Sometimes, a single slide can explain more than a long report. Points and Figures is our way of breaking down what India’s leading companies are telling their shareholders and analysts. We comb through the decks, pull out the charts and data points that actually matter, and highlight the signals behind the numbers—whether about growth plans, margins, new markets, or risks on the horizon.

This is an extension of The Chatter. While The Chatter focuses on management commentary and earnings call transcripts, Points and Figures dives into investor presentations—and soon, even annual reports—to decode what companies are showing, not just what they’re saying.

We go through every major investor presentation so you don’t have to—bringing you the sharpest takeaways that reveal not just what the company is saying, but what it really means for the business, its sector, and the broader economy.

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In this edition, we have covered 11 companies across 9 industries.

InvIT

• Energy Infrastructure Trust

Logistics

• Swan Defence and Heavy Industries

Engineering & Capital Goods

• Railtel Corporation Of India

• Vikram Solar

Chemicals

• EPL Ltd

Software Services

• Ceinsys Tech Ltd

• Sagility Ltd

Building Materials

• Berger Paints India Ltd

Diversified

• 3M India Ltd

FMCG

• Varun Beverages Ltd

Healthcare

• Aurobindo Pharma Ltd

InvIT

Energy Infrastructure Trust | Micro Cap | Financial Services

Energy Infrastructure Trust is an India‑based Infrastructure Investment Trust (InvIT) owning and operating a 1,485 km natural gas pipeline and related infrastructure; it transports gas across key consumption hubs, offers imbalance services, and provides stable investor distributions through energy asset income.

[Presentation]

India’s natural gas share in the energy mix is expected to rise meaningfully, driven by strong growth in city gas distribution and industrial demand. This will increasingly be supported by LNG imports and expanding pipeline infrastructure.

The pipeline is a critical link connecting KG Basin gas to key demand centers, with volume growth driven by rising domestic production and LNG integration. Strong downside protection through long-term contracts and a stable dividend track record adds to its investment appeal.

The asset plays a key role in transporting gas from the KG Basin, which holds a significant share of India’s reserves and is seeing rising production. Volumes have grown steadily, supported by increased domestic output and LNG contribution across sectors.

The 1,485 km pipeline connects India’s east and west coasts, enabling efficient gas transmission across regions. Backed by long-term agreements with Reliance and regulated tariffs, the asset offers stable and predictable cash flows.

Logistics

Swan Defence and Heavy Industries | Small Cap | Logistics

Swan Defence and Heavy Industries is currently engaged in the business activity viz. designing and manufacturing of ships primarily for defence sector, commercial shipbuilding, refits, repairs, etc. The Company is having integrated shipbuilding facilities (Shipyard), which is the largest engineering infrastructure in India and also one of the largest in the world.

[Presentation]

Swan Group is a diversified infrastructure conglomerate with strong growth momentum (~116% revenue CAGR), operating across textiles, real estate, energy, technology, and shipbuilding. Its multi-sector presence and scale position it well to capitalize on India’s infrastructure and industrial growth.

India’s ship repair market is expected to grow to ~$1.7 bn by 2033, driven by defence needs, commercial fleets, and regional demand. Both domestic and international opportunities create strong long-term visibility for ship repair players.

Offshore wind and energy fabrication present a large upcoming opportunity, with strong growth in foundations and tower markets. Strategic coastal locations and proximity to projects enhance execution advantages.

Government-led PSU demand (~$20 bn over the next decade) provides strong order visibility, driven by oil, steel, and logistics requirements. Mandatory domestic sourcing further strengthens the opportunity for Indian shipyards.

India’s naval expansion (47 to 85 vessels by FY30) creates a large, multi-year order pipeline across submarines, frigates, and support vessels. This positions defence shipbuilding as a key long-term growth driver.

Defence production and capex are set for strong growth, with increasing allocation toward naval modernization. Rising fleet size and sustained budget support provide long-duration visibility for shipbuilders.

Policy support through subsidies, incentives, and long-term maritime visions (2030, 2047) aims to position India among top global shipbuilding nations. Large investments and job creation plans strengthen the ecosystem.

India’s commercial shipbuilding and repair markets are expected to grow at strong double-digit CAGRs (~25%+), supported by policy push and cost advantages. Increasing localization can significantly reduce forex outflows.

Global shipbuilding is dominated by China, Korea, and Japan, with India holding <1% share despite handling ~95% of trade via sea. This highlights a massive opportunity for India to scale its shipbuilding capabilities.

Engineering & Capital Goods

Railtel Corporation Of India | Small Cap | Engineering & Capital Goods

Railtel Corporation Of India Limited is a major neutral telecom infrastructure provider in India. It offers high-capacity DWDM technology and MPLS network to meet critical communication needs of Indian Railways and other clients. The company also manages data centers in Gurugram, Haryana and Secunderabad, Telangana for hosting essential applications.

[Presentation]

RailTel has a strong orderbook of ₹10,166 Cr, largely driven by government clients, with state governments and Indian Railways forming the bulk. This provides high revenue visibility and stability given the public-sector focus.

RailTel is expanding into data centres, AI-led railway safety (KAVACH), and global projects, diversifying beyond core telecom. These initiatives open new growth avenues while strengthening its digital and international presence.

RailTel plays a critical role across telecom, ICT, and signalling for Indian Railways, including Wi-Fi, surveillance, and KAVACH deployment. Its deep integration into railway operations creates strong entry barriers and recurring demand.

The company offers a diversified portfolio spanning telecom, cloud/data centres, and turnkey projects like smart cities and signalling. This broad capability positions RailTel as a full-stack digital infrastructure player.

Vikram Solar | Small Cap | Engineering & Capital Goods

Vikram Solar and its subsidiaries specialize in manufacturing and selling solar photovoltaic modules and systems. Their product portfolio includes a variety of monocrystalline silicon-based modules such as PERC modules, N-Type modules, and HJT modules, available in bifacial or monofacial configurations.

[Presentation]

India’s battery storage market is large (~321 GWh by FY35) and strongly policy-backed through PLI, VGF, and storage mandates. Low current penetration and rising EV + renewable demand create a significant long-term opportunity.

Global BESS demand is set for explosive growth (~43% CAGR), driven by renewable integration, EV adoption, and grid modernization. Storage is becoming essential to manage intermittency and ensure energy security.

While module capacity is currently oversupplied (~2.3x demand), upstream segments like cells remain underpenetrated. Over time, bottlenecks shift upstream, favoring integrated players with execution capabilities.

Demand is broad-based across utility, C&I, rooftop, and government programs like KUSUM, ensuring multi-year visibility. Annual module demand of ~75 GW highlights a strong, sustained volume opportunity.

The company is building full backward integration from modules to cells and wafers, alongside scaling BESS to 15 GWh by FY30. This positions it as a fully integrated energy solutions player with global ambitions.

India’s energy transition is driven by energy security, rising AI/data centre demand, and global supply chain shifts. Massive renewable targets and infrastructure investments create a long-duration growth runway.

Chemicals

EPL Limited | Small Cap | Chemicals

EPL Limited, formerly Essel Propack Limited, is a global company specializing in manufacturing laminated plastic tubes for FMCG and Pharma sectors. They produce packaging materials like collapsible tubes and laminates for Beauty & Cosmetics, Health & Pharmaceuticals, Food, Home, and Oral care products, along with offering packaging solutions and ancillary services.

[Presentation]

The merged entity derives ~75% of its revenue from high-growth emerging markets, with strong presence across 17 countries. Both EPL and Indovida have a heavy tilt towards these regions, positioning the business for structurally higher growth.

Emerging markets are growing ~1.5–2.5x faster than developed markets across both laminated tubes and rigid PET. This growth differential underpins sustained revenue expansion for the merged entity.

EPL and Indovida bring strong sustainability credentials, including high recyclable output and increasing use of recycled PET. This positions the company well for regulatory shifts and evolving customer preferences.

The combined entity serves a wide range of global FMCG leaders across oral care, beauty, and pharma. Strong relationships with marquee clients enhance revenue stability and cross-selling opportunities.

The merger creates an end-to-end packaging platform, combining flexible packaging (EPL) with rigid packaging (Indovida). This broadens offerings across tubes, laminates, bottles, and preforms.

The merged entity becomes one of the largest emerging market-focused packaging players with ~$1bn revenue and 20%+ EBITDA margins. This scale, combined with profitability, supports strong growth visibility.

Software Services

Ceinsys Tech Ltd. | Small Cap | Software Services

Ceinsys Tech Ltd.is a specialist in GIS & is an Engineering services solution provider company, servicing clients across a range of corporate and government segments helping improve their engineering efficiency, support global footprint and improve competitiveness..The company also in the business activities of WP, EES.

[Presentation]

The Jal Jeevan Mission has been extended to 2028 with a ₹8.69 lakh crore outlay, shifting focus from infrastructure creation to sustainable service delivery. This ensures long-term visibility in the water segment with stronger governance and state-level execution.

CS Tech AI caters to a wide mobility spectrum—from passenger and commercial vehicles to off-highway and 2/3 wheelers. Its offerings span interiors, structures, and electrical systems, enabling full-stack engineering capabilities.

The company serves diverse sectors including water, energy, infrastructure, oil & gas, transportation, and telecom. Its solutions range from digital twins and GIS to project management and operational analytics.

CS Tech AI combines geospatial intelligence with mobility engineering to deliver end-to-end solutions across industries. Strong revenue growth with stable margins is supported by a diversified segment mix, led by water and mobility services.

Sagility Limited | Small Cap | Software Services

Sagility India is a pure-play healthcare focused services provider offering technology-enabled business solutions to clients in the U.S. healthcare industry. Their clientele includes Payers such as U.S. health insurance companies and Providers like hospitals, physicians, and medical devices companies.

[Presentation]

Sagility is a scaled healthcare operations player with deep domain expertise, strong client relationships, and global delivery capabilities. Consistent growth, strong margins, and a tech-led transformation approach position it well for long-term expansion.

Automation-led clinical support reduced administrative burden and improved care efficiency, addressing delays from prior authorization processes. The solution delivered measurable impact with lower clinician workload, higher accuracy, and faster care delivery.

U.S. healthcare operations are inherently complex due to regulatory intensity, embedded clinical decision-making, fragmented data systems, and multiple stakeholders. These structural challenges make efficiency and automation critical.

Sagility continues to grow by leveraging cost efficiency, deep domain expertise, and long-standing client relationships. Its ability to deliver transformation-led outcomes with flexible commercial models drives sustained client expansion.

Rising medical loss ratios and cost pressures are pushing payers to prioritize margin recovery, cost discipline, and utilization management. Transformation and operational efficiency remain central themes across large clients.

Regulatory changes, rising utilization, and policy shifts are creating margin pressure across U.S. healthcare. At the same time, AI adoption, pricing discipline, and cost optimization are becoming key levers for profitability.

Building Materials

Berger Paints India Limited | Large Cap | Paints

Berger Paints is India’s second-largest paint manufacturer, providing a diverse range of decorative and industrial coating solutions. The company maintains a vast distribution network and is actively expanding its footprint in construction chemicals and home waterproofing.

[Presentation]

Strong performance in the auto sector is currently masking muted growth in general industrial and infrastructure coatings. This concentration increases risk if car sales peak before broader industrial demand recovers.

Elevated competitive intensity signals a shift toward defending market share against new entrants. Sustained spending on branding and distribution indicates margins will remain constrained as the company prioritizes volume and reach over near-term profitability.

Diversified

3M India Limited | Large Cap | Diversified

3M India is a diversified technology company that develops science-based solutions across safety, industrial, healthcare, electronics, and consumer sectors. It operates as a subsidiary of the global 3M Company, leveraging localized manufacturing and R&D to serve the Indian market.

[Presentation]

PBT margins rose to 19.3% as growth in higher-margin Healthcare and Consumer segments outpaced the cyclical Transportation business. This favorable mix shift improves earnings quality and reduces sensitivity to industrial cycles.

Securing technical ‘spec-ins’ at the design stage in automotive and medical sectors creates a multi-year technical moat. This deep customer integration protects future margins and ensures superior pricing power.

