SME & microcap investor | 2020 batch | Sharing ideas, learning & networking | Not buy/sell advice | DYODD |
Pune
Joined September 2020
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📊 Portfolio Update — September 2026
1. Hindusthan Insulators & Industries
2. Bhagyanagar India
3. Piccadily Agro Industries
4. Cospower Engineering
5. Kalyani Cast Tech
6. ESDS Software Solution
7. Shri Ahimsa Naturals
8. Namo eWaste Management
9. Taurian MPS
10. Sahasra Electronic Solutions
11. Aimtron Electronics
12. Accent Microcell
13. Influx Healthtech
14. Chatha Foods
15. Fabtech Cleanrooms
16. Amtech Esters
17. Sacheerome
Still learning. Still researching.
No buy/sell advice. DYODD.
Portfolio Update (June 2026)
Current Top 5 Holdings (58% of portfolio):
• Bhagyanagar India
• Hindusthan Insulators & Industries
• DEE Development Engineers
• Aimtron Electronics
• Shri Ahimsa Naturals
Other Holdings:
Prime Cable Industries
Kalyani Cast Tech
Influx Healthtech
Aelea Commodities
Suba Hotels
Oriana Power
Accent Microcell
Taurian MPS
Modison
Emerald Finance
Fabtech Technologies Cleanrooms Deep Industries
Exited:
Ceinsys Tech
Nurture Well Industries
Rajesh Power Services
C2C Advanced Systems
Monarch Surveyors
Connplex Cinemas
Portfolio churn has been driven by opportunity cost. Exited businesses where I found relatively better opportunities in companies delivering stronger results, better growth visibility, and more attractive risk reward.
The Microcap Guy retweeted
Pointless - watching US bond gurus on CNBC, endless discussion with friends whether Fed will tighten by 25 bps or 50 bps, whether and by how much will RBI follow, whether a bear market has arrived or will soon arrive…you get the drift
Productive - follow outperformers in results season, listen concalls, read research reports and annual reports, if not this then go on vacation and recharge your mind and soul
What a legendary article by @Vedansh_Ag on Hindusthan Insulators & Industries! I came to know about the company through this article, and it eventually became the highest weighted position in my portfolio.
Couldn’t thank you enough, Vedansh. Truly grateful! 🙏
Cospower Engineering — a microcap worth watching ⚡️
Market Cap: ~₹349 Cr
I’ve been digging deeper into Cospower Engineering, and the story is more interesting than just a “power capacitor” company.
What does Cospower do?
It manufactures & supplies:
• HT/LT power capacitors
• APFC/RTPFC panels
• Reactors & harmonic filters
• Reactive power compensation solutions
• Turnkey substation solutions
Customers include MSETCL, MSEDCL, GETCO, Indian Railways, GAIL, RCF, Bharat Oman Refineries, solar companies & industrial customers.
Why is it interesting?
🔹 Vertical integration — capacitors, reactors, thyristor modules and panels are increasingly manufactured in-house.
🔹 Certification barriers — ERDA & CPRI type-testing, with PGCIL, EIL & RDSO approvals being pursued.
🔹 Application-specific engineering — these aren't simple commodity products. System studies, harmonic analysis, design, testing & commissioning are involved.
🔹 Capacity expansion — management planned new machinery & automation to roughly double production capacity, targeted to be fully operational before Q3 FY26 / Dec 2025.
And then the numbers surprised me 👇
Management's earlier FY26 revenue guidance was ₹60 Cr.
Actual FY26 revenue: ~₹107 Cr
FY26 PAT: ~₹13 Cr
That's a massive jump from FY25 revenue of ~₹27.7 Cr.
So execution has come in far ahead of the earlier roadmap.
Market opportunity
Management estimates the FY25 market at around ₹1,655 Cr, growing ~6% annually.
Cospower was ranked around #7 among 19 players and is targeting a move towards the top 4.
In Feb 2026, the company also completed a preferential issue:
Equity Shares @ ₹990
Amount raised: ₹16.04 Cr
My thesis
Niche + certification barriers + vertical integration + capacity expansion + very strong execution.
But there is an important risk:
⚠️ The stock is highly illiquid.
For a microcap, this can itself become a significant risk during both entry and exit.
Overall, it is a small, niche, certified engineering company attempting to scale rapidly in a growing power-quality market.
Disclosure: Invested.
Not a buy/sell recommendation. DYODD.
