Author: Sovrenn Financial Technologies Pvt. Ltd.

5th Jul 2024

Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO

SOVRENN TIMES

DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
 5th Jul 2024

IMPORTANT: How to use Sovrenn Times

To begin your investment journey with Sovrenn, please watch the below education modules:

MODULE I:
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Hindi: https://sovrenn.com/education/videos?module=1&lang=hindi&avail=true

MODULE II:
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SOVRENN FRAMEWORK

Please look at the following parameters to assess any company for investment:

(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.

(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.

(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.

(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.

(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.

(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.

(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Sovrenn Times Summary

1. DHABRIYA POLYWOOD LIMITED

Filing: (ORDER) Dhabriya Polywood has received two work orders aggregating to INR 5.2 Cr: (i) An
order worth INR 2.2 Cr from the Godrej Group for the supply and installation of modular kitchens, to be
completed within 12 months. (ii) An order worth INR 3.0 Cr from the Radiance Realty Group for the supply
and installation of UPVC windows and doors, to be completed within 9 months.
MCap: INR 408 Cr PE: 29x
Number of LinkedIn Employees: 57 Members.
GSTR3B: Last filed Apr’24.
Clients: DLF Group, OMAXE Group, Godrej Group, etc.

2. K.P. ENERGY LIMITED

Filing: (FUND RAISE FROM PROMOTER) Board of K.P. Energy approved the issuance of 6.9L warrants
at INR 412/share, aggregating to INR 28.4 Cr to Dr. Faruk G. Patel, promoter of KP Group.
MCap: INR 3,048 Cr PE: 52.3x
Number of LinkedIn Employees: 113 Members
Number of EPFO Employees: No data found.
GSTR3B: Last filed May ’24.
Clients: Aditya Birla Renewables Subsidiary Limited, NTPC Renewable Energy Limited, etc

3. YATHARTH HOSPITAL & TRAUMA CARE SERVICES LIMITED

Filing: (BULK DEAL) Plutus Wealth Management sold 25L share of Yatharth Hospital & Trauma Care
Services at INR 405/share, aggregating to INR 101 Cr. ICICI Prudential Mutual Fund bought 20L shares
at INR 405/share, aggregating to INR 81 Cr.
MCap: INR 3,780 Cr PE: 33x
Number of LinkedIn Employees: 674 Members.
GSTR3B: Last filed May ’24.
Hospital Location: Sector 110, Noida, Uttar Pradesh.

4. SHARE INDIA SECURITIES LIMITED

Filing: (SUBSIDIARY) Company has incorporated a Subsidiary namely Silverleaf Securities Research to
carry out trading and providing of stock broking services in the securities.
MCap: INR 5974 Cr PE: 14x
Number of LinkedIn Employees: 175 Members.
GSTR3B: Last filed May ‘24.
Certification: AMFI Registered Mutual Fund Distributor

5. DYNAMIC SERVICE & SECURITY LIMITED

Filing: (ACQUISITION) Company’s subsidiary has entered into a Share Repurchase Agreement with the
existing shareholder of Nacof Nithin Sai Green Energy to acquire 49% of the outstanding share capital of
the Target Company. Company is making this strategic acquisition as part of its growth plans to expand
its offerings to the solar energy business.
MCap: INR 362 Cr PE: 41x
Number of LinkedIn Employees: 290 Members
GSTR3B: Last filed May ‘24.
Clients: Indian Army, Indian Railway, and Indian Navy

This page is created for information purpose. It is not a BUY/SELL recommendation. 3

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
1. DHABRIYA POLYWOOD LIMITED BSE: 538715
(1st time covered: 24th Jan 2024)

Recent filing: (ORDER) Dhabriya Polywood has received two work orders aggregating to INR 5.2 Cr: (i) An
order worth INR 2.2 Cr from the Godrej Group for the supply and installation of modular kitchens, to be
completed within 12 months. (ii) An order worth INR 3.0 Cr from the Radiance Realty Group for the supply
and installation of UPVC windows and doors, to be completed within 9 months.

SUMMARY: 3y Operating Profit uptrend | 7q Operating Profit uptrend | PE 29x (Sector PE range 30-60) |
Ace Investor | Building Material

FUTURE OUTLOOK: As per FY24 Con-call, Sales growth target of 20-25% for next 4-5 years | INR 140+ Cr
Orderbook as of 31st Mar ‘24

• Mcap of INR 408 Crore (share price = INR 377 / share) (as on 5th Jul ‘24)
• TTM PE of 29x (as on 5th Jul ‘24) Retail float = 12.2% (Mar-24)

FOOD FOR THOUGHT: Exposure to real estate | Some ace investors (Mukul Agrawal, Maven India Fund)
have reduced stake, although Ashish Kacholia has bought decent stake from Promoter

Company Description: Incorporated in 1992, Company’s product portfolio includes Doors & Furniture, Wall
paneling, False Ceilings, UPVC Doors/Windows, Marble Sheets, Modular Kitchen and Wardrobes. It has a
strong reputation in building interior and exterior applications. Company has 7 registered trademarks in
various product and 15 Design Patent.

