Author: Sovrenn Financial Technologies Pvt. Ltd.

29th Nov 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.
 29th Nov 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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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.
 29th Nov 2024
Sovrenn Times Summary

1. SIGACHI INDUSTRIES LIMITED

Filing: (FILING) Sigachi Industries announced that Trimax Biosciences Pvt Ltd, part of the Sigachi Group,
has received communication from the EDQM on its CEP filing for Propafenone Hydrochloride. This
certification will enable exports to Europe and other CEP-accepting regions. Propafenone Hydrochloride,
used to treat cardiac arrhythmias, has a global market size of $1.2 billion, projected to grow to $2.1 billion
by 2032 at a CAGR of 7%, driven by rising cardiovascular cases and increased adoption of generics. The
company emphasizes high-quality standards and compliance for regulated markets.
MCap: INR 1,837 Cr PE: 28.3x
Number of LinkedIn Employees: 343 Members.
GSTR3B: Last Filed Oct ‘24.
Clients: ONGC, Gujrat Alkalis etc.

2. BIKAJI FOODS INTERNATIONAL LIMITED

Filing: (GOOD RESULTS) For the quarter ending Sep-24, Sales up 18% YoY from INR 609 Cr in Sep-
23 to INR 721 Cr in Sep-24. Similarly, Net Profit up 15% from INR 60 Cr to INR 69 Cr. On a QoQ basis,
Sales up 26% and Net Profit up 19%.
MCap: INR 19,977 Cr PE: 67.1x
Number of LinkedIn Employees: 730 Members.
GSTR3B: Last Filed Oct ‘24.

3. COMPUTER AGE MANAGEMENT SERVICES LIMITED

Filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Sep-24, Sales up 33% YoY from INR
275 Cr in Sep-23 to INR 365 Cr in Sep-24. Similarly, Net Profit up 44% from INR 84 Cr to INR 121 Cr.
On a QoQ basis, Sales up 10% and Net Profit up 13%.
MCap: INR 24,267 Cr PE: 60.8x
Number of LinkedIn Employees: 4,101 Members.
GSTR3B: Last Filed Oct ‘24.
Clients: HDFC Asset Management Company Ltd, Aditya Birla Capital Ltd etc.

4. SHIVALIC POWER CONTROL LIMITED

Filing: (ORDER) Shivalic Power Control has been awarded a prestigious order for LT Panels worth INR
1.1 Cr. The project is scheduled to be completed by February 2025.
MCap: INR 499 Cr PE: 34.9x
Number of LinkedIn Employees: 128 Members.
GSTR3B: Last Filed Oct ‘24.
Clients: J K Cement, Escorts, Yamaha Motors, etc.

5. SAHAJ SOLAR LIMITED

Filing: (GOOD TO EXCELLENT RESULTS) For the half year ending Sep-24, Sales up 61% YoY from
INR 61 Cr in Sep-23 to INR 98 Cr in Sep-24. Similarly, Net Profit up 2.5x from INR 2 Cr to INR 5 Cr. On
a HoH basis, Sales down 30% and Net Profit down 55%.
MCap: INR 548 Cr PE: 34.3x
Number of LinkedIn Employees: 76 Members.
GSTR3B: Last Filed Oct ‘24.
Clients: GEDA, HAREDA, MEDA, Maharashtra State Electricity Distribution etc.

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.
 29th Nov 2024
1. SIGACHI INDUSTRIES LIMITED BSE: 543709
(1st time covered: 19th Dec 2023)

Recent filing: (FILING) Sigachi Industries announced that Trimax Biosciences Pvt Ltd, part of the Sigachi
Group, has received communication from the EDQM on its CEP filing for Propafenone Hydrochloride. This
certification will enable exports to Europe and other CEP-accepting regions. Propafenone Hydrochloride,
used to treat cardiac arrhythmias, has a global market size of $1.2 billion, projected to grow to $2.1 billion by
2032 at a CAGR of 7%, driven by rising cardiovascular cases and increased adoption of generics. The
company emphasizes high-quality standards and compliance for regulated markets.