One of the best learnings I’ve come across in recent days:
Freedom doesn’t mean having no fences.
Freedom means choosing your own fences.
The right boundaries don’t restrict you. They give you direction, focus and the freedom to move forward.
The fence is not the price you pay for freedom. The fence is the freedom.
A wonderful perspective by @safalniveshak. 👏
🎥 youtu.be/mG1rhKj3xs8
The Microcap Guy retweeted
A proud milestone for us!
Our first container trial train has successfully reached our Gati Shakti Terminal in Kachchh, Gujarat.
The containers have been manufactured at our Rewari plant, showcasing our end-to-end capabilities—from indigenous manufacturing to rail logistics.
Another step forward in building an integrated, efficient and sustainable rail freight ecosystem. 🇮🇳
Shri Ahimsa Naturals — an interesting update from the latest CRISIL rating rationale:
• FY27 revenue guidance: ₹145–150 Cr
• Medium-term operating margin expected around ~30%
• ₹150 Cr capex underway for coffee extraction & herbal extracts
• Commercialisation expected from March 2027
• Net worth expected to cross ₹240 Cr in FY27
• Leverage expected to remain comfortable at 0.20–0.22x
The interesting part is the ₹150 Cr capex.
The next leg of growth could come from coffee extraction, herbal extracts, product diversification and backward integration.
Now the key is execution — capacity ramp-up, ROCE and working-capital discipline.
Not investment advice. DYODD.
The Microcap Guy retweeted
Money should give you ownership of your time, not ownership of more things.
The Microcap Guy retweeted
Initiating Coverage (with @vinayak_kh56506): Chatha Foods & Punjabi Angithi (3-4x Revenue Potential Stocks but with a Catch)
- Chatha Foods: Proxy to QSRs and a ~4x CAPEX came live recently
- Punjabi Angithi is a cloud kitchen expanding from 23 to 45 by FY'28.
0:00 Introduction
1:24 Chatha Foods: Overview
5:16 Chatha Foods: Business & Product Segments
10:07 Chatha Foods: Thesis, Anti-Thesis, & Valuations 20:55 Vegorama Punjabi Angithi: Business Model & Valuations
No Reco
Triveni Engineering's demerger is finally here.
📌 Record Date: 22 July 2026
Shareholders will receive 1 share of Triveni Power Transmission Ltd. (TPTL) for every 3 shares of Triveni Engineering & Industries Ltd. (TEIL) held.
TPTL is expected to list by the end of August 2026.
Why is this demerger interesting? 👇
• PTB is a 50-year-old business based in Mysuru.
• Manufactures high-speed gears & gearboxes (up to 70 MW capacity and 70,000 RPM).
• Exports to 80+ countries.
• Customers include Siemens, Mitsubishi, Atlas Copco, BHEL, Sulzer and Triveni Turbines.
• Has a growing defence business, including supplies to the Indian Navy.
• Consistently delivers ~35% PBIT margins.
• Order book stands at ₹485 crore, up 25% YoY.
• Invested ₹340 crore in capacity expansion, taking potential output capacity to around ₹700 crore, with a significant portion allocated to a new defence facility.
The value unlock 👇
• PTB contributed only ~5% of TEIL's revenue but generated ~32% of segment PBIT.
• An independent listing should enable better price discovery and unlock value for shareholders.
What's left with Triveni Engineering after the demerger?
• Sugar business (8 mills)
• Distillery & Ethanol business (record production in FY26)
• Water Treatment business
For a detailed breakdown, do watch @ShubhamKumar_IA's video:
youtu.be/x7rB8E2Ohlk?si=2poK…
Disclosure: Invested.
The Microcap Guy retweeted
Porcelain insulators are a particularly hard product to reach 50% local content on without a real factory. Unlike electronics, where you can do final assembly locally, the fired porcelain body is most of the product's value - the kiln, the clay body preparation, the glazing and firing are the whole game. Importing shells and doing fitting/cementing of end caps in India wouldn't get anywhere near 50% value addition.
Currently, Chinese companies are restricted from supplying insulators for the electrical grid. Furthermore, even if this restriction were lifted, they would be unable to meet the mandated 50% domestic content threshold without establishing a local manufacturing facility.
Even if a factory is built, new approvals would be needed. Since the product is safety-critical, it'll take a long time, and even companies with existing approvals would end up having similar cost structures to domestic Indian facilities because of the same raw material and energy expenses.