Share price and Volume (last 1 year):

Price Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
Dhab 208 252 344 335 339 367 368 348 291 254 275 284

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 36.8 43.8 40.2 50.5 50.2 54.7 52.0 54.8
Op Profit 2.7 4.3 4.8 6.5 6.9 7.6 7.8 8.7
Net Profit 0.7 2.1 2.3 3.5 3.1 3.6 3.3 4.1
OPM 7% 10% 12% 13% 14% 14% 15% 16%
NPM 1.9% 4.7% 5.7% 6.9% 6.2% 6.6% 6.3% 8%
Promoter % 74.2% 74.2% 74.2% 74.2% 74.2% 67.8% 67.8% 67.8%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 131 121 112 106 134 171 212
Op Profit 18 16 15 13 14 18 31
Net Profit 7 6 4 4 5 8 14
Website: https://www.polywood.org/
This page is created for information purpose. It is not a BUY/SELL recommendation. 4
Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 29 (Building material: 30-60)
Below sector range
Futuristic Sector No
Mar ’24: Ashish Kacholia is holding 6.4% stake, Mukul Mahavir
Agrawal is holding 2.8% stake.

Aug ’23: Promoter Digvijay Dhabriya sold 7L shares at INR 281/share,

aggregating to INR 19.6 Cr. The stake as picked by Ashish Kacholia
HNI / Institutional
Yes (5.5L shares, aggregating to INR 15.3 Cr), Finavenue (55k shares,
/ Promoter
aggregating to INR 1.5 Cr), Gaurav Jain (65k shares, aggregating to
Buying
INR 1.8 Cr), Prateek Jain (85k shares, aggregating to INR 2.4 Cr).

Aug ’23: Indu Jain bought 85k shares at INR 270/share aggregating to
INR 1.6 Cr.

Special Situation No
May ‘24: Received work orders worth INR 18.5 Cr from DLF Group (INR
16.7 Cr) and Adani Group (INR 1.77 Cr) for the supply and installation
of Modular Kitchen, Wardrobes, Vanity, & Medicine Cabinets. These
projects are to be delivered by May ‘25 and Sep ‘24, respectively.

Apr ’24: Company has received work orders aggregating to INR 9.3 Cr
from M3M Group and Radiance Realty Group for the supply and
installation of wardrobes and Upvc windows. These projects are to be
delivered by December 2024 and March 2025, respectively.

Jan ’24: Company has received a work order worth INR 9.1 Cr from DLF
Group for Supply & Installation of Modular Kitchen, Wardrobe, Vanity
and Medicine Cabinet, to be delivered by Dec-24.

Future Visibility Yes Dec ’23: Company has received a work order worth INR 6 Cr from
Omaxe Group for Supply & Installation of Upvc Windows and Doors, to
be delivered by Dec-24.

Nov ’23: Company has received a work order worth INR 9.4 Cr from
DLF Group for Supply & Installation of Upvc Windows and Doors, to be
delivered by Dec-24.

Aug ’23: Company has received a work order worth INR 6.6 Cr from
DLF Group for Supply & Installation of Modular Kitchen, Wardrobe,
Vanity and Medicine Cabinet, to be delivered by Sep-24.

Jul ’23: Company has received work orders worth INR 60 Cr from DLF,
Godrej, Airforce Naval Housing board & Starworth Infra & cons ltd..

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 5

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
2. K.P. ENERGY LIMITED BSE: 539686 (1st time covered: 30th Jan 2023)
Recent filing: (FUND RAISE FROM PROMOTER) Board of K.P. Energy approved the issuance of 6.9L
warrants at INR 412/share, aggregating to INR 28.4 Cr to Dr. Faruk G. Patel, promoter of KP Group.

SUMMARY: 4y Operating Profit uptrend | 2q Operating Profit uptrend | PE 52.3x (Sector PE range 50-90) |
Excellent Mar-24 results | Fund raise | Promoter buying | Strategic Partnerships | Clean Energy

FUTURE OUTLOOK: Company has Projects in Hand totaling 1012.65 MW.

• MCap of INR 3,048 Crore (share price = INR 457 / share) (as on 5th Jul ‘24)
• TTM PE 52.3x (as on 5th Jul ‘24) Retail float = 24.4% (Mar-24)

FOOD FOR THOUGHT: Selling by Director and Immediate Relatives.

