My Wealth Train

My Wealth Train

6/21/2025, 2:54:25 PM

Texmaco Rail & Engineering Q4FY25 Financial Results – Texmaco Rail & Engineering – Manufacturing rolling stock, hydro-mechanical equipment, steel castings & construction of Rail EPC, bridges, and other steel structures. Business Segments – => Freight Cars Division – In this segment, company manufacturers 20 types of freight cars for Indian Railways which includes high-payload stainless and high-tensile steel wagons, tank wagons, hopper wagons, and commodity-specific special-purpose wagons. Texmaco is one of the largest suppliers of freight cars in India, producing one out of every 4 wagons operating on IR network. Company also operates a steel foundry division dedicated to railway castings and it is among the leading exporters of Railway Castings from India. => Rail & Green Energy – Company undertakes EPC contracts for the execution of railway track, Signaling, & Telecommunication projects. => Electrical Infra - Design, supply, construction, and installation for railway electrification as well as the installation of transformers and substations. Financial Performance – Q4FY25 - ➡️Revenue – Rs. 1346 CR (⬆️17.6%) ➡️EBITDA – Rs. 114 CR (⬆️10.8%) ➡️EBITDA margin: 8.5% vs 9% in Q4FY24 ➡️ PAT – Rs. 39 CR (⬇️13.5%) ➡️ PAT margin: 2.9% vs 4% in Q4FY24 ➡️Wagons: 2,597 vs 2,304 in Q4FY24 ➡️Steel Foundry Sales: 10,540 MT vs 12,221 MT Q4FY24 FY25 Performance – ➡️Revenue – Rs. 5107 CR (⬆️45.8%) ➡️EBITDA – Rs. 525 CR (⬆️57.6%) ➡️EBITDA margin: 10.3% vs 9.5% in FY24 ➡️ PAT – Rs. 249 CR vs Rs. 113 CR in FY24 ➡️ PAT margin: 4.9% vs 3.2% in FY24 Revenue Break-up => Freight Car Division – 80% => Rail & Green Energy – 10% => Electrical – 10% Order Book - Texmaco Rail & Engineering has a total order book of Rs. 7000 CR as of 31st March’2025. => Freight Car Division – 49% => Steel Foundry – 2% => Rail & Green Energy – 10.4% => Infra – Electrical – 24% => Components – 0.2% => Others – 14% Freight Car Order Book - => Indian Railways – 79% => Private Sector & Export – 21% Concall Summary - Key Strategic Partnerships – ▪️Texmaco entered 2 partnerships – Trinity Rail (USA) & Nevomo (Europe); Setting up Global Capability Center Faridabad. ▪️Trinity – Manufactures Rolling stock and other components; Tapping North America and global rolling stock/components market; Texmaco will act as a sourcing hub for Trinity from India and leverage upcoming GCC in Faridabad. Transactions expected to start in FY26. ▪️Nevomo (Europe) – Manufactures high speed rail and predictive diagnostics. Major technology is the MagRail - linear propulsion tech; Pilot project expected to launch in FY26; Focus on pilot projects in Port/Mines and targeting 20-35% efficiency improvements in cargo handling. ▪️Wabtec – 40% JV – company manufactures world class braking system and components for India and US markets. ▪️Texmaco West Rail – Boosted by Rs. 450 CR now; Jindal Rail revenue Rs. 900 CR & PBT > Rs. 125 CR ▪️Demerger of Infra Rail and Green Energy – Management informed that the schemes have been filed in the exchanges and approval is expected by Jan’26 aiming for unlock value, enhance focus. EBITDA Margin Commentary - ▪️Margins were lower in Q4 due to one-time provisions of Rs. 20-25 CR. Eliminations adjustments for dividend and intercompany interest ▪️Though FY25 margins were better and in line with other peers as well ▪️Margins will continue to sustain in double digits and further improve to business mix. Business Mix, Order Book & Capacity Expansion – ▪️Company delivered around 10,612 units of Freight car in FY25 which is a growth of 51% from 7,028 wagons in FY24 and its also includes Jindal Rail output ▪️Foundry division sales were around last year only 41,500 tons but expect to be around 50,000 tons in FY26. Foundry casting revenue Rs. 750 CR & Hi-tech components more than Rs. 50 CR and both booked under Freight Car Division ▪️Texmaco gets 65% business from Indian Railways & 35% from Private and export market for freight cars. Company has delivered around 2000 units of private wagons in FY25 ▪️Segmental revenues – Freight cars: Rs. 4,300 CR; Rail & Green energy: Rs. 438 CR & Electrical – Bright Power: Rs. 368 CR. Bright Power EBITDA margins is 16% and order book of around Rs. 1600 CR ▪️Management expects export to contribute around 20-25% across verticals which is currently around 2-5% ▪️Indian railways are expected to tender around 1.5 lakh wagons in next 3-4 years. ▪️Passenger Rolling Stock (Saira Asia JV) – Texmaco has secured order Rs. 23 CR for Vande Bharat and expects Saira to export products even. ▪️Odisha Foundry is still in preparatory stage and current focus is to produce 50,000 tons from existing capacity. ▪️Texmaco Nymwag facility – Management focus on to make a boutique premium facility and can be operational in FY26 with around 2000 wagons p.a. Operational Insights - ▪️Wheelsets shortages impacted the wagon production volumes however there has been a significant improvement in last week of FY25 in RWF supply and expects normalizations from FY26. ▪️Texmaco management is exploring options for in-house or JV-based wheelset manufacturing but no immediate plans unless long-term ROI is clear ▪️Private Wheel segment faced disruption due to geopolitical issues however it is improving; Management expects private demand growth inline with GDP and infra capex; production expects to exceed FY25 levels ▪️Receivables increased in Q4 due to inclusion of Texmaco West and timing of large wheelset sales at the year end. ▪️Management asserted with regards to low OCF to working capital absorption, capex and debt repayment however expects improvement as multiplier effect of acquisition plays out. ▪️Fixed Assets jumped from Rs.428 CR to Rs. 883 CR in FY25 due to acquisition of Jindal Rail and additional capex to expand internal infrastructure and support GCC ▪️Credit Rating – CARE upgraded the rating of Texmaco to CARE A (long-term) & CARE A-1 (short-term) reflecting improved credit performance. Future Guidance & Outlook – ▪️Management expects to beat the production of wagons in FY26 as compared to FY25 indicating strong demand both in private and export markets ▪️Company is targeting 40% CAGR in Freight Car Division led by private and exports, confident about upcoming tenders from Indian Railways. Capex to be in line with last year. ▪️Key risk will be wheelset shortages for short-term though things will improve from Q1FY26, low OCF conversion though management has asserted it will improve. ▪️Management is confident of the future growth prospects with strong order book visibility and strategic acquisitions to boost the growth and focus on the export markets, GCC and value added products.

