Sushil Finance

📢 Re-Instating Coverage – Ethos Ltd.

We expect Ethos Limited to deliver revenue growth of approximately 85% by FY2028E over FY2025, driven by robust domestic luxury demand, aggressive store network expansion, and margin improvement supported by the India-Switzerland EFTA agreement. We estimate EBITDA and PAT margins to improve to approximately 14.7% and 8.4%, respectively, by FY2028E, reflecting operating leverage from store maturation and a favorable revenue mix shift toward exclusive brand partnerships. Our EPS estimates stand at Rs.41.4, Rs.56.4, and Rs.72.9 for FY2026E, FY2027E, and FY2028E, respectively. Assigning a P/E multiple of 40x on FY2028E EPS, we arrive at a target price of Rs.2,916, implying an upside of approximately 33% from the current market price of Rs.2,193. We initiate coverage on Ethos Limited with a BUY rating, with an investment horizon of 24–30 months.


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4 days ago | [YT] | 1

Sushil Finance

A new financial year, a fresh opportunity to make smarter, more informed decisions.
Here’s to steady growth and meaningful progress ahead.

#FinancialNewYear #SmartInvesting #SteadyGrowth #WealthJourney #InformedDecisions

4 days ago | [YT] | 0

Sushil Finance

📢 Re-Instating Coverage – VST Tillers Tractors Ltd.



With a strong presence in Indian power tiller market segment, VST plans to strengthen its presence through the launch of innovative products in this segment. Its strategy to expand geographically with high horsepower tractors should yield healthy margins. Apart from this, the net debt-free company has been reporting stable return ratios, strong cash generation & has been paying dividends consistently for years. Going forward, we expect the company to deliver an EPS of Rs.179 in FY28; assigning a target multiple of 34x, we arrive at a target price of Rs.6,120 showcasing an upside potential of 23% from current levels with an investment horizon of 18-24 months.



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1 week ago | [YT] | 0

Sushil Finance

🚀 IPO Brief by Sushil Finance - SAI PARENTERAL'S LIMITED

💊 Business Overview
Sai Parenteral's Limited is a diversified pharmaceutical formulations company focused on the research, development, and manufacturing of complex therapeutic products. The company is headquartered in Hyderabad, India.

The business operates through two key verticals:
🔹 Branded Generic Formulations for domestic and international markets
🔹 Contract Development and Manufacturing Organisation (CDMO) services

The company’s product portfolio addresses several important therapeutic areas including:
* Cardiovascular
* Anti-diabetic
* Neuropsychiatry
* Respiratory health

🏭 Manufacturing Capabilities
Sai Parenteral’s has advanced capabilities across multiple dosage forms such as:
* Sterile Injectables (liquid and dry powder)
* Tablets and Capsules
* Topical formulations

The company operates five manufacturing facilities located in Telangana and Andhra Pradesh, which are accredited by major regulatory bodies including:
✔️ TGA – Australia
✔️ WHO-GMP
✔️ PIC/S

🌍 Global Expansion Strategy
The company recently acquired a 74.64% stake in Noumed Pharmaceuticals Pty Limited, an Australia-based company.

This acquisition provides access to:
* 451+ approved dossiers and marketing authorizations
* Regulated markets including Australia and New Zealand

🔬 Future Growth Focus
Sai Parenteral’s is investing in a new dedicated R&D centre to accelerate the development of complex generics and strengthen regulatory filings.

📈 Financial Performance (FY25)
* Revenue from Operations: ₹ 1,631.06 million

Through strategic acquisitions and specialized manufacturing capabilities, the company aims to capture growing demand for high-quality and cost-effective pharmaceutical products globally.


🌟 HIGHLIGHTS
1️⃣ Diversified generic formulations player with strong track record
2️⃣ Strategically located and internationally accredited manufacturing facilities
3️⃣ Integrated end-to-end CDMO services from development to commercial manufacturing
4️⃣ Well-established domestic and international sales network
5️⃣ Proven track record of value-accretive acquisitions
6️⃣ Experienced promoters and senior management🚀 IPO Brief by Sushil Finance - SAI PARENTERAL'S LIMITED

💊 Business Overview
Sai Parenteral's Limited is a diversified pharmaceutical formulations company focused on the research, development, and manufacturing of complex therapeutic products. The company is headquartered in Hyderabad, India.