Company Description: KP Energy Limited is a balance of plant (BoP) solution provider for the Wind Energy
industry. The company engages throughout the development process of wind farms, right from
conceptualization until the commissioning of the project.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
KPEL 120 165 188 184 180 225 354 412 362 426 415 411

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 125 56 108 148 113 70 82 207
Op Profit 17 11 20 23 21 16 17 31
Net Profit 10.0 6.7 11.7 15.5 15.2 8.2 9.3 25
OPM 14% 20% 18% 16% 19% 23% 21% 15%
NPM 8% 12% 11% 10% 13% 11% 11% 12%
Promoter % 59.6% 44.8% 44.8% 44.8% 44.8% 44.8% 44.8% 44.8%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 60 158 75 72 250 438 473
Op Profit 10 33 11 18 34 71 86
Net Profit 2 19 1 6 18 44 58
Website: https://www.kpenergy.in/

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 52.3 (Clean Energy: 50-90)
Lower end of sector range
Yes
Futuristic Sector
(Wind Energy)
Mar ‘24: Affan Faruk Patel, Director has bought 6k share at a price
of INR 415 each, aggregating to INR 25L. He had also bought
INR 24L of shares in Nov and Dec ‘23.

Director and Immediate Relatives sold INR 35L, INR 1.07 Cr and
97L of shares in the months of Mar ’24, Feb ’24 and Dec ’23.
HNI / Institutional
Sep ‘23: Immediate relatives of Director and Employee sold INR
/ Promoter Yes
71L of shares at prices ranging from 518/share to INR 572/share.
Buying
Jun ‘23: Immediate relatives of Director and Employee as well as
Designated person sold INR 55L of shares at prices ranging from
INR 234/share to INR 281/share.

Nov ‘22: Veena Kothari bought 79k shares at INR 412/share,

aggregating to INR 3.3 Cr, but she eventually sold in Jun ‘23
Special Situation
Yes As stated above.

May ’24: Company has commissioned further 12.6MW (Phase-IX)

ISTS connected Wind Power Project comprising 6 numbers of
WTGs of 2.1MW each at Sidhpur site in Devbhoomi Dwarka. This
Phase-IX commissioning is a part of the 250.8MW ISTS connected
Wind Power Project capacity awarded to Apraava Energy Private
Limited by Solar Energy Corporation of India Limited (SECI) under
Tranche-VIII bidding.

Apr ’24: Company has received new order for development of 9MW
wind power project forming part of the wind-solar hybrid power
project to be developed in Gujarat. Project is awarded by Bhathwari
Future Visibility Technologies under Captive Power Project segment, needs to be
Yes completed in FY25.

Mar ’24: Company has successfully commissioned further 16.8MW

(Phase-VIII) ISTS connected Wind Power Project comprising 8
numbers of WTGs of 2.1MW each at Sidhpur site in Devbhoomi
Dwarka. This Phase-VIII commissioning is a part of the 250.8MW
ISTS connected Wind Power Project capacity awarded to Apraava
Energy Private Limited by Solar Energy Corporation of India
Limited (SECI) under Tranche-VIII bidding.

Mar ’24: Company has received new order of total capacity of

368.55MW out of which 185.85MW is awarded by Aditya Birla
Renewables Subsidiary Limited and 182.70MW is awarded by
This page is created for information purpose. It is not a BUY/SELL recommendation. 7
Please do your own due diligence before making any investment decisions.
 5th Jul 2024
ABREL (RJ) Projects Limited for development of Balance of Plant
for 368.55MW wind capacity forming part of the wind-solar hybrid
power project to be developed in Gujarat. The order also includes
development of 220KV transmission line for evacuation capacity of
673MW. The project is scheduled to be completed in FY26.

Mar ’24: KP Energy has successfully commissioned further

29.4MW (Phase-VII) ISTS connected Wind Power Project
comprising 14 numbers of WTGs of 2.1MW each at Sidhpur site in
Devbhoomi Dwarka. This Phase-VII commissioning is a part of the
250.8MW ISTS connected Wind Power Project capacity awarded
to Apraava Energy Private Limited by Solar Energy Corporation of
India Limited (SECI) under Tranche-VIII bidding. KP Energy is
developing the Project for Apraava Energy Private Limited as a
Contractor. With the present Phase-VII commissioning, the net
cumulative capacity commissioned at Sidhpur site stands at
193.2MW against the awarded capacity of 250.8MW.