SUMMARY: 4y Operating Profit uptrend | PE 28.3x (Sector PE range 30-50) | Excellent Sep-24 results |
Specialty Chemicals

FUTURE OUTLOOK: As per Q4FY24 Concall, Company aspiring to reach INR 600 Cr in revenue by FY25 |
Company aim is to maintain a growth rate higher than 33% CAGR, focusing on expansion and market share
| Company expecting gradual rise in utilization of the new capacity, aiming for 50% by Q4 of FY25 and 80%
by FY26.

● MCap of INR 1,837 Crore (share price = INR 55.1 / share) (as on 29th Nov ‘24)
● TTM PE 28.3x (as on 29th Nov ‘24) Retail float = 28.0% (Sep-24)

FOOD FOR THOUGHT: Highly competitive sector.

Company Description: Incorporated in 1989, Sigachi Industries is into manufacturing of microcrystalline

cellulose (MCC). MCC is produced from refined wood pulp which is imported by the company. It is widely
used in pharmaceutical, food, beverage, cosmetic and paint industry. Also, its most common uses are in
vitamin supplements and tablets. It also acts as a bulking agent in food production.

Share price and Volume (last 1 year):

Price Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 LTP
Sigachi 51 77 83 56 64 65 60 67 60 55 49 55.1

(In INR Cr) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 69 72 85 99 111 104 96 125
Op Profit 14 12 16 21 23 16 21 17
Net Profit 10 7 11 15 16 15 13 21
OPM 20% 17% 19% 22% 20% 16% 22% 14%
NPM 14% 10% 13% 15% 14% 14% 14% 17%
Promoter % 48.5% 48.5% 48.5% 48.5% 46.1% 45.4% 45.4% 44.7%

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 129 139 193 250 302 399 436
Fin Profit 26 25 39 53 59 77 77
Net Profit 19 20 30 40 44 57 65
Website: https://sigachi.com/
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.
 29th Nov 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
PE 28.3 (Specialty Chemical:
30-50)
Below sector range
Futuristic Sector No
HNI / Institutional
/ Promoter No
Buying
Special Situation No
Aug ‘24: Company has introduced PureCoat and UltraMod as part of
its new product lines, featuring innovative pharmaceutical film coatings
Future Visibility Yes
and polymer blends. These advanced solutions are set to revolutionize
the coatings industry, improving drug delivery, patient compliance, and
overall product effectiveness.

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.
 29th Nov 2024
2. BIKAJI FOODS INTERNATIONAL LIMITED NSE: BIKAJI
(1st time covered: Today)

Recent filing: (GOOD RESULTS) For the quarter ending Sep-24 for Bikaji Foods International, Sales up
18% YoY from INR 609 Cr in Sep-23 to INR 721 Cr in Sep-24. Similarly, Net Profit up 15% from INR 60 Cr
to INR 69 Cr. On a QoQ basis, Sales up 26% and Net Profit up 19%.

SUMMARY: 5y Operating Profit uptrend | PE 67.1x (Sector PE range 30-70) | Acquisitions | Consumption

FUTURE OUTLOOK: Company is focusing on expanding its distribution network, aiming to increase its direct
reach from 278,000 outlets to 350,000 outlets by the end of FY26.

• MCap of INR 19,977 Crore (share price = INR 798 / share) (as on 29th Nov ‘24)
• TTM PE 67.1x (as on 29th Nov ‘24) Retail float = 3.7% (Sep-24)

FOOD FOR THOUGHT: Highly competitive sector.

Company Description: Bikaji Foods International Limited, one of India's leading FMCG brands, offers a
diverse product range across six categories: bhujia, namkeen, sweets, papad, western snacks, and other
items like gift packs, frozen food, mathri, and cookies.

