Sovrenn Daily News - 20th Sep 2024
Hariom Pipe Industries Ltd.
Recent filing: (FUND RAISE) BoD meeting of Hariom Pipes is scheduled on 24/09/2024 to consider fund raise.
SUMMARY: 6y Operating Profit uptrend | 2q Operating Profit uptrend | PE 40.2x (Sector PE range 10-50) | Excellent Jun-24 results | Fund Raise | Institutional Entry | Steel Products
FUTURE OUTLOOK: As per Jun-24 Investor Presentation, Company’s goal is to reach INR 2,500 Cr in Revenue by FY26 without compromising on profitability.
- MCap of INR 2,370 Crore (share price = INR 766 / share) (as on 20th Sep ‘24)
- TTM PE 40.2x (as on 20th Sep ‘24) Retail float = 14.7% (Jun-24)
FOOD FOR THOUGHT: Highly competitive sector, Volatility in raw material price.
Company Description: Hariom Pipe is a manufacturer of iron and steel products. It is an integrated steel manufacturer with a stronghold in the South Indian market. With a diverse product portfolio consisting of Mild Steel (MS) Billets Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, the products cater to a variety of industrial applications.
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EMS Ltd.
Recent filing: (ORDER & FUND RAISE) EMS has been awarded the status of lowest bidder (L-1) for its largest tender, valued at INR 681 Cr, by the Kolkata Municipal Corporation. This project involves the design, construction, testing, and commissioning, to be completed within 36 months, followed by a 15-year operation and maintenance (O&M) period. EMS Limited holds a 74% stake in the project, with the remaining 26% held by its joint venture partner.
BoD of EMS approved the issuance of equity shares for an aggregate amount not exceeding INR 400 Cr by way of qualified institutions placement (QIP).
SUMMARY: 5y Operating Profit uptrend | PE 27x (Sector PE range 10-50) | Institutional entry | Large Order | Orderbook of INR 1,800 Cr (Jun-24) (2x of TTM revenue) | Fund Raise | Acquisition | EPC | Water Infra
FUTURE OUTLOOK: As per the Q1FY25 Concall, Company projected a revenue growth of 25%-30% for FY25, with a target of around INR 1,000 Cr | Management is confident in maintaining EBITDA margins of 24%-26% | Company has a bid pipeline exceeds of INR 4,000 Cr, with expectations of converting 10%-15% into orders within one to two months.
- MCap of INR 4,523 Crore (share price = INR 814 / share) (as on 20th Sep ‘24)
- TTM PE 27x (as on 20th Sep ‘24) Retail float = 16.8% (Jun-24)
FOOD FOR THOUGHT: Negative Operating cash flow for FY24.
Company Description: EMS Limited is a multi-disciplinary EPC company, headquartered in Delhi that specializes in providing turnkey services in water and wastewater collection, treatment and disposal. EMS provides complete, single-source services from engineering and design to construction and installation of water, wastewater and domestic waste treatment facilities.
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Supreme Power Equipment Ltd.
Recent filing: (ORDER) Supreme Power Equipment has received new order of worth INR 26 Cr from Solar Energy Company, for Manufacturing and Supply of transformers, needs to be executed within 5 months.
SUMMARY: 2y Operating Profit uptrend | PE 41.2x (Sector PE range 30-70) | Institutional Entry |
FUTURE OUTLOOK: As per Q1FY25 Concall, Company is maintaining a revenue growth of 10% to 30% YoY | Company is planning to achieve revenue of more than INR 600 Cr when full capacity runs.
- MCap of INR 576 Crore (share price = INR 230 / share) (as on 20th Sep ‘24)
- TTM PE 41.2x (as on 20th Sep ‘24) Retail float = 19.1% (Mar-24)
FOOD FOR THOUGHT: High customer concentration risk
Company Description: Company is engaged in manufacturing, upgrading, and refurbishing a range of transformers, including Power Transformers, Windmill Transformers, Distribution Transformers, Isolation Transformers, Solar Transformers, Energy Efficient Transformers, Converters and Rectifier Transformers.