Feb ’24: Company has successfully commissioned further 25.2MW

(Phase-VI) ISTS connected wind power project comprising 12
numbers of WTGs of 2.1MW each at Sidhpur site in Devbhoomi
Dwarka. This is a part of the 250.8MW ISTS connected wind power
project capacity awarded to Apraava Energy by Solar Energy
Corporation of India Limited (SECI) under Tranche-VIII bidding. KP
Energy is developing the Project for Apraava as a Contractor. With
the present Phase-VI commissioning, the net cumulative capacity
commissioned at Sidhpur site stands at 163.8MW against the
awarded capacity 250.8MW.

Jan ’24: Company has received new order from ABREL EPC
Limited (Aditya Birla group company) for development of Balance
of Plant of 86.1MW wind capacity forming part of the wind-solar
hybrid power project (comprising of 86.1MW wind and 65MWac
Solar) to be connected to existing 140MW power evacuation facility
at Fulsar Pooling Sub-station.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 8

Please do your own due diligence before making any investment decisions.
 5th Jul 2024

Check out Preferential Issuance Bucket under Sovrenn Discovery!!!

Preferential Issuance (fund raise) is generally a major growth driver for companies.

https://www.sovrenn.com/discovery/preferential-issuance

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
3. YATHARTH HOSPITAL & TRAUMA CARE SERVICES LTD.
NSE: YATHARTH (1st time covered: 8th Nov 2023)

Recent filing: (BULK DEAL) Plutus Wealth Management sold 25L share of Yatharth Hospital & Trauma Care
Services at INR 405/share, aggregating to INR 101 Cr. ICICI Prudential Mututal Fund bought 20L shares at
INR 405/share, aggregating to INR 81 Cr.

SUMMARY: 6y Operating Profit uptrend | 7q Operating Profit uptrend | PE 33x (Sector PE range 40-80) |
Excellent Mar-24 results | Promoter buying | Institutional Entry | Acquisition | Hospitals

• MCap of INR 3,780 Crore (share price = INR 440 / share) (as on 5th Jul ‘24)
• TTM PE 33x (as on 5th Jul ‘24) Retail float = 6.9% (Mar-24)

FOOD FOR THOUGHT Negative operating cash flows for FY24.

Company Description: The Company offers healthcare service across several specialties and super
specialties. Company has hospitals located in Greater Noida, Noida, Noida Extension and Jhansi-Orchha.

Share price and Volume (last 1 year):

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 111 128 95 144 155 171 167 178
Op Profit 26 34 37 38 41 46 46 47
Net Profit 11 16 22 17 19 28 29 38
OPM 23% 27% 39% 26% 26% 27% 28% 26%
NPM 10% 13% 23% 12% 12% 16% 17% 21%
Promoter % - - - - - 66.3% 66.4% 66.5%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 78 91 136 215 375 478 671
Op Profit 18 20 38 68 112 135 180
Net Profit 6 4 -2 20 44 66 114
Website: https://www.yatharthhospital.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 10

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 33 (Hospitals: 40 – 80)
Below sector range

Futuristic Sector No

Mar ’24: Jupiter India Fund is holding 1.25% stake.

Jan ‘24: Bnp Paribas sold 2.6L equity shares to Society Generale.
HNI / Institutional
/ Promoter Yes Nov ‘23: Promoter Ajay Kumar Tyagi bought 1L shares of the Company
from the market.
Buying
Aug ‘23: Plutus Wealth Management bought 10L shares at INR
331/share, totaling to INR 33.1 Cr.

Special Situation No

May ’24: Company has acquired 100% equity share of M/s. Pristine
Infracon Private Limited. The acquisition of 200 bedded hospital at
RPS City Sector 88, Faridabad, Haryana has been completed at the
enterprise value of Rs. 116.00 crores

Feb ‘24: Company signed a definitive agreement with Pristine Infracon

Pvt Ltd and its shareholders for acquisition of Asian Fidelis Hospital
in Faridabad by way of 100% equity share purchase at a consideration
of INR 116 Cr.

Dec ‘23: (STAY ORDER) In continuation to Company's intimation dated

28th Nov 2023, relating to the unexpected order from the
Commissionerate of Sagar Sambhag, Madhya Pradesh, directing the
takeover of Ramraja Hospital premises, along with other land parcels
Future Visibility No in the region belonging to 13 other entities. Company preferred an
appeal against the said order in the High Court of Madhya Pradesh,
Jabalpur and the Company along with few other entities in the region
have successfully secured a court-granted stay order related to the land
case.

