*GR Infraprojects Ltd.* | *CMP* Rs. 1661 | *M Cap* Rs. 16060 Cr | *52 W H/L* 1839/1550
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 2133.2 Cr (-18.8% QoQ, 73.2% YoY) vs QoQ Rs. 2628.4 Cr, YoY Rs. 1231.8 Cr
EBIDTA came at Rs. 345.4 Cr (-15.5% QoQ, 123.8% YoY) vs QoQ Rs. 408.9 Cr, YoY Rs. 154.4 Cr
EBITDA Margin came at 16.2% vs QoQ 15.6%, YoY 12.5%
Adj. PAT came at Rs. 203.6 Cr vs QoQ Rs. 247.3 Cr, YoY Rs. 71 Cr
Quarter EPS is Rs. 21.1
Share is trading at P/E of 18.4x FY22E EPS

Proof of NTC Ind 16.6k qty buying. ❤️😍

TD POWER 224.5 UC LOCKED 🔐❤️❤️

*Hindustan Aeronautics Ltd.* | *CMP* Rs. 1096 | *M Cap* Rs. 36649 Cr | *52 W H/L* 1424/658
(Nirmal Bang Retail Research)
*Result declining*
Revenue from Operations came at Rs. 1615.8 Cr (-85% QoQ, -7% YoY) vs QoQ Rs. 10738.7 Cr, YoY Rs. 1736.7 Cr
EBIDTA came at Rs. 242.5 Cr (-91.1% QoQ, -36.9% YoY) vs QoQ Rs. 2726.7 Cr, YoY Rs. 384.4 Cr
EBITDA Margin came at 15% vs QoQ 25.4%, YoY 22.1%
Adj. PAT came at Rs. 194.7 Cr vs QoQ Rs. 1620.1 Cr, YoY Rs. 148.7 Cr
Quarter EPS is Rs. 5.8
Share is trading at P/E of 10.3x FY22E EPS

*Ashok Leyland Q1FY22 Concall Update*
(Nirmal Bang Retail Research)

*Outlook: Positive*

• Total volumes for the co were at 17,390 (+356% YoY & -61% QoQ). Demand in South India has been weaker than North and hence co lost some market share in HCVs.
• Industry has seen 8 qtrs of degrowth prior to Q1.
• Demand in July & August has been good.
• Real estate and infra remain strong. Capacity created by change in axle load norms in 2018 has been absorbed.
• If the third wave is not severe, demand revival will remain strong. Co is bullish on growth going forward.
• Bus segment continued to pull down growth in MHCV segment. Only once schools and offices open will the demand for busses come back.
• Main negatives are on (i) steel price front, (ii) semiconductor shortage, but is being managed and (iii) increase in diesel prices.
• Once demand comes back, freight rates will adjust upwards.
• Businesses of LCV business, aftermarket and defence have better margins than MHCV and these 3 businesses have done better than MHCV.
• Demand for LCV is growing driven by Ecommerce and last mile connectivity.
• With Govt. giving emphasis on infra, it will have a multiplier effect in the long run. This will increase demand for Tippers and multi axle vehicles/tractor trailers.
• ICV accounts for 35% mix while Tippers are 28% mix.

Share is trading at FY22 P/E of 41x & EV/Sales of 2.5x FY22

*Akzo Nobel India Ltd.* | *CMP* Rs. 2243 | *M Cap* Rs. 10215 Cr | *52 W H/L* 2530/1835
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 626.4 Cr (-19.8% QoQ, 142.3% YoY) vs QoQ Rs. 781.4 Cr, YoY Rs. 258.5 Cr
EBIDTA came at Rs. 90.5 Cr (-20.4% QoQ, -818% YoY) vs QoQ Rs. 113.8 Cr, YoY Rs. -12.6 Cr
EBITDA Margin came at 14.5% vs QoQ 14.6%, YoY -4.9%
Adj. PAT came at Rs. 75.9 Cr vs QoQ Rs. 74.3 Cr, YoY Rs. -20.3 Cr
Quarter EPS is Rs. 16.7
Share is trading at P/E of 33.6x TTM EPS