My Wealth Train

6/20/2025, 2:37:28 AM

KAYNES TECHNOLOGY: Launches QIP with a floor price of ₹5,625.75/share to raise growth capital. The issue opened on June 19, 2025, with a possible 5% discount under SEBI norms. Move signals strong valuation confidence and supports expansion plans.

My Wealth Train

6/20/2025, 2:36:58 AM

SAMVARDHANA MOTHERSON: Forms 51:49 JV with South Korea’s Egtronics to manufacture EV power electronics for commercial vehicles. The India-based JV boosts clean mobility offerings with Egtronics’ patented tech portfolio. Move strengthens Motherson’s EV value chain and global reach.

My Wealth Train

6/17/2025, 2:17:01 PM

EVENING BULLETIN 🚦 Date: 17-Jun-2025* --- 📍 *ORDER WIN* *POLYCAB*: Wins ₹6,447 Cr BharatNet broadband project from BSNL across Karnataka, Goa & Puducherry. *SIEMENS*: Secures ₹1,230 Cr share in ₹4,100 Cr Bullet Train consortium deal for Mumbai–Ahmedabad corridor. *RAMINFO*: Bags ₹474 Cr rooftop solar order from Rajasthan Renewable Energy Corp via SPV. *CG POWER*: Wins record ₹641 Cr order from PGCIL for 765kV transformers. *NBCC*: Gets ₹172.46 Cr order to construct UCO Bank HQ in Kolkata. *EMS LIMITED*: Emerges L-1 bidder for ₹183.81 Cr UP Jal Nigam sewerage project. *BRAHMAPUTRA INFRA*: Wins ₹24.33 Cr orders from NHAI and Assam Water Dept. *ITCONS*: Bags ₹62.66 Lakh manpower services order from WIPRO, execution by Nov 30, 2025. *RAILTEL*: Receives ₹43.99 Cr LOI for Mizoram Fibre Grid Network from Zenics. --- 📍 *ACQUISITION* *METROPOLIS HEALTHCARE*: Completes acquisition of Dr. Sharma’s Scientific Pathology on June 16, 2025. *DRC SYSTEMS*: To acquire 50.1% stake in Inexture Solutions for up to ₹1 Cr in cash. *MAITHAN ALLOYS*: Buys 0.001% stake in GAIL for ₹1.25 Cr as financial investment. *PNB*: Sells entire 20.9% stake in India SME ARC to Authum Investment for ₹34.05 Cr. *BHAGYANAGAR INDIA*: Divests 21.42% stake in Surana Electrix for ₹1.33 Cr. *RASHI PERIPHERALS*: Exits 51% stake in Znet Technologies for ₹2 Cr. *TRIDENT*: Exits wholly-owned unit Trident Home Textiles for ₹1.07 Cr. --- 📍 *COLLABORATION* *HCL TECH*: Partners with Spain’s ASISA to digitally transform Iberian healthcare market. *RATEGAIN*: Air Montenegro adopts AirGain platform for airfare pricing optimization. --- 📍 *LEADERSHIP CHANGES* *(No relevant news)* --- 📍 *NEW PROJECTS* *HIND ZINC*: Approves ₹12,000 Cr zinc smelter at Debari under its 2x growth plan. *TAYLORMADE RENEWABLES*: Gets patent for eco-sugar tech, NFCSF approval valid till 2028. --- 📍 *FUNDRAISING* *SAKAR HEALTHCARE*: Completes preferential issue by converting warrants worth ₹8.64 Cr. --- 📍 *CREDIT RATINGS* *(No relevant news)* --- 📍 *FII STAKE CHANGES / BOUGHT–SOLD* *HFCL*: Promoters sell 2.79% stake between June 5–16, 2025 via open