Nov ‘23: Company has received an order from the Commissionerate of

Sagar Sambhag, Madhya Pradesh to take over the premises of the
Ramraja Hospital, as the land as stated in the said order belongs to the
Government of Madhya Pradesh. Background: Yatharth had earlier
acquired Ramraja Hospital in Feb 2022. Initially, prior to its acquisition
by Yatharth, Ramraja Hospital had acquired total 5.698 hectare lands
from different individual owners on different dates from 2012 to
2017. After acquiring these lands, Ramraja Hospital obtained NOCs
from different govt authorities for commercial/hospital operation and the
government had converted these lands from agriculture to
commercial/hospital use.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 11

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
4. SHARE INDIA SECURITIES LIMITED NSE: SHAREINDIA
(1st time covered: 26th Oct 2023)

Recent filing: (SUBSIDIARY INCORPORATION) Share India Securities has incorporated a Subsidiary
namely Silverleaf Securities Research to carry out trading and providing of stock broking services in the
securities.

SUMMARY: 6y Operating Profit uptrend | PE 14x (Sector PE range 20-40) | Brokerage

• MCap of INR 5,974 Crore (share price = INR 303 / share) (as on 5th Jul ‘24)
• TTM PE of 14x (as on 5th Jul ‘24) Retail float = 11.71% (Jun-24)

FOOD FOR THOUGHT: Negative operating cash flows for FY24.

Company Description: Share India Securities is one of India’s leading tech-based financial service provider.
The Company offers customized capital market solutions to its clients and has recently launched its algo
trading platform for clients. Company has ~2% market share in cash market, ~2% market share in futures
and ~5% market share in options on basis of turnover. Via its subsidiaries, it is also present in NBFC business,
insurance broking, merchant banking, portfolio management and mutual funds distribution.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Share 240 280 261 300 338 371 386 376 321 340 303 300

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 231 240 276 341 277 366 374 465
Op Profit 88 109 140 154 125 176 183 174
Net Profit 59 72 93 107 82 113 115 116
OPM 38% 45% 51% 45% 45% 48% 49% 37%
NPM 26% 30% 34% 31% 30% 31% 31% 25%
Promoter % 53.0% 53.0% 53.0% 53.0% 52.8% 52.8% 49.9% 53.1%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 138 206 228 453 862 1,088 1483
Op Profit 28 51 73 132 304 493 657
Net Profit 15 25 41 81 202 331 426

This page is created for information purpose. It is not a BUY/SELL recommendation. 12

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Website: https://www.shareindia.com/
Company Type Evergreen

LT OP uptrend Yes
ST OP uptrend No
PE 14 (Brokerage: 20-40)
Below sector range
Futuristic Sector No
Nov ‘23: Arika Securities Pvt. Ltd. bought 4L shares at INR 1,712 /
HNI / Institutional share, aggregating to INR 68.5 Cr. Promoter Parveen Gupta sold these
shares.
/ Promoter Yes
Buying Mar ‘23: Connected Person to Promoter sold 31k shares at INR
1,024/share, aggregating to INR 3.2 Cr.

Jan ‘23: Rights Issue Committee has considered and approved the
allotment of12L Equity Shares pursuant to conversion of Detachable
Warrants on payment of conversion amount, INR 525 per warrant.

Special Situation Yes Dec ‘23: Rights Issue Committee has considered and approved the
allotment of 44k Equity Shares pursuant to conversion of Detachable
Warrants on payment of conversion amount, INR 525 per warrant.

Aug ‘23: BoD has considered and approved the proposal of raising
funds through issuance of debt securities upto INR 200 Cr.

May ‘24: Company announced Acquisition of Silverleaf Capital

Services, and acquired minority stake in two large retail brokers.

May ‘24: Company completed 12 SME IPOs and 6 Deals in Pipeline.

Oct ‘23: BoD approved the proposal for amalgamation of Silverleaf

Capital Services with the Company.
Future Visibility Yes
Jun ‘23: uTradeAlgos, an algorithmic trading platform for retail
investors, previously introduced as a BETA version, will be launched
by the Company on 26th Jun 2023. The platform provides access to
pre-defined and custom form of Algo, powered by uTrade’s execution
platform and allow traders to pick and choose strategies or create one
for themselves.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
5. DYNAMIC SERVICES & SECURITY LIMITED NSE - SME: DYNAMIC
(SME: Lot Size = 1,000 shares) (1st time covered: Today)

Recent filing: (ACQUISITION) Subsidiary of Dynamic Services & Security has entered into a Share
Repurchase Agreement with the existing shareholder of Nacof Nithin Sai Green Energy to acquire 49% of
the outstanding share capital of the Target Company. Company is making this strategic acquisition as part
of its growth plans to expand its offerings to the solar energy business.