The business operates through two key verticals:
🔹 Branded Generic Formulations for domestic and international markets
🔹 Contract Development and Manufacturing Organisation (CDMO) services

The company’s product portfolio addresses several important therapeutic areas including:
* Cardiovascular
* Anti-diabetic
* Neuropsychiatry
* Respiratory health

🏭 Manufacturing Capabilities
Sai Parenteral’s has advanced capabilities across multiple dosage forms such as:
* Sterile Injectables (liquid and dry powder)
* Tablets and Capsules
* Topical formulations

The company operates five manufacturing facilities located in Telangana and Andhra Pradesh, which are accredited by major regulatory bodies including:
✔️ TGA – Australia
✔️ WHO-GMP
✔️ PIC/S

🌍 Global Expansion Strategy
The company recently acquired a 74.64% stake in Noumed Pharmaceuticals Pty Limited, an Australia-based company.

This acquisition provides access to:
* 451+ approved dossiers and marketing authorizations
* Regulated markets including Australia and New Zealand

🔬 Future Growth Focus
Sai Parenteral’s is investing in a new dedicated R&D centre to accelerate the development of complex generics and strengthen regulatory filings.

📈 Financial Performance (FY25)
* Revenue from Operations: ₹ 1,631.06 million

Through strategic acquisitions and specialized manufacturing capabilities, the company aims to capture growing demand for high-quality and cost-effective pharmaceutical products globally.


🌟 HIGHLIGHTS
1️⃣ Diversified generic formulations player with strong track record
2️⃣ Strategically located and internationally accredited manufacturing facilities
3️⃣ Integrated end-to-end CDMO services from development to commercial manufacturing
4️⃣ Well-established domestic and international sales network
5️⃣ Proven track record of value-accretive acquisitions
6️⃣ Experienced promoters and senior management

1 week ago | [YT] | 0

Sushil Finance

🚀 IPO Brief by Sushil Finance - AMIR CHAND JAGDISH KUMAR (EXPORTS) LIMITED

🌾 Business Overview
Amir Chand Jagdish Kumar (Exports) Limited is a prominent Indian processor and exporter of Basmati Rice and FMCG products.
Backed by over four decades of promoter experience, the company ranks as the third-largest player among its peer group in terms of revenue.

The company operates a fully integrated business model covering the entire value chain:
* Procurement
* Storage & Aging
* Processing
* Branding
* Distribution

🏷 Brand Portfolio
Its flagship brand “AEROPLANE” is widely recognized and supported by 40+ sub-brands catering to multiple segments including:
* Premium
* Medium
* Value
* HORECA (Hotels, Restaurants & Catering)

📦 Product Diversification
Recently, the company expanded into FMCG staples such as:
* Wheat Flour (Atta)
* Refined Flour (Maida)
* Semolina (Sooji)
* Salt
* Sugar

🌍 Market Presence
* Strong pan-India distribution network
* Exports to 38+ countries
* Major export focus on the Middle East

🤝 Distribution Network:
* 431+ domestic distributors
* 53 international distributors

🏭 Manufacturing Infrastructure
The company operates three key facilities:
* Two milling & processing plants in Punjab and Haryana
* One packaging unit in New Delhi

📊 Installed Capacity: 550,800 MTPA

📈 Financial Highlights (FY25)
* Revenue from Operations: ₹ 20,016.47 million
* Profit After Tax: ₹ 608.22 million

Under the leadership of promoters Jagdish Kumar Suri and Rahul Suri, the company is focusing on strengthening brand visibility and expanding its FMCG presence in India.


🌟 HIGHLIGHTS
1️⃣ Third largest rice exporter in India by revenue
2️⃣ Established and diversified brand portfolio
3️⃣ Fully integrated operations across the value chain
4️⃣ Extensive domestic and international distribution network
5️⃣ Strategically located processing facilities
6️⃣ Strong technology adoption and quality control systems
7️⃣ Robust intellectual property portfolio with 100 registered trademarks and 22 copyrights

1 week ago | [YT] | 0

Sushil Finance

🚀 IPO Brief by Sushil Finance - POWERICA LIMITED

⚡ Business Overview
Powerica Limited, incorporated in 1984, is an integrated power solutions provider engaged in the manufacturing, supply, and maintenance of power infrastructure.

The company operates through two key business divisions:

🔹 Generator Set Business
Powerica has a 40+ year strategic partnership with Cummins India as an OEM. The company supplies diesel generator sets ranging from 7.5 kVA to 3,750 kVA.
It also manufactures Medium Speed Large Generators (MSLG) in collaboration with HD Hyundai, with capacities up to 10,000 kVA.