market. *HIND ZINC*: Promoter Vedanta plans to sell up to ₹7,500 Cr worth shares via block deals – CNBC. --- 📍 *IPO* *(No relevant news)* --- 📍 *Q4 / BUSINESS UPDATE* *YES BANK*: Receives ₹78 Cr from Security Receipts Trust, exceeding book value; positive asset recovery. --- 📍 *USFDA / REGULATORY* *NELCO*: Gets 10-year DoT license for VSAT-VNO services, enabling satellite-based communication expansion. --- 📍 *CLARIFICATION* *(No relevant news)* --- 📍 *LAUNCHES* *MARUTI SUZUKI*: Launches 2025 Grand Vitara S-CNG with 6 airbags at ₹13.48 lakh base price. *PN GADGIL*: Launches ‘Litestyle’ brand for lightweight jewellery; targets 100 stores by 2030. *ALLIED BLENDERS*: Launches Russian Standard Vodka in India to tap premium spirits market. *VEERHEALTH*: Ayuveer brand goes live on Myntra; targets ₹35–40 Cr FY26 revenue. --- 📍 *INCORPORATE / CORPORATE STRUCTURE* *CENTRAL BANK*: To launch insurance JV with Generali; 4,541 branches to aid distribution. --- 📍 *IT NEWS* *MCX*: To launch electricity derivatives in 2025; expands product suite and market participation. --- 📍 *TAX ORDER* *(No relevant news)* --- 📍 *ADDITIONS* *INTERGLOBE AVIATION*: IndiGo to start Assam–Delhi flights from Sept 20, expanding regional network. --- 📍 *OTHERS* *SEAMEC*: JV acquires vessel ‘Chennai Valarachi’ for \$7.88 Mn; on 42-month charter for \$9.15 Mn revenue. *RANE (MADRAS)*: To sell 3.48 acres surplus land in Chennai; unlocks capital for growth. *DELHIVERY*: CCI approves acquisition of 99.44% stake in Ecom Express. *MAHINDRA*: Gets CCI nod for SML Isuzu acquisition. *DAVIN SONS*: Relocates Gurugram warehouse due to lease expiry; operations unaffected. *ONGC*: Gas leak at Assam well ongoing for 4 days; relief measures in place. *BAAZAR STYLE*: Resumes operations at Dhuliyan store post disruption; insurance claim underway. *ELECTROSTEEL CASTINGS*: Begins 10–12 day planned maintenance shutdown at Khardah unit. --- 📍 STAY UPDATED 🚦

My Wealth Train

5/15/2025, 5:22:04 PM

KAYNES TECHNOLOGY INDIA – Q4 FY2025 • Revenue: ₹984 crore (YoY: ₹673 crore, +46.2%) • Net Profit (PAT): ₹116 crore (YoY: ₹81.3 crore, +42.7%; QoQ: ₹66.5 crore, +74.4%) • EBITDA: ₹168 crore (YoY: ₹95.2 crore, +76.5%) • EBITDA Margin: 17.05% vs 14.94% (YoY)

My Wealth Train

5/15/2025, 5:39:37 PM

BLS INTERNATIONAL – Q4 FY2025 • Revenue: ₹693 crore (YoY: ₹450 crore, +54%) • Net Profit (PAT): ₹135 crore (YoY: ₹80.8 crore, +67%; QoQ: ₹121 crore, +11.6%) • EBITDA: ₹174 crore (YoY: ₹90.3 crore, +92.7%) • EBITDA Margin: 25.13% vs 20.17% (YoY) • Dividend: ₹1 per equity share (Final) ⸻ Verdict: Absolute blockbuster quarter! Every metric firing – revenue growth, margins expansion, and solid PAT jump. Continued demand in visa outsourcing and citizen services driving scale and profitability.