Share price and Volume (last 1 year):

Price Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 LTP
Bikaji 546 592 522 490 533 594 716 715 825 922 850 798

(In INR Cr) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 508 462 482 609 624 614 572 721
Op Profit 55 62 66 88 75 161 92 107
Net Profit 40 38 41 60 46 116 58 69
OPM 11% 13% 14% 14% 12% 26% 16% 15%
NPM 8% 8% 9% 10% 7% 19% 10% 10%
Promoter % 76.0% 76.0% 75.4% 75.2% 75.2% 75.1% 75.1% 75.0%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales - - 1,075 1,311 1,611 1,966 2,329 2,532
Op Profit - - 96 145 140 214 392 434
Net Profit - - 56 90 76 136 263 289
Website: https://www.bikaji.com/

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.
 29th Nov 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 67.1
(Consumption: 30-70)
Higher end of sector range
Futuristic Sector No

HNI / Institutional
Sep ’24: Quant Mutual Fund is holding 4.5% stake. Tata Aia Life
/ Promoter Yes Insurance is holding 1.7% stake. Canara Robeco Mutual Fund is
Buying holding 1.4% stake. Edelweiss Trusteeship Co is holding 1.2% stake.

Special Situation No

21st Nov 2024: BoD has approved an additional investment of $ 0.5

million in its wholly-owned subsidiary (WOS), Bikaji Foods International
USA Corp. The investment timeline, initially set at four months, has
been extended by three months. This move aims to expand business
operations and strengthen BFIL's distribution network in the USA. Post-
investment, BFIL's stake in Bikaji USA will remain 100%. The
subsidiary operates in the FMCG sector, aligning with BFIL's core
business. For FY 2023-24, Bikaji USA reported revenue of $1.1 million.

16th Oct 2024: Company announced a strategic investment of INR 131

Future Visibility Yes Cr by its subsidiary, Bikaji Foods Retail Ltd., to acquire a 53% stake in
Lucknow-based café and artisanal sweets brand, Hazelnut Factory.
The acquisition, to be completed in tranches over two years, aims to
build a House of Brands and strengthen Bikaji’s presence in the Quick
Service Restaurant (QSR) segment.

23rd Aug 2024: Company has announced the acquisition of a 55%

equity stake in Ariba Foods Private Limited, a leading Ujjain-based
company specializing in snacks and frozen foods, including samosas,
naans, parathas, and sweets. This strategic investment, totaling INR
60.5 Cr, will enable Bikaji to enhance its frozen food production
capabilities and expand its market presence.

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. 7

Please do your own due diligence before making any investment decisions.
 29th Nov 2024
3. COMPUTER AGE MANAGEMENT SERVICES LIMITED
NSE: CAMS (1st time covered: Today)

Recent filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Sep-24 for Computer Age
Management Services, Sales up 33% YoY from INR 275 Cr in Sep-23 to INR 365 Cr in Sep-24. Similarly,
Net Profit up 44% from INR 84 Cr to INR 121 Cr. On a QoQ basis, Sales up 10% and Net Profit up 13%.

SUMMARY: 6y Operating Profit uptrend | 7q Operating Profit uptrend | Excellent Sep-24 results | PE 60.8x
(Sector PE range 20-50) | Institutional Entry | Financial Services

• MCap of INR 24,267 Crore (share price = INR 4,924 / share) (as on 29th Nov ‘24)
• TTM PE 60.8x (as on 29th Nov ‘24) Retail float = 17.7% (Sep-24)

FOOD FOR THOUGHT: PE is above sector range.

Company Description: Company is a technology-driven provider of financial infrastructure and services to

mutual funds (MFs) and other financial institutions. It is India's largest registrar and transfer agent (RTA) for
MFs, holding a market share of approximately 68%. Company serves 10 of the 15 largest MFs, with over 21
years of average relationship with its top clients. Its services include dividend processing, transaction
origination, payment execution, intermediary empanelment, report generation, investor interface, settlement,
compliance, and brokerage computation.

Share price and Volume (last 1 year):

Price Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 LTP
CAMS 2651 2897 3072 2916 3203 3480 3613 4534 4261 4409 4444 4924

(In INR Cr) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 244 249 261 275 290 310 331 365
Op Profit 108 109 110 122 129 143 150 170
Net Profit 74 74 76 84 89 103 107 121
OPM 44% 44% 42% 44% 44% 46% 45% 47%
NPM 30% 30% 29% 31% 31% 33% 32% 33%
Promoter % 19.9% 19.9% 19.9% 19.9% - - - -

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 659 711 700 706 910 972 1,137 1,297
Op Profit 276 261 287 296 424 421 505 593
Net Profit 146 131 172 205 287 285 351 419
Website: https://www.camsonline.com/

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.
 29th Nov 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 60.8 (Financial Services: 20-50)
Above sector range

Futuristic Sector No

Sep ’24: Fidelity Emerging Markets Fund is holding 1.5 % stake.