Expanding the Ranjangaon plant serves as a lead indicator for projected demand growth in the domestic automotive and industrial sectors. Scaling local production further optimizes logistics costs and tax efficiency.

FMCG

Varun Beverages Limited | Large Cap | Beverages

Varun Beverages is the largest franchisee for PepsiCo products outside the United States, managing a vast manufacturing and distribution network. The company operates across India and multiple African territories, leveraging a highly integrated business model to drive market share in beverages and snacks.

[Presentation]

Aggressive expansion across Africa and a 23% volume CAGR are successfully diversifying the business beyond its Indian base. This international growth de-risks the portfolio against local weather volatility while capturing high-potential emerging markets.

Acquiring Twizza and entering the alcoholic beverage segment marks a strategic pivot to reduce long-term dependency on PepsiCo. These moves structurally evolve the company by adding higher-margin categories and non-PepsiCo brand management.

The shift to a 59% low- and no-sugar product mix reflects a strategic move toward health-conscious segments. This portfolio evolution helps mitigate future sugar tax risks while supporting long-term growth in premium categories.

Healthcare

Aurobindo Pharma Limited | Large Cap | Healthcare

Aurobindo Pharma is a global pharmaceutical leader specializing in generic formulations and Active Pharmaceutical Ingredients across several key therapeutic areas. The company maintains a significant presence in regulated markets like the US and Europe while expanding its pipeline into complex biosimilars.

[Presentation]

Potential removal of Phase 3 trials for biosimilars structurally reduces R&D costs and capital intensity. This regulatory shift improves unit economics for scaling the company’s 15-product biologic pipeline.

A massive pipeline of 879 ANDAs provides a broad base for volume-driven revenue stability. Expanding the specialty and injectable portfolio helps protect overall margins from the price erosion typical of standard oral generics.

That’s it for now! Your feedback will really help shape how Points and Figures evolves. Drop it down in the comments below!

Quotes in this newsletter were curated by Meher & Vignesh.

Disclaimer: We’ve used AI tools in filtering and cleaning up the quotes from the images so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.

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Points and Figures is run by the same team that creates The Daily Brief and Aftermarket Report.

Sometimes, a single slide can explain more than a long report. Points and Figures is our way of breaking down what India’s leading companies are telling their shareholders and analysts. We comb through the decks, pull out the charts and data points that actually matter, and highlight the signals behind the numbers—whether about growth plans, margins, new markets, or risks on the horizon.

This is an extension of The Chatter. While The Chatter focuses on management commentary and earnings call transcripts, Points and Figures dives into investor presentations—and soon, even annual reports—to decode what companies are showing, not just what they’re saying.

We go through every major investor presentation so you don’t have to—bringing you the sharpest takeaways that reveal not just what the company is saying, but what it really means for the business, its sector, and the broader economy.

Subscribe now

In this edition, we have covered 16 companies across 10 industries.

Energy

• Power Grid Corporation

• Adani Total Gas

• Gujarat Gas Limited

• Hindustan Petroleum Corporation Limited

• JSW Energy Limited

Fertilizers

• Chambal Fertilisers and Chemicals

Engineering & Capital Goods

• Sanghvi Movers

Media & Entertainment

• Basilic Fly Studio

Auto Ancillary

• Escorts Kubota

• UNO Minda Ltd.

Healthcare

• Sun Pharmaceutical Industries

Cement

• JK Cement Ltd.

Steel

• JSW Steel

Retail

• Kalyan Jewellers

• Vishal Mega Mart Limited

Aviation

• Interglobe Aviation Ltd. (Indigo)

Energy

Power Grid Corporation | Large Cap | Energy

Power Grid Corporation Of India operates a transmission network for power distribution and has diversified into telecom services by utilizing its transmission infrastructure. The company also offers consultancy services in areas such as power transmission, sub transmission, and distribution management.

[Presentation]

POWERGRID has compounded its asset base at ~10% CAGR over the last decade, with ₹1 lakh crore+ capex translating into ₹90,000+ crore capitalization. This reflects strong execution conversion and disciplined capital deployment.

Near-term visibility remains robust with ₹1.48 lakh crore order book, while the long-term opportunity is massive. Even at a conservative win rate, this translates into a multi-lakh crore execution runway (~₹9 lakh crore).

India’s transmission build-out is entering a policy-driven, multi-decade expansion phase, driven by renewables integration and rising demand. The opportunity size is ₹8–15 trillion, backed by nationwide grid expansion and cross-border connectivity.

A clear capex ramp-up is underway (₹82,000 crore planned over FY27–28), which should translate into steady capitalization growth (~₹65,000 crore). This underpins earnings visibility given the regulated return model.

POWERGRID holds a system-critical position with unmatched scale in transmission, leadership in HVDC, and dominant inter-regional capacity. Its deep execution capability and high entry barriers create a durable moat that is difficult to replicate.

Transmission demand is being driven by long-term structural shifts—rising power demand, renewable expansion, and increasing grid complexity. This makes the capex cycle sustained and predictable rather than short-lived.

Adani Total Gas | Mid Cap | Energy

Adani Total Gas operates in the City Gas Distribution (CGD) sector, supplying natural gas to domestic, commercial, industrial, and vehicular users. The company is expanding its PNG network and promoting CNG as a cleaner fuel alternative. Additionally, it explores bio gas, bio fuel, EV, hydrogen, and other clean energy solutions to enhance sustainable energy access and reduce emissions across its operational areas.

[Presentation]

Adani Total Gas is positioning itself as more than just a city gas distributor—evolving into a diversified energy platform spanning core CGD, LNG, EV charging, and bio energy. While the core CGD business (34 licenses across 53 GAs) remains the backbone, the structure shows a clear push into adjacencies through JVs and new-age businesses, signalling a broader play on India’s energy transition rather than a pure gas utility story.

ATGL’s new energy bets are beginning to scale, with EV charging expanding to ~4,900 points across 226 cities and biomass seeing steady traction with rising CBG volumes and strong growth in FOM sales. The focus on B2B clients to improve utilization and early positive response to its bio-energy brand suggest these adjacencies are moving from pilot phase to meaningful contributors, supporting ATGL’s broader transition beyond traditional gas distribution.

Gujarat Gas Limited | Mid Cap | City Gas Distribution

Gujarat Gas is India’s largest city gas distribution player, operating a vast network across 44 districts in multiple states. The company provides natural gas to industrial, domestic, and commercial segments while maintaining a dominant and expanding CNG station footprint.

[Presentation]

Industrial dominance makes volumes a proxy for manufacturing cycles and fuel-switching economics. This exposure links margins directly to the price gap between gas and alternative fuels.

Expanding to 27 bio-gas agreements helps decouple supply from volatile global gas pricing and currency risks. This localization strategy protects unit margins while ensuring compliance with green energy mandates.

The 12 MW captive solar project reduces fixed utility costs for CNG stations and corporate offices. Generating power internally protects margins from rising grid tariffs as the retail network expands geographically.

Hindustan Petroleum Corporation Limited | Large Cap | Oil & Gas - Refining & Marketing

HPCL is a leading Indian Maharatna central public sector enterprise operating large-scale refineries and a massive fuel marketing network. The company maintains a significant share in domestic petroleum product sales and is actively diversifying into natural gas and renewable energy.

[Presentation]

HPCL’s 20.3% market share significantly outpaces its 13.87% refining capacity, creating a structural reliance on external product purchases. Expanding refining capacity is essential to internalizing margins and reducing exposure to volatile procurement costs.

Expansion into 25 city gas geographic areas and a 5 MMTPA LNG terminal signals a strategic shift toward a lower-carbon energy mix. This diversification builds stable utility-based revenue to buffer against cyclical refining and marketing volatility.

HPCL’s 302 granted patents and focus on indigenous catalysts signal a pivot toward technological self-reliance. Reducing dependence on foreign licenses helps lower operating costs and protect long-term refining margins.

Operating refineries at 105-115% utilization indicates that HPCL has reached its internal production ceiling. Future earnings growth is now highly sensitive to global price spreads rather than further volume gains.

Rapidly scaling CNG and EV charging stations ensures HPCL retains its retail dominance as consumer mobility patterns shift. This infrastructure pivot hedges against long-term demand risks for traditional petrol and diesel.

Increasing refining capacity to 45.3 MMTPA captures integrated margins by eliminating the need for expensive third-party fuel purchases. This self-sufficiency protects earnings from volatile global price spreads.

Scaling CNG and petrochemical capacity provides a strategic hedge against plateauing domestic demand for traditional fuels. This diversification secures growth in cleaner energy markets while reducing terminal value risk.

Expanding biofuel capacity to 300 TMT reflects a structural response to domestic blending mandates. Success in this segment is critical for protecting marketing margins as traditional fuel demand slows.

Commissioning refinery-based green hydrogen plants marks a shift from research to industrial-scale application. Developing this technology is vital for future-proofing refining assets against tightening environmental regulations.

Relying on biogas for nearly half of emission reductions indicates a strategy focused on scalable, proven technology. Investors must weigh this massive capital commitment against long-term regulatory survival.

JSW Energy Limited | Large Cap | Utilities - Power Generation

JSW Energy is a leading Indian power producer transitioning from a thermal-heavy base to a diversified green energy portfolio. The company operates across the power value chain, including generation, transmission, and now green hydrogen production.

[Presentation]

Liquidity risk has decreased as debtor days fell from 96 to 73, providing the cash flow stability required for heavy capital investments. Shifting toward higher-quality offtakers like SECI and group captives secures more predictable collection cycles.

Transitioning to a 14 GW renewable pipeline secures long-term yields and protects margins from spot-market price volatility. This strategic shift moves the portfolio away from fuel-sensitive assets toward stable, green infrastructure.

Targeting 40 GWh of energy storage creates a structural moat by addressing renewable intermittency and capturing premium peak-demand pricing. Dominance in pumped hydro assets provides a significant competitive advantage over standard solar or wind generators.

Doubling capacity through renewables secures long-term cash flows and hedges against future carbon-related regulatory costs. This expansion strategy locks in grid access before infrastructure bottlenecks limit new additions.

Renewables are actively displacing thermal generation, which has contracted to 73% of the total generation mix. Incremental demand is increasingly captured by green assets that benefit from lower variable costs.

Fertilizers

Chambal Fertilisers and Chemicals | Small Cap | Fertilizers

Chambal Fertilisers and Chemicals Limited is a major player in the production of Urea, fertilisers, and Agri-inputs. It serves farmers in multiple regions of India and holds a significant position as a fertilizer supplier in states like Rajasthan, Madhya Pradesh, Punjab, Uttar Pradesh, Bihar, Chhattisgarh, and Haryana.

[Presentation]

Fertiliser demand is structurally supported by food security focus, irrigation expansion, and shift toward balanced nutrition. Beyond urea, growth is increasingly coming from specialty nutrients, crop protection, and biologics, while TAN offers a high-margin industrial growth lever linked to infra and mining.

India is a large, policy-driven market (~$46bn → $63bn by 2030, ~6% CAGR) with stable demand but capped returns due to subsidy control. The real growth lies in non-urea, complex fertilisers and specialty inputs, supported by crop diversification and precision farming.

The sector has transitioned from cost-plus (RPS) to efficiency-linked regimes (NBS, DBT), improving transparency and discipline. However, earnings remain tightly linked to gas prices and subsidy payouts, with FY23–24 highlighting how global shocks can distort profitability.

India has very low agrochemical intensity (~0.6 kg/ha vs global 4–10 kg), creating significant headroom for growth. Premiumisation (biologicals, WSF, micronutrients) and export competitiveness position this segment as the key margin expansion lever.

TAN demand is driven by mining, infrastructure and explosives, with a persistent domestic supply deficit. Capacity additions may reduce imports, but structurally this remains a tight, high-margin segment with strong volume visibility.

Subsidy receivables remain a core working capital swing factor, with improving trends but still elevated levels. While payouts are stabilising, cash flow visibility in fertilisers continues to be policy-dependent rather than purely operational.

