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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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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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