*Gujarat Fluorochemicals Ltd.* | *CMP* Rs. 1754 | *M Cap* Rs. 19265 Cr | *52 W H/L* 1839/401
(Nirmal Bang Retail Research)
*Result has improved*
Revenue from Operations came at Rs. 911.9 Cr (8.5% QoQ, 62.9% YoY) vs QoQ Rs. 840.3 Cr, YoY Rs. 560 Cr
EBIDTA came at Rs. 243.5 Cr (24.2% QoQ, 69.5% YoY) vs QoQ Rs. 196.1 Cr, YoY Rs. 143.6 Cr
EBITDA Margin came at 26.7% vs QoQ 23.3%, YoY 25.7%
Adj. PAT came at Rs. 153.8 Cr vs QoQ Rs. 112.8 Cr, YoY Rs. 69.9 Cr
Quarter EPS is Rs. 14
Share is trading at P/E of 40.8x FY22E EPS

Reminder :- All ITC shareholders, company has paid Dividend declared in last qtr today. Please check you bank and confirm the same.

NXT DIGITAL 479❤️❤️

*Suven Pharmaceuticals Ltd.* | *CMP* Rs. 527 | *M Cap* Rs. 13416 Cr | *52 W H/L* 575/292
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 263.8 Cr (1.8% QoQ, 10.7% YoY) vs QoQ Rs. 259.2 Cr, YoY Rs. 238.2 Cr
EBIDTA came at Rs. 114.6 Cr (22.3% QoQ, 2.3% YoY) vs QoQ Rs. 93.7 Cr, YoY Rs. 112.1 Cr
EBITDA Margin came at 43.4% vs QoQ 36.2%, YoY 47%
Adj. PAT came at Rs. 105.1 Cr vs QoQ Rs. 83.1 Cr, YoY Rs. 91.5 Cr
Quarter EPS is Rs. 4.1
Share is trading at P/E of 32.1x FY22E EPS

*MAWANA SUGARS LTD.* | *CMP* Rs. 86 | *M Cap* Rs. 336 Cr | *52 W H/L* 124/22
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 360.3 Cr (1.6% QoQ, -10% YoY) vs QoQ Rs. 354.8 Cr, YoY Rs. 400.4 Cr
EBIDTA came at Rs. 12.9 Cr (-84.3% QoQ, -14.3% YoY) vs QoQ Rs. 82.3 Cr, YoY Rs. 15.1 Cr
EBITDA Margin came at 3.6% vs QoQ 23.2%, YoY 3.8%
Adj. PAT came at Rs. 1.8 Cr vs QoQ Rs. 16.8 Cr, YoY Rs. -1.7 Cr
Quarter EPS is Rs. 0.5
Share is trading at 5.9x TTM EV/EBITDA

*KCP Ltd.* | *CMP* Rs. 162 | *M Cap* Rs. 2089 Cr | *52 W H/L* 169/56
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 548.1 Cr (3.1% QoQ, 58.3% YoY) vs QoQ Rs. 531.5 Cr, YoY Rs. 346.2 Cr
EBIDTA came at Rs. 131.3 Cr (-4.5% QoQ, 58.2% YoY) vs QoQ Rs. 137.4 Cr, YoY Rs. 83 Cr
EBITDA Margin came at 24% vs QoQ 25.9%, YoY 24%
Adj. PAT came at Rs. 72.9 Cr vs QoQ Rs. 75.2 Cr, YoY Rs. 24.8 Cr
Quarter EPS is Rs. 5.7
Share is trading at P/E of 9.6x TTM EPS

Mid Term Aggressive Call

Buy TVS ELECT at CMP of 190.5 - 191.5 and dips till 182
Sl 174
Targets:- 198 - 202 - 205 - 208 - 212 - 215 - 220+
Above that we can see 230 - 240 - 255+

Disclaimer:- I am not SEBI Registered. Please consult your financial advisor before investing.

High conviction Call. Covered in Newsletter also. Don't miss

Bot 13.7k TVS Elect. Huge buying. I will buy more once above 192. Yesterday shared Chembond at 240 as high conviction and today made 257. Same way I feel TVS Elect will rocket 🚀

LONG TERM CHARTS OF TVS ELECT

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*Tube Investments of India Ltd.* | *CMP* Rs. 1238 | *M Cap* Rs. 23871 Cr | *52 W H/L* 1450/488
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 2437.5 Cr (-10.8% QoQ, 433.6% YoY) vs QoQ Rs. 2732.8 Cr, YoY Rs. 456.8 Cr
EBIDTA came at Rs. 280.5 Cr (6.5% QoQ, -926.5% YoY) vs QoQ Rs. 263.4 Cr, YoY Rs. -33.9 Cr
EBITDA Margin came at 11.5% vs QoQ 9.6%, YoY -7.4%
Adj. PAT came at Rs. 120 Cr vs QoQ Rs. 166.7 Cr, YoY Rs. -55.8 Cr
Quarter EPS is Rs. 6.2
Share is trading at P/E of 41.8x FY22E EPS

