem
Som Distilleries
SG Finserve
Mold-Tek Pack
Benares Hotels
Bliss GVS Pharma
Krishana Phoschem
Kross Ltd
Hariom Pipe
Shree Ganesh Rem
Faze Three
Bharat Wire
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7 Bluechip Stocks Could be Consistent Compounders with 15% CAGR growth to Portfolio
โ๏ธVarun Beverages
โ๏ธCholamandalam Investment & Finance
โ๏ธTrent
โ๏ธMazagon Dock
โ๏ธBajaj Finance
โ๏ธTitan Company
โ๏ธA B B
โ๏ธVarun Beverages
โ๏ธCholamandalam Investment & Finance
โ๏ธTrent
โ๏ธMazagon Dock
โ๏ธBajaj Finance
โ๏ธTitan Company
โ๏ธA B B
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Aurionpro Solutions Limited Company Details Report
Aurionpro Solutions Limited is a global technology solutions provider offering a comprehensive suite of digital transformation services across banking, payments, transportation, and government sectors. With over two decades of industry expertise, Aurionpro has positioned itself as a trusted partner for enterprises seeking to navigate the complexities of technological innovation. Headquartered in Navi Mumbai, India, the company operates with over 30 offices in more than 30 countries. Their technology solutions have been implemented by over 300 clients worldwide which reinforces their commitment to delivering high-impact, efficient and scalable innovations. The company operates under two key business segments: 1. Banking & Fintech Solutions: Aurionpro offers robust digital banking solutions, payment processing systems, and transaction banking platforms. Their services include retail banking enhancements like self-service kiosks and queue management, as well as wholesale banking solutions such as cash management and Loan management. 2. Technology Innovation & Professional Services: Aurionpro's Technology Innovation Group (TIG) drives digital transformation through creating software and hardware solutions for transit segment and consulting & design for data centers. The company also plays a key role in smart cities and smart mobility where it offers e-governance solutions, intelligent transport systems, and automatic fare collection. As one of the few end-to-end transit solution providers, Aurionpro integrates hardware and software for metro and bus projects with a strong presence in Delhi, Chennai, Kanpur, Haryana in India and California, Mexico and Maldives on a global front.
Aurionpro Solutions Limited is a global technology solutions provider offering a comprehensive suite of digital transformation services across banking, payments, transportation, and government sectors. With over two decades of industry expertise, Aurionpro has positioned itself as a trusted partner for enterprises seeking to navigate the complexities of technological innovation. Headquartered in Navi Mumbai, India, the company operates with over 30 offices in more than 30 countries. Their technology solutions have been implemented by over 300 clients worldwide which reinforces their commitment to delivering high-impact, efficient and scalable innovations. The company operates under two key business segments: 1. Banking & Fintech Solutions: Aurionpro offers robust digital banking solutions, payment processing systems, and transaction banking platforms. Their services include retail banking enhancements like self-service kiosks and queue management, as well as wholesale banking solutions such as cash management and Loan management. 2. Technology Innovation & Professional Services: Aurionpro's Technology Innovation Group (TIG) drives digital transformation through creating software and hardware solutions for transit segment and consulting & design for data centers. The company also plays a key role in smart cities and smart mobility where it offers e-governance solutions, intelligent transport systems, and automatic fare collection. As one of the few end-to-end transit solution providers, Aurionpro integrates hardware and software for metro and bus projects with a strong presence in Delhi, Chennai, Kanpur, Haryana in India and California, Mexico and Maldives on a global front.
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Leadership & Transformation Under Ashish Rai: Since taking over as Group CEO in Oct 2023, Ashish Rai has played a pivotal role in reshaping Aurionproโs strategy of driving digital transformation and unlocking new growth avenues. With an extensive background in global financial technology including leadership roles at FIS, Finastra, and Coforge, Rai has leveraged his deep industry expertise to streamline operations, enhance product innovation and expand the companyโs global footprint. Under his leadership, Aurionpro has sharpened its focus on high-growth verticals, optimizing cost structures and accelerated revenue expansion. Ashish had joined the board of Aurionpro in FY22 as Vice-Chairman and has played an influential part in the turnaround of the company over the last 3 years. The company has raised capital through preferential share allotments over the last 2 years. The capital raise was done with the intention to acquire companies, capex for new offices and upgradation of facilities and to become a debt-free company. The first round was done at a share price of Rs 440 and the second round was done at a price of Rs 1050, the company raised a total of Rs 6,450 mn (excluding issue expenses).
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Aurionpro has spent more than Rs2.5bn over the last 3 years to enhance its existing products and create new ones. The acquisition of Arya.ai has enhanced the companyโs capabilities by integrating AI across their existing products. The partnership with Murex has improved post the acquisition of Fenixys and it helps the company co-develop IPโs and increase its presence in Europe and NAM. Its existing products - Icashpro+ and Smartlender continue to witness strong deal wins globally; Rs 1bn+ of deal with SBI in FY24 is a testament to its product offering and will provide a gateway to many more such deal wins across domestic / international banks.
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Transit & Data centers to drive TIG (Technology Innovation group):
In the transit segment, Aurionpro recently won Delhi Metro and Chennai Metro. This is in addition to its deal-wins globally and demonstrates its strong capabilities as fully integrated player (hardware+ software) for smart gates, kiosks, AFCโs (Automated fare collection) over its peers. On the data center front, it has won a deal from RBI which was for a complex project highlighting its capabilities in consulting, design & implementation. With GOI thrust towards metro connectivity and focus on data centers, we expect these divisions to witness 30%+ CAGR over FY25-27E. On the smart city project, it is working on the Panvel project (Rs2bn), albeit is cautiously optimistic given the nature of business.
In the transit segment, Aurionpro recently won Delhi Metro and Chennai Metro. This is in addition to its deal-wins globally and demonstrates its strong capabilities as fully integrated player (hardware+ software) for smart gates, kiosks, AFCโs (Automated fare collection) over its peers. On the data center front, it has won a deal from RBI which was for a complex project highlighting its capabilities in consulting, design & implementation. With GOI thrust towards metro connectivity and focus on data centers, we expect these divisions to witness 30%+ CAGR over FY25-27E. On the smart city project, it is working on the Panvel project (Rs2bn), albeit is cautiously optimistic given the nature of business.
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Aurionpro 2.0
Our conviction in Aurionpro stems from various business initiatives undertaken by the new CEO (joined the board in FY22 and promoted to CEO in FY24) towards R&D, developing new IPs, global fintech partnerships, and headcount addition. These initiatives have already started to yield positive results; and along with strategic acquisitions (funded towards capital raise and internal accruals) are all steps in the right direction. Our lateral checks across banking product & services (53% of revenue) & TIG (47%) segment reaffirms our thesis around product acceptance, and the growth opportunity.
Our conviction in Aurionpro stems from various business initiatives undertaken by the new CEO (joined the board in FY22 and promoted to CEO in FY24) towards R&D, developing new IPs, global fintech partnerships, and headcount addition. These initiatives have already started to yield positive results; and along with strategic acquisitions (funded towards capital raise and internal accruals) are all steps in the right direction. Our lateral checks across banking product & services (53% of revenue) & TIG (47%) segment reaffirms our thesis around product acceptance, and the growth opportunity.
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