Couple of observations:

1. In their news paper publication of quarterly results there is a footnote which says:

Board of Directors of HBL Tonbo Private Limited (HTPL) have resolved to make an application for striking off the name of the company undersection 24B(2) of the Companies Act, 2013. There are no operations in the company.

Also in the Outcome of Board Meeting Held on 7th Feb 2024 there is a mention of investment in Tonbo Imaging:

Board noted that an amount of Rs. 86.67 crores was invested in 2023. Although, the plan was to
invest Rs 150 crs, a higher valuation was expected by Tonbo for the balance, which was not
accepted by HBL. No further investment in Tonbo is proposed.

So it looks like the relationship with Tonbo has soured and any plans for joint development of missile seekers/other opto electronic equipment have been scrapped.

2. In the Outcome of Board Meeting Held on 7th Feb 2024 there is a note on CAPEX:

A sum of Rs 175 crores was approved by the Board for capital expenditure during FY 25.
The largest single item is for Rs 60 crores, for the Lithium lon cell production plant.
There will be no borrowings needed to finance the total capex.

60 Cr for Lithium Ion cells. Not assembly of battery packs but manufacturing of individual cells. The company has been into industrial batteries (VRLA or lead acid) and military batteries (thermal batteries), which are an entirely different chemistry/tech as compared to Lithium Ion. If I am not wrong this is the first time that the company is venturing into Lithium Ion batteries. Not sure if they will tie up with someone or develop the expertise inhouse.

Q3FY24 Concall Notes :

Just beginning of the massive growth journey.
In India total current capacity : 45GW and plan is to add another 100GW over the next decade.

Current orderbook 2600MW.
About 350MW is for 2MW and rest is for 3.3MW.

Will be net debt free by H1 next year.
Interest bearing debt is 450-500cr.
Interest cost will be 30-35cr from Q4 excluding one off charges.
Even these 30crs will become zero in 3 quarters.

Signed agreement for 4MW wind turbines in India, will be commercially available in 2-3 years.

Company is gearing up for 1000MW annual execution.
Numbers will be significantly larger in FY25 and FY26 than the guidance.
Capacity is 2.5GW no need to expand unless we get closer to that number.
Focus is on profitability, historically have been 14-15% EBIT business barring FY17-23 and aiming to get there from FY25.

Expecting to get approval from NCLT in next 2-3 quarters for IWEL merger.

Please ignore any typos and points which I might have missed. Thanks.
Disclosure : Invested

Product Profile – This company is involved in the trade of chemicals, plastic, and rubber products such as soda ash, acids, bases, bleaching powder, heat reaction chemicals, polypropylene bags, plastic sheets, and plastic containers. Additionally, the company generates income from loans.

Noteworthy Points:

1. Recently, several retail investors have sold their holdings, and in the current quarter, approximately 20 retailers each hold around 4.82% of the company’s stake, making up the majority of the ownership. This situation raises suspicions.
2. The stock has consistently hit the upper circuit over the past three months.
3. The company has 100% retail holding.

It would be helpful if someone could examine the company’s profile to determine if there is any suspicious activity taking place.

Did anyone attend the earnings call and have any notes to share?