Engineering & Capital Goods

Sanghvi Movers | Small Cap | Engineering & Capital Goods

Sanghvi Movers Limited (SML) is the largest crane rental company in India. SML is a BS OHSAS 18001:2007 certified company. It is committed to being a top globally-ranked company in its core business with exceptional business ethics and morals.

[Presentation]

The company is transitioning from a domestic, asset-heavy crane business to a global, hybrid platform. The shift toward value-added services, diversified offerings, and professional management signals a move from cyclical execution to scalable, structured growth.

Key risks remain around margin compression, leverage, and execution volatility, but the model is evolving toward asset-light structures, differentiated offerings, and better project visibility. Importantly, cash flow risk is mitigated through financially closed projects and institutional counterparties.

Strong positioning in high-value, critical lifts (~30–40% share) where execution complexity creates entry barriers. With India’s O&G capex cycle picking up, this segment offers high-ticket, margin-accretive opportunities.

Core infra (metros, bridges, ports) and marine projects provide steady, visibility-led demand (~20–25% share). Government capex and mega projects (Sagarmala, defence infra) create a long runway for crane deployment.

Well entrenched in large industrial capex cycles, with meaningful share across steel and cement projects. These sectors provide bulk, repeatable execution opportunities, though relatively more cyclical than infra.

Strong execution track record in complex, critical-path projects (40–55% share) including refineries and thermal power. These projects drive high utilisation and premium pricing due to technical complexity.

Leadership in wind (~50–60% share) and strong presence in nuclear reflects positioning in next-gen energy infrastructure. This is a key strategic pivot toward long-term, structurally growing segments.

Media & Entertainment

Basilic Fly Studio | Micro Cap | Media & Entertainment

Basilic Fly Studio Limited, a visual effects (VFX) studio based in Chennai, India, delivers high-quality VFX solutions for movies, TV, net series, and commercials. With subsidiaries in Canada and the UK, the company specializes in creating captivating visual experiences for global audiences, showcasing a decade of expertise in the industry since its establishment in 2012.

[Presentation]

A services-led VFX company focused on execution for films, OTT, and commercials, with an asset-light and scalable model. Revenue is largely international, with creative work handled overseas and execution delivered from India.

AI significantly compresses timelines, lowers costs, and enables faster creative iteration. This strengthens client relationships by improving efficiency, consistency, and positioning the company as a long-term strategic partner.

Strong tax incentives across the UK, France, and India are making global VFX production more attractive and cost-efficient. These policies are driving higher project inflows and strengthening multi-country production ecosystems.

India’s VFX industry is poised for strong growth, supported by talent, cost advantage, and policy support, with ~13% CAGR expected through 2027. After a temporary dip in 2024, demand is recovering on the back of global content revival.

Global VFX demand is expanding rapidly, driven by OTT spending, gaming, real-time production, and immersive technologies. The market is expected to grow at ~12% CAGR, supported by rising content complexity and tech adoption.

The company has contributed to globally recognized, award-winning projects and major productions. This establishes strong credibility and positions it as a trusted execution partner for high-end VFX work.

Auto Ancillary

Escorts Kubota | Mid Cap | Auto Ancillary

Escorts Kubota Limited, formerly Escorts Limited, is a leading engineering company in India specializing in farming and construction equipment.Their diverse product range includes agricultural tractors, engines, earth moving equipment, railway components, automobile parts, and more.

[Presentation]

Industry demand remains weak YoY, though sequential recovery is visible in Q3. EKL volumes mirror this trend—sharp QoQ rebound but still lower on a YoY basis, indicating a gradual recovery phase.

Domestic tractor industry saw strong growth (~20%+), while EKL grew at a slower pace, leading to market share moderation. Exports, however, were a key positive with strong double-digit growth for EKL.

Industry growth remained robust both YoY and QoQ, supported by rural demand. EKL delivered steady growth but lagged industry in domestic volumes, while exports continued to outperform strongly.

EKL underperformed the industry in domestic tractors but significantly outperformed in exports. Construction equipment segments remained weak overall, though declines were broadly in line with industry trends.

UNO Minda Ltd. | Mid Cap | Auto Ancillary

Uno Minda specializes in producing and trading auto components like lighting, alloy wheels, horns, seating systems, seatbelts, switches, sensors, controllers, handle bar assemblies, and wheel covers. It serves markets in two-wheelers, three-wheelers, and four-wheelers both domestically and internationally, offering a wide range of automotive solutions.

[Presentation]

Multiple tailwinds are aligning for the auto sector—GST cuts and strong growth in PV/2W and CV segments are driving demand, while policy support through Budget 2026, PLI incentives, and localization pushes is strengthening the manufacturing ecosystem. At the same time, trade agreements with the EU and US are opening up export opportunities, even as regulatory changes like the new labour code aim to streamline operations, collectively creating a more supportive environment for sustained industry growth.

Uno Minda’s content per vehicle continues to rise across segments, with kit values steadily increasing in both 2Ws and 4Ws, especially in premium motorcycles and SUVs. This reflects a clear shift towards premiumization and higher feature intensity, allowing the company to capture more value per vehicle even without relying on EV-specific components.

Uno Minda’s portfolio is largely powertrain-agnostic (>95%), meaning most of its products remain relevant across ICE, hybrid, and EV platforms—reducing disruption risk from the EV transition. This positions the company to ride the shift to electrification without needing a complete portfolio overhaul, while still benefiting from incremental EV-specific opportunities.

Healthcare

Sun Pharmaceutical Industries | Large Cap | Healthcare

Sun Pharmaceutical Industries Limited is a leading specialty generic pharmaceutical company in India, known for delivering high-quality products at affordable prices. With a diverse portfolio covering a wide range of therapies, the company manufactures and markets various formulations, including generics, branded generics, specialty products, OTC medications, ARVs, APIs, and intermediates

[Presentation]

Innovative medicines are a key growth driver, with strong double-digit growth (~23% CAGR since FY20) and rising contribution to overall sales. The US remains the primary market, with Ilumya leading the portfolio and a healthy pipeline supporting future growth.

US revenues have grown steadily from ₹101 bn to ₹162 bn over FY21–FY25, reflecting strong execution in specialty and innovative products. This remains the company’s most important and consistent growth engine.

India revenues have shown consistent growth, supported by a diversified therapy mix and strong presence across chronic segments. Sun Pharma maintains leadership with ~8.4% market share, underpinned by broad therapeutic coverage.

Sun Pharma leads the Indian pharma market with a clear gap over peers, driven by scale, strong domestic formulations business, and wide portfolio reach. Its leadership position reinforces pricing power and distribution strength.

R&D spend has steadily increased to over ₹32 bn, maintaining ~6% of sales, indicating continued focus on innovation. A strong pipeline of filings, approvals, and patents supports long-term product launches and growth visibility.

Cement

JK Cement Ltd. | Mid Cap | Building Materials

JK Cement focuses on producing eco-friendly cement and allied products, aiming to reduce environmental impact while maintaining affordability and customer satisfaction. Their portfolio reflects a commitment to sustainability, responsible sourcing, and a greener future in the cement industry.

[Presentation]

JK Cement is seeing broad-based volume growth across both grey and white cement segments, with grey cement continuing to drive the bulk of volumes and growth (strong double-digit YoY), while the white cement business, though smaller, is also scaling steadily. This highlights a balanced portfolio where grey provides scale and demand-led growth, and white adds niche, higher-value expansion.

Pet coke prices—one of the key cost drivers for cement—have largely stabilised after earlier volatility, trending in a narrow range in recent months. This suggests cost pressures are easing, which should support margin recovery if pricing holds.

Steel

JSW Steel | Large Cap | Iron & Steel

JSW Steel is a leading Indian integrated steel manufacturer with a global presence and a wide range of value-added products. The company focuses on efficient production through large-scale plants and is aggressively pivoting toward green steel and renewable energy.

[Presentation]

The 2.5GW renewable energy investment signals a move to insulate steel production costs from volatile coal and grid pricing. This energy independence protects margins from inflation and supports high-value green steel exports.

Targeting 51.5 mtpa capacity by FY31 aims for domestic market dominance through aggressive scale. Integration with group infrastructure and energy assets creates a captive ecosystem that supports margin protection and cross-segment growth.

India crossing the 100kg per capita consumption threshold marks a structural pivot toward accelerated long-term domestic steel demand. This transition provides a durable volume growth runway that is less dependent on volatile global export markets.

Expanding into high-value electrical steel decouples revenue from volatile commodity cycles while tapping into the energy transition. This shift into specialty products builds a technical moat that supports superior profitability through various economic cycles.

The 50:50 joint venture for BPSL enables a ₹37,000 crore deleveraging while facilitating a capacity expansion to 10mtpa. This partnership leverages JFE’s capital and technology to drive growth without overextending the parent balance sheet.

Securing 1.6 billion tonnes of iron ore and coking coal assets in Australia and Mozambique insulates JSW from global raw material shocks. Vertical integration is the essential defense for protecting unit economics as production capacity doubles.

Scaling the influencer network to 111,000 partners allows for greater demand control at the fabricator and contractor level. This retail-centric approach improves pricing power and provides volume stability against cyclical institutional demand.

China’s sustained export surge continues to act as a structural ceiling on regional steel prices regardless of local demand. This forces a strategic reliance on volume growth and cost leadership to protect margins against volatile global spreads.

Retail

Kalyan Jewellers | Mid Cap | Retail

Kalyan Jewellers India Limited, one of the largest jewellery companies in India, started in 1993 and has since expanded across the country. They offer a wide range of jewellery products catering to special occasions like weddings, their highest-selling category, as well as daily wear. The company focuses on understanding customers’ preferences by utilizing local market expertise and region-specific marketing strategies.

[Presentation]

India’s jewellery market is still largely driven by wedding-led demand (~60%), with gold remaining deeply tied to cultural consumption, especially outside urban centres. What stands out is the disproportionate weight of rural India (~60% of demand) and the south commanding the largest regional share (~40%), highlighting how growth is anchored in non-metro, tradition-led markets rather than discretionary urban spending.

Kalyan is building a multi-brand, multi-product portfolio to cater to distinct customer segments—from wedding-focused collections (Muhurat) to aspirational (Mudhra, Rang), regional staples (Aishwaryam), and studded jewellery (Nimah, Tejasvi, Ziah, Hera). This segmentation allows it to target diverse price points and occasions, widening its addressable market while strengthening relevance across both premium and value-conscious customers.

Kalyan’s expansion is increasingly being driven by an asset-light FOCO model, allowing it to scale its showroom network rapidly (especially via Candere and new formats) while bringing down debt and improving return ratios. The shift is visible in rising ROCE/ROE and declining standalone debt, indicating that growth is becoming more capital-efficient rather than balance-sheet heavy.

Vishal Mega Mart Limited | Mid Cap | Retailing

Vishal Mega Mart is a value-focused hypermarket chain specializing in fashion, general merchandise, and FMCG products across India. The company leverages a high mix of private labels and a vast store network to target value-conscious consumers in Tier I, II, and III cities.

[Presentation]

Expanding hyperlocal delivery to 723 stores and a 55% surge in digital users signals a rapid omnichannel pivot. Using physical stores as fulfillment hubs counters quick-commerce threats while maintaining superior unit economics.

Aviation

Interglobe Aviation Ltd. (Indigo) | Large Cap | Aviation

InterGlobe Aviation is a company operating in the aviation industry in India, specializing in low-cost carrier (LCC) services. Their primary activities include air transportation for passengers and cargo, along with providing associated services such as in-flight sales, aircraft maintenance engineering, and advanced pilot training.

[Presentation]

A big chunk of IndiGo’s weak headline profitability this quarter comes from exceptional items (~₹15.5 bn)—largely one-off provisions and disruption-related costs. Strip these out, and profits jump sharply, showing that the core business is far stronger than reported numbers suggest.

That’s it for now! Your feedback will really help shape how Points and Figures evolves. Drop it down in the comments below!

Quotes in this newsletter were curated by Meher, Kashish & Vignesh.