That's why when the whole T&D pack was down on Friday due to government intervention, Modern Insulators closed on the upper circuit.
Their semi-protected status is a result of both the inherent nature of their product and government regulations.
The Microcap Guy retweeted
#SME #OrianaPower #TrueRE #Oriana
Oriana Power H2 FY26 Investor Concall Highlights
👉 FY27 & Future Outlook
▫️Management expects ~50% CAGR in revenue and PAT for FY27-FY28 (safely achievable even in current volatile commodity environment)
💠Upside to 70% CAGR possible if market conditions stabilise.
💠Targets for 2030 remain intact: 6 GW solar EPC, 2.4 GW solar IPP, 20 GWh BESS, and 1 MMT green ammonia/hydrogen per annum.
💠“We are not looking for Actis, solar EPC, storage, asset monetization and AI as separate stories. We are combining them into one capital-efficient, technology-enabled renewable infrastructure platform,” — Anirudh Saraswat, Whole-Time Director.
💠BESS expected to contribute 35-40% of FY27 revenue (negligible in FY26 due to execution ramp).
💠Green fuels (ammonia) to start contributing from FY27/FY28 with the 60,000 TPA SECI already signed.
💠Actis monetisation (238 MW + additional ~200 MW) deferred beyond FY26 due to shift to hybrid/dispatchable projects and regulatory factors — “largely a timing issue rather than a business issue”; strategic rationale intact and deal size has increased. Deferment targeted in H1.
💠Monetisation pipeline now targets ~200 MW every half year to recycle capital and strengthen balance sheet.
💠Rupal Gupta, MD: “Having orders in hand for next almost two years… having one lean quarter or one lean year is a good year. A bad year will kill away every other journey we have been doing for the last 10 years.”
💠Conservative bidding stance maintained amid 30-88% commodity & currency swings; focus remains on profitable growth over aggressive volume.
👉 Current Order Book / Projects and Future Pipeline
▫️Order book ~₹7,000 crore providing visibility for next ~2 years.
▫️Solar: 700+ MW under execution; 2,500+ MW in pipeline.
💠Key wins include one of world’s largest floating solar, first ISTS-connected project (Prayagraj), first utility-scale solar in Gujarat, and international entry (Guyana airport).
💠Land bank expanded to ~4,780 acres.
▫️BESS:
💠1,000+ MWh under execution (including first utility-scale solar+BESS hybrid at CTU level and Rajasthan’s first Group Captive Open Access hybrid); 3,000+ MWh in pipeline.
💠190+ MWh C&I hybrid orders secured; BESPA agreements signed for 250 MWh (Navratnas PSU) + 100 MWh each in Rajasthan, Tamil Nadu & Karnataka. First on-ground BESS capacity already commissioned.
▫️Green Fuels (Consumption):
💠10-year binding GAPA with SECI for 60,000 TPA green ammonia (~₹3,135 crore contract value).
💠Land identified (1,200+ acres in MP); pre-FEED completed; advanced discussions in MP, Rajasthan, UP & other states.
💠MoUs with Governments of Rajasthan (₹10,000 crore), Madhya Pradesh (₹5,000 crore) and Assam (₹500 crore) for integrated RE + green fuels complexes.
💠Management remark (Praveen Kumar, Whole-Time Director): “We are no longer just a solar company… we are building an integrated clean energy platform spanning generation, storage and consumption.”
👉 Other Notable Points
▫️FY26 delivery despite headwinds:
💠Consolidated revenue ₹1,814 crore (+84% YoY),
💠EBITDA ₹425 crore (+73%)
💠PAT ₹252 crore (+59%), 13.91% PAT margin.
💠Key execution milestones: India’s largest floating solar, first ISTS solar, first utility-scale solar+BESS hybrid, Latin America entry, 1,000+ MWh BESS under execution.
▫️Balance sheet remains robust:
💠Debt-to-Equity 0.67×, cash position, disciplined capital allocation.
💠Other current liabilities reflect normal trade LCs, discounting facilities and customer advances (not red flags).
▫️Team & efficiency:
💠Employee strength scaled to 370+; AI-driven “ZeroDesk” rollout across all functions to reduce dependency on individuals and improve velocity.
💠“We will continue to hire selectively for critical roles but we do not expect people addition to grow in the same proportion as the scale of Oriana Power,” — Anirudh Saraswat.