SUMMARY: 2y Operating Profit uptrend | 3h Operating Profit uptrend | PE 41x (Sector PE range NA) |
Acquisition | Ace Investor | Solar | Commercial Services

● MCap of INR 362 Crore (share price = INR 264 / share) (as on 5th Jul ‘24)
● TTM PE 41x (as on 5th Jul ‘24) Retail float = 11.9% (Mar-24)

FOOD FOR THOUGHT: Negative operating cash flows for FY24.

Company Description: Founded in 2001, Dynamic Services Security is engaged in the business of
mechanized cleaning, conservancy, housekeeping, and catering services. The company offers security
guarding and manpower solutions to various government agencies, including the Indian Army, Indian Navy,
and Indian Railways. Recently, company has expanded into the solar energy sector, currently working on a
720KW project in Kakdwip, West Bengal, marking its shift towards green energy initiatives.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Dyna 43 93 147 117 125 128 120 104 111 263 224 216

(In INR Cr) Sep-22 Mar-23 Sep-23 Mar-24

Sales 32 50 55 65
Op Profit 2 4 8 10
Net Profit 1 9 4 5
OPM 6.% 8% 15% 15%
NPM 3% 18% 7% 8%
Promoter % 65% 65% 65% 63.9%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales - - - - 72 73 119
Op Profit - - - - 5 6 17
Net Profit - - - - 2 9 9

Website: https://dhruvconsultancy.in/
This page is created for information purpose. It is not a BUY/SELL recommendation. 14
Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 41 (Commercial Services +
Solar: NA)
Yes
Futuristic Sector
(Solar)

HNI / Institutional May ‘24: Ankush Kedia bought 1L shares at INR 277/share
aggregating to INR 2.7Cr.
/ Promoter Yes
Buying Oct ‘24: Ashok Dilip kumar Jain bought 72k shares at INR 100/share
aggregating to INR 72L.

Aug ’23: Company has approved the issuance of 1 Cr warrants at INR

Special Situation Yes
60/share, aggregating to INR 60 Cr.

Jul ‘24: Subsidiary of Dynamic Services & Security Limited has

authorized by NACOF OORJA Private Limited to utilize the full
capacity of 5000 MW solar park in the state of Rajasthan, approved
by Rajasthan Renewable Energy Corporation Limited.

Jul ‘24: Company has been incorporated new subsidiary with the
name Dynamic Solar Green, this subsidiary will work for solar related
projects of the company.

May ‘24: Company has received INR 7 Cr worth of prestigious orders

(3 in total) for Engagement of Personnel for providing mechanized
Future Visibility Yes Cleaning and Garbage Disposal Services at various Railway Stations
and Colony from Indian Railways, South Central Railways for a period
of 4 years.

Apr ‘24: The company has received an order worth INR 725 Cr from
Nacof Oorja, Taj Ambassador IHCL, to design, supply, construct, test,
and commission a Grid Interactive PV Solar Power Generation Plant,
including infrastructure development, over 18 months.

Apr ‘24: Company has received orders worth INR 4.3Cr worth for
supply of Egg Fresh and Fish Fresh from MG ASC, HO Eastern
Command, for a period of 12 months.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 15

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Others
EMERALD FINANCE LIMITED
(EXCELLENT RESULTS) For the quarter ending Jun-24, Sales up 58% YoY from INR 2.7 Cr in Jun-23 to
INR 4.39 Cr in Jun-24. Similarly, Net Profit up 99% from INR 0.86 Cr to INR 1.71 Cr. On a QoQ basis, Sales
up 13% and Net Profit up 50%.
(BREAKOUT) Company has given a 3-month breakout.

• MCap of INR 112 Cr (share price = INR 37.3/share); TTM PE 22.5x (as on 5th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Emeral 22 20 19 24 23 23 28 25 37 33 31 30

ADVAIT INFRATECH LIMITED

(ORDER) Company has received a letter of intent for an order worth INR 159 Cr for Site survey, designing,
engineering, procurement, supply, loading, transportation, unloading, insurance, delivery at site, handling,
storage, installation, testing, commissioning including documentation of all items/material required to
complete works for Turnkey Based Contract of 11kV Medium Voltage Covered Conductor (AL59 ACS) at
Gujarat State.

• MCap of INR 1,977 Cr (share price = INR 1,937/share); TTM PE 90.4x (as on 5th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Advait 443 427 416 370 555 595 1014 1435 1321 1527 1452 1727

MASTER COMPONENTS LIMITED

(ORDER) Company has received the receipt of a purchase order worth INR 2.4 Cr from a US based company
working in the field of childcare for development and manufacturing of Aesthetic and Mechanism Parts to be
supplied at the company’s domestic plant.