Seafarer Overseas Growth & Income Fund is holding 2.7 % stake.
Ashoka Whiteoak India Opportunities Fund is holding 1.8 % stake.
Arisaig Asia Fund is holding 1.5 % stake. Abu Dhabi Investment
Authority is holding 1.5 % stake. Fidelity International Discovery
HNI / Institutional Fund is holding 1.5 % stake. Goldman Sachs is holding 3.5 % stake.
/ Promoter Yes Vanguard Fund is holding 2.5 % stake. Government Pension Fund
Global is holding 1.2 % stake. J P Morgan Funds is holding 1.1 %
Buying stake. Canara Robeco Small Cap Fund is holding 1.9 % stake. Life
Insurance Corporation of India is holding 4 % stake. Sundaram
Mutual Mid Cap Fund is holding 1.6 % stake. Aditya Birla Sun Life
Banking and Financial Services Fund is holding 1 % stake. 360 One
India Private Equity Fund is holding 1.3 % stake. Axis Mutual Fund
is holding 1.3 % stake. Uti-Mid Cap Fund is holding 1.4 % stake.

Special Situation No

11th Nov 2024: Company and KFintech have announced a joint

venture to establish MFCentral as a standalone entity, focusing on
technology, sales, and marketing to enhance mutual fund services.

23rd Oct 2024: Company has expanded its presence in GIFT City,
Gujarat, by inaugurating a second office to support global and Indian
funds. Operational in GIFT City since 2021, CAMS provides
comprehensive fund administration services, including investor
onboarding, regulatory compliance, and fund accounting. The new
facility aligns with the company's global expansion and client growth
Future Visibility Yes plans.

10th Apr 2024: CAMSPay, the payment business unit of the

company, has received RBI authorization (Certificate No. 183/2024)
to operate as an Online Payment Aggregator under the Payment
and Settlement Systems Act, 2007.

4th Feb 2024: Company has expanded its AI-powered customer

onboarding solutions to the insurance sector, securing a major KYC
mandate from Oriental Insurance Company Limited (OICL), marking
its entry into the non-life insurance space.

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. 9

Please do your own due diligence before making any investment decisions.
 29th Nov 2024
4. SHIVALIC POWER CONTROL LIMITED NSE -SME: SPCL
(SME: Lot Size = 600 shares) (1st time covered: 2nd Jul 2024)

Recent filing: (ORDER) Shivalic Power Control has been awarded a prestigious order for LT Panels worth
INR 1.1 Cr. The project is scheduled to be completed by February 2025.

SUMMARY: 3y Operating Profit uptrend | PE 34.9x (Sector PE range 30-70) | Institutional Entry | IPO |
Electrification | Capital Goods – Electrical equipment

● MCap of INR 499 Crore (share price = INR 207 / share) (as on 29th Nov ‘24)
● TTM PE 34.9x (as on 29th Nov ‘24) Retail float = 18.3% (Sep-24)

FOOD FOR THOUGHT: Negative operating Cash flow for FY24

Company Description: Shivalic Power Control Limited, is in the business of manufacturing LT and HT
electric panels, boasts a rich 20-year operating history, with a sprawling 1,25,000 Sq. Feet in-house
manufacturing facility, the company prides itself on its ability to produce a varied selection of electric panels,
including PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronization panels, Outdoor
panels, and HT Panels up to 33KV.

Share price and Volume (last 1 year):

Price Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 LTP
Shivalic - - - - - - - 279 254 212 237 207

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

Sales - - 50 31 71 54
Op Profit - - 8 7 13 9
Net Profit - - 4 3 8 6
OPM - - 16% 21% 18% 17%
NPM - - 8% 10% 11% 11%
Promoter % - - - - 70.9% 70.9%

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales - - 52 57 82 102 125
Op Profit - - 5 5 13 19 22
Net Profit - - 1 2 7 11 14
Website: https://shivalic.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.
 29th Nov 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
PE 34.9 (Capital Goods: 30-70)
Lower end sector range

Yes
Futuristic Sector
(Electrification)

HNI / Institutional Sep ‘24: CCV Emerging Opportunities Fund-I is holding 1.7% stake.

