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Founded in 1942, Kaycee Industries Ltd., a subsidiary of Salzer Electronics Ltd., manufactures and supplies industrial electrical switches, mechanical counters, hour meters, cable lugs, etc. to sectors like power, telecom and renewable energy. Its products include rotary switches, toggle switches, stroke counters, and more, with a manufacturing capacity of 500 tonnes per month. Its Q4FY24 results reveal a 20 per cent jump in sales to ₹13.47 crore and a 77 per cent increase in profit to ₹1.57 crore compared to the same period last year. The FY24 results show a 17 per cent rise in sales to ₹48.81 crore and a 29 per cent increase in profit to ₹4.49 crore. Furthermore, the company boasts a strong market capitalisation exceeding ₹500 crore. The recent surge in its stock price suggests a bullish trend, and while selling now will secure some profit, you might miss out on potential future gains. Holding the stock is supported by the company’s solid fundamentals and growth prospects. Investors can consider various options: holding the entire stake, selling a portion to lock in profits, or completely selling while monitoring the company’s performance to potentially BUY back later at a favourable entry point. 

Hi-Tech Pipes Ltd. is a leading steel pipe manufacturer in India, supplying pipes to a wide range of industries including infrastructure and automobiles. The company has five manufacturing plants strategically located across India. It has achieved recordbreaking sales in Q1FY25, reflecting its dedication to excellence, innovation and customer satisfaction. As compared to the same period last year, its Q1 sales volume surged by 45 per cent to 122,155 MT. This is a 13 per cent increase from Q4FY24’s sales volume of 107,721 MT. The company credits strategic initiatives such as product line expansion, enhanced marketing efforts and process optimisations for this accomplishment. Hi-Tech Pipes has posted a strong financial performance with compounded sales growth of 26 per cent and profit growth of 24 per cent over the last three years and a recent increase in promoter stake. However, while the current market sentiment is positive and the stock price might continue to rise in the short term, there are some warning signs: the PE is currently high at 52.2 times compared to the historical median of 20 times, the company’s top-line has declined year-over-year, borrowings have increased, and the working capital cycle has lengthened. As the stock is in momentum it may continue to rise for a while. But a wise decision would be book partial profit and HOLD the rest. 

Gokaldas Exports Ltd., a leading garment manufacturer based in India, has carved a niche for itself in the global apparel industry. Its expertise lies in designing, manufacturing and selling a diverse range of clothing for men, women and children. This comprehensive selection caters to every taste and season, encompassing outerwear for harsh weather, comfortable active wear for fitness enthusiasts and stylish everyday fashion pieces. The company boasts a healthy market capitalisation exceeding ₹6,500 crore and has shown impressive profit growth with a 34.7 per cent compound annual growth rate (CAGR) over the past five years. 

However, recent Quarterly Results show a mixed picture. While its net sales surged by 55.3 per cent to ₹812.42 crore in Q4FY24 compared to Q4FY23, the operating profit witnessed a more modest increase of 16.6 per cent to ₹90 crore. Disappointingly, the net profit declined by 6.2 per cent to ₹44.28 crore during the same period. Looking at the annual performance for FY24 compared to FY23, its net sales grew by a steadier 7 per cent to ₹2,378.88 crore, but operating profit and net profit saw declines of 4 per cent and 24.3 per cent, respectively, reaching ₹284.11 crore and ₹131 crore. 

Gokaldas Exports, despite its strong financials, has a high PE ratio of 51.4 times, which may be priced above its intrinsic value by investors. However, we anticipate robust demand growth in the coming quarters due to global apparel demand or new market penetration. The company is also focusing on margin improvement and operational enhancements to boost profitability and revenue growth. Despite the current valuation concerns, the company’s focus on growth and efficiency suggests a promising future. Also, we are expecting a slightly deep share price which will be a good time to make a fresh entry. 

Hence, we recommend BUYING the stock. 
 

GRM Overseas Ltd., a leading Indian company in the basmati rice industry, mills, processes and markets both branded and non-branded basmati rice for domestic consumption and international export. Its product range goes beyond just basmati rice and also includes flour (Shakti Chakki Fresh) and ready-to-cook biryani kits in various regional styles like those of Moradabad, Hyderabad and Lucknow. GRM Overseas has launched a new ‘Gulistan Kachi Ghani Mustard Oil’ in one and five litre packs to meet India’s growing demand for healthy options. To support this expansion, it has secured a significant investment of ₹136.5 crore from promoters and non-promoters. 

