Pulz Electronics – proxy to the Indian entertainment sector

Disc : Been watching this for 2.5 years. Finally took starter position. May increase if numbers continue. Do note that this could still very well end up a boom or bust investment. but here goes.

Pros –

Current Numbers –

Sales and profits –

Scuttlebutt –

Now that is a solid advertisement, if true. No way to verify unless you trust the twitter account.

Charts –

Additional Info –
Firm is actually two firms. Hard to find both links.

R&S | Home – does customized audio installations. viz. Esha foundation, multiplexes etc.

https://www.pulz.co.in/ – High tech acoustics equipment manufacturer.

Co-promoter –
M K Ramakrishnan. – Owns almost 50 %. (and the MD – Anirvan Ghose 25% or so. Anirvan Ghose has been discussed before).

It is very likely that the following link is about the prior avatar of pulz and summarizes the business well. In any case, the best summary I have found. It seems this business has moved on and formed Pulz (including the installation subsidiary). Name, main persons – are all same.

Annual reports – hidden link.

https://www.pulz.co.in/investor-corporategovernance-annualreport.html

and quarterly reports – again, hidden link

https://www.pulz.biz/investor-financialresults.html

My take here –
Small business with the correct expertise, connections and experience. Successfully backward integrated into manufacturing high end acoustics (this is a feat in itself ). Not really very professional yet – links need finding, no customer relations. Promoters looks reputed and technocrats rather than businessmen. Results are excellent. PVRs and Inox are customers among others. MD has claimed 0 customer attrition rate. Now Shah Rukh Khan, apparently, also is a customer. Another point – this is a small business (At 90 cr market cap, after a 10x), but has not only survived but recovered smartly after Covid and finally moved well above its IPO 5/6 yrs ago.

Another note – Migration to NSE main board approved. Timeline unknown.

P.s: It would really help if someone well versed with analyzing balance sheets could provide a in-depth analyses of the latest annual report. I can just about read it, so any help would be useful as this is a firm about which very little information can be found.

Attached the AR-2022/23.
SME_AR_23571_PULZ_2022_2023_05092023200956.pdf (5.1 MB)