Minerva Capital Research Solutions Broker Research reports

Diagnostic Chains

Demand: Est. at 4,448 tons in CY2023 (valued at $306 Bn. at average value of $1,940 per ounce) bifurcated as
primarily (a) Jewellery: 49% (b) Bars & Coins: 27% (c) Central Banks: 23%

India water & wastewater treatment market expected to grow at CAGR of 6.2% (2023 to 2033) to reach $23.8 Bn. in 2033 from $13 Bn. in 2023 (Source: Marketysers Global Report | Denta Water & Infra Solutions Ltd.)

Company has total installed capacity of 678,000 MTPA of Rubber Black and 92,000 MTPA of Specialty Black which is set to cross total 1,000,000 MTPA by FY27 (increase of ~30%) spread across 5 locations in India.
Blended margins (EBITDA / MT) has been increasing Y-o-Y on account of increase in exports as well as product mix (performance and specialty chemicals).

Incorporated in Aug’1986 as Partnership Firm by Mr. Balkrishna Ramkaran Goyal and subsequently converted into Public Limited Co. in May’2018, Company is EPC player in construction and development of infrastructure projects (roads, highways, bridges & buildings) along with revenue diversification from Toll Collection Contracts (TCC), Ready Mix Concrete (RMC) Manufacturing, wind power generation, residential plotting projects with unexecuted order book of ~INR 873 Cr.

Durable, sustainable and versatile products to meet increasing real estate demand from urbanization
? Easy to install products with quicker turnaround time ensures real estate developers compliance with RERA timelines thereby increasing preference towards Company’s products
? Capability to produce multiple SKUs (different thickness, colors) in small to big batch sizes provides flexibility to developers to meet changing needs of urban population

Authorized by L&T, Siemens, Schneider Electric, TDK to manufacture fully type tested panels
?Strategic tie-ups to procure components directly without intervention of dealers
?In-house design team to produce panels compliant with International Standards (IEC) and Indian Standards (IS)

Incorporated in 2006 by Mr. Nilesh Patel (Chairman & Managing Director), Company manufactures
& supplies different range of electrical lamination cold rolled grain oriented (C.R.G.O.) - lamination core, slit coils, stacked cores, wound core & toroidal core mainly used in transformers (types: power, distribution, dry-type, high voltage / medium voltage, low voltage)