Teerth Gopicon And HBL Engineering Order, Refex Industries Partnership
Teerth Gopicon Ltd.
Recent filing: (ORDER) Teerth Gopicon received a Letter of Award from NHPC, for a 70 MW solar power project in Bhachau, Gujarat, under the 1200 MW ISTS-connected solar project (NHPC-Tranche-IX) with a Green Shoe Option. The project must be executed within 24 months of the PPA's effective date.
SUMMARY: 4y Operating Profit uptrend | 3h Operating Profit uptrend | PE 21.9x (Sector PE range 10-50) | Excellent Sep-24 results | Promoter Buying | IPO | Orderbook of INR 1,081 Cr (8th Nov-24) (7.9x of TTM revenue) | Water Infra
FUTURE OUTLOOK: As per the Sep-24 Analyst Meet, the Company has given Revenue guidance of INR 250-300 Cr for FY25 (2.6x growth) with a 13-13.5% PAT margin and a Revenue guidance for FY26 of INR 750-900 Cr for FY26 with a 13.5-14% PAT margin.
- MCap of INR 386 Crore (share price = INR 322 / shar5 March‘ 5th Mar ‘25)
- TTM PE 21.9x (as on 5th Mar ‘25) Retail float = 22.1% (Sep-24)
FOOD FOR THOUGHT: Highly competitive sector
Question 1: Who are the promoters of Teerth Gopicon?
The Company specializes in road construction, sewerage work, and water distribution projects in Madhya Pradesh, and has also subcontracted residential tower construction in Indore. As an EPC contractor, it provides detailed project engineering, procurement of materials and machinery, project execution, and operation and maintenance services.
Share price and Volume (last 1 year):
Website: https://www.teerthgopicon.com/
LT OP = Long-term operating profit; ST OP = Short-term operating profit.
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HBL Engineering Ltd
Recent filing: (ORDER) HBL-Shivakriti Consortium, led by HBL, received an INR 148 Cr order from West Central Railway's Bhopal Division for implementing KAVACH in the Bina-Itarsi-Jujharpur and BPL-SHRN sections. The domestic contract must be completed within 540 days.
SUMMARY: 4y Operating Profit uptrend | PE 37.8x (Sector PE range 30-70) | Capital Goods – Electrical equipment
FUTURE OUTLOOK: As per the FY24 Annual Report, FY 25 sales may be about the same as FY 24 because no Kavach tenders were issued from Feb 6 to Aug 6, 2024. FY 26 sales may be 30% more than FY 25 sales because Kavach tenders were issued in August 2024. FY 27 and FY 28 may have compound sales growth of about 20 % a year over FY 26.
- MCap of INR 12,465 Crore (share price = INR 450/ shar5 March‘ 5th Mar ‘25)
- TTM PE 37.8x (as on 5th Mar ‘25) Retail float = 27.5% (Dec-24)
FOOD FOR THOUGHT: Working capital-intensive business
Question 1: Who are the promoters of HBL Engineering?
HBL is a company that creates advanced products to meet India's technology needs. For over 40 years, they have worked in industries such as it has aviation, defense, railways, and energy. One of its key achievements is developing railway safety systems to improve the security and capacity of Indian railways. HBL is now focusing on electric vehicles (eMobility), providing India with locally made motors and batteries for eco-friendly transport.
Share price and Volume (last 1 year):
Website: https://www.hbl.in/
LT OP = Long-term operating profit; ST OP = Short-term operating profit
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Reflex Industries Ltd.
Recent filing: (PARTNERSHIP) Reflex Industries subsidiary has partnered with a major ride-hailing platform to introduce 1,000 electric four-wheelers (e4Ws) across Chennai, Hyderabad, Bengaluru, and Mumbai in FY26.
SUMMARY: 1y Operating Profit uptrend | PE 36.0x (Sector PE range NA) | Excellent Dec-24 results | Business expansion (EV Leasing) | Acquisition | Fund raise | Partnership | Promoter buying | EV Leasing
FUTURE OUTLOOK: As per the Q1FY25 Investor Presentation, the Company is entering into MOUs and alliances with industry associations and environmental organizations for collaborative sustainability initiatives | The Company is investing in R&D efforts to explore innovative technologies and processes for ash recycling and utilization, aiming for a revenue growth of 2X through these strategic initiatives | Company will focus on increasing its fleet size to 5,000 EVs by the end of FY27
- Mcap of INR 5,177 Crore (share price = INR 401 / shar5 March‘ 5th Mar ‘25)
- TTM PE 36.0x (as on 5th Mar ‘25) Retail float = 25.4% (Dec-24)
FOOD FOR THOUGHT: Presence of high counterparty risk in the revenue profile
Question 1: Who are the promoters of Refex Industries?
Reflex Industries is the first mover in the Refrigerant Gas Vertical. It has an expertise in manufacturing & refilling of refrigerant gases replacing chloro-fluoro-carbons. It recently incorporated a wholly owned subsidiary named 'Reflex Green Mobility.' 'Refex eVeelz' is the subsidiary's brand. Refex eVeelz is one of India's all-electric 4-wheeler fleets, providing an eco-friendly and environmentally conscious transport solution to corporate employees and other commuters. It offers a 100% EV fleet, drivers, infrastructure, and technology. The company is also into the space offering services to power plants like handling and disposal of Fly Ash, round-the-clock plant services for coal yard management, crushing of uncrushed coal, and Coal trading to power plants.
Share price and Volume (last 1 year):
Website: https://www.refex.co.in/
LT OP = Long-term operating profit; ST OP = Short-term operating profit