These solutions cater to sectors such as:
* Data Centers
* Healthcare
* Manufacturing
* Infrastructure

The company operates three manufacturing facilities located in:
* Bengaluru
* Silvassa
* Khopoli

🔹 Wind Power Business
Established in 2008, the company operates as an Independent Power Producer (IPP) and also provides EPC and O&M services for wind power projects.

As of March 2026:
* 12 operational wind projects in Gujarat
* Total installed capacity of 330.85 MW
* Backed by long-term Power Purchase Agreements (PPAs) with utilities

🌱 Growth Strategy
Powerica is expanding into:
* Wind–Solar Hybrid Projects
* Renewable energy aftermarket services

The company has collaborations with GE Vernova and a framework agreement with Vestas for spare parts support.

📈 Financial Performance (FY25)
* Revenue from Operations: ₹ 2,653.27 Cr.
* EBITDA: ₹ 345.66 Cr.

This diversified portfolio positions Powerica to benefit from growing demand for backup power infrastructure and renewable energy expansion in India.


🌟 HIGHLIGHTS
1️⃣ Wide range of power solutions including DG sets and large generators
2️⃣ Long-term strategic partnerships with global leaders
3️⃣ Balanced business model across generator and renewable energy segments
4️⃣ Strong technical and project execution capabilities
5️⃣ Experienced management team with deep industry expertise
6️⃣ Diverse client base across healthcare, data centers, manufacturing, and infrastructure

1 week ago | [YT] | 0

Sushil Finance

🚀 IPO Brief by Sushil Finance - CENTRAL MINE PLANNING & DESIGN INSTITUTE LIMITED

⛏ Business Overview
Central Mine Planning & Design Institute Limited (CMPDIL) is a Mini Ratna (Category I) PSU and a wholly owned subsidiary of Coal India Limited (CIL), established in 1975.
The company is one of India’s largest coal and mineral consultancy firms, with a 61% market share (FY25), offering end-to-end solutions across the mining value chain — from exploration to mine closure.

📊 Core Business Verticals
* Geological Exploration & Resource Evaluation
* Mine Planning & Design
* Environmental Services
* Geomatics & Survey Services

🔬 Key Strength
Geological exploration contributes ~45.8% of revenue (9M FY25), making it the company’s core competency.

🤝 Client Base
* Ministry of Coal
* Coal India Limited
* State Governments
* Private Sector
* International Assignments

🏭 Infrastructure Strength
* One of India’s largest exploratory drill fleets
* Network of 7 regional institutes near major coalfields

🌱 Future Focus
* Clean energy initiatives like Coal Bed Methane (CBM)
* Expansion into non-coal minerals such as lithium, copper, and iron ore

📈 Financial Highlights (FY25)
* Revenue: ₹ 21,027.6 million
* PAT: ₹ 6,669.1 million
* Zero debt company

🌟 HIGHLIGHTS
1️⃣ Multidisciplinary service offerings
2️⃣ Strong parentage (Coal India backing)
3️⃣ Custodian of critical national mining data
4️⃣ Advanced infrastructure & lab network
5️⃣ Decades of expertise & experienced leadership
6️⃣ Robust financial performance

2 weeks ago | [YT] | 1

Sushil Finance

🚀 IPO Brief by Sushil Finance - RAJPUTANA STAINLESS LIMITED

🏭 Business Overview
Rajputana Stainless Limited (RSL), established in 1991 and headquartered in Gujarat, is a leading manufacturer of long and flat stainless-steel products. Operating under the “RSL” brand, the company offers a diverse range of products including:
🔹 Billets
🔹 Forging Ingots
🔹 Rolled Black & Bright Bars
🔹 Flats & Pattis
🔹 Wire Rods

These are available in 80+ different stainless-steel grades and cater primarily to B2B industrial sectors such as:
🚗 Automotive
⚙️ Engineering
🔩 Forging & Casting
🍽 Utensil Manufacturing

The company operates an integrated manufacturing facility at Panchmahal, Gujarat equipped with:
⚙️ Induction Furnaces
🔥 Argon Oxygen Decarburization (AOD) Units
🏭 Continuous Casting Machines (CCM)
🔧 Dedicated Bright Bar Shop

📊 Capacity (as of Sept 30, 2025)
* Melting Capacity: 48,000 MTPA
* Rolling Capacity: 36,000 MTPA

⚡ RSL also benefits from operational self-sufficiency with:
* Captive solar & wind power plants
* In-house oxygen & nitrogen generation

The company witnessed a major turnaround under its current promoters, transforming from a Non-BIFR sick unit in 1999 into a consistently profitable company by 2006.
📈 Financial Highlights (FY25)
* Revenue: ₹ 93,215.58 Lakhs
* PAT: ₹ 3,985.14 Lakhs

RSL has a strong domestic presence in Maharashtra, Gujarat, and Uttar Pradesh and exports to 9 countries including UAE and USA.
The company plans forward integration by setting up a 9,600 MTPA stainless steel seamless pipe unit to improve margins and expand market reach.