*Borosil Ltd.* | *CMP* Rs. 220 | *M Cap* Rs. 2509 Cr | *52 W H/L* 220/
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 137.9 Cr (-25.1% QoQ, 145.8% YoY) vs QoQ Rs. 184.1 Cr, YoY Rs. 56.1 Cr
EBIDTA came at Rs. 17.6 Cr (-46.1% QoQ, -477.4% YoY) vs QoQ Rs. 32.7 Cr, YoY Rs. -4.7 Cr
EBITDA Margin came at 12.8% vs QoQ 17.8%, YoY -8.3%
Adj. PAT came at Rs. 3.7 Cr vs QoQ Rs. 18.6 Cr, YoY Rs. -7.5 Cr Lower PAT is on account of higher Tax
Quarter EPS is Rs. 0.3
Share is trading at P/E of 47.1x TTM EPS

*Nirlon Ltd.* | *CMP* Rs. 292 | *M Cap* Rs. 2631 Cr | *52 W H/L* 321/225
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 75.1 Cr (-2.6% QoQ, -5.9% YoY) vs QoQ Rs. 77 Cr, YoY Rs. 79.8 Cr
EBIDTA came at Rs. 50.8 Cr (-7.2% QoQ, -15.8% YoY) vs QoQ Rs. 54.8 Cr, YoY Rs. 60.3 Cr
EBITDA Margin came at 67.7% vs QoQ 71.1%, YoY 75.6%
Adj. PAT came at Rs. 26.5 Cr vs QoQ Rs. 28.7 Cr, YoY Rs. 32.5 Cr
Quarter EPS is Rs. 2.9
Share is trading at P/E of 21.7x TTM EPS

*AIA Engineering Ltd.* | *CMP* Rs. 1953 | *M Cap* Rs. 18421 Cr | *52 W H/L* 2224/1622
(Nirmal Bang Retail Research)
*Result ahead of expectation*
Revenue from Operations came at Rs. 739.9 Cr (-14% QoQ, 27.5% YoY) vs expectation of Rs. 724.5 Cr, QoQ Rs. 860.2 Cr, YoY Rs. 580.3 Cr
EBIDTA came at Rs. 171.9 Cr (1.6% QoQ, 39.2% YoY) vs expectation of Rs. 155.6 Cr, QoQ Rs. 169.2 Cr, YoY Rs. 123.5 Cr
EBITDA Margin came at 23.2% vs expectation of 21.5%, QoQ 19.7%, YoY 21.3%
Adj. PAT came at Rs. 149.1 Cr vs expectation of Rs. 125.7 Cr, QoQ Rs. 133.8 Cr, YoY Rs. 129.3 Cr
Quarter EPS is Rs. 15.8
Share is trading at P/E of 30.6x FY22E EPS

*Star Cement Ltd.* | *CMP* Rs. 116 | *M Cap* Rs. 4782 Cr | *52 W H/L* 119/75
(Nirmal Bang Retail Research)
*The management has approved to buy-back 8248580 fully paid-up equity shares of Rs 1/share (2% of total equity) at Rs 150/share*
*Result Marginally below expectation*
Revenue from Operations came at Rs. 602.6 Cr (0% QoQ, 106.4% YoY) vs expectation of Rs. 526.9 Cr, QoQ Rs. 602.6 Cr, YoY Rs. 292 Cr
EBIDTA came at Rs. 92.7 Cr (-11.2% QoQ, 41.9% YoY) vs expectation of Rs. 97.6 Cr, QoQ Rs. 104.4 Cr, YoY Rs. 65.3 Cr
EBITDA Margin came at 15.4% vs expectation of 18.5%, QoQ 17.3%, YoY 22.4%
Adj. PAT came at Rs. 68 Cr vs expectation of Rs. 56.3 Cr, QoQ Rs. 85.3 Cr, YoY Rs. 43.3 Cr
Quarter EPS is Rs. 1.6
Share is trading at P/E of 16.3x FY22E EPS