Bondada Engineering Fund Raise & Order, Transformers & Rectifiers Acquisition And Tejas Networks New Project
Bondada Engineering Ltd.
Recent filing: (FUND RAISE & ORDER) Board meeting is scheduled to be held on 7th December, 2024 to consider fund raise.
Bondada Engineering has received a work order worth INR 109 Cr from Bihar Renewable Energy Development Agency for design, supply, installation, testing, commissioning with comprehensive maintenance contract for 5 years including remote monitoring systems of smart solar street light system on the identified existing electric pole under Mukhyamantri Gramin Solar Street Light Yojana in Bihar State on EPC basis in 18 months.
SUMMARY: 4y Operating Profit uptrend | 4h Operating Profit uptrend | PE 98.1x (Sector PE range 30-50) | Excellent Sep-24 results | Fund Raise | Large Order | Orderbook of INR 5,342 Cr (as of 30 Sep 2024) (5.4x of TTM revenue) | 5G+Solar Infrastructure
FUTURE OUTLOOK: As per the Zee Business Interview, Management expects to double its revenue and net profit in FY25. It has also given the guidance of INR 4,000 Cr of revenue by FY27, which is a 5x growth over 3 years and expects a PAT of INR 300-340 Cr | As per H1FY24 Investor Presentation, Company has 2 GW projects in hand, Ambitious target of 10+ GW by 2030 and 600+MW commissioned till date and aims to become one of the “Top Five EPC Companies in India” by 2030 | Apart from telecom and renewable energy, the company is planning to enter Railway.
- MCap of INR 6,421 Crore (share price = INR 594 / share) (as on 5th Dec ‘24)
- TTM PE of 98.1x (as on 5th Dec ‘24) Retail float = 15.4% (Sep-24)
FOOD FOR THOUGHT: PE is above sector range.
Question 1: Who are the promoters of Bondada Engineering?
Bondada is an infrastructure company that specializes in offering engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services to clients in the telecom and solar energy sectors across India. Its expertise encompasses core design and engineering, with a focus on passive telecom infrastructure services such as construction, operation and maintenance of telecom towers, optical fiber cables and related infrastructure.
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Transformers & Rectifiers (India) Ltd.
Recent filing: (ACQUISITION) Transformers & Rectifiers signed a Share Purchase and Shareholders' Agreement to acquire a controlling stake in Posco Poggenamp Electrical Steel Pvt. Ltd., a leading CRGO lamination manufacturer with a capacity of 24,000 MT per annum. This strategic move integrates CRGO processing into Company's operations, enhancing EBITDA margins by 100-150 bps while generating additional revenue by serving external customers.
SUMMARY: 5y Operating Profit uptrend | 1q Operating Profit uptrend | PE 128x (Sector PE range 30-70) | Excellent Sep-24 results | Fund raise | Acquisition | Institutional Entry | Ace Investor | Orderbook of INR 3,500 Cr (Sep-24) (2x of TTM revenue) | Capital Goods - Electrical Equipment
FUTURE OUTLOOK: As per Q2FY25 Concall, Company Chairman anticipated journey towards US\$ 1 Billion (INR 8397 Cr) Revenue in next 3 Financial Years has started. (71% CAGR).
- MCap of INR 15,457 Crore (share price = INR 1,030 / share) (as on 5th Dec 2024)
- TTM PE 128x (as on 5th Dec 2024) Retail float = 14.3% (Sep-24)
FOOD FOR THOUGHT: PE is above sector range.
Question 1: Who are the promoters of Transformers & Rectifiers?
Transformers & Rectifiers (India) Ltd. is a leading manufacturer of transformers up to 1,200 kV class. It manufactures a wide range of transformers like power and distribution transformers, furnace transformers, rectifier transformers and special transformers. It has a technical collaboration with Fuji, Japan for 400/765 kV reactors and 400 kV generator transformer. It has a diversified customer base in India with international presence in over 25 countries.
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Tejas Networks Ltd
Recent filing: (NEW PROJECT) Tejas Networks has been chosen as the primary broadband equipment supplier for Tamil Nadu's BharatNet Last Mile Connectivity project, implemented by TANFINET with Polycab India as the Master System Integrator. The project aims to provide high-speed connectivity to 50,000 government institutions and enable FTTH services for rural households.
SUMMARY: 3y Operating Profit uptrend | PE 50.6x (Sector PE range 30-60) | Excellent Sep-24 results Orderbook of INR 4,845 Cr (Sep-24) | 5G
- MCap of INR 22,981 Crore (share price = INR 1,342 / share) (as on 5th Dec ‘24)
- TTM PE 50.6x (as on 5th Dec ‘24) Retail float = 13.7% (Sep-24)
FOOD FOR THOUGHT: Negative operating cashflow for FY24.
Question 1: Who are the promoters of Tejas Networks?
Tejas Networks designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Tejas Networks Ltd. is a part of the Tata Group, with Panatone Finvest Ltd. (a subsidiary of Tata Sons Pvt. Ltd.) being the majority shareholder.