/ Promoter Yes Jul ‘24: Bofa Securities Europe Sa bought 2.8L shares at INR
Buying 311/share, aggregating to INR 8.7 Cr.

Special Situation Yes IPO in Jun '24

Nov ‘24: Company has been awarded with prestigious order worth
INR 3.7 Cr of Supply and Installation work for all Electrical Items,
from Machino Plastics Ltd, project is scheduled to be completed by
February 2025.

Nov ‘24: Company has secured a significant order worth INR 1.7
crore for LT Panels from Machino Plastics. The project is expected
to be completed by December 2024.

Nov ‘24: Company has been awarded an order worth INR 5.3 Cr for
LT panels, to be supplied before February 25.

Nov ‘24: Company has been awarded with prestigious order of LT

Panels of INR 53 Lacs.

Future Visibility Yes Oct ‘24: Company has been awarded with prestigious order of LT
Panels of INR 1.3 Cr.

Oct ‘24: Company has been awarded with prestigious order of HT

Panels of INR 86 Lacs.

Oct ‘24: Company has been awarded an order of LT Panels before

listing of the company for INR 2.8 Cr, which is now increased by INR
75 Lacs, and the new amended order value is INR 3.54 Cr.

Oct ‘24: Company has received a work order worth INR 50 Lac from
HI-TECHNOCRAFTS, order needs to be completed by Feb 2025.

Oct ‘24: Company has received a work order worth INR 1.3 Cr from
MINDA INFRASTRUCTURE LLP, order needs to be completed by
Jan 2025.

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.
 29th Nov 2024
Oct ‘24: Company has received a work order worth INR 43 Lac from
JK Cement Ltd, order needs to be completed by Jan 2025.

Oct ‘24: Company has been awarded with Order INR 88 Lac of LT
Panels for GMT Industries Ltd.

Oct ‘24: Company has reported a 72% growth in revenue from INR
31 Cr in H1FY24 to INR 53.5 Cr in H1FY25.

Sep ‘24: Company has been awarded with prestigious order of LT

Panels of INR 3 Cr.

Aug ‘24: Company has received a work order worth INR 10 Cr from
JK Cement Ltd, order needs to be completed by November 2024.

Jun ’24: IPO proceeds will be used towards as follows:

• INR 6 Cr towards funding of new machineries

• INR 2 Cr towards Civil construction of warehouse
• INR 6 Cr towards Inorganic growth

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. 12

Please do your own due diligence before making any investment decisions.
 29th Nov 2024
5. SAHAJ SOLAR LIMITED NSE – SME: SAHAJSOLAR
(SME: Lot Size = 200 shares) (1st time covered: Today)

Recent filing: (GOOD TO EXCELLENT RESULTS) For the half year ending Sep-24 for Sahaj Solar, Sales
up 61% YoY from INR 61 Cr in Sep-23 to INR 98 Cr in Sep-24. Similarly, Net Profit up 2.5x from INR 2 Cr to
INR 5 Cr. On a HoH basis, Sales down 30% and Net Profit down 55%.

SUMMARY: 4y Operating Profit uptrend | Operating Profit uptrend | Excellent Sep-24 results | PE 34.3x
(Sector PE range 30-70) | Institutional Entry | IPO | Capital Goods – Electrical equipment

FUTURE OUTLOOK:

• MCap of INR 548 Crore (share price = INR 499 / share) (as on 29th Nov ‘24)
• TTM PE 34.3x (as on 29th Nov ‘24) Retail float = 15.8% (Sep-24)

FOOD FOR THOUGHT: Negative operating cashflow for FY24

Company Description: Incorporated in 2010, Company plans and develops small to large Photovoltaic Solar
power plant projects. Company was an early player in solar water pumping system and has a combination of
exposure and experience in panel manufacturing and EPC. Company’s expertise lies in Crystalline
Photovoltaic Technology used for manufacturing Solar PV Modules.

