We expect CSL to witness significant YoY growth in revenues & profitability over FY24-25E, led by execution pick-up in both the segments and increasing share of margin accretive ship-repair segment

With steady growth prospects in base business, increasing focus in new energy domain, merger of related businesses at fair value, healthy net cash positive B/S & inexpensive valuations, we have a positive view on the stock

We continue to see reasonable opportunities across the market spectrum with key filter being quality. We continue to advise investors to utilise equities as a key asset class for long term wealth generation by investing in quality companies with strong earnings growth and visibility, stable cash flows, RoE and RoCE.

With strong order inflows in FY23-Q1FY24, better segment mix, focus on new export markets we believe company’s financial performance to improve significantly over FY23-25E as compared to FY20-23. Revenue and PAT are expected to register 15.5% and 23.1% CAGR over FY23-FY25E, respectively.

ACE is well positioned to ride the strong demand cycle in its product segments in both domestic & exports market, new product developments. We believe company’s operational and financial performance to improve significantly in the coming period

We assign BUY rating to the stock gaining confidence from VSSL’s aim to make it big in the special steel domain amidst backing of Aichi Steel Corporation. We value VSSL at ₹260 i.e., 18x PE on FY25E-26E average EPS of ₹14.3/share

We assign BUY rating on Mayur Uniquoters amidst healthy growth prospects especially in auto OEM export space, healthy margin profile (~20%), capital efficient business model (RoIC: 20%+) & Cash positive B/S (Net cash at ~₹180 crore as of FY23)

PNC Infratech has established itself as a strong executor in roads and water infra segments. Additionally, superior execution capabilities via ownership of modern
equipment and in-house teams enables PNC to deliver projects on-time

Astra Microwave Products (AMPL), incorporated in 1991, is engaged in design, development and manufacture of sub-systems for Radio Frequency and microwave systems, primarily used in defence, space & meteorology

The bull case assumes a 10% derivatives market share (similar to the base case) but higher options pricing, resulting in a 23% revenue CAGR and 30x multiple, indicating a ~70% upside.