This capital will fuel three key areas: strengthening their ‘10X’ basmati rice brand domestically, improving operational efficiency and potentially acquiring strategic players within the food FMCG sector. On the international front, GRM Overseas is expanding its reach through a two-year distribution deal worth ₹600 million for ‘Tanoush’ basmati rice with Diplomat Georgia, aiming to leverage its presence in nearby regions. It has also secured a massive order from Yemen’s top basmati importer, further solidifying its position as a major player in that region. 

The company with a market capitalisation exceeding ₹1,200 crore displays promising signs for future performance. Its financial results for both the recent quarter (Q4FY24) and the fiscal year (FY24) have been strong. In a positive indicator of confidence in the company, its promoters have increased their stake to 72.16 per cent from 71.72 per cent in March 2023, and FIIs have increased their stake to 0.26 per cent from 0.07 per cent. The company trades at a reasonable PE of 20 times compared to the industry PE of 40 times while boasting an ROE of 20.1 per cent and ROCE of 15 per cent, indicating healthy profitability with growth. It has also recently launched a new product that is expected to contribute to future growth. Hence, we recommend HOLDING the stock. 

Jupiter Wagons Ltd., known for its railway freight wagons and components, has a broader reach through its subsidiary, Commercial Engineers and Body Builders Company Ltd. (CEBBCO). CEBBCO manufactures metal-fabricated products like shipping containers, truck bodies for various purposes (garbage collection, troop transport, etc.) and water tankers, serving a diverse range of industries like mining, construction and waste management. It has been winning orders across various sectors, including public and private rail and defence. The launch of electric light commercial vehicles and expansion into brake systems and specialised containers for data and battery storage are promising. 

According to the company’s financials, it has a market capitalisation of over ₹25,000 crore and has delivered good profit growth of 80.1 per cent CAGR over the last five years. In Q4FY24, the company delivered strong financial results. Its net sales surged 57 per cent YoY to ₹1,115.41 crore. The EBITDA followed suit, rising 71 per cent YoY to ₹158.95 crore. The company’s profit after tax (PAT) witnessed a significant increase of 166 per cent YoY to ₹106.23 crore. Its financial performance for FY24 was strong, with net sales increasing by 76 per cent to ₹3,643.73 crore. Its profit after tax (PAT) followed suit, surging 170 per cent to ₹333.74 crore. 

With a healthy cash flow and working capital plus a planned wheel set production increase, the company expects significant growth and improved margins across its business in FY25. It is poised to capitalise on growth opportunities in the Indian Railways sector through innovation, strategic partnerships and capacity expansion. JWL has established joint ventures with leading companies, focusing on brake systems, wheel sets and electric vehicles. Jupiter Electric Mobility manufactures electric light commercial vehicles. Also, the company has a robust order book of ₹71 billion (₹7,100 crore). Hence, we recommend HOLDING the stock. 




Sirca Paints India Ltd. is a major player in wood coatings and decorative paints. It offers a range of products under different brands, catering to both the luxury (Sirca) and the mass market (Unico) segments. It holds the top spot for premium wood coatings in North India and is among the top three nationwide. Sirca has a strong presence in Nepal, Bangladesh and Sri Lanka as an exclusive licensee for its products in those regions. To meet the growing demand, Sirca recently expanded its production capabilities by installing new automated lines specifically for high-end Italian wood coatings. 

Considering the financials, the company has a market capitalisation of over ₹ 2,000 crore and as of March 31, 2024, it is debt-free. In its quarterly results, the net sales increased by 21 per cent to ₹82.64 crore, operating profit increased by 29 per cent to ₹18.34 crore and net profit increased by 32 per cent to ₹12.51 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 16 per cent to ₹311.72 crore and net profit increased by 12 per cent to ₹51.43 crore in FY24 compared to FY23. The company is expanding rapidly through strategic acquisitions (‘Welcome’ brand) and partnerships (OIKOS for high-value paints). It is targeting aggressive growth in Asia Pacific exports and projects a significant revenue increase from wall paints. To achieve this, it is investing in new plants with capital expenditure of ₹10 crore and is aiming for high-capacity utilisation. The company is aiming for 40 per cent growth in 2025, focusing on wood coating and wall paint expansion. Sirca plans to double its overall volume over the next 2-3 years through organic and inorganic growth. Despite temporary disruptions in the polyurethane segment due to fluctuating demand, Sirca is confident in its position as an original equipment manufacturer (OEM) with established players like Sleek Kitchens and Godrej. 

Hence, we recommend BUYING the stock.