Disclaimer: We’ve used AI tools in filtering and cleaning up the quotes from the images so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.

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We’re now on Reddit!

We love engaging with the perspectives of readers like you. So we asked ourselves - why not make a proper free-for-all forum where people can engage with us and each other? And what’s a better, nerdier place to do that than Reddit?

So, do join us on the subreddit, chat all things markets and finance, tell us what you like about our content and where we can improve! Here’s the link — alternatively, you can search r/marketsbyzerodha on Reddit.

See you there!

Points and Figures is run by the same team that creates The Daily Brief and Aftermarket Report.

Sometimes, a single slide can explain more than a long report. Points and Figures is our way of breaking down what India’s leading companies are telling their shareholders and analysts. We comb through the decks, pull out the charts and data points that actually matter, and highlight the signals behind the numbers—whether about growth plans, margins, new markets, or risks on the horizon.

This is an extension of The Chatter. While The Chatter focuses on management commentary and earnings call transcripts, Points and Figures dives into investor presentations—and soon, even annual reports—to decode what companies are showing, not just what they’re saying.

We go through every major investor presentation so you don’t have to—bringing you the sharpest takeaways that reveal not just what the company is saying, but what it really means for the business, its sector, and the broader economy.

Subscribe now

In this edition, we have covered 15 companies across 8 industries.

Financial Services

• Piramal Finance

• SBI Cards and Payment Services Limited

Auto

• Maruti Suzuki India Limited

• Sona BLW Precision

• India Nippon Electricals Ltd

FMCG

• Zydus Wellness

• Shri Gang Industries & Allied Products

• Godfrey Phillips India Limited

Metals

• MOIL Limited

Trading

• Shiv Texchem

Engineering & Capital Goods

• Gala Precision Engineering

• Oriental Rail Infrastructure Limited

• KEI Industries Limited

Healthcare

• Aster DM Healthcare Limited

Real Estate

• Prestige Estates

Financial Services

Piramal Finance | Mid Cap | Financial Services

Piramal Finance provides easy access to affordable Housing Finance to realise home-ownership aspirations of millions of Lower and Middle income families in semi-urban and rural India.

[Presentation]

Piramal is integrating AI across underwriting, collections, customer experience, and productivity. Tools like Collections.ai, reinforcement learning models, and speech-to-text systems are improving resolution rates, reducing complaints, boosting disbursement productivity, and enabling AI to generate 54% of internal code.

Piramal’s credit scorecards appear effective as only 16% of rejected applicants secure loans elsewhere, and those borrowers show 2.8x higher risk than approved customers. This indicates the company’s underwriting filters are successfully identifying and avoiding higher-risk borrowers.

The typical Piramal customer is around 38 years old, earning ~₹49K monthly, with 55% self-employed borrowers. About 82% of customers come from non-tier-1 markets, highlighting the company’s strong focus on semi-urban and emerging markets through its 518-branch network across 26 states.

Piramal Finance has significantly transformed its portfolio, with total AUM rising to ₹97K crore (+23% YoY) while legacy AUM has sharply reduced. Retail lending now accounts for 82% of total AUM, supported by rapid branch expansion and strategic restructuring initiatives.

The company aims to reach ₹1.5 lakh crore AUM by FY28, implying a 24–26% CAGR from FY25 levels. Recent momentum shows AUM already growing 23% YoY, indicating the company is broadly on track to meet this growth target.

SBI Cards and Payment Services Limited | Large Cap | Financial Services - Credit Cards

SBI Cards is India’s leading pure-play credit card issuer, offering a wide array of lifestyle and rewards-based products. The company leverages its parent State Bank of India’s massive network for efficient customer acquisition and scale.

[Presentation]

A stable revolver mix alongside rising transactor shares indicates card usage is shifting toward convenience rather than borrowing. While this reduces credit risk, it increases reliance on fee-based income to offset capped interest upside.

Rapid UPI spend growth on RuPay cards, especially in Tier 2+ cities, establishes a massive growth vector in small-ticket merchant payments. This expanded digital footprint creates an efficient acquisition funnel for higher-margin credit products.

Spend market share is rebounding significantly faster than card-in-force share, signaling higher transaction intensity. This trend suggests a higher-quality user base that is less prone to inactivity risks.

Auto

Maruti Suzuki India Limited | Large Cap | Auto

Maruti Suzuki is India’s largest passenger vehicle manufacturer, commanding a dominant market share through an extensive distribution network and diverse product range. The company is currently executing a massive capacity expansion plan to double production by 2030 while transitioning its portfolio toward hybrids and electric vehicles.

[Presentation]

Doubling production to 4 million units by 2030 reflects a massive bet on India’s structural demand growth. This scale-up is designed to secure a pre-emptive advantage over both domestic and global rivals.

Massive middle-class expansion is shifting the market toward aspirational ownership, moving beyond basic utility. Growth now hinges on capturing these higher-ticket buyers to improve overall profitability.

Reaching the $3,500 income inflection point signals a looming surge in car ownership mirroring China’s historical growth. This environment favors the manufacturer with the largest scale and most aggressive capacity rollout.

India’s low vehicle penetration of 30 per 1,000 people relative to global peers highlights a multi-decade structural growth runway. This massive gap suggests long-term demand will rise steadily as per capita incomes increase.

Sales volumes are shifting decisively from the entry-level Mini segment toward Compacts and SUVs. This shift reflects a favorable product mix evolution that generally supports higher unit economics and margin expansion.

The 2025 GST revision acts as a catalyst for entry-level demand by narrowing the price gap with premium motorcycles. Restoring momentum in this segment is crucial for recharging the customer funnel and maintaining dominant market share.

The rise of SUV market share to nearly 55% reflects a permanent shift toward premium lifestyle choices among Indian buyers. Capturing this high-margin segment is critical to protecting long-term returns as the legacy small-car market matures.

Implementing Battery-as-a-Service and 60% assured buybacks directly addresses consumer concerns regarding high upfront costs and resale value. These aggressive financial measures are vital for securing early EV adopters while charging infrastructure matures.

Sona BLW Precision | Mid Cap | Auto Ancillary

Sona Comstar is a leading global mobility technology company specializing in designing, manufacturing, and supplying precision-forged components like bevel gears, differential case assemblies, and motors for electrified and non-electrified powertrains. It serves automotive and other industries with high-quality, mission-critical systems and bespoke solutions.

[Presentation]

Physical AI is reaching an inflection point driven by advances in hardware (sensors, actuators, AI chips), improved simulation capabilities, and real-time AI perception. At the same time, labor shortages and automation needs are accelerating adoption, pushing Physical AI from experimentation to real-world deployment.

Physical AI relies on a stack of motors & actuation, gearboxes, sensors, batteries, and onboard AI computing, all common across EVs and robotics. These components work together to enable movement, perception, power management, and real-time decision-making.

Sona Comstar is positioning itself as a motion and drivetrain enabler across multiple Physical AI applications, including EVs, drones, robots, and humanoids. The company is expanding through partnerships, product development, and showcasing capabilities (e.g., CES 2026).

The company has consistently evolved its strategy—from EV-focused expansion to adding sensors/software, entering railways, and now robotics. This reflects a stepwise transition from auto components to broader mobility and Physical AI ecosystems.

The Physical AI ecosystem spans OEMs/startups (Tesla, BYD, humanoid firms), Tier-1 suppliers (Bosch, Denso), and tech platforms (NVIDIA, Qualcomm). Value creation is distributed across hardware, software, and systems integration, with multiple players competing across layers.

India Nippon Electricals Ltd | Small Cap | Auto Ancillary

India Nippon Electricals Ltd is a leading manufacturer of electronic ignition systems and powertrain components for two-wheelers and three-wheelers. A joint venture with Japan’s Kokusan Denki, the company is actively expanding its portfolio into sensors and electric vehicle controllers.

[Presentation]

Domestic revenue concentration at 96% ties company performance strictly to Indian two-wheeler cycles and local policy shifts. This lack of geographic diversity limits valuation upside from global supply chain diversification.

Consistently outgrowing the industry average indicates increasing market share and deeper technical integration with major OEMs. Sustaining this performance requires high R&D intensity to maintain a competitive advantage in the evolving electronic components segment.

The company is positioning itself to capture high growth in the automotive sensor market through increased R&D in electronic solutions for both ICE and electric vehicles. Localization trends and ‘China Plus One’ strategies provide significant tailwinds for scaling production.

FMCG

Zydus Wellness | Small Cap | FMCG

Zydus Wellness Limited offers healthcare, nutrition, and cosmeceutical products to promote well-being. They focus on developing and distributing a wide range of health and wellness products under popular brands like Glucon-D, Complan, Sugar Free, Nycil, Everyuth, and Nutralite, aiming to help people achieve integrated well-being.

[Presentation]

Complan is rebuilding relevance through a core refresh, new user acquisition (toddlers), and adult nutrition expansion. Despite a modest 4.1% market share, the brand is repositioning with relaunches to tap evolving nutrition needs.

Everyuth continues to lead in high-growth niches like scrubs (48.5%) and peel-offs (76%), while scaling presence in overall facial cleansing (~7.9% share). Categories are expanding at 13–17% CAGR, indicating strong tailwinds in naturals-led skincare.

Glucon-D remains a dominant category leader (~59% share) in glucose powders, with steady category expansion (~6% growth). While growth moderated in FY25, leadership position remains intact.

Zydus Wellness has built a diversified portfolio of category leaders—#1 positions in glucose, sugar substitutes, scrubs, and peel-offs. Personal care (Everyuth) is emerging as a high-growth adjacency alongside core nutrition brands.

Food & Nutrition is driving growth with strong double-digit YTD growth (~49%), led by brands like RiteBite and Complan. In contrast, Personal Care remains weak, showing slight declines, indicating a near-term drag on overall performance.

Input costs remain volatile—milk, dextrose, and edible oils saw inflation spikes, while sucralose prices corrected sharply. This mixed cost environment has implications for margin recovery and pricing strategies.

Zydus is aligning with structural trends like low sugar, high protein, functional nutrition, and natural personal care. The strategy focuses on premiumization, portfolio expansion, and tapping health-conscious consumption across categories.

Shri Gang Industries & Allied Products | Nano Cap | FMCG

Shri Gang Industries and Allied Products Limited engages in the manufacture and sale of vanaspati, refined oils, and bakery shortenings. The company offers its products under the ‘Apna’ and ‘Mr. Baker’ brand names. The company markets its products primarily in the state of Uttar Pradesh in India.

[Presentation]

Shri Gang Industries has a long-term, exclusive contract manufacturing tie-up with Diageo (USL), anchoring its business with stable, high-volume demand. ~75% of capacity is dedicated to Diageo, with a fee-based model and minimum guarantees, driving predictable revenues and strong utilization.

UP is India’s largest and fastest-growing liquor market, with production capacity growing at ~15% CAGR and strong excise-led policy support. IMIL dominates (~65% share), but premiumization (IMFL + beer) is steadily rising, creating a multi-layer demand expansion opportunity.

The company benefits from a strategic location in India’s key maize and rice belt, ensuring reliable and cost-efficient feedstock access. Coupled with strong demand growth (~32% CAGR in premium segments), this creates a structural advantage in both input sourcing and end-market consumption.

Godfrey Phillips India Limited | Mid Cap | Tobacco Products

Godfrey Phillips India is a major tobacco manufacturer with a diversified portfolio spanning cigarettes, unmanufactured tobacco exports, and confectionery items. The company operates through flagship brands and an exclusive partnership with Philip Morris International to distribute Marlboro in India.

[Presentation]

Tobacco accounts for 99% of sales, concentrating regulatory and excise tax risks. This dependency makes cash flows vulnerable to policy changes despite the company’s strong pricing power.

Exports now contribute 23% of revenue, acting as a strategic hedge against domestic regulatory volatility. The segment leverages low production costs to build resilient, dollar-linked revenue streams.

Monthly cigarette volumes reached 2.1 billion, a massive structural scale-up from 775 million five years ago. This growth confirms successful brand penetration and a shift toward organized tobacco.