• MCap of INR 141 Cr (share price = INR 354/share); TTM PE 52.8x (as on 5th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Master - - 140 141 140 143 141 144 137 145 200 313

KPI GREEN ENERGY LIMITED

(AGREEMENT) Company has signed a Power Purchase Agreement (PPA) for a 50MW Solar-Wind Hybrid
Power Project with Gujarat Urja Vikas Nigam Limited (GUVNL). This project, comprising of 50 MW Solar and
16.80 MW Wind, was awarded through a competitive bidding process.

• MCap of INR 10,741 Cr (share price = INR 1,782/share); TTM PE 66.3x (as on 5th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
KPI 553 596 549 546 770 979 1,214 1,740 1,523 1,808 1,822 1805

URBAN ENVIRO WASTE MANAGEMENT LIMITED

(ORDER) Company has received work order worth INR 4.3 Cr from Additional Medical Superintendent Office,
North Western Railway, Jodhpur, Rajasthan for Environmental Sanitation, Cleaning, Disinfection, Pest &
Rodent Control Work, Door to Door Waste Collection and Garbage Removal & MSW Disposal Transportation
Work for Railway Colonies of DS & WS, BGKT and Jaisalmer, for the period of Four years

• MCap of INR 159 Cr (share price = INR 367/share); TTM PE 22.6x (as on 5th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Urban 100 162 133 22 448 395 380 400 374 345 327 317

This page is created for information purpose. It is not a BUY/SELL recommendation. 16

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
DURLAX TOP SURFACE LIMITED
(BULK DEAL) Selvamurthy Akilandeswari bought 84k shares at INR 85/share, aggregating to INR 71L.

• MCap of INR 153 Cr (share price = INR 92/share); TTM PE 30.4x (as on 5th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Durlax - - - - - - - - - - - 94

Sovrenn SME Index: 0.75%

Sovrenn SME Index was up 0.75% today. Please note that the constituents of the Index are private.
Also, the Index is only an indication of the movement of the broader SME market and not available
for replication or commercialization in any form. Sovrenn has the right to make changes to Index
constituents or change weightages of the constituents as per its own discretion.

IPO
SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
Sahaj Solar SME Upcoming 11-Jul-24 15-Jul-24 19-Jul-24 0% NA
Effwa Infra and Research SME Open 05-Jul-24 09-Jul-24 12-Jul-24 110% 17
Ganesh Green Bharat SME Open 05-Jul-24 09-Jul-24 12-Jul-24 108% 12
Ambey Laboratories SME Open 04-Jul-24 08-Jul-24 11-Jul-24 65% 42
Bansal Wire Mainboard Close 03-Jul-24 05-Jul-24 10-Jul-24 29% 63
Emcure Pharma Mainboard Close 03-Jul-24 05-Jul-24 10-Jul-24 36% 68

Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

Sahaj Solar Solar -34% -36% 37x
Effwa Infra and Research Waste Mangement 26% 2.7x 14x
Ganesh Green Bharat Solar 90% 2.7x 22x
Ambey Laboratories Agrochemical 12% 60% 25x
Bansal Wire Steel Products 2% 31% 51x
Emcure Pharma Pharma 11% -6% 36x
Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.
Revenue and Profit growth is calculated after annualizing last period growth.

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Sovrenn Macro
The Water Crisis: A Major Threat to India’s Surging Economy
India, the world's most populous nation, is facing an escalating water crisis that threatens to undermine its
robust economic growth. The severe scarcity of water is disrupting daily life, agriculture, and industry, causing
significant economic and social repercussions.

Current Water Shortage Scenarios

In New Delhi's Vivekananda Camp slum, communal taps supply brackish water for just two hours a day, and
tanker deliveries provide only one additional bucket per resident. In Rajasthan, tap water is available once
every four days for an hour, and rural residents near Mumbai often walk over a mile to fetch water. Bengaluru,
a tech hub, recently grappled with a severe water shortage, relying heavily on tanker deliveries. Such
situations illustrate the pervasive and dire nature of the water crisis across India.

Economic Impact
Water shortages are not just a rural or urban issue; they are disrupting agriculture, stoking food inflation, and
threatening industrial operations. Contaminated water kills approximately 200,000 Indians annually. The
agricultural sector, heavily reliant on water-intensive crops like rice, wheat, and sugarcane, consumes over
80% of the nation’s water supply. The crisis is exacerbated by the decreasing water table and drying up of
rivers and lakes, which is leading to significant agricultural and industrial disruption.

Government and Private Sector Initiatives

Recognizing the severity of the crisis, both public and private sectors are taking steps to mitigate the situation.
Prime Minister Narendra Modi has initiated a nearly $50-billion program to provide all rural households with
tap water, increasing coverage from 17% to 77% of the 193 million rural families. However, many pipes still
lack water. The government also aims to triple wastewater recycling to 70% by the decade's end and reduce
the extraction of fresh water to less than 50%.

