Kilburn Engineering Institutional Buying, J Kumar Infraprojects Order And Zaggle Prepaid Ocean Services Agreement

Kilburn Engineering Ltd.

Recent filing: (INSTITUTIONAL BUYING) Aionis Alpha Fund I bought 2.5L shares of Kilburn Engineering at INR 480/share, aggregating to INR 12 Cr.

SUMMARY: 4y Operating Profit uptrend | 1q Operating Profit uptrend | PE 36.5x (Sector PE range 30-60) | Fund raise | Acquisition | Promoter buying | Institutional entry | Orderbook of INR 354 Cr (Sep-24) | Capital Goods – Non Electrical Equipment

FUTURE OUTLOOK: As per Q2FY25 Concall, projected a revenue of INR 500 Cr for FY25. By Q2FY25, the revenue growth outlook for FY25 remained unchanged (52% Growth), and the company further provided guidance of INR 700-750 Cr (45% Growth) in revenue for FY26 | Company is optimistic about achieving a consolidated EBITDA margin of 20%+ in the coming years | Company has INR 2,000 Cr worth of Orders in the inquiry pipeline.

  • MCap of INR 2,187 Crore (share price = INR 483 / share) (as on 19th Dec ‘24)
  • TTM PE of 36.5x (as on 19th Dec ‘24) Retail float = 14.4% (Sep-24)

FOOD FOR THOUGHT: Working capital extensive business.

Question 1: Who are the promoters of Kilburn Engineering?

Company offers comprehensive range of dryers for solid, liquid and gas to cover wide range of industries: chemical, petrochemical, oil & gas, refineries power, steel, cement, fertilizer, mining, sewage treatment, food etc. It also manufactures specially designed packages for onshore and offshore applications.

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J Kumar Infraprojects Ltd.

Recent filing: (ORDER) J Kumar Infraprojects has received a Letter of Award from NBCC (India) for the INR 632 Cr project to develop Hari Nagar Colony of Delhi Transport Corporation (DTC) in Delhi, to be completed in 27 months.

SUMMARY: 4y Operating Profit uptrend | PE 16.2x (Sector PE range 10-50) | Orderbook of INR 18,721 Cr (Sep-24) (3.6x of TTM Revenue) | Ace Investor | Institutional entry | Large Order | Infrastructure

FUTURE OUTLOOK: As per the Q1FY25 Concall, Company wants to be a \$1 billion revenue company by FY27 with the order book of around INR 25,000 Cr Company anticipated top-line growth for FY25 is around INR 5,600 to 5,700 Cr.

  • MCap of INR 5,859 Crore (share price = INR 774 / share) (as on 19th Dec ‘24)
  • TTM PE 16.2x (as on 19th Dec ‘24) Retail float = 10.8% (Sep-24)

FOOD FOR THOUGHT: Highly competitive sector.

Question 1: Who are the promoters of JKumar Infraprojects?

JKumar Infraprojects is engaged in the business of constructing Flyovers, Bridges & Roads, Skywalks, Urban infra, Dams & Canals, Underground Metro and Railways. Its executed projects include Mumbai Metro line 7 and 2A, Delhi Underground Metro, Ahmedabad metro, Grant Road Skywalk etc.

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Zaggle Prepaid Ocean Services Ltd

Recent filing: (AGREEMENT) Zaggle Prepaid will provide its Zaggle Save solution to Narayana Hrudayalaya Limited for employee expense management and benefits till FY27.

SUMMARY: 2y Operating Profit uptrend | PE 91.7x (Sector PE range 30-50) | Excellent Sep-24 results | Acquisitions | Ace Investor | Institutional entry | IT

FUTURE OUTLOOK: As per Q2FY25 Investor Presentation, Company is raising its guidance to a 50-55% increase in topline growth for FY25 and is highly confident in doubling FY24 revenues within the next two years | Company has a seasonality where 35% to 40% of business comes in the first 2 quarters and about 60% to 65% comes in H2, which is the Q3 and Q4.

  • MCap of INR 6,551 Crore (share price = INR 533 / share) (as on 19th Dec ‘24)
  • TTM PE 91.7x (as on 19th Dec ‘24) Retail float = 20% (Sep-24)

FOOD FOR THOUGHT: PE is above sector range.

Question 1: Who are the promoters of Zaggle Prepaid Ocean Services?

Incorporated in 2011, Zaggle is a uniquely positioned player in the FinTech industry, offering a diversified range of products and services. Company’s portfolio includes a variety of SaaS solutions, such as expenses, payments, and rewards management software, which cater to a wide array of touchpoints.

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