Metals

MOIL Limited | Small Cap | Metals

MOIL Limited, a Schedule ‘A’ Miniratna Category-I Company, is a leading producer of different grades of Manganese Ore in India. Their product range includes High Grade Ores, Medium grade ore, Blast furnace grade ore, and Dioxide for various industries. MOIL fulfills half of India’s dioxide ore requirement and has also ventured into renewable energy with wind farms in Madhya Pradesh.

[Presentation]

~95–96% of manganese demand is metallurgical (steel & alloys), with ferro and silico manganese forming the bulk of consumption. This makes the sector a direct proxy on steel cycle and infrastructure demand.

India’s manganese ore production is targeted to scale from ~12–18 lakh tonnes historically to 35 lakh tonnes by FY30, implying a strong ramp-up trajectory. This reflects capacity expansion and rising domestic demand visibility, likely driven by steel and alloy consumption.

India remains structurally import-dependent (~5.5 MT average imports) despite steady domestic production growth. MOIL dominates domestic supply (~45–53% share), but the gap between consumption and production highlights a persistent supply deficit.

Global manganese supply is highly concentrated, with South Africa (~46%) and Gabon (~19%) dominating production, while India contributes only ~5%. This concentration creates supply-side risks and pricing power cycles globally.

Manganese reserves are heavily concentrated in Odisha (~34%), Karnataka (~25%), and MP/Maharashtra (~12% each). MOIL has significantly expanded its reserve base, strengthening its strategic positioning in domestic supply.

Trading

Shiv Texchem | Nano Cap | Trading

Shiv Texchem Ltd. imports and distributes specialty hydrocarbon chemicals — including acetyls, aromatics, glycols, and ketones — sourced from over 60 global suppliers and supplied to more than 650 Indian customers across the paints, pharma, and polymer industries.

[Presentation]

The company is leveraged to structurally growing sectors—paints, packaging, agrochemicals, petrochemicals, and inks, all expected to see strong multi-year expansion. This creates sustained demand visibility for sourced chemicals.

India’s chemical sector is expected to see significant growth in imports (~9–11% CAGR), with a widening trade deficit. This structurally increases the role of import-focused sourcing intermediaries like Shiv Texchem.

Shiv Texchem operates across a wide basket of essential chemicals spanning inorganics, intermediates, monomers, and glycols, supplying critical inputs to pharma, agrochemicals, paints, and construction. Many of these inputs have high supply criticality, reinforcing the importance of reliable sourcing.

The portfolio extends into acetyls, alcohols, aromatics, and ketones, which are key building blocks for coatings, adhesives, plastics, and pharma. This positions the company at the center of multiple downstream industrial value chains.

Shiv Texchem bridges India’s supply gap by sourcing 43 key chemicals globally, including 12 critical raw materials, with India being a top importer in several. The model is built on global sourcing, logistics execution, and supply reliability.

For a global major like BASF, Shiv Texchem delivered specialized logistics and compliance-led sourcing, enabling safe handling of styrene. This led to premium pricing and higher margins, showcasing value-added capabilities beyond trading.

By leveraging market intelligence and timing strategies, Shiv Texchem helped GreenLam procure phenol at lower effective prices. This created cost advantages for the client while deepening long-term relationships and volumes.

During a supply shock in MMA, Shiv Texchem’s procurement strategy (staggered buying + price benchmarking) helped Berger avoid peak pricing. This resulted in cost savings and a 3–4x scale-up in business volumes.

Engineering & Capital Goods

Gala Precision Engineering | Micro Cap | Engineering & Capital Goods

Gala Precision Engineering Ltd. manufactures high-quality technical springs and high-tensile fasteners. It serves the renewable energy, mobility, and industrial sectors.

[Presentation]

SFS is the largest and fastest-growing segment, with India growing at ~18% CAGR vs ~6–7% globally. Growth is driven by renewables, infrastructure upgrades, and mining/construction demand, making it a key structural opportunity.

CSS is a mobility-heavy segment (~90%+ exposure) growing at ~9–10% CAGR in India. Demand is supported by auto components, rail capex, urbanization, and farm mechanization.

DSS is a stable, industrial-led segment (~6% CAGR) with strong linkage to manufacturing, infrastructure, and steel demand cycles. Mobility and renewables provide incremental growth levers.

SFS is structurally the largest opportunity—~100x the size of DSS globally and ~15x CSS domestically. This highlights a clear portfolio shift opportunity toward higher TAM segments.

GALA’s product portfolio spans renewables, industrials, and mobility, with SFS having the widest application coverage. This diversified exposure provides multi-cycle growth optionality.

The company operates across the value chain—from steel inputs to precision components (DSS, CSS, SFS)—serving critical applications in wind, infrastructure, heavy machinery, and autos. This enables deep integration with end-use industries.

GALA has built strong relationships across renewables (Vestas, GE), industrials (Schneider, L&T), and mobility (Schaeffler, Wabtec). This diversified client base supports revenue visibility and credibility across sectors.

Oriental Rail Infrastructure Limited | Small Cap | Engineering & Capital Goods

Oriental Rail Infrastructure manufactures rolling stock components, interiors, and freight wagons for Indian Railways and private logistics operators. The company is strategically transitioning into high-technology smart wagons and recurring-revenue leasing models to diversify its earnings profile.

[Presentation]

Moving into wagon leasing shifts the business model toward stable annuity revenues, reducing the impact of volatile manufacturing tender cycles. This transition provides predictable long-term cash flows and higher-margin growth.

A record ₹2.9 lakh crore railway budget for FY27 signals a multi-year commitment to modernization, providing long-term demand visibility. This structural growth supports more confident capacity expansion and capital allocation.

National Rail Plan targets for fleet doubling indicate a long-term structural upgrade cycle beyond immediate government spending. This strategy balances stable freight demand with higher margins from premium passenger interiors.

KEI Industries Limited | Mid Cap | Electrical Engineering & Capital Goods

KEI Industries Limited is a leading manufacturer of wires and cables, offering a diverse product range from EHV to LT cables, house wires, and stainless steel wire. The company is forward-integrated into EPC services and has a strong presence in both domestic and international markets.

[Presentation]

KEI’s retail sales are growing significantly, now accounting for over 50% of total sales. This shift reflects a strategic focus on direct consumer engagement, which could lead to higher margins and more predictable demand.

KEI Wires & Cables is poised to benefit from robust industry growth, driven by power transmission and building wires, which account for half the market. Government initiatives and rising demand from construction and renewable energy sectors ensure strong long-term prospects.

India’s cables and wires market is set for significant growth, aiming to reduce import reliance and boost domestic production. Focus on high-demand segments like power cables and building wires, along with export expansion, signals a strategic shift towards self-sufficiency and global competitiveness.

The growing demand for cables and wires is fueled by infrastructure development, including data centers, cloud computing, and digital transformation. Government investments in renewable energy and power transmission ensure a durable demand environment for the industry.

KEI Wires & Cables is strategically aligned with the surge in renewable energy and EV adoption, which drive substantial demand for cables and wires. The company’s focus on energy storage and transmission infrastructure positions it well for sustained growth and higher margins.

The National Electricity Plan outlines India’s ambitious targets for power expansion, including renewable energy goals and infrastructure investments. This plan underscores the industry’s role in supporting India’s energy transition and economic growth, providing a clear roadmap for future demand.

Healthcare

Aster DM Healthcare Limited | Mid Cap | Healthcare

Aster DM Healthcare is a major integrated healthcare provider operating a network of hospitals and clinics across India. The company is currently executing a large-scale merger with Quality Care India to significantly expand its bed capacity and specialty care reach.

[Presentation]

A massive pipeline of over 4,000 additional beds signals a shift toward aggressive regional scale and market leadership. The primary investment risk involves managing the gestation costs of new facilities without diluting near-term group returns.

Inpatient revenue per patient grew 17% as the cluster shifted toward high-complexity specialties like oncology and neurosciences. This move toward tertiary care improves unit economics and builds a stronger competitive moat across mature facilities.

Margin improvement from 7.9% to 13.2% in the Andhra and Telangana cluster indicates that newer assets are successfully absorbing fixed costs. This turnaround trajectory is critical for reaching company-wide profitability benchmarks.

Utilizing 30-year leases for major greenfield projects reflects an asset-light strategy that prioritizes medical technology over land ownership. This model reduces upfront capital requirements but requires sustained high occupancy to cover long-term lease obligations.

Real Estate

Prestige Estates | Mid Cap | Real Estate

Prestige Estate Projects specializes in real estate development, construction, leasing commercial properties, and property management. The company operates across residential, commercial, retail, hospitality, and services, leveraging an integrated model for consistent performance, innovation, and resilience during market fluctuations.

[Presentation]

Sales are concentrated in Mumbai and Bengaluru, which together contribute the largest share across both Q3 and the nine-month period, with NCR also forming a meaningful portion. Other cities like Hyderabad and Chennai contribute moderately, while the rest remain a small part of the overall mix.

Inventory is largely concentrated in Hyderabad and Bengaluru by area, while Mumbai leads in value, with total inventory at 12.43 mn sq ft worth ₹1,86,444 mn. Most of this is tied to ongoing projects, with 5,892 out of 6,015 units still under development and only a small portion completed.

Debt is largely concentrated in project-related borrowings, making up nearly half of the total, with the remainder spread across office assets and rental/hospitality loans. The average cost of debt stands at 9.47%, with a debt-to-equity ratio of 0.53 and net debt at ₹87,711 million.

That’s it for now! Your feedback will really help shape how Points and Figures evolves. Drop it down in the comments below!

Quotes in this newsletter were curated by Meher & Vignesh.

Disclaimer: We’ve used AI tools in filtering and cleaning up the quotes from the images so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.

Share

We’re now on Reddit!

We love engaging with the perspectives of readers like you. So we asked ourselves - why not make a proper free-for-all forum where people can engage with us and each other? And what’s a better, nerdier place to do that than Reddit?

So, do join us on the subreddit, chat all things markets and finance, tell us what you like about our content and where we can improve! Here’s the link — alternatively, you can search r/marketsbyzerodha on Reddit.

See you there!

Points and Figures is run by the same team that creates The Daily Brief and Aftermarket Report.

Sometimes, a single slide can explain more than a long report. Points and Figures is our way of breaking down what India’s leading companies are telling their shareholders and analysts. We comb through the decks, pull out the charts and data points that actually matter, and highlight the signals behind the numbers—whether about growth plans, margins, new markets, or risks on the horizon.

This is an extension of The Chatter. While The Chatter focuses on management commentary and earnings call transcripts, Points and Figures dives into investor presentations—and soon, even annual reports—to decode what companies are showing, not just what they’re saying.

We go through every major investor presentation so you don’t have to—bringing you the sharpest takeaways that reveal not just what the company is saying, but what it really means for the business, its sector, and the broader economy.

Subscribe now

In this edition, we have covered 13 companies across 10 industries.

Textiles

• Garware Technical Fibres

Real Estate

• Justo Realfintech

Engineering & Capital Goods

• Centum Electronics

• Prime Cable Industries

Chemicals

• SPEB Adhesives

Logistics

• Afcom Holdings

FMCG

• DSM Fresh Foods

Bio Energy

• Shubhshree Biofuels Energy

• Info Edge (India) Limited

Financial Services

• Jio Financial Services Limited

• Federal Bank

Aviation

• GMR Airports Limited

Tourism & Hospitality

• SAMHI Hotels Limited

Textiles

Garware Technical Fibres | Small Cap | Textiles

Garware Technical Fibres Limited, formerly known as Garware-Wall Ropes Ltd., is a prominent player in India’s technical textiles sector. With a history dating back to 1976, the company offers innovative solutions in various applications like aquaculture, fishing, sports, safety, agriculture, and geosynthetics. They manufacture and sell a wide range of products including ropes, twine, yarn, fishnets, and other technical textiles, catering to both domestic and international markets for infrastructure needs.

[Presentation]

Global salmon consumption has grown strongly over the past decade, with market value increasing ~98% from 2014–2024 (7% CAGR). Demand has expanded faster than supply (~8% vs 3% growth), and industry expectations of limited supply growth suggest continued strong pricing and demand.