Share price and Volume (last 1 year):

Price Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 LTP
Sahaj - - - - - - - 530 700 641 518 499

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

Sales 61 140 98
Op Profit 4 20 8
Net Profit 2 11 5
OPM 7% 14% 8%
NPM 3% 8% 5%
Promoter % - - 71.3%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 62 67 185 201 238
Op Profit 3 4 11 24 28
Net Profit 1 1 6 13 16
Website: https://sahajsolar.com/

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.
 29th Nov 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend No
PE 34.3 (Capital Goods: 30-70)
Lower end of sector range
Yes
Futuristic Sector
(Electrification)

HNI /
Sep ’24: Acintyo Investment Fund is holding 1.0% stake. CCV
Institutional / Yes Emerging Opportunities Fund is holding 1.6% stake. Persistent
Promoter Buying Growth Fund is holding 2.3% stake.

Special Situation Yes IPO in Jul ’24.

10th Oct 2024: Company has received an order worth INR 15.5 Cr
for Providing, Installation, Testing and Commissioning of 25 KWP off
Grid Solar Power Plant at BSF Gopalpur as well as 25 KWP off Grid
Solar Power Plant at BSF Coochbehar under FTR HQ BSF
Guwahati from Dte General Border Security Force (BSF),
Engineering Branches, to be executed within 18 months.

27th Sep 2024: Company has signed a Memorandum of Agreement

with Wincyril Enterprises Limited, Zambia, for an EPC contract worth
USD 3.9 million (INR 32.6 Cr). Wincyril, an Independent Power
Producer (IPP), has been selected to develop 60 solar PV micro-
power plants (up to 5 MWAC each) in Zambia under ZESCO
Limited's tariff-based competitive bidding process, to be executed
before Mar ’26.

25th Sep ’24: Company has received Notice to Proceed (NTP) under
Letter of Award worth INR 6.2 Cr from Tripura Renewable Energy
Development Agency (TREDA) for “Design, Manufacture, Supply,
Future Visibility Yes Transport, Installation, Testing, Commissioning and Maintenance
for Off-grid Solar Photovoltaic Water Pumping System (SPWPS) of
1-10 HP (in selected district to beneficiary farmers in Tripura) on
PAN India basis, including complete system warranty & its repair
and maintenance for 5 years under MNRE scheme Component- B”
– NTP Phase- III.

23rd Sep 2024: has received Letter of Work Order worth INR 20 Cr
from Jilla Parishad Nandurbar, Maharastra for Design, Manufacture,
Supply, Transport, Installation, Testing, Commissioning and
Maintenance of Solar dual drinking water pump of 1 HP under Jal
Jivan Mission, to be executed within 12 months.

3rd Aug 2024: Company has received Letter of Award worth INR 16
Cr from Dakshin Gujarat Vij Co. Ltd. (DGVCL) for Off-grid Solar
Photovoltaic Water Pumping System (SPWPS) under Component-
B of PM-KUSUM scheme, to be executed before Mar ’25.

2nd Aug 2024: Company has received Letter of Award worth INR
48.2 Cr from Maharastra Energy Development Agency (MEDA) for
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.
 29th Nov 2024
Off-grid Solar Photovoltaic Water Pumping System (SPWPS) on
Turnkey basis for irrigation purpose under MNRE Component-B of
PM-KUSUM scheme.

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.
 29th Nov 2024
Others
JEENA SIKHO LIFECARE LIMITED
(BUSINESS UPDATE) Company will participate in the 10th WAC & Arogya Expo 2024, a B2B event at the
Forest Research Institute, Dehradun, from December 12-15. The expo offers networking and business
opportunities in Ayurvedic products and practices.

• MCap of INR 4,819 Cr (share price = INR 1,938/share); TTM PE 57.2x (as on 29th Nov ‘24)

TECHKNOWGREEN SOLUTIONS LIMITED

(ORDER) Company has received work orders worth INR 1.2 Cr from Web Werks (India) Pvt. Ltd., including
INR 29.38 lakh for obtaining a Provisional Fire NOC from MIDC's Chief Fire Officer and INR 88 L for securing
MIDC Building Plan approval from SPA MIDC.

