If I have to consider active MF I track portfolio for last 5 years and see how they mange the fund and try to read fund manger commentary on different times. Key things I look in portfolio review

1. Churn rate.
2. What is the holding period.
3. What are its key large holding.
4. Wat are its failures.

EV Value Chain

Fig 1: The entire value chain of the EV industry along with their EBITDA margins

1. Cell manufacturing, Battery Management System and battery packaging

The first segment in the value chain is Cell manufacturing, Battery Management Systems and battery packaging. This segment has an EBITDA margin of 15-20%. A battery cell is the basic unit of a battery. A battery pack is an assembly of multiple battery cells. These battery packs are the energy storage system of an EV. BMS or battery management system is the brain of the battery which maintains the health and performance of a battery.

Examples of companies in this segment are LOHUM Cleantech, Battrixx in Cell Manufacturing and Cyient in BMS. The traditional battery giants Exide and Amara Raja have both announced their entry in this segment.

This segment also contains battery chemical producers like Gujarat Fluorochem, Ami Organics, Neogen Chemicals, Tata Chemicals etc.

2. Electrical systems, Mechatronics and Thermal Management

The second segment is Electrical systems, Mechatronics and Thermal Management of EV components. Here, some businesses specialize in manufacturing various parts that make up an electric vehicle and this includes everything from motors to inverters which contribute to the overall performance and efficiency of the EV. This segment has a 7-10% EBITDA margin. Some examples are Tata AutoComp, Sona Comstar, ElectraEV and Schaeffler.

3. Software and Telematics

The third segment is software and telematics which has an EBITDA margin of 15-20%. Just like your phone has sophisticated software even EVs are run by software. The electronic control units in EVs manage the battery, control the motor and user interface. This software is crucial for the efficient and safe operation of vehicles and this means as we move towards EVs and as more and more cars get connected to the internet, we will see a huge surge in in-car applications.

Tata Technologies, KPIT Tech, Cyient, ElectraEV etc are companies in this segment.

4. OEMs

The fourth segment is that of new age OEMs or original equipment manufacturers and they have an EBITDA of 8-10%. In this segment, you have companies like Tata Motors, Ather Energy, Ola, Atul Auto, Bajaj Auto, Kinetic Auto, Hero Motors etc which produce, design engineer and assemble EVs.

5. Charging Ecosystem

The fifth segment is for the charging ecosystem which has an EBITDA margin of 8- 10%. Tata Power and ABB are a major player in this segment.

6. Mobility-as-a-service

The sixth segment has companies in the mobility as a service segment with an EBITDA of 7 to 10%. It includes companies like Zip Electric, Bluesmart and ULU.

The 30W EMA is 25% from current price for Polycab. If someone is on a 2x on Polycab that means you would lose half your gains waiting for confirmation.

Additionally at the start of a bull run, market is more forgiving of misses on growth. But right now, even an average quarter is being severely punished (e.g., Neuland Labs). At 60 PE, wire companies need to show 30-40% growth which is a hard task on this base. So why put 30% just in cables and wires and not diversify across the bucket.

30% allocation to 60PE stocks which are well discovered and can only compund 15-20% seems extremely risky

Disclaimer: Invested in Polycab from 650 levels (started trimming post Q4 results to get allocation below 8%)

Yes, it will break. Google finance can handle 299 requests per second.
Try doing stock by stock.
Change older one to only values will saves bandwidth and time.

key takeaways from Clean Science and Technology Limited’s (CSTL) investor presentation

Financial Highlights

• Revenue: FY 2024 saw a volume-led growth in revenue, with Q4 FY24 recording INR 225 Crore, marking a 16% sequential increase from Q3 FY24.
• EBITDA Margins: Remained robust throughout the year, with Q4 FY24 at 44.4%, slightly down from 49.1% in Q4 FY23.
• Profit After Tax (PAT): For Q4 FY24 stood at INR 74.8 Crore, a 20% increase from Q3 FY24, though there was an 8% decrease year-over-year.
• CAPEX: The company invested approximately INR 235 Crores during FY2024, including INR 215 Crores in a subsidiary.

Business Performance

• Clean Fino-Chem Limited (CFCL): Commercialized in March.
• Dividend: A final dividend of INR 3 per share has been recommended by the board.
• Revenue Mix: Notable increase in revenue share from newer products, especially in the domestic market.
• Geographical Revenue: Americas and Europe maintained steady revenue shares, with an improvement in China’s share in H2 FY2024.

Operational Efficiency

• CAPEX Utilization: Focused on commercializing new products, with significant investments in subsidiary CFCL.
• Asset Turnover: Demonstrated efficient use of assets with a healthy cash balance despite the largest capex in the last two years.

Market Position

• Global Presence: CSTL serves over 500 customers across 30+ countries.
• Product Leadership: Holds the largest capacity globally for flagship products like MEHQ and BHA.
• Innovation: Continuous R&D led to the commercialization of new products like HALS 770 and 701.

Sustainability Commitments

• Renewable Energy: 17.4 MW of solar capacity, with renewable energy accounting for 55% of power consumption.
• Environmental Goals: Aiming to plant over 11,000 trees in the next three years and reduced fresh water consumption by 14%.