The USA is the largest salmon market, followed by France, Germany, and the UK. While total consumption varies widely across countries, per capita consumption in Nordic markets such as Norway, Sweden, and Finland is significantly higher, indicating growth potential in other large markets.

Salmon prices have remained broadly stable with periodic spikes driven by temporary demand-supply gaps. Strong retail demand in Europe, growing packaged consumption in the US, and rising demand in Asia have supported steady pricing trends.

Geosynthetics are polymer-based materials used in infrastructure projects to improve durability, environmental sustainability, and cost efficiency. They are widely applied across roads, railways, airports, ports, and coastal protection projects.

Large infrastructure spending in India is expected to drive demand for geosynthetics across railways, roads, tunnels, and landfill containment systems. Government capex and stricter environmental regulations create strong long-term growth opportunities for these solutions.

Real Estate

Justo Realfintech | Nano Cap | Real Estate

Justo Realfintech is a technology-driven real estate service provider that partners with developers to strategize and execute marketing, sales, digital solutions, home loans, and CRM for real estate projects. The company focuses on developing positioning strategies and actionable plans to enhance sales and promotions for developers.

[Presentation]

The company operates on two revenue models — Direct Revenue and Net Revenue. In the direct model, it earns a gross percentage of sales including channel partner fees, while in the net model it earns a net percentage as developers directly pay channel partners. Developers bear marketing expenses in both models, allowing the company to focus on sales strategy and execution.

Justo Realfintech operates across two primary verticals — Mandate Business and Financial Advisory. The mandate business, which includes residential launches, leasing, strata sales, and plots/villas, contributes ~95% of revenue, while home loan advisory contributes ~5%.

India’s real estate sector accounts for ~6.8% of GDP (~₹20.1 trillion) and faces a housing shortage of ~93 million homes by 2036. The organized real estate mandate industry is growing rapidly and currently represents ~10–15% of the broader real estate market.

Among major cities, MMR recorded the highest sales with a 6% YoY increase, while Pune saw a 20% decline in sales despite being the second-largest market. NCR and Bangalore recorded healthy growth, while Tier-2 cities experienced a 16% decline in overall unit sales.

The organized real estate advisory and mandate segment has grown ~28–32% CAGR between FY20–FY25. Growth is driven by RERA compliance, institutional capital, professional sales platforms, and digital lead ecosystems, with developers increasingly adopting exclusive mandate models.

Key organized advisory firms include ANAROCK, Xanadu, Guardians, and Justo. Justo positions itself as a tech-driven mandate partner focused on Western India, leveraging channel partner networks and proprietary GTM strategies to accelerate project sales.

The company operates in two large housing markets — Pune and Mumbai (MMR). Pune sees ~5,800–6,000 monthly unit sales, where Justo sells ~180–190 units (~3–3.5% share), while the Mumbai market sells ~13,970 units monthly, highlighting significant expansion potential.

Engineering & Capital Goods

Centum Electronics | Small Cap | Engineering & Capital Goods

Centum Electronics Limited is a prominent company specializing in Electronics System Design & Manufacturing. They offer vital services to customers in Defense, Aerospace, Space, Medical, Transportation, and Industrial sectors requiring highly reliable solutions. With extensive experience in designing complex products, Centum serves as a key supplier to major global OEMs and public entities like Indian DPSUs, Ordinance Factories, DRDO, and ISRO.

[Presentation]

Centum is a leading Indian provider of end-to-end electronics system design and manufacturing solutions with over 30 years of experience and ~1,900 employees. The company serves high-growth sectors such as defence, aerospace, space, EMS, and ER&D, with 65–70% of revenue coming from overseas markets.

The company operates across rapidly expanding markets such as EMS, ER&D, and defence electronics, supported by initiatives like Make in India and indigenization of defence manufacturing. India’s EMS and ER&D exports are expected to grow strongly, while defence production and exports are projected to expand at ~18–19% CAGR.

Centum provides custom-built electronic subsystems and mission-critical solutions across defence, space, and railway sectors. Applications include satellite subsystems, missile control systems, radar subsystems, tank electronics, and passenger information systems, addressing both strategic and commercial markets.

The EMS division manufactures high-reliability and high-complexity electronic products, ranging from PCB assemblies to complete system integration. Key application areas include industrial electronics, healthcare devices, electric mobility systems, and defence & aerospace electronics.

Prime Cable Industries | Nano Cap | Engineering & Capital Goods

Prime Cable Industries Limited manufactures and sells ISI-marked low-voltage cables and wires under the brands “PRIMECAB” and “RENUFO.” Serving diverse sectors such as power, oil & gas, mining, steel, and real estate, they are an ISO and BIS certified company.

[Presentation]

Prime Cables reported provisional revenue of ₹71.8 crore in Q3 FY26, reflecting 95% YoY growth. The company is expanding capacity with a new plant in Ghiloth, Rajasthan (operational by Q1 FY27), has secured new BIS certifications, and maintains an order book of ₹130 crore.

The company has a nationwide presence with revenue spread across multiple states, with ~88.3% coming from its top 12 states. Key contributors include Tamil Nadu (15%), Bihar (14%), Rajasthan (11%), and Karnataka (11%), indicating diversified demand across regions.

Prime Cables offers a diverse range of cable products including control cables, power cables, aerial bunch cables, instrumentation cables, and building wires. Control cables contribute the largest share (~47% of revenue), followed by power cables (~27%) and aerial bunch cables (~16%).

The company’s products serve across the entire electricity value chain—from power generation and transmission to distribution and consumption. The largest revenue contribution comes from the transmission segment (~53.5%), followed by distribution (~33.5%).

Chemicals

SPEB Adhesives | Nano Cap | Chemicals

SPEB Adhesives Ltd. manufactures synthetic rubber, resin and water-based adhesives under the SPEB-7 brand, serving woodworking, footwear, insulation and industrial segments, supported by a strong distribution network across India and export markets.

[Presentation]

The company has a strong regional concentration in Maharashtra (~69% of revenue), followed by Gujarat (~11%) and Karnataka (~5.7%). Most sales come from dealer–distributor networks (~81.7%), with domestic markets contributing ~93% of revenue.

The production process begins with raw material procurement and underground storage, followed by mixing in industrial stirrers and transfer to holding tanks. The final adhesive is then filled, sealed, labelled, and packaged using automated seaming and filling machines.

The company has built a digital presence across platforms like IndiaMART, Amazon, Flipkart, ExportersIndia, Justdial, and Ajio. These platforms support lead generation, order visibility, and customer acquisition, complementing the offline distributor network.

The global synthetic rubber adhesive market is valued at ~$18–22 billion in 2024 and is expected to grow to ~$26–27 billion by 2030. In India, the market stands at ₹15,000–18,000 crore and is projected to grow at 7–9% CAGR, supported by manufacturing and export industries.

Solvent-based adhesives offer stronger bonding, faster drying, and durability but have higher VOC emissions. Water-based adhesives are cleaner, low-VOC, and eco-friendly, though they typically have slower drying times and lighter bonding strength.

Logistics

Afcom Holdings | Small Cap | Logistics

Afcom Holdings specializes in operating Cargo Flights to ASEAN countries, with a focus on Singapore. The company offers airport-to-airport cargo transportation services and provides supply chain solutions to a wide range of customers.

[Presentation]

AFCOM handles a diverse cargo mix including odd-dimensional cargo (29%), general cargo (28%), and dangerous goods (26%), which together make up the majority of shipments. Smaller categories include other goods (12%) and hazardous materials (5%), reflecting capability in handling specialized freight.

The company recorded strong operational growth in 2026 with trips increasing from 372 in Q1 to 502 in Q3 and charge weight rising from ~5,080 tons to ~6,143 tons. Both revenue per kg and average yield also improved, indicating better pricing and higher cargo demand.

AFCOM positions itself as a standalone cargo airline focused on fast and flexible logistics solutions. Its services emphasize 24-hour cargo delivery, last-mile connectivity, track & trace systems, bonded trucking, and chartering options.

The company has partnerships with major global logistics and airline operators such as DHL, DB Schenker, Turkish Airlines, Etihad, Kuehne+Nagel, and DSV. These collaborations strengthen AFCOM’s global cargo network, routing options, and logistics capabilities.

FMCG

DSM Fresh Foods | Nano Cap | FMCG

DSM Fresh Foods is an online brand specializing in fresh meat and ready-to-cook/eat products, aiming to transform the way customers access and enjoy premium-quality meats through convenient online ordering and delivery services.

[Presentation]

DSM Fresh Foods operates an integrated farm-to-fork meat and food platform through its brands Zappfresh and Meevaa Foods. The company has automated processing facilities, omnichannel distribution (D2C, HoReCa, retail), and strong growth with 52% revenue CAGR (FY23–FY25) and ~90% repeat customer orders.

Zappfresh follows a low-capex, partner-led retail expansion model, requiring only ₹3–5 lakh investment per store. The small-format stores help scale quickly, reduce risk, and strengthen local brand visibility and neighborhood recall.

The company currently operates mainly in North and West India and plans to expand into Tamil Nadu and Telangana domestically, while targeting international markets like the US, Europe, Canada, and the Middle East to build a global footprint.

Structural shifts such as formalization of meat supply chains, rising protein consumption, and digital commerce growth are driving demand for packaged meat products. Changing lifestyles and convenience-driven consumption are accelerating adoption of ready-to-eat (RTE) and ready-to-cook (RTC) formats.

India’s HoReCa, food processing, and RTE/RTC markets are expanding rapidly, while ~90% of the meat market remains unorganized. This provides large headroom for organized players as packaged meat and protein-based product demand grows.

Zappfresh operates a full-stack supply chain from farm sourcing to last-mile delivery, bypassing traditional mandis and wholesalers to improve margins. The model combines direct farmer procurement, centralized processing, standardized SKUs, and omnichannel distribution to ensure consistent quality and operational efficiency.

Bio Energy

Shubhshree Biofuels Energy | Nano Cap | Bio Energy

Shubhshree Biofuels Energy Ltd is an Indian bioenergy company that manufactures and supplies biomass fuels like pellets and briquettes from agricultural waste as sustainable alternatives to coal and fossil fuels, serving industrial and commercial sectors across northern India.

[Presentation]

Shubhshree Biofuels operates an integrated process from order intake and demand analysis to production planning, procurement, manufacturing, quality assurance, logistics, and final delivery. This end-to-end workflow ensures efficient coordination between suppliers, processing units, and clients while maintaining product quality and timely fulfillment.

The company aggregates crop residue from over 2.5 lakh farmers, converting agricultural waste into bioenergy while reducing emissions from stubble burning. This model creates a predictable low-cost feedstock supply while transforming an environmental challenge into a scalable clean energy solution.

India generates over 683 million tonnes of agricultural residue annually, much of which remains unused or burned. With a $21.68 billion addressable market, Shubhshree aims to capitalize on growing demand for biomass fuels, supported by industrial adoption and government policy incentives.

Biomass briquettes offer significant cost savings compared to traditional fuels, while supporting rural development and sustainability. The company’s ecosystem currently involves 1,000+ villages and 20,000+ livelihoods, while reducing carbon emissions and creating green jobs.

Info Edge (India) Limited | Large Cap | Software

Info Edge is India’s premier online classifieds company, operating market-leading platforms like Naukri.com and 99acres.com. It also serves as a strategic investment vehicle with significant equity stakes in major Indian unicorns including Zomato and PB Fintech.

[Presentation]

A 30-35% billings concentration in IT services makes the core recruitment business (naukri) highly sensitive to global tech hiring cycles. While non-tech sectors provide a cushion, growth remains a leveraged bet on technology industry sentiment.

Expansion for recruitment business into Tier-2/3 hubs is driving customer volume but keeping average realization flat due to a lower-paying client mix. This land-grab strategy prioritizes long-term market dominance over immediate margin expansion.