• MCap of INR 193 Cr (share price = INR 262/share); TTM PE 29x (as on 29th Nov ‘24)

URVAN ENVIRO WASTE MANAGEMENT LIMITED

(ORDER) Company has been awarded the work order worth INR 1.5 Cr by Khambhat Municipality (Anand
District, Gujarat) for Door-to-door garbage Collection with Close body garbage tipper vehicle including Fuel
and sufficient manpower for Khambhat Nagarpalika for a period of 1 year.

• MCap of INR 221 Cr (share price = INR 511/share); TTM PE 20.7x (as on 29th Nov ‘24)

MOS UTILITY LIMITED

(PARTNERSHIP) JC Ventures Private Limited, a subsidiary of Company, has partnered with Madhya
Pradesh Gramin Bank to enhance rural banking through the Business Correspondent (BC) model. This
collaboration aims to deliver essential financial services to underserved communities, promoting financial
inclusion and economic empowerment across rural India.

• MCap of INR 698 Cr (share price = INR 280/share); TTM PE 73.3x (as on 29th Nov ‘24)

CANARYS AUTOMATIONS LIMITED

(ORDER) Company has been awarded a contract worth INR 5.5 Cr from Infosys Limited, Noida to provide
the software services and licenses pertaining to GitHub and GitHub Advanced Security for a support period
of 6 years i.e. from December 2024 to November 2030.

• MCap of INR 208 Cr (share price = INR 37.0/share); TTM PE 19.9x (as on 29th Nov ‘24)

POWER MECH PROJECTS LIMITED

(ORDER) Company has secured a INR 510 crore order (excluding GST) from Adani Power Limited for
mechanical construction works at the 2x800 MW Raipur Phase-II Ultra Supercritical Thermal Power Project
in Raikheda, Chhattisgarh. The project duration is 34 months from the start of erection.

• MCap of INR 8,967 Cr (share price = INR 2,833/share); TTM PE 32.9x (as on 29th Nov ‘24)

ARHAM TECHNOLOGIES LIMITED

(PROMOTER BUYING) Promoter bought 8k shares at INR 135/share, aggregating to INR 11L.

• MCap of INR 225 Cr (share price = INR 133/share); TTM PE 40.3x (as on 29th Nov ‘24)

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.
 29th Nov 2024
VINYAS INNOVATIVE TECHNOLOGIES LIMITED
(SUBSIDIARY INCORPORATION) Vinsys Information Technology Services LLC, UAE (99% owned by the
company) and its subsidiary, Vinsys Information Technology Consultancy – Sole Proprietorship LLC (1%),
have jointly established a new entity, Vinsys Information Technology Services LLC, in Muscat, Oman, to
expand their business. The new entity will focus on training, consultancy, and software services.

• MCap of INR 944 Cr (share price = INR 750/share); TTM PE 56.4x (as on 29th Nov ‘24)

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.
 29th Nov 2024
Sovrenn SME Index: 0.30%
Sovrenn SME Index was up 0.30% 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)
Rosmerta Digital Services SME Upcoming _ _ _ 15% NA
Emerald Tyre Manufactures SME Upcoming 05-Dec-24 09-Dec-24 12-Dec-24 0% NA
Nisus Finance Services SME Upcoming 04-Dec-24 06-Dec-24 11-Dec-24 28% NA
Ganesh Infraworld SME Open 29-Nov-24 03-Dec-24 06-Dec-24 42% 1
Suraksha Clinic and Diagnostic Mainboard Open 29-Nov-24 03-Dec-24 06-Dec-24 0% 0
Agarwal Toughened Glass India SME Open 28-Nov-24 02-Dec-24 05-Dec-24 8% 1
Abha Power SME Close 27-Nov-24 29-Nov-24 04-Dec-24 20% 18
Apex Ecotech SME Close 27-Nov-24 29-Nov-24 04-Dec-24 41% 457
Rajputana Biodiesel SME Close 26-Nov-24 28-Nov-24 03-Dec-24 85% 719
Rajesh Power Services SME Close 25-Nov-24 27-Nov-24 02-Dec-24 29% 59
C2C Advanced Systems SME Close 22-Nov-24 26-Nov-24 29-Nov-24 86% 125

