Tale of the Tape 

Good evening everyone. Markets were volatile AF!

Nifty (+0.3%) and Sensex (+0.2%) dropped over a percent each from their intraday highs to end with minor gains. Possibly, some profit booking by investors after Israel-Iran agreed to a ceasefire. Midcaps and Smallcaps saw bigger gains, up +0.7% each.  A cool 356 stocks in the NSE 500 ended higher.

Most sectors ended in the green. PSU Banks (+1.5%) and  Metals (+1%) saw the most buying. Media (-1.1%) was hit by profit-booking.

Motilal Oswal sees a +28% upside to this industrial packaging stock. Read our top story below to find out more.

The HDB Financial Services IPO kicks off tomorrow! Check out our analysis below to help you decide whether to subscribe.

Defence stocks were under heavy selling pressure. Look at their charts below to find out why.

Vodafone-Idea jumped +5% after reports said the GOI was mulling relief on dues worth Rs 84,000 cr.

KPIT Technologies cracked -6% after a gloomy mid-quarter update where it said deal conversion rates are “much slower than expected”.

Garware Technical Fibres jumped +6% after acquiring a Norway-based cordage solutions firm.

Metro Brands was in focus after signing a strategic distribution agreement with British brand ‘Clarks’. The stock closed flat tracking the overall market volatility. 

Ambuja Cements (+4%) started production at its new West Bengal unit.

Astec LifeSciences (+8%) soared after greenlighting a Rs 250 cr rights issue.

Order wins. Bondada Engineering was locked in a +5% upper circuit after winning its largest-ever battery order worth Rs 836 cr. EMS was up +4% after winning a Rs 782 cr contract from the Kolkata Municipal Corporation.

Stock
Multibagger Alert!

Time Technoplast has been KILLING it. The stock is up +22% over the last month at a time when markets have been jittery. We know what you’re thinking: is it too late to join the party or is there more juice left? Here’s what you need to know.

For the unaware: the company is the world’s largest manufacturer of large plastic drums. Over the past decade, it’s moved up the value chain, launching bulk containers and composite cylinder products. PS - this has helped revenue grow at a CAGR of 16% over FY21-25!

What’s popping? Analysts say its value-added products (VAP) are at a key inflection point. Their share in the revenue mix went up to 27% in FY25 vs 20% in FY21 -- but that bump allowed its PAT to grow ~4x over the same period. It is currently targeting a 31% VAP revenue contribution by FY28. It plans to do this by:

• CNG cascades: These are a new kind of cylinders used in the CNG business. The company is projecting a ~40% conversion from normal cylinders to composite over the next few years. This should allow it to more than double its current business to Rs 1,000 cr by FY28.

• LPG cylinders: India has 500 million cylinders in circulation out of which the vast majority are made out of metal. Big customers including IOC are already making the shift. Experts expect a massive order from IOC soon to propel growth.

The best part is that Time Technoplast has front-loaded most of the capex for this growth. It has another Rs 500 cr to invest, but it plans to become net debt-free by 2027. 

Big Picture: The stock is up over 10x over the last five years which could raise valuation concerns. But it operates in a unique space that’s changing rapidly with a LOT of business opportunities. FYI - Motilal Oswal has a target price of Rs 578 p/sh; +28% upside from current levels.

Specials
IPO Express - Oswal Pumps

We’re back with Episode 2 of IPO Express! In this edition, we sit down with Amulya Gupta, promoter of Oswal Pumps, to dive into the company’s operations, growth plans, and 5-year vision. Watch the full interview below!