99acres is consolidating its lead as traffic share widens significantly against its primary competitors. Future profitability hinges on converting this audience dominance into pricing power as the segment matures.

99acres leads competitors in user engagement with the lowest bounce rate and highest time spent. High traffic quality supports superior pricing power as advertisers value conversion over reach.

Brokers generate 64% of billing, characterizing 99acres as a critical B2B utility rather than a retail-driven marketplace. This institutional base provides a stable revenue floor and hedges against cyclical property downturns.

Investments represent nearly 90% of total assets, marking Info Edge’s evolution into a tech-focused holding company. Standalone operational performance is now secondary to the net asset value of the underlying venture portfolio.

Recruitment billing is shifting toward Global Capability Centers (GCCs) as the contribution from traditional IT services declines from historical highs. This structural mix shift reduces cyclicality and improves the quality of the recruitment moat during technology spending pullbacks.

Financial Services

Jio Financial Services Limited | Large Cap | Financial Services

Jio Financial Services is a diversified financial services provider offering digital-first solutions across lending, payments, insurance, and asset management. It leverages the massive Reliance ecosystem to deliver financial products to retail and merchant segments across India.

[Presentation]

Jio Finance is building out a full-stack financial services platform across four pillars — Invest, Borrow, Transact, and Protect. On the investing side, it offers mutual funds, Savings Pro, Jio Gold, and a wealth tracking dashboard, while its lending suite covers everything from home loans to loans against shares, ETFs, and mutual funds. The transact and protect categories round things out with UPI payments, tax filing, biometric-enabled payments, and insurance products across life, health, and motor — several offered through third-party partnerships.

With 18% of investors new to mutual funds and 40% of retail AUM from B30 cities, the ‘financialization’ strategy is successfully reaching untapped markets. High active SIP rates indicate retail AUM stickiness, which supports better long-term margins compared to institutional flows.

A sequential decline in facilitated premiums underscores the lumpy nature of corporate renewal cycles in insurance broking. Future growth hinges on the Allianz JVs, which will pivot the business from pure distribution to high-margin reinsurance manufacturing.

Federal Bank | Mid Cap | Financial Services

Federal Bank Limited is a major Indian commercial bank in the private sector known for its technological advancements. It offers a wide range of services such as Internet banking, mobile banking, online bill payment, insurance, and more to enhance customer convenience and position itself as a financial supermarket.

[Presentation]

Federal Bank’s asset quality has been on a steady improving trend — combined standard restructured accounts and net NPAs fell from ₹4,035 Cr in Q4 FY23 to ₹2,208 Cr in Q3 FY26. Gross NPA came down slightly from ₹4,532 Cr to ₹4,447 Cr during Q3, aided by ₹246 Cr in recoveries and upgradations and ₹282 Cr in write-offs, even as fresh slippages added ₹435 Cr. The provision coverage ratio stands at a healthy 75%, with credit cost at 47 bps and total provisions for the quarter at ₹332 Cr — signaling the bank’s portfolio remains well-contained.

Federal Bank is actively rebalancing its loan book — the share of medium-yielding advances (core agri, auto, gold, LAP, small business, CV/CE) rose from 52.2% to 51.0% in gross advances, while high-growth segments like credit cards (24% YoY), CV/CE (26% YoY), and small business loans (17% YoY) are leading the charge with gross advances of ₹4,270 Cr, ₹5,343 Cr, and ₹48,558 Cr respectively. On the flip side, personal loans and micro advances saw slight declines of -3% and -1% YoY, suggesting a deliberate pullback from certain segments. The interest income mix is also shifting — the medium-yielding bucket’s share grew from 45.3% to 47.7%, while low-yielding segments like housing and CIB dipped from 46.0% to 44.3%.

Aviation

GMR Airports Limited | Mid Cap | Aviation

GMR Airports is India’s largest private airport operator, managing major international hubs including Delhi and Hyderabad. The firm monetizes large-scale passenger traffic through regulated aeronautical services, retail-led non-aero revenue, and extensive land development.

[Presentation]

Core asset concessions exceeding 40 years provide exceptional long-term visibility for returns. Significant capacity headroom allows for continued volume expansion without the immediate need for new land acquisition.

Expanding into retail and real estate transforms airports into high-margin luxury marketplaces rather than simple utility providers. This shift reduces exposure to regulated tariffs and secures more resilient cash flows.

Tourism & Hospitality

SAMHI Hotels Limited | Small Cap | Tourism & Hospitality

SAMHI Hotels is a leading hotel ownership and asset management platform in India with a portfolio focused on major urban consumption centers. The company partners with global hospitality brands like Marriott, Hyatt, and IHG to operate its diversified range of upscale and mid-scale hotels.

[Presentation]

Most of the company’s revenue comes from hotels operated under global brands—with Marriott alone contributing about two-thirds—highlighting the portfolio’s heavy reliance on large international operators for demand and visibility.

Nearly half the capital sits in mature assets earning ~18–19% RoCE, while lower-return turnaround and growth assets are currently dragging the portfolio average down to ~11%.

That’s it for now! Your feedback will really help shape how Points and Figures evolves. Drop it down in the comments below!

Quotes in this newsletter were curated by Meher, Vignesh & Kashish.

Disclaimer: We’ve used AI tools in filtering and cleaning up the quotes from the images so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.

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In this edition, we have covered 15 companies across 5 industries.

Chemicals

• Rain Industries

• lndag Rubber

Engineering & Capital Goods

• ABB India Limited

• Power Mech Projects

• Elgi Equipments

• Fabtech Technologies

• Praj Industries

• DC Infotech and Communication

• Schaeffler India Limited

FMCG

• Marico Limited

• Avanti Feeds Limited

Pharmaceuticals

• Sanofi India Limited

Financial Services

• HDFC Life Insurance Company Limited

• Fino Payments Bank Limited

• ICICI Prudential Asset Management

Chemicals

Rain Industries | Small Cap | Chemicals

Rain Industries Limited is a global manufacturer of critical raw materials for various industries. It has three main segments - Carbon, Advanced Materials, and Cement. The company is a major producer of CTP and CPC, supplying essential raw materials worldwide. It focuses on developing eco-friendly advanced materials and produces high-quality cement to meet the construction demand in South India.

[Presentation]

Global aluminium production continues to grow steadily, led by China, while inventories remain relatively low. LME aluminium prices are trading around $3,170 per ton (Feb 2026), supported by strong demand and ongoing capacity restarts and expansions.

The company is expanding its advanced materials portfolio by entering the North American MCMB market and forming strategic partnerships in Europe and Canada. The focus is on next-generation battery materials, sodium-ion technologies, and reducing dependence on Chinese graphite supply chains.

Carbon remained the strongest segment with stable revenues and EBITDA despite slight volume decline, supported by strong calcination demand. Advanced Materials and Cement saw weaker performance due to seasonal softness, higher costs in Europe, and lower volumes impacted by extended monsoon conditions.

lndag Rubber | Nano Cap | Chemicals

Indag Rubber Ltd.pioneered the introduction of cold retreading technology in India.The company offers complete range of application specific tread patterns for transportation industry with cost effective tyre solutions.The products manufactured by the company includes Precured Tread Rubber,Un-vulcanized Rubber Strip Gum,Universal Spray Cement,Envelopes, etc.

[Presentation]

The tyre retreading industry remains significantly underpenetrated but is poised for strong growth due to improving road infrastructure, regulatory reforms, and rising environmental awareness. Increasing radialization in commercial vehicles and the gradual shift toward EV-compatible tyre designs further support long-term demand.

Tyre retreading offers a major cost advantage for fleet operators by saving up to 70% of the cost of a new tyre while delivering about 70% of the tyre life. With rising fuel prices, tolls, and vehicle costs, retreading significantly reduces cost-per-kilometre and remains one of the most effective fleet cost-management strategies.

Retreading plays a key role in the circular economy by drastically reducing environmental impact compared to manufacturing new tyres. Each retreaded tyre can save 57L of oil, 44kg of rubber, and 136kg of CO₂ emissions, while supporting recycling and value-added tyre recovery processes.

Engineering & Capital Goods

ABB India Limited | Large Cap | Heavy Electrical Equipment

ABB India is a technology leader in electrification and automation, serving industries like renewables, data centers, and railways through five domestic manufacturing locations. The company integrates engineering and digital solutions to improve industrial productivity and energy efficiency across the Indian market.

[Presentation]

A widening gap between orders and revenue suggests that execution capacity is lagging behind demand. While this backlog secures future sales, it increases the risk of margin erosion from inflationary pressures during delivery.

Prioritizing high-growth digital and green infrastructure sectors over traditional manufacturing helps reduce cyclical risk. This strategic focus allows the company to capture premium pricing in specialized market segments.

The elimination of high customs duties via the India-Europe FTA provides a structural tailwind for lowering input costs. This change improves margin resilience and enhances India’s competitiveness as a global engineering hub.

New semiconductor and electronics manufacturing incentives create a structural demand floor for specialized power and automation solutions. Alignment with government capex ensures a long-term project pipeline less sensitive to traditional industrial cycles.

A 283% surge in robotics orders from the automotive sector signals a rapid shift toward industrial automation despite currently tepid revenue execution. Converting this massive backlog into profitable delivery remains the primary catalyst for unlocking the segment’s margin potential.

Reducing project revenue to 8% signals a shift away from low-margin EPC contracts to de-risk the business. Increasing product-led sales to 79% emphasizes a focus on standardized, higher-margin solutions with lower capital intensity.

India’s domestic economy remains resilient, driven by strong consumption, premiumization, and urban infrastructure growth. At the same time, green energy adoption, AI-led industrial automation, and digitalization are key growth drivers, though global uncertainties such as FX volatility and geopolitical tensions remain risks.

Power Mech Projects | Small Cap | Engineering & Capital Goods

Power Mech Projects Limited, based in Hyderabad, India, is a leading infrastructure construction company with a global presence. Established in 1999, the company specializes in providing a wide range of services in the power and infrastructure sectors. With expertise in power generation, operations, and maintenance, Power Mech operates in over ten countries worldwide.

[Presentation]

Power Mech is expanding into renewable energy by building a platform in solar and battery energy storage systems (BESS). With government-backed projects and targeted 15–16% equity IRRs, the company is executing solar and BESS projects that will generate long-term annuity revenues.

Power Mech has a strong presence in Operations & Maintenance (O&M) across power plants with capacities of 19.5 GW (AMC), 9.2 GW (Field O&M), and 7.6 GW (Comprehensive O&M). The strategy focuses on scaling higher-margin O&M services using standardized delivery models, digital tools, and predictive maintenance.

Power Mech is leveraging opportunities across power EPC, O&M, civil infrastructure, and mining operations to drive scalable growth. Strong industry tailwinds such as rising power demand, infrastructure capex, and energy-transition minerals are expected to support long-term revenue expansion.

Elgi Equipments | Small Cap | Engineering & Capital Goods

Elgi Equipments Limited is a global leader in manufacturing innovative and technologically advanced compressed air systems. They offer a wide range of products including rotary screw compressors, reciprocating compressors, centrifugal compressors, dryers, filters, and accessories. With a focus on productivity and low cost of ownership, their solutions are widely used across various industries.

[Presentation]

The global air compressor market is led by players such as Atlas Copco and Ingersoll Rand, with ELGi ranked #6 globally in FY25 with revenues of about $415 million. The total market size stands at roughly $22.35 billion, highlighting a highly competitive but large industry landscape.

The global air compressor market has grown at a 3.5% CAGR from FY13–FY26, while ELGi’s revenues have expanded faster at around 6% CAGR. This implies ELGi has grown ~1.7x faster than the global market, indicating market share gains.

Portable compressors are primarily used in construction (57%), followed by mining (22%) and water well drilling (21%). These three sectors collectively account for the majority of demand, especially in infrastructure and resource extraction activities.

Demand for oil-free screw compressors is dominated by pharma (25%), power plants (23%), and food & beverage (20%). These industries require contamination-free compressed air, making oil-free technology critical.

Oil-lubricated compressors see the highest demand from general engineering (30%), food processing (14%), and chemicals (8%). These sectors together contribute roughly half of total demand for this compressor category.