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

Rosmerta Digital Services Digital Services (Auto) 2.2x 2.8x 39x
Emerald Tyre Manufactures Tyre Manufacturer 13% 2% 15x
Nisus Finance Services Transaction Advisory Services 42% 45% 17x
Ganesh Infraworld EPC 75% 2.4x 15x
Suraksha Clinic and Diagnostic Diagnostic Centres 11% 33% _
Agarwal Toughened Glass India Toughened Glass Manufacturer 16% 5% 21x
Abha Power Steel and Iron Products 34% 77% 25x
Apex Ecotech Waste Water Treatment -18% -53% 20x
Rajputana Biodiesel Biofuels 55% 72% 16x
Rajesh Power Services Consultancy 2.2x 2.1x 15x
C2C Advanced Systems Defense 2.1x 59% 24x
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. 18

Please do your own due diligence before making any investment decisions.
 29th Nov 2024
Sovrenn Macro

India’s Cooperative Sector to Generate Over 11 Crore Jobs by 2030

India's cooperative sector is set to play a transformative role in the nation’s employment landscape, with the
potential to create 5.5 crore direct jobs and 5.6 crore self-employment opportunities by 2030, according to a
report by management consultancy firm Primus Partners.

Steady Employment Growth

The Indian Cooperative Movement report highlights the sector’s impressive progress, with jobs increasing
from 1.2 million in 2007-08 to 5.8 million in 2016-17—a staggering 18.9% annual growth rate. This trend
underscores the sector’s ability to provide stable employment while driving inclusive economic development.

Catalyst for Self-Employment

Cooperatives have also emerged as a major driver of self-employment. Opportunities doubled from 15.47
million in 2006-07 to 30 million by 2018. With an annual growth rate of 5-6%, the sector is projected to
generate 56 million self-employment opportunities by 2030, creating new pathways for income generation in
rural and semi-urban areas.

Boost to GDP

By 2030, the cooperative sector is expected to directly contribute 3-5% to India’s GDP. Including the impact
of self-employment, this contribution could exceed 10%, reinforcing the sector’s critical role in agriculture,
rural industries, and small enterprises.

Policy Support and Modernization

The creation of the Ministry of Cooperation in 2021 marked a turning point for the sector. Focused on
modernizing governance, streamlining policies, and promoting cooperative enterprises, the ministry is
addressing key challenges like funding and sustainability. India’s 8.5 lakh cooperative societies, with 29 crore
members, require robust policy frameworks to ensure autonomy, self-reliance, and democratic management.

Looking Ahead

The cooperative sector is well-positioned to be a cornerstone of India’s economic growth. With the right
interventions, it could create over 11 crore employment opportunities and contribute significantly to GDP,
fostering a more inclusive and sustainable economy.

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.
 29th Nov 2024
Annexure
Sector specific PE classification:
Sector PE Range
5G 30-60
Advertising 30-50
Agri Products 15-30
Alcoholic Beverages 30-70
Automobile and Ancilaires 30-50
Biofuels 30-60
Building Material 30-60
Capital Goods - Electrical Equipment 30-70
Capital Goods - Non Electrical Equipments 30-60
Clean Energy 50-90
Commodity Chemicals 10-40
Consulting Services 30-50
Consumption 30-70
Cyber Security 50-100
Data center 50-100
Defence 50-100
Diversified Commercial Services 30-50
Drones 70-120
Electric Vehicle 80-120
EMS 50-100
Entertainment 20-40
EPC 30-60
Event Management 25-50
Financial Services 20-50
Gas Infra 10-50
Healthcare - Hospitals / Diagnostics 40-80
Hotels and Hospitality 30-60
HR Services 30-50
Infrastructure 10-50
IT 30-50
Marine Services 30-50
Microfinance 10-20
NBFC 20-40
Oil and Gas 10-30
Packaging 20-50
Pharma 20-40
Plastic Products 30-50
Railways 40-70
Realty 30-40
Shipping / Logistics 10-40
Speciality Chemicals 30-50
Steel Products 10-50
Sustainability and Recycling 30-50
Tech Platform 50-100
Telecom / Solar / Power Infra 30-50
Trading NA
Travel Services 30-60
VFX 30-60
Water Infra 10-50
Wires and Cables 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.
 29th Nov 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.