🌟 HIGHLIGHTS
1️⃣ Established & Integrated Manufacturing Infrastructure
2️⃣ Strategically Located Manufacturing Facility
3️⃣ Diverse & Specialized Product Portfolio
4️⃣ Strong Customer Relationships
5️⃣ Experienced Promoter & Management Team
6️⃣ Operational Self-Sufficiency & Cost Control
7️⃣ Proven Financial Track Record & Business Resilience

4 weeks ago | [YT] | 0

Sushil Finance

🚀 IPO Brief by Sushil Finance - RAJPUTANA STAINLESS LIMITED

🏭 Business Overview
Rajputana Stainless Limited (RSL), established in 1991 and headquartered in Gujarat, is a leading manufacturer of long and flat stainless-steel products. Operating under the “RSL” brand, the company offers a diverse range of products including:
🔹 Billets
🔹 Forging Ingots
🔹 Rolled Black & Bright Bars
🔹 Flats & Pattis
🔹 Wire Rods

These are available in 80+ different stainless-steel grades and cater primarily to B2B industrial sectors such as:
🚗 Automotive
⚙️ Engineering
🔩 Forging & Casting
🍽 Utensil Manufacturing

The company operates an integrated manufacturing facility at Panchmahal, Gujarat equipped with:
⚙️ Induction Furnaces
🔥 Argon Oxygen Decarburization (AOD) Units
🏭 Continuous Casting Machines (CCM)
🔧 Dedicated Bright Bar Shop

📊 Capacity (as of Sept 30, 2025)
* Melting Capacity: 48,000 MTPA
* Rolling Capacity: 36,000 MTPA

⚡ RSL also benefits from operational self-sufficiency with:
* Captive solar & wind power plants
* In-house oxygen & nitrogen generation

The company witnessed a major turnaround under its current promoters, transforming from a Non-BIFR sick unit in 1999 into a consistently profitable company by 2006.
📈 Financial Highlights (FY25)
* Revenue: ₹ 93,215.58 Lakhs
* PAT: ₹ 3,985.14 Lakhs

RSL has a strong domestic presence in Maharashtra, Gujarat, and Uttar Pradesh and exports to 9 countries including UAE and USA.
The company plans forward integration by setting up a 9,600 MTPA stainless steel seamless pipe unit to improve margins and expand market reach.

🌟 HIGHLIGHTS
1️⃣ Established & Integrated Manufacturing Infrastructure
2️⃣ Strategically Located Manufacturing Facility
3️⃣ Diverse & Specialized Product Portfolio
4️⃣ Strong Customer Relationships
5️⃣ Experienced Promoter & Management Team
6️⃣ Operational Self-Sufficiency & Cost Control
7️⃣ Proven Financial Track Record & Business Resilience

4 weeks ago | [YT] | 0

Sushil Finance

📢 Initiating Coverage – IFB Industries Ltd

IFB Industries Limited is a diversified manufacturing company operating across consumer durables and precision engineering, with a dual-segment structure comprising the Home Appliances Division (HAD) and the Engineering Division. This combination provides the company with exposure to both consumer-driven demand and industrial/automotive cycles, differentiating it from pure-play white goods manufacturers.

We expect IFB Industries Ltd. to deliver topline growth of ~37% by FY28E over FY25, driven by strong demand in Engineering Division, healthy margin expansion backed by management’s focus on cost optimization, and healthy financials profile along with net debt free position. Furthermore, we estimate the company to improve profitability, with EBITDA and PAT margins at ~6.9% and ~3.1%, respectively, in FY28E. Our EPS estimates stand at Rs.35.7, 45.6, 51.6 for FY26E, FY27E and FY28E, respectively. Assigning a P/E of 28X we have arrived at a target price of 1,444 which gives an upside of 32% from CMP of Rs.1,093, within an investment horizon of 24-30 months, we initiate coverage on IFB Industries Limited with a BUY rating.


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1 month ago | [YT] | 0