Compressed air systems are widely used across industries including automotive, textiles, pharma, electronics, food processing, oil & gas, mining, power, and construction. This broad applicability makes the air compressor market deeply linked to overall industrial activity and manufacturing growth.

Fabtech Technologies | Micro Cap | Engineering & Capital Goods

Fabtech Technologies provides end-to-end engineering solutions for pharmaceutical projects, including design, procurement, installation, and testing. Specializing in greenfield projects, it serves pharmaceutical, healthcare, and biotech clients globally, with a strong focus on emerging markets.

[Presentation]

The global pharma infrastructure opportunity across GCC, Maghreb, and Africa is estimated at $115–140 billion between 2025–2040. Even capturing 2–3% of this market could be transformational, driven by regional pharma manufacturing expansion and supply chain localization.

The company currently has ~₹926 crore of confirmed orders ready for execution, providing near-term revenue visibility. Post its European acquisition, management expects pipeline conversion rates to improve to 10–20%, strengthening future order inflows.

The company provides end-to-end turnkey engineering solutions across the pharmaceutical value chain, covering design, procurement, construction management, regulatory compliance, and post-project support. This integrated approach helps pharma companies efficiently execute and upgrade manufacturing facilities.

Pharmaceutical manufacturing evolves in stages—from oral solids and APIs to biologics and vaccines, creating long-term infrastructure demand. Each stage requires specialized engineering capabilities such as cleanrooms, HVAC systems, packaging lines, water systems, and regulatory validation.

Praj Industries | Small Cap | Engineering & Capital Goods

Praj Industries Limited is a global leader in providing solutions in biofuels, biomaterials, energy transition, critical process equipment, high purity water systems, brewery & beverages, and zero liquid discharge systems. They are at the forefront of the bioeconomy in India, with initiatives like Bio-Mobility and Bio-Prism focusing on biobased feedstock and sustainable product development.

[Presentation]

Praj has established a strong global footprint with 1000+ project references across 100+ countries spanning all six continents. The company works with leading global clients in biofuels, energy, and sugar industries, demonstrating its scale and international credibility.

Praj’s growth is driven by increasing global demand for ethanol blending, sustainable aviation fuel (SAF), compressed biogas (CBG), and energy transition technologies. Additional opportunities are emerging in renewable chemicals, bio-based materials, and future fuels such as biohydrogen and biomethanol.

Praj has built strong collaborations across academia, technology partners, global markets, and major customers to strengthen innovation and market expansion. Partnerships with institutions, energy companies, and technology firms help accelerate R&D, biofuel adoption, and advanced biotech solutions.

DC Infotech and Communication | Micro Cap | Engineering & Capital Goods

DC Infotech and Communication Limited is a company involved in the reselling and distribution of computers and peripherals. They follow a broad-based distribution model, dealing with multiple brands and products such as networking, security, desktop virtualization, digital signage, and various IT solutions.

[Presentation]

India’s network equipment market is projected to grow from $3.39B in 2023 to $4.92B by 2030 (5.5% CAGR). Hardware remains the largest segment, while government initiatives such as PLI and national manufacturing policies are expected to boost domestic production and technology investments.

Engineering, R&D, and design GCCs in India are expanding rapidly as companies move from basic IT support to advanced engineering and innovation work. ER&D GCC revenues grew from $16.3B in FY19 to $36.4B in FY24 (17.4% CAGR), driven by skilled talent, cost advantages, and digital transformation.

India’s GCC ecosystem has evolved from back-office cost centers to global innovation and R&D hubs, hosting over 1,700 GCCs. Revenue is expected to grow from $46B in FY23 to $110B by FY30, supported by a strong talent pool and expanding engineering, AI, and analytics capabilities.

India’s data centre sector is growing quickly due to data localization policies, AI adoption, and rising internet usage. Capacity has surged to ~1.35 GW, and is expected to reach ~5 GW by 2030, requiring significant investments in data and cloud infrastructure.

Schaeffler India Limited | Mid Cap | Engineering & Capital Goods

Schaeffler India is a leading manufacturer of high-precision components and systems for the automotive and industrial sectors. It maintains a strong market position through its specialized bearings and motion technology solutions for both domestic and export markets.

[Presentation]

India’s GDP growth picked up to 8.2% in Q3 2025 before easing slightly to an estimated 7.0% in Q4, while industrial production (IIP) rebounded sharply to 5.0% in Q4 2025 after a soft patch mid-year. Automotive production growth came in at 4.9% in Q4 2025, cooling from 7.1% the previous quarter, with tractors leading the segment at 31.5% YoY growth. On the inflation front, CPI dropped to just 0.8% in Q4 2025, helped by falling food and fuel prices — a sign that price pressures are well under control for now.

Core industry growth slowed to 2.7% in YTD 2025, down from 4.9% in the same period last year — a noticeable cooldown. Cement and steel production were the brighter spots, posting YTD CY2025 growth of 10.0% and 8.9% respectively, while coal and electricity generation barely moved at 0.3% each. Together, these four sectors carry over 53% weightage in the eight core industries, so their performance is a useful pulse check on India’s broader industrial momentum.

India’s automotive sector posted broad-based growth in CY2025, with two and three wheelers up 8.6% YTD — helped by GST rate cuts and the push toward electric mobility. Passenger vehicles grew 7.8% and commercial vehicles 8.4%, both riding on infrastructure spending and evolving consumer demand. The standout was agricultural tractors at 17.2% YTD growth, driven by rising farmer incomes and continued government focus on agricultural infrastructure.

FMCG

Marico Limited | Mid Cap | FMCG

Marico is a leading Indian consumer goods company specializing in health, beauty, and wellness products with a strong international presence. It is currently executing a strategic pivot from commodity-linked staples toward a high-margin, digital-first portfolio of premium brands.

[Presentation]

Rapid expansion in digital payments and the D2C market provides a structural tailwind for the pivot toward premium categories. This strategic shift aims to reduce the company’s long-term sensitivity to mass-market commodity price fluctuations.

Acquiring brands like Plix and Cosmix shifts the portfolio toward functional wellness categories with higher price points and inelastic demand. These integrations are central to improving overall unit economics and building stronger brand loyalty.

The 4700BC acquisition demonstrates a scalable model for premium niche brands, supported by a 45% digital sales mix. High digital penetration allows these acquired brands to bypass traditional retail hurdles and reach profitable scale more efficiently.

The Beardo acquisition has achieved 1900 bps in EBITDA margin expansion, validating Marico’s ability to scale digital-first brands profitably. Success in this segment demonstrates a viable path for growth beyond the company’s core legacy portfolio through supply chain and marketing synergies.

Marico’s 6x scale-up of the Plix brand showcases a repeatable playbook for capturing high-growth nutraceutical niches via content-led marketing. This vertical provides a strategic growth cushion that helps offset the inherent cyclicality of mass-market commodity categories.

Avanti Feeds Limited | Small Cap | FMCG

Avanti Feeds is a leading Indian manufacturer of shrimp feed and a major exporter of processed shrimp to global markets. The company operates through a vertically integrated model serving the aquaculture industry from feed production to value-added exports.

[Presentation]

Shrimp processing revenue grew 36.8%, offsetting a 9.6% decline in the core shrimp feed segment. This mix shift indicates a successful transition toward value-added exports despite softer demand for agricultural inputs.

Processing EBITDA margins expanded to 13% from 8% YoY, driven by improved pricing and lower freight costs. Maintaining these gains is essential for the segment to transition from a volume-led model to a sustainable margin driver.

North America accounts for 64.5% of processed shrimp sales, highlighting significant geographical concentration risk. This high exposure makes the business highly sensitive to U.S.

Processed shrimp EBITDA margins have stabilized at 13.5%, nearly double the levels seen in late FY25. This sustained inflection confirms that operational efficiencies and currency benefits are materially boosting export division earnings.

Shrimp processing volumes are nearing total FY25 levels, signaling a strategic pivot toward higher-value export markets. This shift improves earnings quality by providing a buffer against domestic shrimp farming volatility.

Shrimp feed margins have structurally rebounded to nearly 18%, signaling the end of severe raw material cost pressures. The core business has successfully restored its pricing power and operational efficiency.

Pharmaceuticals

Sanofi India Limited | Mid Cap | Pharmaceuticals

Sanofi India is a major pharmaceutical player specializing in insulin and chronic care therapies like cardiology and neurology. The company is currently transitioning to a leaner, partnership-focused model to drive efficiency and focus on its market-leading diabetes franchise.

[Presentation]

Prioritizing the Insulin franchise while partnering legacy brands reduces sales overhead without sacrificing market reach. This shift focuses resources on high-moat segments to drive long-term profitability.

A resilient market share in Lantus (man-made insulin) despite new competition demonstrates a strong brand moat. Expanding digital outreach to Tier II and III cities targets significant volume growth in under-penetrated regions.

Transitioning into specialized molecules like Teplizumab (diabetes) moves the portfolio toward high-value niche therapies. Local RWE studies for Soliqua create a data-driven competitive advantage for premium offerings.

Exiting volatile exports stabilizes earnings by prioritizing the higher-margin and more predictable domestic chronic care market. This strategy reduces reliance on global tender cycles and enhances valuation stability.

Substantial structural cost reductions are successfully offsetting flat domestic sales growth. This efficiency-led approach sustains profitability during the company’s fundamental business transformation.

Increasing the dividend payout to 87% highlights strong cash flow and the limited capital intensity of the new partnership model. This level of return signals high confidence in sustained shareholder value.

Financial Services

HDFC Life Insurance Company Limited | Large Cap | Financial Services

HDFC Life is a leading private sector life insurer in India, offering a comprehensive suite of individual and group insurance solutions. The company leverages a strong multi-channel distribution network, including major bank partnerships and an extensive agency force, to drive long-term value.

[Presentation]

New surrender value regulations and GST impacts are meaningful drags, reducing new business margins by a combined 1.3 percentage points. Scaling the revised product profile is critical to recapturing these margin points through higher-value sales.

Multi-year market share gains and consistent compounding of embedded value validate the strength of a diversified distribution model. This sustained performance across different market cycles demonstrates strong long-term terminal value potential.

Expanding into complex savings and annuity products signals a strategic shift to capture more household wealth. This diversification helps stabilize earnings by reducing reliance on mortality-related risks.

Scaling AI in onboarding and claims processing helps decouple business growth from headcount and operational costs. These efficiencies are critical for defending margins as the company expands into lower-ticket markets.

While persistency is stable across most channels, the sharp drop in 61st-month retention for unit-linked products signals high sensitivity to market cycles. Managing long-term retention in this segment remains a key challenge.

The significant drop in brand recall from Tier 1 to Tier 3 markets highlights a major hurdle for rural expansion. Closing this awareness gap is vital as metropolitan markets approach saturation.

Rapid growth in retail credit creates a structural opportunity for credit-linked protection products as insurance attachment rates rise. Deepening retail indebtedness makes the protection segment a more durable growth engine that is less sensitive to discretionary savings trends.

The massive projected gap in retirement savings indicates a multi-decade runway for annuity and pension products as India’s population ages. Success in this segment will depend on product innovation that addresses longevity risk while maintaining capital efficiency.

Fino Payments Bank Limited | Small Cap | Financial Services

Fino Payments Bank operates a high-volume, digital-first financial services platform focused on transaction banking and remittances for the unbanked population. It utilizes a vast merchant-led distribution network to maintain an asset-light model and is currently transitioning into a Small Finance Bank.

[Presentation]

Reaching majority digital throughput allows the bank to scale volumes without proportional increases in physical overhead. This transition creates significant operating leverage and improves long-term cost efficiency.

Renewal revenue reaching 14% of the mix confirms deepening customer stickiness and a shift toward a primary banking relationship. Growing average balances indicate the bank is capturing a larger share of customer wealth.

Achieving a 1.7% cost of funds at record deposit levels provides a formidable competitive edge in liability gathering. This low-cost funding base is a critical strategic pillar for the bank’s intended Small Finance Bank transition.