Monarch Networth Capital Limited Broker Research reports

has deep understanding of glass and glass products, which has come in handy. With a slew of technological advancements and high priority to automation, the opalware plant has been the prime mover of margin expansion. The Jaipur plant is expected to be a key driver for consumer business in the coming years. These advantages, coupled with encouraging...

demerger of HSIL Limited. Post demerger, SHIL would remain asset light by outsourcing production and only focus on marketing and distribution. The group has more than 6 decades experience in Sanitaryware segment with its legacy brand CMP Hindware being one of the oldest and largest sanitaryware brand in India. Leveraging on Hindware Brand', it has now expanded MCap into newer segments including Kitchen appliances, Water Heaters, Water coolers, Fans etc in Consumer Appliance business and Pipes and Fittings business. Thus expanding their addressable market by 10x to INR 40,0000crs. SHIL expects to grow its 52 W (H/L) revenue by ~20% CAGR and EBITDA by ~40% CAGR by FY25 largely on the back of Consumer and pipes business, . Overall Mar-22 TP...

Kirloskar Ferrous Industries Ltd. (KFIL's) announced acquisition of controlling stake (51%) in Indian Seamless Metal tubes (ISMT) at consideration of Rs4.77bn through purchase of ISMT's preferential shares, is an attempt at forward integrating the existing pig iron assets with few other synergies. While we believe in KFIL's plans to turnaround ISMT assets, it will come at additional cost. Completely merging the ISMT business will further need debt or equity dilution. Therefore, we believe that KFIL could have derived a better deal to lighten up medium term liabilities. We lower our TP to Rs310 (previously Rs360) and retain...

Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...

Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...

Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...

Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...

We initiate coverage on Refractories, riding on the current boom in the steel industry. Heavy financial stimulus for infrastructure projects - domestic and global is expected to keep demand for refractories robust in the near future. Historically, refractory companies have been steady revenue compounder with stable margins, net cash balance sheets and superior return ratios, a remarkable contrast to its customer steel sector, thereby largely obviating the severe cyclicity of commodity companies. We expect recycling and localisation to support margins for refractory players. We initiate on IFGL Refractories and RHI Magnesita India (RHIM) with a BUY rating with IFGL being our preferred pick....

We initiate coverage on Refractories, riding on the current boom in the steel industry. Heavy financial stimulus for infrastructure projects - domestic and global is expected to keep demand for refractories robust in the near future. Historically, refractory companies have been steady revenue compounder with stable margins, net cash balance sheets and superior return ratios, a remarkable contrast to its customer steel sector, thereby largely obviating the severe cyclicity of commodity companies. We expect recycling and localisation to support margins for refractory players. We initiate on IFGL Refractories and RHI Magnesita India (RHIM) with a BUY rating with IFGL being our preferred pick....

We initiate coverage on Refractories, riding on the current boom in the steel industry. Heavy financial stimulus for infrastructure projects - domestic and global is expected to keep demand for refractories robust in the near future. Historically, refractory companies have been steady revenue compounder with stable margins, net cash balance sheets and superior return ratios, a remarkable contrast to its customer steel sector, thereby largely obviating the severe cyclicity of commodity companies. We expect recycling and localisation to support margins for refractory players. We initiate on IFGL Refractories and RHI Magnesita India (RHIM) with a BUY rating with IFGL being our preferred pick....