💠Differentiator (Rupal Gupta): “None of the segment is just a PPT segment, it’s on-ground segment now… Battery order lena is easy; we have won the order and we have delivered the order.” Emphasis on integrated value chain (Generation • Storage • Consumption) and selective, high-quality execution over aggressive low-margin bidding.
👉Q&A highlights :
💠Guidance adjusted for Actis timing (still confident on strong FY27 PAT growth)
💠BESS margins expected in line with overall business; supply-chain & commodity risks being hedged via advance orders; employee cost rise reflects growth + project ramp (partly timing) and will be optimised via AI
💠Mainboard migration remains strategic priority with governance being strengthened
👉Mainboard stocks often get all the attention but some of the most compelling businesses are hiding in plain sight — on the SME Platform.
👉Smaller. Less covered, though noisy at times. Yet occasionally, genuinely exceptional.
———
👉Introducing SME Gems — a new independent series on Hidden Champions of the SME Platform :
💠 OBSC Perfection
💠 Aimtron Electronics
💠 Yash Highvoltage
💠 CFF Fluid Control
💠 DSM Fresh Foods
💠 L.T. Elevator
💠 Monolithisch India
💠 GSM Foils
👉Across Different Sectors. One common place.
🔗 smeresearch.github.io/SMEGem…
👉Stay tuned for more insights
———
⚠️ For educational purposes only. Not investment advice. Please DYODD.
#SMEGems #SMEPlatform #HiddenChampions #SME
Portfolio Update (June 2026)
Current Top 5 Holdings (58% of portfolio):
• Bhagyanagar India
• Hindusthan Insulators & Industries
• DEE Development Engineers
• Aimtron Electronics
• Shri Ahimsa Naturals
Other Holdings:
Prime Cable Industries
Kalyani Cast Tech
Influx Healthtech
Aelea Commodities
Suba Hotels
Oriana Power
Accent Microcell
Taurian MPS
Modison
Emerald Finance
Fabtech Technologies Cleanrooms Deep Industries
Exited:
Ceinsys Tech
Nurture Well Industries
Rajesh Power Services
C2C Advanced Systems
Monarch Surveyors
Connplex Cinemas
Portfolio churn has been driven by opportunity cost. Exited businesses where I found relatively better opportunities in companies delivering stronger results, better growth visibility, and more attractive risk reward.
Much-awaited analyst/investor meet announcement from Oriana Power.
The management will be interacting with investors on 10 June 2026
Hoping for greater clarity on the company's roadmap ahead.
The Microcap Guy retweeted
#SME #ApsisAerocom #Apsis
Apsis Aerocom H2 FY26 Concall Highlights
👉FY27 & Future Outlook:
▫️FY27 revenue guidance: ~₹48-49 Cr (Unit 1 at full capacity ~₹30 Cr + partial contribution from Unit 2 ~₹18 Cr)
▫️Unit 2 (Hi-Tech Aerospace & Defence Park, Devanahalli) to commence partial operations in July–August 2026 (Q2 FY27)
💠Initial machines installed; full ramp-up targeted in FY28 with ~35 advanced machines
💠Unit 2 capacity is ~2x current Unit 1; expected to drive double-digit growth in FY27 and beyond
▫️FY28 Targets: ~95+ Cr on full utilisation of the facilities
💠Unit 2 alone can generate 60cr+ once fully operational
▫️5-year target (by FY31): ₹500 Cr revenue
💠Supported by Unit 2/3 expansions, value-added assemblies, new product lines, and deeper global OEM partnerships under defence offset programmes
💠EBITDA margins expected to stabilise at 37–40%; sustainable long-term expansion through operational leverage, automation, and higher-complexity components
▫️Strategic priorities: automation & digital tools, upskilling (focus on hiring & training), customer diversification, and technology/capability enhancement (5-axis machining, end-to-end CAD-CAM-Simulation-Production)
👉Current Order Book / Projects and Future Pipeline:
▫️Current open order book (as on call date): ₹40.5 Cr
💠Defence: ₹25.33 Cr (62%)
💠Aerospace: ₹12.90 Cr (32%)
💠Healthcare: ₹1.60 Cr (4%)
💠Others: ₹0.67 Cr (2%)
💠Majority executable in FY27; small portion may spill into FY28
▫️FY26 new orders secured: >₹30 Cr
💠250 new components developed & validated across segments (ready for full-scale production in FY27)
💠Pipeline: >₹100 Cr with ~30% conversion rate expected
💠Defence to remain dominant (~60% of revenue mix going forward), Aerospace ~30%, Healthcare & others ~10–20%
