🛫 Unimech Aerospace | High-margin, High-barrier Aerospace + Precision Systems

✅ Big Trigger (Core Story)
- Acquiring Hobel Bellows (₹4.5bn)
- Moves Unimech up the value chain -> components -> assemblies/sub-systems
- Capability-led, not just revenue-led acquisition

✅ Growth Outlook
- Revenue CAGR: ~45% (FY25–28)
- PAT CAGR: ~20%
- RoCE improving to ~16%+
Base business growth: 15–17%, upside from cross-selling + new segments

✅ Hobel Quality
- ~70% gross margin, 50%+ EBITDA
- Export-heavy (~90%)
- High entry barriers (single-source, OEM-integrated products)
- Order book visibility + long product life cycles (15–20 years)

⚠️ Key Risks
- High dependence on top 10 clients
- Exit of Hobel’s key management

💰 Valuation View
BUY maintained | TP: ₹1,435 (~50x FY28 EPS)
Premium justified by:
- High margins
- Asset turns
- niche positioning

https://x.com/niveyshak/status/2050502335802261582?s=20

🏛️ CDSL | Financial Results
#CDSL

Quarterly (Mar 2026 vs Dec 2025)
Revenue from ₹30,435 lakh to ₹26,284 lakh 🔻
Total income from ₹33,360 lakh to ₹26,837 lakh 🔻

Yearly (FY26 vs FY25)
Total income from ₹1,19,926 lakh to ₹1,23,849 lakh ⬆️

Expenses
Expenses increased slightly YoY
Major costs:Employee salaries
Tech & infra costs

Other operational costs
👉 Nothing unusual, normal for a growing platform

Quarterly Profit
Net Profit: from ₹13,294 lakh to ₹7,979 lakh 🔻
👉 Sharp fall QoQ
👉 Likely due to lower market activity

Yearly Profit
Net Profit: from ₹52,632 lakh to ₹45,507 lakh 🔻
👉 Slight decline YoY
👉 So growth is there in revenue, but profit margins dipped

EPS
FY26 EPS: ₹21.82
FY25 EPS: ₹25.20

Balance Sheet Strength
Assets increased to ₹2,41,903 lakh
Liabilities also increased to ₹41,678 lakh
👉 Company is financially stable and growing

Dividend 12.5/sh might keep investors happy🔥

Overall trend:
Business is growing
But this quarter was weaker vs last quarter 👎
Yearly numbers are still strong 👏

🏛️ IdeaForge Technologies | Q4FY26 Financial Results

Turnaround Year
- FY26 marked a strong comeback to profitability
- Revenue jumped to ₹2,261 Mn (vs ₹1,612 Mn)
- EBITDA turned positive (₹271 Mn vs loss earlier) 👏
- PAT also turned positive in Q4

Q4 Performance (Sharp Spike)
- Revenue surged to ₹1,410 Mn (huge jump vs previous quarters) 🔥
- Gross margin expanded significantly (~67% in Q4)
- EBITDA & PAT turned strongly positive

Order Book & Execution
- ₹5,300 Mn order inflow in FY26 (highest ever)
- Executed ~40% of orders in Q4 alone
- Closing order book ~₹3,142 Mn 🔥

Business Mix
- Defence-led (69% FY26 / 86% in Q4) → core growth driver
- Civil segment smaller but growing

Risks:
Drone/defense space tends to be order-based, so quarters can swing wildly.

🏛️ EMMVEE PHOTOVOLTAIC POWER | Q4FY26

Balance Sheet
- Net Debt/Equity: -0.06x (virtually debt-free)
- ROCE: 38%
- ROE: 51% 🔥

Order Book Explosion
- Order book: 9.4 GW (almost 2x YoY)
- Large order: 4.5 GW cell supply (multi-year visibility till 2030)
- Q4 inflow: 1.27 GW

Capacity Expansion = Future Growth Engine
- Current: Modules: 10.3 GW
- Cells: 2.94 GW
- Target (FY28): Modules: 16.3 GW
- Cells: 8.9 GW

Industry Tailwinds
- India solar opportunity:500 GW non-fossil target
- Solar alone: ~509 GW by 2035
- Govt push: ALMM, PLI, DCR

Exciting for Investors
- Hyper growth (Revenue +116%, PAT +193%)
- Margin expansion + operating leverage
- Near debt-free balance sheet
- Strong order book (multi-year visibility)
- Aggressive capacity expansion
- Direct beneficiary of India’s solar + China+1 theme