Challenges and Solutions

India’s annual per capita water availability, at about 1,486 cubic meters, is expected to drop to 1,367 cubic
meters by 2031. The country has been “water-stressed” since 2011. The government’s initiatives include
building or refurbishing lakes to recharge the water table and implementing village-level programs to
recommend crops based on local water availability.

Agriculture: The Elephant in the Room

Agriculture remains a significant challenge due to its reliance on flood irrigation. Experts argue that adopting
efficient irrigation techniques like drip or sprinkler systems could save substantial amounts of water. The
government’s proposed rural program on water use aims to budget water resources at the village level,
considering both domestic and agricultural needs.

Conclusion
India’s water crisis is a critical issue that demands urgent and sustained efforts from all sectors. With a
combination of government policies, industrial innovation, and efficient agricultural practices, there is hope to
mitigate the impact of this crisis and secure the water needs of the nation's burgeoning economy and
population.

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Companies declaring results on 5th, 6th & 8th July 2024

Sl. No. Name of the Company Date

1 Magenta Lifecare Ltd 05-Jul-24
2 Emerald Finance Ltd 05-Jul-24
3 Modulex Construction Technologies Ltd 05-Jul-24
4 Nagpur Power & Industries Ltd 05-Jul-24
5 Atlas Cycles (Haryana) Ltd 05-Jul-24
6 Vaxtex Cotfab Ltd 06-Jul-24
7 Tasty Dairy Specialities Ltd 06-Jul-24
8 Himalaya Food International Ltd 06-Jul-24
9 Tricom Fruit Products Ltd 06-Jul-24
10 SecUR Credentials Ltd 08-Jul-24
11 Shalby Ltd 08-Jul-24
12 Oceanic Foods Ltd 08-Jul-24
13 G D Trading & Agencies Ltd 08-Jul-24
14 Khoobsurat Ltd 08-Jul-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 19

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Annexure
Sector specific PE classification:
Sl. No. Sector PE range
1 Information Technology 30 - 50
2 Pharma 20 - 30
3 Commodity Trading/Metal/ Paper 5 - 15
4 Consumer Retail/ FMCG 30 - 100
5 Consumer Discretionary 30 - 70
6 Gems and Jewellery 30 - 70
7 Capital Goods - Electrical Equipment 30 - 60
8 Capital Goods - Non Electrical Equipments 30 - 60
9 Industrial Products 30 - 60
10 Wires and Cables 30 - 60
11 Infrastructure 8 - 25
12 Telecom / Solar / Power Infra 30 - 50
13 Realty 30 - 40
14 Building Material 30 - 60
15 Oil & Gas field services 10-30
16 NBFCs 20 - 40
17 Banking 10 - 20
18 Financial Services 20 - 50
19 Microfinance 10 - 20
20 Brokerage 20 - 40
21 Power generation 20 - 30
22 Electric Vehicles 80 - 120
23 Automobile Manufacturing 30 - 50
24 Automobile Ancillaries 30 - 50
25 Railways 40 - 70
26 Clean Energy 50 - 90
27 Hydro Engineering 30 - 50
28 Smart Meter 30 - 70
29 Recycling 30 - 50
30 Waste Management 25 - 50
31 Healthcare - Hospitals/ Diagnostics 40 - 80
32 Speciality Chemicals 30 - 50
33 Commodity Chemicals 10 - 40
34 FMCG 30 - 70
35 Packaging 20 - 50
36 Defence 50 - 100
37 Drone 70 - 120
38 Contract Manufacturing 40 - 100
39 EMS 50 - 100
40 Logistics 10 - 40
41 Diversified Commercial Services 30 - 50
42 Consulting Services 30 - 50
43 Travel Services 30 - 60
44 HR Services 30 - 50
45 Media 20 - 50
46 Tech Platform 50 - 100
47 Steel products 10 - 50
48 EPC 20 - 50
49 Stationery 20 - 40
50 Education 15 - 40
51 Agro-processing 15 - 30
52 Agri products 30 - 50
53 Alcoholic beverages 30 - 70
54 Event management 25 - 50
55 Entertainment 20 - 40
56 VFX 30 - 60
57 Biofuels 30 - 60

This page is created for information purpose. It is not a BUY/SELL recommendation. 20

Please do your own due diligence before making any investment decisions.
 5th Jul 2024
Retail float calculation:
Shareholding percent for resident individuals holding nominal share capital up to INR 2L.

Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.

Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.

Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 21

Please do your own due diligence before making any investment decisions.