▫️Existing Unit 1 is fully utilised; Unit 2 will add meaningful capacity from Q2 FY27, supporting execution of current book + new inflows
👉Other Notable Points:
▫️Segment mix:
💠Defence ~65% (₹20.08 Cr), Aerospace ~26% (₹7.86 Cr), Healthcare ~8% (₹2.36 Cr)
💠Customer concentration improved significantly: Top customer 35.59% (↓ from 52%), Top-3: 77.31%, Top-10: 96.97%
💠Cash position post-IPO (Cash & Bank: ₹36.51 Cr); robust operating cash flow ₹7.04 Cr
▫️Quality & Certifications: 99.9% manufacturing accuracy, >99% quality rating, >95% customer satisfaction, zero major non-conformances, AS9100D & ISO 9001:2015 certified
💠R&D team (15–20 members) spending ~7–10% of revenue; focus on new product development for aerospace, defence & healthcare
▫️Governance strengthened post-listing: induction of three independent directors with aerospace/defence expertise
💠Modern manufacturing (Peenya facility + upcoming Unit 2), experienced management (20+ years), and international presence (sales offices in Israel & Germany)
▫️Q&A Highlights:
💠Management confirmed comfortable execution of current order book within FY27–28
💠Reiterated 37–40% EBITDA guidance
💠Clarified no immediate need for NADCAP (not in special processes)
💠Highlighted exclusive/sole-supplier status on ~40% of revenue components with limited competition in India.
💠Unit 3 (value-add assemblies) planned for future; land already identified
👉Mainboard stocks often get all the attention but some of the most compelling businesses are hiding in plain sight — on the SME Platform.
👉Smaller. Less covered, though noisy at times. Yet occasionally, genuinely exceptional.
———
👉Introducing SME Gems — a new independent series on Hidden Champions of the SME Platform :
💠 OBSC Perfection
💠 Aimtron Electronics
💠 Yash Highvoltage
💠 CFF Fluid Control
💠 DSM Fresh Foods
💠 L.T. Elevator
💠 Monolithisch India
💠 GSM Foils
👉Across Different Sectors. One common place.
🔗 smeresearch.github.io/SMEGem…
👉Stay tuned for more insights
———
⚠️ For educational purposes only. Not investment advice. Please DYODD.
#SMEGems #SMEPlatform #HiddenChampions #SME
2 portfolio companies Taurian MPS and Shri Ahimsa Naturals declaring results today
Taurian MPS
Expecting 70 Cr revenue and 8-9 cr PAT in H2 FY 26
Shri Ahimsa
Expecting 64 Cr revenue and 16 cr PAT in H2 FY 26
Expecting both companies to maintain EBITDA margins as guided.
The Microcap Guy retweeted
Hindusthan Insulators Q4
Achieved 20 crore quarterly PAT run-rate, and this is post the disruption from gas prices. Some impact may continue into Q1 as well, so adjusting for all of that, ~100 crore PAT in FY27 looks doable.
And this doesn't yet factor in the capacity expansion coming online by end of FY27.
A 120% capacity expansion should translate into ~250 crore consolidated PAT in FY28, depending on how long the cycle lasts, which currently looks stronger than I had initially expected or calculated.
*Rough estimates, not a recommendation.
On studying the porcelain insulator space, I must say, what’s unfolding here is quite incredible.
There has been virtually no meaningful capacity addition over the last decade, largely due to the fear that polymer insulators would gradually eat into porcelain’s market share. To a large extent, that shift has already played out.
However, with the resurgence of HVDC, a segment where substation loads can only be handled by high voltage porcelain insulators, the equation has reversed.
We are now looking at a huge supply-demand mismatch, and this appears structural in nature.
Adding to this, capacity expansion in this space is extremely capital intensive, which means only a handful of players have the ability to scale.
That will further tighten the supply side.
There is no substitute. Whatever share polymer was supposed to capture, it has largely already taken. With the resurgence of HVDC, porcelain is back in focus.
And this is without even factoring in incremental demand from data centers.
To me, this looks like one of those rare, once-in-a-decade kind of opportunities.
In the immediate short term, there may be some impact from gas shortages and rising energy costs. However, once the Hormuz issue is resolved, things should normalize.
Trying to learn more on this.